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 Europe Equity Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 97.8%** |  
**Austria 0.6%**

 
Andritz AG  (Cost $2,652,073)

 

41,925 

 

**1,253,167**

**Finland 2.2%**

 
Nokia Oyj  

 

260,200 

 

3,193,350 

Sampo Oyj "A"  

 

81,141 

 

1,306,352 

(Cost $8,214,236)

 

**4,499,702**

**France 7.3%**

 
Alstom SA  

 

41,530 

 

2,015,154 

AXA SA  

 

239,209 

 

3,726,748 

BNP Paribas  

 

64,879 

 

2,485,723 

 

 

 

France Telecom SA  

 

128,069 

 

2,891,361 

Lagardere SCA  

 

35,574 

 

1,356,732 

Total SA  

 

42,229 

 

2,112,367 

(Cost $23,282,025)

 

**14,588,085**

**Germany 16.8%**

 
Allianz SE (Registered)  

 

47,200 

 

3,972,514 

BASF SE  

 

69,000 

 

1,997,448 

Bayer AG (a) 

 

70,200 

 

3,746,943 

Deutsche Boerse AG  

 

45,600 

 

2,292,868 

E.ON AG  

 

114,000 

 

3,667,751 

Fresenius Medical Care AG & Co. KGaA  

 

110,300 

 

4,949,627 

Linde AG  

 

14,700 

 

980,115 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)  

 

4,400 

 

585,085 

SAP AG  

 

45,568 

 

1,618,197 

SGL Carbon AG* (a) 

 

50,100 

 

1,087,407 

Siemens AG (Registered) (a) 

 

41,400 

 

2,320,963 

Software AG  

 

44,426 

 

2,707,751 

Stada Arzneimittel AG  

 

70,700 

 

1,723,738 

Tognum AG  

 

164,959 

 

1,837,036 

(Cost $60,395,944)

 

**33,487,443**

**Ireland 1.7%**

 
Anglo Irish Bank Corp. PLC  

 

623,482 

 

173,233 

CRH PLC  

 

65,200 

 

1,516,798 

Kingspan Group PLC  

 

246,775 

 

846,712 

Ryanair Holdings PLC (ADR)*  

 

37,200 

 

893,544 

(Cost $18,700,787)

 

**3,430,287**

**Italy 3.6%**

 
Assicurazioni Generali SpA  

 

115,490 

 

2,403,891 

Intesa Sanpaolo  

 

668,900 

 

2,107,605 

Prysmian SpA  

 

153,862 

 

1,942,582 

Saipem SpA  

 

50,000 

 

763,083 

(Cost $13,782,869)

 

**7,217,161**

**Luxembourg 0.5%**

 
ArcelorMittal (a) (Cost $3,029,801)

 

40,590 

 

**911,637**

**Netherlands 9.2%**

 
ING Groep NV (CVA)  

 

129,700 

 

1,035,863 

Koninklijke (Royal) KPN NV  

 

517,400 

 

6,910,602 

Koninklijke Ahold NV  

 

158,200 

 

1,902,427 

QIAGEN NV* (a) 

 

317,555 

 

5,439,965 

SBM Offshore NV (a) 

 

254,587 

 

3,079,685 

(Cost $29,528,072)

 

**18,368,542**

**Norway 2.1%**

 
Aker Solutions ASA  

 

103,050 

 

481,604 

StatoilHydro ASA  

 

219,700 

 

3,788,825 

(Cost $10,221,806)

 

**4,270,429**

**Spain 4.2%**

 
Iberdrola Renovables SA*  

 

710,500 

 

2,884,530 

Red Electrica Corporacion SA  

 

49,800 

 

2,049,346 

Repsol YPF SA  

 

82,300 

 

1,476,284 

 

 

 

Tecnicas Reunidas SA  

 

75,135 

 

1,951,534 

(Cost $15,137,867)

 

**8,361,694**

**Sweden 5.3%**

 
Concordia Maritime AB "B"  

 

1,826,900 

 

2,940,905 

Eniro AB (a) 

 

456,131 

 

587,076 

Svenska Handelsbanken AB "A"  

