UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  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)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        06/30
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 JUNE 30, 2008
Annual Report
to ShareholdersDWS Commodity Securities Fundcsf_cover320 Contents click herePerformance Summary
click hereInformation About Your Fund's Expenses
click herePortfolio Management Review
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereReport of Independent Registered Public Accounting Firm
click hereTax Information
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
click hereTrustees and Officers
click hereAccount Management Resources This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest. Investments in funds involve risk. The fund is nondiversified and can take larger positions
in fewer companies, increasing its overall risk profile. The fund concentrates its
investments in securities related to commodities-related industries. Because the fund
concentrates its investments in securities related to commodities-related industries,
market price movements, regulatory changes, or economic conditions affecting
companies in these industries as well as adverse political or financial factors or factors
affecting a particular industry or commodity or factors affecting a particular industry or
commodity could have significant impact on the fund's performance. The
commodity-linked structured notes and futures contracts in which the fund expects to
invest have substantial additional risks, including risk of loss of a significant portion of
their principal value and liquidity risk, as well as the risk of greater volatility. Derivatives
may be more volatile and less liquid than traditional securities, and the fund could suffer
losses on its derivatives positions. Furthermore, there are additional risks associated with
investing in non-US companies, emerging markets and aggressive growth stocks, which
are more fully explained in the prospectus. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJune 30, 2008 Classes A, B, C and Institutional Class All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The maximum sales charge for Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. Institutional Class shares are not subject to sales charges. The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated October 1, 2007
are 1.74%, 2.52%, 2.47% and 1.36% for Class A, Class B, Class C and Institutional
Class shares, respectively. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended June 30, 2008. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during all periods shown for Classes A, B and C shares and for the
3-year and Life of Fund periods for Institutional Class shares reflect a fee waiver and/or
expense reimbursement. Without this waiver/reimbursement, returns and rankings would
have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class. Average Annual Total Returns(Unadjusted for Sales Charge) as of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of Fund*Class A
45.16%
23.84%
22.29%Class B
44.14%
22.91%
21.37%Class C
44.14%
22.91%
21.37%S&P® Goldman Sachs Commodity Index+
76.01%
19.74%
18.59%MSCI World Energy Index+
20.46%
22.54%
20.40%MSCI World Materials Index+
16.08%
31.47%
24.18%Blended Index+
44.89%
23.87%
21.01% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on February 14, 2005. Index returns began on
February 28, 2005.  Average Annual Total Returnsas of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of Fund*Institutional Class
45.68%
24.17%
22.58%S&P Goldman Sachs Commodity Index+
76.01%
19.74%
18.59%MSCI World Energy Index+
20.46%
22.54%
20.40%MSCI World Materials Index+
16.08%
31.47%
24.18%Blended Index+
44.89%
23.87%
21.01% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on February 14, 2005. Index returns began on
February 28, 2005.  Net Asset Value and Distribution InformationClass A
Class B
Class C
Institutional
ClassNet Asset Value:
6/30/08
$     19.06
$     18.71
$     18.71
$     19.086/30/07
$     13.13
$     12.98
$     12.98
$     13.12Distribution Information:
Twelve Months as of 6/30/08:Income Dividends
$     
$     
$     
$     .03 Class A Lipper Rankings  Commodities Funds Categoryas of 6/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
22
of
36
603-Year
3
of
26
12 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary. Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)[]DWS Commodity Securities Fund  Class A
[]S&P Goldman Sachs Commodity Index+
[]MSCI World Energy Index+
[]MSCI World Materials Index+
[]Blended Index+csf_g10k290 The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425. Comparative Results(Adjusted for Maximum Sales Charge) as of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of
Fund*Class A
Growth of $10,000
$13,682
$17,901
$18,582Average annual total return
36.82%
21.42%
20.16%Class B
Growth of $10,000
$14,114
$18,369
$19,019Average annual total return
41.14%
22.47%
21.00%Class C
Growth of $10,000
$14,414
$18,569
$19,219Average annual total return
44.14%
22.91%
21.37%S&P Goldman Sachs Commodity
Index+
Growth of $10,000
$17,601
$17,169
$17,639Average annual total return
76.01%
19.74%
18.59%MSCI World Energy Index+
Growth of $10,000
$12,046
$18,400
$18,548Average annual total return
20.46%
22.54%
20.40%MSCI World Materials Index+
Growth of $10,000
$11,608
$22,724
$20,557Average annual total return
16.08%
31.47%
24.18%Blended Index+
Growth of $10,000
$14,489
$19,005
$18,862Average annual total return
44.89%
23.87%
21.01% The growth of $10,000 is cumulative. * The Fund commenced operations on February 14, 2005. Index returns began on
February 28, 2005.  Growth of an Assumed $1,000,000 Investment[]DWS Commodity Securities Fund  Institutional Class
[]S&P Goldman Sachs Commodity Index+
[]MSCI World Energy Index+
[]MSCI World Materials Index+
[]Blended Index+csf_g10k280 Comparative Resultsas of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of
Fund*Institutional Class
Growth of $1,000,000
$1,456,800
$1,914,300
$1,987,000Average annual total return
45.68%
24.17%
22.58%S&P Goldman Sachs
Commodity Index+
Growth of $1,000,000
$1,760,100
$1,716,900
$1,763,900Average annual total return
76.01%
19.74%
18.59%MSCI World Energy
Index+
Growth of $1,000,000
$1,204,600
$1,840,000
$1,854,800Average annual total return
20.46%
22.54%
20.40%MSCI World Materials
Index+
Growth of $1,000,000
$1,160,800
$2,272,400
$2,055,700Average annual total return
16.08%
31.47%
24.18%Blended Index+
Growth of $1,000,000
