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 Latin America Equity Fund**

 

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

**Equity Securities 98.1%**

 
**Argentina 0.9%**

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

 

33,663 

 

225,946 

 
Tenaris SA  

 

197,070 

 

2,985,519 

 
Tenaris SA (ADR) (a) 

 

93,500 

 

2,834,920 

 
(Cost $5,321,202)

 

**6,046,385**

 
**Brazil 68.2%**

 
AES Tiete SA (Preferred)  

 

312,800 

 

3,369,841 

 
All America Latina Logistica (Units)  

 

1,267,200 

 

8,000,866 

 
Banco Bradesco SA (ADR) (Preferred) (a) 

 

1,628,700 

 

25,684,599 

 
Banco do Brasil SA  

 

368,700 

 

4,671,616 

 
BM&F BOVESPA SA  

 

2,037,000 

 

13,166,941 

 
Bradespar SA (Preferred)  

 

1,498,700 

 

22,612,035 

 
Braskem SA "A" (Preferred)*  

 

52 

 

232 

 
 

 

BRF-Brasil Foods SA*  

 

331,700 

 

7,360,247 

 
Cia Brasileira de Meios de Pagamento SA*  

 

497,200 

 

4,770,135 

 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar "A" (Preferred)  

 

98,900 

 

2,284,122 

 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Rights) Expiration Date 8/21/2009*  

 

6,926 

 

3,341****

 
Companhia de Bebidas das Americas (ADR) (Preferred) (a) 

 

155,900 

 

10,964,447 

 
Companhia de Concessoes Rodoviarias  

 

195,200 

 

3,190,996 

 
Companhia Energetica de Minas Gerais (ADR) (Preferred) (a) 

 

400,800 

 

5,723,424 

 
Companhia Paranaense de Energia (ADR) (Preferred) (a) 

 

134,700 

 

2,090,544 

 
Companhia Siderurgica Nacional SA (ADR) (a) 

 

625,200 

 

16,005,120 

 
Cosan SA Industria e Comercio*  

 

569,100 

 

5,188,472 

 
Cyrela Brazil Realty SA  

 

614,900 

 

6,344,272 

 
Eletropaulo Metropolitana SA "B" (Preferred)  

 

127,700 

 

2,381,862 

 
Empresa Brasileira de Aeronautica SA  

 

619,700 

 

3,029,165 

 
Equatorial Energia SA  

 

275,327 

 

2,516,053 

 
Gerdau SA (Preferred)  

 

873,600 

 

10,268,282 

 
GVT Holding SA*  

 

276,400 

 

5,377,634 

 
Itau Unibanco Banco Multiplo SA (ADR) (Preferred)  

 

2,116,419 

 

37,862,736 

 
Itausa - Investimentos Itau SA (Preferred)  

 

2,585,700 

 

13,262,843 

 
JBS SA  

 

698,900 

 

2,775,746 

 
Lupatech SA*  

 

519,500 

 

5,986,467 

 
Metalurgica Gerdau SA (Preferred)  

 

332,100 

 

4,841,549 

 
Natura Cosmeticos SA  

 

131,700 

 

1,881,176 

 
Net Servicos de Comunicacao SA (Preferred)*  

 

484,353 

 

4,945,424 

 
OGX Petroleo e Gas Participacoes SA  

 

18,000 

 

11,721,828 

 
Petroleo Brasileiro SA (ADR) (a) 

 

357,800 

 

14,755,672 

 
Petroleo Brasileiro SA (ADR) (Preferred)  

 

2,696,600 

 

90,875,420 

 
Petroleo Brasileiro SA (Preferred)  

 

78,876 

 

1,330,418 

 
Redecard SA  

 

207,800 

 

3,090,687 

 
Souza Cruz SA  

 

77,000 

 

2,620,662 

 
Tele Norte Leste Participacoes SA (ADR) (Preferred)  

 

308,400 

 

4,746,276 

 
Tele Norte Leste Participacoes SA (Preferred)  

 

480,000 

 

7,432,507 

 
Totvs SA  

 

147,862 

 

5,943,010 

 
Totvs SA (Units)*  

 

1,094 

 

6,277 

 
Tractebel Energia SA  

 

175,000 

 

1,805,574 

 
Ultrapar Participacoes SA (Preferred)  

 

98,800 

 

3,357,320 

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

 

334,575 

 

7,940,496 

 
Vale SA "A" (Preferred)  

 

9,156 

 

159,000 

 
Vale SA (ADR) (a) 

 

556,355 

 

10,976,884 

 
Vale SA (ADR) (Preferred) (a) 

 

2,319,300 

 

39,891,960 

 
Vivo Participacoes SA (ADR)  

 

70,000 

 

1,593,900 

 
(Cost $267,568,866)

 

**444,808,078**

 
**Canada 0.5%**

 
Yamana Gold, Inc. (b) (Cost $3,119,960)

 

321,359 

 

**3,049,697**

 
**Chile 3.6%**

 
Empresa Nacional de Electricidad SA (ADR) (a) 

 

125,800 

 

6,201,940 

 
Empresa Nacional de Telecomunicaciones SA  

 

307,840 

 

4,218,896 

 
Empresas Copec SA  

 

444,300 

 

5,649,726 

 
Enersis SA (ADR)  

 

218,400 

 

4,191,096 

 
Sociedad Quimica y Minera de Chile SA “B” (ADR) (a) 

 

81,827 

 

2,928,588 

 
(Cost $19,506,942)

