0000088053-16-002249.txt : 20160706 0000088053-16-002249.hdr.sgml : 20160706 20160706164554 ACCESSION NUMBER: 0000088053-16-002249 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160706 DATE AS OF CHANGE: 20160706 EFFECTIVENESS DATE: 20160706 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 161754289 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 C000016560 Class C SEKCX C000016561 Class S SEMGX C000063926 Institutional Class SEKIX N-CSRS 1 sr43016eme.htm DEUTSCHE EMERGING MARKETS EQUITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

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 10154-0004

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 250-3220

 

Paul Schubert

60 Wall Street

New York, NY 10005

(Name and Address of Agent for Service)

 

Date of fiscal year end: 10/31
   
Date of reporting period: 4/30/2016

 

ITEM 1. REPORT TO STOCKHOLDERS
   

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April 30, 2016

Semiannual Report
to Shareholders

Deutsche Emerging Markets Equity Fund

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Contents

3 Letter to Shareholders

5 Performance Summary

8 Portfolio Management Team

9 Portfolio Summary

14 Investment Portfolio

19 Statement of Assets and Liabilities

21 Statement of Operations

22 Statement of Changes in Net Assets

23 Financial Highlights

27 Notes to Financial Statements

38 Information About Your Fund's Expenses

40 Advisory Agreement Board Considerations and Fee Evaluation

45 Account Management Resources

47 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Letter to Shareholders

Dear Shareholder:

Seven years into our economic recovery, you might be wondering "where’s the proof?" The strong U.S. dollar and sluggish growth have hampered exports and manufacturing. Low oil prices are raising concerns about the energy sector. A steep sell-off in the first quarter, plus a contentious U.S. election campaign and ongoing geopolitical issues, have led many to question what lies ahead.

Our analysts see a case for continued, albeit modest, growth in the U.S. economy. Households have reduced debt and are seeing gains in real income thanks to improving labor markets and lower energy prices. Businesses remain reasonably well positioned financially, with an added boost to purchasing power from lower energy prices. Lastly, while the Federal Reserve Board has initiated the process of raising short-term interest rates, we are confident that "low and slow" will continue to be the watchwords for a while.

The later stages of an economic recovery tend to bring increased volatility and more challenges to achieving positive investment returns. We believe that active management — careful sector allocation and security selection driven by deep research — can make a difference in this environment.

In the end, it is important to remember the core reason for investing: long- term goals and a desire for growth tempered by reasonable risk management. We appreciate your trust and welcome the opportunity to put our resources, experience and expertise to work in helping you meet your goals.

Best regards,

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Brian Binder

President, Deutsche Funds

Please note: Deutsche Asset & Wealth Management is now two distinct businesses: Deutsche Asset Management and Deutsche Bank Wealth Management. As a result, our key service providers were renamed Deutsche AM Service Company; Deutsche AM Distributors, Inc. and Deutsche AM Trust Company, effective May 9, 2016.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

Performance Summary April 30, 2016 (Unaudited)

Class A 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/16
Unadjusted for Sales Charge –4.42% –19.72% –6.24% –0.91%
Adjusted for the Maximum Sales Charge (max 5.75% load) –9.92% –24.34% –7.34% –1.50%
MSCI Emerging Markets Index –0.13% –17.87% –4.61% 2.36%
Average Annual Total Returns as of 3/31/16 (most recent calendar quarter end)
Unadjusted for Sales Charge   –12.72% –5.58% –0.16%
Adjusted for the Maximum Sales Charge (max 5.75% load)   –17.74% –6.69% –0.75%
MSCI Emerging Markets Index   –12.03% –4.13% 3.02%
Class C 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/16
Unadjusted for Sales Charge –4.82% –20.36% –6.97% –1.72%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) –5.77% –20.36% –6.97% –1.72%
MSCI Emerging Markets Index –0.13% –17.87% –4.61% 2.36%
Average Annual Total Returns as of 3/31/16 (most recent calendar quarter end)
Unadjusted for Sales Charge   –13.40% –6.30% –0.97%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)   –13.40% –6.30% –0.97%
MSCI Emerging Markets Index   –12.03% –4.13% 3.02%
Class S 6-Month 1-Year 5-Year 10-Year
Average Annual Total Returns as of 4/30/16
No Sales Charges –4.34% –19.51% –6.02% –0.68%
MSCI Emerging Markets Index –0.13% –17.87% –4.61% 2.36%
Average Annual Total Returns as of 3/31/16 (most recent calendar quarter end)
No Sales Charges   –12.48% –5.34% 0.08%
MSCI Emerging Markets Index   –12.03% –4.13% 3.02%
Institutional Class 6-Month 1-Year 5-Year Life of Class*
Average Annual Total Returns as of 4/30/16
No Sales Charges –4.28% –19.52% –5.97% –4.69%
MSCI Emerging Markets Index –0.13% –17.87% –4.61% –1.62%
Average Annual Total Returns as of 3/31/16 (most recent calendar quarter end)
No Sales Charges   –12.49% –5.30% –4.72%
MSCI Emerging Markets Index   –12.03% –4.13% –1.70%

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2016 are 1.97%, 2.76%, 1.74% and 1.53% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

 Deutsche Emerging Markets Equity Fund — Class A

 MSCI Emerging Markets Index

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Yearly periods ended April 30

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

* Institutional Class commenced operations on March 3, 2008. The performance shown for the index is for the time period of February 29, 2008 through April 30, 2016 (through March 31, 2016 for the most recent calendar quarter end returns), which is based on the performance period of the life of Institutional Class.

The Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged, capitalization-weighted index of companies in a universe of 23 emerging markets. The index is calculated using closing local market prices and translates into U.S. dollars using the London close foreign exchange rates.

Total returns shown for periods less than one year are not annualized.

  Class A Class C Class S Institutional Class
Net Asset Value
4/30/16 $ 13.84 $ 12.44 $ 14.03 $ 14.02
10/31/15 $ 14.49 $ 13.07 $ 14.70 $ 14.68
Distribution Information as of 4/30/16
Income Dividends, Six Months $ — $ — $ .03 $ .03

Portfolio Management Team

Sean Taylor, Managing Director

Lead Portfolio Manager of the fund. Began managing the fund in 2014.

Global Head of Emerging Markets Equities: Hong Kong.

Joined Deutsche Asset Management in 2013 with 21 years of industry experience. Prior to his current role, he served as Head of Emerging Markets at Pioneer Investments, Investment Director at GAM, based in London and Dubai, and Head of International & Emerging Markets at Societe Generale.

MBA, Manchester Business School.

Andrew Beal, Managing Director

Portfolio Manager of the fund. Began managing the fund in 2014.

Deputy Head of Emerging Market Equities: London.

Joined Deutsche Asset Management in 2014 with 21 years of prior industry experience. Prior to joining, he was responsible for emerging markets investments at Schroders, Nicolas Applegate and Henderson Global Investors.

BSc in Economics and Politics from University of Bath.

Portfolio Summary (Unaudited)

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Ten Largest Equity Holdings at April 30, 2016 (29.3% of Net Assets) Country Percent

1. Samsung Electronics Co., Ltd.

Manufacturer of electronic parts

Korea 4.9%

2. Taiwan Semiconductor Manufacturing Co., Ltd.

Manufacturer of integrated circuits and other semiconductor devices

Taiwan 4.5%

3. Tencent Holdings Ltd.

Provides Internet, mobile and telecommunication value-added services

China 4.3%

4. China Mobile Ltd.

Provider of cellular telecommunication services

Hong Kong 2.9%

5. HDFC Bank Ltd.

Offers a wide range of personal banking services to the global corporate sector

India 2.7%

6. PetroChina Co., Ltd.

Explores, develops and produces crude oil and natural gas

China 2.1%

7. China Construction Bank Corp.

Provides complete range of banking services and other financial services to individual and corporate consumers

China 2.0%

8. Industrial & Commercial Bank of China Ltd.

Provides a broad range of personal and corporate commercial banking services

China 2.0%

9. Gazprom PAO

Extracts, transports and sells natural gas

Russia 2.0%

10. Itau Unibanco Holding SA

Provider of banking services

Brazil 1.9%

Portfolio holdings and characteristics are subject to change.

For more complete details about the fund's investment portfolio, see page 14. A quarterly Fact Sheet is available on deutschefunds.com or upon request. Please see the Account Management Resources section on page 45 for contact information.

Investment Portfolio as of April 30, 2016 (Unaudited)

 
Shares
Value ($)
     