 

146,800 

 

1,601,379 

Swedish Match AB (a) 

 

328,700 

 

4,440,740 

Tele2 AB "B"  

 

132,900 

 

1,073,509 

(Cost $25,600,008)

 

**10,643,609**

**Switzerland 11.1%**

 
Nestle SA (Registered)  

 

288,535 

 

9,975,856 

Roche Holding AG (Genusschein)  

 

55,918 

 

7,862,414 

UBS AG (Registered)*  

 

81,503 

 

1,024,902 

Zurich Financial Services AG (Registered)  

 

18,099 

 

3,268,211 

(Cost $28,590,763)

 

**22,131,383**

**United Arab Emirates 0.3%**

 
Lamprell PLC  (Cost $3,830,694)

 

479,046 

 

**577,161**

**United Kingdom 32.9%**

 
Anglo American PLC  

 

112,944 

 

2,046,281 

ARM Holdings PLC  

 

1,114,313 

 

1,483,133 

Babcock International Group PLC  

 

340,625 

 

2,495,086 

BAE Systems PLC  

 

529,632 

 

3,092,305 

BP PLC  

 

1,105,768 

 

7,860,142 

Carphone Warehouse Group PLC (a) 

 

884,083 

 

1,301,395 

Diageo PLC  

 

367,270 

 

5,030,728 

GlaxoSmithKline PLC  

 

439,724 

 

7,779,312 

HSBC Holdings PLC  

 

302,106 

 

2,357,488 

Imperial Tobacco Group PLC  

 

100,670 

 

2,757,380 

John Wood Group PLC  

 

592,060 

 

1,670,263 

Kofax PLC  

 

2,257,029 

 

4,415,752 

Reed Elsevier PLC  

 

434,555 

 

3,252,803 

Robert Wiseman Dairies PLC  

 

478,281 

 

2,273,039 

Serco Group PLC  

 

801,322 

 

5,105,320 

Shire PLC  

 

35,543 

 

519,781 

Tesco PLC  

 

936,946 

 

4,852,574 

Vodafone Group PLC  

 

3,274,712 

 

6,102,985 

WPP PLC  

 

231,714 

 

1,307,869 

(Cost $110,989,053)

 

**65,703,636**

**Total Common Stocks** (Cost $353,955,998)

 

**195,443,936**

 

**Securities Lending Collateral 11.7%**

 
Daily Assets Fund Institutional, 1.25% (b) (c)(Cost $23,419,329)

 

 

23,419,329

 

**23,419,329**

 

**Cash Equivalents 2.8%**

 
Cash Management QP Trust, 1.12% (b)(Cost $5,534,542)

 

 

5,534,542

 

**5,534,542**

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $382,909,869) †

112.3

 

**224,397,807**

**Other Assets and Liabilities, Net**

(12.3)

 

**(24,494,686)**

**Net Assets**

100.0

 

**199,903,121**

*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 $384,810,188.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $160,412,381.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $463,168 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $160,875,549.*

*(a)*

*All or a portion of these securities were on loan. The value of all securities loaned at January 31, 2009 amounted to $21,617,384 which is 10.8% 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 January 31, 2009, the DWS Europe Equity Fund had the following sector diversification:*

**Sector**

**Market Value ($)**

 

**As a % of**

**Common Stocks**

Health Care

 

32,021,780

 

16.3

%

Consumer Staples

 

31,232,744

 

16.0

%

Financials

 

28,341,862

 

14.5

%

Energy

 

26,701,853

 

13.7

%

Industrials

 

22,889,276

 

11.7

%

Telecommunication Services

 

16,978,457

 

8.7

%

Information Technology

 

13,418,183

 

6.9

%

Utilities

 

8,601,627

 

4.4

%

Consumer Discretionary

 

7,805,875

 

4.0

%

Materials

 

7,452,279

 

3.8

%

**Total**

 

**195,443,936**

 

**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 

$                24,312,873   

Level 2 

200,084,934   

Level 3 

-   

 

 

 

**Total**

**$              224,397,807**

 

 

 

**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:

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 Europe 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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