N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21685
Hatteras Core Alternatives Fund, L.P.
(Exact name of registrant as specified in charter)
6601 Six Forks Road, Suite 340 Raleigh, North Carolina					27615
(Address of principal executive offices)					(Zip code)
David B. Perkins 6601 Six Forks Road, Suite 340 Raleigh, North Carolina 27615
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(919) 846-2324
Date of fiscal year end:	March 31
Date of reporting period:		September 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2015

Hatteras Core Alternatives Fund, L.P.

Hatteras Core Alternatives TEI Fund, L.P.

Hatteras Core Alternatives Institutional Fund, L.P.

Hatteras Core Alternatives TEI Institutional Fund, L.P.

HATTERAS FUNDS

Hatteras Core Alternatives Fund, L.P.
(a Delaware Limited Partnership)

Hatteras Core Alternatives TEI Fund, L.P.
(a Delaware Limited Partnership)

Hatteras Core Alternatives Institutional Fund, L.P.
(a Delaware Limited Partnership)

Hatteras Core Alternatives TEI Institutional Fund, L.P.
(a Delaware Limited Partnership)

Financial Statements

As of and for the six months ended September 30, 2015
(Unaudited)

HATTERAS FUNDS

As of and for the six months ended September 30, 2015
(Unaudited)

Hatteras Core Alternatives Fund, L.P. (a Delaware Limited Partnership)

Hatteras Core Alternatives TEI Fund, L.P. (a Delaware Limited Partnership)

Hatteras Core Alternatives Institutional Fund, L.P. (a Delaware Limited Partnership)

Hatteras Core Alternatives TEI Institutional Fund, L.P. (a Delaware Limited Partnership)

Table of Contents

Statements of Assets, Liabilities and Partners' Capital	1
Statements of Operations	2
Statements of Changes in Partners' Capital	3
Statements of Cash Flows	4
Notes to Financial Statements	5-14
Board of Directors	15-16
Fund Management	17
Other Information	18
Financial Statements of Hatteras Master Fund, L.P.

HATTERAS FUNDS

(each a Delaware Limited Partnership)

STATEMENTS OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL

September 30, 2015 (Unaudited)

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.			Hatteras Core Alternatives Institutional Fund, L.P.		Hatteras Core Alternatives TEI Institutional Fund, L.P.
Assets
Investment in Hatteras Master Fund, L.P., at fair value	$	129,514,942		$	170,826,068		$	140,445,008	$	376,682,517
Cash		189,842			187,028			190,100		169,851
Receivable for withdrawals from Hatteras Master Fund, L.P.		8,317,857			12,034,044			8,156,048		20,791,506
Investment in Hatteras Master Fund, L.P. paid in advance		—			114,952			—		41,890
Withholding tax receivable		—			116,395			—		227,334
Prepaid assets		13,634			18,074			14,655		39,210
Total assets	$	138,036,275		$	183,296,561		$	148,805,811	$	397,952,308
Liabilities and partners' capital
Withdrawals payable	$	8,317,857		$	12,034,044		$	8,156,048	$	20,791,506
Contributions received in advance		—			—			—		126,500
Servicing fee payable		97,669			129,744			12,390		33,142
Professional fees payable		49,599			24,275			43,180		23,631
Accounting and administration fees payable		22,256			31,157			19,249		31,745
Printing fees payable		60,293			55,921			57,195		54,923
Custodian fees payable		3,146			4,409			3,561		6,355
Other expenses		14,744			13,064			9,597		8,833
Total liabilities		8,565,564			12,292,614			8,301,220		21,076,635
Partners' capital		129,470,711			171,003,947			140,504,591		376,875,673
Total liabilities and partners' capital	$	138,036,275		$	183,296,561		$	148,805,811	$	397,952,308
Components of partners' capital
Capital contributions (net)	$	105,981,628		$	145,603,829		$	112,548,602	$	275,895,586
Accumulated net investment gain (loss)		(13,437,712	)		(18,740,080	)		2,392,134		5,453,717
Accumulated net realized gain		12,879,334			19,150,369			14,173,985		52,919,554
Accumulated net unrealized appreciation on investments		24,047,461			24,989,829			11,389,870		42,606,816
Partners' capital	$	129,470,711		$	171,003,947		$	140,504,591	$	376,875,673
Net asset value per unit	$	109.82		$	109.09		$	114.79	$	113.51
Maximum offering price per unit*	$	112.06		$	111.32		$	122.12	$	120.75
Number of authorized units		7,500,000.00			7,500,000.00			7,500,000.00		10,000,000.00
Number of outstanding units		1,178,963.26			1,567,498.92			1,223,972.97		3,320,265.00

*  The maximum sales load for the Hatteras Core Alternatives Fund, L.P. and the Hatteras Core Alternatives TEI Fund, L.P. is 2.00%. The maximum sales load for the Hatteras Core Alternatives Institutional Fund, L.P. and the Hatteras Core Alternatives TEI Institutional Fund, L.P. is 6.00%.

See notes to financial statements.
1

HATTERAS FUNDS

(each a Delaware Limited Partnership)

STATEMENTS OF OPERATIONS

For the period ended September 30, 2015 (Unaudited)

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.			Hatteras Core Alternatives Institutional Fund, L.P.			Hatteras Core Alternatives TEI Institutional Fund, L.P.
Net investment income allocated from Hatteras Master Fund, L.P.
Investment income	$	516,270		$	698,844		$	544,334		$	1,449,785
Operating expenses		(950,003	)		(1,261,215	)		(1,025,428	)		(2,744,908	)
Performance allocation		—			—			(170,267	)		(445,715	)
Net investment income allocated from Hatteras Master Fund, L.P.		(433,733	)		(562,371	)		(651,361	)		(1,740,838	)
Feeder Fund investment income
Interest		7			7			9			8
Total fund investment income		7			7			9			8
Feeder Fund expenses
Servicing fee		608,040			806,278			76,929			205,822
Accounting and administration fees		66,754			93,466			57,752			95,217
Insurance fees		10,075			13,387			10,823			28,910
Directors' fees		22,500			22,500			22,500			22,500
Professional fees		30,000			18,200			27,000			18,332
Printing fees		41,000			36,500			37,800			36,000
Custodian fees		4,500			6,310			5,400			7,910
Withholding tax		—			182,291			—			356,498
Other expenses		48,998			51,641			28,082			59,794
Total Feeder Fund expenses		831,867			1,230,573			266,286			830,983
Net investment loss		(1,265,593	)		(1,792,937	)		(917,638	)		(2,571,813	)
Net realized gain and change in unrealized appreciation on investments allocated from Hatteras Master Fund, L.P.
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		5,772,669			7,665,693			6,234,275			16,694,830
Net change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange translations		(3,474,865	)		(4,622,921	)		(3,753,336	)		(10,028,880	)
Net realized gain and change in unrealized appreciation on investments allocated from Hatteras Master Fund, L.P.		2,297,804			3,042,772			2,480,939			6,665,950
Net increase in partners' capital resulting from operations	$	1,032,211		$	1,249,835		$	1,563,301		$	4,094,137

See notes to financial statements.
2

HATTERAS FUNDS

(each a Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

For the year ended March 31, 2015, and the period ended September 30, 2015 (Unaudited)

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.*			Hatteras Core Alternatives Institutional Fund, L.P.			Hatteras Core Alternatives TEI Institutional Fund, L.P.*
	Limited Partners			Limited Partners			Limited Partners			Limited Partners
Partners' Capital, at March 31, 2014	$	166,775,946		$	222,418,692		$	179,279,121		$	478,238,183
Capital contributions		725,618			1,016,593			—			1,081,188
Capital withdrawals		(33,180,412	)		(45,086,897	)		(34,962,533	)		(93,835,896	)
Net investment income		3,036,027			3,967,544			3,401,354			9,216,227
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		8,059,256			10,711,585			8,673,999			23,186,111
Net change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange translations		(1,324,222	)		(1,746,342	)		(1,428,959	)		(3,825,874	)
Partners' Capital, at March 31, 2015**	$	144,092,213		$	191,281,175		$	154,962,982		$	414,059,939
Capital contributions		1,917,138			3,692,365			1,028,336			2,639,465
Capital withdrawals		(17,570,851	)		(25,219,428	)		(17,050,028	)		(43,917,868	)
Withdrawal fees
Net investment loss		(1,265,593	)		(1,792,937	)		(917,638	)		(2,571,813	)
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		5,772,669			7,665,693			3,901,188			16,694,830
Net change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange translations		(3,474,865	)		(4,622,921	)		(1,420,249	)		(10,028,880	)
Partners' Capital, at September 30, 2015***	$	129,470,711		$	171,003,947		$	140,504,591		$	376,875,673

*  Consolidated Statement. See note 1.

**  Including accumulated net investment loss of $(12,172,119); $(16,947,143); $3,309,772; and $8,025,530, respectively

***  Including accumulated net investment gain/(loss) of $(13,437,712); $(18,740,080); $2,392,134; and $5,453,717, respectively.

See notes to financial statements.
3

HATTERAS FUNDS

(each a Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS

For the period ended September 30, 2015 (Unaudited)

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.*			Hatteras Core Alternatives Institutional Fund, L.P.			Hatteras Core Alternatives TEI Institutional Fund, L.P.*
Cash flows from operating activities:
Net increase in partners' capital resulting from operations	$	1,032,211		$	1,249,835		$	1,563,301		$	4,094,137
Adjustments to reconcile net increase in partners' capital resulting from operations to net cash provided by operating activities:
Purchase of interests in Hatteras Master Fund, L.P.		—			—			—			(524,847	)
Proceeds from withdrawals from Hatteras Master Fund, L.P.		16,436,235			23,004,726			16,257,245			42,920,964
Net investment loss allocated from Hatteras Master Fund, L.P.		433,733			562,371			651,361			1,740,838
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions allocated from Hatteras Master Fund, L.P.		(5,772,669	)		(7,665,693	)		(6,234,275	)		(16,694,830	)
Net change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange transactions allocated from Hatteras Master Fund, L.P.		3,474,865			4,622,921			3,753,336			10,028,880
(Increase)/Decrease in receivable for withdrawals from Hatteras Master Fund, L.P.		(734,811	)		(1,966,233	)		(6	)		1,000,987
(Increase)/Decrease in investment in Hatteras Master Fund, L.P. paid in advance		—			(114,952	)		—			482,958
(Increase)/Decrease in prepaid assets		(8,100	)		(10,618	)		(8,731	)		(23,143	)
(Increase)/Decrease in withholding tax receivable		—			(116,395	)		—			(227,334	)
Increase/(Decrease) in servicing fee payable		(9,844	)		(12,979	)		(1,204	)		(3,182	)
Increase/(Decrease) in accounting and administration fees payable		11,142			15,578			9,626			15,878
Increase/(Decrease) in professional fees payable		(6,401	)		(6,725	)		(7,820	)		(7,369	)
Increase/(Decrease) in custodian fees payable		2,346			3,203			2,761			4,212
Increase/(Decrease) in printing fees payable		35,293			30,921			32,195			29,923
Increase/(Decrease) in withholding tax payable		—			(65,896	)		—			(129,164	)
Increase/(Decrease) in other accrued expenses		14,744			13,064			9,597			8,833
Net cash provided by operating activities		14,908,744			19,543,128			16,027,386			42,717,741
Cash flows from financing activities:
Capital contributions		1,917,138			3,692,365			1,012,736			2,165,965
Capital withdrawals, net of withdrawal fees		(16,836,040	)		(23,253,195	)		(17,050,022	)		(44,918,855	)
Net cash used in financing activities		(14,918,902	)		(19,560,830	)		(16,037,286	)		(42,752,890	)
Net change in cash		(10,158	)		(17,702	)		(9,900	)		(35,149	)
Cash at beginning of year		200,000			204,730			200,000			205,000
Cash at end of period	$	189,842		$	187,028		$	190,100		$	169,851

*  Consolidated Statement. See note 1.

See notes to financial statements.
4

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS

As of and for the six months ended September 30, 2015 (Unaudited)

1.  ORGANIZATION

The Hatteras Funds, each a "Feeder Fund" and collectively the "Feeder Funds" are:

Hatteras Core Alternatives Fund, L.P.

Hatteras Core Alternatives TEI Fund, L.P.

Hatteras Core Alternatives Institutional Fund, L.P.

Hatteras Core Alternatives TEI Institutional Fund, L.P.

The Feeder Funds are organized as Delaware limited partnerships, and are registered under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (the "1940 Act"), as closed-end, non-diversified, management investment companies. The primary investment objective of the Feeder Funds is to provide capital appreciation consistent with the return characteristic of the alternative investment portfolios of larger endowments. The Feeder Funds' secondary objective is to provide capital appreciation with less volatility than that of the equity markets. To achieve their objectives, the Feeder Funds provide their investors with access to a broad range of investment strategies, asset categories and trading advisers ("Advisers") and by providing overall asset allocation services typically available on a collective basis to larger institutions, through an investment of substantially all of their assets into the Master Fund, which is registered under the 1940 Act. Hatteras Funds, LLC (the "Investment Manager"), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") serves as investment manager to the Master Fund. Morgan Creek Capital Management, LLC ("MCCM" or the "Sub-Adviser"), a North Carolina limited liability company registered as an investment adviser under the Advisers Act, serves as sub-adviser to the Master Fund. Investors who acquire units of limited partnership interest in the Feeder Funds ("Units") are the limited partners (each, a "Limited Partner" and together, the "Limited Partners") of the Feeder Funds.

