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)
Salvatore Schiavone
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) 295-2663
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Date of fiscal year end: 06/30
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Date of reporting period: 9/30/04
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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 September 30, 2004 (Unaudited)
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Shares Value ($)
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Equity Securities 97.6%
Consumer Discretionary 0.7%
Textiles, Apparel & Luxury Goods
Sao Paulo Alpargatas SA (Preferred) 32,579,600 3,645,406
Consumer Staples 16.9%
Beverages 6.7%
Companhia de Bebidas das Americas (Preferred) 148,207,965 33,539,893
Food & Drug Retailing 2.2%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Preferred) 540,916,400 10,950,766
Food Products 3.8%
Sadia SA (Preferred) 10,198,045 19,047,765
Personal Products 0.4%
Natura Cosmeticos SA* 98,000 1,981,252
Tobacco 3.8%
Souza Cruz SA (Voting) 1,735,943 18,810,603
Energy 11.6%
Oil & Gas
Petroleo Brasileiro SA (Preferred) 1,773,458 58,209,618
Financials 13.6%
Banks
Banco Bradesco SA (Preferred) 322,443 16,996,209
Banco Itau Holding Financeira SA (Preferred) 462,349,180 51,345,178
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68,341,387
Industrials 11.5%
Aerospace & Defense 2.0%
Empresa Brasileira de Aeronautica SA (Preferred) 1,498,932 9,856,566
Airlines 0.5%
Gol-Linhas Aereas Inteligentes SA (Preferred)* 277,184 2,782,505
Electrical Equipment 7.5%
Weg SA (Preferred) 14,926,600 37,642,807
Road & Rail 0.7%
All America Latina Logistica (Preferred)* 166,800 3,465,519
Transportation Infrastructure 0.8%
Companhia de Concessoes Rodoviarias 324,000 4,176,076
Materials 30.1%
Chemicals 0.3%
Braskem SA "A" (Preferred)* 51,500,000 1,714,865
Metals & Mining 22.1%
Caemi Mineracao e Metalurgica SA (Voting)* 14,490,500 9,123,085
Companhia Siderurgica Nacional SA (Voting) 1,637,600 25,431,773
Companhia Vale do Rio Doce "A" (Preferred)** 2,118,912 40,614,333
Gerdau SA (Preferred) 1,889,360 30,795,444
Usinas Siderurgicas de Minas Gerais SA "A" (Preferred) 325,600 5,045,149
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111,009,784
Paper & Forest Products 7.7%
Aracruz Celulos SA "B" (Preferred) 5,109,599 16,871,149
Klabin SA (Preferred) 1,075,000 1,797,307
Votorantim Celulose e Papel SA (Preferred) 286,900,000 19,768,905
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38,437,361
Telecommunication Services 6.6%
Diversified Telecommunication Services 3.0%
Brasil Telecom Participacoes SA (Preferred) 1,184,456,600 7,664,375
Brasil Telecom SA (Preferred) 882,078,868 3,507,953
Telemar Norte Leste SA "A" (Preferred) 219,434 3,875,976
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15,048,304
Wireless Telecommunication Services 3.6%
Tele Centro Oeste Celular Participacoes SA (Preferred)* 1,055,043,926 3,572,167
Tele Norte Leste Participacoes SA (Preferred) 848,205 11,169,961
Tele Norte Leste Participacoes SA 49 608
Telesp Cellular Participacoes SA (Preferred)* 1,317,000,000 3,206,128
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17,948,864
Utilities 6.6%
Electric Utilities 5.1%
Centrais Eletricas Brasileiras SA "B" (Preferred) 380,000,000 5,648,828
Companhia Energetica de Minas Gerais SA (Preferred) 842,171,369 17,733,024
Companhia Paranaense de Energia-Copel "B" (Preferred) 645,166,700 2,308,519
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25,690,371
Multi-Utilities & Unregulated Power 0.5%
Ultrapar Participacoes SA (Preferred) 143,748,000 2,312,337
Water Utilities 1.0%
Companhia Saneamento Basico do Sao Paulo SA (Voting) 106,400,000 4,987,663
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Total Equity Securities (Cost $180,566,439) 489,599,712
Cash Equivalents 1.7%
Scudder Cash Management QP Trust, 1.70% (a)
(Cost $8,230,590) 8,230,590 8,230,590
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% of
Net Assets Value ($)
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Total Investment Portfolio (Cost $188,797,029) 99.3 497,830,302
Other Assets and Liabilities, Net 0.7 3,564,657
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Net Assets 100.0 501,394,959
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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.
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
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: November 19, 2004
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
By: /s/Julian Sluyters
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Julian Sluyters
Chief Executive Officer
Date: November 19, 2004
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer
Date: November 19, 2004