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  811-06071

DWS Institutional Funds

(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) 454-7190

Date of fiscal year end:  06/30

Date of reporting period: 03/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of March 31, 2008  (Unaudited)** |
|----------------------|---------------------------------------|

 

**DWS Commodity Securities Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Value ($)** |
|--------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 44.4%** |  
**Argentina 0.5%**

 
Tenaris SA (ADR)  (Cost $1,769,031)

 

43,900 

 

**2,188,415**

**Australia 1.8%**

 
BHP Billiton Ltd.  

 

181,400 

 

5,959,963 

Rio Tinto Ltd.  

 

20,485 

 

2,290,806 

(Cost $5,122,373)

 

**8,250,769**

**Bermuda 1.2%**

 
Aquarius Platinum Ltd. (a)  

 

91,540 

 

1,420,107 

Aquarius Platinum Ltd. (a) 

 

121,477 

 

1,796,996 

Nabors Industries Ltd.*  

 

63,600 

 

2,147,772 

(Cost $4,489,248)

 

**5,364,875**

 

 

 

**Brazil 0.4%**

 
Companhia Vale do Rio Doce (ADR)  (Cost $1,646,138)

 

49,900 

 

**1,728,536**

**Canada 5.8%**

 
Agrium, Inc.  

 

57,500 

 

3,571,728 

Enbridge, Inc.  

 

96,800 

 

3,991,957 

EnCana Corp.  

 

59,500 

 

4,533,002 

Kinross Gold Corp.  

 

138,000 

 

3,078,767 

Potash Corp. of Saskatchewan, Inc.  

 

23,000 

 

3,573,968 

Suncor Energy, Inc.  

 

52,712 

 

5,094,832 

Trican Well Service Ltd.  

 

50,900 

 

1,065,654 

Uranium Participation Corp.*  

 

106,900 

 

994,588 

(Cost $20,495,916)

 

**25,904,496**

**China 0.3%**

 
Yingli Green Energy Holding Co., Ltd. (ADR)*  (Cost $1,590,310)

 

64,400 

 

**1,101,240**

**Finland 0.5%**

 
Stora Enso Oyj "R"  (Cost $3,567,715)

 

209,600 

 

**2,421,323**

**France 1.4%**

 
Lafarge SA  

 

14,626 

 

2,546,768 

Total SA  

 

48,102 

 

3,576,815 

(Cost $5,708,218)

 

**6,123,583**

**Germany 0.5%**

 
Wacker Chemie AG  (Cost $2,278,432)

 

11,000 

 

**2,251,191**

**Luxembourg 0.8%**

 
ArcelorMittal  (Cost $2,778,236)

 

42,485 

 

**3,479,531**

**Netherlands 1.8%**

 
Royal Dutch Shell PLC "A"  

 

98,540 

 

3,399,681 

Royal Dutch Shell PLC "B"  

 

67,211 

 

2,262,332 

SBM Offshore NV  

 

74,650 

 

2,407,373 

(Cost $8,846,002)

 

**8,069,386**

**Norway 0.7%**

 
StatoilHydro ASA (ADR)  (Cost $2,860,973)

 

108,350 

 

**3,236,414**

**Russia 0.8%**

 
Gazprom (ADR) (a) 

 

16,309 

 

831,759 

Gazprom (ADR) (a) 

 

57,362 

 

2,927,750 

(Cost $3,102,814)

 

**3,759,509**

**Spain 0.2%**

 
Gamesa Corporacion Tecnologica SA  (Cost $1,061,617)

 

23,100 

 

**1,053,957**

**Sweden 0.5%**

 
SSAB Svenskt Stal AB "A"  (Cost $2,444,335)

 

78,900 

 

**2,222,491**

**United Kingdom 4.9%**

 
Anglo American PLC  

 

36,787 

 

2,210,124 

BG Group PLC  

 

228,082 

 

5,281,881 

BHP Billiton PLC  

 

130,199 

 

3,861,968 

BP PLC  

 

449,645 

 

4,552,808 

Rio Tinto PLC  

 

56,642 

 

5,880,973 

(Cost $17,221,134)

 

**21,787,754**

 

 

 

**United States 22.3%**

 
Air Products & Chemicals, Inc.  

 

35,320 

 

3,249,440 

Alcoa, Inc.  

 

78,100 

 

2,816,286 

Apache Corp.  

 

32,150 

 

3,884,363 

Archer-Daniels-Midland Co.  

 

23,200 

 

954,912 

Cameron International Corp.*  

 

43,500 

 

1,811,340 

Chevron Corp.  

 

38,800 

 

3,311,968 

Cleveland-Cliffs, Inc.  

 

9,500 

 

1,138,290 

Commercial Metals Co.  

 

42,021 

 

1,259,369 

Dow Chemical Co.  

 

74,100 

 

2,730,585 

ExxonMobil Corp.  

 

168,010 

 

14,210,286 

First Solar, Inc.*  

 

6,400 

 

1,479,296 

Freeport-McMoRan Copper & Gold, Inc.  

 

49,500 

 

4,762,890 

Frontier Oil Corp.  

 

44,000 

 

1,199,440 

Holly Corp.  

 

29,100 

 

1,263,231 

Marathon Oil Corp.  