$1,448,900
$1,900,500
$1,886,200Average annual total return
44.89%
23.87%
21.01% The growth of $1,000,000 is cumulative. The minimum initial investment for Institutional Class shares is $1,000,000. * The Fund commenced operations on February 14, 2005. Index returns began on February
28, 2005.  +  The S&P Goldman Sachs Commodity Index is a composite index of commodity sector
returns, representing an unleveraged, long-only investment in commodities futures that is
broadly diversified across the spectrum of commodities. The MSCI World Energy Index
measures the performance of energy equities in developed markets around the world. The
MSCI World Materials Index measures the performance of materials equities in developed
markets around the world. The Blended Index consists of the returns for the S&P Goldman
Sachs Commodity Index (50%), MSCI World Energy Index (25%), and the MSCI World
Materials Index (25%). Indices are calculated using closing market prices and translates
into US dollars using the London close foreign exchange rates. All of these indices assume
reinvestment of all distributions and, unlike Fund returns, do not reflect the expenses of
managing a fund. It is not possible to invest directly in an index.  Class S Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.) All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated October 1, 2007
is 1.57% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended June 30, 2008. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement. Without this waiver/reimbursement, returns and rankings would have
been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemptions of fund shares. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of Fund*Class S
45.50%
24.06%
22.48%S&P Goldman Sachs Commodity Index+
76.01%
19.74%
18.59%MSCI World Energy Index+
20.46%
22.54%
20.40%MSCI World Materials Index+
16.08%
31.47%
24.18%Blended Index+
44.89%
23.87%
21.01% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. * The Fund commenced operations on February 14, 2005. Index returns began on
February 28, 2005.  Net Asset Value and Distribution InformationClass SNet Asset Value:
6/30/08
$     19.096/30/07
$     13.13Distribution Information:
Twelve Months as of 6/30/08:Income Dividends
$     .01 Class S Lipper Rankings  Commodities Funds Categoryas of 6/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
21
of
36
573-Year
2
of
26
8 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary. Growth of an Assumed $10,000 Investment[]DWS Commodity Securities Fund  Class S
[]S&P Goldman Sachs Commodity Index+
[]MSCI World Energy Index+
[]MSCI World Materials Index+
[]Blended Index+csf_g10k270 Comparative Resultsas of 6/30/08DWS Commodity Securities Fund
1-Year
3-Year
Life of Fund*Class S
Growth of $10,000
$14,550
$19,094
$19,820Average annual total return
45.50%
24.06%
22.48%S&P Goldman Sachs
Commodity Index+
Growth of $10,000
$17,601
$17,169
$17,639Average annual total return
76.01%
19.74%
18.59%MSCI World
Energy Index+
Growth of $10,000
$12,046
$18,400
$18,548Average annual total return
20.46%
22.54%
20.40%MSCI World
Materials Index+
Growth of $10,000
$11,608
$22,724
$20,557Average annual total return
16.08%
31.47%
24.18%Blended Index+
Growth of $10,000
$14,489
$19,005
$18,862Average annual total return
44.89%
23.87%
21.01% The growth of $10,000 is cumulative. * The Fund commenced operations on February 14, 2005. Index returns began on
February 28, 2005.  +  The S&P Goldman Sachs Commodity Index is a composite index of commodity sector
returns, representing an unleveraged, long-only investment in commodities futures that is
broadly diversified across the spectrum of commodities. The MSCI World Energy Index
measures the performance of energy equities in developed markets around the world. The
MSCI World Materials Index measures the performance of materials equities in developed
markets around the world. The Blended Index consists of the returns for the S&P Goldman
Sachs Commodity Index (50%), MSCI World Energy Index (25%), and the MSCI World
Materials Index (25%). Indices are calculated using closing market prices and translates
into US dollars using the London close foreign exchange rates. All of these indices assume
reinvestment of all distributions and, unlike Fund returns, do not reflect the expenses of
managing a fund. It is not possible to invest directly in an index.  Information About Your Fund's Expenses As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads), redemption fees and
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing expenses
(in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. In the most
recent six-month period, the Fund limited these expenses for Classes A, B,
C and S; had it not done so, expenses would have been higher. The example
in the table is based on an investment of $1,000 invested at the beginning
of the six-month period and held for the entire period(January 1, 2008 to
June 30, 2008). The tables illustrate your Fund's expenses in two ways: •    Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold. •    Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period. Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount. Expenses and Value of a $1,000 Investmentfor the six months ended June 30, 2008Actual Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 1/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 6/30/08
$       1,236.10
$       1,231.70
$       1,231.70
$       1,236.40
$       1,238.20Expenses Paid per $1,000*
$       8.34
$       12.48
$       12.48
$       7.28
$       6.73Hypothetical 5% Fund Return
Class A
Class B
Class C
Class S
Institutional
ClassBeginning Account Value 1/1/08
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00
$       1,000.00Ending Account Value 6/30/08
$       1,017.40
$       1,013.67
$       1,013.67
$       1,018.35
$       1,018.85Expenses Paid per $1,000*
$       7.52
$       11.26
$       11.26
$       6.57
$       6.07 * Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by 366.  Annualized Expense Ratios
Class A
Class B
Class C
Class S
Institutional
ClassDWS Commodity Securities Fund
1.50%
2.25%
2.25%
1.31%
1.21% For more information, please refer to the Fund's prospectus. Portfolio Management Review DWS Commodity Securities Fund: A Team Approach to Investing Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), which is part of Deutsche Asset Management, is the investment
advisor for DWS Commodity Securities Fund. DIMA and its predecessors
