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

Hatteras Master Fund LP		Schedule of Investments
		December 31, 2020 (Unaudited)
Investments in Adviser Funds — (102.11%)			Shares	Cost	Fair Value
	Event Driven - (4.86%)
	Harbinger Capital Partners Fund I, L.P. (Acquired 10/1/2007)(a)(b)(c)(d)			11,188,445	314,891
	Harbinger Credit Distressed Blue Line Fund, L.P. (Acquired 4/1/2010)(a)(b)(c)(e)			12,326,927	3,200,613
	King Street Capital, L.P. (Acquired 12/1/2017)(a)(b)(c)(e)			746,472	729,903
	Perry Partners, L.P. (Acquired 10/1/2007)(a)(b)(c)			2,692	2,952
	SGOF Liquidating Master LTD.(a)(b)(c)(d)			415,758	410,636
	Sculptor Asia Domestic Partners, L.P. (Acquired 1/1/2006)(a)(b)(c)(d)			11,602	3,271
	Third Point Partners Qualified, L.P. (Acquired 8/1/2017)(a)(b)(c)(e)			7,952,500	10,559,666
	Total Event Driven			32,644,396	15,221,932
	Long Short Equity — (0.99%)
	Camcap Resources, L.P. (Acquired 6/1/2007)(a)(b)(c)			487,559	17,723
	PIPE Equity Partners (Acquired 10/1/2004)(a)(b)(c)			3,845,244	49,200
	PIPE Select Fund, LLC (Acquired 10/1/2004)(a)(b)(c)			3,218,604	2,280,501
	The Raptor Private Holdings, L.P. (Acquired 11/1/2005)(a)(b)(c)			155,648	28,092
	Valiant Capital Partners, L.P. (Acquired 9/1/2008)(a)(b)(c)(e)			354,270	716,379
	Total Long Short Equity			8,061,325	3,091,895
	Macro — (4.13%)
	Aspect US Fund LLC - Diversified Class (Acquired 10/10/2017)(a)(b)(e)			5,939,110	6,189,933
	Graham Absolute Return Trading Ltd. (Acquired 12/1/2017)(a)(b)(e)			6,507,862	6,669,725
	Touradji Private Equity Onshore Fund, LTD. (Acquired 3/1/2009)(a)(b)(c)(d)			1,773,871	98,980
	Total Macro			14,220,843	12,958,638
	Relative Value — (4.65%)
	BDCM Partners I, L.P. (Acquired 2/1/2012)(a)(b)(c)			6,490,138	6,656,042
	D.E. Shaw Composite Fund, LLC (Acquired 4/1/2006) (a)(b)(c)			124,998	114,880
	Drawbridge Special Opportunities Fund, L.P. (Acquired 4/1/2006)(a)(b)(c)			154,567	176,292
	HBK Multi-Strategy Fund, L.P. (Acquired 7/1/2017)(a)(b)(c)(e)			6,612,983	7,606,711
	Stark Investments, L.P. (Acquired 11/1/2010)(a)(b)(c)			50,084	17,171
	Stark Select Asset Fund, LLC (Acquired 2/1/2010)(a)(b)(c)			19,907	19,592
	Total Relative Value			13,452,677	14,590,688
	Private Investments — (87.48%)
	ABRY Advanced Securities Fund III, L.P. (Acquired 6/1/2014)(a)(b)(d)			3,223,742	2,546,846
	ABRY Advanced Securities Fund, L.P. (Acquired 8/1/2008)(a)(b)(d)			256,690	101,643
	ABRY Partners VI, L.P. (Acquired 3/3/2008)(a)(b)			1,447,267	143,480
	ABRY Partners VII, L.P. (Acquired 11/8/2011)(a)(b)			1,856,633	1,256,364
	ABRY Partners VIII, L.P. (Acquired 5/1/2015)(b)(d)			1,780,973	1,870,594
	Accel-KKR Capital Partners III, L.P. (Acquired 9/30/2008)(a)(b)			-	30,279
	Accel-KKR Capital Partners IV, L.P. (Acquired 7/1/2013)(b)			1,722,172	2,815,620
	Angeles Equity Partners I, L.P. (Acquired 1/11/2016)(b)			884,276	1,010,167
	Arclight Energy Partners Fund V, L.P. (Acquired 7/1/2006)(a)(b)			2,904,135	1,856,206
	Ascendent Capital Partners I, L.P. (Acquired 7/1/2012)(b)(d)			1,202,321	1,611,581
	BDCM Opportunity Fund II, L.P. (Acquired 3/1/2006)(b)			1,986,509	5,128,691
	Benson Elliot Real Estate Partners II, L.P. (Acquired 6/1/2006)(a)(b)(g)			2,644,874	100,569
