Hatteras Master Fund NPORT-P Hatteras Master Fund, L.P. (Jun 2020 report)

Hatteras Master Fund LP		Schedule of Investments
		June 30, 2020 (Unaudited)
Investments in Adviser Funds — (100.54%)			Shares	Cost	Fair Value
	Event Driven - (6.08%)
	Harbinger Capital Partners Fund I, L.P. (Acquired 10/1/2007)(a)(b)(c)(d)			11,188,445	394,315
	Harbinger Credit Distressed Blue Line Fund, L.P. (Acquired 4/1/2010)(a)(b)(c)(e)			12,326,927	909,171
	King Street Capital, L.P. (Acquired 12/1/2017)(a)(b)(c)(e)			5,486,233	5,256,517
	Perry Partners, L.P. (Acquired 10/1/2007)(a)(b)(c)			3,033	3,663
	Sculptor Asia Domestic Partners, L.P. (Acquired 1/1/2006)(a)(b)(c)(d)			56,922	13,455
	Third Point Partners Qualified, L.P. (Acquired 8/1/2017)(a)(b)(c)(e)			10,611,091	10,753,508
	Total Event Driven			39,672,651	17,330,629
	Long Short Equity — (1.13%)
	Camcap Resources, L.P. (Acquired 6/1/2007)(a)(b)(c)			487,559	17,428
	PIPE Equity Partners (Acquired 10/1/2004)(a)(b)(c)			3,845,244	120,691
	PIPE Select Fund, LLC (Acquired 10/1/2004)(a)(b)(c)			3,218,604	2,261,784
	The Raptor Private Holdings, L.P. (Acquired 11/1/2005)(a)(b)(c)			155,648	42,503
	Valiant Capital Partners, L.P. (Acquired 9/1/2008)(a)(b)(c)(e)			354,270	790,128
	Total Long Short Equity			8,061,325	3,232,534
	Macro — (5.04%)
	Aspect US Fund LLC - Diversified Class (Acquired 10/10/2017)(a)(b)(e)			5,939,110	6,188,690
	Graham Absolute Return Trading Ltd. (Acquired 12/1/2017)(a)(b)(e)			8,679,089	8,010,684
	Touradji Private Equity Onshore Fund, LTD. (Acquired 3/1/2009)(a)(b)(c)(d)			1,773,871	197,959
	Total Macro			16,392,070	14,397,333
	Relative Value — (6.52%)
	BDCM Partners I, L.P. (Acquired 2/1/2012)(a)(b)(c)			6,490,138	9,550,669
	D.E. Shaw Composite Fund, LLC (Acquired 4/1/2006) (a)(b)(c)			156,351	185,786
	Drawbridge Special Opportunities Fund, L.P. (Acquired 4/1/2006)(a)(b)(c)			172,653	200,212
	HBK Multi-Strategy Fund, L.P. (Acquired 7/1/2017)(a)(b)(c)(e)			7,954,390	8,590,777
	Prospect Harbor Credit Partners, L.P. (Acquired 4/1/2008)(a)(b)(c)			13,705	52,013
	Stark Investments, L.P. (Acquired 11/1/2010)(a)(b)(c)			50,084	17,167
	Stark Select Asset Fund, LLC (Acquired 2/1/2010)(a)(b)(c)			19,907	20,397
	Total Relative Value			14,857,228	18,617,021
	Private Investments — (81.77%)
	ABRY Advanced Securities Fund III, L.P. (Acquired 6/1/2014)(a)(b)(d)			3,223,742	1,939,069
	ABRY Advanced Securities Fund, L.P. (Acquired 8/1/2008)(a)(b)(d)			256,690	100,207
	ABRY Partners VI, L.P. (Acquired 3/3/2008)(a)(b)			1,447,267	162,125
	ABRY Partners VII, L.P. (Acquired 11/8/2011)(a)(b)			1,816,101	1,047,409
	ABRY Partners VIII, L.P. (Acquired 5/1/2015)(b)(d)			1,970,343	2,197,182
	Accel-KKR Capital Partners III, L.P. (Acquired 9/30/2008)(a)(b)			-	30,049
	Accel-KKR Capital Partners IV, L.P. (Acquired 7/1/2013)(b)			1,687,042	2,771,589
	Angeles Equity Partners I, L.P. (Acquired 1/11/2016)(b)			974,948	809,436
	Arclight Energy Partners Fund V, L.P. (Acquired 7/1/2006)(a)(b)			2,904,135	1,788,019
	Ascendent Capital Partners I, L.P. (Acquired 7/1/2012)(b)(d)			1,385,007	1,801,326
	BDCM Opportunity Fund II, L.P. (Acquired 3/1/2006)(b)			2,022,505	4,451,584
	Benson Elliot Real Estate Partners II, L.P. (Acquired 6/1/2006)(a)(b)(g)			3,448,324	840,281
