N-Q 1 nq013113eme.htm DWS EMERGING MARKETS EQUITY FUND nq013113eme.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:  1/31/2013

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio    as of January 31, 2013  (Unaudited)
 
DWS Emerging Markets Equity Fund
 
Shares
 
Value ($)
 
 
 
Common Stocks 87.3%
 
Brazil 2.3%
 
All America Latina Logistica
 
54,800
 
238,590
 
Arteris SA
 
23,900
 
248,560
 
Cosan SA Industria e Comercio
 
37,000
 
873,277
 
Lojas Renner SA
 
21,100
 
844,593
 
Marfrig Alimentos SA*
 
64,900
 
334,057
 
Usinas Siderurgicas de Minas Gerais SA
 
42,000
 
235,167
 
 
(Cost $3,348,948)
 
2,774,244
 
China 4.9%
 
China National Building Material Co., Ltd. "H"
 
311,000
 
497,957
 
China Shenhua Energy Co., Ltd. "H"
 
140,800
 
606,975
 
China Telecom Corp., Ltd. "H"
 
1,408,000
 
768,499
 
Dongfeng Motor Group Co., Ltd. "H"
 
250,000
 
407,741
 
PetroChina Co., Ltd. "H"
 
1,800,000
 
2,558,956
 
Shanghai Electric Group Co., Ltd. "H"
 
807,000
 
335,348
 
Tencent Holdings Ltd.
 
18,100
 
634,080
 
 
(Cost $5,605,491)
 
5,809,556
 
Czech Republic 0.7%
 
Komercni Banka AS  (Cost $804,044)
 
4,000
 
807,680
 
Hong Kong 11.7%
 
BOC Hong Kong (Holdings) Ltd.
 
1,310,000
 
4,493,630
 
Brilliance China Automotive Holdings Ltd.*
 
230,000
 
310,005
 
China Merchants Holdings International Co., Ltd.
 
1,130,000
 
4,019,020
 
China Mobile Ltd.
 
188,000
 
2,057,847
 
China Unicom (Hong Kong) Ltd.
 
200,000
 
320,328
 
CNOOC Ltd.
 
865,000
 
1,780,997
 
Huabao International Holdings Ltd. (a)
 
1,830,000
 
1,005,267
 
 
(Cost $12,904,094)
 
13,987,094
 
India 7.7%
 
Axis Bank Ltd.
 
31,400
 
888,545
 
Cairn India Ltd.
 
388,000
 
2,366,972
 
Coal India Ltd.
 
235,386
 
1,562,931
 
Dr. Reddy's Laboratories Ltd.
 
16,000
 
579,052
 
HDFC Bank Ltd.
 
35,000
 
423,213
 
Hero Motocorp Ltd.
 
16,000
 
542,237
 
Hindalco Industries Ltd.
 
338,654
 
737,196
 
Housing Development Finance Corp., Ltd.
 
15,600
 
230,686
 
ICICI Bank Ltd.
 
10,600
 
237,379
 
Jindal Steel & Power Ltd.
 
44,300
 
349,427
 
Reliance Capital Ltd.
 
26,900
 
240,274
 
Satyam Computer Services Ltd.*
 
348,000
 
785,311
 
Zee Entertainment Enterprises Ltd.
 
73,000
 
317,960
 
 
(Cost $9,718,545)
 
9,261,183
 
Indonesia 1.5%
 
PT Bank Central Asia Tbk
 
240,000
 
237,706
 
PT Indofood Sukses Makmur Tbk
 
1,735,000
 
1,077,524
 
PT Telekomunikasi Indonesia Tbk
 
522,000
 
520,624
 
 
(Cost $1,696,551)
 
1,835,854
 
Korea 18.3%
 
Daewoo Shipbuilding & Marine Engineering Co., Ltd.
 
19,100
 
522,319
 
Hankook Tire Co., Ltd.*
 
18,340
 
752,483
 
Hankook Tire Worldwide Co., Ltd.
 
90,773
 
1,408,864
 
Hyundai Engineering & Construction Co., Ltd.
 
