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 811-21480
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The Topiary 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: December 31, 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.
DB Topiary Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments
(unaudited)
December 31, 2006
% OF MEMBERS'
INVESTMENT FUND FAIR VALUE CAPITAL
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DB Topiary Offshore Fund for Benefit Plan Investors (BPI) LLC $ 79,076,085 100.1%
Grand Total
Liabilities in Excess of Other Assets (2,268) (0.1)%
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Members' Capital $ 79,073,817 100.0%
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The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments
(unaudited)
December 31, 2006
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
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Event Driven Avenue Europe Investments, L.P. $ 932,212 $ 1,198,141 Quarterly 1.5%
Gracie Capital L.P. 2,000,000 2,388,577 Annually 3.0%
Harbinger Capital Partners I, L.P. 1,374,965 1,865,339 Quarterly 2.3%
Jana Partners Qualified, L.P. 2,450,000 2,900,243 Quarterly 3.6%
Marathon Special Opportunity Fund,
L.P. 1,500,000 1,813,218 Annually 2.3%
Merced Partners, L.P. 1,550,000 1,960,115 Annually 2.4%
Perry Partners, L.P. 2,600,000 3,089,823 Annually 3.8%
Strategic Value Restructuring Fund, L.P. 870,036 1,344,510 Annually 1.7%
Venor Capital Partners, L.P. 2,000,000 2,220,565 Quarterly 2.8%
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Total Event Driven 15,277,213 18,780,531 23.4%
Global Macro Bear Stearns Emerging Markets Macro
Fund, L.P. 304,387 416,420 Monthly 0.5%
Bridgewater Pure Alpha Trading Fund I 1,112,167 1,263,587 Monthly 1.6%
Drawbridge Global Macro Fund, L.P. 1,208,209 1,715,426 Quarterly 2.1%
Gondwana Fund, Ltd. 850,000 869,693 Monthly 1.1%
Grinham Diversified Fund Ltd. 950,000 974,222 Monthly 1.2%
GSA Capital Macro Partners, L.P. 700,000 713,409 Monthly 0.9%
Red Kite Compass Fund, L.P. 349,545 449,900 Quarterly 0.6%
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Total Global Macro 5,474,308 6,402,657 8.0%
Long/Short Equity Artha Emerging Markets Fund, L.P. 1,050,000 1,728,034 Quarterly 2.2%
Blue Crest Equity Fund, L.P. 1,650,000 1,677,839 Quarterly 2.1%
Bonanza Partners L.P. 999,499 1,246,286 Quarterly 1.6%
Brevan Howard Equity Strategies Fund L.P. 1,250,000 1,330,515 Monthly 1.7%
CPIM Structured Credit Fund 1000 Inc.
AQ1 1,000,000 1,004,500 Quarterly 1.2%
Delta Fund Europe L.P. 1,036,103 1,656,178 Quarterly 2.1%
Delta Institutional L.P. 1,650,000 1,769,200 Quarterly 2.2%
Hard Assets Partners, L.P. 938,421 1,233,122 Monthly 1.5%
Hayground Cove Institutional Partners,
L.P. 662,226 844,086 Quarterly 1.1%
The Topiary Master Fund for Benefit Plan Investors (BPI) LLC
Schedule of Investments (continued)
(unaudited)
December 31, 2006
% OF
MEMBERS'
STRATEGY INVESTMENT FUND COST FAIR VALUE LIQUIDITY CAPITAL
-------- --------------- ---- ---------- --------- --------
Ivory Flagship Fund, L.P. $ 1,211,463 $ 1,616,169 Monthly 2.0%
Kinetics Partners, L.P. 721,513 1,164,579 Quarterly 1.4%
Perceptive Life Sciences Fund 900,000 993,101 Quarterly 1.2%
Prism Partners QP, L.P. 1,575,000 1,770,901 Quarterly 2.2%
Seligman Tech Spectrum Fund LLC 974,882 1,222,963 Quarterly 1.5%
SR Global, L.P. Asia 1,273,242 1,857,470 Monthly 2.3%
TCS Capital II, L.P. 1,283,017 2,017,611 Annually 2.5%
Third Coast Capital QP, L.P. 1,400,000 1,491,055 Quarterly 1.9%
Torrey Pines Fund, L.L.C. 899,024 1,065,332 Quarterly 1.3%
Tracer Capital Partners QP, LP 1,506,000 2,026,356 Quarterly 2.5%
UC Financials Fund Limited 862,044 1,298,201 Monthly 1.6%
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Total Long/Short Equity 22,842,434 29,013,498 36.1%
Relative Value All Blue Limited 797,637 835,967 Monthly 1.0%
Amaranth Capital Partners, LLC 855,109 406,633 Annually 0.5%
Black River Global Multi-Strategy
Leveraged Fund, L.L.C. 2,900,000 3,184,438 Annually 4.0%
Blue Crest Capital, L.P. 750,000 741,865 Quarterly 0.9%
Bogle World Fund, L.P. 2,400,000 2,818,170 Quarterly 3.5%
Citadel Wellington Partners, L.L.C. 3,400,000 4,917,199 Quarterly 6.1%
D.B. Zwirn Special Opportunities, L.P. 1,250,000 1,416,965 Annually 1.8%
HBK Offshore Fund Ltd. 3,400,000 3,882,422 Quarterly 4.8%
Highbridge Asia Opportunities Fund, L.P. 1,150,000 1,225,639 Quarterly 1.6%
Linden International Ltd. 1,950,000 2,070,024 Quarterly 2.6%
Marathon Fund L.P. 1,000,000 1,092,695 Monthly 1.4%
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Total Relative Value 19,852,746 22,592,017 28.2%
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Total $ 63,446,701 $ 76,788,703 95.7%
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Other Assets in Excess of Liabilities 3,480,556 4.3%
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Members' Capital $ 80,269,259 100.0%
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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 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, 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 February 28, 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 February 28, 2007
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* Print the name and title of each signing officer under his or her signature.