nq053115cint.htm

0000088053-15-000739.txt : 20150723 0000088053-15-000739.hdr.sgml : 20150723 20150723151641 ACCESSION NUMBER: 0000088053-15-000739 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150531 FILED AS OF DATE: 20150723 DATE AS OF CHANGE: 20150723 EFFECTIVENESS DATE: 20150723 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: 151002179 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 S000006030 Deutsche CROCI International Fund

C000016568 Class A SUIAX

C000016570 Class B SUIBX

C000016571 Class C SUICX

C000016572 Class S SCINX

C000016573 Institutional Class SUIIX

C000149477 Class R6

N-Q 1 nq053115cint.htm DEUTSCHE CROCI(R) INTERNATIONAL FUND nq053115cint.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: 8/31

Date of reporting period: 5/31/2015

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of May 31, 2015 (Unaudited)

Deutsche CROCI® International Fund

(formerly Deutsche International Fund)

			Shares			Value ($)

	Common Stocks 96.1%
Australia 5.7%
BHP Billiton Ltd.		1,961,493				44,293,314
Origin Energy Ltd.		4,891,723				49,796,276
South32 Ltd.*		1,840,692				3,081,989
Woodside Petroleum Ltd.		1,780,045				49,826,561

(Cost $156,707,533)						146,998,140
Austria 1.7%
OMV AG (a) (Cost $50,778,926)		1,544,981				43,885,617
Denmark 1.9%
A P Moller-Maersk AS "B" (Cost $54,497,173)		25,197				48,684,395
Finland 1.9%
Fortum Oyj (a) (Cost $53,715,063)		2,515,448				48,022,848
France 7.4%
Electricite de France SA (a)		2,006,657				49,460,362
GDF Suez		2,359,442				47,758,797
Kering		269,746				47,429,052
Sanofi		472,953				46,383,016

(Cost $201,206,138)						191,031,227
Germany 7.3%
Continental AG		199,879				46,388,246
E.ON SE		3,124,039				46,014,564
K+S AG (Registered)		1,430,698				46,924,196
Siemens AG (Registered)		451,300				47,552,870

(Cost $195,696,806)						186,879,876
Hong Kong 1.9%
CLP Holdings Ltd. (Cost $48,275,284)		5,701,531				49,800,230
Japan 21.8%
Asahi Kasei Corp.		5,194,977				45,878,638
Bridgestone Corp.		1,182,512				49,040,711
Daiichi Sankyo Co., Ltd. (a)		2,814,209				52,979,434
Denso Corp.		1,035,328				53,828,664
JGC Corp.		2,466,554				49,279,412
Mitsui & Co., Ltd.		3,597,406				50,271,059
Nitto Denko Corp.		768,990				59,349,421
Otsuka Holdings Co., Ltd.		1,442,424				45,068,946
Sekisui House Ltd.		3,170,564				52,728,080
Sumitomo Metal Mining Co., Ltd.		3,397,247				52,191,143
Toyota Industries Corp.		815,767				48,978,407

(Cost $519,836,317)						559,593,915
Luxembourg 3.7%
ArcelorMittal (a)		4,659,182				49,708,392
Tenaris SA		3,127,223				45,329,659

(Cost $101,771,903)						95,038,051
Netherlands 2.1%
Koninklijke DSM NV (Cost $51,716,410)		884,733				52,460,843
Singapore 3.7%
Keppel Corp., Ltd.		7,404,003				48,039,864
Singapore Airlines Ltd.		5,502,586				46,303,451

(Cost $99,656,250)						94,343,315
Spain 2.0%
Gas Natural SDG SA (Cost $50,801,478)		2,067,956				50,936,559
Sweden 1.9%
Telefonaktiebolaget LM Ericsson "B" (Cost $54,004,085)		4,377,355				49,198,790
Switzerland 10.1%
ABB Ltd. (Registered)*		2,269,128				49,669,043
Roche Holding AG (Genusschein)		171,403				50,409,274
Sika AG (Bearer)		14,313				49,314,918
Swatch Group AG (Bearer)		112,175				44,593,793
Syngenta AG (Registered)		144,460				65,524,659

(Cost $247,346,599)						259,511,687
United Kingdom 23.0%
Anglo American PLC		2,984,504				46,720,979
Antofagasta PLC		4,078,516				46,461,062
Burberry Group PLC		1,827,636				47,261,304
Centrica PLC		12,238,582				51,931,618
easyJet PLC		1,786,008				43,987,661
GlaxoSmithKline PLC		2,108,450				46,798,429
Rexam PLC		5,634,566				48,118,206
Rio Tinto PLC		1,092,699				47,614,761
Rolls-Royce Holdings PLC*		3,124,669				47,590,145
Smiths Group PLC		2,866,319				52,506,915
SSE PLC		2,073,930				52,651,942
The Weir Group PLC		1,862,782				57,608,392

(Cost $608,878,038)						589,251,414

Total Common Stocks (Cost $2,494,888,003)				2,465,636,907
	Other Investment 0.0%
United Kingdom
Rolls-Royce Holdings PLC, Class C* (Cost $632,299)		420,425,904				642,579
	Securities Lending Collateral 3.5%
Daily Assets Fund Institutional, 0.14% (b) (c) (Cost $90,713,763)		90,713,763				90,713,763
	Cash Equivalents 4.3%
Central Cash Management Fund, 0.09% (b) (Cost $110,485,380)		110,485,380				110,485,380

			% of Net Assets			Value ($)

Total Investment Portfolio (Cost $2,696,719,445) †		103.9			2,667,478,629
Other Assets and Liabilities, Net		(3.9)			(100,456,449)

Net Assets		100.0			2,567,022,180

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 $2,697,858,205. At May 31, 2015, net unrealized depreciation for all securities based on tax cost was $30,379,576. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $72,090,631 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $102,470,207.