	Cadent Energy Partners II, L.P. (Acquired 2/1/2008)(b)			4,788,366	6,704,829
	Canaan Natural Gas Fund X, L.P. (Acquired 8/7/2008)(a)(b)			6,152,301	-
	CDH Fund IV, L.P. (Acquired 7/13/2010)(b)(d)			1,035,991	2,111,788
	China Special Opportunities Fund III, L.P. (Acquired 1/18/2011)(b)(d)			4,034,746	5,052,004
	Claremont Creek Ventures II, L.P. (Acquired 11/22/2008)(a)(b)			2,946,392	1,371,570
	Claremont Creek Ventures, L.P. (Acquired 12/1/2005)(a)(b)			1,476,005	9,329
	Colony Investors VII, L.P. (Acquired 3/1/2006)(a)(b)			2,221,355	31,012
	Colony Investors VIII, L.P. (Acquired 10/12/2006)(b)			6,143,940	133,402
	Crosslink Crossover Fund V, L.P. (Acquired 3/1/2007)(a)(b)			234,054	342,583
	Crosslink Crossover Fund VI, L.P. (Acquired 5/31/2011)(a)(b)			2,294,132	6,781,162
	CX Partners Fund LTD. (Acquired 4/1/2009)(b)(d)			2,286,818	2,076,606
	Dace Ventures I, L.P. (Acquired 6/1/2007)(a)(b)			2,286,219	854,266
	Darwin Private Equity I, L.P. (Acquired 8/1/2007)(b)(g)			4,723,624	495,627
	ECP IHS (Mauritius) Limited (Acquired 9/1/2014)(a)(b)(f)			7,419,169	11,357,682
	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	5,191,576
	EMG Ascent Secondary Fund, L.P. (Acquired 9/7/2017)(a)(b)			116,829	173,163
	EMG Investment, LLC (Acquired 12/21/2010)(b)			-	-
	EnerVest Energy Institutional Fund X-A, L.P. (Acquired 6/1/2005)(a)(b)			2,155,939	5,475
	EnerVest Energy Institutional Fund XI-A, L.P. (Acquired 4/1/2007)(a)(b)			6,143,719	26,487
	Fairhaven Capital Partners, L.P. (Acquired 3/1/2008)(a)(b)			4,571,226	1,616,325
	Florida Real Estate Value Fund, L.P. (Acquired 11/12/2010)(b)			-	25,932
	Forum European Realty Income III, L.P. (Acquired 2/1/2008)(b)(d)			1,945,475	213,811
	Garrison Opportunity Fund, LLC (Acquired 1/12/2010)(a)(b)			-	161,692
	Garrison Opportunity Fund II A, LLC (Acquired 3/8/2011)(a)(b)			-	1,020,424
	Gavea Investment Fund II, L.P. (Acquired 5/1/2007)(a)(b)(d)			-	17,041
	Gavea Investment Fund III, L.P. (Acquired 9/18/2008)(a)(b)(d)			-	108,649
	Glade Brook Private Investors II L.P. (Acquired 1/27/2014)(a)(b)			3,905,752	52
	Glade Brook Private Investors III LLC (Acquired 11/1/2014)(a)(b)			3,198,543	2,627,087
	Glade Brook Private Opportunities Fund, LLC (Acquired 5/1/2015)(a)(b)			659,486	247,414
	Glade Brook Private Investors X LLC (Acquired 11/08/2017)(a)(b)			-	-
	Great Point Partners I, L.P. (Acquired 4/1/2006)(a)(b)			985,634	155,389
	Greenfield Acquisition Partners V,L.P. (Acquired 4/1/2008)(b)			2,331,247	53,135
	GTIS Brazil Real Estate Fund, L.P. (Acquired 7/25/2008)(b)			6,119,220	3,894,863
	Halifax Capital Partners II, L.P. (Acquired 8/1/2012)(b)			1,690	47,500
	Halifax Capital Partners III, L.P. (Acquired 8/1/2012)(b)			3,247,780	2,359,750
	Hancock Park Capital III, L.P. (Acquired 3/1/2006)(a)(b)			808,899	175,363
	Intervale Capital Fund, L.P. (Acquired 2/1/2008)(a)(b)			2,426,648	2,645,235
	J.C. Flowers II, L.P. (Acquired 12/23/2015)(b)(d)			-	-
	J.C. Flowers III, L.P. (Acquired 10/1/2009)(b)(d)			3,413,082	741,167
	L C Fund V, L.P. (Acquired 7/1/2011)(b)(d)			2,935,495	3,120,577
	Light Street Argon, L.P. (Acquired 5/1/2014)(a)(b)			757,340	1,122,229
	Light Street SPVH, L.P. (Acquired 8/25/2015)(a)(b)			2,000,000	2,741,646
	Lighthouse Capital Partners VI, L.P. (Acquired 2/1/2007)(a)(b)			219,968	74,589
