0000088053-06-000051.txt : 20060125 0000088053-06-000051.hdr.sgml : 20060125 20060125140300 ACCESSION NUMBER: 0000088053-06-000051 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051130 FILED AS OF DATE: 20060125 DATE AS OF CHANGE: 20060125 EFFECTIVENESS DATE: 20060125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 06549108 BUSINESS ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2123266200 MAIL ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL INVESTMENTS LTD DATE OF NAME CHANGE: 19761203 N-Q 1 nq113005int_int.htm N-Q FILING

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number 811-642

Scudder International Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue

New York, NY 10154

(Address of principal executive offices) (Zip code)

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 454-7190

Date of fiscal year end: 08/31

Date of reporting period: 11/30/05

Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULE OF INVESTMENTS

Investment Portfolio as of November 30, 2005 (Unaudited)

Scudder International Fund

			Shares	Value ($)

	Common Stocks 99.8%
Australia 1.9%
Australia & New Zealand Banking Group Ltd.		952,498		16,763,432
Macquarie Airports		5,879,100		13,473,286

(Cost $27,113,791)				30,236,718
Brazil 1.8%
Companhia Vale do Rio Doce (ADR)		369,218		16,009,293
Petroleo Brasileiro SA (ADR)		170,230		11,507,548

(Cost $9,149,642)				27,516,841
Finland 3.4%
Fortum Oyj		766,800		13,446,065
Neste Oil Oyj*		413,800		12,103,188
Nokia Oyj		485,397		8,287,952
Nokia Oyj (ADR)		230,796		3,941,996
Nokian Renkaat Oyj (a)		1,191,310		15,498,575

(Cost $58,642,124)				53,277,776
France 7.8%
Axa		667,900		20,029,813
BNP Paribas SA		296,600		23,344,367
Pernod Ricard SA		100,112		16,347,295
Total SA (a)		189,968		47,477,399
Vivendi Universal SA		547,703		15,801,140

(Cost $85,773,236)				123,000,014
Germany 13.5%
Adidas-Salomon AG		102,600		17,998,058
Allianz AG (Registered)		165,718		24,076,453
BASF AG		252,200		18,592,682
Bayer AG		432,050		17,216,374
Commerzbank AG		654,432		19,287,456
Continental AG		178,370		15,088,527
Deutsche Boerse AG		140,300		13,772,894
E.ON AG		349,183		33,193,902
Fresenius Medical Care AG (a)		142,910		13,553,291
Hypo Real Estate Holding AG		568,000		29,520,220
Siemens AG (Registered)		133,470		10,090,834

(Cost $164,224,238)				212,390,691
Greece 2.2%
Alpha Bank AE		463,351		13,625,169
Hellenic Telecommunications Organization SA*		981,920		21,045,226

(Cost $21,242,005)				34,670,395
Hong Kong 0.8%
Esprit Holdings Ltd. (Cost $6,840,467)		1,821,180		12,798,227

Hungary 0.4%
OTP Bank Rt (REG S) (GDR) (Cost $1,805,548)	93,778	6,156,037
India 1.1%
ICICI Bank Ltd. (Cost $11,123,432)	1,465,800	17,517,736
Indonesia 1.0%
PT Telekomunikasi Indonesia (ADR) (Cost $15,171,472)	713,700	15,758,496
Ireland 2.0%
Anglo Irish Bank Corp. PLC	1,210,740	16,573,283
CRH PLC	522,500	13,820,984

(Cost $28,864,361)		30,394,267
Italy 5.3%
Assicurazioni Generali SpA	417,900	12,938,016
Banca Intesa SpA	5,399,730	26,030,822
Capitalia SpA (a)	2,910,800	16,288,405
Eni SpA (a)	1,042,628	28,272,929

(Cost $64,661,002)		83,530,172
Japan 21.6%
AEON Co., Ltd.	638,000	14,165,803
Aiful Corp.	161,096	12,172,891
Astellas Pharma, Inc.	465,500	17,927,340
Canon, Inc.	561,000	31,547,595
Credit Saison Co., Ltd.	310,000	13,271,471
Dai Nippon Printing Co., Ltd.	593,032	10,099,323
Daito Trust Construction Co., Ltd.	246,300	11,992,998
Mitsubishi Corp.	1,517,200	30,889,515
Mitsui & Co., Ltd.	1,191,000	14,619,505
Mitsui Fudosan Co., Ltd.	1,023,000	16,430,222
Mitsui Sumitomo Insurance Co., Ltd.	963,000	10,943,457
Mizuho Financial Group, Inc.	4,557	31,951,874
Nissan Motor Co., Ltd. (a)	1,745,333	17,925,795
Sega Sammy Holdings, Inc.	743,400	23,790,463
Sharp Corp.	696,547	10,749,860
Shinsei Bank Ltd.	1,455,000	8,136,471
Takefuji Corp.	186,000	12,529,880
Toyota Motor Corp.	843,500	40,811,110
Yamada Denki Co., Ltd.	94,500	9,601,686

(Cost $233,395,387)		339,557,259
Korea 1.9%
POSCO (ADR)	155,000	7,712,800
Samsung Electronics Co., Ltd.	38,301	22,059,365

