- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
28 Mayo 2010 - 12:33PM
Edgar (US Regulatory)
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 Enhanced Commodity Strategy 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:
6/30
Date of reporting period:
3/31/10
|
ITEM 1.
|
SCHEDULE OF INVESTMENTS
|
|
Consolidated Investment Portfolio
|
as of
March 31, 2010 (Unaudited)
|
DWS Enhanced Commodity Strategy Fund, Inc.
(formerly DWS Global Commodities Stock Fund, Inc.)
|
|
Shares
|
|
Value ($)
|
|
|
|
|
|
|
Australia 5.9%
|
|
|
BHP Billiton Ltd.
|
|
143,745
|
|
5,767,384
|
|
|
Fortescue Metals Group Ltd.*
|
|
195,594
|
|
876,304
|
|
|
Murchison Metals Ltd.*
|
|
276,615
|
|
677,182
|
|
|
Rio Tinto Ltd.
|
|
15,987
|
|
1,145,873
|
|
|
|
|
(Cost $5,231,141)
|
|
8,466,743
|
|
|
Brazil 0.4%
|
|
|
Suzano Papel e Celulose SA (Preferred) (Cost $590,075)
|
|
44,200
|
|
603,964
|
|
|
Canada 8.4%
|
|
|
Agrium, Inc.
|
|
22,248
|
|
1,573,230
|
|
|
Barrick Gold Corp.
|
|
81,836
|
|
3,140,008
|
|
|
Cenovus Energy, Inc.
|
|
51,079
|
|
1,334,245
|
|
|
EnCana Corp.
|
|
51,079
|
|
1,589,225
|
|
|
Kinross Gold Corp.
|
|
141,755
|
|
2,424,378
|
|
|
Suncor Energy, Inc.
|
|
63,573
|
|
2,067,461
|
|
|
|
|
(Cost $10,041,089)
|
|
12,128,547
|
|
|
China 0.6%
|
|
|
Trina Solar Ltd. (ADR)* (Cost $939,095)
|
|
38,748
|
|
945,839
|
|
|
France 0.5%
|
|
|
Total SA (Cost $694,962)
|
|
13,359
|
|
775,834
|
|
|
Germany 1.2%
|
|
|
SMA Solar Technology AG
|
|
6,575
|
|
806,160
|
|
|
ThyssenKrupp AG
|
|
27,441
|
|
943,842
|
|
|
|
|
(Cost $1,475,763)
|
|
1,750,002
|
|
|
India 0.4%
|
|
|
McLeod Russel India Ltd. (Cost $668,281)
|
|
104,168
|
|
622,646
|
|
|
Japan 2.1%
|
|
|
JFE Holdings, Inc.
|
|
41,300
|
|
1,656,150
|
|
|
Mitsubishi Corp.
|
|
25,400
|
|
666,108
|
|
|
Mitsui & Co., Ltd.
|
|
40,500
|
|
679,997
|
|
|
|
|
(Cost $2,687,691)
|
|
3,002,255
|
|
|
Luxembourg 1.9%
|
|
|
ArcelorMittal (Cost $1,637,860)
|
|
60,863
|
|
2,674,902
|
|
|
Netherlands 3.4%
|
|
|
Royal Dutch Shell PLC "A"
|
|
97,910
|
|
2,840,553
|
|
|
Royal Dutch Shell PLC "B"
|
|
74,522
|
|
2,055,276
|
|
|
|
|
(Cost $5,573,900)
|
|
4,895,829
|
|
|
Russia 0.7%
|
|
|
Severstal (GDR) REG S* (Cost $658,895)
|
|
71,481
|
|
1,040,763
|
|
|
Switzerland 2.9%
|
|
|
Transocean Ltd.*
|
|
14,901
|
|
1,287,149
|
|
|
Weatherford International Ltd.*
|
|
52,879
|
|
838,661
|
|
|
Xstrata PLC*
|
|
105,102
|
|
1,996,152
|
|
|
|
|
(Cost $3,198,140)
|
|
4,121,962
|
|
|
United Kingdom 12.1%
|
|
|
Anglo American PLC*
|
|
82,913
|
|
3,621,871
|
|
|
BG Group PLC
|
|
149,834
|
|
2,588,394
|
|
|
BHP Billiton PLC
|
|
95,051
|
|
3,256,713
|
|
|
BP PLC
|
|
528,049
|
|
5,000,625
|
|
|
Rio Tinto PLC
|
|
50,326
|
|
2,980,675
|
|
|
|
|
(Cost $14,510,514)
|
|
17,448,278
|
|
|
United States 41.0%
|
|
|
Air Products & Chemicals, Inc.