have more than 80 years of experience managing mutual funds and DIMA
provides a full range of investment advisory services to institutional and
retail clients. DIMA is also responsible for selecting brokers and dealers and
for negotiating brokerage commissions and dealer charges. Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety of
experience and investment insight across industries, regions, asset classes
and investing styles. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
funds, retail, private and commercial banking, investment banking and
insurance. Portfolio Management Team Theresa Gusman Managing Director of Deutsche Asset Management and Lead Portfolio Manager of the fund. • Joined Deutsche Asset Management in 1995. • Over 23 years of investment industry experience. • BA, State University of New York at Stony Brook. Terence P. Brennan Director of Deutsche Asset Management and Portfolio Manager of the fund. • Joined Deutsche Asset Management in 1999. • Over 21 years of investment industry experience. • BA, Fordham University. Jeffrey Saeger, CFA Director of Deutsche Asset Management and Portfolio Manager of the fund. • Joined Deutsche Asset Management in 1996. • Over 12 years of investment industry experience. • BS, State University of New York at Fredonia. In the following interview, the portfolio management team discusses
market conditions and DWS Commodity Securities Fund's investment
strategy during the annual period ended June 30, 2008. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Q: How did the fund and the overall commodities market perform
during the annual period? A:The Class A shares of the fund produced a total return of
45.16% for the 12 months ended June 30, 2008. In comparison, the
fund's benchmark  which is divided between the S&P Goldman
Sachs Commodities Index (50%), the MSCI World Energy Index
(25%) and the MSCI World Materials Index (25%)  returned
44.89% during the same interval.1 (Returns are unadjusted for sales
charges. If sales charges had been included, returns would have
been lower. Past performance is no guarantee of future results.
Please see pages 4 through 9 for the performance of other share
classes and more complete performance information.) 1 The S&P Goldman Sachs Commodity Index (S&P GSCI) is a composite index of commodity
sector returns, representing an unleveraged, long-only investment in commodities futures
that is broadly diversified across the spectrum of commodities.   The MSCI World Energy Index measures the performance of energy equities in developed
markets around the world.  The MSCI World Materials Index measures the performance of materials equities in
developed markets around the world.  MSCI indices are calculated using closing local market prices and translate into US dollars
using the London close foreign exchange rates.   All of these indices assume reinvestment of dividends and, unlike fund returns, do not
include fees or expenses. It is not possible to invest directly into an index.  At a time when the broader financial markets were pressured by
persistent bad news regarding the US economy, commodities and
commodity-related equities were boosted by positive
supply-and-demand fundamentals, strong investment inflows and
weakness in the US dollar. The result was a gain of 76.01% for the
S&P Goldman Sachs Commodities Index (S&P GSCI) during the past
12 months, well ahead of both bonds and global equities. The equity
portion of the fund's blended benchmark gained 18.27%, the
average of the returns of the MSCI World Energy Index, which
advanced 20.46% and the MSCI World Materials Index, which
gained 16.08%. Q: What elements of the fund's positioning had the largest impact
on its performance? A:We invest in commodity-linked structured notes that provide us
with market exposure to specific commodities, and in
commodity-linked equities. We look to capture commodity returns
via: (1) allocation between the equities and the structured notes,
depending on whichever we believe has the greater potential return;
(2) tactical positions in specific commodities (through investment in
the structured notes); and (3) individual security selection. Looking first at allocations, we generated positive relative
performance through the first half of the period via our ability to
allocate between commodity-linked securities and securities of
companies of commodity-related industries. In the third quarter of
2007, we shifted from an underweight position in commodity-linked
securities to an overweight, a move that was a positive for
performance.2 We elected to book profits late in 2007 by moving
this overweight back to neutral. We subsequently restored the
overweight in commodity-linked securities coming into 2008, a
decision which was based on our view that commodities would
outperform the related equities amid heightened concerns
surrounding the fallout from credit markets. This overweight
position added value for the fund, and we have since moved back to
a neutral weight in order to lock in profits. These shifts added to the
fund's return during the past 12 months, illustrating the potential
value of active management. 2 "Overweight" means the fund holds a higher weighting in a given sector or security than
the benchmark. "Underweight" means the fund holds a lower weighting.  Tactical positioning in commodities detracted from performance
during the annual period. On the positive side of the ledger, the fund
was overweight natural gas, gasoline and corn, all of which
contributed nicely to performance. However, this was more than
offset by negative contributions from gold and an underweight
position in crude oil, which we put on in December of 2007. Q: How did the fund's major investment themes affect
performance? A:There were four themes at work in the fund during the past
12 months: •    Alternative energy is here to stay. Renewable energy currently
accounts for a small portion of global energy consumption, but
rising oil prices are leading to a greater push for the development
of alternative energy sources. This sector performed very well
during the second half of 2007, adding strongly to the fund's
return during that time. While alternative energy has been one of
the worst-performing industries in our investment universe so far
in 2008, the fund's positions in this group added value for the full
year. As of the end of June, the fund's largest holdings in
alternative energy were Monsanto Co., Agrium Inc. and Wacker
Chemie AG. •    Follow the petrodollars. The strength in oil prices means that