(Cost $18,373,935)		29,772,165
Mexico 1.0%
Fomento Economico Mexicano SA de CV (ADR) (Cost $16,119,764)	237,800	16,168,022
Netherlands 2.3%
Royal Dutch Shell PLC "B" (Cost $23,803,313)	1,104,143	35,713,616
Norway 1.1%
Statoil ASA (Cost $9,456,079)	758,689	16,584,362
Russia 1.3%
AFK Sistema (REG S) (GDR)	404,791	8,802,717

OAO Gazprom (REG S) (ADR) (b)		5,084				359,310
OAO Gazprom (REG S) (ADR) (b)		164,456				11,643,485

(Cost $13,050,381)						20,805,512
Spain 1.1%
ACS, Actividades de Construccion y Servicios SA (Cost $15,508,329)		612,200				17,639,892
Sweden 3.1%
ForeningsSparbanken AB (Swedbank)		313,060				7,999,606
Modern Times Group MTG AB "B"*		220,900				8,551,211
SKF AB "B"		1,019,210				13,251,929
Telefonaktiebolaget LM Ericsson "B"		5,874,872				19,117,119

(Cost $31,729,210)						48,919,865
Switzerland 8.0%
Baloise Holding AG "R"		210,100				11,177,843
Nestle SA (Registered)		104,539				30,795,234
Novartis AG (Registered)		385,978				20,137,419
Roche Holding AG (Genusschein)		198,453				29,697,175
UBS AG (Registered)		361,970				33,212,980

(Cost $70,655,781)						125,020,651
Taiwan 0.7%
Hon Hai Precision Industry Co., Ltd. (Cost $6,555,939)		2,009,936				10,119,322
United Kingdom 16.5%
AstraZeneca PLC		263,632				12,118,896
BAA PLC		892,559				9,785,610
BHP Billiton PLC		1,854,531				27,533,694
Hammerson PLC		991,300				16,286,705
Hilton Group PLC		1,701,000				9,781,200
HSBC Holdings PLC		1,828,648				29,191,645
Imperial Tobacco Group PLC		939,830				27,955,189
Informa PLC		1,848,872				12,744,188
National Grid PLC		1,429,068				13,187,838
Prudential PLC		1,305,717				11,856,949
Punch Taverns PLC		1,207,979				17,221,971
Reckitt Benckiser PLC		485,200				14,954,026
Royal Bank of Scotland Group PLC		1,199,719				34,088,303
Vodafone Group PLC		10,653,946				22,882,404

(Cost $190,964,257)						259,588,618

Total Common Stocks (Cost $1,124,223,693)					1,567,136,654

			Principal Amount ($)			Value ($)

	Other Investments 0.0%
Brazil
Companhia Vale do Rio Doce * (Cost $0)				715,900		15,822
			Shares			Value ($)

	Securities Lending Collateral 7.4%
Scudder Daily Assets Fund Institutional, 4.07% (c) (d) (Cost $115,747,110)		115,747,110				115,747,110

	Cash Equivalents 0.0%
Scudder Cash Management QP Trust, 4.03% (e) (Cost $2,534)		2,534			2,534
			% of Net Assets		Value ($)

Total Investment Portfolio (Cost $ 1,239,973,337)		107.2		1,682,902,120
Other Assets and Liabilities, Net		(7.2)		(112,491,024)

Net Assets		100.0		1,570,411,096
	For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
*	Non-income producing security.
(a)	All or a portion of these securities were on loan. The value of all securities loaned at November 30, 2005 amounted to $109,944,924 which is 7.0% of net assets.
(b)	Securities with the same description are the same corporate entity but trade on different stock exchanges.
(c)	Scudder Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Asset Management, Inc. The rate shown is the annualized seven-day yield at period end.
(d)	Represents collateral held in connection with securities lending.
(e)	Scudder Cash Management QP Trust is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
ADR: American Depositary Receipt
GDR: Global Depositary Receipt

At November 30, 2005, the Scudder International Fund had the following sector diversification:

			As a % of
Sector	Market Value ($)	Common Stocks

Financials		518,647,686		33.1%
Consumer Discretionary		242,527,814		15.4%
Energy		177,107,902		11.3%
Materials		114,137,756				7.3%
Consumer Staples		106,219,766				6.8%
Industrials		105,117,677				6.7%
Information Technology			95,073,349				6.0%
Health Care			93,434,121				6.0%
Telecommunication Services			68,488,843				4.4%
Utilities			46,381,740				3.0%
Total Common Stocks	1,567,136,654				100%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

Scudder International Fund, a series of Scudder International Fund, Inc.

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

President

Date:

January 23, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Registrant:

Scudder International Fund, a series of Scudder International Fund, Inc.

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

President

Date:

January 23, 2006

By:	/s/Paul Schubert
	Paul Schubert

Chief Financial Officer and Treasurer

Date: January 23, 2006

EX-99.CERT 2 consents-int.htm CERTIFICATIONS

CERTIFICATIONS

I, Vincent J. Esposito, certify that:

I have reviewed this report on Form N-Q of Scudder International Fund, a series of Scudder International Fund, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Registrant:

Scudder International Fund, a series of Scudder International Fund, Inc.

By:	/s/Vincent J. Esposito
	Vincent J. Esposito

President

Date:

January 23, 2006

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of Scudder International Fund, a series of Scudder International Fund, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Registrant:

Scudder International Fund, a series of Scudder International Fund, Inc.

By:	/s/Paul Schubert
	Paul Schubert

Chief Financial Officer and Treasurer

Date: January 23, 2006