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: 7/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

**DWS Emerging Markets Equity Fund**

 

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

**Common Stocks 97.9%**

 
**Brazil 15.5%**

 
All America Latina Logistica SA (Units)  

 

561,949 

 

3,548,042 

 
Cia Brasileira de Meios de Pagamento*  

 

126,200 

 

1,210,762 

 
Cosan SA Industria e Comercio*  

 

249,700 

 

2,276,509 

 
Lojas Renner SA  

 

175,702 

 

2,580,322 

 
Lupatech SA*  

 

75,711 

 

872,457 

 
Natura Cosmeticos SA  

 

367,547 

 

5,249,968 

 
Petroleo Brasileiro SA (ADR) (a) 

 

229,470 

 

9,463,343 

 
Vale SA (ADR) (a) 

 

162,700 

 

3,210,071 

 
Vale SA (ADR) (Preferred) (a) 

 

256,620 

 

4,413,864 

 
(Cost $28,945,573)

 

**32,825,338**

 
**Canada 4.3%**

 
SouthGobi Energy Resources Ltd.* (b) (Cost $7,327,268)

 

695,900 

 

**9,043,954**

 
 

 

**China 16.3%**

 
China Construction Bank Corp. "H"  

 

7,271,500 

 

5,864,075 

 
China Life Insurance Co., Ltd. "H" (ADR) (a) 

 

101,218 

 

6,737,070 

 
China Petroleum & Chemical Corp. "H"  

 

2,400,000 

 

2,164,631 

 
China Railway Construction Corp., Ltd. "H"  

 

1,268,500 

 

2,036,134 

 
China Railway Group Ltd. "H"*  

 

2,614,000 

 

2,354,271 

 
China Shenhua Energy Co., Ltd. "H"  

 

987,300 

 

4,057,459 

 
China South Locomotive & Rolling Stock Corp., Ltd. "H"  

 

3,959,000 

 

2,472,444 

 
China Southern Airlines Co., Ltd. "H"*  

 

3,400,000 

 

1,228,379 

 
Harbin Power Equipment Co., Ltd. "H"  

 

1,463,500 

 

1,733,528 

 
Industrial & Commercial Bank of China Ltd. "H"  

 

2,956,486 

 

2,128,656 

 
PetroChina Co., Ltd. "H"  

 

3,180,000 

 

3,787,253 

 
(Cost $27,650,683)

 

**34,563,900**

 
**Hong Kong 13.3%**

 
Alibaba.com Ltd.* (a) 

 

1,475,700 

 

3,389,328 

 
China High Speed Transmission Equipment Group Co., Ltd. (a) (c) 

 

1,324,000 

 

3,317,666 

 
China Insurance International Holdings Co., Ltd.*  

 

511,807 

 

1,551,921 

 
China Mengniu Dairy Co., Ltd.* (c) 

 

1,392,766 

 

3,335,428 

 
China Mobile Ltd. (ADR)  

 

182,184 

 

9,559,195 

 
CNOOC Ltd.  

 

2,256,312 

 

3,039,451 

 
Hang Seng Bank Ltd.  

 

176,500 

 

2,867,253 

 
Sun Hung Kai Properties Ltd.  

 

75,000 

 

1,137,089 

 
(Cost $22,872,447)

 

**28,197,331**

 
**India 8.2%**

 
Bharat Heavy Electricals Ltd.  

 

66,200 

 

3,082,200 

 
Hindustan Unilever Ltd.  

 

412,322 

 

2,485,111 

 
Housing Development Finance Corp., Ltd.  

 

71,350 

 

3,786,981 

 
ICICI Bank Ltd.  

 

201,300 

 

3,190,363 

 
Infosys Technologies Ltd.  

 

52,900 

 

2,274,369 

 
Larsen & Toubro Ltd.  

 

84,245 

 

2,649,633 

 
(Cost $10,713,692)

 

**17,468,657**

 
**Indonesia 1.6%**

 
PT Telekomunikasi Indonesia  (Cost $3,014,780)

 

3,785,500 

 

**3,413,625**

 
**Korea 8.8%**

 
POSCO  

 

8,100 

 

3,310,698 

 
Samsung Electronics Co., Ltd.  