	Cadent Energy Partners II, L.P. (Acquired 2/1/2008)(b)			4,797,649	3,293,029
	Canaan Natural Gas Fund X, L.P. (Acquired 8/7/2008)(a)(b)			6,152,301	532,270
	CDH Fund IV, L.P. (Acquired 7/13/2010)(b)(d)			1,035,991	1,992,820
	China Special Opportunities Fund III, L.P. (Acquired 1/18/2011)(b)(d)			4,288,045	7,162,530
	Claremont Creek Ventures II, L.P. (Acquired 11/22/2008)(a)(b)			2,946,392	1,448,841
	Claremont Creek Ventures, L.P. (Acquired 12/1/2005)(a)(b)			1,476,005	9,526
	Colony Investors VII, L.P. (Acquired 3/1/2006)(a)(b)			2,221,355	31,000
	Colony Investors VIII, L.P. (Acquired 10/12/2006)(b)			6,143,940	155,200
	Crosslink Crossover Fund V, L.P. (Acquired 3/1/2007)(a)(b)			234,054	344,559
	Crosslink Crossover Fund VI, L.P. (Acquired 5/31/2011)(a)(b)			2,392,334	4,742,671
	CX Partners Fund LTD. (Acquired 4/1/2009)(b)(d)			2,447,681	2,070,000
	Dace Ventures I, L.P. (Acquired 6/1/2007)(a)(b)			2,271,989	920,750
	Darwin Private Equity I, L.P. (Acquired 8/1/2007)(b)(g)			4,664,569	428,745
	ECP IHS (Mauritius) Limited (Acquired 9/1/2014)(a)(b)(f)			7,413,981	11,936,737
	EMG AE Permian Co-Investment, L.P. (Acquired 7/1/2014)(a)(b)			3,000,000	-
	EMG Ascent 2016, L.P. (Acquired 12/28/2015)(a)(b)			4,203,815	5,192,288
	EMG Ascent Secondary Fund, L.P. (Acquired 9/7/2017)(a)(b)			116,829	173,924
	EMG Investment, LLC (Acquired 12/21/2010)(b)			-	127,595
	EnerVest Energy Institutional Fund X-A, L.P. (Acquired 6/1/2005)(a)(b)			2,155,939	4,415
	EnerVest Energy Institutional Fund XI-A, L.P. (Acquired 4/1/2007)(a)(b)			6,143,719	76,961
	Fairhaven Capital Partners, L.P. (Acquired 3/1/2008)(a)(b)			4,521,533	2,219,439
	Florida Real Estate Value Fund, L.P. (Acquired 11/12/2010)(b)			-	201,170
	Forum European Realty Income III, L.P. (Acquired 2/1/2008)(b)(d)			1,993,925	298,933
	Garrison Opportunity Fund, LLC (Acquired 1/12/2010)(a)(b)			-	262,262
	Garrison Opportunity Fund II A, LLC (Acquired 3/8/2011)(a)(b)			-	1,131,714
	Gavea Investment Fund II, L.P. (Acquired 5/1/2007)(a)(b)(d)			7,831	16,842
	Gavea Investment Fund III, L.P. (Acquired 9/18/2008)(a)(b)(d)			-	114,822
	Glade Brook Private Investors II L.P. (Acquired 1/27/2014)(a)(b)			4,302,378	398,688
	Glade Brook Private Investors III LLC (Acquired 11/1/2014)(a)(b)			3,162,845	2,610,221
	Glade Brook Private Opportunities Fund, LLC (Acquired 5/1/2015)(a)(b)			1,547,831	1,388,962
	Glade Brook Private Investors X LLC (Acquired 11/08/2017)(a)(b)			-	2,305
	Great Point Partners I, L.P. (Acquired 4/1/2006)(a)(b)			985,634	156,214
	Greenfield Acquisition Partners V,L.P. (Acquired 4/1/2008)(b)			2,331,247	73,655
	GTIS Brazil Real Estate Fund, L.P. (Acquired 7/25/2008)(b)			6,529,779	4,537,363
	Halifax Capital Partners III, L.P. (Acquired 8/1/2012)(b)			3,244,681	1,945,025
	Hancock Park Capital III, L.P. (Acquired 3/1/2006)(a)(b)			808,899	164,020
	Intervale Capital Fund, L.P. (Acquired 2/1/2008)(a)(b)			2,415,112	2,738,401
	J.C. Flowers II, L.P. (Acquired 12/23/2015)(b)(d)			-	39,033
	J.C. Flowers III, L.P. (Acquired 10/1/2009)(b)(d)			4,061,008	1,610,551
	L C Fund V, L.P. (Acquired 7/1/2011)(b)(d)			2,936,179	4,351,149
	Light Street Argon, L.P. (Acquired 5/1/2014)(a)(b)			757,340	1,058,198
