0000088053-16-002295.txt : 20160726 0000088053-16-002295.hdr.sgml : 20160726 20160726120839 ACCESSION NUMBER: 0000088053-16-002295 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160531 FILED AS OF DATE: 20160726 DATE AS OF CHANGE: 20160726 EFFECTIVENESS DATE: 20160726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE INTERNATIONAL FUND, INC. CENTRAL INDEX KEY: 0000088053 IRS NUMBER: 132827803 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00642 FILM NUMBER: 161783662 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: DWS INTERNATIONAL FUND, INC. DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER INTERNATIONAL INVESTMENTS LTD DATE OF NAME CHANGE: 19761203

0000088053 S000006030 Deutsche CROCI International Fund

C000016568 Class A SUIAX

C000016571 Class C SUICX

C000016572 Class S SCINX

C000016573 Institutional Class SUIIX

C000149477 Class R6 SUIRX

N-Q 1 nq053116int_cint.htm DEUTSCHE CROCI INTERNATIONAL FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number: 811-00642

Deutsche International Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154

(Address of principal executive offices) (Zip code)

Paul Schubert

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

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

Date of fiscal year end: 8/31

Date of reporting period: 5/31/2016

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio as of May 31, 2016 (Unaudited)

Deutsche CROCI® International Fund

			Shares			Value ($)
	Common Stocks 99.2%
France 3.8%
Cie Generale des Etablissements Michelin (a)		321,569				32,680,889
Sanofi (a)		403,405				33,075,660
(Cost $73,538,686)						65,756,549
Germany 4.0%
Continental AG		156,854				33,648,159
Siemens AG (Registered)		326,037				35,112,040
(Cost $70,251,657)						68,760,199
Hong Kong 7.9%
CLP Holdings Ltd.		3,695,746				34,813,706
HK Electric Investments & HK Electric Investments Ltd. "SS", 144A, (Units) (a)		38,650,500				33,921,618
Hong Kong & China Gas Co., Ltd.		18,428,436				35,335,546
MTR Corp., Ltd.		6,963,178				32,975,575
(Cost $133,975,460)						137,046,445
Japan 23.9%
Astellas Pharma, Inc.		2,523,500				34,570,366
Bridgestone Corp.		917,740				31,708,793
Citizen Holdings Co., Ltd.		6,053,900				33,950,168
Denso Corp.		888,649				35,061,250
Isuzu Motors Ltd.		3,159,868				38,123,300
JGC Corp.		2,006,094				31,032,998
Mitsubishi Electric Corp.		3,153,584				38,147,160
Osaka Gas Co., Ltd.		9,521,000				35,767,698
Secom Co., Ltd.		447,300				35,081,957
Tokyo Gas Co., Ltd.		7,787,000				31,496,792
Toyota Industries Corp.		776,518				33,694,577
Toyota Motor Corp.		668,100				34,890,706
(Cost $457,056,945)						413,525,765
Netherlands 1.9%
Koninklijke DSM NV (Cost $34,589,719)		562,713				33,490,237
Singapore 3.7%
Keppel Corp., Ltd.		8,513,905				33,261,789
Singapore Airlines Ltd.		4,089,982				31,719,561
(Cost $94,409,428)						64,981,350
Spain 3.8%
Gas Natural SDG SA		1,656,894				32,796,640
Iberdrola SA		4,895,726				33,206,320
(Cost $75,862,890)						66,002,960
Sweden 1.9%
Telefonaktiebolaget LM Ericsson "B" (Cost $50,014,564)		4,205,969				32,422,067
Switzerland 19.5%
ABB Ltd. (Registered)*		1,646,231				34,249,554
Adecco Group AG (Registered)		523,117				31,708,047
Cie Financiere Richemont SA (Registered)		519,090				30,576,177
Kuehne + Nagel International AG (Registered)		241,684				33,991,371
Nestle SA (Registered)		465,033				34,339,459
Novartis AG (Registered)		450,734				35,777,578
Roche Holding AG (Genusschein)		136,331				35,783,459
Sika AG (Bearer)		8,228				35,593,964
Swatch Group AG (Bearer) (a)		102,199				30,125,057
Wolseley PLC		609,551				35,763,970
(Cost $356,260,860)						337,908,636
United Kingdom 28.8%
BAE Systems PLC		4,930,553				34,534,673
Barratt Developments PLC		4,423,334				37,926,683
Bunzl PLC		1,162,958				34,428,520
easyJet PLC		1,575,176				34,973,949
ITV PLC		10,577,962				32,908,623
National Grid PLC		2,447,578				35,697,634
Next PLC		463,378				36,509,656
Persimmon PLC		1,193,792				36,344,174
Rexam PLC		3,775,928				34,371,811
Rolls-Royce Holdings PLC*		311,220,832				450,757
Severn Trent PLC		1,070,130				35,524,222
SSE PLC		1,566,903				34,767,567
Taylor Wimpey PLC		12,754,628				37,943,873
Travis Perkins PLC		1,278,195				35,599,986
Whitbread PLC		594,813				36,286,263
(Cost $545,482,517)						498,268,391
Total Common Stocks (Cost $1,891,442,726)				1,718,162,599
	Securities Lending Collateral 2.6%
Daily Assets Fund "Capital Shares", 0.48% (b) (c) (Cost $45,144,122)		45,144,122				45,144,122
			% of Net Assets			Value ($)
Total Investment Portfolio (Cost $1,936,586,848) †		101.8			1,763,306,721
Other Assets and Liabilities, Net		(1.8)			(30,608,926)
Net Assets		100.0			1,732,697,795