16,800
 
1,057,881
 
Hyundai Mobis
 
19,990
 
5,230,166
 
Hyundai Motor Co.
 
1,220
 
229,541
 
LG Chem Ltd.
 
5,980
 
1,671,232
 
LG Innotek Co., Ltd.*
 
44,080
 
3,095,584
 
Samsung Electronics Co., Ltd.
 
5,620
 
7,470,164
 
Samsung Fire & Marine Insurance Co., Ltd.
 
1,130
 
228,799
 
Samsung Heavy Industries Co., Ltd.
 
6,700
 
235,183
 
 
(Cost $19,244,174)
 
21,902,216
 
Malaysia 4.4%
 
Malayan Banking Bhd.
 
80,000
 
228,659
 
Sime Darby Bhd.
 
1,663,000
 
4,980,637
 
 
(Cost $5,342,466)
 
5,209,296
 
Mexico 3.1%
 
Alfa SAB "A"
 
330,000
 
795,762
 
America Movil SAB de CV "L"
 
1,072,000
 
1,352,373
 
Cemex SAB de CV (Units)
 
269,000
 
293,021
 
Fomento Economico Mexicano SAB de CV (Units)
 
20,300
 
219,372
 
Grupo Televisa SAB
 
28,586
 
160,415
 
Industrias Penoles SAB de CV
 
9,400
 
460,862
 
Wal-Mart de Mexico SAB de CV "V"
 
120,000
 
388,278
 
 
(Cost $3,251,971)
 
3,670,083
 
Philippines 0.9%
 
Ayala Corp.
 
60,000
 
838,797
 
SM Prime Holdings, Inc.
 
560,000
 
241,630
 
 
(Cost $1,067,247)
 
1,080,427
 
Poland 0.2%
 
Synthos SA  (Cost $242,316)
 
139,000
 
235,815
 
Russia 3.7%
 
Magnit OJSC (GDR) REG S
 
47,000
 
2,089,620
 
Mechel (ADR) (a)
 
67,000
 
452,250
 
Rostelecom
 
112,000
 
452,001
 
TMK OAO (GDR) REG S
 
91,000
 
1,383,200
 
 
(Cost $4,820,961)
 
4,377,071
 
South Africa 8.2%
 
African Rainbow Minerals Ltd.
 
53,200
 
1,198,533
 
Aspen Pharmacare Holdings Ltd.*
 
204,400
 
3,766,658
 
Sasol Ltd.
 
59,200
 
2,563,333
 
The Foschini Group Ltd.
 
110,000
 
1,440,274
 
Woolworths Holdings Ltd.
 
116,000
 
823,876
 
 
(Cost $9,403,540)
 
9,792,674
 
Taiwan 12.3%
 
Asia Cement Corp.
 
723,010
 
920,013
 
Asustek Computer, Inc.
 
20,100
 
230,331
 
China Airlines Ltd.*
 
3,705,000
 
1,626,526
 
Chinatrust Financial Holding Co., Ltd.
 
2,551,876
 
1,460,365
 
Chungwha Telecom Co., Ltd.
 
276,000
 
879,104
 
MediaTek, Inc.
 
108,600
 
1,186,453
 
Taiwan Semiconductor Manufacturing Co., Ltd.
 
2,430,000
 
8,341,140
 
 
(Cost $12,944,583)
 
14,643,932
 
Thailand 1.2%
 
Advanced Info Service PCL
 
34,000
 
239,437
 
CP All PCL
 
350,000
 
548,709
 
Krung Thai Bank PCL
 
302,000
 
231,918
 
PTT Exploration & Production PCL
 
43,000
 
239,369
 
Siam Commercial Bank PCL
 
38,000
 
228,102
 
 
(Cost $1,527,015)
 
1,487,535
 
Turkey 3.0%
 
Akbank TAS
 
140,000
 
708,763
 
Eregli Demir ve Celik Fabrikalari TAS
 
550,000
 
782,276
 
Tupras-Turkiye Petrol Rafinerileri AS
 
13,200
 
363,980
 
Turkiye Halk Bankasi AS
 
105,000
 
1,039,348
 
Yapi ve Kredi Bankasi AS*
 
252,000
 
739,818
 
 
(Cost $3,665,406)
 
