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)
345 PARK AVENUE
NEW YORK, NY 10154
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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: JUNE 30, 2006
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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)
June 30, 2006
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
-------- --------------- ---- ---------- --------- -------
Event Driven Avenue Europe Investments, L.P. $ 932,212 $ 1,146,062 Quarterly 1.4%
Gracie Capital L.P. 2,000,000 2,237,871 Annually 2.8%
Harbinger Capital Partners I, L.P. 1,374,965 1,731,951 Quarterly 2.2%
Jana Partners Qualified, L.P. 2,450,000 2,641,154 Quarterly 3.3%
Marathon Special Opportunity Fund, L.P. 1,500,000 1,738,540 Annually 2.2%
Merced Partners, L.P. 1,550,000 1,871,813 Annually 2.3%
Perry Partners, L.P. 2,600,000 2,970,510 Annually 3.7%
Strategic Value Restructuring Fund, L.P. 870,036 1,212,359 Annually 1.5%
Venor Capital Partners, L.P. 1,000,000 1,061,353 Quarterly 1.3%
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Total Event Driven 14,277,213 16,611,613 20.7%
Global Macro Anglian Commodities U.S. Feeder
Fund, L.L.C. 900,000 928,701 Annually 1.2%
Bear Stearns Emerging Markets Macro
Fund, L.P. 700,000 699,412 Monthly 0.9%
Bridgewater Pure Alpha Trading Fund I 1,112,166 1,310,425 Monthly 1.6%
Drawbridge Global Macro Fund, L.P. 1,352,844 1,780,825 Quarterly 2.2%
Gondwana Fund, Ltd. 850,000 885,476 Monthly 1.1%
Grinham Diversified Fund Ltd. 500,000 501,034 Monthly 0.6%
GSA Capital Macro Partners, L.P. 700,000 692,106 Monthly 0.9%
Red Kite Compass Fund, L.P. 500,000 535,500 Quarterly 0.7%
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Total Global Macro 6,615,010 7,333,479 9.2%
Long/Short Equity Artha Emerging Markets Fund, L.P. 1,050,000 1,459,697 Quarterly 1.8%
Blue Crest Equity Fund, L.P. 1,650,000 1,623,937 Quarterly 2.0%
Bonanza Partners, L.P. 1,250,000 1,401,325 Quarterly 1.8%
Delta Fund Europe, L.P. 1,532,438 2,348,462 Quarterly 2.9%
Delta Institutional, L.P. 1,500,000 1,684,962 Quarterly 2.1%
Ivory Flagship Fund, L.P. 1,400,000 1,735,063 Monthly 2.2%
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments (continued)
(unaudited)
June 30, 2006
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
-------- --------------- ---- ---------- --------- -------
Gandhara Fund, L.P. $ 1,870,000 $ 2,107,959 Quarterly 2.6%
Hard Assets Partners, L.P. 1,200,000 1,530,540 Monthly 1.9%
Hayground Cove Institutional
Partners, L.P. 1,150,000 1,345,849 Quarterly 1.7%
Kinetics Partners, L.P. 1,260,805 1,771,993 Quarterly 2.2%
Prism Partners QP, L.P. 1,575,000 1,594,190 Quarterly 2.0%
Seligman Tech Spectrum Fund LLC 1,250,000 1,362,918 Quarterly 1.7%
SR Global, L.P. Asia 1,625,000 2,089,887 Monthly 2.6%
TCS Capital II, L.P. 1,175,000 1,666,194 Annually 2.1%
The Steeple Capital Fund II, L.P. 1,100,000 1,005,433 Quarterly 1.3%
Third Coast Capital QP, L.P. 650,000 648,071 Quarterly 0.8%
Torrey Pines Fund, L.L.C. 899,023 1,051,634 Quarterly 1.3%
Tracer Capital Partners QP, LP 1,000,000 1,205,275 Quarterly 1.5%
UC Financials Fund Limited 1,350,000 1,745,856 Monthly 2.2%
WF Japan Fund Limited 750,000 778,566 Monthly 1.0%
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Total Long/Short Equity 25,237,266 30,157,811 37.7%
Relative Value All Blue Limited 1,600,000 1,549,206 Monthly 1.9%
Amaranth Capital Partners, LLC 2,150,000 3,186,130 Annually 4.0%
Black River Global Multi-Strategy
Leveraged Fund, L.L.C. 2,900,000 2,959,474 Annually 3.7%
Blue Crest Capital, L.P. 750,000 740,877 Quarterly 0.9%
Bogle World Fund, L.P. 1,600,000 1,925,898 Quarterly 2.4%
Citadel Wellington Partners, L.L.C. 3,400,000 4,049,550 Quarterly 5.1%
D.B. Zwirn Special Opportunities, L.P. 750,000 801,928 Annually 1.0%
Ellington Overseas Partners, Ltd. 700,000 814,210 Annually 1.0%
HBK Offshore Fund Ltd. 3,400,000 3,631,014 Quarterly 4.6%
Julius Baer Diversified Fixed
Income Hedge Fund 881,615 1,006,149 Monthly 1.3%
Marathon Fund L.P. 1,000,000 1,051,144 Monthly 1.3%
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Total Relative Value 19,131,615 21,715,580 27.2%
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Total $ 65,261,104 $ 75,818,483 94.8%
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Other assets in Excess of Liabilities 4,160,718 5.2%
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Members' Capital $ 79,979,201 100.0%
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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 August 11, 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 August 11, 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 August 11, 2006
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* Print the name and title of each signing officer under his or her signature.