N-Q 1 nq093009gcs_gcs.htm DWS GLOBAL COMMODITIES STOCK FUND, INC.

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: 9/30/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Consolidated Investment Portfolio

as of September 30, 2009 (Unaudited)

 

 

DWS Global Commodities Stock Fund, Inc.

 

 

Shares

 

Value ($)

 

 

Common Stocks 82.3%

 

Australia 5.1%

 

BHP Billiton Ltd.

 

170,885

 

5,646,977

 

Rio Tinto Ltd.

 

23,763

 

1,236,139

 

(Cost $4,795,316)

 

6,883,116

 

Brazil 1.1%

 

Cosan SA Industria e Comercio* (Cost $880,345)

 

139,256

 

1,537,507

 

Canada 9.6%

 

Agrium, Inc.

 

6,278

 

313,827

 

Barrick Gold Corp.

 

84,396

 

3,195,642

 

EnCana Corp.

 

52,640

 

3,048,317

 

Kinross Gold Corp.

 

146,090

 

3,183,374

 

 

 

 

Potash Corp. of Saskatchewan, Inc.

 

11,904

 

1,079,853

 

Suncor Energy, Inc.

 

65,293

 

2,280,818

 

(Cost $11,029,218)

 

13,101,831

 

France 3.2%

 

Lafarge SA

 

26,537

 

2,372,345

 

Total SA

 

33,197

 

1,976,268

 

(Cost $3,325,912)

 

4,348,613

 

Germany 1.2%

 

SMA Solar Technology AG

 

6,777

 

694,817

 

ThyssenKrupp AG

 

27,393

 

943,495

 

(Cost $1,444,817)

 

1,638,312

 

Luxembourg 1.7%

 

ArcelorMittal (Cost $1,685,964)

 

62,731

 

2,341,151

 

Netherlands 2.7%

 

Royal Dutch Shell PLC "A"

 

74,479

 

2,121,830

 

Royal Dutch Shell PLC "B"

 

52,695

 

1,463,984

 

(Cost $4,498,134)

 

3,585,814

 

Spain 0.8%

 

Gamesa Corp. Tecnologica SA (Cost $902,617)

 

49,315

 

1,106,185

 

Switzerland 2.5%

 

Transocean Ltd.*

 

14,492

 

1,239,501

 

Weatherford International Ltd.*

 

42,666

 

884,466

 

Xstrata PLC*

 

82,084

 

1,208,862

 

(Cost $2,571,892)

 

3,332,829

 

United Kingdom 11.4%

 

Anglo American PLC*

 

55,142

 

1,755,342

 

BG Group PLC

 

177,716

 

3,092,856

 

BHP Billiton PLC

 

111,215

 

3,056,409

 

BP PLC

 

534,328

 

4,732,533

 

Rio Tinto PLC

 

66,927

 

2,871,918

 

(Cost $14,574,948)

 

15,509,058

 

United States 43.0%

 

Air Products & Chemicals, Inc.

 

38,002

 

2,948,195

 

Anadarko Petroleum Corp. (a)

 

34,017

 

2,133,886

 

Apache Corp.

 

28,162

 

2,586,117

 

Chevron Corp.

 

76,804

 

5,409,306

 

Commercial Metals Co.

 

33,810

 

605,199

 

Corn Products International, Inc.

 

35,274

 

1,006,015

 

Crown Holdings, Inc.*

 

37,688

 

1,025,114

 

ExxonMobil Corp. (a)

 

89,718

 

6,155,552

 

First Solar, Inc.* (a)

 

4,714

 

720,582

 

Freeport-McMoRan Copper & Gold, Inc.

 

31,489

 

2,160,460

 

Halliburton Co.

 

42,544

 

1,153,793

 

Holly Corp.

 

29,800

 

763,476

 

International Paper Co.

 

66,166

 

1,470,870

 

Marathon Oil Corp. (b)

 

32,731

 

1,044,119

 

Martin Marietta Materials, Inc.

 

15,355

 

1,413,735

 

Monsanto Co.

 

51,827

 

4,011,410

 

National-Oilwell Varco, Inc.*

 

25,763

 

1,111,158

 

Occidental Petroleum Corp.

 

34,978

 

2,742,275

 

 

 

 

Owens-Illinois, Inc.*

 

68,295

 

2,520,086

 

Pactiv Corp.*

 

78,302

 

2,039,767

 

Peabody Energy Corp.

 

30,264

 

1,126,426

 

Praxair, Inc.

 

39,502

 

3,226,918

 

Quanta Services, Inc.*

 

21,315

 

471,701

 

Schlumberger Ltd.

 

46,449

 

2,768,360

 

Steel Dynamics, Inc.

 

78,596

 

1,205,663

 

The Mosaic Co.

 

31,135

 

1,496,659

 

Ultra Petroleum Corp.*

 

16,311

 

798,587

 

United States Steel Corp.

 

22,482

 

997,526

 

Vista Gold Corp.*

 

228,174

 

543,054

 

Weyerhaeuser Co.

 

21,431

 

785,446

 

XTO Energy, Inc.

