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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-8F
Application for Deregistration of Certain Registered Investment Companies.
Instructions for using Form N-8F
This form may be filed by an investment company ("fund") that is currently
registered with the Securities and Exchange Commission under the Investment
Company Act of 1940 ("Act"), is seeking to deregister, and is in one of the four
categories in Instruction 1 below.
1. To use this form, the fund must be seeking to deregister under one of
the following circumstances identified in rule 8f-1 [17 CFR 270.8f-1]:
(a) The fund has (i) sold substantially all of its assets to another
registered fund or (ii) merged into or consolidated with another
registered fund ("Merger");
(b) The fund has distributed substantially all of its assets to its
shareholders and has completed, or is in the process of, winding
up its affairs ("Liquidation");
(c) The fund qualifies for an exclusion from the definition of
"investment company" under section 3(c)(1) or section 3(c)(7) of
the Act ("Abandonment of Registration"); or
(d) The fund has become a business development company ("Business
Development Company").
2. If the fund is not eligible to use this form, refer to rule 0-2 under
the Act [17 CFR 270.0-2] for general instructions on filing an
application with the Commission. Applications for deregistration
pursuant to rule 0-2 must be submitted electronically in accordance with
rule 101(a)(1)(iv) of Regulation S-T [17 CFR 232.101(a)(1)(iv)] and the
EDGAR Filer Manual.
3. This form and all exhibits must be submitted electronically to the
Commission in accordance with rule 101(a)(1)(iv) of Regulation S-T [17
CFR 232.101(a)(1)(iv)] and the EDGAR Filer Manual.
4. Amendments to this form also must be filed electronically (see
Instruction 3 above), and must include a verification identical to the
one that appears at the end of this form.
5. No fee is required to submit this form or any amendments.
6. Funds are reminded of the requirement to timely file a final Form N-SAR
with the Commission. See rule 30b1-1 under the Act [17 CFR 270.30b1-1];
Form N-SAR [17 CFR 274.101].
SEC's Collection of Information
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid OMB control
number. A fund that wishes to deregister and is in one of the four categories
in Instruction I may use this form. The principal purpose of this collection of
information is to enable the Commission to determine that a registered
investment company has ceased to be an investment company as defined by the Act
or is a business development company. The Commission estimates that the burden
for completing this form will be approximately 3 hours per filing. Any member
of the public may direct to the Commission any comments concerning the accuracy
of the burden estimate of this form, and any suggestions for reducing this
burden. This collection of information has been reviewed by the Office of
Management and Budget in accordance with the clearance requirements of 44 U.S.C.
Section 3507. Responses to this collection of information will not be kept
confidential.
Potential persons who are to respond to the collection of
SEC 1691 (5-02) information contained in this form are not required to
respond unless the form displays a currently valid OMB
control number.
I. General Identifying Information
1. Reason fund is applying to deregister (check only one, for descriptions,
see Instruction 1 above):
[ ] Merger
[X] Liquidation
[ ] Abandonment of Registration
(Note: Abandonments of Registration answer only questions 1
through 15, 24 and 25 of this form and complete verification at
the end of the form.)
[ ] Election of status as a Business Development Company
(Note: Business Development Companies answer only questions 1
through 10 of this form and complete verification at the end of
the form.)
2. Name of fund: The Brazil Fund, Inc.
3. Securities and Exchange Commission File No.: 811-5269
4. Is this an initial Form N-8F or an amendment to a previously filed Form
N-8F?
[X] Initial Application [ ] Amendment
5. Address of Principal Executive Office (include No. & Street, City,
State, Zip Code):
345 Park Avenue, New York, New York 10154
6. Name, address, and telephone number of individual the Commission staff
should contact with any questions regarding this form:
William D. Regner, Esq. c/o Debevoise & Plimpton LLP, 919 Third Ave.,
New York, NY 10022; (212) 909-6000
7. Name, address and telephone number of individual or entity responsible
for maintenance and preservation of fund records in accordance with
rules 31a-1 and 31a-2 under the Act [17 CFR 270.31a-1, .31a-2]:
John Millette, Secretary, The Brazil Fund, Inc., Two International
Place, Boston, MA, 02110; (617) 295-2572
NOTE: Once deregistered, a fund is still required to maintain and
preserve the records
described in rules 31 a-1 and 31a-2 for the periods specified in
those rules.
8. Classification of fund (check only one):
[X] Management company;
[ ] Unit investment trust; or
[ ] Face-amount certificate company.
9. Subclassification if the fund is a management company (check only one):
[ ] Open-end [X] Closed-end
10. State law under which the fund was organized or formed (e.g., Delaware,
Massachusetts):
Maryland
11. Provide the name and address of each investment adviser of the fund
(including sub-advisers) during the last five years, even if the fund's
contracts with those advisers have been terminated:
Deutsche Investment Management Americas Inc., 345 Park Ave., New York,
NY 10154
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12. Provide the name and address of each principal underwriter of the fund
during the last five years, even if the fund's contracts with those
underwriters have been terminated:
Not applicable.
13. If the fund is a unit investment trust ("UIT") provide:
(a) Depositor's name(s) and address(es):
Not applicable.
(b) Trustee's name(s) and address(es):
Not applicable.
14. Is there a UIT registered under the Act that served as a vehicle for
investment in the fund (e.g., an insurance company separate account)?
[ ] Yes [X] No
If Yes, for each UIT state:
Name(s):
File No.: 811-
Business Address:
15. (a) Did the fund obtain approval from the board of directors
concerning the decision to engage in a Merger, Liquidation or
Abandonment of Registration?