 

25,931 

 

15,285,820 

 
(Cost $17,755,803)

 

**18,596,518**

 
**Luxembourg 0.5%**

 
Tenaris SA (ADR) (a) (Cost $1,635,313)

 

35,468 

 

**1,075,390**

 
**Mexico 3.8%**

 
America Movil SAB de CV "L" (ADR)  

 

155,515 

 

6,688,700 

 
Wal-Mart de Mexico SAB de CV "V"  

 

395,738 

 

1,348,787 

 
(Cost $8,415,650)

 

**8,037,487**

 
**Peru 0.3%**

 
Compania de Minas Buenaventura SA (ADR)  (Cost $872,359)

 

28,158 

 

**733,516**

 
**Russia 14.7%**

 
Gazprom (ADR)  

 

659,755 

 

13,623,941 

 
LUKOIL (ADR)  

 

147,398 

 

7,369,900 

 
Mining & Metallurgical Co. Norilsk Nickel (ADR)*  

 

147,702 

 

1,478,497 

 
 

 

Mobile TeleSystems (ADR)  

 

81,683 

 

3,429,869 

 
OAO TMK (GDR) REG S  

 

202,550 

 

2,147,030 

 
Sberbank  

 

2,220,505 

 

3,042,092 

 
(Cost $33,436,201)

 

**31,091,329**

 
**Taiwan 10.6%**

 
Asustek Computer, Inc.  

 

1,492,000 

 

2,364,789 

 
Hon Hai Precision Industry Co., Ltd.  

 

1,752,395 

 

6,035,742 

 
MediaTek, Inc.  

 

259,370 

 

3,727,535 

 
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (a) 

 

567,152 

 

5,938,078 

 
Wistron Corp.  

 

2,165,000 

 

4,315,746 

 
(Cost $19,653,080)

 

**22,381,890**

 
**Total Common Stocks** (Cost $182,292,849)

 

**207,428,935**

 
 

**Preferred Stock 1.4%**

 
**Brazil**

 
Banco Bradesco SA  (Cost $1,740,149)

 

181,700 

 

**2,877,789**

 
 

**Securities Lending Collateral 15.3%**

 
Daily Assets Fund Institutional, 0.39% (d) (e)(Cost $32,311,943)

 

 

32,311,943

 

**32,311,943**

 
 

**Cash Equivalents 1.7%**

 
Cash Management QP Trust, 0.27% (d)(Cost $3,643,232)

 

 

3,643,232

 

**3,643,232**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $219,988,173) †

116.3

 

**246,261,899**

 
**Other Assets and Liabilities, Net**

(16.3)

 

**(34,425,418)**

 
**Net Assets**

100.0

 

**211,836,481**

 
*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 $220,303,252.  At July 31, 2009, net unrealized appreciation for all securities based on tax cost was $25,958,647.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $37,625,819 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,667,172.*

 
*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2009 amounted to $31,332,752 which is 14.8% of net assets.*

 
*(b)*

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

 
*(c)*

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

 
*(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*

 
*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, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.*

 
 

*At July 31, 2009, the DWS Emerging Markets Equity Fund had the following sector diversification:*

 

 

**Sector**

**Market Value ($)**

 

**As a % of Common and Preferred Stocks**

Energy

 

55,772,352

 

26.4

%

Information Technology

 

44,542,169

 

21.2

%

Financials

 

33,183,289

 

15.8

%

Industrials

 

23,294,754

 

11.1

%

Telecommunication Services

 

23,091,389

 

11.0

%

Consumer Staples

 

14,695,803

 

7.0

%

Materials

 

13,146,646

 

6.3

%

Consumer Discretionary

 

2,580,322

 

1.2

%

**Total**

 

**210,306,724**

 

**100.0**

**%**

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” as amended, 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 July 31, 2009 in valuing the Fund's investments:*

 

 

**Level 1**

**Level 2**

**Level 3**

**Total**

 
**Assets**

 

 

 

 

 
Common Stock and/or Other Equity Investments(f)

 

 

 

 

 
Brazil

$           35,703,127

$                        —   

$              —   

$       35,703,127   

 
Canada

9,043,954

—

—

9,043,954

 
China

6,737,070

27,826,830

—

34,563,900

 
Hong Kong

9,559,195

18,638,136

—

28,197,331

 
India

—

17,468,657

—

17,468,657

 
Indonesia

—

3,413,625

—

3,413,625

 
Korea

—

18,596,518

—

18,596,518

 
Luxembourg

1,075,390

—

—

1,075,390

 
Mexico

8,037,487

—

—

8,037,487

 
Peru

733,516

—

—

733,516

 
Russia

14,425,296

16,666,033

—

31,091,329

 
Taiwan

5,938,078

16,443,812

—

22,381,890

 
Short-Term Investments(f)

32,311,943

3,643,232

—

35,955,175

 
**Total**

**$        123,565,056**

**$       122,696,843**

**$                -**

**$     246,261,899**

 
 

 

 

 

 
 
*(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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

September 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 Emerging Markets Equity Fund, a series of DWS International Fund, Inc.

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

September 23, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

September 23, 2009

 

 

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