-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I6iOGi7ogaeP851eTsW2ChZelvldD+YtVXl2r3xXTI0pJOYWSbMj26k1muVClSV+ OoYK66mzP5g9fs14s90Hpg== 0000088053-06-001179.txt : 20060927 0000088053-06-001179.hdr.sgml : 20060927 20060927143452 ACCESSION NUMBER: 0000088053-06-001179 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060731 FILED AS OF DATE: 20060927 DATE AS OF CHANGE: 20060927 EFFECTIVENESS DATE: 20060927 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: 061110890 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 S000006031 DWS Latin America Equity Fund C000016574 Class A SLANX C000016575 Class AARP SLAMX C000016576 Class B SLAOX C000016577 Class C SLAPX C000016578 Class M SLALX C000016579 Class S SLAFX N-Q 1 nq073106int_laef.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: 10/31

Date of reporting period: 07/31/06

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 July 31, 2006 (Unaudited)

 

 

DWS Latin America Equity Fund

 

 

Shares

 

Value ($)

 

Equity Securities 97.6%

 

Argentina 5.3%

 

Banco Macro Bansud SA “B”

 

1,229,530

 

2,473,469

BI SA “A” (New)* (a)

 

2,326,823

 

34,902

BIARSA

 

3,481,824

 

891,347

Loma Negra SA* (a)

 

448,653

 

826,620

Nortel Inversora SA “B” (ADR) (Preferred)*

 

33,663

 

230,252

Quimica Estrella SA “B”*

 

359,687

 

90,156

Telecom Argentina SA “B”*

 

462,175

 

1,184,022

Tenaris SA (ADR)

 

851,400

 

33,136,488

(Cost $22,703,216)

 

38,867,256

Brazil 56.8%

 

Aracruz Celulose SA “B” (ADR) (Preferred)

 

95,400

 

4,768,092

Banco Bradesco SA (ADR) (Preferred)

 

883,300

 

29,617,049

Banco Itau Holding Financeira SA (ADR) (Preferred)

 

438,900

 

13,544,454

Banco Itau Holding Financeira SA (Preferred)

 

751,880

 

23,000,512

Brasil Telecom SA (Preferred)

 

36,511,333

 

143,662

Braskem SA “A” (Preferred)

 

52

 

270

Companhia de Bebidas das Americas (ADR) (Preferred)

 

386,700

 

15,564,675

Companhia de Concessoes Rodoviarias

 

659,800

 

6,202,211

Companhia Energetica de Minas Gerais (ADR) (Preferred)

 

32,700

 

1,426,047

Companhia Energetica de Minas Gerais SA (Preferred)

 

467,800,000

 

20,223,668

Companhia Siderurgica Nacional SA (ADR)

 

254,000

 

8,211,820

Companhia Vale do Rio Doce “A” (Preferred)

 

71,378

 

1,420,670

Companhia Vale do Rio Doce (ADR)

 

1,108,600

 

25,719,520

Companhia Vale do Rio Doce (ADR) (Preferred)

 

1,886,800

 

37,547,320

CPFL Energia SA (ADR)

 

70,900

 

2,643,861

Diagnosticos da America SA*

 

226,200

 

3,939,654

EDP - Energias do Brasil SA

 

275,400

 

3,114,153

Gerdau SA (ADR) (Preferred)

 

423,650

 

6,596,231

Gol-Linhas Aereas Inteligentes SA (ADR) (Preferred)

 

320,500

 

10,262,410

Localiza Rent a Car SA

 

37,100

 

773,379

Lojas Renner SA

 

136,900

 

7,928,936

Natura Cosmeticos SA

 

536,000

 

5,950,080

Net Servicos de Comunicacao SA (Preferred)*

 

10,421,800

 

5,844,448

Petroleo Brasileiro SA (ADR)

 

279,200

 

25,652,896

Petroleo Brasileiro SA (ADR) (Preferred)

 

528,200

 

43,756,088

Petroleo Brasileiro SA (Preferred)

 

3,129,988

 

64,599,614

Tam SA (ADR) (Preferred)*

 

291,800

 

7,864,010

Tim Participacoes SA (ADR) (Preferred)

 

314,600

 

7,802,080

Tractebel Energia SA

 

181,400

 

1,425,852

Unibanco - Uniao de Bancos Brasileiros SA (ADR)

