-----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, OoYElXFeUbvYAg6xkSPOwcXlSOXRnG07Zwj+5yP89e2s59oGQBeiWJ6LMCSjgVIL i/QTmBPBlLeC8k22kGa6CQ== 0000088053-09-000349.txt : 20090330 0000088053-09-000349.hdr.sgml : 20090330 20090330114355 ACCESSION NUMBER: 0000088053-09-000349 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090131 FILED AS OF DATE: 20090330 DATE AS OF CHANGE: 20090330 EFFECTIVENESS DATE: 20090330 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: 09712802 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 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 C000016576 Class B SLAOX C000016577 Class C SLAPX C000016579 Class S SLAFX N-Q 1 nq013109int_laef.htm N-Q - DWS INTERNATIONAL FUND, INC. - DWS LATIN AMERICA EQUITY FUND

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 10154-0004

(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: 1/31/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of January 31, 2009 (Unaudited)

 

 

DWS Latin America Equity Fund

 

 

 

Shares

 

Value ($)

 

Equity Securities 96.2%

 

Argentina 2.3%

 

Nortel Inversora SA "A" (ADR) (Preferred)*

 

33,663

 

121,187

Telecom Argentina SA "B"*

 

893,275

 

1,501,819

Tenaris SA

 

197,070

 

2,007,168

Tenaris SA (ADR)

 

328,500

 

6,501,015

(Cost $9,362,833)

 

10,131,189

Brazil 58.7%

 

All America Latina Logistica SA (Unit)

 

1,170,500

 

4,439,827

Banco Bradesco SA (ADR) (Preferred)

 

2,106,900

 

18,856,755

Braskem SA "A" (Preferred)

 

52

 

128

Companhia de Bebidas das Americas (ADR) (Preferred)

 

257,800

 

10,515,662

 

 

 

Companhia Energetica de Minas Gerais (ADR) (Preferred)

 

141,300

 

1,920,267

Companhia Paranaense de Energia (ADR) (Preferred)

 

443,600

 

4,098,864

Companhia Vale do Rio Doce "A" (ADR) (Preferred)

 

3,655,300

 

44,375,342

Companhia Vale do Rio Doce "A" (Preferred)

 

9,156

 

110,543

Companhia Vale do Rio Doce (ADR)

 

198,655

 

2,803,022

EDP - Energias do Brasil SA

 

509,700

 

4,877,302

Equatorial Energia SA

 

777,400

 

3,434,634

GVT Holding SA*

 

728,200

 

7,793,623

Lojas Renner SA

 

506,900

 

3,091,653

Lupatech SA*

 

589,500

 

6,276,142

Net Servicos de Comunicacao SA (Preferred)*

 

1,012,253

 

6,418,208

Perdigao SA

 

159,400

 

2,198,621

Petroleo Brasileiro SA (ADR)

 

153,100

 

4,011,220

Petroleo Brasileiro SA (ADR) (Preferred)

 

2,696,600

 

58,408,356

Petroleo Brasileiro SA (Preferred)

 

1,691,476

 

18,248,984

Redecard SA

 

1,066,600

 

12,068,211

SLC Agricola SA

 

260,700

 

1,404,634

Totvs SA

 

349,000

 

5,972,112

Totvs SA (Unit)

 

1,094

 

1,229,875

Tractebel Energia SA

 

586,500

 

4,535,263

Unibanco - Uniao de Bancos Brasileiros SA (GDR)

 

190,800

 

10,738,224

Usinas Siderurgicas de Minas Gerais SA "A" (Preferred)

 

343,275

 

4,270,223

Vivo Participacoes SA (ADR)

 

1,120,100

 

15,883,018

(Cost $191,022,189)

 

257,980,713

Canada 1.9%

 

Yamana Gold, Inc. (a) (Cost $14,888,920)

 

1,037,200

 

8,359,832

Chile 4.6%

 

Banco Santander Chile (ADR)

 

155,900

 

5,515,742

Compania Cervecerias Unidas SA

 

192,493

 

1,173,053

Empresa Nacional de Electricidad SA (ADR)

