0000894189-11-004466 Sample Contracts

AMENDMENT TO THE OPERATING SERVICES AGREEMENT
The Operating Services Agreement • September 29th, 2011 • Hatteras Alternative Mutual Funds Trust

THIS AMENDMENT, dated as of the 30th day of September 2011, to the Operating Services Agreement dated as of September 15, 2009, is entered into by and between Hatteras Alternative Mutual Funds, LLC, a Delaware limited liability company (the “Adviser”) and Hatteras Alternative Mutual Funds Trust, a Delaware statutory trust (the “Trust”), regarding each series of the Trust listed in Appendix A (the “Funds”).

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OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • September 29th, 2011 • Hatteras Alternative Mutual Funds Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of September 30, 2011 by and between Hatteras Alternative Mutual Funds, LLC, a Delaware limited liability company (the “Adviser”) and Hatteras Alternative Mutual Funds Trust, a Delaware statutory trust (the “Trust”), regarding each series of the Trust listed in Appendix A (the “Funds”).

HATTERAS ALTERNATIVE MUTUAL FUNDS TRUST AND UNDERLYING FUNDS TRUST FIRST AMENDMENT TO THE CUSTODY AGREEMENT
Custody Agreement • September 29th, 2011 • Hatteras Alternative Mutual Funds Trust

THIS FIRST AMENDMENT dated as of September 16, 2011, to the Custody Agreement dated as of April 12, 2011, (the “Agreement”), is entered into by and among Hatteras Alternative Mutual Funds Trust, a Delaware business trust, Underlying Funds Trust, a Delaware statutory trust (collectively the “Trusts”), Hatteras Alternative Mutual Funds, LLC (the “Adviser”) and U.S. Bank, N.A., a national banking association (the “Custodian”).

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