|
|
36,825
|
|
2,723,209
|
|
|
AK Steel Holding Corp.
|
|
24,000
|
|
548,640
|
|
|
Anadarko Petroleum Corp.
|
|
32,990
|
|
2,402,662
|
|
|
Apache Corp.
|
|
27,308
|
|
2,771,762
|
|
|
Chevron Corp.
|
|
74,540
|
|
5,652,368
|
|
|
Commercial Metals Co.
|
|
32,785
|
|
493,742
|
|
|
Crown Holdings, Inc.*
|
|
25,515
|
|
687,884
|
|
|
Dow Chemical Co.
|
|
84,792
|
|
2,507,299
|
|
|
ExxonMobil Corp.
|
|
101,791
|
|
6,817,961
|
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
34,102
|
|
2,848,881
|
|
|
Halliburton Co.
|
|
94,937
|
|
2,860,452
|
|
|
Holly Corp.
|
|
35,647
|
|
994,908
|
|
|
International Paper Co.
|
|
72,235
|
|
1,777,703
|
|
|
Martin Marietta Materials, Inc.
|
|
15,362
|
|
1,283,495
|
|
|
Monsanto Co.
|
|
48,376
|
|
3,455,014
|
|
|
Occidental Petroleum Corp.
|
|
48,739
|
|
4,120,395
|
|
|
Owens-Illinois, Inc.*
|
|
37,916
|
|
1,347,535
|
|
|
Praxair, Inc.
|
|
25,576
|
|
2,122,808
|
|
|
Quanta Services, Inc.*
|
|
42,040
|
|
805,486
|
|
|
Schlumberger Ltd.
|
|
53,863
|
|
3,418,146
|
|
|
Temple-Inland, Inc.
|
|
44,000
|
|
898,920
|
|
|
The Mosaic Co.
|
|
30,244
|
|
1,837,928
|
|
|
Ultra Petroleum Corp.*
|
|
15,806
|
|
737,034
|
|
|
United States Steel Corp.
|
|
41,980
|
|
2,666,570
|
|
|
Walter Energy, Inc.
|
|
21,406
|
|
1,975,132
|
|
|
Weyerhaeuser Co.
|
|
27,968
|
|
1,266,111
|
|
|
|
|
(Cost $52,534,224)
|
|
59,022,045
|
|
|
|
|
Total Common Stocks
(Cost $100,441,630)
|
|
117,499,609
|
|
|
|
Exchange-Traded Fund 1.6%
|
|
|
United States
|
|
|
|
SPDR Gold Trust* (Cost $1,094,394)
|
|
21,549
|
|
2,347,764
|
|
|
|
Principal
Amount ($)
|
|
Value ($)
|
|
|
|
Government & Agency Obligation 1.1%
|
|
|
US Treasury Obligation
|
|
|
|
US Treasury Bill, 0.22% **, 9/16/2010 (a) (Cost $1,580,376)
|
|
1,582,000
|
|
1,580,339
|
|
|
|
Shares
|
|
Value ($)
|
|
|
|
|
|
|
Central Cash Management Fund, 0.16% (b)
(Cost $22,716,025)
|
|
|
22,716,025
|
|
22,716,025
|
|
|
|
% of
Net Assets
|
|
Value ($)
|
|
|
|
|
Total Consolidated Investment Portfolio
(Cost $125,832,425) †
|
100.0
|
|
144,143,737
|
|
|
Other Assets and Liabilities, Net
|
0.0
|
|
(66,347)
|
|
|
|
|
Net Assets
|
100.0
|
|
144,077,390
|
|
|
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 $136,203,977. At March 31, 2010, net unrealized appreciation for all securities based on tax cost was $7,939,760. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,275,520 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $13,335,760.
|
|
(a)
|
At March 31, 2010, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
|
|
(b)
|
Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
|
|
ADR: American Depositary Receipt
|
|
GDR: Global Depositary Receipt
|
|
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
|
|
SPDR: Standard & Poor's Depositary Receipt
|
|
At March 31, 2010, open futures contracts purchased were as follows:
|
|
Futures
|
Currency
|
Expiration
Date
|
|
Contracts
|
|
|
Notional
Value ($)
|
|
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
44
|
|
|
|
1,306,360
|
|
|
|
(30,074
|
)
|
|
|
|
|
|
|
76
|
|
|
|
1,311,000
|
|
|
|
(106,655
|
)
|
|
|
|
|
|
|
30
|
|
|
|
2,470,350
|
|
|
|
12,235
|
|
S&P Goldman Sachs Commodity Index
|
|
|
|
|
127
|
|
|
|
16,827,500
|
|
|
|
92,717
|
|
|
Total net unrealized depreciation
|
|
|
(31,777
|
)
|
|
|
|
|
Currency Abbreviations
|
|
|
|
|
USD
|
United States Dollar
|
|
|
|
|
At March 31, 2010, the DWS Enhanced Commodity Strategy Fund, Inc. had the following sector diversification:
|
|
Sector
|
|
Market Value ($)
|
|
|
As a % of
Common Stocks
|
|
|
Materials
|
|
|
62,820,262
|
|
|
|
53.5
|
%
|
|
Energy
|
|
|
50,153,111
|
|
|
|
42.7
|
%
|
|
Industrials
|
|
|
3,903,590
|
|
|
|
3.3
|
%
|
|
Consumer Staples
|
|
|
622,646
|
|
|
|
0.5
|
%
|
|
Total
|
|
|
117,499,609
|
|
|
|
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, 2010, the Fund held $22,415,438 in the Subsidiary, representing 15.6% 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 March 31, 2010 in valuing the Fund's investments.
