UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 5) 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) December 22, 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 ----------------------- ----- -------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ----- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 484,600 EACH ----- -------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 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 ----------------------- ----- -------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ----- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 485,400 EACH ----- -------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 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 0 NUMBER OF ----- -------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,583,385 OWNED BY ----- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH ----- -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,583,385 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,583,385 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.75% -------- ----------------------------------------------------------------------- 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 ----------------------- ----- -------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ----- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 1,583,385 EACH ----- -------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 ----- -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,583,385 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,583,385 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.75% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN -------- ----------------------------------------------------------------------- Page 6 of 7 Pages This Amendment No. 5 to the Statement on Schedule 13D amends Items 4 and 7 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 on May 7, 2004 (and filed on May 26, 2004 under the proper form type), Amendment No. 2 filed on May 26, 2004, Amendment No. 3 filed on September 27, 2004 and Amendment No. 4 filed on October 24, 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 4. PURPOSE OF TRANSACTION. Item 4 is hereby amended by adding the following: On December 22, 2004, Carrousel sent a letter to the Board of Directors of the Fund (the Board"). In the letter, Carrousel expressed its views with respect to the Fund's December 15, 2004 press release. The foregoing description of the letter is not intended to be complete and it is qualified in its entirety by the complete text of the letter, which is filed as Exhibit A hereto and is incorporated herein by reference. 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). ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 is hereby amended by adding the following: Exhibit A. Letter, dated December 22, 2004, from Carrousel to the Chairman of the Board of Directors of the Fund. 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. Dated: December 22, 2004 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 CARROUSEL CAPITAL LTD 203-205 Brompton Road London SW3 1LA Tel: 44 20 7823 7044 Fax: 44 20 7591 3829 December 22, 2004 Board of Directors The Brazil Fund, Inc. c/o Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 Attn: Robert Callander, Chairman Dear Mr. Callander: We are writing to you, as Chairman of the Board of the Brazil Fund, Inc. (the "Fund"), to express our views with respect to the Fund's recent press release. The Fund has announced Board approval of an in-kind tender offer for 50% of the Fund's outstanding shares at 98% of net asset value ("NAV"). The Board has also approved additional steps to manage the discount to NAV in the future through smaller in-kind offers over the next three years. We understand that the tender offers are subject to regulatory approval and certain other conditions. Finally, the Board announced a reduction in the fees paid to Deutsche Investment Management Americas Inc. ("DeIM"), the Fund's investment manager. In our proxy campaign with respect to the Fund's most recent annual meeting, we advocated a meaningful repurchase plan, discount management and improved corporate governance. We are encouraged by the Board's actions which we believe are responsive to the wishes of the Fund's stockholders. We support the measures announced by the Board and the continued viability of the Fund as a closed-end vehicle. In our proxy campaign we also urged the Fund's stockholders to withhold their votes from the Fund's nominees to the Board. A majority of the votes that were cast were voted as we recommended. The stockholders of The Korea Fund, Inc., at that fund's most recent annual meeting, voted to elect two directors who were nominated by a stockholder and who were neither affiliated with that stockholder or DeIM nor did they serve on the board of any other fund managed by DeIM. At the times of their respective annual meetings, the composition of the Board of Directors The Brazil Fund, Inc. December 22, 2004 Page 2 boards of directors of the Fund and The Korea Fund was the same. We believe that five directors (representing the last two director classes) are to be elected at the Fund's 2005 annual meeting. We believe that it would be in the best interest of the Fund and its stockholders for the Board to nominate at least one full class consisting only of qualified future new board members who are not affiliated either with DeIM or other DeIM managed funds. As you consider nominations, we are hopeful that you will keep our views in mind. We would be happy to consult with you about such nominations. We look forward to the Fund's implementation of its announced program and to continued improved communication between the Board and the Fund's stockholders. Very truly yours, /s/ Bruno Sangle-Ferriere Bruno Sangle-Ferriere