energy companies are flush with cash that they can reinvest into
added drilling capacity. We believe drilling companies, oil
equipment and service providers, and engineering/ construction
companies are all key beneficiaries of this increased spending.
These investments outperformed the broader energy market, led
by Cameron International Corp, Tenaris SA and TETRA
Technologies, Inc. •    Go long what China is short and short what China is long. We
continue to emphasize our long-standing theme of owning
commodities for which China's demand cannot be met by its
internal supplies. This forms the basis for the fund's overweight
positions in iron ore, coal and steel, all of which added
significantly to performance during the past year. •    Capitalize on the tightness in refining.Throughout most of the
period, the fund was overweight in refining stocks. This
positioning was based on our view that the lack of new refining
capacity in the United States has created an imbalance of supply
and demand in the industry. However, the price of refining
companies' primary input  crude oil  has been rising faster
than the price of its outputs (gasoline, diesel fuel, heating oil,
etc.). The sector has underperformed the broader energy group
by a wide margin as a result, and this has detracted from the
fund's performance. We have since reduced the fund's position
in refiners. Q: How did the fund's stock selection affect performance? A:Individual stock selection was a source of outperformance
for the fund. On the industry level, our stock picks generated
the best absolute returns in the fertilizer/agricultural, alternative
energy, exploration/production, gold and coal sectors. The
best-performing individual stocks were Mosaic Co., First Solar Inc.*,
Agrium Inc., Cleveland-Cliffs Inc. and Kinross Gold Corp. * As of June 30, 2008, the positions were sold.  The worst absolute returns came from the paper products, refining,
forest products, construction materials and diversified chemicals
sectors. The worst-performing stocks in the fund were Uranium
One Inc.*, Yingli Green Energy Holding Co., Stora Enso Oyj*, Valero
Energy Corp.* and Tokyo Steel Manufacturing Co., Ltd.* * As of June 30, 2008, the positions were sold.  Q: How is the fund positioned? A:In terms of its broader allocations, the fund held a neutral
positioning between physical commodities and commodity-related
equities at the close of the period. This reflects our view that the
risks and rewards between the two sectors are equally balanced at
this stage. The fund's tactical positioning reflects opportunities we are finding
in various areas of our market. Key elements of this positioning are
as follows: •    Overweight agricultural commodities and livestock. This is
based on the fact that rising demand for food, feed and ethanol
continue to drive grain prices higher. Higher grain prices, in turn,
raise the price of livestock and boost demand for seeds and
fertilizer. •    Overweight aluminum and copper. We believe robust demand,
low inventories, long-term supply constraints and near-term
supply disruptions provide a strong fundamental underpinning for
the prices of both metals. The overweight exposure is achieved
via an overweight in both metals and positions in related equities
such as Century Aluminum Company* and Freeport-Mcmoran
Copper & Gold, Inc. •   Overweight gold. The fund continues to hold a position in the
SPDR Gold Trust, an exchange-traded fund that tracks the price
of gold. This is based on our view that the metal continues to
serve as a hedge against inflation and the devaluation of paper
currencies, as well as a place of refuge in times of distress for
the global equity markets. All of these factors came into play
during the past year, boosting the price of gold from about
$650/oz. at the beginning of the period to over $900 by the end
of June 2008. •    Underweight crude oil. While this element of the fund's
positioning has hurt performance so far this year amid the run-up
in oil prices, we retain this underweight based on our
expectation that crude will be flat to down in the second half of
the year. •    Overweight natural gas. We believe declining inventories, supply
disruptions and the globalization of natural gas prices will lead to
higher prices in the short term. The fund is positioned to benefit
from this trend via overweight positions in the commodity as
well as its holdings in related equities, such as Gazprom, Encana
Corp., UItra Petroleum Corp. and Trican Well Service Ltd. •    Overweight platinum and uranium. We see the prices of
both of these metals being underpinned by the combination
of production shortfalls and rising demand. We have sought to
gain exposure via holdings in stocks such as Aquarius Platinum
Ltd., Uranium Participation Corp. and Impala Platinum
Holdings Ltd. Q: What is your broad view on the commodity markets at
this stage? A:Believing the recent increase in commodity prices represents a
continuation of the long-term bull market in the asset class, it is our
view that commodities are not currently in a speculative "bubble."
We point to the price action in many of the non-exchange-traded
commodities, such as iron ore and steel, as proof that the rise in
commodity prices is being driven by exceptionally strong
fundamentals. Thermal coal, steel and iron ore have seen
year-to-date price increases of 90-115%, and it is critical to
understand that these prices are not set on a futures exchange, but
negotiated directly between consumers and producers. The price
increases therefore have been driven entirely by supply and
demand, a point that is often overlooked when the topic of
speculators and their impact on commodity prices is discussed. We believe constrained supply, strong demand, low inventories,
industry consolidation and higher production costs are long-term
factors that continue to underpin the prices of metals, energy and
agricultural commodities. However, we expect a wide dispersion in
commodity prices going forward, and we believe that volatility is
likely to remain high. Portfolio Summary Asset Allocation(As a % of Investment Portfolio)
6/30/08
6/30/07Commodities Linked/Structured Notes
45%
51%Common Stocks
44%
46%Cash Equivalents
9%
2%Exchange Traded Fund
1%
1%Exchange Traded Note
1%
100%
100% Geographical Diversification(As a % of Common Stocks)
6/30/08
6/30/07United States
45%
44%Canada
13%
9%United Kingdom
11%
11%France
5%
7%Australia
5%
5%Netherlands
4%
7%Bermuda
3%
Sweden
2%
1%Spain
2%
Norway
2%
2%China
2%
Russia
1%
3%Italy

