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 811-21600
DWS Global Commodities Stock 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
345 Park Avenue
New York, NY 10154-0004
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
Date of fiscal year end: 06/30
Date of reporting period: 3/31/09
ITEM 1. SCHEDULE OF INVESTMENTS
|
Consolidated Investment Portfolio |
as of March 31, 2009 (Unaudited) |
DWS Global Commodities Stock Fund, Inc.
|
|
Shares |
|
Value ($) | |||||
|
| ||||||||
|
|
Common Stocks 80.8% |
| ||||||
|
Australia 5.3% |
| |||||||
|
BHP Billiton Ltd. |
|
240,734 |
|
5,365,671 | ||||
|
Rio Tinto Ltd. |
|
13,994 |
|
549,081 | ||||
|
| ||||||||
|
(Cost $5,210,099) |
|
5,914,752 | ||||||
|
Brazil 0.4% |
| |||||||
|
Cosan SA Industria e Comercio* (Cost $472,632) |
|
102,779 |
|
427,111 | ||||
|
Canada 12.0% |
| |||||||
|
Agrium, Inc. |
|
34,266 |
|
1,241,762 | ||||
|
Barrick Gold Corp. |
|
75,932 |
|
2,457,793 | ||||
|
Enbridge, Inc. |
|
37,644 |
|
1,085,310 | ||||
|
EnCana Corp. |
|
67,252 |
|
2,752,382 | ||||
|
Kinross Gold Corp. |
|
131,248 |
|
2,384,908 | ||
|
Potash Corp. of Saskatchewan, Inc. |
|
27,704 |
|
2,240,183 | ||
|
Suncor Energy, Inc. |
|
60,374 |
|
1,347,497 | ||
|
| ||||||
|
(Cost $14,582,939) |
|
13,509,835 | ||||
|
France 2.8% |
| |||||
|
Lafarge SA |
|
32,474 |
|
1,457,913 | ||
|
Total SA |
|
35,168 |
|
1,744,187 | ||
|
| ||||||
|
(Cost $4,050,930) |
|
3,202,100 | ||||
|
Luxembourg 1.5% |
| |||||
|
ArcelorMittal (Cost $2,065,462) |
|
84,324 |
|
1,706,656 | ||
|
Netherlands 2.6% |
| |||||
|
Royal Dutch Shell PLC "A" |
|
77,912 |
|
1,751,899 | ||
|
Royal Dutch Shell PLC "B" |
|
54,067 |
|
1,185,111 | ||
|
| ||||||
|
(Cost $4,623,485) |
|
2,937,010 | ||||
|
Spain 0.6% |
| |||||
|
Gamesa Corp. Tecnologica SA (Cost $954,599) |
|
52,128 |
|
668,772 | ||
|
Sweden 1.2% |
| |||||
|
SSAB Svenskt Stal AB "A" (Cost $1,405,675) |
|
163,471 |
|
1,388,196 | ||
|
Switzerland 0.8% |
| |||||
|
Transocean Ltd.* (Cost $858,762) |
|
15,428 |
|
907,784 | ||
|
United Kingdom 10.3% |
| |||||
|
BG Group PLC |
|
139,930 |
|
2,120,946 | ||
|
BHP Billiton PLC |
|
187,509 |
|
3,712,506 | ||
|
BP PLC |
|
611,313 |
|
4,091,205 | ||
|
Rio Tinto PLC |
|
48,955 |
|
1,639,232 | ||
|
| ||||||
|
(Cost $12,211,202) |
|
11,563,889 | ||||
|
United States 43.3% |
| |||||
|
Air Products & Chemicals, Inc. |
|
40,200 |
|
2,261,250 | ||
|
Apache Corp. |
|
32,309 |
|
2,070,684 | ||
|
Archer-Daniels-Midland Co. |
|
31 |
|
861 | ||
|
Cameron International Corp.* |
|
62,866 |
|
1,378,651 | ||
|
Chevron Corp. |
|
69,569 |
|
4,677,820 | ||
|
Commercial Metals Co. |
|
35,753 |
|
412,947 | ||
|
Corn Products International, Inc. |
|
45,387 |
|
962,204 | ||
|
Crown Holdings, Inc.* |
|
64,988 |
|
1,477,177 | ||
|
ExxonMobil Corp. |
|
137,055 |
|
9,333,445 | ||
|
Freeport-McMoRan Copper & Gold, Inc. |
|
52,051 |
|
1,983,664 | ||
|
Marathon Oil Corp. |
|
28,434 |
|
747,530 | ||
|
Martin Marietta Materials, Inc. |
|
16,219 |
|
1,286,167 | ||
|
Monsanto Co. |
|
54,935 |
|
4,565,099 | ||
|
National-Oilwell Varco, Inc.* (a) |
|
38,038 |
|
1,092,071 | ||
|
Occidental Petroleum Corp. |
|
37,167 |
|
2,068,344 | ||
|
Owens-Illinois, Inc.* |
|
113,546 |
|
1,639,604 | ||
|
Pactiv Corp.* |
|
107,985 |
|
1,575,501 | ||
|
Peabody Energy Corp. |
|
32,079 |
|
803,258 | ||
|
Praxair, Inc. |
|
59,335 |
|
3,992,652 | ||
|
Quanta Services, Inc.* |
|
22,600 |
|
484,770 | ||
|
Schlumberger Ltd. |
|
17,143 |
|
696,349 | ||
|
Steel Dynamics, Inc. |
|
69,757 |
|
614,559 | ||
|
The Mosaic Co. |
|
33,082 |
|
1,388,782 | ||
|
Ultra Petroleum Corp.* |
|
42,258 |
|
1,516,640 | |||||||||
|
United States Steel Corp. |
|
11,419 |
|
241,283 | |||||||||
|
XTO Energy, Inc. |
|
52,021 |
|
1,592,883 | |||||||||
|
| |||||||||||||
|
(Cost $53,652,237) |
|
48,864,195 | |||||||||||
|
| |||||||||||||
|
Total Common Stocks (Cost $100,088,022) |
|