The Hatteras Core Alternatives TEI Fund, L.P. and the Hatteras Core Alternatives TEI Institutional Fund, L.P. each invest substantially all of their assets in the Hatteras Core Alternatives Offshore Fund, LDC and Hatteras Core Alternatives Offshore Institutional Fund, LDC, (each a "Blocker Fund" and collectively the "Blocker Funds"), respectively. The Blocker Funds are Cayman Islands limited duration companies with the same investment objective as the Feeder Funds. The Blocker Funds serve solely as intermediate entities through which the Hatteras Core Alternatives TEI Fund, L.P. and the Hatteras Core Alternatives TEI Institutional Fund, L.P. invest in Hatteras Master Fund, L.P. (the "Master Fund" and together with the Feeder Funds, the "Funds"). The Blocker Funds enable tax-exempt Limited Partners (as defined below) to invest without receiving certain income in a form that would otherwise be taxable to such tax-exempt Limited Partners regardless of their tax-exempt status. The Hatteras Core Alternatives TEI Fund, L.P. owns 100% of the participating beneficial interests of the Hatteras Core Alternatives Offshore Fund, LDC and the Hatteras Core Alternatives TEI Institutional Fund, L.P. owns 100% of the participating beneficial interests of the Hatteras Core Alternatives Offshore Institutional Fund, LDC. Where these Notes to Financial Statements discuss the Feeder Funds' investment in the Master Fund, for Hatteras Core Alternatives TEI Fund, L.P. and Hatteras Core Alternatives TEI Institutional Fund, L.P., it means their investment in the Master Fund through the applicable Blocker Fund.

The Partnership is considered an investment company under the accounting principles generally accepted in the United States of America and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services — Investment Companies ("ASC 946"). The financial statements of the Master Fund, including the schedule of investments, are included elsewhere in this report and should be read with the Feeder Funds' financial statements. The percentages of the Master Fund's beneficial limited partnership interests owned by the Feeder Funds at September 30, 2015 were:

Hatteras Core Alternatives Fund, L.P.	15.84	%
Hatteras Core Alternatives TEI Fund, L.P.	20.90	%
Hatteras Core Alternatives Institutional Fund, L.P.	17.18	%
Hatteras Core Alternatives TEI Institutional Fund, L.P.	46.08	%

Each of the Feeder Funds has an appointed Board of Directors (collectively the "Boards"); which has the its rights and powers to monitor and oversee the business affairs of the Feeder Funds, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct and operation of the Feeder Funds' business.

2.  SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are expressed in United States dollars. The following is a summary of significant accounting and reporting policies used in preparing the financial statements.

a.  Investment Valuation

The Feeder Funds do not make direct investments in securities or financial instruments, and invest substantially all of their assets in the Master Fund. The Feeder Funds record their investment in the Master Fund at fair value. Valuation of securities held by the Master Fund,

5

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED)

a.  Investment Valuation (concluded)

including the Master Fund's disclosure of investments under the three-tier hierarchy, is also discussed in the notes to the Master Fund's financial statements included elsewhere in this report.

b.  Allocations from the Master Fund

The Feeder Funds record their allocated portion of income, expense, realized gains and losses and unrealized appreciation and depreciation from the Master Fund.

c.  Feeder Fund Level Income and Expenses

Interest income on any cash or cash equivalents held by the Feeder Funds will be recognized on an accrual basis. Expenses that are specifically attributed to the Feeder Funds are charged to each Feeder Fund. Because the Feeder Funds bear their proportionate share of the management fee of the Master Fund, the Feeder Funds pay no direct management fee to the Investment Manager or Sub-Adviser. The Feeder Funds' specific expenses are recorded on an accrual basis.

d.  Tax Basis Reporting

Because the Master Fund invests primarily in investment funds that are treated as partnerships for U.S. Federal tax purposes, the tax character of each of the Feeder Fund's allocated earnings is established dependent upon the tax filings of the investment vehicles operated by the Advisers ("Adviser Funds"). Accordingly, the tax basis of these allocated earnings and the related balances are not available as of the reporting date.

e.  Income Taxes

For U.S. Federal income tax purposes, the Feeder Funds are treated as partnerships, and each Limited Partner in each respective Feeder Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and the realized and unrealized gains (losses) of such Feeder Fund. Accordingly, no federal, state or local income taxes have been provided on profits of the Feeder Funds since the Limited Partners are individually liable for the taxes on their share of the Feeder Funds.

The Feeder Funds file tax returns as prescribed by the tax laws of the jurisdictions in which they operate. In the normal course of business, the Feeder Funds are subject to examination by federal, state, local and foreign jurisdictions, where applicable. For returns filed for the years ended December 31, 2011 through December 31, 2014, the Feeder Funds remain subject to examination by the major tax jurisdictions under the statute of limitations.

The Feeder Funds have reviewed any potential tax positions as of September 30, 2015 and have determined that they do not have a liability for any unrecognized tax benefits or expense. The Feeder Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended September 30, 2015, the Feeder Funds did not incur any interest or penalties.

The Blocker Funds may be subject to withholding of Federal income tax at a 30% rate on their allocable share of the Master Fund's U.S.-source dividend income and other U.S.-source fixed or determinable annual or periodic gains, profits, or income as defined in Section 881(a) of the Internal Revenue Code of 1986, as amended other than most forms of interest income.

f.  Cash

Cash includes amounts held in interest bearing demand deposit accounts. Such cash, at times, may exceed federally insured limits. The Feeder Funds have not experienced any losses in such accounts and do not believe they are exposed to any significant credit risk on such accounts.

g.  Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in Partners' capital from operations during the reporting period. Actual results could differ from those estimates.

h.  Consolidated Financial Statements

The asset, liability, and equity accounts of the Hatteras Core Alternatives TEI Fund, L.P. and the Hatteras Core Alternatives TEI Institutional Fund, L.P. are consolidated with their respective Blocker Funds as presented in the Statements of Assets, Liabilities, and Partners' Capital, Statements of Operations, Statements of Changes in Partners' Capital, and Statements of Cash Flows. All intercompany accounts and transactions have been eliminated in consolidation.

6

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

3.  ALLOCATION OF LIMITED PARTNERS' CAPITAL

Net profits or net losses of the Feeder Funds for each allocation period ("Allocation Period") will be allocated among and credited to or debited against the capital accounts of the Limited Partners. Net profits or net losses will be measured as the net change in the value of the Limited Partners' capital of the Feeder Funds, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses during an Allocation Period.

Allocation Periods generally begin on the first calendar day of each month and end at the close of business on the last day of each month.

The Feeder Funds maintain a separate capital account ("Capital Account") on their books for each Limited Partner. Each Limited Partner's Capital Account will have an opening balance equal to the Limited Partner's initial purchase of the Feeder Fund (i.e., the amount of the investment less any applicable sales load of up to 2.00% of the purchased amount for purchases of Units of Hatteras Core Alternatives Fund, L.P. and Hatteras Core Alternatives TEI Fund, L.P. and the amount of the investment less any applicable sales load of up to 6.00% of the purchased amount for purchases of units of the Hatteras Core Alternatives Institutional Fund, L.P. and Hatteras Core Alternatives TEI Institutional Fund, L.P.), and thereafter, will be (i) increased by the amount of any additional purchases by such Limited Partner; (ii) decreased for any payments upon repurchase or sale of such Limited Partner's interest or any distributions in respect of such Limited Partner; and (iii) increased or decreased as of the close of each Allocation Period by such Limited Partner's allocable share of the net profits or net losses of the Feeder Fund.

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.			Hatteras Core Alternatives Institutional Fund, L.P.			Hatteras Core Alternatives TEI Institutional Fund, L.P.
Ending Units, March 31, 2014		1,624,178.15			2,178,910.44			1,677,741.88			4,526,662.44
Purchases		7,042.81			9,337.12			—			9,942.06
Sales		(310,388.78	)		(424,245.26	)		(314,695.02	)		(854,130.68	)
Ending Units, March 31, 2015		1,320,832.18			1,764,002.30			1,363,046.86			3,682,473.82
Purchases		—			2,257.95			137.22			6,450.62
Sales		(141,868.92	)		(198,761.33	)		(139,211.11	)		(368,659.44	)
Ending units, September 30, 2015		1,178,963.26			1,567,498.92			1,223,972.97			3,320,265.00

4.  RELATED PARTY TRANSACTIONS AND OTHER

In consideration for fund services, Hatteras Core Alternatives Fund, L.P., Hatteras Core Alternatives TEI Fund, L.P., Hatteras Core Alternatives Institutional Fund, L.P. and Hatteras Core Alternatives TEI Institutional Fund, L.P. will pay the Investment Manager (in such capacity, the "Servicing Agent") a fund servicing fee at the annual rate of 0.85%, 0.85%, 0.10% and 0.10%, respectively, of the month-end partners' capital of the applicable Feeder Fund. The respective Feeder Fund servicing fees payable to the Servicing Agent will be borne by all Limited Partners of the respective Feeder Fund on a pro-rata basis before giving effect to any repurchase of interests in the Master Fund effective as of that date, and will decrease the net profits or increase the net losses of the Master Fund that are credited to its interest holders, including each Feeder Fund.

The Investment Manager is allocated a performance allocation payable annually equal to 10% of the amount by which net new profits of the limited partner interests of the Master Fund exceed the cumulative "hurdle amount", which is calculated as of the last day of the preceding calendar year of the Master Fund at a rate equal to the yield-to-maturity of the 90-day U.S. Treasury Bill for the last business day of the preceding calendar year (the "Performance Allocation"). The performance allocation is calculated at the Master Fund level, and allocated to the Feeder Funds based on each Feeder Fund's ownership interest in the Master Fund. The Performance Allocation is made on a "peak to peak," or "high watermark" basis, which means that the Performance Allocation is made only with respect to new net profits. If the Master Fund has a net loss in any period followed by a net profit, no Performance Allocation will be made with respect to such subsequent appreciation until such net loss has been recovered. The Investment Manager, MCCM and the Master Fund have entered into an investment sub-advisory agreement (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, MCCM is entitled to a portion of the Performance Allocation the Investment Manager receives from the Master Fund. For the six months ended September 30, 2015, the Investment Manager of the Master Fund accrued a Performance Allocation in the amount of $615,982, of which $170,267 was allocated to the Hatteras Core Alternatives Institutional Fund, L.P., and $445,715 was allocated to the Hatteras Core Alternatives TEI Institutional Fund, L.P., which is disclosed in the Statement of Operations.

Hatteras Capital Distributors, LLC ("HCD"), an affiliate of the Investment Manager, serves as the Feeder Funds' distributor. HCD receives a distribution fee from the Investment Manager equal to 0.10% on an annualized basis of the net assets of the Master Fund as of the last day of the month (before giving effect to any repurchase of interests in the Master Fund).

UMB Bank, N.A. serves as custodian of the Feeder Funds' cash balances and provides custodial services for the Feeder Funds. UMB Fund Services, Inc., serves as administrator and accounting agent to the Feeder Funds and provides certain accounting, record keeping and

7

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

4.  RELATED PARTY TRANSACTIONS AND OTHER (CONCLUDED)

investor related services. The Feeder Funds pay a fee to the custodian and administrator based upon average Limited Partners' capital, subject to certain minimums.

At September 30, 2015, Limited Partners who are affiliated with the Investment Manager or MCCM owned $641,772 (0.50% of Partners' Capital) of Hatteras Core Alternatives Fund, L.P., $2,032,103 (1.45% of Partners' Capital) of Hatteras Core Alternatives Institutional Fund, L.P., and $295,078 (0.08% of Partners' Capital) of Hatteras Core Alternatives TEI Institutional Fund, L.P.

5.  RISK FACTORS

An investment in the Feeder Funds involves significant risks that should be carefully considered prior to investment and should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment. The Master Fund intends to invest substantially all of its available capital in securities of private investment companies. These investments will generally be restricted securities that are subject to substantial holding periods or are not traded in public markets at all, so that the Master Fund may not be able to resell some of its Adviser Fund holdings for extended periods, which may be several years. Limited Partners should refer to the Master Fund's financial statements included in this report along with the applicable Feeder Fund's prospectus, as supplemented and corresponding statement of additional information for a more complete list of risk factors. No guarantee or representation is made that the Feeder Funds' investment objective will be met.

6.  REPURCHASE OF LIMITED PARTNERS' UNITS

The Board may, from time to time and in its sole discretion, cause the Feeder Funds to repurchase Units from Limited Partners pursuant to written tenders by Limited Partners at such times and on such terms and conditions as established by the Board. In determining whether the Feeder Funds should offer to repurchase interests, the Board will consider, among other things, the recommendation of the Investment Manager and Sub-Adviser. The Feeder Funds generally expect to offer to repurchase Units from Limited Partners on a quarterly basis as of March 31, June 30, September 30 and December 31 of each year. In no event will more than 20% of the Units of a Feeder Fund be repurchased per quarter. The Feeder Funds do not intend to distribute to the Limited Partners any of the Feeder Funds' income, but generally expect to reinvest substantially all income and gains allocable to the Limited Partners. A Limited Partner may, therefore, be allocated taxable income and gains and not receive any cash distribution. Units repurchased prior to the Limited Partner's one year anniversary of its initial investment may be subject to a maximum 2.00% repurchase fee.

