na073112eme.htm

0000088053-12-001036.txt : 20120927 0000088053-12-001036.hdr.sgml : 20120927 20120927145017 ACCESSION NUMBER: 0000088053-12-001036 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120731 FILED AS OF DATE: 20120927 DATE AS OF CHANGE: 20120927 EFFECTIVENESS DATE: 20120927 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: 121112909 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 na073112eme.htm DWS EMERGING MARKETS EQUITY FUND na073112eme.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

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 250-3220

Date of fiscal year end: 10/31

Date of reporting period: 7/31/2012

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of July 31, 2012 (Unaudited)

DWS Emerging Markets Equity Fund

			Shares		Value ($)
	Common Stocks 90.8%
Brazil 4.4%
All America Latina Logistica		136,300			629,220
B2W Companhia Global do Varejo*		42,200			137,564
BRF-Brasil Foods SA		51,700			740,229
CCR SA		15,100			126,005
Fibria Celulose SA*		20,400			154,304
Gafisa SA*		135,300			165,725
Hypermarcas SA*		44,100			277,616
Marfrig Alimentos SA*		85,300			393,366
MMX Mineracao e Metalicos SA*		116,700			325,748
MRV Engenharia e Participacoes SA		59,800			325,381
OGX Petroleo e Gas Participacoes SA*		224,000			617,613
PDG Realty SA Empreendimentos e Participacoes		192,100			319,667
Petroleo Brasileiro SA		130,400			1,275,873
Rossi Residencial SA		74,500			169,054
Usinas Siderurgicas de Minas Gerais SA		49,000			197,272
Vale SA		66,700			1,209,206

(Cost $13,930,905)					7,063,843
Chile 1.0%
Cencosud SA		72,600			414,320
Empresa Nacional de Electricidad SA		432,800			720,810
Enersis SA		1,558,100			518,022

(Cost $1,640,945)					1,653,152
China 7.6%
Bank of China Ltd. "H"		1,559,000			592,241
China Construction Bank Corp. "H"		2,875,000			1,928,367
China Life Insurance Co., Ltd. "H"		368,000			1,010,324
China National Building Material Co., Ltd. "H" (a)		380,000			368,801
China Shenhua Energy Co., Ltd. "H"		198,000			734,075
Dongfeng Motor Group Co., Ltd. "H"		1,270,000			1,759,013
Industrial & Commercial Bank of China Ltd. "H"		2,058,000			1,174,179
PetroChina Co., Ltd. "H"		2,762,000			3,452,923
Shanghai Electric Group Co., Ltd. "H"		984,000			367,867
Tencent Holdings Ltd.		25,400			753,925

(Cost $14,108,940)					12,141,715
Czech Republic 0.5%
CEZ AS		8,900			299,911
Komercni Banka AS		3,000			510,225

(Cost $857,580)					810,136
Hong Kong 9.2%
Belle International Holdings Ltd.		375,809			692,180
Brilliance China Automotive Holdings Ltd.*		500,000			405,527
China Merchants Holdings International Co., Ltd.		1,730,000			5,330,404
China Mobile Ltd. (a)		286,000			3,344,315
China Overseas Land & Investment Ltd.		770,000			1,812,440
China Unicom (Hong Kong) Ltd.		244,000			357,157
CNOOC Ltd.		757,000			1,519,825
GCL-Poly Energy Holdings Ltd. (a)		892,000			131,136
Huabao International Holdings Ltd. (a)		2,574,000			1,141,441

(Cost $15,511,630)					14,734,425
India 7.9%
Cairn India Ltd.*		417,000			2,501,037
Coal India Ltd.		161,300			1,036,207
Dr. Reddy's Laboratories Ltd.		18,100			525,296
Hero Motocorp Ltd.		45,800			1,642,569
Hindalco Industries Ltd.		567,400			1,216,776
Jindal Steel & Power Ltd.		54,000			384,729
LIC Housing Finance Ltd.		564,400			2,673,634
Rural Electrification Corp., Ltd.		781,500			2,637,028

(Cost $14,777,596)					12,617,276
Indonesia 1.8%
PT Bank Mandiri		1,672,500			1,458,574
PT Bumi Resources Tbk		1,813,000			196,389
PT Gudang Garam Tbk		79,500			470,544
PT Telekomunikasi Indonesia Tbk		686,000			657,167

