nq073111eme.htm

% of

Net Assets

Total Investment Portfolio (Cost $269,411,754) †

Other Assets and Liabilities, Net

Net Assets

0000088053-11-001397.txt : 20110928 0000088053-11-001397.hdr.sgml : 20110928 20110928114724 ACCESSION NUMBER: 0000088053-11-001397 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110731 FILED AS OF DATE: 20110928 DATE AS OF CHANGE: 20110928 EFFECTIVENESS DATE: 20110928 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: 111111133 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 S000006028 DWS Emerging Markets Equity Fund

C000016557 Class A SEKAX

C000016559 Class B SEKBX

C000016560 Class C SEKCX

C000016561 Class S SEMGX

C000063926 Institutional Class SEKIX

N-Q 1 nq073111eme.htm DWS EMERGING MARKETS EQUITY FUND nq073111eme.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

100 Plaza One

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant's telephone number, including area code: (201) 593-6408

Date of fiscal year end: 10/31

Date of reporting period: 7/31/2011

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of July 31, 2011 (Unaudited)

DWS Emerging Markets Equity Fund

			Shares		Value ($)
	Common Stocks 86.9%
Brazil 7.0%
All America Latina Logistica		167,400			1,208,937
B2W Companhia Global do Varejo		48,000			447,858
BRF-Brasil Foods SA		29,500			561,144
CCR SA		44,000			1,324,667
Centrais Eletricas Brasileiras SA		94,000			1,135,867
Cielo SA		14,666			407,586
Fibria Celulose SA		23,200			277,799
Gafisa SA		155,000			749,589
Hypermarcas SA		50,000			384,305
JBS SA*		380,000			1,136,925
Marfrig Alimentos SA		97,000			950,704
MMX Mineracao e Metalicos SA*		133,000			696,366
MRV Engenharia e Participacoes SA		268,000			1,987,297
PDG Realty SA Empreendimentos e Participacoes		236,000			1,247,832
Petroleo Brasileiro SA		160,000			2,687,558
Redecard SA		40,000			688,655
Rossi Residencial SA		85,000			638,521
Vale SA		93,000			3,009,150

(Cost $20,942,952)					19,540,760
China 12.6%
China Construction Bank Corp. "H"		15,810,000			12,727,326
China Petroleum & Chemical Corp. "H"		2,780,000			2,748,147
PetroChina Co., Ltd. "H"		6,000,000			8,528,967
Ping An Insurance (Group) Co. of China Ltd. "H"		1,144,000			11,178,583

(Cost $37,596,843)					35,183,023
Hong Kong 5.9%
Belle International Holdings Ltd.		191,809			421,160
CNOOC Ltd.		6,562,000			14,585,078
GCL-Poly Energy Holdings Ltd. (a)		1,100,000			624,789
Huabao International Holdings Ltd. (a)		860,000			728,463
Vitasoy International Holdings Ltd.		282,000			205,480

(Cost $16,395,930)					16,564,970
India 8.9%
Axis Bank Ltd.		439,000			13,284,481
Hero Honda Motors Ltd.		56,400			2,281,266
Hindalco Industries Ltd.		910,000			3,464,537
LIC Housing Finance Ltd.		560,000			2,683,811
Tata Motors Ltd.		148,000			3,181,249

(Cost $24,783,996)					24,895,344
Indonesia 0.5%
PT Indofood Sukses Makmur Tbk (Cost $1,323,454)		1,990,000			1,485,724
Korea 12.2%
Dongbu Insurance Co., Ltd.		57,000			2,824,122
Doosan Heavy Industries & Construction Co., Ltd.		10,600			678,947
Hankook Tire Co., Ltd.		7,600			309,013
Hyundai Mobis		2,000			719,742
LG Innotek Co., Ltd.		4,600			407,541
Samsung Card Co., Ltd.		237,000			13,481,270
Samsung Electronics Co., Ltd.		3,031			2,422,501
Samsung Securities Co., Ltd.		173,000			13,014,805

(Cost $31,697,328)					33,857,941
Malaysia 5.1%
Kuala Lumpur Kepong Bhd.		380,000			2,783,479
Sime Darby Bhd.		3,318,000			10,227,782
SP Setia Bhd.		970,000			1,274,370

(Cost $13,877,999)					14,285,631
Mexico 0.6%
Grupo Mexico SAB de CV “B”		241,000			889,072
Grupo Televisa SA (CPO)		156,000			693,788

(Cost $1,374,515)					1,582,860
Philippines 2.2%
Metropolitan Bank & Trust Co. (Cost $5,486,833)		3,380,000			6,169,866
Poland 3.7%
Powszechna Kasa Oszczednosci Bank Polski SA (Cost $10,976,743)		690,000			10,180,180
Russia 3.4%
Federal Hydrogenerating Co.		16,600,000			813,400
Gazprom OAO		127,000			904,875
Magnit OJSC (GDR) REG S		48,000			1,480,800
Mechel (ADR) (a)		101,000			2,512,880
Mobile TeleSystems (ADR) (a)		115,000			2,159,700
NovaTek OAO (GDR) REG S		10,000			1,558,000

(Cost $9,614,057)					9,429,655
South Africa 6.3%
African Rainbow Minerals Ltd.		237,000			6,677,681
Sanlam Ltd.		2,677,000			10,795,555