Equity Securities 97.4%
Argentina 1.1%
Grupo Financiero Galicia SA (ADR) 9,885 281,426
Pampa Energia SA (ADR)* 12,884 263,607
(Cost $545,249) 545,033
Brazil 7.6%
Banco do Brasil SA 82,980 533,456
BB Seguridade Participacoes SA 54,028 471,277
BRF SA 36,541 522,735
CCR SA 102,982 484,480
Itau Unibanco Holding SA (Preferred) 101,833 973,250
Lojas Renner SA 72,050 435,118
Multiplan Empreendimentos Imobiliarios SA 28,211 483,547
(Cost $3,514,913) 3,903,863
China 20.4%
Alibaba Group Holding Ltd. (ADR)* (a) 10,778 829,259
Baidu, Inc. (ADR)* 3,500 680,050
China Communications Construction Co., Ltd. "H" 410,914 492,184
China Construction Bank Corp. "H" 1,639,577 1,046,464
China Merchants Bank Co., Ltd. "H" 252,620 552,712
Ctrip.com International Ltd. (ADR)* (a) 11,500 501,515
Industrial & Commercial Bank of China Ltd. "H" 1,933,095 1,042,626
JD.com, Inc. (ADR)* (a) 30,569 781,344
New Oriental Education & Technology Group, Inc. (ADR) 15,050 589,358
PetroChina Co., Ltd. "H" 1,473,300 1,075,621
Ping An Insurance (Group) Co. of China Ltd. "H" 150,032 703,376
Tencent Holdings Ltd. 109,700 2,239,068
(Cost $10,118,170) 10,533,577
Hong Kong 5.6%
China Mobile Ltd. 133,000 1,517,967
China Overseas Land & Investment Ltd. 285,475 906,518
Techtronic Industries Co., Ltd. 127,913 481,019
(Cost $2,497,736) 2,905,504
India 8.5%
Britannia Industries Ltd. 5,809 250,353
Coal India Ltd. 100,639 438,094
HDFC Bank Ltd. (ADR) 22,240 1,398,229
ICICI Bank Ltd. 135,689 478,239
Infosys Ltd. 28,400 516,498
Maruti Suzuki India Ltd. 8,839 505,714
Tata Consultancy Services Ltd. 13,772 526,424
UltraTech Cement Ltd. 5,801 276,405
(Cost $4,547,873) 4,389,956
Indonesia 3.4%
PT Astra International Tbk 963,468 489,791
PT Bank Central Asia Tbk 533,614 526,453
PT Telekomunikasi Indonesia Persero Tbk 2,660,197 715,459
(Cost $1,795,766) 1,731,703
Korea 15.0%
Amorepacific Corp. 1,658 590,960
Hyundai Motor Co. 3,718 466,878
Korea Electric Power Corp. 14,233 771,718
KT Corp. 24,947 668,232
LG Household & Health Care Ltd. 596 525,438
Naver Corp. 1,218 721,299
Samsung Electronics Co., Ltd. 2,312 2,518,875
Samsung Fire & Marine Insurance Co., Ltd. 2,292 589,148
Shinhan Financial Group Co., Ltd. 14,954 546,188
Shinsegae Co., Ltd. 2,000 369,262
(Cost $7,206,629) 7,767,998
Malaysia 2.1%
Malayan Banking Bhd. 236,000 538,734
Tenaga Nasional Bhd. 154,200 566,013
(Cost $992,847) 1,104,747
Mexico 4.4%
El Puerto de Liverpool SAB de CV "C1" 19,470 221,264
Fomento Economico Mexicano SAB de CV (ADR) 7,742 721,632
Gruma SAB de CV "B" 15,238 222,114
Grupo Financiero Inbursa SAB de CV "O" 135,109 264,805
Grupo Financiero Santander Mexico SAB de CV "B" 149,346 273,958
Grupo Mexico SAB de CV "B" 220,582 561,050
(Cost $2,438,690) 2,264,823
Philippines 3.4%
Metropolitan Bank & Trust Co. 388,700 673,406
SM Investments Corp. 22,110 445,071
Universal Robina Corp. 142,650 633,398
(Cost $1,656,446) 1,751,875
Russia 5.8%
Gazprom PAO (ADR) 196,406 1,019,347
Lukoil PJSC (ADR) 12,234 519,945
Magnit PJSC 3,430 478,286
Sberbank of Russia PJSC* 383,847 731,811
Yandex NV "A"*(b) 13,180 269,795
(Cost $2,907,706) 3,019,184
Saudi Arabia 1.2%
Hikma Pharmaceuticals PLC (Cost $713,685) 19,765 634,445
South Africa 5.6%
Aspen Pharmacare Holdings Ltd.* 26,596 627,364
FirstRand Ltd. 168,000 539,346
Naspers Ltd. "N" 6,150 843,389
Shoprite Holdings Ltd. 35,000 419,549
Woolworths Holdings Ltd. 71,988 461,920
(Cost $2,365,306) 2,891,568
Taiwan 9.1%
Advanced Semiconductor Engineering, Inc. 465,000 437,749
Catcher Technology Co., Ltd. 62,000 434,606
Delta Electronics, Inc. 131,727 609,488
Fubon Financial Holding Co., Ltd. 337,000 408,296
Largan Precision Co., Ltd. 6,950 486,665
Taiwan Semiconductor Manufacturing Co., Ltd. 506,000 2,333,754
(Cost $4,132,983) 4,710,558
Thailand 1.0%
CP ALL PCL (NVDR) (Cost $510,685) 393,400 514,850
Turkey 2.2%
KOC Holding AS 100,545 525,833
Turkiye Garanti Bankasi AS 204,496 630,573
(Cost $1,014,022) 1,156,406
United Arab Emirates 1.0%
Emaar Malls Group PJSC (Cost $589,330) 687,850 541,852
Total Equity Securities (Cost $47,548,036) 50,367,942
 
Securities Lending Collateral 2.0%
Daily Assets Fund "Capital Shares", 0.49% (c) (d) (Cost $1,009,161) 1,009,161 1,009,161
 
Cash Equivalents 4.5%
Central Cash Management Fund, 0.37% (c) (Cost $2,330,666) 2,330,666 2,330,666

 

  % of Net Assets Value ($)
   
Total Investment Portfolio (Cost $50,887,863) 103.9 53,707,769
Other Assets and Liabilities, Net (3.9) (1,996,252)
Net Assets 100.0 51,711,517

* Non-income producing security.

The cost for federal income tax purposes was $50,963,412. At April 30, 2016, net unrealized appreciation for all securities based on tax cost was $2,744,357. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $6,009,904 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,265,547.

(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 April 30, 2016 amounted to $970,336, which is 1.9% of net assets.