(Cost $2,757,520)					2,782,674
Korea 16.3%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		36,300			793,462
Hankook Tire Co., Ltd.		61,900			2,271,508
Hyundai Engineering & Construction Co., Ltd.		23,600			1,232,402
Hyundai Heavy Industries Co., Ltd.		2,200			466,351
Hyundai Marine & Fire Insurance Co., Ltd.		54,600			1,347,362
Hyundai Mobis		11,500			3,026,657
Hyundai Motor Co.		1,220			253,673
KT&G Corp.		5,600			412,631
LG Chem Ltd.		7,300			2,005,819
LG Innotek Co., Ltd.*		19,700			1,526,908
POSCO		980			314,176
Samsung C&T Corp.		20,900			1,179,394
Samsung Card Co., Ltd.		21,000			615,514
Samsung Electronics Co., Ltd.		7,801			8,958,048
Samsung Fire & Marine Insurance Co., Ltd.		2,580			482,570
Samsung Securities Co., Ltd.		8,600			365,621
Shinhan Financial Group Co., Ltd.		14,700			467,429
SK Innovation Co., Ltd.		2,900			394,093

(Cost $25,838,017)					26,113,618
Malaysia 5.8%
AirAsia Bhd.		362,600			432,882
Sime Darby Bhd.		2,826,500			8,869,384

(Cost $9,227,082)					9,302,266
Mexico 3.4%
America Movil SAB de CV "L"		2,596,400			3,467,464
Fomento Economico Mexicano SAB de CV (Units)		54,500			465,146
Grupo Televisa SAB		86,300			392,677
Industrias Penoles SAB de CV		11,500			470,429
Wal-Mart de Mexico SAB de CV "V"		242,600			684,282

(Cost $4,944,239)					5,479,998
Philippines 2.4%
Ayala Land, Inc.		4,369,400			2,275,332
Bank of the Philippine Islands		905,090			1,568,351

(Cost $3,478,328)					3,843,683
Poland 0.7%
Powszechna Kasa Oszczednosci Bank Polski SA (Cost $1,883,546)		118,400			1,149,661
Russia 5.5%
Federal Grid Co., Unified Energy System JSC*		50,955,100			359,488
Gazprom OAO		275,260			1,285,111
Magnit OJSC (GDR) REG S		39,200			1,269,688
Mechel (ADR) (a)		81,800			530,064
Mobile TeleSystems (ADR) (a)		84,700			1,605,065
NovaTek OAO (GDR) REG S		2,700			305,370
Rostelecom		137,200			473,385
Sberbank of Russia		167,600			466,448
TMK OAO (GDR) REG S		79,100			1,131,130
Uralkali OJSC (GDR) REG S		22,200			925,296
VTB Bank OJSC		255,755,200			420,462

(Cost $10,696,034)					8,771,507
South Africa 9.4%
African Rainbow Minerals Ltd.		105,500			1,979,050
AngloGold Ashanti Ltd.		14,700			500,333
Aspen Pharmacare Holdings Ltd.*		168,500			2,949,084
MTN Group Ltd.		31,400			563,881
Sanlam Ltd.		1,073,800			4,603,007
Sasol Ltd.		78,200			3,243,289
Woolworths Holdings Ltd.		172,100			1,117,226

(Cost $15,519,044)					14,955,870
Taiwan 10.2%
Asia Cement Corp.		1,967,000			2,481,588
China Airlines Ltd.*		1,070,000			443,226
Chinatrust Financial Holding Co., Ltd.		2,627,306			1,563,700
Chungwha Telecom Co., Ltd.		471,000			1,410,357
Hon Hai Precision Industry Co., Ltd.		132,000			366,171
HTC Corp.		15,000			145,077
MediaTek, Inc.		58,000			488,346
Taishin Financial Holdings Co., Ltd.		3,210,900			1,295,225
Taiwan Semiconductor Manufacturing Co., Ltd.		3,016,000			8,069,885

(Cost $17,405,053)					16,263,575
Thailand 2.3%
Charoen Pokphand Foods PCL (a)		440,000			464,887
Glow Energy PCL		584,200			1,127,745
PTT Exploration & Production PCL		431,200			2,082,695

(Cost $4,147,948)					3,675,327
Turkey 2.4%
Tupras-Turkiye Petrol Rafinerileri AS		83,900			1,845,954
Turk Hava Yollari*		225,400			429,105
Turkiye Garanti Bankasi AS		416,400			1,618,107

