nq013115eme.htm

0000088053-15-000328.txt : 20150327 0000088053-15-000328.hdr.sgml : 20150327 20150327132343 ACCESSION NUMBER: 0000088053-15-000328 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150131 FILED AS OF DATE: 20150327 DATE AS OF CHANGE: 20150327 EFFECTIVENESS DATE: 20150327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 15730184 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: DWS INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL INVESTMENTS LTD DATE OF NAME CHANGE: 19761203

0000088053 S000006028 Deutsche Emerging Markets Equity Fund

C000016557 Class A SEKAX

C000016559 Class B SEKBX

C000016560 Class C SEKCX

C000016561 Class S SEMGX

C000063926 Institutional Class SEKIX

N-Q 1 nq013115eme.htm DEUTSCHE EMERGING MARKETS EQUITY FUND nq013115eme.htm

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: 811-00642

Deutsche 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

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 250-3220

Date of fiscal year end: 10/31

Date of reporting period: 1/31/2015

ITEM 1.

SCHEDULE OF INVESTMENTS

as of January 31, 2015 (Unaudited)

Investment Portfolio

Deutsche Emerging Markets Equity Fund

			Shares			Value ($)
	Equity Securities 92.7%
Brazil 6.3%
Banco Bradesco SA (Preferred)		19,600				246,383
Banco do Brasil SA		50,000				384,981
BR Malls Participacoes SA		31,000				175,954
BR Properties SA		35,000				116,221
BRF SA		34,000				815,772
Cia Brasileira de Distribuicao (Preferred)		20,400				677,402
Cosan SA Industria e Comercio		51,500				470,808
Itau Unibanco Holding SA (Preferred)		124,680				1,528,733
Petroleo Brasileiro SA (ADR) (a)		95,000				570,950

(Cost $7,325,776)						4,987,204
China 22.7%
Alibaba Group Holding Ltd. (ADR)* (a)		4,166				371,107
Anhui Conch Cement Co., Ltd. "H" (a)		260,000				875,170
Baidu, Inc. (ADR)*		3,500				762,720
CGN Power Co., Ltd. "H"*		1,176,000				497,566
China CNR Corp., Ltd. "H"*		1,135,000				1,453,833
China Construction Bank Corp. "H"		2,331,000				1,869,985
China Maple Leaf Educational Systems Ltd.*		594,000				172,400
China Merchants Bank Co., Ltd. "H"		379,000				845,274
CITIC Securities Co., Ltd. "H"		300,000				955,810
Industrial & Commercial Bank of China Ltd. "H"		2,627,315				1,886,492
JD.com, Inc. (ADR)* (a)		70,000				1,738,800
PetroChina Co., Ltd. "H"		1,394,824				1,509,121
Ping An Insurance (Group) Co. of China Ltd. "H"		180,000				1,904,408
Tencent Holdings Ltd.		123,000				2,074,833
Zhuzhou CSR Times Electric Co., Ltd. "H"		158,000				884,538

(Cost $15,046,223)						17,802,057
Czech Republic 0.3%
CEZ AS (Cost $281,450)		9,600				224,757
Hong Kong 5.6%
China Mobile Ltd.		140,000				1,826,860
China Overseas Land & Investment Ltd.		365,000				1,057,540
China Unicom (Hong Kong) Ltd.		600,000				899,449
Chow Tai Fook Jewellery Group Ltd. (a)		430,000				566,830

(Cost $3,910,519)						4,350,679
India 7.9%
Coal India Ltd.		182,386				1,061,746
Dr. Reddy's Laboratories Ltd.		15,300				792,423
Hero MotoCorp Ltd.		15,300				705,587
ICICI Bank Ltd.		75,000				435,350
Infosys Ltd.		14,200				487,842
Tata Motors Ltd.		37,000				349,014
Tech Mahindra Ltd.		39,041				1,820,092
Yes Bank Ltd.		37,000				513,292

(Cost $4,264,805)						6,165,346
Indonesia 1.0%
PT Indofood Sukses Makmur Tbk (Cost $788,645)		1,315,000				780,246
Korea 16.1%
Cheil Industries, Inc.*		2,179				270,980
Hana Financial Group, Inc.		22,700				665,742
Hyundai Department Store Co., Ltd.		2,800				304,693
Hyundai Motor Co.		9,630				1,479,528
Korea Electric Power Corp.		15,700				612,726
KT Corp.		27,000				734,926
POSCO		2,800				649,950
Samsung Electronics Co., Ltd.		3,100				3,831,655
Samsung Fire & Marine Insurance Co., Ltd.		3,300				888,415
Samsung SDS Co., Ltd.		997				239,392
Shinhan Financial Group Co., Ltd.		27,000				1,104,228
Shinsegae Co., Ltd.		2,000				293,278
SK Hynix, Inc.		35,200				1,517,762

(Cost $12,270,868)						12,593,275
Macau 0.6%
Sands China Ltd. (Cost $657,745)		93,000				448,596
Malaysia 2.1%
Sime Darby Bhd.		446,000				1,154,351
Tenaga Nasional Bhd.		122,000				486,163

(Cost $1,661,707)						1,640,514
Mexico 4.2%
Alfa SAB "A"*		95,000				173,401
America Movil SAB de CV "L"		700,919				750,976
Arca Continental SAB de CV		33,469				198,499
Cemex SAB de CV (Units)		502,320				446,038
Fibra Uno Administracion SA de CV (REIT)		280,000				844,324
Grupo Mexico SAB de CV "B"		346,000				912,233

