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)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
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Date of fiscal year end: 06/30
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Date of reporting period: 9/30/05
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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
Investment Portfolio as of September 30, 2005 (Unaudited)
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The Brazil Fund, Inc.
Shares Value ($)
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Common Stocks 97.4%
Consumer Discretionary 0.8%
Textiles, Apparel & Luxury Goods
Sao Paulo Alpargatas SA (Preferred) 325,796 6,427,685
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Consumer Staples 15.9%
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Beverages 7.4%
Companhia de Bebidas das Americas 28,841,593 8,664,634
Companhia de Bebidas das Americas (Preferred) 144,207,965 53,992,311
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62,656,945
Food & Staples Retailing 1.8%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Preferred) 540,916,400 15,522,666
Food Products 3.6%
Sadia SA (Preferred) 10,198,045 30,637,118
Personal Products 0.6%
Natura Cosmeticos SA 119,600 4,772,846
Tobacco 2.5%
Souza Cruz SA (Voting) 1,735,943 21,008,475
Energy 12.9%
Oil, Gas & Consumable Fuels
Petroleo Brasileiro SA (Preferred) 6,846,632 109,444,189
Financials 18.5%
Banks 17.7%
Banco Bradesco SA (Preferred) 902,629 44,034,632
Banco Itau Holding Financeira SA (Preferred) 444,049 106,024,613
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150,059,245
Diversified Financial Services 0.2%
Unibanco - Uniao de Bancos Brasileiros SA (Units) 158,400 1,686,134
Insurance 0.6%
Porto Seguro SA 528,000 5,244,014
Health Care 0.5%
Health Care Equipment & Supplies
Diagnosticos da America SA* * 278,500 4,358,197
Industrials 11.1%
Aerospace & Defense 1.7%
Empresa Brasileira de Aeronautica SA (Preferred) 1,498,932 14,651,922
Airlines 1.1%
Gol-Linhas Aereas Inteligentes SA (Preferred) 277,184 4,499,175
Tam SA (Preferred)* 390,200 4,505,269
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9,004,444
Commercial Services & Supplies 0.1%
Contax Participacoes SA* 49 44
Contax Participacoes SA (Preferred) 848,205 528,654
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528,698
Electrical Equipment 5.7%
Weg SA (Preferred) 14,356,500 48,215,490
Industrial Conglomerates 0.4%
Ultrapar Participacoes SA (Preferred) 199,810 3,400,052
Road & Rail 1.0%
All America Latina Logistica (Preferred) *** 218,900 8,686,508
Transportation Infrastructure 1.1%
Companhia de Concessoes Rodoviarias 324,000 9,217,918
Materials 25.5%
Chemicals 0.4%
Braskem SA "A" (Preferred) 302,554 3,118,876
Metals & Mining 20.1%
Caemi Mineracao e Metalurgica SA (Preferred) 14,490,500 23,000,793
Companhia Siderurgica Nacional SA (Voting) 1,205,800 27,990,434
Companhia Vale do Rio Doce "A" (Preferred) ** 2,030,812 79,103,506
Gerdau SA (Preferred) 2,189,040 32,852,286
Usinas Siderurgicas de Minas Gerais SA "A" (Preferred) 325,600 7,577,186
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170,524,205
Paper & Forest Products 5.0%
Aracruz Celulos SA "B" (Preferred) 5,109,599 20,619,850
Klabin SA (Preferred) 1,364,000 2,813,380
Votorantim Celulose e Papel SA (Preferred) 1,434,500 19,135,672
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42,568,902
Telecommunication Services 4.9%
Diversified Telecommunication Services 4.2%
Brasil Telecom Participacoes SA (Preferred) 1,184,456,600 10,090,878
Brasil Telecom SA (Preferred) 1,143,634,125 5,461,261
Tele Norte Leste Participacoes SA 49 1,112
Tele Norte Leste Participacoes SA (Preferred) 848,205 13,973,209
Telemar Norte Leste SA "A" (Preferred) 219,434 5,657,544
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35,184,004
Wireless Telecommunication Services 0.7%
Tele Centro Oeste Celular Participacoes SA (Preferred) 351,681 3,281,539
Telesp Celular Participacoes SA (Preferred)* 711,474 2,839,260
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6,120,799
Utilities 7.3%
Electric Utilities 6.4%
AES Tiete SA (Preferred) 224,960,000 4,650,101
Centrais Eletricas Brasileiras SA "B" (Preferred) 380,000,000 7,326,697
Companhia Energetica de Minas Gerais SA (Preferred) 842,171,369 32,097,824
Companhia Paranaense de Energia-Copel "B" (Preferred) 645,166,700 5,036,477
EDP - Energias do Brasil SA* 419,600 4,891,759
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54,002,858
Water Utilities 0.9%
Companhia Saneamento Basico do Sao Paulo SA (Voting) 106,400,000 7,508,877
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Total Common Stocks (Cost $199,628,262) 824,551,067
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Other Investments 0.0%
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Companhia Vale do Rio Doce (Cost $0) 922,104 20,136
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Cash Equivalents 1.6%
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Scudder Cash Management QP Trust, 3.74% (a) 13,483,030 13,483,030
(Cost $13,483,030)
% of
Net Assets Value ($)
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Total Investment Portfolio (Cost $ 213,111,292) 99.0 838,054,233
Other Assets and Liabilities, Net 1.0 8,157,143
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Net Assets 100.0 846,211,376
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.
*** Units representing four preferred shares and one common share.
(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.
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: Brazil Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 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: Brazil Fund, Inc.
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 2005
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer and Treasurer
Date: November 22, 2005