# EDGAR Filing Document

**Accession Number:** 0001807333
**File Stem:** 0002048251-26-002368
**Filing Date:** 2026-3
**Character Count:** 14320
**Document Hash:** ab290ae7654999159c0b8b8596005022
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-002368.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0002048251-26-002368

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20231231

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**PERIOD START**: 20240331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wilshire Private Assets Master Fund
- **CENTRAL INDEX KEY:** 0001807333

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23607
- **FILM NUMBER:** 26773422

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-1000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Delaware Wilshire Private Markets Master Fund
- **DATE OF NAME CHANGE:** 20200320

## Nport-Ex

Delaware Wilshire Private Markets Fund

Schedule of Investments

December 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Master Fund — 96.5%** |  |  | |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp; **Geographic<br> Region**  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Wilshire Private Markets Master Fund, Class Institutional | North America | 2767261 | $31020992 |
| &nbsp;&nbsp;&nbsp; Total Master Fund (Cost — $29,080,145) |  |  | 31020992 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short Term Investment — 0.7%** |  |  |  |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp; **Geographic <br> Region**  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Class X 5.290%\*\* | &nbsp;&nbsp; North America | &nbsp;&nbsp;&nbsp; 223233 | 223233 |
| &nbsp;&nbsp;&nbsp; Total Short Term Investment (Cost — $223,233) |  |  | 223233 |
| Total Investments — 97.2% (Cost — $29,303,378) |  |  | $31244225 |
| &nbsp;&nbsp;&nbsp; Other Assets and Liabilities, Net — 2.8% |  |  | 903009 |
| &nbsp;&nbsp;&nbsp; Net Assets — 100.0% |  |  | $32147234 |

---

\*\* The rate reported is the 7-day effective yield as of December 31, 2023.

DWP-QH-001-0600

------

Delaware Wilshire Private Markets Tender Fund

Schedule of Investments

December 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Master Fund — 40.1%** |  |  | |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp; **Geographic <br> Region**  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Wilshire Private Markets Master Fund, Class Institutional | North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | $40974 |
| &nbsp;&nbsp;&nbsp; Total Master Fund (Cost — $40,499) |  |  | 40974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short Term Investment — 15.8%** |  |  |  |
|  | &nbsp;&nbsp;**Geographic** |  |  |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Region** | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Class X 5.290%\*\* | North America  | &nbsp;&nbsp;&nbsp;&nbsp;16151 | 16151 |
| &nbsp;&nbsp;&nbsp; Total Short Term Investment (Cost — $16,151) |  |  | 16151 |
| Total Investments — 55.9% (Cost — $56,650) |  |  | $57125 |
| &nbsp;&nbsp;&nbsp; Other Assets and Liabilities, Net — 44.1% |  |  | 45102 |
| &nbsp;&nbsp;&nbsp; Net Assets — 100.0% |  |  | $102227 |

---

\*\* The rate reported is the 7-day effective yield as of December 31, 2023.

DWP-QH-001-0600

------

Delaware Wilshire Private Markets Master Fund

Schedule of Investments

December 31, 2023 (Unaudited)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  | **Primary Private Fund Investments — 73.0%**  |
| **Description** | **Initial <br> Acquisition Date** | **Geographic <br> Region**  | **Industry** | **Commitment** | **Unfunded** <br> **Portion of** <br> **Commitment**  | **Fair Value** |
| &nbsp;&nbsp;&nbsp; Brevet Direct Lending  | 6/9/2023 | Global | Government Finance | $2000000 | $— (A) | $2131982 |
| &nbsp;&nbsp;&nbsp; Buhuovc L.P.  | 3/8/2021 | Asia-Pacific | Venture Capital | 6500000 | 158701 (A) | 8587384 |
| &nbsp;&nbsp;&nbsp; H.I.G. Bayside Loan Opportunity Feeder VI  | 12/8/2020 | North America | Distressed Debt | 4000000 | 1341106 (A) | 2625183 |
| &nbsp;&nbsp;&nbsp; Linden Structured Capital Fund L.P.  | 12/18/2020 | North America | Buyout | 6500000 | 178280 (A) | 8236496 |
| &nbsp;&nbsp;&nbsp; RCP MB Investments B, L.P.  | 12/26/2021 | North America | Buyout | 1000000 | — (A) | 1106787 |
| Total Primary Private Fund Investments (Cost — $19,058,533)  |  |  |  |  |  | 22687832  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Secondary Private Fund Investments — 25.1%** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| **Description** | **Initial** <br> **Acquisition Date**  | **Geographic** <br> **Region**  | **Industry** | **Commitment** | **Unfunded** <br> **Portion of**<br> **Commitment**  | **Fair Value** |
| &nbsp;&nbsp;&nbsp; Basalt Infrastructure Partners II, L.P.  | 11/17/2020 | UK, Europe and US | Infrastructure | 6000000 | 1863982 (A) | 4309168 |
| &nbsp;&nbsp;&nbsp; Graphite Capital Partners VII A  | 7/19/2021 | Europe | Buyout | 1044282 | 11036 (A) | 151172 |
| &nbsp;&nbsp;&nbsp; Graphite Capital Partners VII C  | 7/19/2021 | Europe | Buyout | 189872 | 2023 (A) | 34187 |
| &nbsp;&nbsp;&nbsp; Graphite Capital Partners VIII B L.P.  | 7/19/2021 | Europe | Buyout | 487374 | 50449 (A) | 413295 |
| &nbsp;&nbsp;&nbsp; Graphite Capital Partners VIII D L.P.  | 7/19/2021 | Europe | Buyout | 2781939 | 288700 (A) | 2453045 |
| &nbsp;&nbsp;&nbsp; Graphite Capital Partners VIII Top Up Fund B L.P.  | 7/19/2021 | Europe | Buyout | 1475077 | 95497 (A) | 441162 |
| Total Secondary Private Fund Investments (Cost — $6,507,057)  |  |  |  |  |  | 7802029  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short Term Investment — 5.0%** |  |  | |
| **Description** | **Geographic**<br> **Region**  | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Class X 5.290%\*\*  | North America | 1543629  | 1543629 |
| &nbsp;&nbsp;&nbsp; Total Short Term Investment (Cost — $1,543,629) <br>|  |  | 1543629 |
| Total Investments — 103.1% (Cost — $27,109,219) |  |  | $32033490 |
| &nbsp;&nbsp;&nbsp; Other Assets and Liabilities, Net — (3.1)%  |  |  | (973610) |
| &nbsp;&nbsp;&nbsp; Net Assets — 100.0%  |  |  | $31059880 |

