UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21605
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TOPIARY MASTER FUND FOR BENEFIT PLAN INVESTORS (BPI) LLC
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(Exact name of registrant as specified in charter)
345 PARK AVENUE
NEW YORK, NY 10154
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(Address of principal executive offices)
Copy to:
Deutsche Asset Management Sidley Austin LLP
John H. Kim, Esq. John A MacKinnon, Esq.
345 Park Avenue, 16th Fl. 787 Seventh Avenue
New York, NY 10154 New York, New York 10019
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(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-4455
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Date of fiscal year end: March 31
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Date of reporting period: July 1, 2005 - June 30, 2006
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Item 1. Proxy Voting Record.
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Fund Meeting Matter Proposed Voted How With
Date By Voted Management
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Jana Partners, 11/1/2005 o Mandatory lock-up Issuer Yes For Yes
L.P. for investments made
after February 1, 2006
o Increase management
fee from 1.5% to 2%
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Strategic 11/30/2005 o Amendment to begin Issuer Yes For Yes
Value charging the fund for
Restructuring non-investment advisory
Fund, L.P. functions provided to
the fund subject to
limitations
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Citadel 12/15/2005 o Easement of Issuer Yes For Yes
Wellington LLC "non-solicitation"
restriction of investors
by former officers and
employees of Citadel
o Designate capital
contributions after
January 1, 2006 as
"Committed Capital"
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Drawbridge 2/28/2006 o Change the Issuer Yes For Yes
Global Macro calculation of
Fund, L.P. redemption fees
o Change the
partnership expense
provision
o Change the
calculation of the
Incentive Allocation
o Change the minimum
capital contributions
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Drawbridge 2/28/2006 o Offer to convert Issuer Yes Against No
Global Macro investment to be treated
Fund, L.P. as an Electing Limited
Partner to participate
in illiquid investments
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Gandhara Fund, 3/23/2006 o Eliminate 1 year Issuer Yes For Yes
L.P. lock-up
o Eliminate 20% gate
o Withdrawal amounts
over 1/6 of capital
account balance on
calendar quarter-end
subject to 7.5% fee
o Conforming changes
to PPM
o Allow withdrawal
upon departure of
Director or GP
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Strategic 3/27/2006 o Consent to proceed Issuer Yes For Yes
Value with a joint lawsuit
Restructuring against a group of banks
Fund, L.P. who served as agents for
syndicated loans to
Enron.
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SIGNATURES
Pursuant to the requirements of 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.
TOPIARY MASTER FUND FOR BENEFIT PLAN INVESTORS (BPI) LLC
By: /s/ Pamela Kiernan
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Pamela Kiernan
President
August 30, 2006