	Lyfe Capital Fund, L.P. (Acquired 11/6/2015)(b)(d)			2,222,441	6,687,595
	Merit Energy Partners F-II, L.P. (Acquired 3/1/2006)(a)(b)			1,073,416	230,058
	Mid Europa Fund III, L.P. (Acquired 10/1/2007)(b)(h)			3,394,507	93,381
	Monomoy Capital Partners III, L.P. (Acquired 5/6/2011)(b)			1,636,655	2,362,567
	Natural Gas Partners IX, L.P. (Acquired 12/1/2005)(b)			564,297	286,136
	New Horizon Capital III, L.P. (Acquired 1/1/2009)(b)(d)			938,450	2,144,054
	NGP Energy Technology Partners II, L.P. (Acquired 1/23/2009)(b)			3,383,433	1,190,684
	NGP Midstream & Resources Follow-On Fund, L.P. (Acquired 10/7/2007)(b)			649,307	894,500
	NGP Midstream & Resources, L.P. (Acquired 10/7/2007)(b)			2,507,471	286,785
	Northstar Equity Partners III Limited (Acquired 6/1/2011)(b)(d)			3,315,837	2,422,378
	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	1,260,603
	ORBIS Real Estate Fund I, L.P. (Acquired 11/1/2006)(a)(b)(f)			2,288,670	465,404
	Orchid Asia IV, L.P. (Acquired 8/1/2007)(b)(d)			2,523,435	23,038,432
	Patron Capital III, L.P. (Acquired 3/1/2007)(b)(g)			3,718,296	270,082
	Phoenix Asia Real Estate Investments L.P. (Acquired 9/24/2007)(a)(b)(d)			2,235,211	1,872,301
	Pine Brook Capital Partners, L.P. (Acquired 2/1/2008)(b)			4,596,155	445,635
	Private Equity Investment Fund IV, L.P. (Acquired 3/1/2006)(a)(b)			1,265,700	234,737
	Private Equity Investment Fund V, L.P (Acquired 4/1/2009)(a)(b)			12,442,343	6,553,612
	Rockwood Capital Real Estate Partners Fund VII, L.P. (Acquired 9/1/2006)(b)			2,913,547	58,797
	Roundtable Healthcare Partners II, L.P. (Acquired 10/29/2010)(a)(b)			-	1,107
	Roundtable Healthcare Partners III, L.P. (Acquired 10/29/2010)(a)(b)			4,618,141	7,317,806
	Saints Capital VI, L.P. (Acquired 4/1/2008)(b)			5,359,243	1,162,971
	Sanderling Venture Partners VI Co-Investment L.P. (Acquired 5/1/2005)(a)(b)			525,136	395,892
	Sanderling Venture Partners VI, L.P. (Acquired 5/1/2005)(b)			735,999	867,296
	SBC U.S. Fund II, L.P. (Acquired 8/30/2011)(a)(b)			2,377,306	1,136,408
	Sentient Global Fund IV, L.P. (Acquired 6/1/2011)(a)(b)			5,536,592	2,230,230
	Sentient Global Resources Fund III, L.P. (Acquired 7/21/2008)(b)(d)			11,966,779	3,331,552
	Singerman Real Estate Opportunity Fund, L.P. (Acquired 5/28/2012)(b)			1,019,675	734,688
	Sovereign Capital L.P. III (Acquired 3/22/2010)(b)(g)			-	1,176,966
	Square Mile Partners III, L.P. (Acquired 7/17/2008)(a)(b)			1,791,262	32,974
	Sterling Capital Partners Venture Fund II, L.P. (Acquired 8/1/2005)(a)(b)			1,359,210	127,604
	Sterling Group Partners III, L.P. (Acquired 4/21/2010)(a)(b)			3,047,086	420,069
	Strategic Value Global Opportunities Fund I-A, L.P. (Acquired 11/1/2006)(a)(b)			1,836,663	1,215,530
	Sweetwater Secondaries Fund II LP (Acquired 6/12/2018) (a)(b)(j)			8,797,500	20,593,730
	TDR Capital AS 2013 L.P. (Acquired 12/1/2013)(a)(b)(g)			6,184,080	24,175
	Tenaya Capital V, L.P. (Acquired 7/1/2007)(b)			2,370,489	1,389,911
	The Column Group, L.P. (Acquired 7/7/2007)(a)(b)			4,234,818	8,980,716
	The Energy & Minerals Group Fund II L.P. (Acquired 6/1/2011)(b)			4,040,468	4,474,620
	The Energy & Minerals Group Fund III L.P. (Acquired 10/8/2015)(b)			2,918,996	1,426,058
