0000088053-15-001029.txt : 20150924 0000088053-15-001029.hdr.sgml : 20150924 20150924142011 ACCESSION NUMBER: 0000088053-15-001029 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150731 FILED AS OF DATE: 20150924 DATE AS OF CHANGE: 20150924 EFFECTIVENESS DATE: 20150924 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: 151122862 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 S000031160 Deutsche Global Equity Fund

C000096693 Class A DBISX

C000096694 Class B DBIBX

C000096695 Class C DBICX

C000096696 Class R DBITX

C000096697 Class S DBIVX

C000096698 Institutional Class MGINX

N-Q 1 nq073115int_gef.htm DEUTSCHE GLOBAL EQUITY FUND

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: 7/31/2015

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of July 31, 2015 (Unaudited)

Deutsche Global Equity Fund

			Shares			Value ($)

	Common Stocks 97.2%
Belgium 0.8%
Anheuser-Busch InBev NV (Cost $82,015)		2,300				275,483
Brazil 1.0%
Estacio Participacoes SA		36,000				149,301
Itau Unibanco Holding SA (ADR) (Preferred)		22,000				190,960
(Cost $509,525)						340,261
Canada 6.5%
Agnico Eagle Mines Ltd.		9,000				199,170
Alimentation Couche-Tard, Inc. "B"		15,000				669,458
Brookfield Asset Management, Inc. "A"		24,000				837,894
Canadian Pacific Railway Ltd.		2,700				434,651
(Cost $1,663,846)						2,141,173
Denmark 1.3%
Jyske Bank AS (Registered)* (Cost $385,929)		8,000				417,226
France 4.0%
JC Decaux SA (a)		14,800				566,516
Pernod Ricard SA		3,000				359,347
Vivendi SA		15,000				394,443
(Cost $1,314,597)						1,320,306
Germany 4.7%
BASF SE		3,500				301,958
Fresenius Medical Care AG & Co. KGaA		7,500				611,344
LANXESS AG		11,000				635,447
(Cost $1,308,195)						1,548,749
Indonesia 0.9%
PT Bank Negara Indonesia Persero Tbk (Cost $391,601)		800,000				281,028
Ireland 6.6%
Allergan PLC*(b)		2,700				894,105
Glanbia PLC		27,000				563,995
Kerry Group PLC "A"		5,000				379,720
Shire PLC		4,000				354,624
(Cost $1,454,778)						2,192,444
Israel 0.6%
Mobileye NV* (b) (Cost $143,587)		3,500				210,350
Luxembourg 1.8%
Eurofins Scientific (Cost $406,396)		1,800				590,962
Malaysia 0.7%
IHH Healthcare Bhd. (Cost $188,805)		145,000				227,700
Mexico 1.1%
Fomento Economico Mexicano SAB de CV (ADR) (Cost $362,361)		4,000				362,560
Netherlands 1.2%
Sensata Technologies Holding NV* (b) (Cost $378,269)		8,000				410,560
Norway 3.6%
Gjensidige Forsikring ASA		33,000				529,900
Marine Harvest ASA		55,000				678,412
(Cost $1,181,471)						1,208,312
Philippines 1.8%
GT Capital Holdings, Inc.		11,000				337,019
Universal Robina Corp.		65,000				271,857
(Cost $566,218)						608,876
South Africa 2.3%
Aspen Pharmacare Holdings Ltd.*		10,000				293,495
MTN Group Ltd.		28,000				466,051
(Cost $832,216)						759,546
Sweden 5.0%
Assa Abloy AB "B"		19,500				395,798
Atlas Copco AB "A"		7,000				191,335
Hennes & Mauritz AB "B"		6,700				267,428
Meda AB "A"		15,500				252,598
Svenska Cellulosa AB "B"		8,000				228,238
Telefonaktiebolaget LM Ericsson "B"		30,000				321,940
(Cost $1,594,297)						1,657,337
Switzerland 5.2%
Galenica AG (Registered)		700				797,491
Lonza Group AG (Registered)*		3,000				435,695
Nestle SA (Registered)		6,500				492,860
(Cost $1,286,388)						1,726,046
United Kingdom 5.5%
Aon PLC (b)		4,000				403,080
AVEVA Group PLC		7,000				240,705
Compass Group PLC		27,000				432,507
Halma PLC		21,000				248,373
Smith & Nephew PLC		16,000				297,493
Spirax-Sarco Engineering PLC		3,857				199,732
(Cost $1,748,595)						1,821,890
United States 42.6%
Acadia Healthcare Co., Inc.*		4,300				343,054
Alliance Data Systems Corp.*		2,500				687,600
Amphenol Corp. "A"		17,000				958,970
Applied Materials, Inc.		18,000				312,480
Bristol-Myers Squibb Co.		7,000				459,480
CBRE Group, Inc. "A"*		9,000				341,730
Cepheid, Inc.*		3,000				166,770
Cerner Corp.* (a)		6,000				430,320
Citrix Systems, Inc.*		3,500				264,635
Danaher Corp.		6,500				595,140
eBay, Inc.*		6,500				182,780
Ecolab, Inc.		5,500				636,955
Envision Healthcare Holdings, Inc.*		9,000				403,200
Evolent Health, Inc. "A"*		7,480				159,548
Express Scripts Holding Co.*		3,940				354,876
Exxon Mobil Corp.		3,300				261,393
Harman International Industries, Inc.		4,300				462,938
HealthStream, Inc.*		8,500				238,510
JPMorgan Chase & Co.		13,000				890,890
Las Vegas Sands Corp. (a)		8,000				448,320
LKQ Corp.*		11,000				346,060
MasterCard, Inc. "A"		7,000				681,800
Mead Johnson Nutrition Co.		3,500				309,365
Nielsen NV		7,500				363,450
Noble Energy, Inc.		13,500				475,605
Omnicare, Inc.		2,500				242,125
Pall Corp.		4,500				569,025
PayPal Holdings, Inc.*		6,500				251,550
Praxair, Inc.		3,600				410,904
Press Ganey Holdings, Inc.*		10,000				313,100
Schlumberger Ltd.		5,000				414,100
Time Warner, Inc.		5,000				440,200
Union Pacific Corp.		2,000				195,180
United Technologies Corp.		5,000				501,550
(Cost $12,365,528)						14,113,603
Total Common Stocks (Cost $28,164,617)				32,214,412
	Securities Lending Collateral 2.6%
Daily Assets Fund Institutional, 0.18% (c) (d) (Cost $878,606)		878,606				878,606
	Cash Equivalents 2.6%
Central Cash Management Fund, 0.10% (c) (Cost $848,049)		848,049				848,049
			% of Net Assets			Value ($)
Total Investment Portfolio (Cost $29,891,272) †		102.4			33,941,067
Other Assets and Liabilities, Net		(2.4)			(810,031)
Net Assets		100.0			33,131,036