3%Finland

3%Other
5%
5%100%
100% Sector Diversification(As a % of Common Stocks)
6/30/08
6/30/07Energy
55%
51%Materials
43%
48%Industrials
1%
1%Consumer Staples
1%
100%
100% Asset allocation, geographical and sector diversification are subject to change. Ten Largest Equity Holdings at June 30, 2008(17.7%
of Net Assets)
Country
Percent1.      BHP Billiton
Producer of petroleum, minerals and steel products
Australia
2.9%2.      ExxonMobil Corp.
Explorer and producer of oil and gas
United States
2.7%3.      Chevron Corp.
Operator of petroleum exploration, delivery and
refining facilities
United States
2.0%4.      Total SA
Produces, refines, transports and markets oil and
natural gas
France
1.8%5.      Rio Tinto
Operator of a mining, manufacturing and development
company
United Kingdom
1.7%6.      Monsanto Co.
Provider of agricultural products
United States
1.5%7.      Royal Dutch Shell PLC
Explorer, producer and refiner of petroleum
Netherlands
1.4%8.      Schlumberger Ltd.
Provider of technology services to the petroleum industry
United States
1.3%9.      BG Group PLC
Specializes in the exploration, production and distribution of
gas and oil
United Kingdom
1.2%10.     Freeport-McMoRan Copper & Gold, Inc.
Miner of copper and gold
United States
1.2% Portfolio holdings are subject to change. For more complete details about the Fund's investment portfolio, see page 21. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-investments.com on or after the last day of the
following month. In addition, the Fund's top ten holdings and other information about the Fund
is posted on www.dws-investments.com as of the calendar quarter-end on or after the 15th
day following quarter-end. Please see the Account Management Resources section for contact
information. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. This form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330. Investment Portfolioas of June 30, 2008 Shares
Value ($)Common Stocks 46.2%Argentina 0.5%Tenaris SA (ADR) (Cost $1,624,323)
40,600
3,024,700Australia 2.1%BHP Billiton Ltd.
243,700
10,379,592Rio Tinto Ltd.
17,985
2,344,531(Cost $7,477,260)
12,724,123Bermuda 1.3%Aquarius Platinum Ltd. (a)
109,101
1,741,563Aquarius Platinum Ltd. (a)
144,783
2,312,583Nabors Industries Ltd.*
75,900
3,736,557(Cost $5,638,242)
7,790,703Brazil 0.5%Companhia Vale do Rio Doce (ADR)
68,400
2,450,088OGX Petroleo e Gas Participacoes SA*
500
396,107(Cost $2,686,450)
2,846,195Canada 6.1%Agrium, Inc.
50,800
5,477,552Enbridge, Inc.
115,300
4,981,973EnCana Corp.
70,900
6,491,345Kinross Gold Corp.
164,600
3,890,223Potash Corp. of Saskatchewan, Inc.
27,400
6,356,789Suncor Energy, Inc.
86,328
5,011,883Trican Well Service Ltd.
90,700
2,254,825Uranium Participation Corp.*
127,400
1,218,152(Cost $23,623,018)
35,682,742China 0.8%Hidili Industry International Development Ltd.
880,000
1,528,569PetroChina Co., Ltd. "H" (ADR)
15,000
1,932,900Yingli Green Energy Holding Co., Ltd. (ADR)*
76,700
1,221,064(Cost $5,271,568)
4,682,533France 2.4%Lafarge SA
24,087
3,684,882Total SA
122,162
10,414,415(Cost $13,595,550)
14,099,297Germany 0.4%Wacker Chemie AG (Cost $2,253,258)
11,100
2,313,518Indonesia 0.3%PT Bumi Resources Tbk (Cost $1,352,386)
1,859,600
1,662,010Luxembourg 0.6%ArcelorMittal (Cost $2,377,304)
36,782
3,630,846Netherlands 1.9%Royal Dutch Shell PLC "A"
117,444
4,820,451Royal Dutch Shell PLC "B"
80,106
3,219,529SBM Offshore NV
88,950
3,276,871(Cost $10,591,751)
11,316,851Norway 0.8%StatoilHydro ASA (ADR) (Cost $3,597,008)
129,050
4,823,889Russia 0.7%Gazprom (ADR) (a)
16,309
945,922Gazprom (ADR) (a)
58,912
3,410,213(Cost $3,182,542)
4,356,135South Africa 0.2%Impala Platinum Holdings Ltd. (Cost $1,247,542)
29,800
1,173,215Spain 0.8%Gamesa Corp. Tecnologica SA
27,600
1,354,680Repsol YPF SA
82,700
3,253,872(Cost $4,647,859)
4,608,552Sweden 0.8%SSAB Svenskt Stal AB "A" (Cost $4,551,132)
141,700
4,550,603United Kingdom 5.0%Anglo American PLC
20,647
1,462,407BG Group PLC
271,840
7,081,284BHP Billiton PLC
178,499
6,856,020BP PLC
535,910
6,217,141Rio Tinto PLC
62,240
7,631,147(Cost $20,562,884)
29,247,999United States 21.0%Air Products & Chemicals, Inc.
42,120
4,163,983Apache Corp.
38,350
5,330,650Archer-Daniels-Midland Co.
61,200
2,065,500Cameron International Corp.*
63,300
3,503,655Chevron Corp.
116,100
11,508,993Cleveland-Cliffs, Inc.
22,600
2,693,694Commercial Metals Co.
50,121
1,889,562ExxonMobil Corp.
178,710
15,749,712Freeport-McMoRan Copper & Gold, Inc.
58,900
6,902,491Frontier Oil Corp.
52,500
1,255,275Holly Corp.
34,700
1,281,124Marathon Oil Corp.
71,900
3,729,453Martin Marietta Materials, Inc.
27,090
2,806,253Monsanto Co.
69,608
8,801,236National-Oilwell Varco, Inc.*
40,500
3,593,160Occidental Petroleum Corp.
66,750
5,998,155Pactiv Corp.*
80,900
1,717,507Peabody Energy Corp.
47,616
4,192,589PPG Industries, Inc.
40,750
2,337,828Praxair, Inc.
48,010
4,524,462Schlumberger Ltd.
70,940
7,621,084Steel Dynamics, Inc.
97,800
3,821,046TETRA Technologies, Inc.*
72,500
1,718,975The Mosaic Co.*
22,300
3,226,810Transocean, Inc.*
31,800
4,846,002Ultra Petroleum Corp.*
25,800
2,533,560United States Steel Corp.
16,700
3,085,826Weyerhaeuser Co.
50,160
2,565,182(Cost $94,469,926)
123,463,767Total Common Stocks (Cost $208,750,003)
271,997,678Exchange Traded Fund 1.0%SPDR Gold Trust* (Cost $3,462,544)
62,979
5,756,281Exchange Traded Note 0.6%iPath Dow Jones-AIG Livestock Total Return Sub-Index* (Cost
$3,407,846)
76,901
3,332,889 Principal
Amount ($)
Value ($)Commodities Linked/Structured Notes 47.8%Barclays S&P GSCI Structured Note, 144A, 2.363%, 5/15/2009
(b)
8,353,000
9,173,039Barclays S&P GSCI Structured Note, 144A, 2.363%, 6/24/2009
(b)
18,716,000
18,947,517Cargill S&P GSCI Structured Note, 144A, 2.263%, 6/24/2009 (b)
48,146,000
48,736,126Credit Suisse S&P GSCI Structured Note, 144A,
2.733%, 6/25/2009 (b)
27,622,000
28,039,092Landesbank Baden-Wurttemberg MLCX Structured Note,
144A, 2.313%, 7/24/2009 (c)
44,312,000
44,944,776Lehman S&P GSCI Structured Note, 144A, 2.193%, 10/23/2008
(b)
12,700,000
19,526,250Merrill Lynch & Co., Inc. MLCX Structured Note, 144A,
2.463%, 7/24/2009 (c)
27,617,000
28,012,199Morgan Stanley S&P GSCI Structured Note, 144A,