7.  INDEMNIFICATION

In the normal course of business, the Feeder Funds enter into contracts that provide general indemnifications. The Feeder Funds' maximum exposure under these agreements is dependent on future claims that may be made against the Feeder Funds, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

8.  FINANCIAL HIGHLIGHTS

The financial highlights are intended to help an investor understand the Feeder Funds' financial performance. The total returns in the table represent the rate that a Limited Partner would be expected to have earned or lost on an investment in each Feeder Fund.

The ratios and total return amounts are calculated based on each Limited Partner group taken as a whole. The Investment Manager's interest is excluded from the calculations. An individual Limited Partner's ratios or returns may vary from the table below based on the timing of contributions and withdrawals and performance allocation.

The ratios are calculated by dividing total dollars of income or expenses as applicable by the average of total monthly Limited Partners' capital. The ratios include the Feeder Funds' proportionate share of the Master Fund's income and expenses.

Total return amounts are calculated based on the change in unit value during each accounting period.

8

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

8.  FINANCIAL HIGHLIGHTS (CONTINUED)

The portfolio turnover rate is calculated based on the Master Fund's investment activity, as turnover occurs at the Master Fund level and the Feeder Funds are typically invested 100% in the Master Fund.

	Hatteras Core Alternatives Fund, L.P.			Hatteras Core Alternatives TEI Fund, L.P.			Hatteras Core Alternatives Institutional Fund, L.P.			Hatteras Core Alternatives TEI Institutional Fund, L.P.
Unit Value, March 31, 2010	$	87.74		$	87.69		$	88.91		$	88.86
Income from investment operations:
Net investment income (loss)		(0.44	)		(0.48	)		(0.10	)		0.30
Net realized and unrealized gain on investment transactions		5.54			5.51			6.00			5.53
Total from investment operations		5.10			5.03			5.90			5.83
Unit Value, March 31, 2011		92.84			92.72			94.81			94.69
Income from investment operations:
Net investment income (loss)		(0.41	)		(0.40	)		0.52			0.40
Net realized and unrealized loss on investment transactions		(2.86	)		(2.95	)		(3.14	)		(3.05	)
Total from investment operations		(3.27	)		(3.35	)		(2.62	)		(2.65	)
Unit Value, March 31, 2012		89.57			89.37			92.19			92.04
Income from investment operations:
Net investment income (loss)		(2.26	)		(2.32	)		0.21			0.17
Net realized and unrealized gain on investment transactions		5.92			5.83			4.28			4.05
Total from investment operations		3.66			3.51			4.49			4.22
Unit Value, March 31, 2013		93.23			92.88			96.68			96.26
Income from investment operations:
Net investment income (loss)		(0.64	)		(0.84	)		1.46			0.71
Net realized and unrealized gain on investment transactions		10.09			10.04			8.72			8.68
Total from investment operations		9.45			9.20			10.18			9.39
Unit Value, March 31, 2014		102.68			102.08			106.86			105.65
Income from investment operations:
Net investment income (loss)		0.15			(0.01	)		2.48			2.44
Net realized and unrealized gain on investment transactions		6.26			6.37			4.35			4.35
Total from investment operations		6.41			6.36			6.83			6.79
Unit Value, March 31, 2015		109.09			108.44			113.69			112.44
Income from investment operations:
Net investment income (loss)		(2.18	)		(2.35	)		(0.47	)		(0.54	)
Net realized and unrealized gain on investment transactions		2.91			3.00			1.57			1.61
Total from investment operations		0.73			0.65			1.10			1.07
Unit Value, September 30, 2015	$	109.82		$	109.09		$	114.79		$	113.51

9

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

8.  FINANCIAL HIGHLIGHTS (CONTINUED)

	For the Period Ended September 30, 2015			For the Years Ended March 31,
Hatteras Core Alternatives Fund, L.P.	(Unaudited)			2015			2014			2013			2012			2011
Total return before Performance Allocation		0.67	%4		6.24	%		10.14	%		4.09	%		(3.52	)%		5.81	%
Performance Allocation		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return after Performance Allocation		0.67	%4		6.24	%		10.14	%		4.09	%		(3.52	)%		5.81	%
Net investment income (loss)1		(1.78	)%5		1.90	%		1.18	%		(0.17	)%		(0.29	)%		(0.60	)%
Operating expenses, excluding Performance Allocation1,2,3		2.51	%5		2.42	%		2.38	%		2.30	%		2.33	%		2.32	%
Performance Allocation1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net expenses1		2.51	%5		2.42	%		2.38	%		2.30	%		2.33	%		2.32	%
Limited Partners' capital, end of year (000's)	$	129,471		$	144,092		$	166,776		$	184,954		$	234,881		$	248,882
Portfolio Turnover Rate (Master Fund)		4.16	%4		8.78	%		19.03	%		25.15	%		32.68	%		25.12	%

¹  Ratios include allocations from the Master Fund.

²  Ratios calculated based on total expenses and average partners' capital. If the expense ratio calculation had been performed monthly, as is done for expense cap calculations, the ratios would have been different.

³  Ratios include other operating expenses of allocated credit facility fees and interest expense. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of credit facility fees and interest expense to average partners' capital allocated from the Master Fund were 0.10%, 0.08%, 0.08%, 0.09%, 0.10%, and 0.11% respectively. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of operating expenses excluding allocated credit facility fees and interest expense to average partner's capital were 2.22%, 2.25%, 2.22%, 2.29%, 2.32%, and 2.40% respectively.

⁴  Not Annualized

⁵  Annualized

10

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

8.  FINANCIAL HIGHLIGHTS (CONTINUED)

	For the Period Ended September 30, 2015			For the Years Ended March 31,
Hatteras Core Alternatives TEI Fund, L.P.	(Unaudited)			2015			2014			2013			2012			2011
Total return before Performance Allocation		0.60	%4		6.23	%		9.91	%		3.93	%		(3.62	)%		5.74	%
Performance Allocation		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total return after Performance Allocation		0.60	%4		6.23	%		9.91	%		3.93	%		(3.62	)%		5.74	%
Net investment income (loss)1		(1.91	)%5		1.87	%		0.96	%		(0.25	)%		(0.39	)%		(0.68	)%
Operating expenses, excluding Performance Allocation1,2,3		2.65	%5		2.45	%		2.59	%		2.38	%		2.43	%		2.39	%
Performance Allocation1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net expenses1		2.65	%5		2.45	%		2.59	%		2.38	%		2.43	%		2.39	%
Limited Partners' capital, end of year (000's)	$	171,004		$	191,281		$	222,419		$	246,049		$	312,204		$	325,745
Portfolio Turnover Rate (Master Fund)		4.16	%4		8.78	%		19.03	%		25.15	%		32.68	%		25.12	%

¹  Ratios include allocations from the Master Fund.

²  Ratios calculated based on total expenses and average partners' capital. If the expense ratio calculation had been performed monthly, as is done for expense cap calculations, the ratios would have been different.

³  Ratios include other operating expenses of allocated credit facility fees, interest expense, and withholding tax. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of allocated credit facility fees and interest expense to average partners' capital were 0.10%, 0.08%, 0.08%, 0.09%, 0.10%, and 0.12%, respectively; and the ratios of withholding tax to average partners' capital were 0.09%, 0.12%, 0.12%, 0.24%, 0.10%, and 0.19%, respectively. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of operating expenses excluding allocated credit facility fees and interest expense to average partners' capital were 2.20%, 2.23%, 2.18%, 2.26%, 2.25%, and 2.34% respectively.

⁴  Not Annualized

⁵  Annualized

11

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

8.  FINANCIAL HIGHLIGHTS (CONTINUED)

	For the Period Ended September 30, 2015			For the Years Ended March 31,
Hatteras Core Alternatives Institutional Fund, L.P.	(Unaudited)			2015			2014			2013			2012			2011
Total return before Performance Allocation		1.08	%4		7.12	%		10.91	%		4.87	%		(2.77	)%		6.64	%
Performance Allocation		(0.11	)%4		(0.73	)%		(0.38	)%		0.00	%		0.00	%		0.00	%
Total return after Performance Allocation		0.97	%4		6.39	%		10.53	%		4.87	%		(2.77	)%		6.64	%
Net investment income (loss)1		(1.20	)%5		1.98	%		1.57	%		0.60	%		0.50	%		0.14	%
Operating expenses, excluding Performance Allocation1,2,3		1.70	%5		1.62	%		1.61	%		1.54	%		1.55	%		1.53	%
Performance Allocation1		0.22	%5		0.73	%		0.38	%		0.00	%		0.00	%		0.00	%
Net expenses1		1.92	%5		2.35	%		1.99	%		1.54	%		1.55	%		1.53	%
Limited Partners' capital, end of year (000's)	$	140,505		$	154,963		$	179,279		$	197,612		$	236,892		$	238,675
Portfolio Turnover Rate (Master Fund)		4.16	%4		8.78	%		19.03	%		25.15	%		32.68	%		25.12	%

¹  Ratios include allocations from the Master Fund.

²  Ratios calculated based on total expenses and average partners' capital. If the expense ratio calculation had been performed monthly, as is done for expense cap calculations, the ratios would have been different.

³  Ratios include other operating expenses of allocated credit facility fees and interest expense. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, and the ratios of credit facility fees and interest expense to average partners' capital allocated from the Master Fund were, 0.10%, 0.08%, 0.08%, 0.09%, 0.10%, and 0.12%, respectively. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of operating expenses excluding allocated credit facility fees and interest expense to average partners' capital were, 1.43%, 1.47%, 1.46%, 1.52%, 1.52%, and 1.58% respectively.

⁴  Not Annualized

⁵  Annualized

12

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

8.  FINANCIAL HIGHLIGHTS (CONCLUDED)

	For the Period Ended September 30, 2015			For the Years Ended March 31,
Hatteras Core Alternatives TEI Institutional Fund, L.P.	(Unaudited)			2015			2014			2013			2012			2011
Total return before Performance Allocation		1.06	%5		7.16	%		10.73	%		4.74	%		(2.85	)%		6.61	%
Performance Allocation		(0.11	)%5		(0.73	)%		(0.98	)%		(0.16	)%		0.05	%4		(0.05	)%
Total return after Performance Allocation		0.95	%5		6.43	%		9.75	%		4.58	%		(2.80	)%		6.56	%
Net investment income (loss)1		(1.26	)%6		2.01	%		0.82	%		0.40	%		0.46	%		0.10	%
Operating expenses, excluding Performance Allocation1,2,3		1.75	%6		1.59	%		1.75	%		1.58	%		1.62	%		1.56	%
Performance Allocation1		0.22	%6		0.73	%		0.98	%		0.16	%		(0.05	)%4		0.05	%
Net expenses1		1.97	%6		2.32	%		2.73	%		1.74	%		1.57	%		1.61	%
Limited Partners' capital, end of year (000's)	$	376,876		$	414,060		$	478,238		$	531,555		$	624,547		$	659,549
Portfolio Turnover Rate (Master Fund)		4.16	%5		8.78	%		19.03	%		25.15	%		32.68	%		25.12	%

¹  Ratios include allocations from the Master Fund.

²  Ratios calculated based on total expenses and average partners' capital. If the expense ratio calculation had been performed monthly, as is done for expense cap calculations, the ratios would have been different.

³  Ratios include other operating expenses of allocated credit facility fees, interest expense, and withholding tax. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of allocated credit facility fees and interest expense to average partners' capital were 0.10%, 0.08%, 0.08%, 0.09%, 0.10%, and 0.12% respectively; and the ratios of withholding tax to average partners' capital were 0.08%, 0.12%, 0.11%, 0.23%, and 0.09%, and 0.17%, respectively. For the years ended March 31, 2011-2015, and the period ended September 30, 2015, the ratios of operating expenses excluding allocated credit facility fees and interest expense to average partners' capital were 1.38%, 1.42%, 1.39% , 1.44%, 1.40%, and 1.46%, respectively.

⁴  Reversal of accrued Performance Allocation from January 1, 2011 to March 31, 2011.

⁵  Not Annualized

⁶  Annualized

13

HATTERAS FUNDS

(each a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Concluded)

As of and for the six months ended September 30, 2015 (Unaudited)

9.  SUBSEQUENT EVENTS

Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no subsequent events that required adjustment to our disclosure in the financial statements except for the following:

There were additional purchases into the Feeder Funds of the following amounts effective:

October 1, 2015
Hatteras Core Alternatives Fund, L.P.	$	—
Hatteras Core Alternatives TEI Fund, L.P.	$	—
Hatteras Core Alternatives Institutional Fund, L.P.	$	—
Hatteras Core Alternatives TEI Institutional Fund, L.P.	$	126,500
November 1, 2015
Hatteras Core Alternatives Fund, L.P.	$	—
Hatteras Core Alternatives TEI Fund, L.P.	$	—
Hatteras Core Alternatives Institutional Fund, L.P.	$	—
Hatteras Core Alternatives TEI Institutional Fund, L.P.	$	220,000

The Investment Manager recommended to the Boards that a tender offer in an amount of up to approximately 5.00% of partners' capital of each of the Feeder Funds be made for the quarter ending December 31, 2015 to those Limited Partners who elect to tender their Units prior to the expiration of the tender offer period. The Boards approved such recommendation and Limited Partners in the Feeder Funds were notified of the tender offer's expiration date on September 17, 2015, and submitted the following tender requests from October 1, 2015 through the date the financial statements were issued:

Hatteras Core Alternatives Fund, L.P.	$	6,889,581
Hatteras Core Alternatives TEI Fund, L.P.	$	9,151,624
Hatteras Core Alternatives Institutional Fund, L.P.	$	7,432,795
Hatteras Core Alternatives TEI Institutional Fund, L.P.	$	19,883,659

*************

On November 9, 2015, it was announced that certain principals of the Investment Manager (the "Company") had entered into an agreement to purchase the Company from RCS Capital Corporation. When completed, the purchase will result in a change in control of the Investment Manager and, therefore, constitute an "assignment" within the meaning of the 1940 Act of i) the existing Advisory Agreement between the Investment Manager and the Master Fund, and ii) the existing MCCM Agreement among the Investment Manager, MCCM and the Master Fund. The purchase is expected to be consummated in the first quarter of 2016.

