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, 2007
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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, 2007
% OF MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY* CAPITAL
-------- --------------- ---- ---------- --------- -------
Event Driven Avenue Europe Investments, L.P. $ 932,212 $ 1,283,905 Quarterly 1.4%
Gracie Capital L.P. 1,452,431 1,930,298 Annually 2.1%
Harbinger Capital Partners I, L.P. 1,374,965 2,340,242 Quarterly 2.6%
Jana Partners Qualified, L.P. 2,450,000 3,294,218 Quarterly 3.7%
Marathon Special Opportunity Fund,
L.P. 1,500,000 1,966,338 Annually 2.2%
Merced Partners, L.P. 1,550,000 1,985,912 Annually 2.2%
Perry Partners, L.P. 2,600,000 3,314,641 Annually 3.7%
Strategic Value Restructuring Fund, L.P. 870,036 1,473,891 Annually 1.6%
Venor Capital Partners, L.P. 2,000,000 2,506,841 Quarterly 2.8%
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Total Event Driven 14,729,644 20,096,286 22.3%
Global Macro Bear Stearns Emerging Markets Macro
Fund, L.P. 304,387 498,893 Quarterly 0.6%
Bridgewater Pure Alpha Trading Fund I 1,112,167 1,294,470 Monthly 1.4%
Drawbridge Global Macro Fund, L.P. 1,208,209 1,895,495 Quarterly 2.1%
Gondwana Fund, Ltd. 1,150,000 1,209,964 Monthly 1.3%
Grinham Diversified Fund Ltd. 950,000 1,009,949 Monthly 1.1%
GSA Capital Macro Partners, L.P. 700,000 801,321 Monthly 0.9%
Red Kite Compass Fund, Ltd. 349,545 449,618 Quarterly 0.5%
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Total Global Macro 5,774,308 7,159,710 7.9%
Long/Short Equity Artha Emerging Markets Fund, L.P. 1,050,000 1,864,171 Quarterly 2.1%
Blue Crest Equity Fund, L.P. 1,650,000 1,633,198 Quarterly 1.8%
Bonanza Partners L.P. 999,499 1,301,663 Quarterly 1.4%
Brevan Howard Equity Strategies Fund L.P. 1,600,000 1,783,939 Monthly 2.0%
CPIM Structured Credit Fund 1000 Inc.
AQ1 1,300,000 1,297,922 Quarterly 1.4%
Delta Fund Europe L.P. 1,036,103 1,712,419 Quarterly 1.9%
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments (continued)
(unaudited)
June 30, 2007
% OF MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY* CAPITAL
-------- --------------- ---- ---------- --------- -------
Delta Institutional L.P. $ 1,650,000 $ 2,029,454 Quarterly 2.2%
Hard Assets Partners, L.P. 1,138,421 1,519,468 Monthly 1.7%
Hayground Cove Institutional Partners,
L.P. 662,226 963,572 Quarterly 1.1%
Ivory Flagship Fund, L.P. 1,211,463 1,675,340 Quarterly 1.9%
Kinetics Partners, L.P. 721,513 1,353,022 Quarterly 1.5%
Lapp Opportunity Fund, L.P. 900,000 1,046,644 Monthly 1.2%
Perceptive Life Sciences Fund 1,400,000 1,632,279 Quarterly 1.8%
Prism Partners QP, L.P. 1,575,000 1,852,333 Quarterly 2.1%
Seligman Tech Spectrum Fund LLC 974,882 1,309,840 Quarterly 1.4%
SR Global, L.P. Asia 1,273,242 2,137,566 Monthly 2.4%
Talaris Fund, L.P. 1,000,000 1,068,098 Quarterly 1.2%
TCS Capital II, L.P. 1,283,017 2,402,665 Annually 2.7%
Third Coast Capital QP, L.P. 1,400,000 1,639,443 Quarterly 1.8%
Torrey Pines Fund, L.L.C. 899,024 1,173,104 Quarterly 1.3%
Tracer Capital Partners QP, LP 1,606,000 2,098,578 Quarterly 2.3%
UC Financials Fund Limited 962,044 1,420,228 Monthly 1.6%
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Total Long/Short
Equity 26,292,434 34,914,946 38.8%
Relative Value All Blue Limited 797,637 897,107 Monthly 1.0%
Amaranth Capital Partners, LLC 393,922 188,921 Annually 0.2%
Black River Global Multi-Strategy
Leveraged Fund, L.L.C. 2,900,000 3,349,696 Annually 3.7%
Blue Crest Capital, L.P. 750,000 770,638 Quarterly 0.9%
Bogle World Fund, L.P. 2,400,000 3,007,319 Quarterly 3.3%
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments (continued)
(unaudited)
June 30, 2007
% OF MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY* CAPITAL
-------- --------------- ---- ---------- --------- -------
Citadel Wellington Partners, L.L.C. $ 3,015,926 $ 5,147,558 Quarterly 5.7%
D.B. Zwirn Special Opportunities, L.P. 1,250,000 1,532,232 Annually 1.7%
HBK Offshore Fund Ltd. 3,775,000 4,457,415 Quarterly 5.0%
Highbridge Asia Opportunities Fund, Ltd. 1,150,000 1,352,428 Quarterly 1.5%
Linden International Ltd. 1,950,000 2,200,782 Quarterly 2.4%
Marathon Fund L.P. 1,000,000 1,138,853 Quarterly 1.3%
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Total Relative Value 19,382,485 24,042,949 26.7%
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Total $ 66,178,871 $ 86,213,891 95.7%
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Other Assets in Excess of Liabilities 3,841,650 4.3%
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Members' Capital $ 90,055,541 100.0%
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* Investment Funds may also be subject to initial lock-up periods, gates and/or other limitations or redemptions.
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 29, 2007
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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 29, 2007
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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 29, 2007
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* Print the name and title of each signing officer under his or her signature.