(b) Listed on the NASDAQ 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

NVDR: Non-Voting Depository Receipt

PJSC: Public Joint Stock Company

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 associated with investing in those securities.

The following is a summary of the inputs used as of April 30, 2016 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets Level 1 Level 2 Level 3 Total
 
Equity Securities
  Argentina $ 545,033 $ — $ — $ 545,033
  Brazil 3,903,863 3,903,863
  China 3,381,526 7,152,051 10,533,577
  Hong Kong 2,905,504 2,905,504
  India 1,398,229 2,991,727 4,389,956
  Indonesia 1,731,703 1,731,703
  Korea 7,767,998 7,767,998
  Malaysia 1,104,747 1,104,747
  Mexico 2,264,823 2,264,823
  Philippines 1,751,875 1,751,875
  Russia 1,809,087 1,210,097 3,019,184
  Saudi Arabia 634,445 634,445
  South Africa 2,891,568 2,891,568
  Taiwan 4,710,558 4,710,558
  Thailand 514,850 514,850
  Turkey 1,156,406 1,156,406
  United Arab Emirates 541,852 541,852
Short-Term Investments (e) 3,339,827 3,339,827
Total $ 16,642,388 $ 37,065,381 $ — $ 53,707,769

There have been no transfers between fair value measurement levels during the period ended April 30, 2016.

(e) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of April 30, 2016 (Unaudited)
Assets

Investments:

Investments in non-affiliated securities, at value (cost $47,548,036) — including $970,336 of securities loaned

$ 50,367,942
Investment in Daily Assets Fund (cost $1,009,161)* 1,009,161
Investment in Central Cash Management Fund (cost $2,330,666) 2,330,666
Total investments in securities, at value (cost $50,887,863) 53,707,769
Foreign currency, at value (cost $445,084) 446,997
Receivable for Fund shares sold 8,795
Dividends receivable 33,631
Interest receivable 1,957
Foreign taxes recoverable 39,117
Other assets 45,912
Total assets 54,284,178
Liabilities
Payable for return of securities loaned 1,009,161
Payable for investments purchased 1,377,476
Payable for Fund shares redeemed 31,970
Accrued management fee 2,305
Accrued Directors' fees 1,651
Other accrued expenses and payables 150,098
Total liabilities 2,572,661
Net assets, at value $ 51,711,517
Net Assets Consist of
Distributions in excess of net investment income (78,916)

Net unrealized appreciation (depreciation) on:

Investments

2,819,906
Foreign currency (13,946)
Accumulated net realized gain (loss) (69,467,015)
Paid-in capital 118,451,488
Net assets, at value $ 51,711,517

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of April 30, 2016 (Unaudited) (continued)
Net Asset Value

Class A

Net Asset Value and redemption price(a) per share ($7,604,987 ÷ 549,547 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized)

$ 13.84
Maximum offering price per share (100 ÷ 94.25 of $13.84) $ 14.68

Class C

Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($1,744,622 ÷ 140,201 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized)

$ 12.44

Class S

Net Asset Value, offering and redemption price(a) per share ($41,453,986 ÷ 2,955,374 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)

$ 14.03

Institutional Class

Net Asset Value, offering and redemption price(a) per share ($907,922 ÷ 64,780 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)

$ 14.02

(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended April 30, 2016 (Unaudited)
Investment Income

Income:

Dividends (net of foreign taxes withheld of $69,806)

$ 475,832
Interest 290
Income distributions — Central Cash Management Fund 5,177
Securities lending income, including income from Daily Assets Fund, net of borrower rebates 4,146
Total income 485,445

Expenses:

Management fee

300,932
Administration fee 29,648
Services to shareholders 78,830
Distribution and service fees 17,804
Custodian fee 30,396
Professional fees 51,998
Reports to shareholders 19,018
Registration fees 31,136
Directors' fees and expenses 2,386
Other 31,549
Total expenses before expense reductions 593,697
Expense reductions (153,028)
Total expenses after expense reductions 440,669
Net investment income (loss) 44,776
Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investments

(10,846,613)
Foreign currency (71,308)
  (10,917,921)

Change in net unrealized appreciation (depreciation) on:

Investments

5,189,699
Foreign currency 42,624
  5,232,323
Net gain (loss) (5,685,598)
Net increase (decrease) in net assets resulting from operations $ (5,640,822)

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets Six Months Ended April 30, 2016 (Unaudited) Year Ended October 31, 2015  
 

Operations:

Net investment income (loss)

$ 44,776 $ 466,062  
Net realized gain (loss) (10,917,921) (886,942)  
Change in net unrealized appreciation (depreciation) 5,232,323 (8,780,425)  
Net increase (decrease) in net assets resulting from operations (5,640,822) (9,201,305)  

Distributions to shareholders from:

Net investment income:

Class A

(118,961)  
Class B (140)  
Class C (4,655)  
Class S (98,982) (653,903)  
Institutional Class (35,777) (122,174)  
Total distributions (134,759) (899,833)  

Fund share transactions:

Proceeds from shares sold

13,160,525 5,892,395  
Reinvestment of distributions 128,496 848,594  
Payments for shares redeemed (22,791,471) (16,440,462)  
Redemption fees 13 28  
Net increase (decrease) in net assets from Fund share transactions (9,502,437) (9,699,445)  
Increase (decrease) in net assets (15,278,018) (19,800,583)  
Net assets at beginning of period 66,989,535 86,790,118  
Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $78,916 and $11,067, respectively) $ 51,711,517 $ 66,989,535  

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class A Six Months Ended 4/30/16 (Unaudited)
Years Ended October 31,
2015 2014 2013 2012 2011
Selected Per Share Data
Net asset value, beginning of period $ 14.49 $ 16.53 $ 16.46 $ 15.61 $ 15.57 $ 18.47

Income (loss) from investment operations:

Net investment income (loss)a

.00*** .06 .14 .11 .08 .06
Net realized and unrealized gain (loss) (.65) (1.95) .01 .91 (.04) (2.85)
Total from investment operations (.65) (1.89) .15 1.02 .04 (2.79)

Less distributions from:

Net investment income

(.15) (.08) (.17) (.11)
Redemption fees .00*** .00*** .00*** .00*** .00*** .00***
Net asset value, end of period $ 13.84 $ 14.49 $ 16.53 $ 16.46 $ 15.61 $ 15.57
Total Return (%)b (4.49)c** (11.57)c .96c 6.56c .26 (15.20)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 8 10 14 16 17 27
Ratio of expenses before expense reductions (%) 2.23* 1.97 1.98 1.96 1.76 1.78
Ratio of expenses after expense reductions (%) 1.67* 1.63 1.65 1.81 1.76 1.78
Ratio of net investment income (loss) (%) .03* .40 .88 .72 .53 .32
Portfolio turnover rate (%) 56** 18 65 49 82 179

a Based on average shares outstanding during the period.

b Total return does not reflect the effect of any sales charges.

c Total return would have been lower had certain expenses not been reduced.

* Annualized

** Not annualized

*** Amount is less than $.005.

               

 

Class C Six Months Ended 4/30/16 (Unaudited)
Years Ended October 31,
2015 2014 2013 2012 2011
Selected Per Share Data
Net asset value, beginning of period $ 13.07 $ 14.92 $ 14.89 $ 14.11 $ 14.20 $ 16.87

Income (loss) from investment operations:

Net investment income (loss)a

(.04) (.05) .02 (.00)*** (.04) (.08)
Net realized and unrealized gain (loss) (.59) (1.77) .01 .82 (.05) (2.59)
Total from investment operations (.63) (1.82) .03 .82 (.09) (2.67)

Less distributions from:

Net investment income

(.03) (.04)
Redemption fees .00*** .00*** .00*** .00*** .00*** .00***
Net asset value, end of period $ 12.44 $ 13.07 $ 14.92 $ 14.89 $ 14.11 $ 14.20
Total Return (%)b (4.82)c** (12.24)c .20c 5.79c (.63) (15.83)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 2 2 3 4 4 5
Ratio of expenses before expense reductions (%) 3.00* 2.76 2.76 2.77 2.59 2.59
Ratio of expenses after expense reductions (%) 2.42* 2.38 2.40 2.56 2.59 2.59
Ratio of net investment income (loss) (%) (.69)* (.34) .10 (.02) (.26) (.50)
Portfolio turnover rate (%) 56** 18 65 49 82 179

a Based on average shares outstanding during the period.

b Total return does not reflect the effect of any sales charges.

c Total return would have been lower had certain expenses not been reduced.

* Annualized

** Not annualized

*** Amount is less than $.005.

               

 

Class S Six Months Ended 4/30/16 (Unaudited)
Years Ended October 31,
2015 2014 2013 2012 2011
Selected Per Share Data
Net asset value, beginning of period $ 14.70 $ 16.77 $ 16.70 $ 15.83 $ 15.78 $ 18.72

Income (loss) from investment operations:

Net investment income (loss)a

.02 .11 .18 .15 .12 .10
Net realized and unrealized gain (loss) (.66) (1.99) .01 .93 (.05) (2.88)
Total from investment operations (.64) (1.88) .19 1.08 .07 (2.78)

Less distributions from:

Net investment income

(.03) (.19) (.12) (.21) (.02) (.16)
Redemption fees .00*** .00*** .00*** .00*** .00*** .00***
Net asset value, end of period $ 14.03 $ 14.70 $ 16.77 $ 16.70 $ 15.83 $ 15.78
Total Return (%) (4.34)b** (11.29)b 1.20b 6.84b .42 (15.00)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 41 48 59 68 79 94
Ratio of expenses before expense reductions (%) 1.97* 1.74 1.74 1.73 1.57 1.55
Ratio of expenses after expense reductions (%) 1.42* 1.38 1.40 1.56 1.57 1.55
Ratio of net investment income (loss) (%) .32* .68 1.12 .97 .75 .58
Portfolio turnover rate (%) 56** 18 65 49 82 179

a Based on average shares outstanding during the period.

b Total return would have been lower had certain expenses not been reduced.