14

HATTERAS FUNDS

(each a Delaware Limited Partnership)

BOARD OF DIRECTORS

(Unaudited)

The identity of the Board members (each a "Director") and brief biographical information, as of September 30, 2015, is set forth below. The business address of each Director is care of Hatteras Funds, 6601 Six Forks Road, Suite 340, Raleigh, NC 27615. The term of office of each Director is from the time of such Director's election and qualification until his or her successor shall have been elected and shall have qualified, or until he or she is removed, resigns or is subject to various disabling events such as death or incapacity. A Director may resign upon 90 days' prior written notice to the Board and may be removed either by a vote of a majority of the Board not subject to the removal vote or of Limited Partners holding not less than two-thirds of the total number of votes eligible to be cast by all of the Limited Partners. The Feeder Funds' Statements of Additional Information include information about the Directors and may be obtained without charge by calling 1-888-363-2324.

Name & Date of Birth	Position(s) Held with the Feeder Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Director	Number of Portfolios in Fund Complex1 Overseen by Director
INTERESTED DIRECTORS
David B. Perkins2 July 18, 1962	President and Chairman of the Board of Directors	Since Inception	President and Trustee, each fund in the Fund Complex (2004 to Present); Chief Executive Officer of Hatteras Funds, LLC (2014 to Present); Founder of Hatteras Investment Partners LLC and its affiliated entities ("Hatteras Funds") in 2003.		18
Peter M. Budko2 February 4, 1960	Director	Since 2014	Partner, American Realty Capital, an investment advisory firm (2007 to Present); Chief Executive Officer, BDCA Adviser, an investment advisory firm (2010 to Present); Director, ARC Realty Finance Trust, Inc. (2013 to Present); Director, RCS Capital Corp (2013 to Present).		18
INDEPENDENT DIRECTORS
H. Alexander Holmes May 4, 1942	Director; Audit Committee Member	Since Inception	Founder, Holmes Advisory Services, LLC, a financial consultation firm (1993 to Present).		18
Steve E. Moss, CPA February 18, 1953	Director; Audit Committee Member	Since Inception	Principal, Holden, Moss, Knott, Clark & Copley, PA, accountants and business consultants (1996 to Present); Member Manager, HMKCT Properties, LLC (1996 to Present).		18
Gregory S. Sellers May 5, 1959	Director; Audit Committee Member	Since Inception	Chief Financial Officer, Imagemark Business Services, Inc., a provider of marketing and print communications solutions (2009 to Present); Chief Financial Officer and Director, Kings Plush, Inc., a fabric manufacturer (2003 to 2009).		18

¹  The "Fund Complex" consists of the Funds, Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

²  Deemed to be an "interested" Director of the Feeder Funds because of his affiliations with Hatteras Funds.

15

HATTERAS FUNDS

(each a Delaware Limited Partnership)

BOARD OF DIRECTORS (Concluded)

(Unaudited)

Name & Date of Birth	Position(s) Held with the Feeder Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Director	Number of Portfolios in Fund Complex1 Overseen by Director
Joseph E. Breslin November 18, 1953	Director; Audit Committee Member	Since 2013	Private Investor (2009 to Present); Chief Operating Officer, Central Park Credit Holdings, Inc. (2007 to 2009); Chief Operating Officer, Aladdin Capital Management LLC (2005 to 2007).		18
Thomas Mann February 1, 1950	Director; Audit Committee Member	Since 2013	Private Investor (2012 to Present); Managing Director and Group Head Financial Institutions Group, Société Générale, Sales of Capital Market Solutions and Products (2003 to 2012).		18
Joseph A. Velk May 15, 1960	Director; Audit Committee Member	Since 2014	Managing Member, Contender Capital, LLC, an investment firm (2000 to Present).		18

¹  The "Fund Complex" consists of the Funds, Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

16

HATTERAS FUNDS

(each a Delaware Limited Partnership)

FUND MANAGEMENT

(Unaudited)

Set forth below is the name, date of birth, position with each Feeder Fund, length of term of office, and the principal occupation for the last five years, as of September 30, 2015, of each of the persons currently serving as Executive Officers of the Feeder Funds. The business address of each officer is care of Hatteras Funds, 6601 Six Forks Road, Suite 340, Raleigh, NC 27615.

Name & Date of Birth	Position(s) Held with the Feeder Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Officer	Number of Portfolios in Fund Complex1 Overseen by Officer
OFFICERS
J. Michael Fields July 14, 1973	Secretary of each Fund in the Fund Complex	Since 2008	Mr. Fields is Chief Operating Officer of Hatteras Funds and has been employed by the Hatteras Funds since its inception in September 2003.		N/A
Andrew P. Chica September 7, 1975	Chief Compliance Officer of each Fund in the Fund Complex	Since 2008	Mr. Chica joined Hatteras Funds in November 2007 and became Chief Compliance Officer of Hatteras Funds and each of the Funds in the Fund Complex, in 2008.		N/A
Robert Lance Baker September 17, 1971	Treasurer of each Fund in the Fund Complex	Since 2008	Mr. Baker joined Hatteras Funds in March 2008 and is currently the Chief Financial Officer of Hatteras Funds.		N/A

¹  The "Fund Complex" consists of the Funds, Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

17

HATTERAS FUNDS

(each a Delaware Limited Partnership)

OTHER INFORMATION

(Unaudited)

PROXY VOTING

For free information regarding how the Master Fund voted proxies during the period ended June 30, 2015 or to obtain a free copy of the Master Fund's complete proxy voting policies and procedures, call 1-800-504-9070 or visit the SEC's website at http://www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The Feeder Funds file their complete schedule of portfolio holdings, which includes securities held by the Master Fund, with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Feeder Funds' Form N-Q is available, without charge and upon request, on the SEC's website at http://www.sec.gov or may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the Public Reference Room may be obtained by calling 1-800-SEC-0330.

18

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

Financial Statements

As of and for the six months ended September 30, 2015
(Unaudited)

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

As of and for the six months ended September 30, 2015
(Unaudited)

Table of Contents

Schedule of Investments	1-5
Statement of Assets, Liabilities and Partners' Capital	6
Statement of Operations	7
Statements of Changes in Partners' Capital	8
Statement of Cash Flows	9
Notes to Financial Statements	10-17
Board of Directors	18-19
Fund Management	20
Other Information	21

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

SCHEDULE OF INVESTMENTS

September 30, 2015 (Unaudited)

INVESTMENT OBJECTIVE AS A PERCENTAGE OF TOTAL PARTNERS' CAPITAL

Percentages are as follows:

Investments in Adviser Funds and Securities — (104.58%)	Shares		Cost		Fair Value
Absolute Return — (4.59%)
Citadel Wellington, LLC (Class A)a,b,c,d			$	11,813,150	$	29,178,103
D.E. Shaw Composite Fund, LLCa,b,e				531,743		970,903
Eton Park Fund, L.P.a,b,e				552,679		585,470
OZ Asia, Domestic Partners, L.P.a,b,e				663,075		548,322
Perry Partners, L.P.a,b,e				78,216		127,451
Pipe Equity Partnersa,b,e				8,140,841		2,180,565
Pipe Select Fund, LLCa,b,e				3,636,943		3,590,459
Stark Investments, L.P.a,b,e				172,456		124,319
Stark Select Asset Fund, LLCa,b,e				284,412		210,904
Total Absolute Return				25,873,515		37,516,496
Enhanced Fixed Income — (5.79%)
BDCM Partners I, L.P.a,b,e				11,359,861		12,784,520
Drawbridge Special Opportunities Fund, L.P.a,b,e				244,821		410,334
Fortress VRF Advisors I, LLCa,b,e				2,908,305		412,386
Harbinger Capital Partners Fund I, L.P.a,b,e				4,552,148		1,431,469
Harbinger Class L Holdings (U.S.), LLCa,b,e				23,563		17,889
Harbinger Class LS Holdings I (U.S.) Trust, Series 2a,b,e		2,458		6,226,158		518,162
Harbinger Class PE Holdings (U.S.) Trust, Series 1a,b,e		3		467,690		261,049
Harbinger Credit Distressed Blue Line Fund, L.P.a,b,c,e				12,326,927		6,326,521
Indaba Capital Partner, L.P.a,b				20,000,000		24,105,789
Marathon Special Opportunities Fund, L.P.a,b,e				741,560		673,827
Prospect Harbor Designated Investments, L.P.a,b,e				159,404		408,192
Strategic Value Restructuring Fund, L.P.a,b,e				2,699		6,319
Total Enhanced Fixed Income				59,013,136		47,356,457
Opportunistic Equity — (34.81%)
Brevan Howard Argentina Fund, L.P.a				10,000,000		8,426,325
Broadfin Healthcare Fund, L.P.a,b,c				10,969,412		31,562,891
Camcap Resources, L.P.a,b,e				491,057		80,419
Crosslink Crossover Fund IV, L.P.a,b,e				543,144		2,251,127
Crosslink Crossover Fund V, L.P.a,b,e				550,569		2,405,287
Crosslink Crossover Fund VI, L.P.a,b,e				7,302,170		10,198,120
EMG Investments, LLCb,e				887,561		5,386,197
Falcon Edge Global, L.P.b,c				21,931,427		23,829,652

See notes to financial statements.

1

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2015 (Unaudited)

Opportunistic Equity — (34.81%) (concluded)	Cost		Fair Value
Gavea Investment Fund II, L.P.a,b,e	$	24,774	$	146,243
Gavea Investment Fund III, L.P.a,b,e		1,121,694		5,574,414
Glade Brook Global Domestic Fund, L.P.a,b,c		9,633,593		13,053,493
Hound Partners, L.P.a,b,c		17,075,298		26,890,274
Light Street Argon, L.P.a,b,e		15,000,000		14,537,289
New Horizon Opportunities Fund, LLCa,f		5,000,000		4,512,711
Passport Long Short Fund, L.P.a,b		20,000,000		21,865,788
Samlyn Onshore Fund, L.P.a,b,c,e		202,375		153,617
Sansar Capital Holdings, Ltd.a,b,e		116,412		111,900
SR Global Fund, L.P. (Japan), Class Ha,b		24,000,000		25,622,070
Teng Yue Partners Fund, L.P.a,b		16,759,482		31,511,801
The Raptor Private Holdings, L.P.a,b,e		183,652		145,949
Tybourne Equity (US) Fund, Class Ab,c,d		15,205,967		21,343,859
Valiant Capital Partners, L.P.a,b,c		3,472,509		5,768,545
Viking Global Equities, L.P.a,b,c		14,587,059		28,515,963
WCP Real Estate Strategies Fund, L.P.a,b,e		940,952		673,987
Total Opportunistic Equity		195,999,107		284,567,921
Private Investments — (55.87%)
Investments in Adviser Funds
ABRY Advanced Securities Fund, L.P.b		239,991		110,351
ABRY Advanced Securities Fund III, L.P.a,b		705,987		708,279
ABRY Partners VI, L.P.b		2,194,815		2,713,840
ABRY Partners VII, L.P.b		3,572,519		4,816,414
ABRY Partners VIII, L.P.a,b		842,951		763,503
Accel-KKR Capital Partners III, L.P.b		5,697,693		4,994,242
Accel-KKR Capital Partners IV, L.P.a,b		1,293,240		1,198,484
ACM Opportunities Fund, L.P.a,b		3,000,000		2,953,731
Arclight Energy Partners Fund III, L.P.b		769,515		387,795
Arclight Energy Partners Fund IV, L.P.b		1,328,018		1,200,976
Arclight Energy Partners Fund V, L.P.b		3,501,134		3,333,857
Ascendent Capital Partners I, L.P.b		1,911,702		2,488,112
BDCM Opportunity Fund II, L.P.b		3,933,386		6,698,879
Benson Elliot Real Estate Partners II, L.P.a,b		4,557,648		1,354,295
Cadent Energy Partners II, L.P.b		5,011,253		6,556,452
Canaan Natural Gas Fund X, L.P.a,b		4,969,663		3,152,602
CDH Fund IV, L.P.b		4,853,542		9,157,921
CDH Venture Partners II, L.P.b		4,036,801		5,898,963
China Special Opportunities Fund III, L.P.b		6,865,304		7,956,583
Claremont Creek Ventures, L.P.a,b		1,810,416		2,306,277
Claremont Creek Ventures II, L.P.a,b		2,726,337		4,467,615
Colony Investors VII, L.P.a,b		2,710,480		493,500
Colony Investors VIII, L.P.b		7,443,896		2,149,400
CX Partners Fund Limitedb		7,185,969		9,052,219
Dace Ventures I, L.P.a,b		2,278,423		1,431,929
Darwin Private Equity I, L.P.b		5,471,945		2,790,089
ECP HIS (Mauritius) Limiteda,b,f		7,133,981		7,724,543
EMG AE Permian Co-Investment, L.P.a,b		3,000,000		2,993,873
EnerVest Energy Institutional Fund X-A, L.P.b		2,177,100		1,093,262
EnerVest Energy Institutional Fund XI-A, L.P.b		6,173,794		6,592,154
ENR Partners L.P.a,b		12,181		—
Fairhaven Capital Partners, L.P.a,b		4,803,432		3,901,022
Falcon Sovereign, L.P.a,b		4,000,000		3,897,738
Florida Real Estate Value Fund, L.P.b		1,007,032		2,699,520
Forum European Realty Income III, L.P.b		4,635,930		4,035,250

See notes to financial statements.

