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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Price Waterhouse LLP
February 13, 1995
To the Board of Directors of The Brazil Fund, Inc.
In planning and performing our audit of the financial statements of The
Brazil Fund, Inc. (the "Fund") for the year ended December 31, 1994, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to provide assurance on
the internal control structure.
The Fund's management is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31,
1994.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/Price Waterhouse LLP
Price Waterhouse LLP
Exhibit 77Q2
Form of Section 16(a) Disclosure For Proxy Statement
and Form 10-K (pursuant to Item 405 of Regulation S-K)
Section 30(f) of the Investment Company Act of 1940, as amended
(the "1940 Act"), as applied to a fund, requires the fund's
Officers and Directors, Investment Manager, affiliates of the
Investment Manager, and persons who beneficially own more than
ten percent of a registered class of the fund's outstanding
securities ("reporting persons"), to file reports of ownership of
the fund's securities and changes in such ownership with the
Securities and Exchange Commission (the "SEC") and The New York
Stock Exchange. Such persons are required by SEC regulations to
furnish the fund with copies of all such filings.
Based solely upon its review of the copies of such forms received
by it, and written representations from certain reporting persons
that no year-end reports were required for those persons, the
Fund believes that during the fiscal year ended December 31,
1994, all filing requirements applicable to its reporting persons
were complied with except that Form 3 on behalf of Margaret
Hadzima, Richard Holt, Marco Aurelio Virzi, Ney Villas Boas
Marinho and several new subsidiaries of Banco Icatu were filed
late.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from The
Brazil Fund, Inc. Annual Report for the fiscal year ended December 31, 1994
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<NAME> The Brazil Fund, Inc.
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