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  811-08227

DWS Investors Funds, 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:  08/31

Date of reporting period: 5/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of May 31, 2009  (Unaudited)** |
|----------------------|-------------------------------------|

 

 

**DWS Japan Equity Fund**

 

 

|   | **Shares** |   | **Value ($)** |  
 

**Common Stocks 96.3%**

 
**Consumer Discretionary 15.7%**

 
**Auto Components 1.2%**

 
Bridgestone Corp.  

 

20,600 

 

314,657 

 
Denso Corp.  

 

9,400 

 

225,734 

 
 

**540,391**

 
**Automobiles 7.3%**

 
Honda Motor Co., Ltd.  

 

35,700 

 

1,036,304 

 
Nissan Motor Co., Ltd.  

 

29,200 

 

175,331 

 
Suzuki Motor Corp.  

 

8,600 

 

192,138 

 
Toyota Motor Corp.  

 

44,000 

 

1,762,634 

 
 

**3,166,407**

 
 

 

 

**Household Durables 3.9%**

 
Panasonic Corp.  

 

46,700 

 

673,492 

 
Sekisui House Ltd.  

 

24,000 

 

232,792 

 
Sharp Corp.  

 

18,000 

 

205,040 

 
Sony Corp.  

 

22,000 

 

577,049 

 
 

**1,688,373**

 
**Internet & Catalog Retail 0.4%**

 
Rakuten, Inc.  

 

344 

 

**189,180**

 
**Leisure Equipment & Products 0.8%**

 
Nikon Corp.  

 

22,000 

 

**331,451**

 
**Specialty Retail 2.1%**

 
Fast Retailing Co., Ltd.  

 

3,800 

 

451,477 

 
Yamada Denki Co., Ltd.  

 

8,250 

 

472,455 

 
 

**923,932**

 
**Consumer Staples 5.2%**

 
**Beverages 0.7%**

 
Kirin Holdings Co., Ltd.  

 

25,000 

 

**315,251**

 
**Food & Staples Retailing 2.2%**

 
Lawson, Inc.  

 

6,600 

 

275,027 

 
Seven & I Holdings Co., Ltd.  

 

27,500 

 

665,867 

 
 

**940,894**

 
**Household Products 0.8%**

 
Kao Corp.  

 

15,000 

 

**330,367**

 
**Tobacco 1.5%**

 
Japan Tobacco, Inc.  

 

234 

 

**676,284**

 
**Energy 1.8%**

 
**Oil, Gas & Consumable Fuels**

 
INPEX Corp.  

 

55 

 

448,218 

 
Nippon Oil Corp.  

 

55,000 

 

335,800 

 
 

**784,018**

 
**Financials 20.6%**

 
**Capital Markets 3.2%**

 
Daiwa Securities Group, Inc.  

 

99,000 

 

624,485 

 
Nomura Holdings, Inc.  

 

98,400 

 

743,397 

 
 

**1,367,882**

 
**Commercial Banks 10.2%**

 
Mitsubishi UFJ Financial Group, Inc.  

 

306,200 

 

1,932,218 

 
Mizuho Financial Group, Inc.  

 

192,500 

 

463,049 

 
Resona Holdings, Inc.  

 

14,300 

 

216,286 

 
Sumitomo Mitsui Financial Group, Inc.  

 

27,500 

 

1,064,441 

 
Sumitomo Trust & Banking Co., Ltd.  

 

57,000 

 

270,817 

 
The Bank of Yokohama Ltd.  

 

49,000 

 

242,226 

 
The Shizuoka Bank Ltd.  

 

23,000 

 

223,502 

 
 

**4,412,539**

 
**Insurance 4.0%**

 
Mitsui Sumitomo Insurance Group Holdings, Inc.  

 

23,900 

 

703,581 

 
T&D Holdings, Inc.  

 

5,150 

 

147,180 

 
Tokio Marine Holdings, Inc.  

 

30,200 

 

890,682 

 
 

**1,741,443**

 
**Real Estate Management & Development 3.2%**

 
Mitsubishi Estate Co., Ltd.  