	Light Street SPVH, L.P. (Acquired 8/25/2015)(a)(b)			2,000,000	2,605,874
	Lighthouse Capital Partners VI, L.P. (Acquired 2/1/2007)(a)(b)			219,968	121,590
	Lyfe Capital Fund, L.P. (Acquired 11/6/2015)(b)(d)			2,368,312	4,556,539
	Merit Energy Partners F-II, L.P. (Acquired 3/1/2006)(a)(b)			1,099,281	300,406
	Mid Europa Fund III, L.P. (Acquired 10/1/2007)(b)(h)			3,394,507	141,295
	Monomoy Capital Partners III, L.P. (Acquired 5/6/2011)(b)			1,791,120	1,577,140
	Natural Gas Partners IX, L.P. (Acquired 12/1/2005)(b)			564,297	176,599
	New Horizon Capital III, L.P. (Acquired 1/1/2009)(b)(d)			927,992	1,691,529
	NGP Energy Technology Partners II, L.P. (Acquired 1/23/2009)(b)			3,487,801	1,377,425
	NGP Midstream & Resources Follow-On Fund, L.P. (Acquired 10/7/2007)(b)			649,307	896,547
	NGP Midstream & Resources, L.P. (Acquired 10/7/2007)(b)			2,589,594	362,556
	Northstar Equity Partners III Limited (Acquired 6/1/2011)(b)(d)			3,309,733	2,395,002
	OCM Mezzanine Fund II, L.P. (Acquired 3/1/2006)(b)			382,661	-
	Octave Japan Infrastructure Fund I (Acquired 7/1/2014)(a)(b)(i)			1,304,398	1,228,913
	ORBIS Real Estate Fund I, L.P. (Acquired 11/1/2006)(a)(b)(f)			2,288,670	465,403
	Orchid Asia IV, L.P. (Acquired 8/1/2007)(b)(d)			2,523,435	18,248,208
	Patron Capital III, L.P. (Acquired 3/1/2007)(b)(g)			3,718,296	288,527
	Phoenix Asia Real Estate Investments L.P. (Acquired 9/24/2007)(a)(b)(d)			2,235,211	1,974,581
	Pine Brook Capital Partners, L.P. (Acquired 2/1/2008)(b)			4,596,155	422,773
	Private Equity Investment Fund IV, L.P. (Acquired 3/1/2006)(a)(b)			1,331,360	266,273
	Private Equity Investment Fund V, L.P (Acquired 4/1/2009)(a)(b)			12,442,343	7,124,751
	Rockwood Capital Real Estate Partners Fund VII, L.P. (Acquired 9/1/2006)(b)			2,913,547	61,120
	Roundtable Healthcare Partners III, L.P. (Acquired 10/29/2010)(a)(b)			4,665,459	6,932,217
	Saints Capital VI, L.P. (Acquired 4/1/2008)(b)			5,391,845	1,398,798
	Sanderling Venture Partners VI Co-Investment L.P. (Acquired 5/1/2005)(a)(b)			525,136	408,452
	Sanderling Venture Partners VI, L.P. (Acquired 5/1/2005)(b)			735,999	854,181
	SBC U.S. Fund II, L.P. (Acquired 8/30/2011)(a)(b)			2,628,106	1,557,960
	Sentient Global Fund IV, L.P. (Acquired 6/1/2011)(a)(b)			5,527,480	1,796,111
	Sentient Global Resources Fund III, L.P. (Acquired 7/21/2008)(b)(d)			11,966,779	3,290,666
	Singerman Real Estate Opportunity Fund, L.P. (Acquired 5/28/2012)(b)			980,621	763,572
	Sovereign Capital L.P. III (Acquired 3/22/2010)(b)(g)			-	1,063,501
	Square Mile Partners III, L.P. (Acquired 7/17/2008)(a)(b)			1,791,262	39,663
	Sterling Capital Partners Venture Fund II, L.P. (Acquired 8/1/2005)(a)(b)			1,375,262	132,922
	Sterling Group Partners III, L.P. (Acquired 4/21/2010)(a)(b)			3,807,242	1,664,056
	Strategic Value Global Opportunities Fund I-A, L.P. (Acquired 11/1/2006)(a)(b)			1,836,663	559,781
	Sweetwater Secondaries Fund II LP (Acquired 6/12/2018) (a)(b)(j)			11,619,557	20,098,673
	TDR Capital AS 2013 L.P. (Acquired 12/1/2013)(a)(b)(g)			6,184,080	24,383
	Tenaya Capital V, L.P. (Acquired 7/1/2007)(b)			2,370,489	1,312,147
	The Column Group, L.P. (Acquired 7/7/2007)(a)(b)			4,234,818	4,619,653