* Annualized

** Not annualized

*** Amount is less than $.005.

               

 

Institutional Class Six Months Ended 4/30/16 (Unaudited)
Years Ended October 31,
2015 2014 2013 2012 2011
Selected Per Share Data
Net asset value, beginning of period $ 14.68 $ 16.75 $ 16.69 $ 15.88 $ 15.82 $18.77

Income (loss) from investment operations:

Net investment income (loss)a

(.03) .11 .18 .15 .15 .19
Net realized and unrealized gain (loss) (.60) (1.99) .01 .91 (.05) (2.94)
Total from investment operations (.63) (1.88) .19 1.06 .10 (2.75)

Less distributions from:

Net investment income

(.03) (.19) (.13) (.25) (.04) (.20)
Redemption fees .00*** .00*** .00*** .00*** .00*** .00***
Net asset value, end of period $ 14.02 $ 14.68 $ 16.75 $ 16.69 $ 15.88 $ 15.82
Total Return (%) (4.28)b** (11.30)b 1.19b 6.69 .67 (14.83)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions) 1 8 11 12 44 73
Ratio of expenses before expense reductions (%) 1.72* 1.53 1.54 1.52 1.36 1.37
Ratio of expenses after expense reductions (%) 1.42* 1.38 1.40 1.52 1.36 1.37
Ratio of net investment income (loss) (%) (.43)* .67 1.12 .92 .93 1.04
Portfolio turnover rate (%) 56** 18 65 49 82 179

a Based on average shares outstanding during the period.

b Total return would have been lower had certain expenses not been reduced.

* Annualized

** Not annualized

*** Amount is less than $.005.

               

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche Emerging Markets Equity Fund (the "Fund") is a diversified series of Deutsche International Fund, Inc. (the "Corporation"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Maryland corporation.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class B shares automatically converted to Class A shares on February 10, 2016 and are no longer offered. Class B shares were not subject to an initial sales charge were are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains the benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund. During the period ended April 30, 2016, the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of April 30, 2016) on the cash collateral invested in Daily Assets Fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of April 30, 2016, the Fund had securities on loan, which were classified as equity securities in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end.

Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2015, the Fund had net tax basis capital loss carryforwards of approximately $58,474,000, including $25,844,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2017, the expiration date, whichever occurs first; and approximately $32,630,000 of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($13,556,000) and long-term losses ($19,074,000).

The Fund has reviewed the tax positions for the open tax years as of October 31, 2015 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes, if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in passive foreign investment companies, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investments for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange (subject to certain exceptions). This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Corporation arising in connection with a specific fund are allocated to that fund. Other Corporation expenses which cannot be directly attributed to a fund are apportioned among the funds in the Corporation based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the six months ended April 30, 2016, purchases and sales of investment securities (excluding short-term investments) aggregated $30,825,473 and $37,757,572, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor.

Deutsche Asset Management (Hong Kong) Limited (DeAM HK), an affiliate of DIMA, and Deutsche Alternative Asset Management (Global) Limited ("DAAM Global"), an affiliate of DIMA and DeAM HK, serve as subadvisors with respect to the investment and reinvestment of assets of the Fund, and are paid by the Advisor for their services. DeAM HK and DAAM Global coordinate and cooperate with one another with respect to the management of the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million of the Fund's average daily net assets 1.015%
Next $500 million of such net assets .990%
Over $750 million of such net assets .965%

Accordingly, for the six months ended April 30, 2016, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 1.015% of the Fund's average daily net assets.

For the period from November 1, 2015 through January 31, 2017 (through February 10, 2016 for Class B shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A 1.67%
Class B 2.42%
Class C 2.42%
Class S 1.42%
Institutional Class 1.42%

For the six months ended April 30, 2016 (through February 10, 2016 for Class B shares), fees waived and/or expenses reimbursed for each class are as follows:

Class A $ 22,410
Class B 100
Class C 4,842
Class S 113,698
Institutional Class 11,978
  $ 153,028

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended April 30, 2016, the Administration Fee was $29,648, of which $4,264 is unpaid.

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended April 30, 2016 (through February 10, 2016 for Class B shares), the amounts charged to the Fund by DSC were as follows:

Services to Shareholders Total Aggregated Unpaid at  April 30, 2016
Class A $ 6,284 $ 3,224
Class B 93 39
Class C 910 459
Class S 33,900 17,906
Institutional Class 238 92
  $ 41,425 $ 21,720

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, Deutsche AM Distributors, Inc. ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended April 30, 2016 (through February 10, 2016 for Class B shares), the Distribution Fee was as follows:

Distribution Fee Total Aggregated Unpaid at April 30, 2016
Class B $ 12 $ —
Class C 6,359 1,060
  $ 6,371 $ 1,060

In addition, DDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended April 30, 2016 (through February 10, 2016 for Class B shares), the Service Fee was as follows:

Service Fee Total Aggregated Unpaid at April 30, 2016 Annualized
Rate
Class A $ 9,367 $ 4,311 .23%
Class B 4 1 .25%
Class C 2,062 1,009 .24%
  $ 11,433 $ 5,321  

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended April 30, 2016, aggregated $340.

