EXHIBIT 99-K(4)

                             JOINT INSURED AGREEMENT

     Agreement made as of November 29, 2006 (except as otherwise indicated
below) by and among the investment companies listed on Schedule A hereto (each,
an "Assured" and collectively, the "Assureds"), which are descried in part (b)
of Rule 17g-1 of the Securities and Exchange Commission under the Investment
Company Act of 1940, as amended, ("Rule 17g-1");

     1. Each of the Assureds is jointly insured against specified fidelity and
other losses under an Investment Company Blanket Bond currently issued in the
aggregate amount of $_____________ by Federal Insurance Company (the "Bond");

     2. Each Assured agrees to maintain fidelity coverage equal to that required
by Rule 17g-1. All Assureds agree to maintain aggregate coverage for all other
losses insured against under the Bond in the amounts set forth in the Bond,
unless otherwise agreed by the Assureds. The premium cost for the Bond (the
"Bond Premium") will be shared as follows: Hatteras Multi-Strategy Fund I, L.P.,
Hatteras Multi-Strategy TEI Fund, L.P., Hatteras Multi-Strategy Institutional
Fund, L.P. and Hatteras Multi-Strategy TEI Institutional Fund, L.P. will share
in the balance of the Bond Premium pro rata in accordance with each Assured's
investment in Hatteras Master Fund, L.P., subject to adjustment from time to
time pursuant to the procedure set forth in paragraphs 3 and 4 hereof.

     3. In the event that any Assured determines that the amount of its coverage
should be reduced, such reduction will be effected and a return of the
reallocated premium made if and to the extent that one or more of the other
participating Assureds requires or desires an increased amount of insurance
coverage.

     4. Any Assured may, pursuant to a resolution or policy of its Board of
Directors, have a greater amount of fidelity insurance and have other insurance
overages in additional amounts provided by the Bond if the total coverage under
the Bond (including any increase of adjustment) can include such insurance and
the allocation of premium to such Assured for the remaining term of the Bond
will be based on the ratio of its elected coverage to the total amount of
coverage under the Bond.

     5. In the event a loss is sustained by two or more of the Assureds that
exceeds the Bond's limit of liability, the amount of such recovery will be
prorated in the ratio of the insured losses of such Assureds, provided that for
fidelity losses under the Bond, such recovery for a Fund will be at last equal
to the amount it would have received had it provided and maintained a single
insured bond with the minimum coverage required of that Assured by paragraph
(d)(1) of Rule 17g-1.

     6. An investment company (a "New Assured") having an investment adviser or
subadvisor that is, or is affiliated with, Hatteras Investment Partners LLC
("Hatteras") and either having the same Board of Directors as the Assureds, may
become a named insured under the Bond.



Such New Assured shall be deemed to be added to Schedule A; provided that the
Assureds agree to any increase in aggregate coverage under the Bond if
necessary, and provided that the New Assured causes this Agreement to be signed
on its behalf as of the date it agrees to the terms and conditions of this
Agreement.

     7. Each of the Assureds understands and agrees that the obligations of the
Assureds under this Agreement are not binding upon any beneficial owner or
Director of the Assureds personally, but bind only the Assureds and their
respective property. Each of the Assureds represents that it has notice of the
provisions of the Agreements of Limited Partnership of the Assureds organized as
Delaware limited partnership disclaiming shareholder, director, limited partner
and general partner liability for acts or obligations of such Assureds.

                                      * * *



     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

HATTERAS MASTER FUND, L.P.              HATTERAS MULTI-STRATEGY FUND I, L.P.

By: Hatteras Investment Management      By: Hatteras Investment Management LLC,
LLC,                                    its General Partner
its General Partner


By:                                     By:
    ---------------------------------       ------------------------------------
Name: David B. Perkins                  Name David B. Perkins
Title: Managing Member                  Title: Managing Member


HATTERAS MULTI-STRATEGY TEI FUND,       HATTERAS MULTI-STRATEGY INSTITUTIONAL
L.P.                                    FUND, L.P.

By: Hatteras Investment Management      By: Hatteras Investment Management LLC,
LLC,                                    its General Partner
its General Partner


By:                                     By:
    ---------------------------------       ------------------------------------
Name David B. Perkins                   Name David B. Perkins
Title: Managing Member                  Title: Managing Member


HATTERAS MULTI-STRATEGY TEI
INSTITUTIONAL FUND, L.P.

By: Hatteras Investment Management
LLC,
its General Partner


By:
    ---------------------------------
Name David B. Perkins
Title: Managing Member



                                   SCHEDULE A

Hatteras Master Fund, L.P.
Hatteras Multi-Strategy Fund I, L.P.
Hatteras Multi-Strategy TEI Fund, L.P.
Hatteras Multi-Strategy Institutional Fund, L.P.
Hatteras Multi-Strategy TEI Institutional Fund, L.P.