0000088053-06-000802.txt : 20060726 0000088053-06-000802.hdr.sgml : 20060726 20060726123813 ACCESSION NUMBER: 0000088053-06-000802 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060531 FILED AS OF DATE: 20060726 DATE AS OF CHANGE: 20060726 EFFECTIVENESS DATE: 20060726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS 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: 06980987 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 FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL INVESTMENTS LTD DATE OF NAME CHANGE: 19761203

0000088053 S000006030 DWS International Fund

C000016568 Class A SUIAX

C000016569 Class AARP AINTX

C000016570 Class B SUIBX

C000016571 Class C SUICX

C000016572 Class S SCINX

C000016573 Institutional Class SUIIX

C000019240 Investment Class

N-Q 1 nq053106int.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

DWS 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: 05/31/06

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 May 31, 2006 (Unaudited)

DWS International Fund

(formerly Scudder International Fund)

			Shares	Value ($)

	Common Stocks 96.3%
Australia 1.1%
Australia & New Zealand Banking Group Ltd. (Cost $11,378,216)		936,898		18,753,663
Belgium 2.4%
InBev NV		384,700		18,497,664
Umicore		151,500		21,916,496

(Cost $37,109,931)				40,414,160
Brazil 2.4%
Companhia Vale do Rio Doce (ADR)		264,518		12,323,894
Gol-Linhas Aereas Inteligentes SA (ADR) (Preferred) (a)		458,400		14,329,584
Petroleo Brasileiro SA (ADR)		167,430		14,541,295

(Cost $22,223,388)				41,194,773
China 0.4%
Bank of China Ltd. "H"* (Cost $7,647,868)		19,907,000		7,569,641
Finland 3.0%
Fortum Oyj		754,300		18,724,787
Nokia Oyj		477,497		10,248,332
Nokia Oyj (ADR)		226,996		4,873,604
Nokian Renkaat Oyj (a)		1,160,810		17,361,364

(Cost $44,793,631)				51,208,087
France 9.4%
Axa (a)		628,963		21,846,389
CNP Assurances (a)		227,067		22,521,126
Pernod Ricard SA		67,847		13,241,753
Schneider Electric SA (a)		195,549		20,286,673
Societe Generale* (a)		232,598		35,779,365
Total SA (a)		669,940		43,732,581

(Cost $113,061,190)				157,407,887
Germany 11.6%
BASF AG		224,851		18,300,372
Bayer AG		424,995		19,090,295
Commerzbank AG (a)		712,708		26,755,279
Continental AG		175,457		19,161,096
Deutsche Boerse AG (a)		138,009		17,932,751
E.ON AG		226,952		26,184,265
Fresenius Medical Care AG & Co. (a)		140,576		15,746,134
Hypo Real Estate Holding AG (a)		558,733		35,322,742
KarstadtQuelle AG* (a)		290,794		8,091,382
Stada Arzneimittel AG		198,532		7,942,605

(Cost $129,270,631)				194,526,921
Greece 1.7%
Alpha Bank AE		638,051		15,950,801

Hellenic Telecommunications Organization SA*	561,320	12,486,801

(Cost $13,732,712)		28,437,602
India 1.0%
ICICI Bank Ltd. (Cost $10,902,192)	1,441,900	16,733,891
Indonesia 0.8%
PT Telekomunikasi Indonesia (ADR) (Cost $8,419,976)	412,000	12,714,320
Ireland 2.4%
Anglo Irish Bank Corp. PLC	1,404,959	21,876,721
CRH PLC	568,800	19,094,369

(Cost $33,960,920)		40,971,090
Italy 5.4%
Banca Intesa SpA (a)	4,468,530	25,873,156
Banca Italease	510,800	26,431,427
Capitalia SpA	3,142,900	26,048,017
Saras SpA Raffinerie Sarde* (a)	1,860,995	12,149,946

(Cost $70,936,154)		90,502,546
Japan 20.7%
AEON Co., Ltd.	714,000	15,342,204
Canon, Inc.	463,000	32,262,527
Credit Saison Co., Ltd.	365,900	18,457,615
Daito Trust Construction Co., Ltd.	306,600	16,731,370
Komatsu Ltd.	908,000	18,430,186
Mitsubishi Corp.	1,492,200	31,915,502
Mitsubishi UFJ Financial Group, Inc.	570	7,836,261
Mitsui Fudosan Co., Ltd.	885,000	18,377,409
Mitsui Sumitomo Insurance Co., Ltd.	947,000	11,675,416
Mizuho Financial Group, Inc.	3,497	28,621,230
Nidec Corp.	166,900	12,593,845
Nishi-Nippon City Bank Ltd.	2,339,000	10,915,147
Nissan Motor Co., Ltd.	1,497,333	18,153,262
Sega Sammy Holdings, Inc.	667,400	26,744,042
Shinsei Bank Ltd.	2,275,000	15,222,401
Sumitomo Corp.	1,285,000	16,891,898
Toyota Motor Corp.	457,900	24,550,119
Yamada Denki Co., Ltd.	93,000	9,580,769
Yamaha Motor Co., Ltd.	501,000	13,506,521

