0000088053-13-000320.txt : 20130322 0000088053-13-000320.hdr.sgml : 20130322 20130322151652 ACCESSION NUMBER: 0000088053-13-000320 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130131 FILED AS OF DATE: 20130322 DATE AS OF CHANGE: 20130322 EFFECTIVENESS DATE: 20130322 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: 13711038 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 nq013113laef.htm DWS LATIN AMERICA EQUITY FUND nq013113laef.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 Latin America Equity Fund
 
Shares
  
Value ($)
  
 
 
Equity Securities 99.5%
  
Belgium 4.5%
  
Anheuser-Busch InBev NV (ADR)  (Cost $25,484,402)
  
284,000
  
25,162,400
  
Brazil 56.1%
  
Aliansce Shopping Centers SA
  
140,889
  
1,828,900
  
Banco Bradesco SA (ADR) (a)
  
1,505,950
  
27,679,361
  
Banco Bradesco SA (Preferred)
  
168,000
  
3,087,755
  
BM&F BOVESPA SA
  
2,507,700
  
17,554,593
  
BR Malls Participacoes SA
  
415,450
  
5,378,412
  
BR Properties SA
  
752,200
  
9,764,416
  
Bradespar SA (Preferred)
  
167,000
  
2,590,519
  
Braskem SA "A" (Preferred)
  
52
  
392
  
Brazil Pharma SA
  
1,230,000
  
9,079,770
  
BRF-Brasil Foods SA
  
1,028,200
  
22,584,412
  
CCR SA
  
587,150
  
6,059,172
  
Companhia Brasileira de Distribuicao Grupo Pao de Acucar "A" (Preferred)
  
472,300
  
22,270,806
  
Companhia de Bebidas das Americas (ADR) (Preferred) (a)
  
686,966
  
32,328,620
  
Companhia de Bebidas das Americas (Preferred)
  
66,850
  
3,148,884
  
Estacio Participacoes SA
  
142,800
  
3,162,417
  
Gafisa SA*
  
5,084,600
  
12,690,116
  
Gerdau SA (Preferred)
  
787,100
  
6,905,183
  
Grupo BTG Pactual (Units) (b)
  
882,150
  
15,172,440
  
Itau Unibanco Holding SA (ADR) (Preferred) (a)
  
348,050
  
5,996,901
  
Itau Unibanco Holding SA (Preferred)
  
656,550
  
11,325,228
  
Itausa - Investimentos Itau SA (Preferred)
  
1,843,270
  
9,330,435
  
Marcopolo SA (Preferred)
  
1,080,150
  
7,295,562
  
Metalurgica Gerdau SA (Preferred)
  
203,000
  
2,272,263
  
Multiplan Empreendimentos Imobiliarios SA
  
189,000
  
5,462,099
  
OdontoPrev SA
  
1,713,800
  
8,735,315
  
Petroleo Brasileiro SA (Preferred)
  
1,558,350
  
14,148,677
  
Raia Drogasil SA
  
1,873,950
  
20,938,252
  
TOTVS SA
  
389,112
  
8,474,546
  
Vale SA
  
617,500
  
12,484,269
  
Vale SA (ADR) (a)
  
163,700
  
3,301,829
  
Vale SA (Preferred)
  
170,750
  
3,318,364
  
 
(Cost $253,751,293)
  
314,369,908
  
Chile 4.0%
  
Banco de Chile
  
33,625,548
  
5,599,977
  
Banco de Chile "T"*
  
1,504,665
  
230,441
  
Cencosud SA
  
1,000,000
  
6,225,334
  
Corpbanca SA
  
315,597,745
  
4,520,019
  
Sociedad Quimica y Minera de Chile SA "B" (Preferred)
  
106,000
  
6,050,074
  
 
(Cost $19,734,372)
  
22,625,845
  
Colombia 4.5%
  
Almacenes Exito SA
  
285,500
  
5,338,823
  
Ecopetrol SA (ADR) (a)
  
214,100
  
13,552,530
  
Grupo de Inversiones Suramericana SA
  
289,200
  
6,141,027
  
 
(Cost $20,707,584)
  
25,032,380
  
Luxembourg 1.1%
  
Tenaris SA (ADR) (a) (b) (Cost $5,356,507)
  
144,000
  
6,058,080
  
Mexico 24.0%
  
Alfa SAB "A"
  