In addition, DDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended April 30, 2016, the CDSC for Class C shares aggregated $50. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended April 30, 2016, DDI received $8 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended April 30, 2016, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $8,946, of which $4,292 is unpaid.

Directors' Fees and Expenses. The Fund paid retainer fees to each Director not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and Deutsche Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Central Cash Management Fund seeks to maintain a stable net asset value, and Deutsche Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Central Cash Management Fund does not pay the Advisor an investment management fee. To the extent that Deutsche Variable NAV Money Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in Deutsche Variable NAV Money Fund.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the six months ended April 30, 2016, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $361.

D. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 25 percent of its net assets under the agreement. The Fund had no outstanding loans at April 30, 2016.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

  Six Months Ended April 30, 2016 Year Ended October 31, 2015
  Shares Dollars Shares Dollars
Shares sold
Class A 26,355 $ 358,613 57,744 $ 911,116
Class B
Class C 16,433 198,172 14,158 210,313
Class S 121,506 1,594,903 282,244 4,574,497
Institutional Class 741,501 11,008,837 12,672 196,469
    $ 13,160,525   $ 5,892,395
Shares issued to shareholders in reinvestment of distributions
Class A $ — 7,583 $ 117,530
Class B 10 139
Class C 315 4,436
Class S 6,599 92,719 38,516 604,315
Institutional Class 2,548 35,777 7,797 122,174
    $ 128,496   $ 848,594
Shares redeemed
Class A (162,176) $ (2,092,863) (207,981) $ (3,286,053)
Class B (636)* (7,230)* (6,041) (86,309)
Class C (24,856) (292,205) (53,423) (765,012)
Class S (409,005) (5,515,481) (627,161) (9,960,499)
Institutional Class (1,193,429) (14,883,692) (151,249) (2,342,589)
    $ (22,791,471)   $ (16,440,462)
Redemption fees   $ 13   $ 28
Net increase (decrease)
Class A (135,821) $ (1,734,241) (142,654) $ (2,257,407)
Class B (636)* (7,230)* (6,031) (86,170)
Class C (8,423) (94,029) (38,950) (550,263)
Class S (280,900) (3,827,859) (306,401) (4,781,678)
Institutional Class (449,380) (3,839,078) (130,780) (2,023,927)
    $ (9,502,437)   $ (9,699,445)

* For the period from November 1, 2015 to February 10, 2016 (see Note A).

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2015 to April 30, 2016).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment
for the six months ended April 30, 2016 (Unaudited)
Actual Fund Return Class A Class C Class S Institutional Class
Beginning Account Value 11/1/15 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/16 $ 955.80 $ 951.80 $ 956.60 $ 957.20
Expenses Paid per $1,000* $ 8.12 $ 11.74 $ 6.91 $ 6.91
Hypothetical 5% Fund Return Class A Class C Class S Institutional Class
Beginning Account Value 11/1/15 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 4/30/16 $ 1,016.56 $ 1,012.83 $ 1,017.80 $ 1,017.80
Expenses Paid per $1,000* $ 8.37 $ 12.11 $ 7.12 $ 7.12

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios Class A Class C Class S Institutional Class
Deutsche Emerging Markets Equity Fund 1.67% 2.42% 1.42% 1.42%

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Advisory Agreement Board Considerations and Fee Evaluation

In September 2015, the Board of Directors approved the renewal of Deutsche Emerging Markets Equity Fund’s investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") and approved an amended and restated sub-advisory agreement ("DAAM Global Sub-Advisory Agreement") between DIMA and Deutsche Alternative Asset Management (Global) Limited ("DAAM Global"), an affiliate of DIMA and a new sub-advisory agreement ("DeAM HK Sub-Advisory Agreement" and together with the Agreement and the DAAM Global Sub-Advisory Agreement, the "Agreements") between DIMA and Deutsche Asset Management (Hong Kong) Limited ("DeAM HK"), an affiliate of DIMA.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

In September 2015, all of the Fund’s Directors were independent of DIMA and its affiliates.

The Directors met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Directors (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

The Independent Directors regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Directors were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

With respect to the DAAM Global Sub-Advisory Agreement and the DeAM HK Sub-Advisory Agreement, the Board considered that DIMA and the Fund have received an Exemptive Order from the Securities and Exchange Commission permitting DIMA, subject to the approval of the Board, to hire and replace unaffiliated and affiliated sub-advisors and to materially amend sub-advisory agreements with unaffiliated and affiliated sub-advisors, each without obtaining shareholder approval.