|
|
|
Level 1
|
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
Australia
|
|
$
|
—
|
|
|
$
|
8,466,743
|
|
$
|
—
|
|
$
|
8,466,743
|
|
|
Brazil
|
|
|
603,964
|
|
|
|
—
|
|
|
—
|
|
|
603,964
|
|
|
Canada
|
|
|
12,128,547
|
|
|
|
—
|
|
|
—
|
|
|
12,128,547
|
|
|
China
|
|
|
945,839
|
|
|
|
—
|
|
|
—
|
|
|
945,839
|
|
|
France
|
|
|
—
|
|
|
|
775,834
|
|
|
—
|
|
|
775,834
|
|
|
Germany
|
|
|
—
|
|
|
|
1,750,002
|
|
|
—
|
|
|
1,750,002
|
|
|
India
|
|
|
—
|
|
|
|
622,646
|
|
|
—
|
|
|
622,646
|
|
|
Japan
|
|
|
—
|
|
|
|
3,002,255
|
|
|
—
|
|
|
3,002,255
|
|
|
Luxembourg
|
|
|
—
|
|
|
|
2,674,902
|
|
|
—
|
|
|
2,674,902
|
|
|
Netherlands
|
|
|
—
|
|
|
|
4,895,829
|
|
|
—
|
|
|
4,895,829
|
|
|
Russia
|
|
|
—
|
|
|
|
1,040,763
|
|
|
—
|
|
|
1,040,763
|
|
|
Switzerland
|
|
|
2,125,810
|
|
|
|
1,996,152
|
|
|
—
|
|
|
4,121,962
|
|
|
United Kingdom
|
|
|
—
|
|
|
|
17,448,278
|
|
|
—
|
|
|
17,448,278
|
|
|
United States
|
|
|
59,022,045
|
|
|
|
—
|
|
|
—
|
|
|
59,022,045
|
|
|
Exchange-Traded Fund
|
|
|
2,347,764
|
|
|
|
—
|
|
|
—
|
|
|
2,347,764
|
|
|
Short-Term Investments
(c)
|
|
|
22,716,025
|
|
|
|
1,580,339
|
|
|
—
|
|
|
24,296,364
|
|
|
Total
|
|
$
|
99,889,994
|
|
|
$
|
44,253,743
|
|
$
|
—
|
|
$
|
144,143,737
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
(d)
|
|
$
|
(31,777
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(31,777
|
)
|
|
Total
|
|
$
|
(31,777
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(31,777
|
)
|
|
(c)
|
See Consolidated Investment Portfolio for additional detailed categorizations.
|
|
(d)
|
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
|
Level 3 Reconciliation
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
|
)
|
|
Transfers into Level 3
|
|
|
—
|
|
|
Transfers (out) of Level 3
|
|
|
—
|
|
|
Balance as of March 31, 2010
|
|
$
|
—
|
|
|
Net change in unrealized appreciation (depreciation) from investments still held at March 31, 2010
|
|
$
|
—
|
|
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative
instruments as of March 31, 2010 categorized by the primary underlying risk exposure.
|
Primary Underlying Risk Disclosure
|
|
Futures
|
|
|
Commodity Contracts
|
|
$
|
(31,777
|
)
|
|
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 Enhanced Commodity Strategy Fund, Inc.
|
|
|
|
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
|
|
|
|
Date:
|
May 21, 2010
|
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 Enhanced Commodity Strategy Fund, Inc.
|
|
|
|
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
|
|
|
|
Date:
|
May 21, 2010
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
|
|
|
|
Date:
|
May 21, 2010
|
Dws Enhanced Commodity Strategy Fund, Inc. (NYSE:GCS)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Dws Enhanced Commodity Strategy Fund, Inc. (NYSE:GCS)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