(Cost $4,080,510)					3,893,166

Total Common Stocks (Cost $160,804,917)				145,251,892
	Preferred Stocks 7.2%
Brazil
Banco Bradesco SA		187,700			2,894,456
Companhia de Bebidas das Americas		28,900			1,108,642
Companhia Energetica de Minas Gerais		90,675			1,733,675
Gerdau SA		67,700			615,154
Itau Unibanco Holding SA		88,200			1,397,547
Lojas Americanas SA		69,928			496,854
Metalurgica Gerdau SA		33,400			380,095
Petroleo Brasileiro SA		222,500			2,117,290
Usinas Siderurgicas de Minas Gerais SA "A"		79,400			285,952
Vale SA "A"		30,100			534,667

Total Preferred Stocks (Cost $13,771,016)				11,564,332
	Securities Lending Collateral 5.1%
Daily Assets Fund Institutional, 0.25% (b) (c) (Cost $8,092,277)		8,092,277			8,092,277
	Cash Equivalents 1.0%
Central Cash Management Fund, 0.14% (b) (Cost $1,634,733)		1,634,733			1,634,733

% of

Net Assets

Value ($)

Total Investment Portfolio (Cost $184,302,943) †	104.1	166,543,234
Other Assets and Liabilities, Net	(4.1)	(6,581,785)

Net Assets	100.0	159,961,449

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 $184,832,135. At July 31, 2012, net unrealized depreciation for all securities based on tax cost was $18,288,901. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,493,024 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $25,781,925.
(a)	All or a portion of these securities were on loan. The value of all securities loaned at July 31, 2012 amounted to $7,579,403, which is 4.7% 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
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, U.S. 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, 2012, open futures contracts purchased were as follows:

Futures

Currency

Expiration

Date

Contracts

Notional

Value ($)

Unrealized

Appreciation ($)

Hang Seng Index

HKD

8/30/2012

4,830,180

169,059

Currency Abbreviation

HKD	Hong Kong Dollar

At July 31, 2012 the DWS Emerging Markets Equity Fund had the following sector diversification:

Sector Diversification	Market Value ($)		As a % of Common Stocks & Preferred Stocks
Financials		36,327,804		23.2	%
Energy		23,738,868		15.1	%
Information Technology		20,439,496		13.0	%
Industrials		20,299,702		13.0	%
Materials		16,020,899		10.2	%
Consumer Discretionary		13,175,275		8.4	%
Telecommunication Services		11,878,798		7.6	%
Consumer Staples		6,701,351		4.3	%
Utilities		4,759,651		3.0	%
Health Care		3,474,380		2.2	%
Total		156,816,224		100.0	%
Sector diversification is subject to change.

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, 2012 in valuing the Fund's investments.

	Level 1		Level 2		Level 3		Total
Assets
Common and Preferred Stocks
Brazil	$	18,628,175	$	—	$	—	$	18,628,175
Chile		1,653,152		—		—		1,653,152
China		—		12,141,715		—		12,141,715
Czech Republic		—		810,136		—		810,136
Hong Kong		—		14,734,425		—		14,734,425
India		—		12,617,276		—		12,617,276
Indonesia		—		2,782,674		—		2,782,674
Korea		—		26,113,618		—		26,113,618
Malaysia		—		9,302,266		—		9,302,266
Mexico		5,479,998		—		—		5,479,998
Philippines		—		3,843,683		—		3,843,683
Poland		—		1,149,661		—		1,149,661
Russia		6,126,101		2,645,406		—		8,771,507
South Africa		—		14,955,870		—		14,955,870
Taiwan		—		16,263,575		—		16,263,575
Thailand		—		3,675,327		—		3,675,327
Turkey		—		3,893,166		—		3,893,166
Short-Term Investments (d)		9,727,010		—		—		9,727,010
Derivatives (e)		169,059		—		—		169,059
Total	$	41,783,495	$	124,928,798	$	—	$	166,712,293

Chilean securities with a total value of $1,511,684 were transferred from Level 2 to Level 1.These securities were categorized as Level 2 on October 31, 2011, due to a market holiday in Chile. Transfers between price levels are recognized at the beginning of the reporting period.
(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, 2012 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure		Futures
Equity Contracts		$	169,059

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 18, 2012

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 18, 2012



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

Date:	September 18, 2012

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 18, 2012

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 18, 2012