UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:     September 30, 2008

Check here if Amendment [   ]; Amendment Number: ____
        This Amendment (Check only one.):   [   ] is a restatement.
                                            [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:                 Greenlight Masters, L.L.C.
Address:              140 East 45th Street
                      24th Floor
                      New York, NY 10017

Form 13F File Number: _____________

The institutional  investment  manager filing this report and the person by whom
it is signed hereby  represent  that the person signing the report is authorized
to  submit  it,  that all  information  contained  herein is true,  correct  and
complete,  and  that it is  understood  that  all  required  items,  statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:                 Daniel Roitman
Title:                Chief Operating Officer
Phone:                (212) 973-1900

Signature, Place, and Date of Signing:

/s/ Daniel Roitman                 New York, NY          November 14, 2008
    [Signature]                    [City, State]                 [Date]

Report Type (Check only one.):

[  ] 13F HOLDINGS REPORT.  (Check here if all holdings of this reporting
     manager are reported in this report).

[X ] 13F NOTICE.  (Check here if no holdings reported are in this report,  and
     all holdings are reported by other reporting manager(s).)

[  ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)



                             Form 13F SUMMARY PAGE



List of Other Managers Reporting for this Manager:

Form 13F File Number:         Name:
028-7484                      Greenlight Capital, Inc.