nq053110int_ivo.htm

% of

Net Assets

Total Investment Portfolio (Cost $40,651,318) †

Other Assets and Liabilities, Net

(5,282,926)

Net Assets

0000088053-10-000993.txt : 20100721 0000088053-10-000993.hdr.sgml : 20100721 20100721125232 ACCESSION NUMBER: 0000088053-10-000993 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100531 FILED AS OF DATE: 20100721 DATE AS OF CHANGE: 20100721 EFFECTIVENESS DATE: 20100721 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: 10961977 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 S000012354 DWS Dreman International Value Fund

C000033588 Class A

C000033589 Class C

C000033590 Class S

C000033591 Institutional Fund

N-Q 1 nq053110int_ivo.htm DWS DREMAN INTERNATIONAL VALUE FUND (FORMERLY DWS INTERNATIONAL VALUE OPPORTUNITIES FUND) nq053110int_ivo.htm

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 811-00642

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: 8/31

Date of reporting period: 5/31/10

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of May 31, 2010 (Unaudited)

DWS International Value Opportunities Fund

(Effective June 21, 2010 the Fund was renamed DWS Dreman International Value Fund)

			Shares		Value ($)
	Common Stocks 98.5%
Australia 4.7%
Foster's Group Ltd.		100,000			470,450
Newcrest Mining Ltd.		30,000			812,411
Whitehaven Coal Ltd.		60,000			247,871

(Cost $1,584,553)					1,530,732
Channel Islands 1.6%
Randgold Resources Ltd. (a) (Cost $439,428)		6,000			525,626
China 1.2%
China Shenhua Energy Co., Ltd. "H" (Cost $450,557)		100,000			403,267
France 9.3%
Air Liquide SA (b)		5,333			523,223
BNP Paribas (b)		12,500			711,381
DANONE SA		10,000			516,552
Sanofi-Aventis (b)		10,000			607,889
Total SA (b)		15,000			695,722

(Cost $3,650,980)					3,054,767
Germany 15.1%
Allianz SE (Registered)		7,000			700,283
Deutsche Telekom AG (Registered)		50,000			560,254
E.ON AG		20,000			608,012
Fresenius Medical Care AG & Co. KGaA		7,500			379,070
Linde AG		5,000			515,568
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		4,000			508,930
Rheinmetall AG		14,000			793,218
Siemens AG (Registered)		10,000			909,928

(Cost $5,463,587)					4,975,263
Hong Kong 2.5%
Esprit Holdings Ltd.		50,000			294,745
Sun Hung Kai Properties Ltd.		40,000			527,586

(Cost $914,914)					822,331
Indonesia 1.2%
Indo Tambangraya Megah PT (Cost $366,278)		100,000			392,371
Italy 0.9%
Ansaldo STS SpA (Cost $383,308)		20,000			300,933
Japan 23.7%
Canon, Inc.		20,000			821,948
FANUC Ltd.		3,000			316,379
Komatsu Ltd.		30,000			562,634
Mitsubishi Estate Co., Ltd.		30,000			457,942
Mitsubishi UFJ Financial Group, Inc.		100,000			483,951
Mitsui O.S.K Lines Ltd.		75,000			533,333
Panasonic Corp.		30,000			382,222
Shin-Etsu Chemical Co., Ltd.		15,000			753,909
Sony Corp.		10,000			309,026
Sumitomo Electric Industries Ltd.		40,000			471,879
Sumitomo Mitsui Financial Group, Inc.		20,000			593,251
Takeda Pharmaceutical Co., Ltd.		20,000			832,922
Toyota Motor Corp.		18,000			647,901
West Japan Railway Co.		170			607,243

(Cost $8,123,752)					7,774,540
Korea 2.0%
Samsung Electronics Co., Ltd. (GDR) 144A (Cost $720,054)		2,000			652,500
Netherlands 5.6%
ING Groep NV (CVA)*		80,000			637,761
Koninklijke (Royal) KPN NV		40,000			520,486
QIAGEN NV*		20,000			427,919
Royal Dutch Shell PLC "A"		10,000			264,053

(Cost $2,104,416)					1,850,219
Norway 3.3%
Petroleum Geo-Services ASA*		40,000			398,967
Statoil ASA (b)		35,000			692,239

(Cost $1,270,236)					1,091,206
Portugal 1.3%
EDP – Energias de Portugal SA (Cost $518,123)		140,000			433,009
Singapore 2.6%
SembCorp Industries Ltd. (Cost $783,848)		300,000			857,051
Switzerland 8.7%
Barry Callebaut AG (Registered)*		650			393,684
Helvetia Holding AG (Registered)		1,500			402,985
Nestle SA (Registered)		30,000			1,360,156
Roche Holding AG (Genusschein)		5,000			686,567

(Cost $2,852,334)					2,843,392
United Kingdom 14.8%
Acergy SA*		32,000			466,142
AstraZeneca PLC		15,000			631,020
BAE Systems PLC		160,000			749,038
BHP Billiton PLC		30,000			828,991
HSBC Holdings PLC		45,000			409,914
Lloyds Banking Group PLC*		500,000			409,508
Prudential PLC		60,000			470,655
Vodafone Group PLC		450,000			905,208