2

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2015 (Unaudited)

Private Investments — (55.87%) (continued)	Cost		Fair Value
Garrison Opportunity Fund, LLCa,b	$	84,700	$	5,229,355
Garrison Opportunity Fund II A, LLCa,b		1,669,715		4,113,162
Glade Brook Private Investors II, LLCa,b		4,132,778		4,517,706
Glade Brook Private Investors III, LLCa,b		3,000,000		5,346,090
Glade Brook Private Opportunities Fund, LLCa		3,110,590		3,286,471
Great Point Partners I, L.P.b		2,287,089		3,867,488
Greenfield Acquisition Partners V, L.P.b		2,859,980		1,093,608
GTIS Brazil Real Estate Fund, L.P.b		6,734,369		6,703,230
Halifax Capital Partners II, L.P.b		1,905,304		1,986,960
Halifax Capital Partners III, L.P.a,b		1,908,687		2,207,908
Hancock Park Capital III, L.P.a,b		904,413		2,370,419
Healthcor Partners Fund, L.P.b,c		3,659,133		4,943,026
Hillcrest Fund, L.P.b		4,759,764		4,350,035
Intervale Capital Fund, L.P.b		1,847,792		2,313,234
IP Fashion Holdings PTE, LTDa,g		1,545,000		1,545,000
J.C. Flowers III, L.P.b		4,008,947		5,776,272
LC Fund V, L.P.b		3,228,863		5,145,720
Light Street SPVH, L.P.a,b		2,000,000		2,000,000
Lighthouse Capital Partners VI, L.P.a,b		824,007		885,933
Merit Energy Partners F-II, L.P.b		1,156,832		849,104
Mid Europa Fund III, L.P.b		4,943,440		3,538,480
Midstream & Resources Follow-On Fund, L.P.b		2,021,419		7,352,858
Monomoy Capital Partners II, L.P.b		2,457,037		1,718,801
Natural Gas Partners VIII, L.P.b		1,442,207		2,799,503
Natural Gas Partners IX, L.P.b		3,254,854		3,968,520
Natural Gas Partners X, L.P.b		2,401,871		2,375,397
Natural Gas Partners XI, L.P.b		170,654		168,962
New Horizon Capital III, L.P.b		5,006,922		8,968,934
NGP Energy Technology Partners, L.P.a,b		756,822		296,533
NGP Energy Technology Partners II, L.P.b		4,455,273		3,883,862
NGP Midstream & Resources, L.P.b		4,159,681		7,331,763
Northstar Equity Partners III Limitedb,d		3,246,807		2,922,705
OCM European Principal Opportunities Fund, L.P.a,b		1,894,091		354,697
OCM Mezzanine Fund II, L.P.b		442,661		910,320
OIJ 1 Funda,b,h		719,752		359,669
ORBIS Real Estate Fund I, L.P.b		3,052,654		1,631,952
Orchid Asia IV, L.P.b		2,882,758		2,791,581
Parmenter Realty Fund IV, L.P.b		2,544,928		3,293,118
Patron Capital III, L.P.a,b		4,655,002		3,251,583
Pearlmark Mezzanine Realty Partners III, LLCb		3,814,617		3,187,225
Pennybacker II, L.P.b		1,833,437		2,207,664
Phoenix Real Estate Fund PTE Limiteda,b,d		3,949,300		4,095,517
Phoenix Real Estate Fund (T), L.P.a,b		972,599		630,354
Pine Brook Capital Partners, L.P.b		7,811,246		7,068,436
Private Equity Investment Fund V, L.P.b		13,203,429		14,254,612
Private Equity Investors Fund IV, L.P.b		2,427,262		2,457,276
Quantum Energy Partners IV, L.P.b		4,900,574		3,915,385
Quantum Energy Partners V, L.P.b		8,187,356		8,217,127
Rockwood Capital Real Estate Partners Fund VII, L.P.b		4,560,441		2,416,506
Roundtable Healthcare Management III, L.P.a,b		5,019,085		6,265,452
Roundtable Healthcare Partners II, L.P.b		479,485		766,495
Saints Capital VI, L.P.b		7,190,582		4,429,925
Sanderling Venture Partners VI Co-Investment Fund, L.P.a,b		605,610		697,870
Sanderling Venture Partners VI, L.P.a,b		853,294		1,192,428
SBC Latin America Housing US Fund, L.P.a,b		3,442,346		4,345,795

See notes to financial statements.

3

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2015 (Unaudited)

Private Investments — (55.87%) (concluded)	Shares/ Contracts		Cost		Fair Value
Sentient Global Resources Fund III, L.P.a,b			$	12,507,019	$	12,461,228
Sentient Global Resources Fund IV, L.P.a,b				4,558,259		3,808,085
Silver Knight Investment LTDa,d				652,819		652,819
Singerman Real Estate Opportunity Fund I, L.P.b				2,421,097		3,167,664
Sovereign Capital III, L.P.a,b				5,040,124		7,640,596
Square Mile Partners III, L.P.b				2,936,952		2,706,911
Sterling Capital Partners II, L.P.a,b				1,561,280		905,870
Sterling Group Partners III, L.P.b				4,614,282		6,196,663
Strategic Value Global Opportunities Fund I-A, L.P.b				2,319,754		609,527
Talara Opportunities III, L.P.a,b				931,578		853,425
TDR Capital AS 2013, L.P.a,b				6,184,080		7,914,854
Tenaya Capital V, L.P.a,b				3,156,624		2,985,601
The Column Group, L.P.b				4,033,925		5,618,770
The Energy and Minerals Group Fund II, L.P.b				4,016,185		7,152,520
The Energy and Minerals Group Fund III, L.P.b				2,235,161		2,360,090
The Founders Fund III, L.P.a,b				4,713,540		16,592,103
The Founders Fund IV, L.P.a,b				2,865,726		9,236,135
Tiger Global Investments Partners VI, L.P.a,b				4,865,045		9,452,368
Tiger Global Investments Partners VII, L.P.b				2,073,279		3,935,634
TPF II, L.P.b				3,859,527		2,479,643
Trivest Fund IV, L.P.b				3,882,664		3,913,790
Trivest Fund V, L.P.a,b				1,227,966		1,380,679
True Ventures III, L.P.b				2,100,000		2,635,777
Urban Oil and Gas Partners A-1, L.P.b				6,594,199		3,400,000
Urban Oil and Gas Partners B-1, L.P.b				2,236,062		1,859,051
VCFA Private Equity Partners IV, L.P.b				1,079,338		466,149
VCFA Venture Partners V, L.P.b				3,189,680		3,450,088
Voyager Capital Fund III, L.P.b				2,290,382		3,432,446
WCP Real Estate Fund I, L.P.a,b				1,629,933		1,174,432
Westview Capital Partners II, L.P.b				5,248,219		8,565,850
Zero2IPO China Fund II, L.P.a,b				3,909,105		4,557,191
Total Investments in Adviser Funds				402,177,341		456,237,655
Investments in Private Companies
Illumitex, Inc., Common Stocka,b		1,331,167		1,000,000		—
Illumitex, Inc., Series A-1 Preferred Stocka,b		2,404,160		499,369		495,008
Illumitex, Inc., Series X Preferred Stocka,b		2,404,160		—		—
Total Investments in Private Companies				1,499,369		495,008
Investment in Private Company Call Options
Illumitex, Inc., Exercise Price $0.03, 10/24/2022a,b		553,352		—		—
Total Investment in Private Company Call Options				—		—
Total Private Investments				403,676,710		456,732,663
Tactical Trading — (3.52%)
Investments in Adviser Funds
Black River Commodity MS Fund, L.P.a,b,e				268,020		101,357
Drawbridge Global Macro Fund, L.P.a,b,e				7,919		6,474
Hayman Capital Partners, L.P.a,b				18,000,000		16,626,547
Ospraie Special Opportunities Fund, L.P.a,b,e				219,750		554,646
Touradji Private Equity Onshore Fund, Ltd.a,b,d,e				2,434,902		1,038,631
Total Investments in Adviser Funds				20,930,591		18,327,655

See notes to financial statements.

4

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

SCHEDULE OF INVESTMENTS (Concluded)

September 30, 2015 (Unaudited)

Tactical Trading — (3.52%) (concluded)	Shares		Cost		Fair Value
Investments in Exchange Traded Funds
WisdomTree Japan Hedged Equity Fund		214,000	$	9,662,828	$	10,413,240
Total Investments in Exchange Traded Funds				9,662,828		10,413,240
Total Tactical Trading				30,593,419		28,740,895
Total Investments in Adviser Funds and Securities (cost $715,155,887)						854,914,432
Short-Term Investments — (1.63%)
Federated Prime Obligations Fund #10, 0.10%i		13,325,602		13,325,602		13,325,602
Total Short-Term Investments (cost $13,325,602)						13,325,602
Total Investments (cost $728,481,489) (106.21%)						868,240,034
Liabilities in excess of other assets (-6.21%)						(50,771,499	)
Partners' capital — (100.00%)					$	817,468,535

^a  Non-income producing.

^b  Adviser Funds and securities that are issued in private placement transactions are restricted as to resale.

^c  Securities held in custody by US Bank N.A., as collateral for a credit facility. The total cost and fair value of these securities as of September 30, 2015 was $120,876,850 and $191,565,944, respectively.

^d  Domiciled in Cayman islands

^e  The Adviser Fund has imposed gates on or has restricted redemptions from Adviser Funds. The total cost and fair value of these securities as of September 30, 2015 was $83,368,452 and $74,954,718, respectively.

^f  Domiciled in Mauritius

^g  Domiciled in Republic of Singapore

^h  Domiciled in Japan

ⁱ  The rate shown is the annualized 7-day yield as of September 30, 2015.

See notes to financial statements.

5

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

STATEMENT OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL

September 30, 2015 (Unaudited)

Assets
Investments in Adviser Funds and securities, at fair value (cost $715,155,887)	$	854,914,432
Investments in short-term investments, at fair value (cost $13,325,602)		13,325,602
Cash		70,324
Receivable from redemption of Adviser Funds and securities		1,037,358
Investments in Adviser Funds and securities paid in advance		547,812
Dividends and interest receivable		936
Total assets	$	869,896,464
Liabilities and partners' capital
Withdrawals payable	$	51,094,665
Management fee payable		724,410
Professional fees payable		227,649
Contributions received in advance		156,841
Accounting and administration fees payable		118,639
Line of credit fees payable		37,500
Risk management fees payable		35,947
Custodian fees payable		25,286
Printing fees payable		6,914
Line of credit interest expense payable		78
Total liabilities		52,427,929
Partners' capital		817,468,535
Total liabilities and partners' capital	$	869,896,464
Commitments and Contingencies (See Note 10)
Components of partners' capital
Capital contributions (net)	$	535,130,196
Accumulated net investment gain		48,820,672
Accumulated net realized gain		93,759,122
Accumulated net unrealized appreciation on investments		139,758,545
Partners' capital	$	817,468,535

See notes to financial statements.
6

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

STATEMENT OF OPERATIONS

For the period ended September 30, 2015 (Unaudited)

Investment income
Dividends	$	3,206,020
Interest		5,515
Total investment income		3,211,535
Operating expenses
Management fee		4,507,327
Line of credit fees		428,229
Accounting and administration fees		353,245
Professional fees		241,256
Risk management expense		215,000
Interest expense		85,142
Custodian fees		45,950
Compliance consulting fees		15,000
Printing expense		10,000
Other expenses		83,143
Total operating expenses		5,984,292
Net investment loss		(2,772,757	)
Net realized gain and change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange transactions
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		36,367,465
Net change in unrealized depreciation on investments in Adviser Funds, securities and foreign exchange translations		(21,880,005	)
Net realized gain and change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange transactions/translations		14,487,460
Net increase in partners' capital resulting from operations	$	11,714,703

See notes to financial statements.
7

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

For the year ended March 31, 2015 and the period ended September 30, 2015 (Unaudited)

	General Partner's Capital			Limited Partners' Capital			Total Partners' Capital
Partners' Capital, at March 31, 2014	$	—		$	1,047,265,017		$	1,047,265,017
Capital contributions		—			1,389,198			1,389,198
Capital withdrawals		(4,611,544	)		(212,271,457	)		(216,883,001	)
Net investment income		—			30,386,928			30,386,928
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		—			50,630,951			50,630,951
Net change in unrealized appreciation on investments in Adviser Funds, securities and foreign exchange translations		—			(8,325,397	)		(8,325,397	)
Performance allocation		4,611,544			(4,611,544	)		—
Partners' Capital, at March 31, 2015*	$	—		$	904,463,696		$	904,463,696
Capital contributions		—			524,849			524,849
Capital withdrawals		(615,982	)		(98,618,731	)		(99,234,713	)
Net investment loss		—			(2,772,757	)		(2,772,757	)
Net realized gain on investments in Adviser Funds, securities and foreign exchange transactions		—			36,367,465			36,367,465
Net change in unrealized depreciation on investments in Adviser Funds, securities and foreign exchange translations		—			(21,880,005	)		(21,880,005	)
Performance allocation		615,982			(615,982	)		—
Partners' Capital, at September 30, 2015**	$	—		$	817,468,535		$	817,468,535

*  Including accumulated net investment income of $51,593,429.