2.413%, 6/26/2009 (b)
27,622,000
28,098,756Svensk ExportKredit AB S&P GSCI Structured Note, 144A,
2.523%, 6/24/2009 (b)
27,600,000
27,941,412UBS S&P GSCI Structured Note, 144A, 2.343%, 6/19/2009 (b)
27,614,000
27,900,081Total Commodities Linked/Structured Notes (Cost $270,336,500)
281,319,248Government & Agency Obligation 0.3%US Treasury ObligationUS Treasury Bill, 1.08%**, 7/17/2008 (d) (Cost $1,753,158)
1,754,000
1,752,898 Shares
Value ($)Cash Equivalents 9.7%Cash Management QP Trust, 2.49% (e) (Cost $57,017,245)
57,017,245
57,017,245 % of Net
Assets
Value ($)Total Investment Portfolio (Cost $544,727,296)+
105.6
621,176,239Other Assets and Liabilities, Net
(5.6)
(32,749,749)Net Assets
100.0
588,426,490 * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $545,475,779. At June 30, 2008, net
unrealized appreciation for all securities based on tax cost was $75,700,460. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $81,599,442 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $5,898,982.  (a) Securities with the same description are issued by the same corporate entity but trade on
different stock exchanges.  (b) Security is linked to the S&P Goldman Sachs Commodity Index (S&P GSCI). The index is a
composite index of commodity sector returns, representing an unleveraged, long-only
investment in commodities futures that is broadly diversified across the spectrum of
commodities.  (c) Security is linked to the Merrill Lynch Commodity index eXtra (MLCX).  The index is a
composite of commodity sector returns, representing an unleveraged, long-only
investments in commodities futures that is broadly diversified across the spectrum of
commodities  (d) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin
requirements for open futures contracts.  (e) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate
shown is the annualized seven-day yield at period end.  144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers. ADR: American Depositary Receipt MLCX: Merrill Lynch Commodity Index SPDR: Standard & Poor's Depositary Receipt S&P GSCI: S&P Goldman Sachs Commodity Index As of June 30, 2008, open future contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregate
Face
Value ($)
Value ($)
Unrealized
Appreciation ($)S&P Goldman
Sachs Commodity
Index
7/16/2008
85
17,586,857
18,340,875
754,018 The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008AssetsInvestments:Investments in securities, at value (cost $487,710,051)
$       564,158,994Investment in Cash Management QP Trust, at value (cost $57,017,245)
57,017,245Total investments, at value (cost $544,727,296)
621,176,239Cash
35,302Foreign currency, at value (cost $3,648)
3,712Receivable for investments sold
3,511,147Receivable for Fund shares sold
2,840,889Dividends receivable
126,484Interest receivable
101,338Foreign taxes recoverable
29,745Due from Advisor
7,111Other assets
54,500Total assets
627,886,467LiabilitiesPayable for investments purchased
37,072,468Payable for daily variation margin on open futures contracts
61,625Payable for Fund shares redeemed
1,282,967Accrued management fee
438,432Other accrued expenses and payables
604,485Total liabilities
39,459,977Net assets, at value
$    588,426,490Net Assets Consist ofUndistributed net investment income
10,359Net unrealized appreciation (depreciation) on:Investments
76,448,943Futures
754,018Foreign currency
(1,104)Accumulated net realized gain (loss)
116,860,296Paid-in capital
394,353,978Net assets, at value
$    588,426,490 The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of June 30, 2008 (continued)Net Asset ValueClass A
Net Asset Value and redemption price(a) per share
($371,955,207 ÷ 19,514,790 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    19.06Maximum offering price per share (100 ÷ 94.25 of $19.06)
$    20.22Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($25,210,677 ÷ 1,347,261 outstanding
shares of beneficial interest, $.01 par value, unlimited number of shares
authorized)
$    18.71Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($85,539,075 ÷ 4,571,342 outstanding
shares of beneficial interest, $.01 par value, unlimited number of shares
authorized)
$    18.71Class S
Net Asset Value, offering and redemption price(a)per share
($33,751,241 ÷ 1,768,021 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    19.09Institutional Class
Net Asset Value, offering and redemption price(a)per share
($71,970,290 ÷ 3,772,629 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    19.08 (a) Redemption price per share for shares held less than 15 days is equal to net asset value
less a 2% redemption fee.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the year ended June 30, 2008Investment IncomeIncome:Dividends (net of foreign taxes withheld of $219,682)
$       3,317,728Interest
36,094Interest  Cash Management QP Trust
774,458Total Income
4,128,280Expenses:Management fee
3,881,715Administration fee
409,043Services to shareholders
775,441Custodian fee
110,458Distribution and service fees
1,500,934Professional fees
104,772Trustees' fees and expenses
18,079Reports to shareholders
161,955Registration fees
94,032Other
61,591Total expenses before expense reductions
7,118,020Expense reductions
(452,517)Total expenses after expense reductions
6,665,503Net investment income (loss)
(2,537,223)Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
120,855,077Futures
6,232,044Written options
(38,744)Foreign currency
24,766127,073,143Change in net unrealized appreciation (depreciation) on:Investments
35,552,438Futures
754,018Foreign currency
2,60636,309,062Net gain (loss)
163,382,205Net increase (decrease) in net assets resulting from operations
$    160,844,982 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsYears Ended June 30,Increase (Decrease) in Net Assets
2008
2007Operations:Net investment income (loss)
$       (2,537,223)
$       82,604Net realized gain (loss)
127,073,143
(6,669,360)Change in net unrealized appreciation (depreciation)
36,309,062
24,651,987Net increase (decrease) in net assets resulting from
operations
160,844,982
18,065,231Distributions to shareholders from:Net investment income:Class A