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 $29,938,236. At July 31, 2015, net unrealized appreciation for all securities based on tax cost was $4,002,831. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $5,182,773 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,179,942.
(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 July 31, 2015 amounted to $840,363, which is 2.5% of net assets.
(b)	Listed on the New York Stock Exchange.
(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, 2015 the Deutsche Global Equity Fund had the following sector diversification:

Sector Diversification	Market Value ($)	As a % of Common Stocks
Health Care	7,866,490		24.4	%
Consumer Staples	4,591,295		14.3	%
Information Technology	4,361,183		13.5	%
Financials	4,229,727		13.1	%
Industrials	3,856,421		12.0	%
Consumer Discretionary	3,507,713		10.9	%
Materials	2,184,434		6.8	%
Energy	1,151,098		3.6	%
Telecommunication Services	466,051		1.4	%
Total	32,214,412		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 July 31, 2015 in valuing the Fund's investments

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	275,483	$	—	$	275,483
Brazil		340,261		—		—		340,261
Canada		2,141,173		—		—		2,141,173
Denmark		—		417,226		—		417,226
France		—		1,320,306		—		1,320,306
Germany		—		1,548,749		—		1,548,749
Indonesia		—		281,028		—		281,028
Ireland		894,105		1,298,339		—		2,192,444
Israel		210,350		—		—		210,350
Luxembourg		—		590,962		—		590,962
Malaysia		—		227,700		—		227,700
Mexico		362,560		—		—		362,560
Netherlands		410,560		—		—		410,560
Norway		—		1,208,312		—		1,208,312
Philippines		—		608,876		—		608,876
South Africa		—		759,546		—		759,546
Sweden		—		1,657,337		—		1,657,337
Switzerland		—		1,726,046		—		1,726,046
United Kingdom		403,080		1,418,810		—		1,821,890
United States		14,113,603		—		—		14,113,603
Short-Term Investments (e)		1,726,655		—		—		1,726,655
Total	$	20,602,347	$	13,338,720	$	—	$	33,941,067

There have been no transfers between fair value measurement levels during the period ended July 31, 2015.
(e)	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 Global Equity Fund, a series of Deutsche International Fund, Inc.

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

Date:	September 22, 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:	September 22, 2015



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

Date:	September 22, 2015

EX-99.CERT 2 ex99cert.htm CERTIFICATIONS

CERTIFICATIONS

I, Brian E. Binder, certify that:

I have reviewed this report on Form N-Q of Deutsche Global 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:	September 22, 2015

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of Deutsche Global 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:	September 22, 2015