(Cost $3,692,659)						3,325,471
Philippines 2.4%
Ayala Corp.		57,200				938,880
Bloomberry Resorts Corp.*		2,138,300				598,098
SM Prime Holdings, Inc.		820,000				344,801

(Cost $1,733,498)						1,881,779
Russia 1.1%
LUKOIL OAO (ADR)		5,000				202,100
Magnit PJSC (GDR) REG S		17,500				668,500

(Cost $752,004)						870,600
South Africa 6.7%
Aspen Pharmacare Holdings Ltd.*		48,000				1,798,337
FirstRand Ltd.		73,000				324,710
MTN Group Ltd.		27,000				465,870
Naspers Ltd. "N"		5,200				748,042
Shoprite Holdings Ltd.		28,400				447,830
The Foschini Group Ltd.		61,000				874,209
Woolworths Holdings Ltd.		82,700				613,240

(Cost $3,615,094)						5,272,238
Taiwan 13.1%
Advanced Semiconductor Engineering, Inc.		676,000				851,179
Cathay Financial Holding Co., Ltd.		520,000				743,858
CTBC Financial Holding Co., Ltd.		116,716				74,058
Delta Electronics, Inc.		140,000				855,540
Fubon Financial Holding Co., Ltd.		560,000				887,295
Hermes Microvision, Inc.		11,000				522,713
Hon Hai Precision Industry Co., Ltd.		263,240				719,646
Largan Precision Co., Ltd.		12,500				1,038,948
MediaTek, Inc.		57,600				879,479
Taiwan Semiconductor Manufacturing Co., Ltd.		838,000				3,721,020

(Cost $8,307,484)						10,293,736
Thailand 0.5%
Bangkok Bank PCL (Foreign Registered) (Cost $432,164)		65,000				380,766
Turkey 2.1%
Eregli Demir ve Celik Fabrikalari TAS		454,977				817,861
Turk Hava Yollari*		126,000				481,884
Turkiye Vakiflar Bankasi Tao "D"		154,000				358,809

(Cost $1,231,771)						1,658,554

Total Equity Securities (Cost $65,972,412)				72,675,818
	Securities Lending Collateral 4.5%
Daily Assets Fund Institutional, 0.10% (b) (c) (Cost $3,496,005)		3,496,005				3,496,005
	Cash Equivalents 1.1%
Central Cash Management Fund, 0.06% (b) (Cost $872,667)		872,667				872,667

			% of Net Assets			Value ($)

Total Investment Portfolio (Cost $70,341,084) †		98.3			77,044,490
Other Assets and Liabilities, Net		1.7			1,366,227

Net Assets		100.0			78,410,717

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 $70,583,654. At January 31, 2015, net unrealized appreciation for all securities based on tax cost was $6,460,836. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $12,236,075 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $5,775,239.
(a)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at January 31, 2015 amounted to $3,348,197, which is 4.3% 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
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, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REIT: Real Estate Investment Trust

At January 31, 2015 the Deutsche Emerging Markets Equity Fund had the following sector diversification:

Sector Diversification	Market Value ($)		As a % of Equity Securities
Information Technology		19,693,928		27.1	%
Financials		19,476,309		26.8	%
Consumer Discretionary		8,892,315		12.2	%
Telecommunication Services		4,678,081		6.4	%
Industrials		4,418,987		6.1	%
Energy		3,814,725		5.3	%
Materials		3,701,252		5.1	%
Consumer Staples		3,588,249		4.9	%
Health Care		2,590,760		3.6	%
Utilities		1,821,212		2.5	%
Total		72,675,818		100.0	%
Sector diversification is subject to change.

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund's investments.

Assets	Level 1		Level 2		Level 3		Total
Equity Securities
Brazil	$	4,987,204	$	—	$	—	$	4,987,204
China		2,872,627		14,929,430		—		17,802,057
Czech Republic		—		224,757		—		224,757
Hong Kong		—		4,350,679		—		4,350,679
India		—		6,165,346		—		6,165,346
Indonesia		—		780,246		—		780,246
Korea		—		12,593,275		—		12,593,275
Macau		—		448,596		—		448,596
Malaysia		—		1,640,514		—		1,640,514
Mexico		3,325,471		—		—		3,325,471
Philippines		—		1,881,779		—		1,881,779
Russia		870,600		—		—		870,600
South Africa		—		5,272,238		—		5,272,238
Taiwan		—		10,293,736		—		10,293,736
Thailand		—		380,766		—		380,766
Turkey		—		1,658,554		—		1,658,554
Short-Term Investments(d)		4,368,672		—		—		4,368,672
Total	$	16,424,574	$	60,619,916	$	—	$	77,044,490

During the period ended January 31, 2015, the amount of transfers between Level 3 and Level 2 was $2,447,311. Investments were transferred from Level 3 to Level 2 as a result of the commencement of trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
(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:	Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc.

By:	/s/Brian E. Binder Brian E. Binder President

Date:	March 25, 2015

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.

By:	/s/Brian E. Binder Brian E. Binder President

Date:	March 25, 2015



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	March 25, 2015

EX-99.CERT 2 ex-99cert.htm CERTIFICATION ex-99cert.htm

CERTIFICATIONS

I, Brian E. Binder, certify that:

I have reviewed this report on Form N-Q of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


By:	/s/Brian E. Binder Brian E. Binder President

Date:	March 25, 2015

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	March 25, 2015