	The Energy & Minerals Group Fund IV L.P. (Acquired 10/8/2015)(b)			1,885,756	1,898,154
	The Founders Fund III,L.P. (Acquired 5/24/2010)(a)(b)			3,920,529	35,808,978
	The Founders Fund IV, L.P. (Acquired 1/1/2012)(a)(b)			1,446,761	21,360,228
	The Founders Fund VI, L.P. (Acquired 9/1/2017)(a)(b)			980,000	1,778,525
	Tiger Global Private Investments Partners X, L.P. (Acquired 12/31/2016)(b)(d)			2,005,944	4,132,270
	Tiger Global Private Investments Partners VI, L.P. (Acquired 11/8/2010)(b)(d)			2,216,261	3,938,709
	Tiger Global Private Investments Partners VII, L.P. (Acquired 2/24/2012)(b)(d)			1,685,545	1,264,138
	TPF II, L.P. (Acquired 10/1/2008)(a)(b)			1,814,310	200,200
	Trivest Fund IV, L.P. (Acquired 11/1/2007)(a)(b)			862,306	88,082
	Trivest Fund V, L.P. (Acquired 5/24/2013)(b)			2,321,747	2,473,796
	Trivest Growth Investment Fund (Acquired 1/17/2017)(b)			1,482,475	1,628,759
	Urban Oil and Gas Partners A-1, L.P. (Acquired 4/29/2010)(a)(b)			6,874,263	100,000
	Urban Oil and Gas Partners B-1, L.P. (Acquired 12/1/2012)(b)			2,257,157	1,800,000
	VCFA Private Equity Partners IV, L.P. (Acquired 3/1/2005)(b)			1,051,702	131,910
	VCFA Venture Partners V, L.P. (Acquired 9/1/2006)(b)			2,798,624	1,431,240
	Voyager Capital Fund III, L.P. (Acquired 5/1/2007)(a)(b)			1,652,835	812,604
	WCP Real Estate Fund I, L.P. (Acquired 4/1/2007)(a)(b)			742,933	77,700
	Westview Capital Partners II, L.P. (Acquired 8/21/2009)(a)(b)			1,875,422	1,713,308
	Zero2IPO China Fund II, L.P. (Acquired 8/8/2008)(a)(b)(d)			3,077,026	1,298,674
	Total Investments in Private Investments			286,139,127	274,302,476
	Total Investments in Adviser Funds			354,518,368	320,165,629
	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 $352,097,204) (102.11%)				320,165,629
	Other Assets in Excess of Liabilities (-2.11%)				(6,603,848)
	Partners’ Capital — (100.00%)				313,561,781
	(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 December 31, 2020 was $55,932,269 and $33,003,495, 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	$	-	$	-	$	-	$	15,221,932	$	15,221,932
Long Short Equity		-		-		-		3,091,895		3,091,895
Macro		-		-		-		12,958,638		12,958,638
Relative Value		-		-		-		14,590,688		14,590,688
Private Investments		-		-		20,593,730		253,708,746		274,302,476
Investments in Private Companies		-		-		-		-		-
Other Financial Instruments
Private Companies Call Options		-		-		-		-		-
Total	$	-	$	-	$	20,593,730	$	299,571,899	$	320,165,629

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 December 31, 2020
Private Investments	$	21,536,120	$	-	$	(942,390	)	$	-	$	-	$	-	$	20,593,730
Private Companies		-		-		-			-		-		-		-
Total Level 3 Investments	$	21,536,120	$	-	$	(942,390	)	$	-	$	-	$	-	$	20,593,730

For the period ended December 31, 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 December 31, 2020 is $(942,390).

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of December 31, 2020:

Type of Level 3 Investment	Fair Value as of June 30, 2020		Valuation Techniques	Unobservable Input
Preferred Stock
Private Investments	$	20,593,730	Dilution estimate	Partner commitment percentage
Private Companies		-	Current value method	Recent round of financing
Total Level 3 Investments	$	20,593,730