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

*	Non-income producing security.
†	The cost for federal income tax purposes was $1,939,273,532. At May 31, 2016, net unrealized depreciation for all securities based on tax cost was $175,966,811. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $23,761,303 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $199,728,114.
(a)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at May 31, 2016 amounted to $42,456,228, which is 2.5% of net assets.
(b)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

At May 31, 2016, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Appreciation ($)

Counterparty

CHF

300,727,997

USD

303,357,705

6/30/2016

357,205

Morgan Stanley

EUR

213,646,711

USD

238,251,344

6/30/2016

261,668

Morgan Stanley

GBP

371,896,882

USD

544,776,495

6/30/2016

6,009,601

Morgan Stanley

HKD

1,071,988,780

USD

138,058,889

6/30/2016

44,060

Morgan Stanley

JPY

44,582,684,192

USD

404,717,042

6/30/2016

1,635,397

Morgan Stanley

SEK

271,597,731

USD

32,708,616

6/30/2016

104,237

Morgan Stanley

Total unrealized appreciation

8,412,168

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Depreciation ($)

Counterparty

JPY

454,432,083

USD

4,089,909

6/30/2016

(18,709

)

Morgan Stanley

SGD

90,944,335

USD

65,827,096

6/30/2016

(178,388

)

Morgan Stanley

Total unrealized depreciation

(197,097

)

Currency Abbreviations
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

At May 31, 2016 the Deutsche CROCI International Fund had the following sector diversification:
Sector Diversification	Market Value ($)	As a % of Common Stocks
Consumer Discretionary	518,428,180		30.2	%
Industrials	513,031,907		29.8	%
Utilities	343,327,743		20.0	%
Health Care	139,207,063		8.1	%
Materials	103,456,012		6.0	%
Information Technology	66,372,235		3.9	%
Consumer Staples	34,339,459		2.0	%
Total	1,718,162,599		100.0	%
Sector diversification is subject to change.

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2016 in valuing the Fund's investments.

Assets			Level 1		Level 2		Level 3		Total
Common Stocks
	France	$	—	$	65,756,549	$	—	$	65,756,549
	Germany		—		68,760,199		—		68,760,199
	Hong Kong		—		137,046,445		—		137,046,445
	Japan		—		413,525,765		—		413,525,765
	Netherlands		—		33,490,237		—		33,490,237
	Singapore		—		64,981,350		—		64,981,350
	Spain		—		66,002,960		—		66,002,960
	Sweden		—		32,422,067		—		32,422,067
	Switzerland		—		337,908,636		—		337,908,636
	United Kingdom		450,757		497,817,634		—		498,268,391
Short-Term Investments^(d)			45,144,122		—		—		45,144,122
Derivatives^(e)
	Forward Foreign Currency Exchange Contracts	$	—	$	8,412,168	$	—	$	8,412,168
Total		$	45,594,879	$	1,726,124,010	$	—	$	1,771,718,889
Liabilities			Level 1		Level 2		Level 3		Total
Derivatives^(e)
	Forward Foreign Currency Exchange Contracts	$	—	$	(197,097)	$	—	$	(197,097)
Total		$	—	$	(197,097)	$	—	$	(197,097)

There have been no transfers between fair value measurement levels during the period ended May 31, 2016.

(d)	See Investment Portfolio for additional detailed categorizations.
(e)	Derivatives include value of options purchased, unrealized appreciation (depreciation) on open futures contracts, credit default swap contracts, interest rate swap contracts, forward foreign currency exchange contracts, and written options, at value.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2016 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure

Forward
Currency
Contracts

Foreign Exchange Contracts

$ 8,215,071

ITEM 2.	CONTROLS AND PROCEDURES

	(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

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

Date:	July 22, 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:	July 22, 2016



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

Date:	July 22, 2016

EX-99.CERT 2 ex99cert.htm CERTIFICATIONS

CERTIFICATIONS

I, Brian E. Binder, certify that:

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

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

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

(a)

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

(b)

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


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

Date:	July 22, 2016

CERTIFICATIONS

I, Paul Schubert, certify that:

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

(a)

(b)

(c)

(d)

(a)

(b)

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


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

Date:	July 22, 2016