91,090,300 | |||||||||||
|
|
Exchange-Traded Fund 1.6% |
| |||||||||||
|
United States |
| ||||||||||||
|
SPDR Gold Trust* (Cost $906,522) |
|
19,725 |
|
1,780,773 | |||||||||
|
|
Exchange-Traded Note 0.5% |
| |||||||||||
|
United States |
| ||||||||||||
|
iPath Dow Jones-AIG Livestock Total Return Sub-Index* (Cost $845,969) |
|
19,573 |
|
604,414 | |||||||||
|
|
Principal Amount ($) |
|
Value ($) | ||||||||||
|
| |||||||||||||
|
|
Commodities Linked/Structured Notes 4.4% |
| |||||||||||
|
United Kingdom 1.1% |
| ||||||||||||
|
Barclays Bank PLC S&P GSCI/MDX Structured Note, 144A, 0.401%, 4/29/2010 (Cost $1,430,000) (b) |
|
|
1,430,000 |
|
1,177,137 | ||||||||
|
United States 3.3% |
| ||||||||||||
|
Landesbank Baden-Wurttemberg MLCX Structured Note, 144A, 0.351%, 7/24/2009 (Cost $10,000,000) (c) |
|
|
10,000,000 |
|
3,748,280 | ||||||||
|
| |||||||||||||
|
Total Commodities Linked/Structured Notes (Cost $11,430,000) |
|
4,925,417 | |||||||||||
|
|
Government & Agency Obligation 1.0% |
| |||||||||||
|
US Treasury Obligation |
| ||||||||||||
|
US Treasury Bill, 0.15% **, 6/11/2009 (d) (Cost $1,193,647) |
|
1,194,000 |
|
1,193,572 | |||||||||
|
|
Shares |
|
Value ($) | ||||||||||
|
| |||||||||||||
|
|
Cash Equivalents 11.9% |
| |||||||||||
|
Cash Management QP Trust, 0.53% (e) |
|
|
13,391,119 |
|
13,391,119 | ||||||||
|
|
% of Net Assets |
|
Value ($) | ||||||||||
|
| |||||||||||||
|
Total Investment Portfolio (Cost $127,855,279) † |
100.2 |
|
112,985,595 | ||||||||||
|
Other Assets and Liabilities, Net |
(0.2) |
|
(238,512) | ||||||||||
|
| |||||||||||||
|
Net Assets |
100.0 |
|
112,747,083 | ||||||||||
|
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. | ||||||||||||
|
** |
Annualized yield at time of purchase; not a coupon rate. | ||||||||||||
|
† |
The cost for federal income tax purposes was $128,333,075. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $15,347,405. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,362,066 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $23,709,471. | ||||||||||||
|
(a) |
Security pledged as collateral for written option contracts. | ||||||||||||
|
(b) |
Security is linked to the S&P Goldman Sachs Commodity Index (S&P GSCI). The index is a composite of commodity sector returns, representing unleveraged, long-only investments in commodities futures that are broadly diversified across the spectrum of commodities. | |||||||||||||||||||
|
(c) |
Security is linked to the Merrill Lynch Commodity Index eXtra (MLCX). The index is a composite of commodity sector returns, representing unleveraged, long-only investments in commodities futures that are broadly diversified across the spectrum of commodities. | |||||||||||||||||||
|
(d) |
At March 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. | |||||||||||||||||||
|
(e) |
Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. | |||||||||||||||||||
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||||||||||||||||
|
MDX: Modified Index | ||||||||||||||||||||
|
MLCX: Merrill Lynch Commodity Index eXtra | ||||||||||||||||||||
|
S&P GSCI: Standard & Poor's Goldman Sachs Commodity Index | ||||||||||||||||||||
|
SPDR: Standard & Poor's Depositary Receipt | ||||||||||||||||||||
|
At March 31, 2009, open futures contracts purchased were as follows: | ||||||||||||||||||||
|
Futures |
|
Expiration |
|
Contracts |
|
Aggregated |
|
Value ($) |
|
Unrealized | ||||||||||
|
| ||||||||||||||||||||
|
| ||||||||||||||||||||
|
S&P Goldman Sachs Commodity Index |
|
4/16/2009 |
|
117 |
|
10,954,616 |
|
10,515,375 |
|
(439,241) |
| |||||||||
|
At March 31, 2009, open written option contracts were as follows: | ||||||||||||||||||||
|
Written Options |
|
|
|
Contract |
|
Expiration |
|
Strike |
|
Value ($)* |
| |||||||||
|
| ||||||||||||||||||||
|
| ||||||||||||||||||||
|
Call Options |
| |||||||||||||||||||
|