 

47,000 

 

775,032 

 
 

 

 

Mitsui Fudosan Co., Ltd.  

 

38,000 

 

634,796 

 
 

**1,409,828**

 
**Health Care 4.4%**

 
**Health Care Equipment & Supplies 0.3%**

 
Terumo Corp.  

 

2,900 

 

**121,859**

 
**Pharmaceuticals 4.1%**

 
Astellas Pharma, Inc.  

 

13,700 

 

465,720 

 
Daiichi Sankyo Co., Ltd.  

 

5,800 

 

108,613 

 
Eisai Co., Ltd.  

 

6,900 

 

235,974 

 
Shionogi & Co., Ltd.  

 

11,000 

 

217,304 

 
Takeda Pharmaceutical Co., Ltd.  

 

13,700 

 

543,326 

 
Tsumura & Co.  

 

7,200 

 

214,863 

 
 

**1,785,800**

 
**Industrials 18.8%**

 
**Air Freight & Logistics 1.0%**

 
Yamato Holdings Co., Ltd.  

 

36,000 

 

**448,429**

 
**Building Products 0.8%**

 
Asahi Glass Co., Ltd.  

 

22,000 

 

161,907 

 
Daikin Industries Ltd.  

 

5,700 

 

176,203 

 
 

**338,110**

 
**Commercial Services & Supplies 0.4%**

 
Secom Co., Ltd.  

 

3,700 

 

**154,199**

 
**Electrical Equipment 0.9%**

 
Mitsubishi Electric Corp.  

 

37,000 

 

215,359 

 
Sumitomo Electric Industries Ltd.  

 

14,300 

 

162,926 

 
 

**378,285**

 
**Machinery 5.9%**

 
FANUC Ltd.  

 

6,900 

 

557,599 

 
Komatsu Ltd.  

 

49,500 

 

723,013 

 
Kubota Corp.  

 

49,000 

 

364,081 

 
Kurita Water Industries Ltd.  

 

13,700 

 

379,701 

 
Mitsubishi Heavy Industries Ltd.  

 

72,000 

 

259,989 

 
SMC Corp.  

 

2,700 

 

288,624 

 
 

**2,573,007**

 
**Marine 1.3%**

 
Mitsui O.S.K. Lines Ltd.  

 

82,000 

 

**584,478**

 
**Road & Rail 1.6%**

 
Central Japan Railway Co.  

 

30 

 

192,261 

 
East Japan Railway Co.  

 

8,200 

 

489,840 

 
 

**682,101**

 
**Trading Companies & Distributors 6.9%**

 
Itochu Corp.  

 

37,000 

 

268,895 

 
Marubeni Corp.  

 

85,000 

 

386,205 

 
Mitsubishi Corp.  

 

55,000 

 

1,043,778 

 
Mitsui & Co., Ltd.  

 

70,300 

 

892,684 

 
Sumitomo Corp.  

 

41,200 

 

412,960 

 
 

**3,004,522**

 
**Information Technology 13.7%**

 
**Computers & Peripherals 2.1%**

 
Fujitsu Ltd.  

 

96,000 

 

499,793 

 
 

 

 

Toshiba Corp.  

 

110,000 

 

417,147 

 
 

**916,940**

 
**Electronic Equipment, Instruments & Components 5.4%**

 
Fujifilm Holdings Corp.  

 

8,200 

 

237,026 

 
Hitachi Ltd.  

 

69,000 

 

229,991 

 
HOYA Corp.  

 

5,800 

 

121,508 

 
Ibiden Co., Ltd.  

 

15,100 

 

434,198 

 
Keyence Corp.  

 

1,900 

 

396,638 

 
Kyocera Corp.  

 

5,500 

 

435,767 

 
Murata Manufacturing Co., Ltd.  

 

5,700 

 

243,822 

 
Nidec Corp.  

 

4,100 

 

235,769 

 
 

**2,334,719**

 
**Internet Software & Services 0.4%**

 
Yahoo! Japan Corp.  

 

717 

 

**191,275**

 
**IT Services 0.5%**

 
NTT Data Corp.  