3,634,185
 
United Kingdom 0.4%
 
Old Mutual PLC  (Cost $451,853)
 
166,000
 
493,357
 
United States 2.8%
 
SEI Investments Co.  (Cost $2,681,746)
 
126,000
 
3,396,960
 
 
Total Common Stocks (Cost $98,720,951)
 
104,399,162
 
 
 
Preferred Stocks 8.5%
 
Brazil
   
Banco Bradesco SA
 
282,000
 
5,183,016
 
Companhia de Bebidas das Americas
 
43,400
 
2,044,302
 
Companhia Energetica de Minas Gerais
 
128,275
 
1,391,388
 
Metalurgica Gerdau SA
 
27,400
 
306,699
 
Usinas Siderurgicas de Minas Gerais SA "A"
 
225,000
 
1,168,303
 
 
Total Preferred Stocks (Cost $10,805,923)
 
10,093,708
 
 
 
Securities Lending Collateral 1.1%
 
Daily Assets Fund Institutional, 0.17% (b) (c)
(Cost $1,351,575)
   
1,351,575
 
1,351,575
 
 
 
Cash Equivalents 0.8%
 
Central Cash Management Fund, 0.11% (b)
(Cost $949,636)
   
949,636
 
949,636
 

 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $111,828,085) †
97.7
 
116,794,081
 
Other Assets and Liabilities, Net
2.3
 
2,791,740
 
 
Net Assets
100.0
 
119,585,821
 

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 $111,987,405.  At January 31, 2013, net unrealized appreciation for all securities based on tax cost was $4,806,676.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,709,657 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $5,902,981.
(a)
All or a portion of these securities were on loan.  The value of all securities loaned at January 31, 2013 amounted to $1,275,564, which is 1.1% 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 January 31, 2013 the DWS Emerging Markets Equity Fund had the following sector diversification:

Sector Diversification
 
Market Value ($)
 
As a % of Common & Preferred Stocks
Financials
    23,987,509       20.9 %
Information Technology
    21,743,063       19.0 %
Energy
    14,299,990       12.5 %
Industrials
    14,059,826       12.3 %
Consumer Discretionary
    11,059,291       9.7 %
Materials
    10,314,018       9.0 %
Consumer Staples
    6,701,862       5.8 %
Telecommunication Services
    6,590,213       5.8 %
Health Care
    4,345,710       3.8 %
Utilities
    1,391,388       1.2 %
Total
    114,492,870       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 January 31, 2013 in valuing the Fund's investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Common and Preferred Stocks
             
 
   
 
 
    Brazil
  $ 12,867,952     $     $     $ 12,867,952  
    China
          5,809,556             5,809,556  
    Czech Republic
          807,680             807,680  
    Hong Kong
          13,987,094             13,987,094  
    India
          9,261,183             9,261,183  
    Indonesia
          1,835,854             1,835,854  
    Korea
          21,902,216             21,902,216  
    Malaysia
          5,209,296             5,209,296  
    Mexico
    3,670,083                   3,670,083  
    Philippines
          1,080,427             1,080,427  
    Poland
          235,815             235,815  
    Russia
    3,925,070       452,001             4,377,071  
    South Africa
          9,792,674             9,792,674  
    Taiwan
          14,643,932             14,643,932  
    Thailand
          1,487,535             1,487,535  
    Turkey
          3,634,185             3,634,185  
    United Kingdom
          493,357             493,357  
    United States
    3,396,960                   3,396,960  
Short-Term Investments (d)
    2,301,211                   2,301,211  
Total
  $ 26,161,276     $ 90,632,805     $     $ $116,794,081  

There have been no transfers between fair value measurement levels during the period ended January 31, 2013.
(d)
See Investment Portfolio for additional detailed categorizations.
 



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:
March 20, 2013


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:
March 20, 2013
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
March 20, 2013