Master Fund — 97.9%
|
|||||||
Name
|
Shares
|
Fair Value
|
|||||
Delaware Wilshire Private Markets Master Fund, Class Institutional
|
2,224,005
|
$
|
26,221,021
|
||||
Total Master Fund (Cost — $22,881,381)
|
26,221,021
|
||||||
Short Term Investment — 0.2%
|
|||||||
Name | Geographic Region |
Shares
|
Fair Value
|
||||
First American Government Obligations Fund, Class X
|
|||||||
0.030%**
|
North America |
52,027
|
52,027
|
||||
Total Short Term Investment (Cost — $52,027)
|
52,027
|
||||||
Total Investments — 98.1% (Cost — $22,933,408)
|
$
|
26,273,048
|
|||||
Other Assets and Liabilities, Net — 1.9%
|
496,547
|
||||||
Net Assets — 100.0%
|
$
|
26,769,595
|
**
|
The rate reported is the 7-day effective yield as of December 31, 2021.
|
Investments in Securities
|
Level 1 | Level 2 | Level 3 |
Investments Valued at NAV
|
Total | ||||||||||
Master Fund
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
26,221,021
|
$
|
26,221,021
|
|||||
Short Term Investment
|
52,027
|
—
|
—
|
—
|
52,027
|
||||||||||
Total Investments in Securities
|
$
|
52,027
|
$
|
—
|
$
|
—
|
$
|
26,221,021
|
$
|
26,273,048
|
Primary Private Fund Investments — 67.2%
|
||||||||||||||||||
Name
|
Initial Acquisition Date
|
Geographic Region
|
Industry
|
Commitment
|
Unfunded Portion of Commitment
|
Shares
|
Fair Value | |||||||||||
Buhuovc LP
|
3/8/2021
|
Asia-Pacific
|
Venture Capital
|
$
|
6,500,000
|
$
|
1,052,472
|
(A)
|
$
|
8,213,686
|
||||||||
H.I.G. Bayside Loan Opportunity Feeder VI
|
12/8/2020
|
North America
|
Distressed Debt
|
4,000,000
|
2,927,384
|
(A)
|
1,134,230
|
|||||||||||
Linden Structured Capital Fund LP
|
12/18/2020
|
North America
|
Buyout
|
6,500,000
|
2,383,324
|
(A)
|
4,802,750
|
|||||||||||
Midocean Absolute Return Credit Fund LP
|
2/25/2021
|
North America
|
Corporate Credit
|
3,300,000
|
—
|
(A)
|
2,464,073
|
|||||||||||
RCP MB Investments B, L.P.
|
12/26/2021
|
North America
|
Buyout
|
1,000,000
|
—
|
(A)
|
1,000,000
|
|||||||||||
Total Primary Private Fund Investments (Cost — $14,306,539)
|
17,614,739 |
Secondary Private Fund Investments — 37.0% | ||||||||||||||||||
Name
|
Initial Acquisition Date
|
Geographic Region
|
Industry
|
Commitment
|
Unfunded Portion of Commitment
|
Shares
|
Fair Value | |||||||||||
Basalt Infrastructure Partners II, L.P.
|
11/17/2020
|
UK, Europe and US
|
Infrastructure
|
6,000,000
|
668,358
|
(A)
|
6,370,542
|
|||||||||||
Graphite Capital Partners VII A
|
7/19/2021
|
Europe
|
Buyout
|
1,044,282
|
51,707
|
(A)
|
131,332
|
|||||||||||
Graphite Capital Partners VII C
|
7/19/2021
|
Europe
|
Buyout
|
189,872
|
9,419
|
(A)
|
29,668
|
|||||||||||
Graphite Capital Partners VII Top Up Fund
|
7/19/2021
|
Europe
|
Buyout
|
1,404,110
|
48,842
|
(A)
|
1,356
|
|||||||||||
Graphite Capital Partners VII Top Up Fund Plus
|
7/19/2021
|
Europe
|
Buyout
|
745,916
|
37,305
|
(A)
|
1,008
|
|||||||||||
Graphite Capital Partners VIII B LP
|
7/19/2021
|
Europe
|
Buyout
|
487,374
|
50,448
|
(A)
|
449,362
|
|||||||||||
Graphite Capital Partners VIII D LP
|
7/19/2021
|
Europe
|
Buyout
|
2,781,939
|
288,700
|
(A)
|
2,503,116
|
|||||||||||
Graphite Capital Partners VIII Top Up Fund B LP
|
7/19/2021
|
Europe
|
Buyout
|
1,475,077
|
95,497
|
(A)
|
212,572
|
|||||||||||
Total Secondary Private Fund Investments (Cost — $8,892,630) | 9,698,956 |
Short Term Investment — 3.1%
|
|||||||||
Name
|
Geographic Region
|
Shares
|
Fair Value
|
||||||
First American Government Obligations Fund, Class X
|
|||||||||
0.030%**
|
North America
|
824,657
|
824,657
|
||||||
Total Short Term Investment (Cost — $824,657)
|
824,657
|
||||||||
Total Investments — 107.3% (Cost — $24,023,826)
|
$
|
28,138,352
|
|||||||
Other Assets and Liabilities, Net — (7.3)%
|
(1,917,615
|
) |
|||||||
Net Assets — 100.0%
|
$
|
26,220,737
|
**
|
The rate reported is the 7-day effective yield as of December 31, 2021.
|
(A) | Investment does not issue shares. |
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Investments Valued at NAV
|
Total
|
||||||||||
Primary Private Fund Investments
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
17,614,739
|
$
|
17,614,739
|
|||||
Secondary Private Fund Investments
|
—
|
—
|
—
|
9,698,956
|
9,698,956
|
||||||||||
Short Term Investment
|
824,657
|
—
|
—
|
—
|
824,657
|
||||||||||
Total Investments in Securities
|
$
|
824,657
|
$
|
—
|
$
|
—
|
$
|
27,313,695
|
$
|
28,138,352
|