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 Europe Equity Fund**

 

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

**Common Stocks 97.1%**

 
**Austria 7.4%**

 
Andritz AG  

 

85,252 

 

3,736,421 

 
Erste Group Bank AG  

 

78,812 

 

2,750,979 

 
IMMOEAST AG*  

 

1,374,095 

 

3,799,484 

 
Intercell AG*  

 

73,762 

 

2,705,070 

 
OMV AG  

 

115,000 

 

4,564,877 

 
(Cost $17,447,684)

 

**17,556,831**

 
**Belgium 2.2%**

 
Fortis*  (Cost $4,454,826)

 

1,323,300 

 

**5,149,049**

 
**Denmark 2.6%**

 
A P Moller-Maersk AS "B" (a) 

 

544 

 

3,383,926 

 
 

 

Carlsberg AS "B"  

 

40,575 

 

2,815,174 

 
(Cost $6,126,472)

 

**6,199,100**

 
**Finland 2.0%**

 
Fortum Oyj  

 

96,100 

 

2,225,783 

 
Nokia Oyj  

 

185,100 

 

2,464,106 

 
(Cost $6,923,082)

 

**4,689,889**

 
**France 9.6%**

 
Alstom SA  

 

41,530 

 

2,851,312 

 
AXA SA  

 

230,568 

 

4,873,559 

 
BNP Paribas  

 

86,504 

 

6,306,493 

 
DANONE SA  

 

42,051 

 

2,256,263 

 
Electricite de France  

 

67,939 

 

3,367,382 

 
France Telecom SA  

 

128,069 

 

3,196,217 

 
(Cost $21,954,098)

 

**22,851,226**

 
**Germany 14.8%**

 
Allianz SE (Registered) (a) 

 

47,200 

 

4,655,370 

 
BASF SE  

 

69,000 

 

3,457,833 

 
Bayer AG  

 

51,300 

 

3,148,455 

 
Bayerische Motoren Werke (BMW) AG (a) 

 

69,897 

 

3,230,811 

 
Daimler AG (Registered)  

 

121,300 

 

5,613,700 

 
Deutsche Boerse AG  

 

45,600 

 

3,613,647 

 
E.ON AG  

 

114,000 

 

4,315,578 

 
Fresenius Medical Care AG & Co. KGaA (a) 

 

81,300 

 

3,733,552 

 
Software AG  

 

44,426 

 

3,324,318 

 
(Cost $44,364,201)

 

**35,093,264**

 
**Greece 2.4%**

 
National Bank of Greece SA*  (Cost $4,503,710)

 

197,266 

 

**5,758,220**

 
**Ireland 2.0%**

 
Anglo Irish Bank Corp., Ltd.  

 

623,482 

 

192,836 

 
CRH PLC  

 

189,314 

 

4,519,638 

 
(Cost $15,607,917)

 

**4,712,474**

 
**Italy 5.9%**

 
Fiat SpA* (a) 

 

271,400 

 

3,009,508 

 
Intesa Sanpaolo*  

 

878,300 

 

3,270,433 

 
Saipem SpA  

 

150,000 

 

4,062,103 

 
UniCredit SpA*  

 

1,232,800 

 

3,610,859 

 
(Cost $13,116,466)

 

**13,952,903**

 
**Luxembourg 1.7%**

 
ArcelorMittal  (Cost $4,895,469)

 

110,283 

 

**3,968,954**

 
**Netherlands 3.6%**

 
ING Groep NV (CVA)  

 

332,000 

 

4,257,848 

 
QIAGEN NV*  

 

228,755 

 

4,365,734 

 
SBM Offshore NV  

 

3,783 

 

72,359 

 
(Cost $10,723,437)

 

**8,695,941**

 
**Russia 5.9%**

 
Gazprom (ADR) 

 

201,350 

 

4,157,878 

 
LUKOIL (ADR) 

 

66,100 

 

3,305,000 

 
Mechel (ADR) (a) 

 

291,400 

 

3,112,152 

 
 

 

Sberbank  

 

2,526,644 

 

3,461,502 

 
(Cost $13,829,236)

 

**14,036,532**

 
**Spain 2.6%**

 
Banco Santander SA  

 

178,200 

 

2,580,522 

 
Tecnicas Reunidas SA  

 

75,135 

 

3,728,869 

 
(Cost $7,508,198)

 

**6,309,391**

 
**Sweden 4.3%**

 
Concordia Maritime AB "B"  

 

1,826,900 

 

5,443,231 

 
Tele2 AB "B"  

 

363,100 

 