 

213,900

 

14,838,243

Usinas Siderurgicas de Minas Gerais SA “A” (Preferred)

 

317,200

 

10,935,417

Votorantim Celulose e Papel SA (ADR) (Preferred)

 

460,300

 

7,176,077

(Cost $219,094,096)

 

418,493,399

Chile 2.4%

 

Cencosud SA

 

2,955,600

 

7,242,108

Empresa Nacional de Electricidad SA (ADR)

 

296,400

 

8,222,136

Sociedad Quimica y Minera de Chile SA (ADR)

 

20,200

 

2,171,702

(Cost $12,669,826)

 

17,635,946

Mexico 30.9%

 

 

 


 

America Movil SA de CV “L” (ADR)

 

2,423,300

 

86,705,674

Cemex SA de CV (ADR)*

 

1,339,276

 

37,928,296

Corporacion GEO SA de CV “B”*

 

4,282,400

 

16,936,211

Fomento Economico Mexicano SA de CV (ADR)

 

250,560

 

21,999,168

Grupo Financiero Banorte SA de CV “O”

 

5,912,300

 

16,235,396

Grupo Modelo SA de CV “C”

 

1,945,500

 

8,519,466

Grupo Televisa SA (ADR)

 

565,200

 

10,467,504

Urbi, Desarrollo Urbanos, SA de CV*

 

2,469,900

 

6,399,376

Wal-Mart de Mexico SA de CV “V”

 

7,209,384

 

22,230,784

(Cost $104,669,288)

 

227,421,875

United States 2.2%

 

NII Holdings, Inc.*

 

164,300

 

8,671,754

Southern Copper Corp.

 

80,100

 

7,729,650

(Cost $15,798,947)

 

16,401,404

Total Equity Securities (Cost $374,935,373)

 

718,819,880

 

Cash Equivalents 2.0%

 

United States

 

Cash Management QP Trust, 5.3% (b)
(Cost $14,876,008)

 

 

14,876,008

 

14,876,008

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $ 389,811,381)

99.6

 

733,695,888

Other Assets and Liabilities, Net

0.4

 

2,857,610

Net Assets

100.0

 

736,553,498

 

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)

The Fund may purchase securities that are subject to legal or contractual restrictions on resale (“restricted securities”). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund’s decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

 

Schedule of Restricted Securities

Acquisition Date

Acquisition Cost ($)

Value ($)

Value as % of Net Assets

BI SA “A” (New)

10/22/1993

3,360,564

34,902

0.00

Loma Negra SA

8/23/1999-

11/17/2001

4,816,805

826,620

0.11

Total Restricted Securities

 

 

861,522

0.11

 

(b)

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.

ADR: American Depositary Receipt

 

 

 


At July 31, 2006, the DWS Latin America Equity Fund had the following sector diversification:

 

 

As a % of Equity

Sector

Market Value ($)

 

Securities

 

Energy

 

167,145,086

 

23.3

%

 

Materials

 

151,031,685

 

21.0

%

 

Telecommunication Services

 

104,737,444

 

14.6

%

 

Financials

 

99,744,025

 

13.9

%

 

Consumer Staples

 

81,506,281

 

11.3

%

 

Consumer Discretionary

 

47,576,475

 

6.6

%

 

Utilities

 

37,055,717

 

5.2

%

 

Industrials

 

26,083,513

 

3.6

%

 

Health Care

 

3,939,654

 

0.5

%

 

Total

718,819,880

 

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 Latin America Equity Fund, a series of DWS International Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 22, 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 Latin America Equity Fund, a series of DWS International Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 22, 2006

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

September 22, 2006

 

 

 

EX-99.CERT 2 certifications-int_laef.htm CERTIFICATIONS

CERTIFICATIONS

I, Michael G. Clark, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Latin America Equity Fund, a series of DWS International Fund, Inc.;

 

2.

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;

 

3.

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;

 

4.

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

 

5.

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 Latin America Equity Fund, a series of DWS International Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 22, 2006

 

 


CERTIFICATIONS

I, Paul Schubert, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Latin America Equity Fund, a series of DWS International Fund, Inc.;

 

2.

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;

 

3.

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;

 

4.

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

 

5.

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 Latin America Equity Fund, a series of DWS International Fund, Inc.

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                                  September 22, 2006

 

 

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