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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 ds3hIghErYqdDtqwNf3fqw==

<SEC-DOCUMENT>0000902664-10-001232.txt : 20100303
<SEC-HEADER>0000902664-10-001232.hdr.sgml : 20100303
<ACCEPTANCE-DATETIME>20100303104233
ACCESSION NUMBER:		0000902664-10-001232
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100303
DATE AS OF CHANGE:		20100303
EFFECTIVENESS DATE:		20100303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Old Mutual Absolute Return Master Fund, L.L.C.
		CENTRAL INDEX KEY:			0001360767
		IRS NUMBER:				421702426
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0307

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-97217
		FILM NUMBER:		10651864

	BUSINESS ADDRESS:	
		STREET 1:		C/O LARCH LANE ADVISORS LLC
		STREET 2:		800 WESTCHESTER AVENUE, S-618
		CITY:			RYE BROOK
		STATE:			NY
		ZIP:			10573
		BUSINESS PHONE:		888-266-2200

	MAIL ADDRESS:	
		STREET 1:		C/O LARCH LANE ADVISORS LLC
		STREET 2:		800 WESTCHESTER AVENUE, S-618
		CITY:			RYE BROOK
		STATE:			NY
		ZIP:			10573

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual 2100 Absolute Return Master Fund, L.L.C.
		DATE OF NAME CHANGE:	20060426
</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>0001360767</cik>
        <entityName>Old Mutual Absolute Return Master Fund, L.L.C.</entityName>
        <issuerAddress>
            <street1>C/O LARCH LANE ADVISORS LLC</street1>
            <street2>800 WESTCHESTER AVENUE, S-618</street2>
            <city>RYE BROOK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10573</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>888-266-2200</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>Old Mutual 2100 Absolute Return Master Fund, L.L.C.</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gerald</firstName>
                <lastName>Hellerman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Larch Lane Advisors LLC</street1>
                <street2>800 Westchester Avenue, S-618</street2>
                <city>Rye Brook</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10573</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>D.</middleName>
                <lastName>Malek</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Larch Lane Advisors LLC</street1>
                <street2>800 Westchester Avenue, S-618</street2>
                <city>Rye Brook</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10573</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName>W.</middleName>
                <lastName>Morriss</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Larch Lane Advisors LLC</street1>
                <street2>800 Westchester Avenue, S-618</street2>
                <city>Rye Brook</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10573</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Board of Managers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <lastName>Appelstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Larch Lane Advisors LLC</street1>
                <street2>800 Westchester Avenue, S-618</street2>
                <city>Rye Brook</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10573</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ross</firstName>
                <lastName>Weissman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Larch Lane Advisors LLC</street1>
                <street2>800 Westchester Avenue, S-618</street2>
                <city>Rye Brook</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10573</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>true</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$5,000,001 - $25,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-013302</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>20529714</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The fund charges a management fee that is described in the fund's offering documents.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Old Mutual Absolute Return Master Fund, L.L.C.</issuerName>
                <signatureName>/s/ Ross Weissman</signatureName>
                <nameOfSigner>Ross Weissman</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2010-02-25</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----