 

49,212

 

2,033,440

 

(Cost $55,635,230)

 

58,474,895

 

Total Common Stocks (Cost $101,344,393)

 

111,859,311

 

 

Exchange-Traded Fund 1.4%

 

United States

 

SPDR Gold Trust* (Cost $906,521)

 

19,725

 

1,949,816

 

 

Principal
Amount ($)

 

Value ($)

 

 

Government & Agency Obligations 2.1%

 

US Treasury Obligations

 

US Treasury Bills:

 

 

0.115% **, 12/17/2009 (b)

 

1,229,000

 

1,228,697

 

 

0.19% **, 3/18/2010 (c)

 

1,582,000

 

1,580,878

 

Total Government & Agency Obligations (Cost $2,809,294)

 

2,809,575

 

 

Contracts

 

Value ($)

 

 

Call Options Purchased 0.0%

 

United States

 

Hess Corp., Expiration Date 11/21/2009, Strike Price $65.0 (Cost $40,008)

 

273

 

12,285

 

 

Shares

 

Value ($)

 

 

Securities Lending Collateral 3.5%

 

Daily Assets Fund Institutional, 0.29% (d) (e)
(Cost $4,820,550)

 

 

4,820,550

 

4,820,550

 

 

Cash Equivalents 13.5%

 

Cash Management QP Trust, 0.18% (d)
(Cost $18,295,176)

 

 

18,295,176

 

18,295,176

 

 

% of
Net Assets

 

Value ($)

 

Total Consolidated Investment Portfolio (Cost $128,215,942) †

102.8

 

139,746,713

 

Other Assets and Liabilities, Net

(2.8)

 

(3,764,167)

 

Net Assets

100.0

 

135,982,546

 

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 $138,587,494. At September 30, 2009, net unrealized appreciation for all securities based on tax cost was $1,159,219. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $18,074,807 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $16,915,588.

 

(a)

All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2009 amounted to $4,697,862 which is 3.5% of net assets.

 

(b)

Security pledged as collateral for written option contracts.

 

(c)

At September 30, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

 

(d)

Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

 

(e)

Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

 

SPDR: Standard & Poor's Depositary Receipt

 

At September 30, 2009, open futures contracts purchased were as follows:

 

Futures

 

Expiration
Date

 

Contracts

 

Aggregated
Face
Value ($)

 

Value ($)

 

Unrealized
Appreciation ($)

 

 

 

Cocoa

 

12/15/2009

 

47

 

1,356,619

 

1,475,800

 

119,181

 

S&P Goldman Sachs Commodity Index

 

10/15/2009

 

153

 

17,312,593

 

17,709,750

 

397,157

 

Sugar No. 11

 

4/30/2010

 

54

 

1,371,794

 

1,462,406

 

90,612

 

Total unrealized appreciation

606,950

 

At September 30, 2009, open written options were as follows:

 

Written Options

 

Contract
Amount

 

Expiration
Date

 

Strike
Price ($)

 

Value ($)*

 

Call Options

 

Marathon Oil Corp. (Premiums received $45,142)

 

152

 

10/17/2009

 

31.0

 

22,800

 

Put Options

 

Hess Corp. (Premiums received $44,549)

 

273

 

11/21/2009

 

45.0

 

17,745

 

Total Written Options (Premiums received $89,691)

 

40,545

 

* Unrealized appreciation at September 30, 2009 was $49,146.

 

 

 

 

 

 

At September 30, 2009 the DWS Global Commodities Stock Fund, Inc. had the following sector diversification:

 

 

Market Value ($)

 

As a % of

Common Stocks

 

 

Materials

 

55,655,436

 

49.7

%

 

 

Energy

 

50,667,068

 

45.3

%

 

 

Industrials

 

2,993,285

 

2.7

%

 

 

Consumer Staples

 

2,543,522

 

2.3

%

 

 

Total

111,859,311

 

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 September 30, 2009, the Fund held

 

$20,662,734 in the Subsidiary, representing 15.2% 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

 

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 September 30, 2009 in valuing the Fund's investments:

 

 

Level 1

Level 2

Level 3

Total

 

Assets

 

 

 

 

Common Stock and/or Other Equity Investments

 

 

 

 

 

Australia

$ —

$ 6,883,116

$ —

$ 6,883,116

 

 

Brazil

1,537,507

—

—

1,537,507

 

 

Canada

13,101,831

—

—

13,101,831

 

 

France

—

4,348,613

—

4,348,613

 

 

Germany

—

1,638,312

—

1,638,312

 

 

Luxembourg

—

2,341,151

—

2,341,151

 

 

Netherlands

—

3,585,814

—

3,585,814

 

 

Spain

—

1,106,185

—

1,106,185

 

 

Switzerland

2,123,967

1,208,862

—

3,332,829

 

 

United Kingdom

—

15,509,058

—

15,509,058

 

 

United States

58,474,895

—

—

58,474,895

 

Exchange-Traded Fund

1,949,816

—

—

1,949,816

 

Short-Term Investments(f)

4,820,550

21,104,751

—

25,925,301

 

Derivatives(g)

619,235

—

—

619,235

 

Total

$ 82,627,801

$ 57,725,862

$ —

$ 140,353,663

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Derivatives(g)

$ (40,545)

$ —

$ —

$ (40,545)

 

Total

$ (40,545)

$ —

$ —

$ (40,545)

 

 

(f)

See Consolidated Investment Portfolio for additional detailed categorizations.

 

(g)

Derivatives include value of open options purchased, unrealized appreciation (depreciation) on open futures contracts and written options, at value.

 

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

 

 

Commodities Linked/ Structured Notes

Balance as of June 30, 2009

$ 5,951,405

Realized gains (loss)

(6,673,701)

Change in unrealized appreciation (depreciation)

5,698,595

Amortization premium/ discount

—

Net purchases (sales)

(4,976,299)

Net transfers in (out) of Level 3

—

Balance as of September 30, 2009

$ —

Net change in unrealized appreciation (depreciation) from investments still held at September 30, 2009

$ —

 

Derivatives

 

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of September 30, 2009 categorized by the primary underlying risk exposure. 

 

 

 

 

Primary Underlying Risk Disclosure

Futures

Options

Commodity Contracts

$ 606,950

$ —

Equity Contracts

$ —

$ 21,423

 

 

 

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:

DWS Global Commodities Stock Fund, Inc.

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

November 19, 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:

November 19, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

November 19, 2009