 

60,300 

 

2,749,680 

Martin Marietta Materials, Inc.  

 

11,090 

 

1,177,425 

Monsanto Co.  

 

71,408 

 

7,961,992 

Nucor Corp.  

 

32,250 

 

2,184,615 

Occidental Petroleum Corp.  

 

59,550 

 

4,357,274 

Owens-Illinois, Inc.*  

 

40,230 

 

2,270,179 

Packaging Corp. of America  

 

56,200 

 

1,254,946 

Pactiv Corp.*  

 

67,900 

 

1,779,659 

Peabody Energy Corp.  

 

39,916 

 

2,035,716 

PPG Industries, Inc.  

 

34,150 

 

2,066,417 

Praxair, Inc.  

 

45,310 

 

3,816,461 

Schlumberger Ltd.  

 

59,540 

 

5,179,980 

Steel Dynamics, Inc.  

 

64,200 

 

2,121,168 

TETRA Technologies, Inc.*  

 

60,800 

 

963,072 

The Mosaic Co.*  

 

18,600 

 

1,908,360 

Transocean, Inc.*  

 

18,400 

 

2,487,680 

Ultra Petroleum Corp.*  

 

21,700 

 

1,681,750 

Valero Energy Corp.  

 

44,500 

 

2,185,395 

Weyerhaeuser Co.  

 

42,060 

 

2,735,582 

XTO Energy, Inc.  

 

77,825 

 

4,814,255 

(Cost $79,585,049)

 

**99,803,302**

**Total Common Stocks** (Cost $164,567,541)

 

**198,746,772**

 

**Exchange Traded Funds 1.1%**

 
streetTRACKS Gold Trust*  (Cost $2,552,577)

 

52,842 

 

**4,775,860**

 

 

**Principal     Amount ($)**

 

**Value ($)**

 

**Commodities Linked/Structured Notes 47.2%**

 
Barclays S&P GSCI Structured Note, 144A, 2.603%, 5/14/2008 (b) 

 

5,000,000 

 

7,185,190 

Barclays S&P GSCI Structured Note, 144A, 2.603%, 7/8/2008 (b) 

 

8,000,000 

 

11,109,072 

Barclays S&P GSCI Structured Note, 144A, 2.603%, 1/22/2009 (b)  

 

36,100,000 

 

39,385,028 

Lehman S&P GSCI Structured Note, 144A, 2.433%, 10/23/2008 (b)  

 

12,700,000 

 

15,208,250 

Merrill Lynch & Co., Inc. MLCX Structured Note, 144A, 2.709%, 2/23/2009 (c)

 

41,700,000 

 

45,074,781 

UBS S&P GSCI Structured Note, 144A, 2.583%, 11/12/2008 (b)  

 

42,000,000 

 

47,372,220 

UBS S&P GSCI Structured Note, 144A, 2.583%, 12/8/2008 (b)  

 

39,700,000 

 

45,657,779 

**Total Commodities Linked/Structured Notes** (Cost $185,200,000)

 

**210,992,320**

 

 

 

**Government & Agency Obligation 0.4%**

 

 

**US Treasury Obligation**

 

 

US Treasury Bill, 3.03% **, 4/17/2008 (d)  (Cost $1,751,638)

 

1,754,000 

 

**Cash Equivalents 7.4%**

 
Cash Management QP Trust, 2.84% (e)  (Cost $33,060,394)

 

 

33,060,394

 

**33,060,394**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $387,132,150) †

100.5

 

**449,328,411**

**Other Assets and Liabilities, Net**

(0.5)

 

**(2,309,096)**

**Net Assets**

100.0

 

**447,019,315**

 

*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 $387,629,350.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $61,699,061.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $68,885,242 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,186,181.*

*(a)*

*Securities with the same description are the same corporate entity but trade on different stock exchanges.*

*(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 an unleveraged, long-only investments in commodities futures that is 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 an unleveraged, long-only investments in commodities futures that is broadly diversified across the spectrum of commodities.*

*(d)*

*At March 31, 2008, 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.*

*ADR: American Depositary Receipt*

*MLCX: Merrill Lynch Commodity Index*

*S&P GSCI: S&P Goldman Sachs Commodity Index*

 

 

 

 

*As of March 31, 2008, open future contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Depreciation ($)**

S&P  

Goldman Sachs Commodity Index 

 

4/15/2008 

 

138 

 

24,737,089 

 

23,011,500 

 

**(1,725,589)**

 
 

*As of March 31, 2008, the DWS Commodities Securities Fund had the following sector diversification:***

 
***Sector*****

***Market Value ($)*****

* *

***As a % of***

***Common Stocks*****

 

 

 

*Energy***

* *

*99,633,875***

* *

*50.1***

*%***

*Materials***

* *

*93,528,904***

* *

*47.1***

*%***

*Industrials***

* *

*3,634,493***

* *

*1.8***

*%***

*Financials***

* *

*994,588***

* *

*0.5***

*%***

*Consumer Staples***

* *

*954,912***

* *

*0.5***

*%***

***Total Common Stocks*****

***198,746,772*****

* *

***100.0*****

***%*****

 

**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 Commodity Securities Fund, a series of DWS Institutional Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 14, 2008

 

 

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 Commodity Securities Fund, a series of DWS Institutional Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 14, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

May 14, 2008

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