(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 May 31, 2015 amounted to $86,667,676, which is 3.4% 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.

At May 31, 2015, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement

Date

Unrealized

Appreciation ($)

Counterparty

AUD

177,084,000

USD

136,916,922

6/30/2015

1,743,399

Merrill Lynch & Co., Inc.

AUD

5,153,000

USD

3,937,098

6/30/2015

3,659

JPMorgan Chase Securities, Inc.

GBP

367,077,000

USD

565,228,835

6/30/2015

4,313,168

Merrill Lynch & Co., Inc.

HKD

10,761,000

USD

1,387,962

6/30/2015

198

JPMorgan Chase Securities, Inc.

HKD

331,359,000

USD

42,740,669

6/30/2015

7,827

UBS AG

JPY

66,476,161,000

USD

540,403,871

6/30/2015

4,571,770

Merrill Lynch & Co., Inc.

JPY

1,947,516,000

USD

15,729,940

6/30/2015

31,958

JPMorgan Chase Securities, Inc.

SEK

389,716,000

USD

46,004,127

6/30/2015

271,668

Merrill Lynch & Co., Inc.

SEK

11,852,000

USD

1,397,155

6/30/2015

6,344

JPMorgan Chase Securities, Inc.

SGD

125,107,000

USD

92,753,200

6/30/2015

11,964

Merrill Lynch & Co., Inc.

Total unrealized appreciation

10,961,955

Contracts to Deliver

In Exchange For

Settlement

Date

Unrealized

Depreciation ($)

Counterparty

CHF

6,853,000

USD

7,263,766

6/30/2015

(35,590)

JPMorgan Chase Securities, Inc.

CHF

226,107,000

USD

238,796,654

6/30/2015

(2,037,345)

Merrill Lynch & Co., Inc.

DKK

315,712,000

USD

46,283,877

6/30/2015

(233,631)

Merrill Lynch & Co., Inc.

DKK

9,268,000

USD

1,362,458

6/30/2015

(3,103)

JPMorgan Chase Securities, Inc.

EUR

599,941,000

USD

655,395,346

6/30/2015

(3,777,859)

Merrill Lynch & Co., Inc.

EUR

17,245,000

USD

18,906,987

6/30/2015

(40,613)

JPMorgan Chase Securities, Inc.

GBP

10,875,000

USD

16,612,596

6/30/2015

(5,056)

JPMorgan Chase Securities, Inc.

SGD

2,978,000

USD

2,207,201

6/30/2015

(376)

JPMorgan Chase Securities, Inc.

Total unrealized depreciation

(6,133,573)

Currency Abbreviations

AUD

Australian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

JPY

Japanese Yen

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

At May 31, 2015 the Deutsche CROCI International Fund had the following sector diversification:

Sector Diversification	Market Value ($)		As a % of Common Stocks
Materials		657,642,521		26.7	%
Industrials		542,135,786		22.0	%
Utilities		396,576,920		16.1	%
Consumer Discretionary		390,248,257		15.8	%
Health Care		241,639,099		9.8	%
Energy		188,838,113		7.6	%
Information Technology		49,198,790		2.0	%
Total		2,466,279,486		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 May 31, 2015 in valuing the Fund's investments.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	146,998,140	$	—	$	146,998,140
Austria		—		43,885,617		—		43,885,617
Denmark		—		48,684,395		—		48,684,395
Finland		—		48,022,848		—		48,022,848
France		—		191,031,227		—		191,031,227
Germany		—		186,879,876		—		186,879,876
Hong Kong		—		49,800,230		—		49,800,230
Japan		—		559,593,915		—		559,593,915
Luxembourg		—		95,038,051		—		95,038,051
Netherlands		—		52,460,843		—		52,460,843
Singapore		—		94,343,315		—		94,343,315
Spain		—		50,936,559		—		50,936,559
Sweden		—		49,198,790		—		49,198,790
Switzerland		—		259,511,687		—		259,511,687
United Kingdom		—		589,251,414		—		589,251,414
Other Investment (d)		642,579		—		—		642,579
Short-Term Investments (d)		201,199,143		—		—		201,199,143
Derivatives (e)
Forward Foreign Currency Exchange Contracts		—		10,961,955		—		10,961,955

Total	$	201,841,722	$	2,476,598,862	$	—	$	2,678,440,584


Liabilities		Level 1		Level 2			Level 3		Total
Derivatives (e)
	Forward Foreign Currency Exchange Contracts	$	—	$	(6,133,573	)		—	$	(6,133,573	)

Total		$	—	$	(6,133,573	)	$	—	$	(6,133,573	)

There have been no transfers between fair value measurement levels during the period ended May 31, 2015.

(d)

See Investment Portfolio for additional detailed categorizations.

(e)

Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2015 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure	Forward Currency Contracts
Foreign Exchange Contracts	$ 4,828,382

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 CROCI® International Fund, a series of Deutsche International Fund, Inc.

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

Date:	July 23, 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:	July 23, 2015



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

Date:	July 23, 2015

EX-99.CERT 2 ex99cert.htm CERTIFICATIONS ex99cert.htm

CERTIFICATIONS

I, Brian E. Binder, certify that:

I have reviewed this report on Form N-Q of Deutsche CROCI® International 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:	July 23, 2015

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of Deutsche CROCI® International 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:	July 23, 2015