**  Including accumulated net investment income of $48,820,672.

See notes to financial statements.
8

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

STATEMENT OF CASH FLOWS

For the year ended September 30, 2015 (Unaudited)

Cash flows from operating activities:
Net increase in partners' capital resulting from operations	$	11,714,703
Adjustments to reconcile net increase in partners' capital resulting from operations to net cash provided by operating activities:
Purchase of Adviser Funds and securities		(37,740,067	)
Proceeds from redemptions, sales, or other dispositions of Adviser Funds and securities		133,196,760
Net realized gain from investments in Adviser Funds, securities and foreign exchange transactions		(36,367,465	)
Net change in unrealized depreciation on investments in Adviser Funds, securities and foreign exchange translations		21,880,005
Net sales of short-term investments		4,002,338
Increase in dividends and interest receivable		(556	)
Decrease in management fee payable		(70,625	)
Increase in professional fees payable		47,649
Decrease in risk management fees payable		(14,053	)
Increase in accounting and administration fees payable		56,375
Increase in line of credit interest expense payable		78
Decrease in printing fees payable		(18,086	)
Increase in custodian fees payable		17,786
Net cash provided by operating activities		96,704,842
Cash flows from financing activities:
Capital contributions		156,842
Capital withdrawals		(96,918,666	)
Net cash used in financing activities		(96,761,824	)
Net change in cash		(56,982	)
Cash at beginning of year		127,306
Cash at end of year	$	70,324
Supplement Disclosure of Interest Expense Paid	$	85,064
Supplement Disclosure of Line of Credit Fees Paid	$	428,229

See notes to financial statements.
9

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS

As of and for the six months ended September 30, 2015 (Unaudited)

1.  ORGANIZATION

Hatteras Master Fund, L.P. (the "Master Fund") was organized as a limited partnership under the laws of the State of Delaware on October 29, 2004 and commenced operations on January 1, 2005. The Master Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. The Master Fund is managed by Hatteras Funds, LLC (the "Investment Manager"), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Morgan Creek Capital Management, LLC ("MCCM" or the "Sub-Adviser"), a North Carolina limited liability company registered as an investment adviser under the Advisers Act, serves as sub-adviser to the Master Fund. The primary objective of the Master Fund is to provide capital appreciation consistent with the return characteristic of the alternative investment portfolios of larger endowments. The Master Fund's secondary objective is to provide capital appreciation with less volatility than that of the equity markets. To achieve its objectives, the Master Fund provides its limited partners (each, a "Limited Partner" and together, the "Limited Partners") with access to a broad range of investment strategies, asset categories, and trading advisers ("Advisers") and by providing overall asset allocation services typically available on a collective basis to larger institutions. The Master Fund invests with each Adviser either by becoming a participant in an investment vehicle operated by such Adviser (each an "Adviser Fund", collectively, the "Adviser Funds") which includes exchange traded funds ("ETFs"), hedge funds, and investment funds.

The Partnership is considered an investment company under the accounting principles generally accepted in the United States of America and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services — Investment Companies ("ASC 946").

The Master Fund has an appointed Board of Directors (the "Board"), which has the rights and powers to monitor and oversee the business affairs of the Master Fund, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct and operation of the Master Fund's business.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting and reporting policies used in preparing the financial statements.

a.  Basis of Accounting

The Master Fund's accounting and reporting policies conform with accounting principles generally accepted within the United States of America ("GAAP").

b.  Cash

Cash includes short-term interest bearing deposit accounts. At times, such deposits may be in excess of federally insured limits. The Master Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts.

c.  Valuation of Investments

The Master Fund's valuation procedures have been approved by the Master Fund's Board. The valuation procedures are implemented by the Master Fund's Investment Manager and Sub-Adviser and the third party administrator, which report to the Board. For third-party information, the Master Fund's administrator monitors and reviews the methodologies of the various pricing services employed by the Master Fund.

Investments held by the Master Fund include:

•  Investments in Adviser Funds — The Master Fund will value interests in the Adviser Funds at fair value, using the net asset value ("NAV") as a practical expedient, as provided by the investment managers of such Adviser Funds. These Adviser Funds value their underlying investments in accordance with policies established by such Adviser Funds, which ordinarily will be the value determined by their respective investment managers, in accordance with the Master Fund's valuation procedures. Investments in Adviser Funds are subject to the terms of the Adviser Funds' offering documents. Valuations of the Adviser Funds may be subject to estimates and are net of management and performance incentive fees or allocations payable to the Adviser Funds' investment managers as required by the Adviser Funds' offering documents. If the Investment Manager and Sub-Adviser determine that the most recent value reported by any Adviser Fund does not represent fair value or if any Adviser Fund fails to report a value to the Master Fund, a fair value determination is made under the Master Fund's valuation procedures under the general supervision of the Board. While these valuations are intended to estimate the value the Master Fund might reasonably expect to receive upon the current sale of the Adviser Funds in the ordinary course of business, such values may differ from the value that the Master Fund would actually realize if the Adviser Funds were sold.

  The interests of some Adviser Funds, primarily investments in private equity funds, may be valued based on the best information available at the time the Master Fund's net asset value is calculated. The Investment Manager and Sub-Adviser have established procedures for reviewing the effect on the Master Fund's net asset value due to the timing of the reported value of interests received for certain Adviser Funds. The Master Fund is not able to obtain complete investment holding details of each of the Adviser Funds held within the Master Fund's portfolio in order to determine whether the Master Fund's proportional share of any investments held by the Adviser Funds exceed 5% of the partners' capital of the Master Fund as of September 30, 2015.

10

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

c.  Valuation of Investments (continued)

•  Investments in Exchange Traded Funds and Mutual Funds — Securities traded on one or more of the U.S. national securities exchanges or the OTC Bulletin Board will be valued at their last sales price. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price, at the close of trading on the exchanges or markets where such securities are traded for the business day as of which such value is being determined.

•  Investments in Private Companies — Investments for which observable market prices in active markets do not exist are reported at fair value, as determined in good faith by the Investment Manager. Fair value is based on the best information available and is determined by reference to information including, but not limited to, the following: projected sales, net earnings, earnings before interest, taxes, depreciation and amortization ("EBITDA"), balance sheets, public or private transactions, valuations for publicly traded comparable companies, recent round of financing in the company's stock, and/or other measures, and consideration of any other pertinent information including the types of securities held and restrictions on disposition. The amount determined to be fair value may incorporate the Investment Manager's own assumptions (including appropriate risk adjustments for nonperformance and lack of marketability). The methods used to estimate the fair value of private companies include: (1) the market approach (whereby fair value is derived by reference to observable valuation measures for comparable companies or assets — e.g., multiplying a key performance metric of the investee company or asset, such as projected revenue or EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions — adjusted by the Investment Manager for differences between the investment and the referenced comparables and in some instances by reference to option pricing models or other similar methods), (2) the income approach (e.g., the discounted cash flow method), and (3) cost for a period of time after an acquisition (where such amount is determined by the Investment Manager to be the best indicator of fair value). These valuation methodologies involve a significant degree of judgment. While these valuations are intended to estimate the value the Master Fund might reasonably expect to receive upon the current sale of investments in private companies in the ordinary course of business, such values may differ from the value that the Master Fund would actually realize if the investments in private companies were sold.

•  Investments in Options — Options contracts give the Master Fund the right, but not the obligation, to buy or sell the underlying instrument for a specified price upon exercise at any time during the option period. For the six months ended September 30, 2015, the Master Fund held options that were granted from one of the Master Fund's private companies. Options are valued by the Investment Manager and Sub-Adviser using an option pricing model. At September 30, 2015, the fair value of options held by the Master Fund was $0 as set forth in the Schedule of Investments. For the six months ended September 30, 2015, the effect of options on the Master Fund's Statement of Operations was a change in unrealized appreciation/depreciation in the amount of $0. During the six months ended September 30, no other derivatives were held by the Master Fund.

The Master Fund classifies its assets and liabilities that are reported at fair value, not valued using 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.

In April 2015, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), modifying Accounting Standards Codification ("ASC") 820 Fair Value Measurement. The Master Fund has elected to early adopt and retrospectively apply ASU 2015-07. The impact of the early adoption of ASU 2015-07 has been reflected in the notes to the financial statements. Prior to this, investments valued using the practical expedient were categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset

11

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

c.  Valuation of Investments (continued)

value at a future date. As a result of adopting ASU 2015-07, investments in Adviser Funds with a fair value of $844,006,184 are excluded from the fair value hierarchy as of September 30, 2015.

	Level 1		Level 2		Level 3		Investments Valued at NAV		Total
Absolute Return	$	—	$	—	$	—	$	37,516,496	$	37,516,496
Enhanced Fixed Income		—		—		—		47,356,457		47,356,457
Opportunistic Equity		—		—		—		284,567,921		284,567,921
Private Investments		—		—		495,008		456,237,655		456,732,663
Tactical Trading		10,413,240		—		—		18,327,655		28,740,895
Short-Term Investment		13,325,602		—		—		—		13,325,602
Total	$	23,738,842	$	—	$	495,008	$	844,006,184	$	868,240,034

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

Level 3 Investments	Balance as of March 31, 2015		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Gross Purchases		Proceeds from Redemptions\ Gross Sales		Balance as of September 30, 2015
Private Investments	$	495,008	$	—	$	—	$	—	$	—	$	495,008
Total Level 3 Investments	$	495,008	$	—	$	—	$	—	$	—	$	495,008

For the six months ended September 30, 2015, 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 net realized gain (loss) and change in unrealized appreciation/(depreciation) in the table above are reflected in the accompanying Statement of Operations. The was no change in unrealized appreciation/(depreciation) from Level 3 investments held at September 30, 2015.

Adjustments to the NAV provided by the investment manager or administrator of the Adviser Funds would be considered if the practical expedient NAV was not as of the Master Fund's measurement date; it was probable that the Adviser Fund would be sold at a value materially different than the reported expedient NAV; or it was determined in accordance with the Master Fund's valuation procedures that the Adviser Fund is not being reported at fair value. No adjustments were made to the NAV provided by the investment manager or administrator of the Adviser Funds.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of September 30, 2015:

Type of Level 3 Investment	Fair Value as of September 30, 2015		Valuation Techniques	Unobservable Input
Preferred Stock
Private Investments	$	495,008	Current value method	Recent round of financing
Total Level 3 Investments	$	495,008

The significant unobservable inputs used in the fair value measurement of the Master Fund's Private Investment shares are based on the portfolio company's most recent round of financing. If the financial condition of these companies was to deteriorate, or if market comparables were to fall, the value of the stock in these private companies held by the Master Fund would be lower.

12

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

c.  Valuation of Investments (continued)

Investment Category

Investment Strategy

Fair Value (in 000's)

Unfunded Commitments (in 000's)

Remaining Life*

Redemption Frequency*

Notice Period (in Days)*

Redemption Restrictions Terms*

Opportunistic Equity(a)

Investments in global equity markets and strategies involving specific market sectors, such as financial, technology, public real estate and public energy.

$

284,568

N/A

Indefinite life

Weekly-Annually

300-95

0-3 years

Enhanced Fixed Income(b)

Investments in non-traditional fixed income securities, including distressed debt strategies.

$

47,356

N/A

Indefinite life

Quarterly-Annually

30-90

0-3 years

Absolute Return(c)

Investments in a variety of securities with the intent of profiting from relative changes in the price of a set of securities, currencies or commodities.

$

37,516

N/A

Indefinite life

Quarterly-Annually

45-90

0-2 years;

Tactical Trading(d)

Investments in commodities, currencies, global bonds and international stock indices, with low correlation to the equity markets.

$

28,741

N/A

Indefinite life

Quarterly

0-45

0-3 years

Private Investments(e)

Investments in Private Equity, Private Real Estate, Private Energy and Natural Resources, generally through private partnerships or direct investments.

$

456,733

$

89,166

Up to 10 years with extensions available after the stated termination date

N/A

N/A

N/A

*  The information summarized in the table above represents the general terms for the specified asset class. Individual Adviser Funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most Adviser Funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

  The Master Fund's investments reflect their estimated fair value, which for marketable securities would generally be the last sales price on the primary exchange for such security and for Adviser Funds, would generally be the net asset value as provided by the Adviser Fund or its administrator. For each of the categories below, the fair value of the Adviser Funds has been estimated using the net asset value of the Adviser Funds.

^a  This category includes Adviser Funds that predominantly invest in all global markets, including the U.S. domestic markets, and predominantly invest in equity securities. While the Opportunistic Equity investment strategy consists of Adviser Funds that trade predominantly in equity securities, certain of the Advisers chosen may additionally invest all or a portion of the Advisers Fund in debt or other instruments.