In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund’s shareholders. DIMA, DAAM Global and DeAM HK are part of Deutsche Bank AG’s ("Deutsche Bank") Asset and Wealth Management ("Deutsche AWM") division. Deutsche AWM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Independent Directors that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to make significant investments in Deutsche AWM, including ongoing enhancements to Deutsche AWM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AWM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s, DAAM Global’s and DeAM HK’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided or to be provided under the Agreements. The Board noted that, under the Agreements, DIMA, DAAM Global and DeAM HK provide or will provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board noted that the current portfolio management team would remain the same under the Agreements. The Board also requested and received information regarding DIMA’s oversight of Fund sub-advisers, including DAAM Global and DeAM HK. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2014, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2014.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2014). With respect to the sub-advisory fee paid to DAAM Global and to be paid to DeAM HK, respectively, the Board noted that such fee is paid or will be paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2014, and analyzing Lipper expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class’s total (net) operating expenses to the applicable Lipper Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board also considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AWM. The Board noted that DIMA indicated that Deutsche AWM manages Deutsche Europe funds comparable to the Fund, but does not manage any comparable institutional accounts. The Board took note of the differences in services provided to Deutsche Funds as compared to Deutsche Europe funds and that such differences made comparison difficult.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of the individual serving as DIMA’s and the Fund’s chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement and the approval of the DAAM Global Sub-Advisory Agreement and the DeAM HK Sub-Advisory Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. With respect to the Agreement, the Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Directors and counsel present. It is possible that individual Directors may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement or to approve the DAAM Global Sub-Advisory Agreement and the DeAM HK Sub-Advisory Agreement.

Account Management Resources

 
For More Information

The automated telephone system allows you to access personalized account information and obtain information on other Deutsche funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system.

For more information, contact your financial advisor. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:

(800) 728-3337

Web Site

deutschefunds.com

View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.

Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.

Written Correspondence

Deutsche Asset Management

PO Box 219151
Kansas City, MO 64121-9151

Proxy Voting The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
Principal Underwriter

If you have questions, comments or complaints, contact:

Deutsche AM Distributors, Inc.

222 South Riverside Plaza
Chicago, IL 60606-5808

(800) 621-1148

Investment Management

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.

Deutsche Asset Management is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.

 

  Class A Class C Class S Institutional Class
Nasdaq Symbol SEKAX SEKCX SEMGX SEKIX
CUSIP Number 25156G 103 25156G 301 25156G 400 25156G 780
Fund Number 479 779 2079 1479

Privacy Statement

FACTS What Does Deutsche Asset Management Do With Your Personal Information?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?

The types of personal information we collect and share can include:

Social Security number

Account balances

Purchase and transaction history

Bank account information

Contact information such as mailing address, e-mail address and telephone number

How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information Does Deutsche Asset Management share? Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations Yes No
For our marketing purposes — to offer our products and services to you Yes No
For joint marketing with other financial companies No We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences No We do not share
For our affiliates' everyday business purposes — information about your creditworthiness No We do not share
For non-affiliates to market to you No We do not share
Questions? Call (800) 728-3337 or e-mail us at service@db.com
       

 

 
Who we are
Who is providing this notice? Deutsche AM Distributors, Inc.; Deutsche Investment Management Americas Inc.; Deutsche AM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset Management protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset Management collect my personal information?

We collect your personal information, for example. When you:

open an account

give us your contact information

provide bank account information for ACH or wire transactions

tell us where to send money

seek advice about your investments

Why can't I limit all sharing?

Federal law gives you the right to limit only

sharing for affiliates' everyday business purposes — information about your creditworthiness

affiliates from using your information to market to you

sharing for non-affiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates

Companies not related by common ownership or control. They can be financial and non-financial companies.

Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.

Joint marketing A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset Management does not jointly market.
Rev. 08/2015

Notes

Notes

Notes

eme_backcover0

 

   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
   
  Not applicable
   
ITEM 6. SCHEDULE OF INVESTMENTS
   
  Not applicable
   
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   
  Not applicable
   
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
  There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.
   
ITEM 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   

ITEM 12.
EXHIBITS
   
  (a)(1) Not applicable
   
  (a)(2) 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.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

 

 

 

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: 6/29/2016

 

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: 6/29/2016
   
   
   
By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

   
Date: 6/29/2016

 

EX-99.CERT 2 ex99cert.htm CERTIFICATION

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

 

I, Brian E. Binder, certify that:

 

1)

 

I have reviewed this report, filed on behalf of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc., on Form N-CSRS;
     
2) 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;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) 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.
       

 

6/29/2016 /s/Brian E. Binder
  Brian E. Binder
  President

 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

 

I, Paul Schubert, certify that:

 

1) I have reviewed this report, filed on behalf of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc., on Form N-CSRS;
     
2) 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;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) 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
       

 

6/29/2016 /s/Paul Schubert
  Paul Schubert
  Chief Financial Officer and Treasurer

 

EX-99.906 CERT 3 ex99906cert.htm 906 CERTIFICATION

President

Section 906 Certification under Sarbanes Oxley Act

 

 

I, Brian E. Binder, certify that:

 

1. I have reviewed this report, filed on behalf of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc., on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

6/29/2016 /s/Brian E. Binder
  Brian E. Binder
  President

 

 

 

 

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

 

 

I, Paul Schubert, certify that:

 

1. I have reviewed this report, filed on behalf of Deutsche Emerging Markets Equity Fund, a series of Deutsche International Fund, Inc., on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

6/29/2016 /s/Paul Schubert
  Paul Schubert
  Chief Financial Officer and Treasurer

 

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