	The Energy & Minerals Group Fund II L.P. (Acquired 6/1/2011)(b)			4,040,468	4,385,367
	The Energy & Minerals Group Fund III L.P. (Acquired 10/8/2015)(b)			2,918,996	1,443,348
	The Energy & Minerals Group Fund IV L.P. (Acquired 10/8/2015)(b)			1,839,793	1,794,016
	The Founders Fund III,L.P. (Acquired 5/24/2010)(a)(b)			4,277,667	17,098,080
	The Founders Fund IV, L.P. (Acquired 1/1/2012)(a)(b)			1,811,920	9,811,082
	The Founders Fund VI, L.P. (Acquired 9/1/2017)(a)(b)			960,000	1,257,756
	Tiger Global Private Investments Partners X, L.P. (Acquired 12/31/2016)(b)(d)			2,005,944	3,207,984
	Tiger Global Private Investments Partners VI, L.P. (Acquired 11/8/2010)(b)(d)			2,216,261	3,179,746
	Tiger Global Private Investments Partners VII, L.P. (Acquired 2/24/2012)(b)(d)			1,586,107	1,526,011
	TPF II, L.P. (Acquired 10/1/2008)(a)(b)			1,814,310	200,796
	Trivest Fund IV, L.P. (Acquired 11/1/2007)(a)(b)			900,258	126,091
	Trivest Fund V, L.P. (Acquired 5/24/2013)(b)			2,194,786	2,788,344
	Trivest Growth Investment Fund (Acquired 1/17/2017)(b)			1,501,543	1,982,032
	Urban Oil and Gas Partners A-1, L.P. (Acquired 4/29/2010)(a)(b)			6,874,263	1,400,000
	Urban Oil and Gas Partners B-1, L.P. (Acquired 12/1/2012)(b)			2,384,012	1,829,525
	VCFA Private Equity Partners IV, L.P. (Acquired 3/1/2005)(b)			1,051,702	102,290
	VCFA Venture Partners V, L.P. (Acquired 9/1/2006)(b)			2,798,624	928,032
	Voyager Capital Fund III, L.P. (Acquired 5/1/2007)(a)(b)			1,731,182	1,154,158
	WCP Real Estate Fund I, L.P. (Acquired 4/1/2007)(a)(b)			742,933	81,169
	Westview Capital Partners II, L.P. (Acquired 8/21/2009)(a)(b)			1,841,054	1,495,597
	Zero2IPO China Fund II, L.P. (Acquired 8/8/2008)(a)(b)(d)			3,140,218	857,310
	Total Investments in Private Investments			295,481,396	233,462,055
	Total Investments in Adviser Funds			374,464,670	287,039,572
	Investments in Private Companies - (0.00%)
	Illumitex, Inc., Common Stock (Acquired 6/1/2011)(a)(b)(j)		12,278	1,499,369	-
	Total Investments in Private Companies			1,499,369	-
	Investments in Private Company Call Options - (0.00%)
	Illumitex, Inc., Exercise Price $0.03, 10/24/2022 (Acquired 6/1/2011)(a)(b)(j)		1,106	-	-
	Total Investments in Private Company Call Options			-	-
	Total Investments (cost $375,964,039) (100.54%)				287,039,572
	Liabilities in Excess of Other Assets (-0.54%)				(1,551,017)
	Partners’ capital — (100.00%)				285,488,555
	(a) Non-income producing.
	(b) Adviser Funds and securities that are issued in private placement transactions may have limited resale or redemptions terms.
	(c) The Adviser Fund has imposed gates on or has limited redemptions. The total cost and fair value of these investments as of
	June 30, 2020 was $64,365,075 and $39,378,144, respectively.
	(d) Domiciled in Cayman Islands.
	(e) All or a portion of this position is held in custody by U.S Bank N.A., as collateral for a credit facility.
	The total cost and fair value of these investments as of June 30, 2020 was $63,781,375 and $51,588,981, respectively.
	(f) Domiciled in Mauritius.
	(g) Domiciled in United Kingdom.
	(h) Domiciled in Guernsey.
	(i) Domiciled in Japan.
	(j) Security value is determined using significant unobservable inputs.