^b  This category includes Adviser Funds that invest primarily in high yield debt, distressed securities, structured credit, and opportunistic credit (including, among other things, in emerging markets).

^c  This category is defined as having a relatively low or negative correlation to the equity markets. In addition, certain strategies within the Absolute Return investment strategy may have less volatility through the use of arbitrage based strategies and hedging tools (e.g., "market" puts and calls, etc.). The Absolute Return investment strategy includes Adviser Funds that invest using Event Driven Arbitrage, Convertible Arbitrage, Merger Arbitrage, Fixed Income Arbitrage, Volatility Arbitrage and Statistical Arbitrage.

^d  This category includes Adviser Funds who engage in directional trading strategies. Some of the Tactical Trading strategies incorporate equity assets as well as currencies, commodities and debt instruments. Commodity Trading Advisors (CTAs) are included in the Tactical Trading investment strategy. Historically, the Tactical Trading investment strategy has a relatively low correlation to the equity markets. Global Macro/Managed Futures strategies are generally categorized as either discretionary or systematic in nature and may assume aggressive investment postures with respect to position concentrations, use of leverage, portfolio turnover, and the various investment instruments used.

^e  This category invests in three sub-strategies (Private Equity, Private Real Estate and Private Energy and Natural Resources). Private Equity investing seeks to generate capital appreciation through investments in private companies in need of capital. Private Equity seeks to profit from, among other things,

13

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED)

c.  Valuation of Investments (concluded)

the inefficiencies inherent in these markets though valuation and due diligence analysis of available business opportunities. Private Real Estate strategy consists generally of investing in Adviser Funds that are private partnerships that make direct investments in (i) existing or newly constructed income-producing properties, including office, industrial, retail, and multi-family residential properties, (ii) raw land, which may be held for development or for the purpose of appreciation, and/or (iii) timber (whether directly or through a REIT or other Adviser Fund). The Private Energy and Natural Resources strategy consists generally of investing in Adviser Funds that are private partnerships that make direct investments in private or (sometimes) publicly traded energy companies.

d.  Investment Income

Interest income is recorded when earned. Dividend income is recorded on the ex-dividend date, except that certain dividends from private equity investments are recorded as soon as the information is available to the Master Fund. Investments in short-term investments, mutual funds, private companies and exchange traded funds are recorded on a trade date basis. Investments in Adviser Funds are recorded on a subscription effective date basis, which is generally the first day of the calendar month in which the investment is effective. Realized gains and losses on Adviser Fund and security redemptions are determined on identified cost basis. Return of capital or security distributions received from Adviser Funds and securities are accounted for as a reduction to cost.

e.  Foreign Currency

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

f.  Master Fund Expenses

The Master Fund will bear all expenses incurred, on an accrual basis, in the business of the Master Fund, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund's account; legal fees; accounting, auditing, and tax preparation fees; custodial fees; fees for data and software providers; costs of insurance; registration expenses; directors' fees; interest expenses and commitment fees on credit facilities; and expenses of meetings of the Board. Risk management expense includes expenses incurred by the Master Fund for third party valuation services, independent due diligence reviews of Adviser Funds, and other analytical and risk mitigation services provided to the portfolio.

g.  Income Taxes

The Master Fund is treated as a partnership for federal income tax purposes and therefore is not subject to U.S. federal income tax. For income tax purposes, the individual partners will be taxed upon their distributive share of each item of the Master Fund's profit and loss.

The Master Fund files tax returns as prescribed by the tax laws of the jurisdiction in which it operates. In the normal course of business, the Master Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. For the years ended December 31, 2011 through December 31, 2014 the Master Fund is open to examination by major tax jurisdictions under the statute of limitations.

The Master Fund has reviewed any potential tax positions as of September 30, 2015 and has determined that it does not have a liability for any unrecognized tax benefits or expense. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Master Fund did not incur any material interest or penalties. Due to the timing of tax information received from the Adviser Funds, tax basis reporting is not available as of the balance sheet date.

h.  Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Master Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in Partners' Capital from operations during the reporting period. Actual results could differ from those estimates.

14

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

3.  ALLOCATION OF PARTNERS' CAPITAL

Net profits or net losses of the Master Fund for each Allocation Period (as defined above) will be allocated among and credited to or debited against the capital accounts of the Limited Partners. Allocation Periods begin on the day after the last day of the preceding Allocation Period and end at the close of business on (1) the last day of each month; (2) the last day of each taxable year; (3) the day preceding each day on which interests are purchased; (4) the day on which interests are repurchased; (5) the day preceding the day on which a substituted Limited Partner is admitted to the Master Fund; or (6) the day on which any amount is credited to or debited from the capital account of any Limited Partner other than an amount to be credited to or debited from the capital accounts of all Limited Partners in accordance with their respective investment percentages.

4.  REPURCHASE OF LIMITED PARTNERS' INTERESTS

The Board may, from time to time and in its sole discretion, cause the Master Fund to repurchase interests from Limited Partners pursuant to written tenders by Limited Partners at such times and on such terms and conditions as established by the Board. In determining whether the Master Fund should offer to repurchase interests, the Board will consider, among other things, the recommendation of the Investment Manager and Sub-Adviser. The Investment Manager and Sub-Adviser generally recommend to the Board that the Master Fund offer to repurchase interests from Limited Partners on a quarterly basis as of the valuation date at the end of each calendar quarter. The Master Fund will not offer repurchases of interests of more than 20% of its net asset value in any quarter. The Master Fund does not intend to distribute to the Limited Partners any of the Master Fund's income, but generally expects to reinvest substantially all income and gains allocable to the Limited Partners.

5.  MANAGEMENT FEES, PERFORMANCE ALLOCATION, AND RELATED PARTY TRANSACTIONS

Effective June 30, 2014, upon the approval of the Limited Partners, MCCM became the Sub-Adviser to the Master Fund. The Adviser and Sub-Adviser are responsible for providing day-to-day investment management services to the Master Fund, subject to the ultimate supervision of and any policies established by the Board, pursuant to the terms of the sub-advisory agreement among the Master Fund, the Investment Manager and MCCM (the "MCCM Agreement") and the investment management agreement between the Master Fund and the Investment Manager (the "Advisory Agreement"). Under the MCCM Agreement and the Advisory Agreement (together, the "Investment Management Agreements"), the Investment Manager and Sub-Adviser are responsible for developing, implementing and supervising the Master Fund's investment program. In consideration for the advisory and other services provided by the Investment Manager, the Master Fund pays the Investment Manager a management fee (the "Management Fee") equal to 1.00% on an annualized basis of the aggregate value of its partners' capital determined as of the last day of the month (before giving effect to any repurchase of interests in the Master Fund).

The Master Fund does not pay MCCM a sub-advisory fee directly. Under the MCCM Agreement, MCCM is entitled to receive a percentage of the Management Fee received by the Investment Manager.

The Investment Manager is allocated a performance allocation payable annually equal to 10% of the amount by which net new profits of the limited partner interests of the Master Fund exceed the non-cumulative "hurdle amount," which is calculated as of the last day of the preceding calendar year of the Master Fund at a rate equal to the yield-to-maturity of the 90-day U.S. Treasury Bill as reported by the Wall Street Journal for the last business day of the last calendar year (the "Performance Allocation"). The Performance Allocation is made on a "peak to peak", or "high watermark" basis, which means that no Performance Allocation will be made with respect to such subsequent appreciation until such net loss has been recovered. Pursuant to the MCCM Agreement, MCCM is entitled to a percentage of the Performance Allocation the General Partner receives from the Master Fund. For the six months ended September 30, 2015, the General Partner recorded a Performance Allocation of $615,982. Of this amount, $3,432,318 was earned for the period from April 1, 2014 to December 31, 2014 and allocated to the General Partner account. For the period from January 1, 2015 to September 30, 2015, $1,799,376 was accrued, but not allocated to the General Partner, and is included in Withdrawals Payable on the Statement of Assets, Liabilities and Partners' Capital.

Each member of the Board who is not an "interested person" of the Master Fund ("Independent Director"), as defined by the 1940 Act, receives an annual retainer of $30,000. All Board members are reimbursed by the Master Fund for all reasonable out-of-pocket expenses incurred by them in performing their duties.

6.  ACCOUNTING, ADMINISTRATION, AND CUSTODIAL AGREEMENT

In consideration for accounting, administrative, and recordkeeping services, the Master Fund pays UMB Fund Services, Inc. (the "Administrator") an administration fee based on the month-end partners' capital of the Master Fund. The Administrator also provides regulatory administrative services, transfer agency functions, and shareholder services at an additional cost. For the six months ended September 30, 2015, the total accounting and administration fees were $353,245.

UMB Bank, N.A. serves as custodian of the Master Fund's assets and provides custodial services for the Master Fund, except for collateral held for the Master Fund's credit facility, as described below in Note 8.

15

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Continued)

As of and for the six months ended September 30, 2015 (Unaudited)

7.  INVESTMENT TRANSACTIONS

Total purchases of Adviser Funds and securities for the six months ended September 30, 2015 amounted to $37,467,467. Total proceeds from redemptions, sales, or other dispositions of Adviser Funds and securities for the six months ended September 30, 2015 amounted to $117,558,430. The cost of investments in Adviser Funds for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Master Fund from the Adviser Funds. The Master Fund relies upon actual and estimated tax information provided by the Adviser Funds as to the amounts of taxable income allocated to the Master Fund as of September 30, 2015.

The Master Fund invests substantially all of its available capital in securities of private investment companies. These investments will generally be restricted securities that are subject to substantial holding periods or are not traded in public markets at all, so that the Master Fund may not be able to resell some of its securities holdings for extended periods.

8.  CREDIT FACILITY

The Master Fund maintains a credit facility (the "Facility") with a maximum borrowing amount of $120,000,000 which is secured by certain interests in Adviser Funds. A fee of 75 basis points per annum is payable monthly in arrears on the unused portion of the Facility, while the interest rate charged on borrowings is the 3-month London Interbank Offer Rate plus a spread of 190 basis points. Collateral for the new facility is held by U.S. Bank N.A. as custodian. Interest and fees incurred for the six months ended September 30, 2015 are disclosed in the accompanying Statement of Operations. At September 30, 2015, the Master Fund had $37,500 payable on the unused portion of the Facility and there was no outstanding payables for interest on borrowings. The average interest rate, the average daily balance, and the maximum balance outstanding for borrowings under the Facility for the six months ended September 30, 2015 was 2.14%, $661,765, and $25,000,000, respectively. During the six months ended September 30, 2015 a total of $22,661,765 was borrowed from the Facility all of which was repaid prior to September 30, 2015. There was no outstanding borrowing at September 30, 2015.

9.  INDEMNIFICATION

In the normal course of business, the Master Fund enters into contracts that provide general indemnifications. The Master Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Master Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

10.  COMMITMENTS

As of September 30, 2015, the Master Fund had outstanding investment commitments to Adviser Funds totaling approximately $89,165,711. Four Adviser Funds in the Private Investment Strategy have commitments denominated in Euros, two Adviser Funds have commitments denominated in Pound Sterling, and one Adviser Fund has commitments denominated in Japanese Yen. At September 30, 2015, the unfunded commitments for these Adviser Funds totaled €2,510,502 EUR, £1,127,318 GBP and ¥181,666,357 JPY, respectively. At September 30, 2015, the exchange rate used for the conversion was 0.894763 USD/EUR, 0.66101 USD/GBP and 119.88 JPY/USD. The U.S. Dollar equivalent of these commitments is included in the Master Fund's total unfunded commitment amount.

11.  RISK FACTORS

An investment in the Master Fund involves significant risks, including leverage risk, interest rate risk, liquidity risk and economic conditions risk, that should be carefully considered prior to investing and should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment. The Master Fund generally does not employ leverage. However, certain Adviser Funds may employ leverage, either synthetically or through borrowed funds, which can enhance returns or increase losses on smaller changes in the value of an underlying investment. Adviser Funds that invest in fixed income securities may be subject to interest rate risk, where changes in interest rates affect the value of the underlying fixed income investment. The Master Fund intends to invest substantially all of its available capital in securities of private investment companies. These investments will generally be restricted securities that are subject to substantial holding periods or are not traded in public markets at all, so that the Master Fund may not be able to resell some of its securities holdings for extended periods, which may be several years. Investments in the Adviser Funds may be restricted from early redemptions or subject to fees for early redemptions as part of contractual obligations agreed to by the Investment Manager on behalf of the Master Fund. Adviser Funds may have initial lock-up periods, the ability to suspend redemptions, or employ the use of side pockets, all of which may affect the Master Fund's liquidity in the respective Adviser Fund.

Adviser Funds generally require the Master Fund to provide advanced notice of its intent to redeem the Master Fund's total or partial interest and may delay or deny a redemption request depending on the Adviser Funds' governing agreements. Interests in the Master Fund provide limited liquidity since Limited Partners will not be able to redeem interests on a daily basis because the Master Fund is a closed-end fund. Therefore, investment in the Master Fund is suitable only for investors who can bear the risks associated with the limited liquidity of interests and should be viewed as a long-term investment. No guarantee or representation is made that the investment objective will be met.