 

125,800

 

4,702,404

Empresa Nacional de Telecomunicaciones SA

 

307,840

 

3,393,225

Enersis SA (ADR)

 

387,800

 

5,564,930

(Cost $20,325,667)

 

20,349,354

Mexico 23.7%

 

America Movil SAB de CV "L" (ADR)

 

1,312,100

 

37,407,971

Corporacion GEO SAB de CV "B"*

 

3,956,100

 

4,364,368

Desarrolladora Homex SAB de CV*

 

223,200

 

712,137

Desarrolladora Homex SAB de CV (ADR)*

 

121,700

 

2,320,819

Fomento Economico Mexicano SAB de CV (ADR) (Unit)

 

760,900

 

21,419,335

Genomma Lab Internacional SA de CV "B"*

 

2,438,500

 

1,459,641

Grupo Televisa SA (ADR)

 

1,053,400

 

14,737,066

Kimberly-Clark de Mexico SAB de CV "A"

 

731,400

 

2,387,551

Mexichem SAB de CV

 

321,600

 

235,034

Urbi, Desarrollos Urbanos, SAB de CV*

 

3,877,300

 

3,980,579

Wal-Mart de Mexico SAB de CV "V"

 

7,209,129

 

15,048,184

(Cost $89,829,002)

 

104,072,685

Peru 5.0%

 

Compania de Minas Buenaventura SA (ADR)

 

606,100

 

11,418,924

Credicorp Ltd.

 

252,700

 

10,436,510

(Cost $24,524,476)

 

21,855,434

Total Equity Securities (Cost $349,953,087)

 

422,749,207

 

 

 

 

Cash Equivalents 1.1%

 

Cash Management QP Trust, 1.12% (b)
(Cost $4,975,740)

 

 

4,975,740

 

4,975,740

 

% of
Net Assets

 

Value ($)

Total Investment Portfolio (Cost $354,928,827) †

97.3

 

427,724,947

Other Assets and Liabilities, Net

2.7

 

11,792,039

Net Assets

100.0

 

439,516,986

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.

The cost for federal income tax purposes was $359,443,945. At January 31, 2009, net unrealized appreciation for all securities based on tax cost was $68,281,002. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $144,764,066 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $76,483,064.

(a)

Security is listed in country of domicile. Significant business activities of company are in Latin America.

(b)

Affiliated fund 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 January 31, 2009, the DWS Latin America Equity Fund had the following sector diversification:

Sector

Market Value ($)

 

As a % of

Equity Securities

Energy

 

89,176,743

 

21.1

%

Materials

 

71,338,014

 

16.9

%

Telecommunication Services

 

66,100,843

 

15.6

%

Consumer Staples

 

54,147,040

 

12.8

%

Financials

 

45,547,231

 

10.8

%

Consumer Discretionary

 

35,624,830

 

8.4

%

Utilities

 

29,133,664

 

6.9

%

Information Technology

 

19,270,198

 

4.6

%

Industrials

 

10,951,003

 

2.6

%

Health Care

 

1,459,641

 

0.3

%

Total

 

422,749,207

 

100.0

%

 

 

 

Fair Value Measurements

 

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used as of January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:

 

 

 

Valuation Inputs

Investments in Securities

Level 1

$ 413,038,314

Level 2

14,565,446

Level 3

121,187

Total

$ 427,724,947

 

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at January 31, 2009:

 

 

Investments in Securities

Balance as of November 1, 2008

$ 91,294

Total realized gain (loss)

-

Change in unrealized appreciation (depreciation)

29,893

Amortization Premium/Discount

-

Net purchases (sales)

-

Net transfers in (out) of Level 3

-

Balance as of January 31, 2009

$ 121,187

 

 

ITEM 2.

CONTROLS AND PROCEDURES

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

ITEM 3.

EXHIBITS

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

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:

March 23, 2009

 

 

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:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

 

EX-99.CERT 2 certifications.htm CERTIFICATION

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:

March 23, 2009

 

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:

March 23, 2009

 

 

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