(Cost $5,219,493)					4,870,476

Total Common Stocks (Cost $34,845,861)				32,377,683
	Participatory Note 1.2%
Taiwan
Hon Hai Precision Industry Co., Ltd. (issuer Merrill Lynch International & Co.), Expiration Date 11/17/2010* (Cost $433,750)		100,000			397,330
	Securities Lending Collateral 11.1%
Daily Asset Fund Institutional, 0.28% (c) (d) (Cost $3,639,485)		3,639,485			3,639,485
	Cash Equivalents 5.3%
Central Cash Management Fund, 0.22% (c) (Cost $1,732,222)		1,732,222			1,732,222

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 $41,521,823. At May 31, 2010, net unrealized depreciation for all securities based on tax cost was $3,375,103. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $760,414 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,135,517.
(a)	Security is listed in country of domicile. Significant business activities of company are in Africa.
(b)	All or a portion of these securities were on loan. The value of all securities loaned at May 31, 2010 amounted to $3,102,355 which is 9.4% of net assets.
(c)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
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.
CVA: Certificaten Van Aandelen
GDR: Global Depositary Receipt

As of May 31, 2010, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement

Date

Unrealized

Depreciation ($)

Counterparty

JPY

800,000,000

USD

8,618,136

6/18/2010

(163,274

)

Brown Brothers Harriman & Co.

Currency Abbreviations

JPY	Japanese Yen	USD	United States Dollar

At May 31, 2010 the DWS International Value Opportunities Fund had the following sector diversification:

Sector	Market Value ($)		As a % of Common Stocks & Participatory Note
Financials		6,314,147		19.3	%
Industrials		6,101,636		18.6	%
Materials		3,959,728		12.1	%
Health Care		3,565,387		10.9	%
Energy		3,560,632		10.9	%
Consumer Staples		2,740,842		8.3	%
Telecommunication Services		1,985,948		6.0	%
Information Technology		1,871,778		5.7	%
Consumer Discretionary		1,633,894		5.0	%
Utilities		1,041,021		3.2	%
Total		32,775,013		100.0	%

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 May 31, 2010 in valuing the Fund's investments.

	Level 1		Level 2			Level 3		Total
Assets
Common Stocks
Australia	$	—	$	1,530,732		$	—	$	1,530,732
Channel Islands		—		525,626			—		525,626
China		—		403,267			—		403,267
France		—		3,054,767			—		3,054,767
Germany		—		4,975,263			—		4,975,263
Hong Kong		—		822,331			—		822,331
Indonesia		—		392,371			—		392,371
Italy		—		300,933			—		300,933
Japan		—		7,774,540			—		7,774,540
Korea		652,500		—			—		652,500
Netherlands		—		1,850,219			—		1,850,219
Norway		—		1,091,206			—		1,091,206
Portugal		—		433,009			—		433,009
Singapore		—		857,051			—		857,051
Switzerland		—		2,843,392			—		2,843,392
United Kingdom		—		4,870,476			—		4,870,476
Participatory Note		—		397,330			—		397,330
Short-Term Investments(e)		5,371,707		—			—		5,371,707
Total	$	6,024,207	$	32,122,513		$	—	$	38,146,720
Liabilities
Derivatives(f)	$	—	$	(163,274	)	$	—	$	(163,274	)
Total	$	—	$	(163,274	)	$	—	$	(163,274	)

(e)	See Investment Portfolio for additional detailed categorizations.
(f)	Derivatives include unrealized appreciation (depreciation) on open forward foreign currency exchange contracts.

Level 3 Reconciliation

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

	Warrant
	Japan
Balance as of August 31, 2009	$	68,422
Realized gains (loss)		—
Change in unrealized appreciation (depreciation)		(68,422	)
Amortization premium/discount		—
Net purchase (sales)		0
Net transfers into Level 3		—
Net transfers (out) of Level 3		—
Balance as of May 31, 2010	$	—
Net change in unrealized appreciation (depreciation) from investments still held at May 31, 2010	$	—

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2010 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure	Forward Currency Contracts
Foreign Exchange Contracts	$ (163,274)

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 Dreman International Value Fund (formerly DWS International Value Opportunities Fund), a series of DWS International Fund, Inc.

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

Date:	July 19, 2010

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 Dreman International Value Fund (formerly DWS International Value Opportunities Fund), a series of DWS International Fund, Inc.

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

Date:	July 19, 2010



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	July 19, 2010

EX-99.CERT 2 ex-99cert.htm CERTIFICATION ex-99cert.htm

CERTIFICATIONS

I, Michael G. Clark, certify that:

I have reviewed this report on Form N-Q of DWS Dreman International Value Fund (formerly DWS International Value Opportunities 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 Dreman International Value Fund (formerly DWS International Value Opportunities Fund), a series of DWS International Fund, Inc.


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

Date:	July 19, 2010

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of DWS Dreman International Value Fund (formerly DWS International Value Opportunities 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 Dreman International Value Fund (formerly DWS International Value Opportunities Fund), a series of DWS International Fund, Inc.


By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	July 19, 2010