 

66 

 

**196,699**

 
**Office Electronics 2.4%**

 
Canon, Inc.  

 

27,500 

 

913,006 

 
Ricoh Co., Ltd.  

 

11,000 

 

152,273 

 
 

**1,065,279**

 
**Semiconductors & Semiconductor Equipment 1.6%**

 
Sumco Corp.  

 

22,000 

 

340,855 

 
Tokyo Electron Ltd.  

 

7,400 

 

340,465 

 
 

**681,320**

 
**Software 1.3%**

 
Nintendo Co., Ltd.  

 

2,100 

 

**570,514**

 
**Materials 9.4%**

 
**Chemicals 4.4%**

 
Asahi Kasei Corp.  

 

69,000 

 

341,453 

 
JSR Corp.  

 

19,200 

 

287,393 

 
Nitto Denko Corp.  

 

8,200 

 

230,207 

 
Shin-Etsu Chemical Co., Ltd.  

 

11,000 

 

577,151 

 
Toray Industries, Inc.  

 

96,000 

 

476,032 

 
 

**1,912,236**

 
**Metals & Mining 5.0%**

 
JFE Holdings, Inc.  

 

23,400 

 

784,981 

 
Nippon Steel Corp.  

 

165,000 

 

633,056 

 
Sumitomo Metal Industries Ltd.  

 

86,000 

 

233,417 

 
Sumitomo Metal Mining Co., Ltd.  

 

36,000 

 

512,902 

 
 

**2,164,356**

 
**Telecommunication Services 4.0%**

 
**Diversified Telecommunication Services 1.6%**

 
Nippon Telegraph & Telephone Corp.  

 

16,800 

 

**698,354**

 
**Wireless Telecommunication Services 2.4%**

 
KDDI Corp.  

 

100 

 

523,474 

 
NTT DoCoMo, Inc.  

 

357 

 

533,672 

 
 

**1,057,146**

 
**Utilities 2.7%**

 
**Electric Utilities**

 
Chubu Electric Power Co., Inc.  

 

12,400 

 

276,454 

 
Kansai Electric Power Co., Inc.  

 

15,100 

 

328,371 

 
 

 

 

Tokyo Electric Power Co., Inc.  

 

23,400 

 

587,490 

 
 

**1,192,315**

 
**Total Common Stocks** (Cost $42,416,570)

 

**41,870,183**

 
 

**Warrants 0.1%**

 
**Materials**

 
Dowa Holdings Co., Ltd., Expiration Date 1/29/2010*  (Cost $0)

 

270,000 

 

**53,944**

 
 

**Cash Equivalents 3.8%**

 
Cash Management QP Trust, 0.39% (a)(Cost $1,625,543)

 

 

1,625,543

 

**1,625,543**

 
 

**% of****Net Assets**

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $44,042,113) †

100.2

 

**43,549,670**

 
**Other Assets and Liabilities, Net**

(0.2)

 

**(75,229)**

 
**Net Assets**

100.0

 

**43,474,441**

 
*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 $49,534,126.  At May 31, 2009, net unrealized depreciation for all securities based on tax cost was $5,984,456.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,319,263 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $9,303,719.*

 
*(a)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

 
 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of 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, 2009 in valuing the Fund's investments:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                                 -   

Level 2 

43,495,726   

Level 3 

53,944   

**Total**

**$                43,549,670**

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at May 31, 2009:*

 

 

**Investments in  Securities**

**Balance as of August 31, 2008**

$                      61,042

Total realized gain (loss)

-   

Change in unrealized appreciation (depreciation)

(7,098)   

Amortization premium/discount

-

Net purchases (sales)

-   

Net transfers in (out) of Level 3 

-   

 

 

 

**Balance as of May 31, 2009**

**$                       53,944**

**Net change in unrealized appreciation (depreciation) from investments still held as of May 31, 2009**

**$                      (7,098)**

 

**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 Japan Equity Fund, a series of DWS Investors Funds, Inc.

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

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 Japan Equity Fund, a series of DWS Investors Funds, Inc.

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

July 20, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

July 20, 2009

 

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