(846,842)Class S
(18,555)
(43,470)Institutional Class
(38,485)
(81,388)Net realized gains:Class A

(2,948,700)Class B

(291,512)Class C

(937,229)Class S

(115,344)Institutional Class

(185,551)Total distributions
(57,040)
(5,450,036)Fund share transactions:Proceeds from shares sold
268,607,087
146,096,597Reinvestment of distributions
53,513
4,432,019Cost of shares redeemed
(147,100,015)
(105,838,528)Redemption fees
11,676
9,994Net increase (decrease) in net assets from Fund share
transactions
121,572,261
44,700,082Increase (decrease) in net assets
282,360,203
57,315,277Net assets at beginning of period
306,066,287
248,751,010Net assets at end of period (including undistributed net
investment income of $10,359 and $47,414, respectively)
$    588,426,490
$    306,066,287 The accompanying notes are an integral part of the financial statements. Financial Highlights Class A
Years Ended June 30,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    13.13
$    12.56
$    10.37
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
(.08)
.02
.11
.02Net realized and unrealized gain (loss)
6.01
.83
2.20
.35Total from investment operations
5.93
.85
2.31
.37Less distributions from:
Net investment income

(.06)
(.02)
Net realized gains

(.22)
(.10)
Total distributions

(.28)
(.12)
Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    19.06
$    13.13
$    12.56
$    10.37Total Return (%)c,d
45.16
6.95
22.24
3.70**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
372
211
166
44Ratio of expenses before expense reductions (%)
1.62
1.74
2.21
3.90*Ratio of expenses after expense reductions (%)
1.50
1.51
1.55
1.50*Ratio of net investment income (loss) (%)
(.49)
.21
.91
.57*Portfolio turnover rate (%)
145
117
80
36*aFor the period from February 14, 2005 (commencement of operations) to June 30, 2005.bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Class B
Years Ended June 30,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.98
$    12.45
$    10.34
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
(.19)
(.06)
.02
(.01)Net realized and unrealized gain (loss)
5.92
.81
2.19
.35Total from investment operations
5.73
.75
2.21
.34Less distributions from:
Net realized gains

(.22)
(.10)
Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    18.71
$    12.98
$    12.45
$    10.34Total Return (%)c,d
44.14
6.12
21.40
3.40**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
25
17
16
4Ratio of expenses before expense reductions (%)
2.41
2.52
2.93
4.64*Ratio of expenses after expense reductions (%)
2.25
2.26
2.29
2.25*Ratio of net investment income (loss) (%)
(1.24)
(.54)
.17
(.18)*Portfolio turnover rate (%)
145
117
80
36*aFor the period from February 14, 2005 (commencement of operations) to June 30, 2005.bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Class C
Years Ended June 30,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    12.98
$    12.45
$    10.34
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
(.19)
(.06)
.02
(.01)Net realized and unrealized gain (loss)
5.92
.81
2.19
.35Total from investment operations
5.73
.75
2.21
.34Less distributions from:
Net realized gains

(.22)
(.10)
Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    18.71
$    12.98
$    12.45
$    10.34Total Return (%)c,d
44.14
6.12
21.40
3.40**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
86
52
48
12Ratio of expenses before expense reductions (%)
2.35
2.47
2.94
4.65*Ratio of expenses after expense reductions (%)
2.25
2.26
2.30
2.25*Ratio of net investment income (loss) (%)
(1.24)
(.54)
.16
(.18)*Portfolio turnover rate (%)
145
117
80
36*aFor the period from February 14, 2005 (commencement of operations) to June 30, 2005.bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Class S
Years Ended June 30,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    13.13
$    12.57
$    10.37
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
(.05)
.04
.13
.03Net realized and unrealized gain (loss)
6.02
.82
2.21
.34Total from investment operations
5.97
.86
2.34
.37Less distributions from:
Net investment income
(.01)
(.08)
(.04)
Net realized gains

(.22)
(.10)
Total distributions
(.01)
(.30)
(.14)
Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    19.09
$    13.13
$    12.57
$    10.37Total Return (%)c
45.50
7.12
22.50
3.70**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
34
14
10
2Ratio of expenses before expense reductions (%)
1.48
1.57
2.06
3.69*Ratio of expenses after expense reductions (%)
1.32
1.36
1.39
1.35*Ratio of net investment income (loss) (%)
(.31)
.36
1.07
.72*Portfolio turnover rate (%)
145
117
80
36*aFor the period from February 14, 2005 (commencement of operations) to June 30, 2005.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Institutional Class
Years Ended June 30,
2008
2007
2006
2005aSelected Per Share DataNet asset value, beginning of period
$    13.12
$    12.56
$    10.37
$    10.00Income (loss) from investment operations:
Net investment income (loss)b
(.04)
.05
.14
.03Net realized and unrealized gain (loss)
6.03
.82
2.20
.34Total from investment operations
5.99
.87
2.34
.37Less distributions from:
Net investment income
(.03)
(.09)
(.05)
Net realized gains

