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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001468183-10-000003.txt : 20100629
<SEC-HEADER>0001468183-10-000003.hdr.sgml : 20100629
<ACCEPTANCE-DATETIME>20100629085619
ACCESSION NUMBER:		0001468183-10-000003
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)(7)
FILED AS OF DATE:		20100629
DATE AS OF CHANGE:		20100629
EFFECTIVENESS DATE:		20100629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PYRAMIS MARKET NEUTRAL MASTER FUND, LLC
		CENTRAL INDEX KEY:			0001468183
		IRS NUMBER:				263519764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-132655
		FILM NUMBER:		10921589

	BUSINESS ADDRESS:	
		STREET 1:		900 SALEM STREET
		CITY:			SMITHFIELD
		STATE:			RI
		ZIP:			02917
		BUSINESS PHONE:		401-292-5600

	MAIL ADDRESS:	
		STREET 1:		900 SALEM STREET
		CITY:			SMITHFIELD
		STATE:			RI
		ZIP:			02917
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001468183</cik>
        <entityName>PYRAMIS MARKET NEUTRAL MASTER FUND, LLC</entityName>
        <issuerAddress>
            <street1>900 SALEM STREET</street1>
            <city>SMITHFIELD</city>
            <stateOrCountry>RI</stateOrCountry>
            <stateOrCountryDescription>RHODE ISLAND</stateOrCountryDescription>
            <zipCode>02917</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>401-292-5600</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>E</middleName>
                <lastName>Dailey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>900 Salem Street</street1>
                <city>Smithfield</city>
                <stateOrCountry>RI</stateOrCountry>
                <stateOrCountryDescription>RHODE ISLAND</stateOrCountryDescription>
                <zipCode>02917</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001468183-09-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-06-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>true</isBusinessCombinationTransaction>
            <clarificationOfResponse>This offering was made in connection with an in-kind combination with a related investment fund.</clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Pyramis Distributors Corporation LLC</recipientName>
                <recipientCRDNumber>146430</recipientCRDNumber>
                <associatedBDName>Pyramis Distributors Corporation LLC</associatedBDName>
                <associatedBDCRDNumber>146430</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>900 Salem Street</street1>
                    <city>Smithfield</city>
                    <stateOrCountry>RI</stateOrCountry>
                    <stateOrCountryDescription>RHODE ISLAND</stateOrCountryDescription>
                    <zipCode>02917</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1721000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The associated broker-dealer provides general distribution services to the issuer's investment manager as part of a broader relationship.  No direct commissions or finder's fees are paid by or on behalf of the issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PYRAMIS MARKET NEUTRAL MASTER FUND, LLC</issuerName>
                <signatureName>Louis Russo</signatureName>
                <nameOfSigner>Louis Russo</nameOfSigner>
                <signatureTitle>Treasurer</signatureTitle>
                <signatureDate>2010-06-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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