[X] Yes [ ] No
If Yes, state the date on which the board vote took place March
24, 2006
If No, explain:
(b) Did the fund obtain approval from the shareholders concerning
the decision to engage in a Merger, Liquidation or Abandonment
of Registration?
[X] Yes [ ] No
If Yes, state the date on which the shareholder vote took place:
May 15, 2006
If No, explain:
II. Distributions to Shareholders
16. Has the fund distributed any assets to its shareholders in connection
with the Merger or Liquidation?
[X] Yes [ ] No
(a) If Yes, list the date(s) on which the fund made those
distributions:
June 9, 2006
(b) Were the distributions made on the basis of net assets?
[X] Yes [ ] No
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(c) Were the distributions made pro rata based on share ownership?
[X] Yes [ ] No
(d) If No to (b) or (c) above, describe the method of distributions
to shareholders. For Mergers, provide the exchange ratio(s)
used and explain how it was calculated:
Not applicable.
(e) Liquidations only:
Were any distributions to shareholders made in kind?
[ ] Yes [X] No
If Yes, indicate the percentage of fund shares owned by
affiliates, or any other affiliation of shareholders:
Not applicable.
17. Closed-end funds only:
Has the fund issued senior securities?
[X] Yes [ ] No
If Yes, describe the method of calculating payments to senior
securityholders and distributions to other shareholders:
See question 21(a) below.
18. Has the fund distributed all of its assets to the fund's shareholders?
[ ] Yes [X] No
If No,
(a) How many shareholders does the fund have as of the date this
form is filed?
None.
(b) Describe the relationship of each remaining shareholder to the
fund:
Shareholders have received all liquidation distributions.
19. Are there any shareholders who have not yet received distributions in
complete liquidation of their interests?
[ ] Yes [X] No
If Yes, describe briefly the plans (if any) for distributing to, or
preserving the interests of, those shareholders:
Not applicable.
III. Assets and Liabilities
20. Does the fund have any assets as of the date this form is filed?
(See question 18 above)
[X] Yes [ ] No
If Yes,
(a) Describe the type and amount of each asset retained by the fund
as of the date this form is filed: The Fund has approximately
$2,954,000 in cash. The Fund also has dividend receivables with
a face amount of $2,381,003 relating to various portfolio
securities it previously owned. See questions 21 and 22 below.
(b) Why has the fund retained the remaining assets?
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The Fund has retained these assets to cover unpaid liabilities
and expenses in connection with its liquidation and dissolution.
(c) Will the remaining assets be invested in securities?
[ ] Yes [X] No
21. Does the fund have any outstanding debts (other than face-amount
certificates if the fund is a face-amount certificate company) or any
other liabilities?
[X] Yes [ ] No
If Yes,
(a) Describe the type and amount of each debt or other liability:
The Fund has $352,000 in unpaid expenses relating to its
liquidation and dissolution. See question 22 below.
The Fund has an outstanding loan of $3.5 million repayable in an
amount equal to the amounts received by the Fund in respect of
dividends receivable (which under Brazilian law are not
transferable) less expenses of the Fund after the date of its
liquidating distribution.
(b) How does the fund intend to pay these outstanding debts or other
liabilities? The Fund will use its remaining assets to pay the
remaining outstanding liabilities and expenses.
IV. Information About Event(s) Leading to Request For Deregistration
22. (a) List the expenses incurred in connection with the Merger or
Liquidation:
(i) Legal expenses: $409,000
(ii) Accounting expenses: $0
(iii) Other expenses (list and identify separately): Printing -
$8,300; Proxy Solicitation - $75,175
(iv) Total expenses (sum of lines (i)-(iii) above): $ 492,475
(b) How were those expenses allocated? To the Fund.
(c) Who paid those expenses? The Fund.
(d) How did the fund pay for unamortized expenses (if any)? Not
applicable.
23. Has the fund previously filed an application for an order of the
Commission regarding the Merger or Liquidation?
[ ] Yes [X] No
If Yes, cite the release numbers of the Commission's notice and order
or, if no notice or order has been issued, the file number and date the
application was filed:
Not applicable.
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V. Conclusion of Fund Business
24. Is the fund a party to any litigation or administrative proceeding?
[ ] Yes [X] No
If Yes, describe the nature of any litigation or proceeding and the
position taken by the fund in that litigation:
Not applicable.
25. Is the fund now engaged, or intending to engage, in any business
activities other than those necessary for winding up its affairs?
[ ] Yes [X] No
If Yes, describe the nature and extent of those activities:
Not applicable.
VI. Mergers Only
26. (a) State the name of the fund surviving the Merger:
(b) State the Investment Company Act file number of the fund
surviving the Merger: 811-
(c) If the merger or reorganization agreement has been filed with
the Commission, state the file number(s), form type used and
date the agreement was filed:
(d) If the merger or reorganization agreement has not been filed
with the Commission, provide a copy of the agreement as an
exhibit to this form.
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VERIFICATION
The undersigned states that (i) he or she has executed this Form N-8F
application for an order under section 8(f) of the Investment Company Act of
1940 on behalf of The Brazil Fund, Inc., (ii) he or she is the Secretary
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(Name of Fund) (Title)
of The Brazil Fund, Inc., and (iii) all actions by shareholders, directors
--------------------
(Name of Fund)
and any other body necessary to authorize the undersigned to execute and file
this Form N-8F application have been taken. The undersigned also states that
the facts set forth in this Form N-8F application are true to the best of his or
her knowledge, information, and belief.
(Signature)
/s/ John Millette
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John Millette
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