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:  10/31

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Latin America Equity Fund**

 

 

|   | **Shares**                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **Value ($)** |
|--------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Equity Securities 96.2%** |  
**Argentina 2.3%**

 
Nortel Inversora SA "A" (ADR) (Preferred)*  

 

33,663 

 

121,187 

Telecom Argentina SA "B"*  

 

893,275 

 

1,501,819 

Tenaris SA  

 

197,070 

 

2,007,168 

Tenaris SA (ADR)  

 

328,500 

 

6,501,015 

(Cost $9,362,833)

 

**10,131,189**

**Brazil 58.7%**

 
All America Latina Logistica SA (Unit)  

 

1,170,500 

 

4,439,827 

Banco Bradesco SA (ADR) (Preferred)  

 

2,106,900 

 

18,856,755 

Braskem SA "A" (Preferred)  

 

52 

 

128 

Companhia de Bebidas das Americas (ADR) (Preferred)  

 

257,800 

 

10,515,662 

 

 

 

Companhia Energetica de Minas Gerais (ADR) (Preferred)  

 

141,300 

 

1,920,267 

Companhia Paranaense de Energia (ADR) (Preferred)  

 

443,600 

 

4,098,864 

Companhia Vale do Rio Doce "A" (ADR) (Preferred)  

 

3,655,300 

 

44,375,342 

Companhia Vale do Rio Doce "A" (Preferred)  

 

9,156 

 

110,543 

Companhia Vale do Rio Doce (ADR)  

 

198,655 

 

2,803,022 

EDP - Energias do Brasil SA  

 

509,700 

 

4,877,302 

Equatorial Energia SA  

 

777,400 

 

3,434,634 

GVT Holding SA*  

 

728,200 

 

7,793,623 

Lojas Renner SA  

 

506,900 

 

3,091,653 

Lupatech SA*  

 

589,500 

 

6,276,142 

Net Servicos de Comunicacao SA (Preferred)*  

 

1,012,253 

 

6,418,208 

Perdigao SA  

 

159,400 

 

2,198,621 

Petroleo Brasileiro SA (ADR)  

 

153,100 

 

4,011,220 

Petroleo Brasileiro SA (ADR) (Preferred)  

 

2,696,600 

 

58,408,356 

Petroleo Brasileiro SA (Preferred)  

 

1,691,476 

 

18,248,984 

Redecard SA  

 

1,066,600 

 

12,068,211 

SLC Agricola SA  

 

260,700 

 

1,404,634 

Totvs SA  

 

349,000 

 

5,972,112 

Totvs SA (Unit)  

 

1,094 

 

1,229,875 

Tractebel Energia SA  

 

586,500 

 

4,535,263 

Unibanco - Uniao de Bancos Brasileiros SA (GDR)  

 

190,800 

 

10,738,224 

Usinas Siderurgicas de Minas Gerais SA "A" (Preferred)  

 

343,275 

 

4,270,223 

Vivo Participacoes SA (ADR)  

 

1,120,100 

 

15,883,018 

(Cost $191,022,189)

 

**257,980,713**

**Canada 1.9%**

 
Yamana Gold, Inc. (a) (Cost $14,888,920)

 

1,037,200 

 

**8,359,832**

**Chile 4.6%**

 
Banco Santander Chile (ADR)  

 

155,900 

 

5,515,742 

Compania Cervecerias Unidas SA  

 

192,493 

 

1,173,053 

Empresa Nacional de Electricidad SA (ADR)  

 

125,800 

 

4,702,404 

Empresa Nacional de Telecomunicaciones SA  

 

307,840 

 

3,393,225 

Enersis SA (ADR)  

 

387,800 

 

5,564,930 

(Cost $20,325,667)

 

**20,349,354**

**Mexico 23.7%**

 
America Movil SAB de CV "L" (ADR)  

 

1,312,100 

 

37,407,971 

Corporacion GEO SAB de CV "B"*  

 

3,956,100 

 

4,364,368 

Desarrolladora Homex SAB de CV*  

 

223,200 

 

712,137 

Desarrolladora Homex SAB de CV (ADR)*  

 

121,700 

 

2,320,819 

Fomento Economico Mexicano SAB de CV (ADR) (Unit)  

 

760,900 

 

21,419,335 

Genomma Lab Internacional SA de CV "B"*  

 

2,438,500 

 

1,459,641 

Grupo Televisa SA (ADR)  

 

1,053,400 

 

14,737,066 

Kimberly-Clark de Mexico SAB de CV "A"  

 

731,400 

 

2,387,551 

Mexichem SAB de CV  

 

321,600 

 

235,034 

Urbi, Desarrollos Urbanos, SAB de CV*  

 

3,877,300 

 

3,980,579 

Wal-Mart de Mexico SAB de CV "V"  

 

7,209,129 

 

15,048,184 

(Cost $89,829,002)

 

**104,072,685**

**Peru 5.0%**

 
Compania de Minas Buenaventura SA (ADR)  

 

606,100 

 

11,418,924 

Credicorp Ltd.  

 

252,700 

 

10,436,510 

(Cost $24,524,476)

 

**21,855,434**

**Total Equity Securities** (Cost $349,953,087)

 

**422,749,207**

 

 

 

 

**Cash Equivalents 1.1%**

 
Cash Management QP Trust, 1.12% (b)(Cost $4,975,740)

 

 

4,975,740

 

**4,975,740**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $354,928,827) †

97.3

 

**427,724,947**

**Other Assets and Liabilities, Net**

2.7

 

**11,792,039**

**Net Assets**

100.0

 

**439,516,986**

*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 $359,443,945.  At January 31, 2009, net unrealized appreciation for all securities based on tax cost was $68,281,002.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $144,764,066 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $76,483,064.*

*(a)*

*Security is listed in country of domicile.  Significant business activities of company are in Latin America.*

*(b)*

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

*ADR: American Depositary Receipt*

*GDR: Global Depositary Receipt*

*At January 31, 2009, the DWS Latin America Equity Fund had the following sector diversification:*

**Sector**

**Market Value ($)**

 

**As a % of**

**Equity Securities**

Energy

 

89,176,743

 

21.1

**%**

Materials

 

71,338,014

 

16.9

**%**

Telecommunication Services

 

66,100,843

 

15.6

**%**

Consumer Staples

 

54,147,040

 

12.8

**%**

Financials

 

45,547,231

 

10.8

**%**

Consumer Discretionary

 

35,624,830

 

8.4

**%**

Utilities

 

29,133,664

 

6.9

**%**

Information Technology

 

19,270,198

 

4.6

**%**

Industrials

 

10,951,003

 

2.6

**%**

Health Care

 

1,459,641

 

0.3

**%**

**Total**

 

**422,749,207**

 

**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 January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

 

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$              413,038,314   

Level 2 

14,565,446   

Level 3 

121,187   

**Total**

**$              427,724,947**

 

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

 

 

**Investments in  Securities**

**Balance as of November 1, 2008**

$                       91,294

Total realized gain (loss)

-   

Change in unrealized appreciation (depreciation)

29,893   

Amortization Premium/Discount

-

Net purchases (sales)

-   

Net transfers in (out) of Level 3 

-   

**Balance as of January 31, 2009**

**$                     121,187**

**

 

 

**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/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 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 Latin America Equity Fund, a series of DWS International Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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