4,885,949 

 
(Cost $13,913,729)

 

**10,329,180**

 
**Switzerland 10.8%**

 
ABB Ltd. (Registered)*  

 

145,248 

 

2,653,105 

 
Credit Suisse Group AG (Registered)  

 

112,036 

 

5,294,360 

 
Nestle SA (Registered)  

 

127,066 

 

5,229,367 

 
Roche Holding AG (Genusschein)  

 

22,101 

 

3,484,788 

 
UBS AG (Registered)*  

 

377,159 

 

5,509,242 

 
Xstrata PLC  

 

263,229 

 

3,553,744 

 
(Cost $22,215,894)

 

**25,724,606**

 
**United Kingdom 19.3%**

 
Anglo American PLC  

 

112,944 

 

3,641,280 

 
Babcock International Group PLC  

 

340,625 

 

2,678,554 

 
BG Group PLC  

 

253,342 

 

4,227,720 

 
BHP Billiton PLC  

 

105,613 

 

2,757,464 

 
BP PLC  

 

420,941 

 

3,496,117 

 
GlaxoSmithKline PLC  

 

205,660 

 

3,947,330 

 
HSBC Holdings PLC  

 

749,739 

 

7,586,423 

 
Imperial Tobacco Group PLC  

 

100,670 

 

2,877,290 

 
John Wood Group PLC  

 

592,060 

 

2,640,648 

 
Kofax PLC  

 

2,007,029 

 

4,903,239 

 
Robert Wiseman Dairies PLC  

 

379,929 

 

2,602,075 

 
Vodafone Group PLC  

 

2,199,028 

 

4,507,221 

 
(Cost $56,749,705)

 

**45,865,361**

 
**Total Common Stocks** (Cost $264,334,124)

 

**230,892,921**

 
 

**Securities Lending Collateral 8.3%**

 
Daily Assets Fund Institutional, 0.39% (b) (c)(Cost $19,757,586)

 

 

19,757,586

 

**19,757,586**

 
 

**Cash Equivalents 2.6%**

 
Cash Management QP Trust, 0.27% (b)(Cost $6,205,465)

 

 

6,205,465

 

**6,205,465**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $290,297,175) †

108.0

 

**256,855,972**

 
**Other Assets and Liabilities, Net**

(8.0)

 

**(19,065,796)**

 
**Net Assets**

100.0

 

**237,790,176**

 
*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 $290,668,385.  At July 31, 2009, net unrealized depreciation for all securities based on tax cost was $33,812,413.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $19,594,492 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $53,406,905.*

 
 

 

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2009 amounted to $19,107,623 which is 8.0% 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*

 

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

 

**Sector**

**Market Value ($)**

 

**As a % of**

**Common Stocks**

Financials

 

72,670,826

 

31.5

%

Energy

 

35,698,802

 

15.5

%

Materials

 

25,011,065

 

10.8

%

Health Care

 

21,384,929

 

9.3

%

Consumer Staples

 

15,780,169

 

6.8

%

Industrials

 

15,303,318

 

6.6

%

Telecommunication Services

 

12,589,387

 

5.5

%

Consumer Discretionary

 

11,854,019

 

5.1

%

Information Technology

 

10,691,663

 

4.6

%

Utilities

 

9,908,743

 

4.3

%

**Total**

 

**230,892,921**

 

**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

 

 

 

 

 

Austria

$                    —

$               17,556,831

$                        —

$              17,556,831

 

Belgium

—

5,149,049

—

5,149,049

 

Denmark

—

6,199,100

—

6,199,100

 

Finland

—

4,689,889

—

4,689,889

 

France

—

22,851,226

—

22,851,226

 

Germany

—

35,093,264

—

35,093,264

 

Greece

—

5,758,220

—

5,758,220

 

Ireland

—

4,712,474

—

4,712,474

 

Italy

—

13,952,903

—

13,952,903

 

Luxembourg

—

3,968,954

—

3,968,954

 

Netherlands

—

8,695,941

—

8,695,941

 

Russia

6,417,152

7,619,380

—

14,036,532

 

Spain

—

6,309,391

—

6,309,391

 

Sweden

—

10,329,180

—

10,329,180

 

Switzerland

—

25,724,606

—

25,724,606

 

United Kingdom

—

45,865,361

—

45,865,361

 

 

Short-Term Investments(d)

19,757,586

6,205,465

—

25,963,051

**Total**

**$      26,174,738**

**$             230,681,234**

**$                       —**

**$            256,855,972**

 

 

 

 

 

 
*(d)*

*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 Europe 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 Europe 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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