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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 0)*
THE BRAZIL FUND, INC.
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(Name of Issuer)
Common Stock ($ 0.01 par value)
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(Title of Class of Securities)
105759104
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(CUSIP Number)
James J. Greenberger, Esq., Schwartz, Cooper, Greenberger & Krauss
180 N. LaSalle Street, Ste. 2700, Chicago, IL 60601 (312)346-1300
-------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 6, 1995
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(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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with this statement /X/. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*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).
(Continued on following page(s))
Page 1 of 8 Pages
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CUSIP No. 105759104 13D Page 2 of 8 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HERMES INVESTMENT MANAGEMENT LIMITED
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 868,266
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 868,266
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
868,266
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 105759104 13D Page 3 of 8 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HERMES PENSIONS MANAGEMENT LIMITED
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
868,266
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
5.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 105759104 13D Page 4 of 8 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BT PENSION SCHEME
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
457,100
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
2.8%
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(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 105759104 13D Page 5 of 8 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
POST OFFICE STAFF SUPERANNUATION SCHEME
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
401,366
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
2.5%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Schedule 13D Page 6 of 8 Pages
THE BRAZIL FUND, INC.
(CUSIP No. 105759104)
REPORTING GROUP: HERMES INVESTMENT MANAGEMENT LIMITED
HERMES PENSIONS MANAGEMENT LIMITED
BT PENSION SCHEME
POST OFFICE STAFF SUPERANNUATION SCHEME
ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock of The Brazil Fund, Inc., par
value $.01 per share. The principal executive offices of The Brazil Fund,
Inc. is located at 345 Park Avenue, New York, NY 10154
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are Hermes Investment Management
Limited ("Hermes Investment"), Hermes Pensions Management Limited ("Hermes
Pensions"), the BT Pension Scheme ("BT"), and the Post Office Staff
Superannuation Scheme ("POSS"). BT and POSS are employee pension funds
organized under the laws of the United Kingdom. Hermes Investment and Hermes
Pensions are companies organized under the laws of the United Kingdom. Hermes
Pensions was, prior to March 31, 1995, known as Postel Investment Management
Limited and was jointly owned by BT and POSS. On March 31, 1995, Hermes
Pensions became a wholly-owned subsidiary of BT and Hermes Investment was
organized as a wholly-owned subsidiary of Hermes Pensions. The sole business
of Hermes Pensions and Hermes Investment is managing the investments of BT,
POSS and the Post Office Pension Scheme. The principal offices of each of the
reporting persons is located at Standon House, 21 Mansell Street, London E1
8AA, United Kingdom. During the last five years none of the reporting persons
has been convicted of any criminal offense or has been subject to any
judgment, decree or final order relating to federal or state securities laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
All funds used to make the purchases reported on this form were obtained
from the working capital of BT and POSS. Prior to the purchases reported on
this form, Hermes Pensions had acquired 342,825 shares of the common stock of
the issuer for the account of BT and 248,575 shares of the common stock of
the issuer for the account of POSS.
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Schedule 13D Page 7 of 8 Pages
ITEM 4. PURPOSE OF TRANSACTION
All purchases reported on this form were made for investment purposes
only. None of the reporting persons has any plans or proposals which relate
to or would result in any of the actions or events described in items (a)
through (j) of Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The reporting persons believe that approximately 16,230,000 shares
of the common stock of the issuer are outstanding. The aggregate number and
percentage of the class of securities reported on beneficially owned by the
reporting persons is as follows:
Reporting Persons Number of Shares Percentage
- ----------------- ---------------- ----------
Hermes Investment 868,266 5.3%
Hermes Pensions 868,266 5.3%
BT 457,100 2.8%
POSS 401,366 2.5%
(b) Hermes Investment has the sole power to vote and the sole power to
direct the disposition of all of the securities beneficially owned by the
reporting persons, comprising 868,266 shares of the common stock of the
issuer.
(c) Hermes Investment (or, prior to March 31, 1995, Hermes Pensions)
made the following purchases of common stock of the issuer for the account of
the indicated beneficiary through Robert Fleming & Co.:
Number of Shares
Date Beneficiary Purchased Price Per Share
- ---- ----------- --------- ---------------
03/06/95 POSS 29,800 $23.50
03/07/95 BT 30,000 $22.63
11/28/95 POSS 102,791 $15.75+
11/28/95 BT 114,275 $15.75+
+ Rights offering executed directly with issuer
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Schedule 13D Page 8 of 8 Pages
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Pursuant to Investment Management Agreements, dated March 31, 1995,
Hermes Investment acts as an investment advisor to BT and POSS and has sole
voting power and power to direct the disposition of securities acquired for
their benefit by Hermes Investment. Hermes Pensions is a wholly-owned
subsidiary of BT and Hermes Investment is a wholly-owned subsidiary of Hermes
Pensions.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
SIGNATURE
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: April 16, 1996
HERMES INVESTMENT HERMES PENSIONS
MANAGEMENT LIMITED MANAGEMENT LIMITED
By: /s/ F.W Le Grice By: /s/ F.W. Le Grice
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Title: Company Secretary Title: Company Secretary
POST OFFICE STAFF BT PENSION SCHEME
SUPERANNUATION SCHEME
By: /s/ M.C. Duncombe By: /s/ illegible
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Title: Chief Executive Title: Secretary