(Cost $232,897,782)		347,807,724
Korea 2.0%
Hynix Semiconductor, Inc.*	304,000	10,121,698
Samsung Electronics Co., Ltd.	35,341	22,735,238

(Cost $17,381,868)		32,856,936
Mexico 1.1%
Fomento Economico Mexicano SA de CV (ADR)* (Cost $15,144,664)	223,500	19,174,065
Norway 2.7%
Aker Kvaerner ASA (a)	136,600	13,995,308
Norsk Hydro ASA (a)	1,140,400	32,134,460

(Cost $40,837,792)		46,129,768
Russia 1.5%
Novolipetsk Steel (GDR) 144A*	306,607	6,745,354

OAO Gazprom (ADR) (REG S) (b)		411,140				17,555,678
OAO Gazprom (ADR) (REG S) (b)		5,710				243,881

(Cost $12,498,677)						24,544,913
Sweden 1.8%
Assa Abloy AB "B"		945,700				16,751,921
Atlas Copco AB "B"		513,900				12,835,796

(Cost $30,575,133)						29,587,717
Switzerland 6.7%
Credit Suisse Group (Registered)		449,873				25,975,588
Novartis AG (Registered)		379,675				21,049,626
Roche Holding AG (Genusschein)		189,498				29,498,383
UBS AG (Registered)		327,455				37,036,247

(Cost $67,833,396)						113,559,844
Taiwan 0.7%
Hon Hai Precision Industry Co., Ltd. (Cost $6,446,508)		1,976,936				12,575,630

Turkey 0.6%
Turkcell Iletisim Hizmetleri AS (ADR) (a) (Cost $13,088,140)		783,800				9,797,500
United Kingdom 16.4%
AstraZeneca PLC		259,327				13,702,953
BHP Billiton PLC		1,824,249				35,901,453
BP PLC		1,311,432				15,441,668
GlaxoSmithKline PLC		480,544				13,294,801
Hammerson PLC		929,748				19,712,893
Imperial Tobacco Group PLC		682,130				20,857,767
Informa PLC		1,102,989				8,814,504
Kensington Group PLC		412,923				8,030,399
Ladbrokes PLC		1,754,759				13,046,537
Prudential PLC		2,312,937				25,370,256
Rolls-Royce Group PLC*		146,795,702				25,609,608
Royal Bank of Scotland Group PLC		1,073,333				34,611,137
Vodafone Group PLC		8,508,735				19,575,870
Whitbread PLC		1,092,281				21,431,699
(Cost $212,740,220)						275,401,545

United States 0.5%
Bunge Ltd. (Cost $8,346,442)		143,900				8,144,740

Total Common Stocks (Cost $1,161,227,431)					1,620,014,963
			Principal Amount ($)			Value ($)

	Other Investments 0.0%
Brazil
Companhia Vale do Rio Doce* (Cost $0)				715,900		13,002
			Shares			Value ($)

	Preferred Stocks 1.4%
Germany
Fresenius AG (a)		85,641				13,971,275
Porsche AG		9,136				8,857,189

Total Preferred Stocks (Cost $21,712,908)

22,828,464

Securities Lending Collateral 18.6%

Daily Assets Fund Institutional, 5.0% (c) (d)
(Cost $312,759,797)

312,759,797

312,759,797

Cash Equivalents 2.4%

Cash Management QP Trust, 5.01% (e) (Cost $40,854,802)

40,854,802

40,854,802

% of

Net Assets

Value ($)

Total Investment Portfolio (Cost $ 1,536,554,938)

118.7

1,996,471,028

Other Assets and Liabilities, Net

(18.7)

(314,620,167)

Net Assets

100.0

1,681,850,861

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 May 31, 2006 amounted to $297,935,521 which is 17.7% of net assets.

(b)

Securities with the same description are the same corporate entity but trade on different stock exchanges.

(c)

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)

Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

At May 31, 2006, the DWS International Fund had the following sector diversification:

Sector

Market Value ($)

As a % of Common and Preferred Stocks

Financials

581,236,968

35.4

Consumer Discretionary

204,922,506

12.5

Industrials

174,660,232

10.6

Energy

154,524,296

9.4

Materials

146,208,029

8.9

Health Care

115,205,777

7.0

Information Technology

105,410,874

6.4

Consumer Staples

79,915,989

4.9

Telecommunication Services

54,574,491

3.3

Utilities

26,184,265

1.6

Total Common and Preferred Stocks

1,642,843,427

100.0

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:

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

By:	/s/Michael G. Clark
	Michael G. Clark

President

Date:

July 24, 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:

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

By:	/s/Michael G. Clark
	Michael G. Clark

President

Date:

July 24, 2006

By:	/s/Paul Schubert
	Paul Schubert

Chief Financial Officer and Treasurer

Date: July 24, 2006

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

CERTIFICATIONS

I, Michael G. Clark, certify that:

I have reviewed this report on Form N-Q of DWS International Fund, a series of DWS 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:

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

By:	/s/Michael G. Clark
	Michael G. Clark

President

Date:

July 24, 2006

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of DWS International Fund, a series of DWS 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:

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

By:	/s/Paul Schubert
	Paul Schubert

Chief Financial Officer and Treasurer

Date: July 24, 2006