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THE BRAZIL FUND, INC.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
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[GRAPHIC OMITTED]
Press Release
FOR IMMEDIATE RELEASE
For additional information:
Rosalia Scampoli 212.250.5536, Media
Jonathan Diorio 800.349.4281, Investors
[GRAPHIC OMITTED]
THE BRAZIL FUND, INC. ANNOUNCES PRELIMINARY RESULTS
OF SPECIAL MEETING OF STOCKHOLDERS
NEW YORK, NY, February 17, 2006 -- The Brazil Fund, Inc. (NYSE: BZF) today
announced preliminary results of a vote held at the Fund's special meeting of
stockholders to consider a proposal to convert the Fund into an open-end
investment company.
The preliminary results indicate that approximately 10,586,086 shares of common
stock (representing 79.84% of shares represented at the meeting), or
approximately 65.18% of the Fund's common stock outstanding, were voted in favor
of the proposal. Approximately 2,730,422 shares of common stock, or
approximately 16.81% of the Fund's outstanding common stock, were voted against
the proposal. The proposal required the approval of holders of 75% of the Fund's
outstanding shares. Accordingly, the Fund will continue as a closed-end
investment company.
The Fund expects to post the final results early next week on its website at
www.thebrazilfund.com.
Robert Callander, Chairman of the Fund's Board of Directors, said, "We are
disappointed that the open-ending proposal did not succeed, particularly since
holders of a substantial majority of the Fund's shares favored open-ending. The
Board will meet in the near term to consider alternatives in light of the
stockholder vote."
The Brazil Fund, Inc. is a non-diversified, closed-end investment company. The
Fund seeks long-term capital appreciation through investing primarily in equity
securities of Brazilian issuers. Its shares are listed on the New York Stock
Exchange under the symbol "BZF".
# # #
There can be no assurance that any action proposed or adopted by the Board will
reduce or eliminate the discount at which the Fund's shares trade. Investments
in funds involve risks. Additional risks are associated with international
investing, such as government regulations and differences in liquidity, which
may increase the volatility of your investment.
Investments in funds involve risks. Additional risks are associated with
international investing, such as government regulations and differences in
liquidity which may increase the volatility of your investment. Foreign security
markets generally exhibit greater price volatility and are less liquid than the
US market. Additionally, this fund
focuses its investments in certain geographical regions, thereby increasing its
vulnerability to developments in that region and potentially subjecting the
fund's shares to greater price volatility.
Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one time public offering and once issued, shares of closed-end funds are sold
in the open market through a stock exchange. Shares of closed-end funds
frequently trade at a discount to net asset value. The price of the fund's
shares is determined by a number of factors, several of which are beyond the
control of the fund. Therefore, the fund cannot predict whether its shares will
trade at, below or above net asset value.
This announcement is not an offer to purchase or the solicitation of an offer to
sell shares of the Fund or a prospectus, circular or representation intended for
use in the purchase or sale of Fund shares. Fund shares are not FDIC-insured and
are not deposits or other obligations of, or guaranteed by, any bank. Fund
shares involve investment risk, including possible loss of principal.
NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
Scudder Investments is part of Deutsche Asset Management which is the marketing
name in the US for the asset management activities of Deutsche Bank AG, Deutsche
Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset
Management Investment Services Ltd., Deutsche Investment Management Americas
Inc. and Scudder Trust Company. [02/06 42028]