0000088053-17-001179.txt : 20170726 0000088053-17-001179.hdr.sgml : 20170726 20170726152313 ACCESSION NUMBER: 0000088053-17-001179 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170531 FILED AS OF DATE: 20170726 DATE AS OF CHANGE: 20170726 EFFECTIVENESS DATE: 20170726 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: 17982666 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 nq053117int_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 10154-0004

(Address of principal executive offices) (Zip code)

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(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: 5/31/2017

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio as of May 31, 2017 (Unaudited)

Deutsche CROCI^® International Fund

		Shares			Value ($)
Common Stocks 96.4%
Finland 2.1%
Fortum Oyj (Cost $21,985,890)	1,484,998				23,654,673
France 10.0%
Cie Generale des Etablissements Michelin (a)	168,011				21,138,326
Danone SA	310,981				23,084,408
L'Oreal SA	106,875				22,865,039
Pernod Ricard SA	173,056				23,503,244
Sanofi	233,245				23,101,918
(Cost $108,205,754)					113,692,935
Germany 9.9%
Bayer AG (Registered)	177,458				23,542,920
Beiersdorf AG	217,265				23,332,566
Continental AG	97,831				21,759,882
Merck KGaA	183,391				22,136,007
Siemens AG (Registered)	149,673				21,361,561
(Cost $97,821,203)					112,132,936
Hong Kong 7.9%
CLP Holdings Ltd.	2,049,530				22,408,577
HK Electric Investments & HK Electric Investments Ltd. "SS", 144A, (Units)	24,706,000				22,700,523
Hong Kong & China Gas Co., Ltd.	10,882,502				23,266,130
MTR Corp., Ltd.	3,747,085				21,349,953
(Cost $77,192,677)					89,725,183
Japan 22.8%
ANA Holdings, Inc.	7,216,000				23,645,024
Astellas Pharma, Inc.	1,592,100				20,104,306
Bridgestone Corp.	518,540				21,781,021
Central Japan Railway Co.	126,700				20,746,767
Daiichi Sankyo Co., Ltd.	983,600				21,568,150
ITOCHU Corp.	1,538,400				21,850,142
Osaka Gas Co., Ltd.	5,802,000				22,909,387
Secom Co., Ltd.	300,100				21,943,204
Sekisui House Ltd.	1,312,100				22,510,068
Subaru Corp.	564,100				19,074,984
Sumitomo Electric Industries Ltd.	1,331,300				21,102,457
Toyota Industries Corp.	434,918				21,873,528
(Cost $263,274,747)					259,109,038
Netherlands 2.0%
Koninklijke DSM NV (Cost $19,431,874)	303,112				22,561,575
Singapore 3.8%
Keppel Corp., Ltd.	4,600,105				21,377,281
Singapore Airlines Ltd.	2,925,682				21,165,813
(Cost $60,085,531)					42,543,094
Spain 2.1%
Iberdrola SA (Cost $21,605,888)	3,018,233				24,065,983
Switzerland 16.1%
ABB Ltd. (Registered)	888,528				22,319,846
Givaudan SA (Registered)	11,094				22,759,566
Kuehne + Nagel International AG (Registered)	143,792				23,204,470
Nestle SA (Registered)	278,463				23,762,291
Novartis AG (Registered)	281,193				23,022,668
Roche Holding AG (Genusschein)	82,863				22,740,164
Schindler Holding AG	105,758				22,679,197
Wolseley PLC	341,864				22,508,266
(Cost $167,725,279)					182,996,468
United Kingdom 19.7%
British American Tobacco PLC	320,440				22,831,772
Bunzl PLC	703,014				22,029,027
Diageo PLC	748,359				22,437,483
GlaxoSmithKline PLC	1,089,227				23,907,177
Imperial Brands PLC	438,845				20,519,458
Johnson Matthey PLC	569,118				22,819,687
Kingfisher PLC	5,084,049				21,295,825
National Grid PLC	1,529,880				21,475,949
Persimmon PLC	722,022				22,838,611
Smith & Nephew PLC	1,321,373				23,052,173
(Cost $216,304,125)					223,207,162
Total Common Stocks (Cost $1,053,632,968)			1,093,689,047
Preferred Stock 2.0%
Germany
Henkel AG & Co. KGaA (Cost $19,394,135)	158,439				22,238,895
Securities Lending Collateral 2.0%
Deutsche Government & Agency Securities Portfolio "Deutsche Government Cash Institutional Shares", 0.74% (b) (c) (Cost $22,762,243)	22,762,243				22,762,243
Cash Equivalents 1.1%
Deutsche Central Cash Management Government Fund, 0.85% (b) (Cost $11,974,146)	11,974,146				11,974,146
		% of Net Assets			Value ($)
Total Investment Portfolio (Cost $1,107,763,492) †	101.5			1,150,664,331
Other Assets and Liabilities, Net	(1.5)			(16,471,170)
Net Assets	100.0			1,134,193,161

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.
†	The cost for federal income tax purposes was $1,111,055,991. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $39,608,340. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $81,502,808 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $41,894,468.
(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, 2017 amounted to $21,138,200, which is 1.9% 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, 2017, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Depreciation ($)

Counterparty

JPY

29,187,007,164

USD

262,645,979

6/30/2017

(1,264,136

)

Citigroup, Inc.

Currency Abbreviations
JPY	Japanese Yen
USD	United States Dollar


At May 31, 2017 the Deutsche CROCI International Fund had the following sector diversification:
Sector Diversification	Market Value ($)	As a % of Common Stocks & Preferred Stock
Industrials	286,180,551		26	%
Consumer Staples	204,575,156		18	%
Health Care	203,175,483		18	%
Consumer Discretionary	193,374,702		17	%
Utilities	160,481,222		15	%
Materials	68,140,828		6	%
Total	1,115,927,942		100	%

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, 2017 in valuing the Fund's investments.

Assets			Level 1		Level 2		Level 3		Total
Common Stocks
	Finland	$	23,654,673	$	—	$	—	$	23,654,673
	France		113,692,935		—		—		113,692,935
	Germany		112,132,936		—		—		112,132,936
	Hong Kong		89,725,183		—		—		89,725,183
	Japan		259,109,038		—		—		259,109,038
	Netherlands		22,561,575		—		—		22,561,575
	Singapore		42,543,094		—		—		42,543,094
	Spain		24,065,983		—		—		24,065,983
	Switzerland		182,996,468		—		—		182,996,468
	United Kingdom		223,207,162		—		—		223,207,162
Preferred Stock			22,238,895		—		—		22,238,895
Short-Term Investments ^(d)			34,736,389		—		—		34,736,389
Total		$	1,150,664,331	$	—	$	—	$	1,150,664,331
Liabilities			Level 1		Level 2		Level 3		Total
Derivatives ^(e)
	Forward Foreign Currency Exchange Contracts	$	—	$	(1,264,136)	$	—	$	(1,264,136)
Total		$	—	$	(1,264,136)	$	—	$	(1,264,136)

There have been no transfers between fair value measurement levels during the period ended May 31, 2017.
(d)	See Investment Portfolio for additional detailed catergorizations.
(e)	Derivatives include unrealized appreciation (depreciation) on open forward foreign currency exchange contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of May 31, 2017 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure	Forward Currency Contracts
Foreign Exchange Contracts	$ (1,264,136)

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 21, 2017

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 21, 2017



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

Date:	July 21, 2017

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 21, 2017

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 21, 2017