16

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Concluded)

As of and for the six months ended September 30, 2015 (Unaudited)

12.  FINANCIAL HIGHLIGHTS

The financial highlights are intended to help an investor understand the Master Fund's financial performance. The total returns in the table represent the rate that a typical Limited Partner would be expected to have earned or lost on an investment in the Master Fund.

The ratios and total return amounts are calculated based on the Limited Partner group taken as a whole. An individual Limited Partner's results may vary from those shown below due to the timing of capital transactions and performance allocation.

The ratios are calculated by dividing total dollars of net investment income or expenses, as applicable, by the average of total monthly Limited Partners' capital.

Total return amounts are calculated by geometrically linking returns based on the change in value during each accounting period.

	For the Period Ended September 30, 2015			For the Years Ended March 31,
	(Unaudited)			2015			2014			2013			2012			2011
Total return before Performance Allocation		1.26	%2		7.43	%		11.28	%		5.05	%		(2.51	)%		6.91	%
Total return after Performance Allocation		1.19	%2		6.97	%		10.77	%		4.98	%		(2.49	)%		6.89	%
Partners' capital, end of year (000's)	$	817,429		$	904,464		$	1,047,265		$	1,180,551		$	1,440,698		$	1,528,134
Portfolio turnover		4.16	%2		8.78	%		19.03	%		25.15	%		32.68	%		25.12	%
Ratio of net investment income (loss), excluding Performance Allocation		(0.62	)%3		3.03	%		2.19	%		0.87	%		0.76	%		0.43	%
Ratio of other operating expenses to average partners' capital		1.22	%3		1.19	%		1.23	%		1.19	%		1.20	%		1.17	%
Ratio of credit facility fees and interest expense to average partners' capital		0.11	%3		0.10	%		0.09	%		0.08	%		0.08	%		0.10	%
Operating expenses, excluding Performance Allocation		1.33	%3		1.29	%		1.32	%		1.27	%		1.28	%		1.27	%
Performance Allocation		0.14	%3		0.46	%		0.51	%		0.07	%		(0.02	)%1		0.02	%
Total operating expenses and Performance Allocation		1.47	%3		1.75	%		1.83	%		1.34	%		1.26	%		1.29	%

¹  Reversal of accrued Performance Allocation from January 1, 2011 to March 31, 2011.

²  Not Annualized

³  Annualized

13.  SUBSEQUENT EVENTS

Management has evaluated the events and transactions through the date the financial statements were issued and determined there were no other subsequent events that required adjustment to our disclosure in the financial statements except for the following: effective October 1, 2015 and November 1, 2015, there were additional capital contributions of $126,500 and $220,000, respectively.

The Investment Manager recommended to the Board that a tender offer in an amount of up to approximately 5.00% of the partners' capital of the Master Fund be made for the quarter ending December 31, 2015 to those partners who elect to tender their interests prior to the expiration of the tender offer period. The Board approved such recommendation and partners in the Master Fund were notified of the tender offer's expiration date on September 17, 2015, and submitted tender requests from October 1, 2015 through the date the financial statements were issued totaling approximately $43,357,659.

*************

On November 9, 2015, it was announced that certain principals of the Investment Manager (the "Company") had entered into an agreement to purchase the Company from RCS Capital Corporation. When completed, the purchase will result in a change in control of the Investment Manager and, therefore, constitute an "assignment" within the meaning of the 1940 Act of i) the existing Advisory Agreement between the Investment Manager and the Master Fund, and ii) the existing MCCM Agreement among the Investment Manager, MCCM and the Master Fund. The purchase is expected to be consummated in the first quarter of 2016.

17

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

BOARD OF DIRECTORS

(Unaudited)

The identity of the Board members (each a "Director") and brief biographical information, as of September 30, 2015, is set forth below. The business address of each Director is care of Hatteras Funds, 6601 Six Forks Road, Suite 340, Raleigh, NC 27615. The term of office of each Director is from the time of such Director's election and qualification until his or her successor shall have been elected and shall have qualified, or until he or she is removed, resigns or is subject to various disabling events such as death or incapacity. A Director may resign upon 90 days' prior written notice to the Board and may be removed either by a vote of a majority of the Board not subject to the removal vote or of Limited Partners holding not less than two-thirds of the total number of votes eligible to be cast by all of the Limited Partners.

Name & Date of Birth	Position(s) Held with the Master Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Director	Number of Portfolios in Fund Complex1 Overseen by Director
INTERESTED DIRECTORS
David B. Perkins2 July 18, 1962	President and Chairman of the Board of Directors	Since Inception	President and Trustee, each fund in the Fund Complex (2004 to Present); Chief Executive Officer of Hatteras Funds, LLC (2014 to Present); Founder of Hatteras Investment Partners LLC and its affiliated entities ("Hatteras Funds") in 2003.		18
Peter M. Budko2 February 4, 1960	Director	Since 2014	Partner, American Realty Capital, an investment advisory firm (2007 to Present); Chief Executive Officer, BDCA Adviser, an investment advisory firm (2010 to Present); Director, ARC Realty Finance Trust, Inc. (2013 to Present); Director, RCS Capital Corp (2013 to Present).		18
INDEPENDENT DIRECTORS
H. Alexander Holmes May 4, 1942	Director; Audit Committee Member	Since Inception	Founder, Holmes Advisory Services, LLC, a financial consultation firm (1993 to Present).		18
Steve E. Moss, CPA February 18, 1953	Director; Audit Committee Member	Since Inception	Principal, Holden, Moss, Knott, Clark & Copley, PA, accountants and business consultants (1996 to Present); Member Manager, HMKCT Properties, LLC (1996 to Present).		18
Gregory S. Sellers May 5, 1959	Director; Audit Committee Member	Since Inception	Chief Financial Officer, Imagemark Business Services, Inc., a provider of marketing and print communications solutions (2009 to Present); Chief Financial Officer and Director, Kings Plush, Inc., a fabric manufacturer (2003 to 2009).		18

¹  The "Fund Complex" consists of the Master Fund, Hatteras Core Alternatives Fund, L.P., Hatteras Core Alternatives TEI Fund, L.P., Hatteras Core Alternatives Institutional Fund, L.P., Hatteras Core Alternatives TEI Institutional Fund, L.P., Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

²  Deemed to be an "interested" Director of the Master Fund because of his affiliations with Hatteras Funds.

18

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

BOARD OF DIRECTORS (Concluded)

(Unaudited)

Name & Date of Birth	Position(s) Held with the Master Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Director	Number of Portfolios in Fund Complex1 Overseen by Director
Joseph E. Breslin November 18, 1953	Director; Audit Committee Member	Since 2013	Private Investor (2009 to Present); Chief Operating Officer, Central Park Credit Holdings, Inc. (2007 to 2009); Chief Operating Officer, Aladdin Capital Management LLC (2005 to 2007).		18
Thomas Mann February 1, 1950	Director; Audit Committee Member	Since 2013	Private Investor (2012 to Present); Managing Director and Group Head Financial Institutions Group, Société Générale, Sales of Capital Market Solutions and Products (2003 to 2012).		18
Joseph A. Velk May 15, 1960	Director; Audit Committee Member	Since 2014	Managing Member, Contender Capital, LLC, an investment firm (2000 to Present).		18

¹  The "Fund Complex" consists of the Master Fund, Hatteras Core Alternatives Fund, L.P., Hatteras Core Alternatives TEI Fund, L.P., Hatteras Core Alternatives Institutional Fund, L.P., Hatteras Core Alternatives TEI Institutional Fund, L.P., Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

19

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

FUND MANAGEMENT

(Unaudited)

Set forth below is the name, date of birth, position with the Master Fund, length of term of office, and the principal occupation for the last five years, as of September 30, 2015, of each of the persons currently serving as Executive Officers of the Master Fund. The business address of each officer is care of Hatteras Funds, 6601 Six Forks Road, Suite 340, Raleigh, NC 27615.

Name & Date of Birth	Position(s) Held with the Master Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Directorships Held by Officer	Number of Portfolios in Fund Complex1 Overseen by Officer
OFFICERS
J. Michael Fields July 14, 1973	Secretary of each Fund in the Fund Complex	Since 2008	Mr. Fields is Chief Operating Officer of Hatteras Funds and has been employed by the Hatteras Funds since its inception in September 2003.		N/A
Andrew P. Chica September 7, 1975	Chief Compliance Officer of each Fund in the Fund Complex	Since 2008	Mr. Chica joined Hatteras Funds in November 2007 and became Chief Compliance Officer of Hatteras Funds and each of the Funds in the Fund Complex, in 2008.		N/A
Robert Lance Baker September 17, 1971	Treasurer of each Fund in the Fund Complex	Since 2008	Mr. Baker joined Hatteras Funds in March 2008 and is currently the Chief Financial Officer of Hatteras Funds.		N/A

¹  The "Fund Complex" consists of the Master Fund, Hatteras Core Alternatives Fund, L.P., Hatteras Core Alternatives TEI Fund, L.P., Hatteras Core Alternatives Institutional Fund, L.P., Hatteras Core Alternatives TEI Institutional Fund, L.P., Hatteras Global Private Equity Partners Institutional, LLC, Hatteras VC Co-Investment Fund II, LLC, Hatteras Alternative Mutual Funds Trust (consisting of five funds), Underlying Funds Trust (consisting of five funds), and HCIM Trust (consisting of one fund).

20

HATTERAS MASTER FUND, L.P.

(a Delaware Limited Partnership)

OTHER INFORMATION

(Unaudited)

PROXY VOTING

A description of the policies and procedures that the Master Fund uses to determine how to vote proxies relating to portfolio securities and the Master Fund's record of actual proxy votes cast during the period ended June 30, 2015 is available at http://www.sec.gov and by calling 1-800-504-9070 and may be obtained at no additional charge.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The Master Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Master Fund's Form N-Q is available, without charge and upon request, on the SEC's website at http://www.sec.gov or may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

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HATTERAS CORE ALTERNATIVES FUNDS

6601 Six Forks Road, Suite 340
Raleigh, NC 27615

INVESTMENT MANAGER AND FUND SERVICING AGENT

Hatteras Funds, LLC
6601 Six Forks Road, Suite 340
Raleigh, NC 27615

SUB-ADVISER

Morgan Creek Capital Management, LLC
301 West Barbee Chapel Road
Suite 200
Chapel Hill, NC 27517

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP
1700 Market Street, 24th Floor
Philadelphia, PA 19103

FUND COUNSEL

Drinker Biddle & Reath LLP
One Logan Square
Suite 2000
Philadelphia, PA 19103

ADMINISTRATOR AND FUND ACCOUNTANT

UMB Fund Services, Inc.
223 Wilmington West Chester Pike, Suite 303
Chadds Ford, PA 19317

CUSTODIANS

UMB Bank, N.A.
1010 Grand Boulevard
Kansas City, MO 64106

U.S. Bank, N.A.
1555 North River Center Drive
Milwaukee, WI 53212

DISTRIBUTOR

Hatteras Capital Distributors, LLC
6601 Six Forks Road, Suite 340
Raleigh, NC 27615

HATTERASFUNDS.COM / T: 919.846.2324 / F: 919.846.3433
6601 SIX FORKS ROAD / SUITE 340 / RALEIGH, NC 27615-6520

ITEM 2. CODE OF ETHICS.

Not applicable to semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to semi-annual reports.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to semi-annual reports.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to semi-annual reports.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)  The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)Not applicable.

(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)Not applicable.

(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Hatteras Core Alternatives Fund, L.P.
By (Signature and Title)*	/s/ David B. Perkins
	David B. Perkins, President
	(principal executive officer)
Date	December 9, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David B. Perkins
	David B. Perkins, President
	(principal executive officer)
Date	December 9, 2015
By (Signature and Title)*	/s/ R. Lance Baker
	R. Lance Baker, Treasurer
	(principal financial officer)
Date	December 9, 2015

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, David B. Perkins, certify that:

1.I have reviewed this report on Form N-CSR of Hatteras Core Alternatives Fund, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 9, 2015	/s/ David B. Perkins
		David B. Perkins, President
		(principal executive officer)

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, R. Lance Baker, certify that:

1.I have reviewed this report on Form N-CSR of Hatteras Core Alternatives Fund, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 9, 2015	/s/ R. Lance Baker
		R. Lance Baker, Treasurer
		(principal financial officer)

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

I, David B. Perkins, Principal Executive Officer of Hatteras Core Alternatives Fund, LP, certify to the best of my knowledge that:

1.The N-CSR of the registrant for the period ended September 30, 2015 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/ David B. Perkins

David B. Perkins, President

(Principal Executive Officer)

Date: December 9, 2015

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. §1350 and is not being filed as part of Form N-CSR with the Securities and Exchange Commission.

A signed original of this written statement required by Section 906 has been provided to Hatteras Core Alternatives Fund, LP and will be retained by Hatteras Investment Partners LLC, and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

I, R. Lance Baker, Principal Financial Officer of Hatteras Core Alternatives Fund, LP, certify to the best of my knowledge that:

1.The N-CSR of the registrant for the period ended September 30, 2015 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

/s/ R. Lance Baker

R. Lance Baker, Treasurer

(Principal Financial Officer)

Date: December 9, 2015

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. §1350 and is not being filed as part of Form N-CSR with the Securities and Exchange Commission.

A signed original of this written statement required by Section 906 has been provided to Hatteras Core Alternatives Fund, LP and will be retained by Hatteras Investment Partners LLC, and furnished to the Securities and Exchange Commission or its staff upon request.