---

\*\* The rate reported is the 7-day effective yield as of December 31, 2023. <br> (A) <br> Investment does not issue shares. <br>

L.P. — Limited Partnership

DWP-QH-001-0600

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Wilshire Private Assets Master Fund

- **b. Investment Company Act file number:** 811-23607

- **c. CIK number of Registrant:** 0001807333

- **d. LEI of Registrant:** 549300G16JRWI5O36637

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 6106761000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Wilshire Private Assets Master Fund

- **c. LEI of Series:** 549300G16JRWI5O36637

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2024-03-31

- **b. Date as of which information is reported:** 2023-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32043973.18

**Total Liabilities:** $984092.70

**Net Assets:** $31059880.48

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.19%               | 1.49%                | -0.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $55326.27                                  |
| Month 2  | $-4386.71                | $471140.73                                 |
| Month 3  | $0.00                    | $-65576.97                                 |

### Schedule of Portfolio Investments

| Name                                               | Title                                                               | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Graphite Capital Partners VIII D LP                | Graphite Capital Partners VIII D LP PRIVATE EQUITY FUND             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | GB        |   1269497 | NS      | $2453044.50   | 7.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphite Capital Partners VIII B LP                | Graphite Capital Partners VIII B LP PRIVATE EQUITY FUND             | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | GB        |    234495 | NS      | $413294.58    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X CLASS X          | CUSIP: 31846V336<br>LEI: N/A | Long             | STIV             |  | US        |   1543630 | PA      | $1543629.51   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Linden Structured Capital Fund LP                  | Linden Structured Capital Fund LP PRIVATE EQUITY FUND               | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | US        |   6763109 | NS      | $8236495.81   | 26.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Graphite Capital Partners VII A                    | Graphite Capital Partners VII A PRIVATE EQUITY FUND                 | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | GB        |     79951 | NS      | $151172.04    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphite Capital Partners VII C                    | Graphite Capital Partners VII C PRIVATE EQUITY FUND                 | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | GB        |     26380 | NS      | $34187.35     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BUHUOVC LP                                         | BUHUOVC LP PRIVATE EQUITY FUND                                      | CUSIP: 96BUH0001<br>LEI: N/A | Long             | EC               |  | US        |   6440606 | NS      | $8587384.00   | 27.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Basalt Infrastructure Partners II C L.P.           | Basalt Infrastructure Partners II C L.P. PRIVATE EQUITY FUND        | CUSIP: 96MSCGZU1<br>LEI: N/A | Long             | EC               |  | US        |   4132713 | NS      | $4309168.00   | 13.87%            |  |  |  | No            |                  3 | On Loan: No      |
| RCP MB Investments B, L.P.                         | RCP MB Investments B, L.P. PRIVATE EQUITY FUND                      | CUSIP: 99RCP2021<br>LEI: N/A | Long             | EC               |  | US        |   1004761 | NS      | $1106787.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Brevet Direct Lending Short Duration Fund LTD      | Brevet Direct Lending Short Duration Fund LTD PRIVATE EQUITY FUND   | CUSIP: 96BREV001<br>LEI: N/A | Long             | EC               |  | US        |   2000000 | NS      | $2131981.90   | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphite Capital Partners VIII Top Up Fund B LP    | Graphite Capital Partners VIII Top Up Fund B LP PRIVATE EQUITY FUND | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | GB        |    134590 | NS      | $441162.22    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| H.I.G. Bayside Loan Opportunity Feeder Fund VI     | H.I.G. Bayside Loan Opportunity Feeder Fund VI PRIVATE EQUITY FUND  | CUSIP: N/A<br>LEI: N/A       | Long             | EC               |  | US        |   2850057 | NS      | $2625182.81   | 8.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-19

**Name of Applicant:** Wilshire Private Assets Master Fund

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO