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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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 i9C6d3b02WIlT3n2BHraaQ==

<SEC-DOCUMENT>0000898432-09-000789.txt : 20090612
<SEC-HEADER>0000898432-09-000789.hdr.sgml : 20090612
<ACCEPTANCE-DATETIME>20090612161748
ACCESSION NUMBER:		0000898432-09-000789
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090612
DATE AS OF CHANGE:		20090612
EFFECTIVENESS DATE:		20090612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPM OPPORTUNITY MASTER FUND, L.P.
		CENTRAL INDEX KEY:			0001461658
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-131946
		FILM NUMBER:		09890022

	BUSINESS ADDRESS:	
		STREET 1:		2215-B RENAISSANCE DRIVE
		STREET 2:		SUITE 5
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119
		BUSINESS PHONE:		203-351-2870

	MAIL ADDRESS:	
		STREET 1:		2215-B RENAISSANCE DRIVE
		STREET 2:		SUITE 5
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SERIES 1 OF SPM OPPORTUNITY MASTER FUND, L.P.
		DATE OF NAME CHANGE:	20090408
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001461658</cik>
        <entityName>SPM OPPORTUNITY MASTER FUND, L.P.</entityName>
        <issuerAddress>
            <street1>2215-B RENAISSANCE DRIVE</street1>
            <street2>SUITE 5</street2>
            <city>LAS VEGAS</city>
            <stateOrCountry>NV</stateOrCountry>
            <zipCode>89119</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-351-2870</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Structured Servicing Transactions Group, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2215-B Renaissance Drive</street1>
                <street2>Suite 5</street2>
                <city>Las Vegas</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89119</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <middleName></middleName>
                <lastName>Brownstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM Products, L.L.C.</street1>
                <street2>Clearwater House, 8th Floor 2187</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06908</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Upper Shad Associates LLC, Managing Member of Structured Servicing Transactions Group, L.L.C., General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <middleName></middleName>
                <lastName>Cron</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM Products, L.L.C.</street1>
                <street2>Clearwater House, 8th Floor 2187</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06908</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Upper Shad Associates LLC, Managing Member of Structured Servicing Transactions Group, L.L.C., General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName></middleName>
                <lastName>Mok</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM Products, L.L.C.</street1>
                <street2>Clearwater House, 8th Floor 21</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06908</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Upper Shad Associates LLC, Managing Member of Structured Servicing Transactions Group, L.L.C., General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName></middleName>
                <lastName>Russell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM Products, L.L.C.</street1>
                <street2>Clearwater House, 8th Floor 2187</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06908</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Upper Shad Associates LLC, Managing Member of Structured Servicing Transactions Group, L.L.C., General Partner 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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>248474580</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Minimum investment listed above may be waived at the sole discretion of the General Partner.</clarificationOfResponse>
        </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>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>SPM OPPORTUNITY MASTER FUND, L.P.</issuerName>
                <signatureName>/s/ Christopher Russell</signatureName>
                <nameOfSigner>Christopher Russell</nameOfSigner>
                <signatureTitle>COO of Upper Shad Associates, LLC</signatureTitle>
                <signatureDate>2009-06-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----