-----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,
 FfOiUBApXSBk8RvvhondVtUZXAGZQ81StSjBQeJpAksDROzTzNXHtYeIcZeGhfVy
 cd70wmpvwiYOIVDA3J349A==

<SEC-DOCUMENT>0001144204-10-013476.txt : 20100315
<SEC-HEADER>0001144204-10-013476.hdr.sgml : 20100315
<ACCEPTANCE-DATETIME>20100315161859
ACCESSION NUMBER:		0001144204-10-013476
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100315
DATE AS OF CHANGE:		20100315
EFFECTIVENESS DATE:		20100315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE ROCK MARKET NEUTRAL FUND LLC
		CENTRAL INDEX KEY:			0001286086
		IRS NUMBER:				020719446
		STATE OF INCORPORATION:			MN

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-95740
		FILM NUMBER:		10681705

	BUSINESS ADDRESS:	
		STREET 1:		C/O BLUE ROCK ADVISORS INC
		STREET 2:		3915 JOS CENTER
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		6123378000

	MAIL ADDRESS:	
		STREET 1:		C/O BLUE ROCK ADVISORS LLC
		STREET 2:		3915 LOS CENTER
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLUE ROCK REGISTERED FUND LLC
		DATE OF NAME CHANGE:	20040402
</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>0001286086</cik>
        <entityName>BLUE ROCK MARKET NEUTRAL FUND LLC</entityName>
        <issuerAddress>
            <street1>C/O BLUE ROCK ADVISORS LLC</street1>
            <street2>3915 LOS CENTER</street2>
            <city>MINNEAPOLIS</city>
            <stateOrCountry>MN</stateOrCountry>
            <zipCode>55402</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>6123378000</issuerPhoneNumber>
        <jurisdictionOfInc>MINNESOTA</jurisdictionOfInc>
        <issuerPreviousNameList></issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>BLUE ROCK REGISTERED FUND LLC</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>W.</middleName>
                <lastName>Fullerton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>445 East Lake Street, Suite 230</street1>
                <city>Wayzata</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55391</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <middleName>L.</middleName>
                <lastName>Cutshall</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>445 East Lake Street, Suite 230</street1>
                <city>Wayzata</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55391</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>F.</middleName>
                <lastName>Dalvey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>445 East Lake Street, Suite 230</street1>
                <city>Wayzata</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55391</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <middleName>J.</middleName>
                <lastName>Wilensky</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>445 East Lake Street, Suite 230</street1>
                <city>Wayzata</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55391</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>true</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-06-042696</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Limited Partnership Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>500000000</totalOfferingAmount>
            <totalAmountSold>193586775</totalAmountSold>
            <totalRemaining>306413225</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>16</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>BLUE ROCK MARKET NEUTRAL FUND LLC</issuerName>
                <signatureName>/s/ Robert W. Fullerton</signatureName>
                <nameOfSigner>Robert W. Fullerton</nameOfSigner>
                <signatureTitle>Principal Executive Officer</signatureTitle>
                <signatureDate>2010-03-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----