UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
The Brazil Fund, Inc.
(Name of Issuer)
Common Stock, $0.01 par value per share
(Title of Class of Securities)
105759104
(CUSIP Number)
Bruno Sangle-Ferriere
Carrousel Capital Ltd.
203-205 Brompton Road
London SW3 1LA
+44 20 7823 7044
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
May 25, 2004
-------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Page 1 of 7 Pages)
-------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 7 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP No. 105759104
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carrousel Fund Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 484,600
REPORTING --------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
484,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,600
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.98%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO; IV*
--------------------------------------------------------------------------------
* Not registered under the Investment Company Act of 1940
Page 3 of 7 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP No. 105759104
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Carrousel Fund II Limited
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 485,400
REPORTING --------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
485,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
485,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.99%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO; IV*
--------------------------------------------------------------------------------
* Not registered under the Investment Company Act of 1940
Page 4 of 7 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP No. 105759104
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carrousel Capital Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 970,185
EACH --------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
970,185
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
970,185
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.97%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO; IA*
--------------------------------------------------------------------------------
* Not registered under the Investment Advisers Act of 1940.
Page 5 of 7 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP No. 105759104
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bruno Sangle-Ferriere
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 970,185
REPORTING --------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
970,185
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
970,185
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.97%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 6 of 7 Pages
This Amendment No. 2 to the Statement on Schedule 13D amends Items 2
and 4 of the Statement on Schedule 13D originally filed with the Securities and
Exchange Commission on April 5, 2004 and amended by Amendment No. 1 filed with
the Securities and Exchange Commission on May 7, 2004 by The Carrousel Fund Ltd.
("Carrousel Fund I"), The Carrousel Fund II Limited ("Carrousel Fund II"),
Carrousel Capital Ltd. ("Carrousel"), and Bruno Sangle-Ferriere
("Sangle-Ferriere" and, collectively with Carrousel Fund I, Carrousel Fund II
and Carrousel Capital, the "Reporting Persons") with respect to the shares of
common stock, $0.01 par value per share (the "Common Stock"), of The Brazil
Fund, Inc., a Maryland corporation (the "Fund").
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended by deleting the second paragraph thereof in its
entirety and replacing it with the following:
Carrousel Fund I is an investment company organized under the laws of the Cayman
Islands created to allow investors to take advantage of investment opportunities
in closed-end funds and similar investment activities. The shares of Carrousel
Fund I are listed on The Irish Stock Exchange. The address of Carrousel Fund I's
principal business and principal office is Walker House, P.O. Box 265 GT, Mary
Street, George Town, Grand Cayman, Cayman Islands.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended by adding the following:
As noted in Amendment No. 1 to this Schedule 13D, the Fund rejected
Carrousel Fund I's proposal to nominate three persons for election to the Fund's
Board of Directors (the "Board"). The Reporting Persons have determined not to
solicit proxies in favor of its nominees at the Fund's upcoming annual meeting
scheduled for July 7, 2004. However, the Reporting Persons intend to solicit
proxies to vote to withhold authority for the election of the Fund's nominees to
the Board (i.e., Vincent J. Esposito, Ronaldo A. da Frota Nogueira and Susan
Kaufman Purcell). The Reporting Persons believe that such a vote will send the
Board a strong message that its actions to date have been ineffectual at best in
maximizing stockholder value, and that the Board's continuation in office should
be evaluated in light of its failure to offer the stockholders any effective way
to maximize stockholder value.
The Reporting Persons reserve the right to acquire, or cause to be
acquired, additional securities of the Fund, to dispose of, or cause to be
disposed, such securities at any time or to formulate other purposes, plans or
proposals regarding the Fund or any of its securities, to the extent deemed
advisable in light of general investment and trading policies of the Reporting
Persons, market conditions or other factors.
Other than as set forth above, none of the Reporting Persons or, in the
case of non-individual Reporting Persons, any of their directors or executive
officers identified in Item 2, have any present plans or proposals which relate
to or could result in, any of the matters referred to in paragraphs (a) through
(j), inclusive, of Item 4 of Schedule 13D (although they reserve the right to
develop any such plans or proposals).
Page 7 of 7 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
THE CARROUSEL FUND LTD.
By: /s/ Bruno Sangle-Ferriere
-------------------------------
Name: Bruno Sangle-Ferriere
Title: Attorney-in-fact
THE CARROUSEL FUND II LIMITED
By: /s/ Bruno Sangle-Ferriere
-------------------------------
Name: Bruno Sangle-Ferriere
Title: Attorney-in-fact
CARROUSEL CAPITAL LTD.
By: /s/ Bruno Sangle-Ferriere
-------------------------------
Name: Bruno Sangle-Ferriere
Title: Director
/s/ Bruno Sangle-Ferriere
-------------------------------
Bruno Sangle-Ferriere