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  811-642

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

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 International Fund**

 

 

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

**Common Stocks  94.0%**

 
**Australia 3.3%**

 
BHP Billiton Ltd.  

 

764,300 

 

21,472,375 

 
Woodside Petroleum Ltd.  

 

403,600 

 

14,081,036 

 
(Cost $29,307,448)

 

**35,553,411**

 
**Austria 2.8%**

 
Intercell AG*  

 

554,693 

 

16,710,517 

 
Voestalpine AG  

 

483,800 

 

13,957,779 

 
(Cost $25,053,759)

 

**30,668,296**

 
**Belgium 2.0%**

 
Fortis*  (Cost $17,072,827)

 

5,734,300 

 

**21,999,577**

 
 

 

**Brazil 1.2%**

 
Petroleo Brasileiro SA (ADR) (a) (Cost $10,748,978)

 

290,000 

 

**12,768,700**

 
**China 5.8%**

 
China Life Insurance Co., Ltd. "H"  

 

5,765,900 

 

21,056,587 

 
Industrial & Commercial Bank of China Ltd. "H"  

 

31,716,000 

 

19,960,929 

 
PetroChina Co., Ltd. "H"  

 

19,972,000 

 

22,929,234 

 
(Cost $56,599,801)

 

**63,946,750**

 
**Denmark 2.1%**

 
Carlsberg AS "B" (a) (Cost $37,931,162)

 

360,275 

 

**23,045,254**

 
**Finland 3.7%**

 
Fortum Oyj  

 

888,900 

 

21,839,419 

 
Nokia Oyj  

 

1,212,400 

 

18,569,384 

 
(Cost $48,863,419)

 

**40,408,803**

 
**France 6.7%**

 
Alstom SA  

 

178,626 

 

11,346,737 

 
AXA SA  

 

986,712 

 

18,477,512 

 
BNP Paribas (a) 

 

263,867 

 

18,344,973 

 
Compagnie de Saint-Gobain (a) 

 

413,309 

 

15,081,327 

 
Electricite de France (a) 

 

201,981 

 

10,590,242 

 
(Cost $55,649,300)

 

**73,840,791**

 
**Germany 12.4%**

 
Allianz SE (Registered)  

 

204,451 

 

20,154,879 

 
BASF SE  

 

377,600 

 

15,945,965 

 
Bayer AG (a) 

 

279,646 

 

15,923,503 

 
Daimler AG (Registered)  

 

459,600 

 

16,856,095 

 
Deutsche Telekom AG (Registered)  

 

1,195,800 

 

13,752,647 

 
E.ON AG  

 

551,009 

 

19,482,204 

 
Fresenius Medical Care AG & Co. KGaA (a) 

 

476,647 

 

19,977,777 

 
Linde AG (a) 

 

161,300 

 

13,474,296 

 
(Cost $127,935,348)

 

**135,567,366**

 
**Hong Kong 2.0%**

 
China Mobile Ltd.  (Cost $24,851,454)

 

2,229,000 

 

**21,796,228**

 
**Ireland 2.2%**

 
CRH PLC  (Cost $22,065,582)

 

1,019,350 

 

**24,142,944**

 
**Italy 2.1%**

 
Saipem SpA  (Cost $22,004,151)

 

895,000 

 

**22,855,842**

 
**Japan 10.9%**

 
Canon, Inc.  

 

503,800 

 

16,726,277 

 
Japan Tobacco, Inc.  

 

3,911 

 

11,303,189 

 
Komatsu Ltd.  

 

898,300 

 

13,120,864 

 
Mitsubishi Corp.  

 

873,800 

 

16,582,792 

 
Mitsui & Co., Ltd.  

 

1,258,000 

 

15,974,339 

 
Nintendo Co., Ltd.  

 

42,800 

 

11,627,619 

 
Seven & I Holdings Co., Ltd.  

 

447,000 

 

10,823,375 

 
Toyota Motor Corp.  

