Hatteras Master Fund LP		Schedule of Investments
		December 31, 2022 (Unaudited)
Investments in Private Preferred Equity — (100.11%)			Shares	Cost	Fair Value
	The Beneficient Company Group, L.P. - Preferred Series B-2 Unit Accounts (a)			307,505,376	324,373,887
	Total Investments in Private Preferred Equity			307,505,376	324,373,887
	Total Investments — (100.11%)			307,505,376	324,373,887
	Liabilities in Excess of Other Assets — (-0.11%)				(351,560)
	Partners’ Capital — (100.00%)				324,022,327
	(a) Private Preferred Equity security has limited resale or redemptions terms.

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
Investment Type
Private Preferred Equity	$	-	$	-	$	324,373,887	$	-	$	324,373,887
Total Investments	$	-	$	-	$	324,373,887	$	-	$	324,373,887

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, 2022		Transfers into/ (out of)		Net Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Distributions		Gross Purchases		Gross Sales		Balance as of December 31, 2022
Private Preferred Equity	$	307,505,376	$	-	$	-	$	16,868,511	$	-			$	-	$	324,373,887
Total Level 3 Investments	$	307,505,376	$	-	$	-	$	16,868,511	$	-	$	-	$	-	$	324,373,887

For the period ended December 31, 2022, 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, 2022 is $16,868,511.

Type of Level 3 Investment	Fair Value as of December 31, 2022		Unobservable Input	Range		Weighted Average of Unobservable Inputs
Private Preferred Equity	$	324,373,887	Transaction Price, plus accrued interest		N/A		N/A
Total Level 3 Investments	$	324,373,887