UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21605
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The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
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(Exact name of registrant as specified in charter)
25 DeForest Avenue
Summit, New Jersey 07901
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(Address of principal executive offices) (Zip code)
John H. Kim, Director & Senior Counsel
Deutsche Asset Management
345 Park Avenue
New York, New York 10154
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-454-6849
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Date of fiscal year end: March 31
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Date of reporting period: December 31, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments
(Unaudited)
December 31, 2005
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
-------- --------------- ---- ---------- --------- -------
Event Driven
Avenue Europe Investments, L.P. 932,212 1,075,243 Quarterly 1.7%
Gracie Capital L.P. 2,000,000 2,160,097 Annually 3.5%
Harbert Distressed Investment Fund, L.P. 874,965 1,047,125 Quarterly 1.7%
Marathon Special Opportunity Fund, L.P. 1,500,000 1,621,160 Annually 2.6%
Merced Partners, L.P. 1,550,000 1,782,092 Annually 2.9%
Perry Partners, L.P. 2,600,000 2,793,034 Annually 4.5%
Special K Capital II, L.P. 750,000 435,878 Annually 0.7%
Strategic Value Restructuring Fund, L.P. 870,036 1,108,040 Annually 1.8%
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Total Event Driven 11,077,213 12,022,669 19.4%
Global Macro Anglian Commodities U.S. Feeder
Fund, L.L.C. 900,000 965,628 Monthly 1.5%
Bear Stearns Emerging Markets Macro
Fund, LP 700,000 714,700 Monthly 1.1%
Bridgewater Pure Alpha Trading Fund I 1,112,167 1,221,424 Monthly 2.0%
Drawbridge Global Macro Fund, L.P. 1,152,845 1,440,807 Quarterly 2.3%
FX Concepts Global Fund Master
Trust - Multi Strategy Series 205,668 216,202 Monthly 0.3%
GSA Capital Macro Partners, LP 700,000 678,211 Monthly 1.1%
Vega Select Opportunities Fund Limited 930,056 887,667 Monthly 1.4%
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Total Global Macro 5,700,736 6,124,639 9.7%
Long/Short Equity
Artha Emerging Markets Fund, L.P. 1,050,000 1,335,750 Quarterly 2.1%
Bonanza Partners LP 1,250,000 1,358,949 Quarterly 2.2%
Delta Fund Europe LP 1,700,000 2,249,372 Quarterly 3.6%
Delta Institutional, LP 1,500,000 1,579,822 Quarterly 2.5%
FrontPoint Value Discovery Fund, L.P. 1,400,000 1,648,182 Quarterly 2.6%
Gandhara Fund L.P. 1,120,000 1,275,747 Quarterly 2.0%
Hard Assets Partners, L.P. 1,200,000 1,422,901 Monthly 2.3%
Hayground Cove Institutional Partners,
L.P. 1,150,000 1,234,156 Quarterly 2.0%
Jana Partners Qualified, L.P. 2,450,000 2,491,035 Quarterly 4.0%
Kinetics Partners, L.P. 1,550,000 1,854,435 Quarterly 3.0%
MPC Pilgrim, L.P. 938,104 1,046,329 Monthly 1.7%
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments
(Unaudited)(Continued)
December 31, 2005
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
-------- --------------- ---- ---------- --------- -------
RX Healthcare Partners II, L.P. 691,404 720,856 Quarterly 1.2%
Seligman Tech Spectrum Fund LLC 750,000 781,065 Monthly 1.3%
SR Global, L.P. Asia 1,000,000 1,406,198 Monthly 2.3%
TCS Capital II, L.P. 1,175,000 1,542,761 Annually 2.5%
Torrey Pines Fund, L.L.C. 449,024 512,861 Quarterly 0.8%
Tracer Capital Partners QP, LP 1,000,000 1,138,090 Quarterly 1.8%
UC Financials Fund Limited 1,350,000 1,579,883 Monthly 2.5%
WF Japan Fund Limited 750,000 865,950 1.3%
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Total Long/Short Equity 22,473,532 26,044,342 41.7%
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Relative Value Affinium Fund Ltd 500,000 508,976 Annually 0.8%
Amaranth Capital Partners, L.L.C. 2,150,000 2,638,006 Annually 4.2%
Bogle World Fund, L.P. 1,600,000 1,794,957 Quarterly 2.9%
Citadel Wellington Partners, L.L.C. 3,400,000 3,658,013 Quarterly 5.9%
Ellington Overseas Partners, Ltd. 700,000 770,167 Quarterly 1.2%
HBK Offshore Fund Ltd 2,000,000 2,013,857 Quarterly 3.2%
Julius Baer Diversified Fixed Income Quarterly
Hedge Fund 881,616 989,270 1.6%
Marathon Global Convertible Fund L.P
750,000 752,788 Monthly 1.2%
Silverback Partners, L.P. 186,063 154,675 Quarterly 0.2%
Stadia Consumer Fund (QP), L.P. 968,258 926,402 Quarterly 1.5%
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Total Relative Value 13,135,937 14,207,111 22.7%
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Total $52,387,418 $58,398,761 93.5%
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Liabilities in Excess of Other Assets 4,061,927 6.5%
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Members' Capital $62,460,688 100.0%
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ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.
(Registrant) The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
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By (Signature and Title)* /s/ Pamela Kiernan
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Pamela Kiernan, President
(principal executive officer)
Date February 28, 2006
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Pamela Kiernan
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Pamela Kiernan, President
(principal executive officer)
Date February 28, 2006
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By (Signature and Title)* /s/ Marie Glassman
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Marie Glassman, Treasurer, Principal Financial
Officer and Accounting Officer
(principal financial officer)
Date February 23, 2006
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* Print the name and title of each signing officer under his or her signature.