 

589,700 

 

23,623,301 

 
(Cost $125,777,230)

 

**119,781,756**

 
**Luxembourg 2.1%**

 
ArcelorMittal  (Cost $23,869,336)

 

697,720 

 

**23,248,168**

 
 

 

**Netherlands 2.8%**

 
ING Groep NV (CVA)  

 

1,668,100 

 

17,790,659 

 
Koninklijke (Royal) Philips Electronics NV  

 

666,700 

 

12,565,211 

 
(Cost $28,225,480)

 

**30,355,870**

 
**Norway 3.5%**

 
DnB NOR ASA*  

 

2,389,000 

 

20,043,602 

 
StatoilHydro ASA (a) 

 

881,500 

 

18,570,559 

 
(Cost $32,126,033)

 

**38,614,161**

 
**Russia 2.2%**

 
Gazprom (ADR)  

 

824,550 

 

19,368,576 

 
Gazprom OAO (ADR)  

 

203,150 

 

4,686,670 

 
(Cost $35,540,026)

 

**24,055,246**

 
**Spain 3.8%**

 
Banco Santander SA  

 

1,894,500 

 

20,425,289 

 
Grifols SA  

 

285,513 

 

5,149,174 

 
Telefonica SA  

 

720,675 

 

15,567,687 

 
(Cost $31,581,649)

 

**41,142,150**

 
**Sweden 1.2%**

 
Hennes & Mauritz AB "B"  (Cost $10,725,843)

 

276,700 

 

**13,215,926**

 
**Switzerland 10.7%**

 
ABB Ltd. (Registered)*  

 

1,156,967 

 

19,068,330 

 
Compagnie Financiere Richemont SA "A"  

 

659,832 

 

14,444,203 

 
Credit Suisse Group AG (Registered)  

 

475,362 

 

21,273,031 

 
Nestle SA (Registered)  

 

574,293 

 

20,868,943 

 
UBS AG (Registered)*  

 

1,202,056 

 

18,173,309 

 
Xstrata PLC  

 

1,992,845 

 

22,725,907 

 
(Cost $85,873,146)

 

**116,553,723**

 
**United Kingdom 10.5%**

 
AMEC PLC  

 

1,589,649 

 

17,386,014 

 
Babcock International Group PLC  

 

648,670 

 

4,861,273 

 
BG Group PLC  

 

1,328,088 

 

24,338,800 

 
HSBC Holdings PLC  

 

3,276,778 

 

29,925,586 

 
Imperial Tobacco Group PLC  

 

632,335 

 

16,435,320 

 
Marks & Spencer Group PLC  

 

1,982,119 

 

9,121,450 

 
Vodafone Group PLC  

 

6,767,452 

 

12,735,637 

 
(Cost $109,027,615)

 

**114,804,080**

 
**Total Common Stocks** (Cost $960,829,587)

 

**1,028,365,042**

 
 

**Exchange-Traded Fund  3.8%**

 
**Japan**

 
iShares MSCI Japan Index Fund (a) (Cost $51,898,340)

 

4,483,301 

 

**42,008,530**

 
 

**Securities Lending Collateral  14.0%**

 
Daily Assets Fund Institutional, 0.53% (b) (c)(Cost $153,529,835)

 

 

153,529,835

 

**153,529,835**

 
 

**Cash Equivalents  1.7%**

 
Cash Management QP Trust, 0.39% (b)(Cost $18,627,505)

 

 

18,627,505

 

**18,627,505**

 
 

 

 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $1,184,885,267) †

113.5

 

**1,242,530,912**

 
**Other Assets and Liabilities, Net**

(13.5)

 

**(148,272,010)**

 
**Net Assets**

100.0

 

**1,094,258,902**

 
*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 $1,210,808,631.  At May 31, 2009, net unrealized appreciation for all securities based on tax cost was $31,722,281.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $168,378,363 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $136,656,082.*

 
*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at May 31, 2009 amounted to $150,327,038 which is 13.7% 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*

 
*CVA: Certificaten Van Aandelen*

 
*MSCI: Morgan Stanley Capital International*

 
 

*At May 31, 2009, the DWS International Fund had the following sector diversification:*

 

**Sector**

**Market Value ($)**

 

**As a % of Common Stocks**

Financials

 

247,625,933

 

24.1

%

Energy

 

156,985,431

 

15.3

%

Materials

 

134,967,434

 

13.1

%

Industrials

 

108,600,873

 

10.6

%

Consumer Staples

 

82,476,081

 

8.0

%

Consumer Discretionary

 

77,260,975

 

7.5

%

Telecommunication Services

 

63,852,199

 

6.2

%

Health Care

 

57,760,971

 

5.6

%

Utilities

 

51,911,865

 

5.0

%

Information Technology

 

46,923,280

 

4.6

%

**Total**

 

**1,028,365,042**

 

**100.0**

**%**

 

 

***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 

$                 212,993,736  

Level 2 

1,029,537,176

Level 3 

-

 

 

**Total**

**$              1,242,530,912**

 

 

**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 International Fund, a series of DWS International Fund, 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 International Fund, a series of DWS International Fund, 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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