SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                   SCHEDULE TO


                                 FINAL AMENDMENT


            Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
                     of the Securities Exchange Act of 1934

                 OLD MUTUAL ABSOLUTE RETURN MASTER FUND, L.L.C.
                                (Name of Issuer)

                 OLD MUTUAL ABSOLUTE RETURN MASTER FUND, L.L.C.
                      (Name of Person(s) Filing Statement)

                       LIMITED LIABILITY COMPANY INTERESTS
                         (Title of Class of Securities)


                                       N/A
                      (CUSIP Number of Class of Securities)

                                  Ross Weissman
                             Larch Lane Advisors LLC
                          800 Westchester Avenue, S-618
                               Rye Brook, NY 10573
                                 (888) 266-2200
       (Name, Address and Telephone Number of Person Authorized to Receive
    Notices and Communications on Behalf of the Person(s) Filing Statement)

                                 With a copy to:
                             George M. Silfen, Esq.
                            Schulte Roth & Zabel LLP
                                919 Third Avenue
                            New York, New York 10022
                                 (212) 756-2131

                                 March 31, 2008
                       (Date Tender Offer First Published,
                       Sent or Given to Security Holders)






                            CALCULATION OF FILING FEE


     Transaction Valuation: $1,000,000   (a) Amount of Filing Fee: $39.30 (b)

1. Calculated as the aggregate maximum purchase price for Interests.

2.       Calculated at $39.30 per $1,000,000 of the Transaction Valuation.

[ ]      Check the box if any part of the fee is offset as provided by Rule
         0-1l(a)(2) and identify the filing with which the offsetting fee was
         previously paid. Identify the previous filing by registration statement
         number, or the Form or Schedule and the date of its filing.

         Amount Previously Paid:  ____________________________

         Form or Registration No.:  __________________________

         Filing Party:  ______________________________________

         Date Filed:  ________________________________________

[ ]      Check the box if the filing relates solely to preliminary
         communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the
statement relates:

[ ]      third-party tender offer subject to Rule 14d-1.

[X]      issuer tender offer subject to Rule 13e-4.

[ ]      going-private transaction subject to Rule 13e-3.

[ ]      amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results
of the tender offer: [X]








               This final amendment relates to the Issuer Tender Offer Statement
on  Schedule  TO (the  "Statement")  originally  filed on March 31,  2008 by Old
Mutual  Absolute Return Master Fund,  L.L.C.  (the "Fund") in connection with an
offer  by the  Fund to  purchase  up to  $1,000,000  of  interests  in the  Fund
("Interests")  as of June 30, 2008,  on the terms and subject to the  conditions
set forth in the Offer to Purchase and the related Letter of Transmittal. Copies
of the Offer to Purchase  and Letter of  Transmittal  were  previously  filed as
Exhibits B and C to the Statement on March 31, 2008.

               This is the final  amendment to the  Statement and is being filed
to report the  results of the Offer.  Capitalized  terms not  otherwise  defined
herein shall have the meanings ascribed to them in the Offer to Purchase.

               The  following   information   is  furnished   pursuant  to  Rule
13e-4(c)(4):

               1. The Offer  expired at 12:00  midnight,  Eastern Time, on April
25, 2008.

               2.  $39,987.80 in Interests were tendered prior to the expiration
of the Offer and  accepted for  repurchase  by the Fund in  accordance  with the
terms of the Offer.



                                    SIGNATURE

               After due inquiry and to the best of my knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.



                                              OLD MUTUAL ABSOLUTE RETURN
                                              MASTER FUND, L.L.C.

                                              By: /s/    Ross Weissman
                                                 -------------------------------
                                                 Name:   Ross Weissman
                                                 Title:  Chief Financial Officer
January 30, 2009