-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Sm5e6yoBGMDUdJ61Ung7irCfoNVYBm5QMNRBH9+GcYADhCFgmWGXoprw7yAlkhw/
 IfNhlvIJWko855edgq1I/A==

<SEC-DOCUMENT>0001342302-10-000005.txt : 20100211
<SEC-HEADER>0001342302-10-000005.hdr.sgml : 20100211
<ACCEPTANCE-DATETIME>20100211120837
ACCESSION NUMBER:		0001342302-10-000005
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:		20100211
DATE AS OF CHANGE:		20100211
EFFECTIVENESS DATE:		20100211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLCHESTER LOCAL MARKETS DEBT FUND
		CENTRAL INDEX KEY:			0001453704
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-125879
		FILM NUMBER:		10590339

	BUSINESS ADDRESS:	
		STREET 1:		HEATHCOAT HOUSE
		STREET 2:		20 SAVILE ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1S 3PR
		BUSINESS PHONE:		011-44-20-7292-6920

	MAIL ADDRESS:	
		STREET 1:		HEATHCOAT HOUSE
		STREET 2:		20 SAVILE ROW
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1S 3PR
</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>0001453704</cik>
        <entityName>COLCHESTER LOCAL MARKETS DEBT FUND</entityName>
        <issuerAddress>
            <street1>c/o Colchester Global Investors, Inc.</street1>
            <street2>450 Park Avenue, Suite 2304</street2>
            <city>New York</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10022</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>646-472-1800</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>Y.H.</middleName>
                <lastName>Wong</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Colchester Global Investors Limited</street1>
                <street2>Heathcoat House, 20 Savile Row</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>W1S 3PR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Colchester Global Investors Limited</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Wilmington Trust Company</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Rodney Square North</street1>
                <street2>1100 North Market Street</street2>
                <city>Wilmington</city>
                <stateOrCountry>DE</stateOrCountry>
                <zipCode>19890</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>The Northern Trust Company</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>50 South LaSalle Street</street1>
                <street2>B8</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60675</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Colchester Global Investors Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heathcoat House</street1>
                <street2>20 Savile Row</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>W1S 3PR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Colchester Global Investors, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>450 Park Avenue</street1>
                <street2>Suite 2304</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment 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>0001126512-09-000005</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-12-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>2000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>2300000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</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 investment manager (as applicable), as provided for in the issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>COLCHESTER LOCAL MARKETS DEBT FUND</issuerName>
                <signatureName>/s/ Edward Y.H. Wong</signatureName>
                <nameOfSigner>Edward Y.H. Wong</nameOfSigner>
                <signatureTitle>Director, Colchester Global Investors Limited</signatureTitle>
                <signatureDate>2010-02-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----