(Cost $17,382,954)					17,473,236
Taiwan 12.3%
Advanced Semiconductor Engineering, Inc.*		1,120,000			1,209,243
Chinatrust Financial Holding Co., Ltd.		3,030,000			2,731,787
Chungwha Telecom Co., Ltd.		3,080,000			10,680,894
Kinsus Interconnect Technology Corp.		580,000			2,393,175
Quanta Computer, Inc.*		165,000			406,220
Taishin Financial Holdings Co., Ltd.		6,708,900			3,582,598
Taiwan Semiconductor Manufacturing Co., Ltd.		5,275,000			13,169,631

(Cost $34,015,960)					34,173,548
Thailand 3.8%
Bangkok Bank Public Co., Ltd.		480,000			2,789,016
CP All PCL		1,950,000			3,236,379
PTT Exploration & Production Public Co., Ltd.		720,000			4,441,911

(Cost $9,896,424)					10,467,306
Turkey 2.4%
Tupras-Turkiye Petrol Rafinerileri AS		252,000			6,131,093
Turk Hava Yollari		257,000			479,677

(Cost $7,249,532)					6,610,770

Total Common Stocks (Cost $242,615,520)				241,900,814
	Preferred Stocks 4.6%
Brazil
Gerdau SA		193,000			1,744,759
Lojas Americanas SA		141,000			1,286,488
Metalurgica Gerdau SA		102,000			1,166,767
Petroleo Brasileiro SA		223,000			3,379,115
Tele Norte Leste Participacoes SA		32,000			443,421
Ultrapar Participacoes SA		15,116			269,990
Usinas Siderurgicas de Minas Gerais SA “A”		91,000			654,254
Vale SA “A”		129,000			3,793,849

Total Preferred Stocks (Cost $13,106,775)				12,738,643
	Securities Lending Collateral 1.8%
Daily Assets Fund Institutional, 0.13% (b) (c) (Cost $5,151,365)		5,151,365			5,151,365
	Cash Equivalents 3.1%
Central Cash Management Fund, 0.12% (b) (Cost $8,538,094)		8,538,094			8,538,094

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 $272,079,051. At July 31, 2011, net unrealized depreciation for all securities based on tax cost was $3,750,135. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,372,439 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,122,574.
(a)	All or a portion of these securities were on loan. The value of all securities loaned at July 31, 2011 amounted to $5,002,972 which is 1.8% of net assets.
(b)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
ADR: American Depositary Receipt
CPO: Ordinary Participation Certificate
GDR: Global Depositary Receipt
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

At July 31, 2011, open futures contracts purchased were as follows:

Futures

Currency

Expiration

Date

Contracts

Notional

Value ($)

Unrealized

Depreciation ($)

Hang Seng Index

HKD

8/30/2011

170

24,348,035

(103,083)

Currency Abbreviation

HKD

Hong Kong Dollar

At July 31, 2011 the DWS Emerging Markets Equity Fund had the following sector diversification:

Sector	Market Value ($)		As a % of Common Stocks & Preferred Stocks
Financials		106,717,770		41.9	%
Energy		45,234,734		17.8	%
Materials		25,615,577		10.1	%
Information Technology		21,729,341		8.5	%
Industrials		17,101,259		6.7	%
Telecommunication Services		13,284,015		5.2	%
Consumer Staples		12,224,940		4.8	%
Consumer Discretionary		10,782,554		4.2	%
Utilities		1,949,267		0.8	%
Total		254,639,457		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 July 31, 2011 in valuing the Fund's investments.

	Level 1			Level 2		Level 3		Total
Assets
Common and Preferred Stocks
Brazil	$	32,279,403		$	—	$	—	$	32,279,403
China		—			35,183,023		—		35,183,023
Hong Kong		—			16,564,970		—		16,564,970
India		—			24,895,344		—		24,895,344
Indonesia		—			1,485,724		—		1,485,724
Korea		—			33,857,941		—		33,857,941
Malaysia		—			14,285,631		—		14,285,631
Mexico		1,582,860			—		—		1,582,860
Philippines		—			6,169,866		—		6,169,866
Poland		—			10,180,180		—		10,180,180
Russia		7,711,380			1,718,275		—		9,429,655
South Africa		—			17,473,236		—		17,473,236
Taiwan		—			34,173,548		—		34,173,548
Thailand		—			10,467,306		—		10,467,306
Turkey		—			6,610,770		—		6,610,770
Short-Term Investments(d)		13,689,459			—		—		13,689,459
Total	$	55,263,102		$	213,065,814	$	—	$	268,328,916
Assets
Derivatives(e)	$	(103,083	)	$	—	$	—	$	(103,083	)
Total	$	(103,083	)	$	—	$	—	$	(103,083	)

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended July 31, 2011.
(d)	See Investment Portfolio for additional detailed categorizations.
(e)	Derivatives include unrealized appreciation (depreciation) on futures contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of July 31, 2011 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure		Futures
Equity Contracts		$	(103,083	)

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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	September 21, 2011

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.

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	September 21, 2011



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

Date:	September 21, 2011

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

CERTIFICATIONS

I, W. Douglas Beck, certify that:

I have reviewed this report on Form N-Q of DWS Emerging Markets Equity 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.


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	September 21, 2011

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of DWS Emerging Markets Equity 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.


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

Date:	September 21, 2011