  We analyze the action of Toric (Seiberg) duality on the combined mesonic and
baryonic moduli space of quiver gauge theories obtained from D3 branes at
Calabi-Yau singularities. We analyze in particular the structure of the master
space, the complete moduli space for one brane, for different toric phases of a
given singularity. We show that the Hilbert Series for the largest component of
the master space of different phases is the same, when refined with all the non
anomalous charges. This reflects the fact that the quiver gauge theories
associated with different phases are related by Seiberg duality when the number
of branes is greater than one.
