-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001393725-09-000175.txt : 20091023
<SEC-HEADER>0001393725-09-000175.hdr.sgml : 20091023
<ACCEPTANCE-DATETIME>20091023122639
ACCESSION NUMBER:		0001393725-09-000175
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)(1)
FILED AS OF DATE:		20091023
DATE AS OF CHANGE:		20091023
EFFECTIVENESS DATE:		20091023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEPHILA CATASTROPHE FUND LTD
		CENTRAL INDEX KEY:			0001349209
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-84804
		FILM NUMBER:		091134021

	BUSINESS ADDRESS:	
		STREET 1:		VICTORIA PLACE
		STREET 2:		3RD FLOOR WEST
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 10
		BUSINESS PHONE:		441-296-3626

	MAIL ADDRESS:	
		STREET 1:		VICTORIA PLACE
		STREET 2:		3RD FLOOR WEST
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 10
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001349209</cik>
        <entityName>NEPHILA CATASTROPHE FUND LTD</entityName>
        <issuerAddress>
            <street1>VICTORIA PLACE, 3RD FLOOR WEST</street1>
            <street2>31 VICTORIA STREET</street2>
            <city>HAMILTON</city>
            <stateOrCountry>D0</stateOrCountry>
            <zipCode>HM 10</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>441-296-3626</issuerPhoneNumber>
        <jurisdictionOfInc>BERMUDA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Greg</firstName>
                <lastName>Hagood</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Victoria Place, 3rd Floor West</street1>
                <street2>31Victoria Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 10</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer and Managing Principal of Nephila Capital Ltd., the Trading Manager and Promoter of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Frank</firstName>
                <lastName>Majors</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Victoria Place, 3rd Floor West</street1>
                <street2>31Victoria Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 10</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Principal of Nephila Capital Ltd., the Trading Manager and Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barney</firstName>
                <lastName>Schaubel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Victoria Place, 3rd Floor West</street1>
                <street2>31Victoria Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 10</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Principal of Nephila Capital Ltd., the Trading Manager and Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dawn</firstName>
                <lastName>Griffiths</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarendon House</street1>
                <street2>2 Church Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 11</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Collis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarendon House</street1>
                <street2>2 Church Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 11</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director 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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-06-000861</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2003-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Man Investments AG</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Etzelstrasse 27</street1>
                    <city>Pfaffikon</city>
                    <stateOrCountry>V8</stateOrCountry>
                    <zipCode>8808</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Man Investments Inc.</recipientName>
                <recipientCRDNumber>15770</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Rockefeller Plaza</street1>
                    <street2>1681 Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10020</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>291843606</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>49</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1012</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Customary advisory fees are paid by the Issuer to the Trading Manager as provided for in the Issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>NEPHILA CATASTROPHE FUND LTD</issuerName>
                <signatureName>/s/ Greg Hagood</signatureName>
                <nameOfSigner>Greg Hagood</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2009-10-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----