National-Oilwell Varco, Inc. (Premiums received $112,331) |
276 |
|
5/16/2009 |
|
30.0 |
|
(75,900) |
| ||||||||||||
|
* |
Unrealized appreciation at March 31, 2009 was $36,431. | |||||||||||||||||||
At March 31, 2009, the DWS Global Commodities Stock Fund, Inc. had the following sector diversification:
|
Sector |
Market Value ($) |
|
As a % of Common Stocks | ||
|
Materials |
|
45,582,586 |
|
50.0 |
% |
|
Energy |
|
42,963,996 |
|
47.2 |
% |
|
Consumer Staples |
|
1,390,176 |
|
1.5 |
% |
|
Industrials |
|
1,153,542 |
|
1.3 |
% |
|
Total |
|
91,090,300 |
|
100.0 |
% |
Investment in Subsidiary
The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of March 31, 2009, the Fund held $10,644,900 in the Subsidiary, representing 9.4% of the Fund's net assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary.
Fair Value Measurements
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund's investment.
|
Valuation Inputs |
Investments in Securities |
Written Options, at Value |
Other Financial Instruments†† |
|
Level 1 |
$ 66,094,112 |
$ (75,900) |
$ (439,241) |
|
Level 2 |
41,966,066 |
- |
- |
|
Level 3 |
4,925,417 |
- |
- |
|
Total |
$ 112,985,595 |
$ (75,900) |
$ (439,241) |
†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value at March 31, 2009:
|
|
Investments in Securities |
|
Balance as of June 30, 2008 |
$ 98,641,471 |
|
Net realized gain (loss) |
(32,672,756) |
|
Change in unrealized appreciation (depreciation) |
(7,928,054) |
|
Amortization premium/discount |
- |
|
Net purchases (sales) |
(53,115,244) |
|
Net transfers in (out) of Level 3 |
- |
|
Balance as of March 31, 2009 |
$ 4,925,417 |
|
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009 |
$ (6,647,383) |
Derivative Instruments and Hedging Activities
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.
The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and option contracts.
|
Primary Underlying Risk Disclosure |
Options |
Futures |
|
Interest Rate Contracts |
$ - |
$ - |
|
Foreign Exchange Contracts |
$ - |
$ - |
|
Credit Contracts |
$ - |
$ - |
|
Equity Contracts |
$ (75,900) |
$ - |
|
Commodity Contracts |
$ - |
$ (439,241) |
|
Other Contracts |
$ - |
$ - |
Futures. The Fund is subject to commodities related risk. The Fund uses futures contracts to gain exposure to the commodities market. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an initial margin equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the fund dependent upon the daily fluctuations in the value of the underlying security. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
Options. The Fund is subject to equity risk. The Fund may enter into option contracts in order to hedge against potential adverse price movements in the value of portfolio assets; as a temporary substitute for selling selected investments; to lock in the purchase price of a security or currency which it expects to purchase in the near future; as a temporary substitute for purchasing selected investments; and to enhance potential gain. If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. For exchange traded contracts the counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default. The Fund's maximum exposure to purchased options is limited to the premium initially paid.
|
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. |
|
|
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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: |
DWS Global Commodities Stock Fund, Inc. |
|
By: |
/s/Michael G. Clark |
|
|
Michael G. Clark |
President
|
Date: |
May 20, 2009 |
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.
|
Registrant: |
DWS Global Commodities Stock Fund, Inc. |
|
By: |
/s/Michael G. Clark |
|
|
Michael G. Clark |
President
|
Date: |
May 20, 2009 |
|
By: |
/s/Paul Schubert |
|
|
Paul Schubert |
Chief Financial Officer and Treasurer
Date: May 20, 2009