Valuation of Investments

The Hatteras Master Fund, L.P. (the “Fund”) classifies its assets and liabilities that are reported at fair value, not valued using net asset value (“NAV”) as the practical expedient into three levels based on the lowest level of input that is significant to the fair value measurement. Estimated values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date.

The three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs may be used in determining the value of the Master Fund’s investments. The inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly.

Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes situations where there is little, if any, market activity for the asset or liability.

Investments at Value	Level 1		Level 2		Level 3		Investments Valued at NAV		Total
Investments in Adviser Funds
Event Driven	$	-	$	-	$	-	$	17,330,629	$	17,330,629
Long Short Equity		-		-		-		3,232,534		3,232,534
Macro		-		-		-		14,397,333		14,397,333
Relative Value		-		-		-		18,617,021		18,617,021
Private Investments		-		-		20,098,673		213,363,382		233,462,055
Investments in Private Companies		-		-		-		-		-
Other Financial Instruments
Private Companies Call Options		-		-		-		-		-
Total	$	-	$	-	$	20,098,673	$	266,940,899	$	287,039,572

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value on recurring basis:

Level 3 Investments	Balances as of March 31, 2020		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation			Distributions		Gross Purchases		Gross Sales		Balance as of June 30, 2020
Private Investments	$	21,536,120	$	-	$	(1,437,447	)	$	-	$	-	$	-	$	20,098,673
Private Companies		-		-		-			-		-		-		-
Total Level 3 Investments	$	21,536,120	$	-	$	(1,437,447	)	$	-	$	-	$	-	$	20,098,673

For the period ended June 30, 2020, there were no transfers into or out of Level 1, Level 2 or Level 3.

Should a transfer between Levels occur, it is the Fund’s policy to recognize transfers in and out of all Levels at the beginning of reporting period.

The change in unrealized appreciation/(depreciation) during the period from Level 3 investments held at June 30, 2020 is $(1,437,447).

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2020:

Type of Level 3 Investment	Fair Value as of June 30, 2020		Valuation Techniques	Unobservable Input
Preferred Stock
Private Investments	$	20,098,673	Dilution estimate	Partner commitment percentage
Private Companies		-	Current value method	Recent round of financing
Total Level 3 Investments	$	20,098,673