-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SFkvKQ/j1i+4m3VbmLWlxjYaN5GbhktaUJ+PFYA7UmEpE6kMA3ExTWAjWEPgVBG7
 Di/7EvWz/QYG+1A4zPzs/A==

<SEC-DOCUMENT>0001387714-10-000004.txt : 20100304
<SEC-HEADER>0001387714-10-000004.hdr.sgml : 20100304
<ACCEPTANCE-DATETIME>20100303175158
ACCESSION NUMBER:		0001387714-10-000004
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:		20100304
DATE AS OF CHANGE:		20100303
EFFECTIVENESS DATE:		20100304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEELHEAD NAVIGATOR MASTER, L.P.
		CENTRAL INDEX KEY:			0001385897
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-98355
		FILM NUMBER:		10654641

	BUSINESS ADDRESS:	
		STREET 1:		C/O CITCO FUND SERVICES (BERMUDA) LTD
		STREET 2:		7 REID ST., BOX 3399
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
		BUSINESS PHONE:		441-295-7149

	MAIL ADDRESS:	
		STREET 1:		C/O CITCO FUND SERVICES (BERMUDA) LTD
		STREET 2:		7 REID ST., BOX 3399
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEELHEAD OFFSHORE CAPITAL, L.P.
		DATE OF NAME CHANGE:	20080520

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEELHEAD OFFSHORE CAPITAL LP
		DATE OF NAME CHANGE:	20070110
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001385897</cik>
        <entityName>STEELHEAD NAVIGATOR MASTER, L.P.</entityName>
        <issuerAddress>
            <street1>C/O CITCO FUND SERVICES (BERMUDA) LTD</street1>
            <street2>7 REID ST., BOX 3399</street2>
            <city>HAMILTON</city>
            <stateOrCountry>D0</stateOrCountry>
            <zipCode>HM11</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>441-295-7149</issuerPhoneNumber>
        <jurisdictionOfInc>BERMUDA</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>STEELHEAD OFFSHORE CAPITAL, L.P.</previousName>
            <previousName>STEELHEAD OFFSHORE CAPITAL LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Not Applicable</firstName>
                <lastName>Steelhead Offshore Partners, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1301 First Avenue, Suite 201</street1>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Not Applicable</firstName>
                <lastName>Steelhead Partners, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1301 First Avenue, Suite 201</street1>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Steelhead Offshore Partners, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J.</firstName>
                <middleName>Michael</middleName>
                <lastName>Johnston</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1301 First Avenue, Suite 201</street1>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member-Manager of Steelhead Parnters, LLC, the Managing Member of Steelhead Offshore Partners, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <middleName>K.</middleName>
                <lastName>Klein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1301 First Avenue, Suite 201</street1>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member-Manager of Steelhead Parnters, LLC, the Managing Member of Steelhead Offshore Partners, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carol</firstName>
                <middleName>R.</middleName>
                <lastName>Lokey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1301 First Avenue, Suite 201</street1>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer of Steelhead Partners, LLC, the Managing Member of Steelhead Offshore Partners, LLC, the 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>true</isAmendment>
                <previousAccessionNumber>0000906344-09-000450</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>346319139</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>STEELHEAD NAVIGATOR MASTER, L.P.</issuerName>
                <signatureName>J. Michael Johnston</signatureName>
                <nameOfSigner>J. Michael Johnston</nameOfSigner>
                <signatureTitle>Member-Manager of the GP of the Issuer</signatureTitle>
                <signatureDate>2010-03-03</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----