 

**23,190,246**

 
**Colombia 0.9%**

 
Bancolombia SA (ADR) (Preferred)  (Cost $5,427,738)

 

176,900 

 

**5,680,259**

 
 

 

**Mexico 21.0%**

 
America Movil SAB de CV "L" (ADR)  

 

1,185,700 

 

50,996,957 

 
Carso Global Telecom SAB de CV "A1"*  

 

804,300 

 

3,211,963 

 
Cemex SAB de CV (ADR) (a) 

 

716,300 

 

6,726,057 

 
Corporacion GEO SAB de CV "B"*  

 

4,019,900 

 

8,582,117 

 
Desarrolladora Homex SAB de CV*  

 

223,200 

 

1,307,365 

 
Empresas ICA SAB de CV*  

 

646,100 

 

1,188,112 

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

 

365,300 

 

14,100,580 

 
Genomma Lab Internacional SA de CV "B"*  

 

2,027,500 

 

1,993,885 

 
Grupo Aeroportuario del Pacifico SAB de CV "B" (ADR)  

 

109,200 

 

3,047,772 

 
Grupo Financiero Banorte SAB de CV "O"  

 

1,254,500 

 

3,108,470 

 
Grupo Mexico SAB de CV "B"  

 

7,771,600 

 

11,061,101 

 
Grupo Modelo SAB de CV "C"*  

 

605,800 

 

2,369,266 

 
Grupo Televisa SA (ADR)  

 

466,700 

 

8,442,603 

 
Industrias Penoles SAB de CV  

 

285,500 

 

4,538,951 

 
Telefonos de Mexico SAB de CV "L"  

 

3,344,200 

 

2,660,878 

 
Telmex Internacional SAB de CV "L"  

 

6,444,700 

 

4,083,741 

 
Wal-Mart de Mexico SAB de CV "V"  

 

2,838,429 

 

9,674,167 

 
(Cost $75,133,405)

 

**137,093,985**

 
**Peru 2.1%**

 
Compania de Minas Buenaventura SA (ADR)  

 

300,000 

 

7,815,000 

 
Credicorp Ltd.  

 

88,300 

 

5,889,610 

 
(Cost $7,529,060)

 

**13,704,610**

 
**United States 0.9%**

 
Southern Copper Corp. (a) (b) (Cost $5,361,229)

 

229,600 

 

**5,914,496**

 
**Total Equity Securities** (Cost $388,968,402)

 

**639,487,756**

 
 

**Securities Lending Collateral 12.9%**

 
Daily Assets Fund Institutional, 0.39% (c) (d)(Cost $84,349,482)

 

 

84,349,482

 

**84,349,482**

 
 

**Cash Equivalents 0.5%**

 
Cash Management QP Trust, 0.27% (c)(Cost $3,013,492)

 

 

3,013,492

 

**3,013,492**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $476,331,376) †

111.5

 

**726,850,730**

 
**Other Assets and Liabilities, Net**

(11.5)

 

**(75,182,685)**

 
**Net Assets**

100.0

 

**651,668,045**

 
*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 $480,846,494.  At July 31, 2009, net unrealized appreciation for all securities based on tax cost was $246,004,236.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $261,123,999 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $15,119,763.*

 
*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2009 amounted to $82,141,453 which is 12.6% of net assets.*

 
*(b)*

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

 
*(c)*

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

 
 

 

*(d)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

*ADR: American Depositary Receipt*

 

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

 

**Sector**

**Market Value ($)**

 

**As a % of**

**Equity Securities**

Materials 

 

154,729,448

 

24.2                                                

%

Energy

 

127,861,097

 

20.0

%

Financials

 

109,327,074

 

17.1

%

Telecommunication Services

 

84,548,698

 

13.2

%

Consumer Staples

 

59,222,225

 

9.3

%

Industrials

 

30,093,104

 

4.7

%

Consumer Discretionary

 

29,621,781

 

4.6

%

Utilities

 

28,280,335

 

4.4

%

Information Technology

 

13,810,109

 

2.2

%

Health Care

 

1,993,885

 

0.3

%

**Total**

 

**639,487,756**

 

**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

 

 

 

 

 
Argentina

$           5,820,439            

$                       —    

$          225,946   

$         6,046,385        

 
Brazil

444,801,801

6,277

—

444,808,078

 
Canada

3,049,697

—

—

3,049,697

 
Chile

23,190,246

—

—

23,190,246

 
Colombia

5,680,259

—

—

5,680,259

 
Mexico

137,093,985

—

—

137,093,985

 
Peru

13,704,610

—

—

13,704,610

 
United States

5,914,496

—

—

5,914,496

 
Short-Term Investments(e)

84,349,482

3,013,492

—

87,362,974

 
**Total**

**$        723,605,015**

**$           3,019,769**

**$         225,946**

**$     726,850,730**

 
 
*(e)*

*See Investment Portfolio for additional detailed categorizations.*

 

*The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:*

 

 

**Common Stock and/or Other Equity Investments**

**Balance as of  October 31, 2008**

$          91,294

**Realized gains (loss)**

—

**Change in unrealized appreciation (depreciation)**

134,652

 

 

**Amortization premium/ discount**

—

**Net purchases  (sales)**

—

**Net transfers in (out) of Level 3**

—

**Balance as of  July 31, 2009**

**$        225,946**

**Net change in unrealized appreciation (depreciation) from investments still held at    July 31, 2009**

**$        134,652**

 

**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:

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 Latin America 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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