UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-5269
Brazil Fund, Inc.
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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)
Charles Rizzo
Two International Place
Boston, Massachusetts 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 295-3488
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Date of fiscal year end: 06/30
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Date of reporting period: 3/31/05
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Form N-Q is to be used by registered 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 270.30b1-4). 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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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 Brazil Fund, Inc.
Investment Portfolio as of March 31, 2005 (unaudited)
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Shares Value ($)
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Equity Securities 97.2%
Consumer Discretionary 1.0%
Textiles, Apparel & Luxury Goods
Grendene SA* 200,000 1,595,506
Sao Pau Alpargatas SA (Preferred) 32,579,600 4,197,521
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5,793,027
Consumer Staples 15.7%
Beverages 7.0%
Companhia de Bebidas das Americas (Preferred) 144,207,965 41,750,096
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Food & Staples Retailing 1.9%
Companhia Brasileira de Distribuicao Grupo Pao de
Acucar (Preferred) 540,916,400 11,446,358
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Food Products 2.8%
Sadia SA (Preferred) 10,198,045 16,843,962
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Personal Products 0.5%
Natura Cosmeticos SA 119,600 3,252,045
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Tobacco 3.5%
Souza Cruz SA (Voting) 1,735,943 20,805,310
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Energy 11.1%
Oil & Gas
Petroleo Brasileiro SA (Preferred) 1,711,658 66,126,413
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Financials 17.1%
Banks 16.7%
Banco Bradesco SA (Preferred) 948,029 27,446,682
Banco Itau Holding Financeira SA (Preferred) 444,049 72,345,062
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99,791,744
Insurance 0.4%
Porto Seguro SA* 300,000 2,697,753
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Health Care 0.4%
Health Care Equipment & Supplies
Diagnosticos da Amercia* 230,700 2,332,921
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Industrials 11.0%
Aerospace & Defense 1.9%
Empresa Brasileira de Aeronautica SA (Preferred) 1,498,932 11,705,143
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Airlines 0.6%
Gol-Linhas Aereas Inteligentes SA (Preferred)* 277,184 3,555,637
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Electrical Equipment 6.4%
Weg SA (Preferred) 14,356,500 38,176,461
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Road & Rail 1.0%
All America Latina Logistica (Preferred) (b) 834,000 4,576,067
All America Latina Logistica (Preferred)* (b) 52,100 1,434,214
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6,010,281
Transportation Infrastructure 1.1%
Companhia de Concessoes Rodoviarias 324,000 6,454,517
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Materials 28.5%
Chemicals 0.5%
Braskem SA "A" (Preferred)* 75,638,600 3,067,754
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Metals & Mining 21.4%
Caemi Mineracao e Metalurgica SA (Voting)* 14,490,500 13,459,341
Companhia Siderurgica Nacional SA (Voting) 1,205,800 28,586,944
Companhia Vale do Rio Doce SA "A" (Preferred)** 2,030,812 54,611,349
Companhia Vale do Rio Doce SA (Preferred)* 922,104 10,361
Gerdau SA (Preferred) 1,459,360 24,213,351
Usinas Siderurgicas de Minas Gerais SA "A" (Preferred) 325,600 7,011,985
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127,893,331
Paper & Forest Products 6.6%
Aracruz Celulos SA "B" (Preferred) 5,109,599 18,256,769
Klabin SA (Preferred) 1,364,000 2,258,008
Votorantim Celulose e Papel SA (Preferred) 1,434,500 18,643,127
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39,157,904
Telecommunication Services 6.4%
Diversified Telecommunication Services 2.9%
Brasil Telecom Participacoes SA (Preferred) 1,184,456,600 7,696,750
Brasil Telecom SA (Preferred) 1,132,078,868 4,600,395
Telemar Norte Leste SA "A" (Preferred) 219,434 5,095,471
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17,392,616
Wireless Telecommunication Services 3.5%
Tele Centro Oeste Celular Participacoes SA (Preferred)* 1,055,043,926 3,477,298
Tele Norte Leste Participacoes SA 49 929
Tele Norte Leste Participacoes SA (Preferred) 848,205 13,088,407
Telesp Celular Participacoes SA (Preferred)* 1,778,685,780 4,250,193
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20,816,827
Utilities 6.0%
Electric Utilities 4.6%
Centrais Eletricas Brasileiras SA "B" (Preferred) 380,000,000 4,867,416
Companhia Energetica de Minas Gerais SA (Preferred) 842,171,369 19,398,329
Companhia Paranaense de Energia-Copel "B" (Preferred) 645,166,700 3,022,860
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27,288,605
Multi-Utilities & Unregulated Power 0.5%
Ultrapar Participacoes SA (Preferred) 199,810,200 3,216,420
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Water Utilities 0.9%
Companhia Saneamento Basico do Sao Paulo SA (Voting) 106,400,000 5,190,487
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Total Equity Securities (Cost $187,321,191) 580,765,612
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Rights 0.0%
Telecommunication Services
Diversified Telecommunication Services
Brasil Telecom* 24,772,403 92,781
(Cost $0) ----------
Cash Equivalents 0.8%
Scudder Cash Management QP Trust, 2.69% (a)
(Cost $4,362,891) 4,362,891 4,362,891
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% of
Net Assets Value ($)
Total Investment Portfolio (Cost $191,684,082) 98.0 585,221,284
Other Assets and Liabilities, Net 2.0 12,217,056
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Net Assets 100.0 597,438,340
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For information on the Fund's policies regarding the valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent semi-annual or annual financial statements.
* Non-income producing security.
** These shares have limited voting rights.
(a) Scudder Cash Management QP Trust is managed by Deutsche Investment
Management Americas Inc. The rate shown is the annualized seven-day yield at
period end.
(b) Affiliated issuer. An affiliated issuer is a company in which the Fund has
ownership of at least 5% of the voting securities. A summary of the Fund's
transactions during the three months ended March 31, 2005 with companies which
are or were affiliates is as follows:
Common/ Realized
Preferred Purchase Sales Gain/ Dividend
Affiliate Shares Cost($) Cost($) (Loss)($) Income($)+ Value($)
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All America Latina
Logistica (Preferred) 834,000 1,364,179 - - 44,244 4,576,067
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All America Latina
Logistica (Preferred) 52,100 1,374,920 - - - 1,434,213
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2,739,099 - - 44,244 6,010,280
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+ Net of foreign taxes withheld.
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 Brazil Fund, Inc.
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: May 26, 2005
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.
Registrant: The Brazil Fund, Inc.
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: May 26, 2005
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer
Date: May 26, 2005