6,000,100
  
14,468,647
  
Alpek SAB de CV
  
2,220,600
  
5,546,872
  
Bolsa Mexicana de Valores SA
  
7,454,300
  
18,848,862
  
Cemex SAB de CV (ADR) (a)
  
653,500
  
7,090,475
  
Fomento Economico Mexicano SAB de CV (Units)
  
2,617,300
  
28,283,786
  
Grupo Carso SAB de CV "A1"
  
1,120,000
  
5,443,820
  
Grupo Financiero Banorte SAB de CV "O"
  
1,188,000
  
8,176,575
  
Grupo Mexico SAB de CV "B"
  
2,597,085
  
9,661,501
  
Industrias Penoles SAB de CV
  
121,000
  
5,932,375
  
Macquarie Mexico Real Estate Management SA de CV (REIT)*
  
2,500,000
  
5,820,081
  
Mexichem SAB de CV
  
2,871,134
  
16,236,023
  
Minera Frisco SAB de CV "A1"*
  
445,000
  
1,912,703
  
Wal-Mart de Mexico SAB de CV "V"
  
2,121,100
  
6,863,138
  
 
(Cost $92,485,409)
  
134,284,858
  
Panama 1.2%
  
Copa Holdings SA "A"  (Cost $5,180,347)
  
62,650
  
6,866,440
  
Peru 2.4%
  
Inretail Peru Corp.*  (Cost $11,591,588)
  
575,500
  
13,351,600
  
United States 1.7%
  
Southern Copper Corp. (a) (Cost $8,030,776)
  
245,768
  
9,680,801
  
 
Total Equity Securities (Cost $442,322,278)
  
557,432,312
  

 
Units
  
Value ($)
  
 
 
Other Investments 0.1%
  
Brazil
    
TOTVS SA (Debenture Unit), 3.5%, 8/19/2019 (c) (Cost $657,479)
    
60,200
  
343,471
  

 
Shares
  
Value ($)
  
 
 
Securities Lending Collateral 16.6%
  
Daily Assets Fund Institutional, 0.17% (d) (e)
(Cost $93,123,443)
    
93,123,443
  
93,123,443
  
 
 
Cash Equivalents 0.3%
  
Central Cash Management Fund, 0.11% (d)
(Cost $1,555,898)
    
1,555,898
  
1,555,898
  

 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $537,659,098) †
116.5
  
   652,455,124
  
Other Assets and Liabilities, Net
(16.5)
  
   (92,167,861)
  
 
Net Assets
100.0
  
    560,287,263
  

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 $544,149,204.  At January 31, 2013, net unrealized appreciation for all securities based on tax cost was $108,305,920.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $119,649,463 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,343,543.
(a)
All or a portion of these securities were on loan.  The value of all securities loaned at January 31, 2013 amounted to $91,672,150, which is 16.4% of net assets.
(b)
Security is listed in country of domicile.  Significant business activities of company are in Latin America.
(c)
The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities").  Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933.  The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security.  Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell.  This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund.  The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of
Restricted Securities
  
Acquisition Date
  
Cost ($)
  
Value ($)
  
Value as %
of Net Assets
TOTVS SA (Debenture Unit)
  
September 2008
  
657,479
  
343,471
  
0.06

(d)
Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.
(e)
Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.
ADR: American Depositary Receipt
REIT: Real Estate Investment Trust
 

 
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
                        
Equity Securities
  
 
    
 
              
       Belgium
   $ 25,162,400     $ —     $ —     $ 25,162,400  
       Brazil
     314,369,908       —       —       314,369,908  
       Chile
     22,625,845       —       —       22,625,845  
       Colombia
     25,032,380       —       —       25,032,380  
       Luxembourg
     6,058,080       —       —       6,058,080  
       Mexico
     134,284,858       —       —       134,284,858  
       Panama
     6,866,440       —       —       6,866,440  
       Peru
     13,351,600       —       —       13,351,600  
       United States
     9,680,801       —       —       9,680,801  
Other Investments
     —       —       343,471       343,471  
Short-Term Investments(f)
     94,679,341       —       —       94,679,341  
Total
   $ 652,111,653     $ —     $ 343,471     $ 652,455,124  

There have been no transfers between fair value measurement levels during the period ended January 31, 2013.
(f)
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 Latin America 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
EX-99.CERT 2 ex-99cert.htm CERTIFICATION ex-99cert.htm

 
CERTIFICATIONS
 
 
I, W. Douglas Beck, 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.

   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
March 20, 2013

 
 
 
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.
 

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