<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-12-16</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001321646</issuerCik>
        <issuerName>Polymer Holdings LLC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001106607</rptOwnerCik>
            <rptOwnerName>JP MORGAN PARTNERS BHCA LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001162622</rptOwnerCik>
            <rptOwnerName>JP MORGAN PARTNERS GLOBAL INVESTORS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478549</rptOwnerCik>
            <rptOwnerName>JPMP Global Fund/Kraton A, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001169890</rptOwnerCik>
            <rptOwnerName>J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001169889</rptOwnerCik>
            <rptOwnerName>J P MORGAN PARTNERS GLOBAL INVESTORS CAYMAN II LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478550</rptOwnerCik>
            <rptOwnerName>JPMP Global Fund/Kraton, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001317638</rptOwnerCik>
            <rptOwnerName>JP MORGAN PARTNERS GLOBAL INVESTORS SELLDOWN LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478551</rptOwnerCik>
            <rptOwnerName>JPMP Global Fund/Kraton/Selldown, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001361608</rptOwnerCik>
            <rptOwnerName>JP MORGAN PARTNERS GLOBAL INVESTORS SELLDOWN II L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478552</rptOwnerCik>
            <rptOwnerName>JPMP Global Fund/Kraton/Selldow II, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>270 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>103707692</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>58482349</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14019111</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2154089</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F4"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6002947</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>787097</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1035281</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F7"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2242778</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F8"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2503843</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F9"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15504569</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F10"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Membership Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>975628</value>
                    <footnoteId id="F12"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F11"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.</footnote>
        <footnote id="F2">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP BHCA.</footnote>
        <footnote id="F3">The amount shown represents the beneficial ownership of the Issuer's securities owned by J.P. Morgan Global.</footnote>
        <footnote id="F4">The amount shown represents the beneficial ownership of the Issuer's securities owed by JPMP Kraton A.</footnote>
        <footnote id="F5">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Cayman.</footnote>
        <footnote id="F6">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Cayman II.</footnote>
        <footnote id="F7">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Kraton.</footnote>
        <footnote id="F8">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Selldown.</footnote>
        <footnote id="F9">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Kraton Selldown.</footnote>
        <footnote id="F10">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Selldown II.</footnote>
        <footnote id="F11">The amount shown represents the beneficial ownership of the Issuer's securities owned by JPMP Kraton Selldown II.</footnote>
        <footnote id="F12">PH expects to complete an initial public offering of common stock on or about December 21, 2009 (the &quot;IPO&quot;), and in connection therewith is being converted into a Delaware corporation named Kraton Performance Polymers, Inc. (&quot;KPP&quot;). PH's parent company TJ Chem will be reorganized such that the current equity owners of TJ Chem will hold shares in KPP directly.  As part of these transactions, PH Units, including the PH Units reported herein, are expected to convert to common stock of KPP, par value $0.01 per share (the &quot;KPP Shares&quot;), at a conversion ratio of 1:13.5120 as further described in the final prospectus made part of PH's Registration Statement on Form S-1, No. 333-162248.  As part of the IPO, KPP Shares are expected to be listed on the New York Stock Exchange under the symbol &quot;KRA&quot;. The interests reported herein represent pecuniary interests in PH that are indirectly held through TJ Chem.  TJ Chem's only assets are interests in PH.</footnote>
    </footnotes>

    <remarks>Form 1 of 2</remarks>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Master Fund Manager, L.P., for J.P. MORGAN PARTNERS (BHCA), L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for J.P. MORGAN PARTNERS GLOBAL INVESTORS, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for JPMP GLOBAL FUND/KRATON A, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for J.P. MORGAN PARTNERS GLOBAL INVESTORS (CAYMAN), L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P.,  for J.P. MORGAN PARTNERS GLOBAL INVESTORS (CAYMAN) II, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for JPMP GLOBAL FUND/KRATON, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for J.P. MORGAN PARTNERS GLOBAL INVESTORS (SELLDOWN), L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner, JPMP Global Investors, L.P., for JPMP GLOBAL FUND/KRATON/SELLDOWN, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., its general partner JPMP Global Investors, L.P., for J.P. MORGAN PARTNERS GLOBAL INVESTORS (SELLDOWN) II, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Ana Capella, Managing Director, its general partner, JPMP Capital Corp., JPMP Capital Corp., its general partner JPMP Global Investors, L.P., for JPMP GLOBAL FUND/KRATON/SELLDOWN II, L.P.</signatureName>
        <signatureDate>2009-12-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