(.22)
(.10)
Total distributions
(.03)
(.31)
(.15)
Redemption fees
.00***
.00***
.00***
.00***Net asset value, end of period
$    19.08
$    13.12
$    12.56
$    10.37Total Return (%)
45.68
7.25c
22.52c
3.70c**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
72
12
10
.4Ratio of expenses before expense reductions (%)
1.22
1.36
1.69
3.28*Ratio of expenses after expense reductions (%)
1.22
1.26
1.28
1.25*Ratio of net investment income (loss) (%)
(.21)
.46
1.18
.82*Portfolio turnover rate (%)
145
117
80
36*aFor the period from February 14, 2005 (commencement of operations) to June 30, 2005.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Notes to Financial Statements A. Significant Accounting Policies DWS Commodity Securities Fund (the ``Fund'') is a series of DWS
Institutional Funds (the "Trust") which is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as an open-end,
non-diversified management investment company organized as a
Massachusetts Business Trust. The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions. Class B shares automatically convert to Class A shares six
years after issuance. Class C shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions within one year of purchase. Class C shares do not convert into
another class. Institutional Class shares are offered to a limited group of
investors, are not subject to initial or contingent deferred sales charges and
have lower ongoing expenses than other classes. Class S shares are not
subject to initial or contingent deferred sales charges and are generally not
available to new investors except under certain circumstances. Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation. Structured notes (i.e. commodities-linked or index-linked notes) are valued
by the counterparties under valuation procedures which are approved by the
Trustees. The counterparties may use various pricing techniques which take
into account appropriate factors such as related underlying indices,
commodities' prices, liquidity, quality, maturity and other economic
variables. Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day. Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value, are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees. The Fund may use a fair valuation model to value international
equity securities in order to adjust for events which may occur between the
close of the foreign exchanges and the close of the New York Stock
Exchange. New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of June 30,
2008, management does not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements, however, additional
disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain of the measurements
reported in the statement of operations for a fiscal period. In addition, in March 2008, FASB issued Statement of Financial Accounting
Standards No. 161 ("FAS 161") Disclosures about Derivative Instruments
and Hedging Activities, an amendment of FASB Statement No. 133. FAS 161
requires enhanced disclosure about an entity's derivative and hedging
activities. FAS 161 is effective for fiscal years beginning after November 15,
2008. Management is currently evaluating the impact the adoption of FAS
161 will have on the Fund's financial statement disclosures. Foreign Currency Translations. The books and records of the Fund are
maintained in US dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into US dollars at
the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated into US dollars at
the prevailing exchange rates on the respective dates of the transactions. Net realized and unrealized gains and losses on foreign currency
transactions represent net gains and losses between trade and settlement
dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the
amount of net investment income accrued and the US dollar amount
actually received. That portion of both realized and unrealized gains and
losses on investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed but is included with net realized
and unrealized gain/appreciation and loss/depreciation on investments. Forward Foreign Currency Exchange Contracts. A forward foreign currency
exchange contract ("forward currency contract") is a commitment to
purchase or sell a foreign currency at the settlement date at a negotiated
rate. The Fund may enter into forward currency contracts in order to hedge
its exposure to changes in foreign currency exchange rates on its foreign
currency denominated portfolio holdings and to facilitate transactions in
foreign currency denominated securities. The Fund may also engage in
forward currency contracts for non-hedging purposes. Forward currency contracts are valued at the prevailing forward exchange
rate of the underlying currencies and unrealized gain (loss) is recorded daily.
Sales and purchases of forward currency contracts having the same
settlement date and broker are offset and any gain (loss) is realized on the
date of offset; otherwise, gain (loss) is realized on settlement date. Realized
and unrealized gains and losses which represent the difference between the
value of a forward currency contract to buy and a forward currency contract
to sell are included in net realized and unrealized gain (loss) from foreign
currency. Certain risks may arise upon entering into forward currency contracts from
the potential inability of counterparties to meet the terms of their contracts.
Additionally, when utilizing forward currency contracts to hedge, the Fund
gives up the opportunity to profit from favorable exchange rate movements
during the term of the contract. Futures Contracts. A futures contract is an agreement between a buyer or
seller and an established futures exchange or its clearinghouse in which the
buyer or seller agrees to take or make a delivery of a specific amount of a
financial instrument at a specified price on a specific date (settlement date).
The Fund may enter into futures contracts as a hedge against anticipated
interest rate, currency or equity market changes, and for duration
management, risk management and return enhancement purposes. Upon entering into a futures contract, the Fund is required to deposit with a
financial intermediary an amount ("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 and are
recorded for financial reporting purposes as unrealized gains or losses by
the Fund. When entering into a closing transaction, the Fund will realize a
gain or loss equal to the difference between the value of the futures
contract to sell and the futures contract to buy. Futures contracts are valued
at the most recent settlement price. Certain risks may arise upon entering into futures contracts, including the
risk that an illiquid secondary market will limit the Fund's ability to close out
a futures contract prior to the settlement date and that a change in the value
of a futures contract may not correlate exactly with the changes in the value
of the securities or currencies hedged. When utilizing futures contracts to
hedge, the Fund gives up the opportunity to profit from favorable price
movements in the hedged positions during the term of the contract. Options. An option contract is a contract in which the writer of the option
grants the buyer of the option the right to purchase from (call option), or sell
to (put option), the writer a designated instrument at a specified price within
a specified period of time. Certain options, including options on indices, will
require cash settlement by the Fund if the option is exercised. 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. The liability representing the Fund's obligation under an exchange traded
written option or investment in a purchased option is valued at the last sale
price or, in the absence of a sale, the mean between the closing bid and
asked prices or at the most recent asked price (bid for purchased options) if
no bid and asked price are available. Over-the-counter written or purchased
options are valued using dealer-supplied quotations. Gain or loss is
recognized when the option contract expires or is closed. 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 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 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. The Fund's maximum exposure to purchased options is
limited to the premium initially paid. In addition, certain risks may arise upon
entering into option contracts including the risk that an illiquid secondary
market will limit the Fund's ability to close out an option contract prior to the
expiration date and that a change in the value of the option contract may not
correlate exactly with changes in the value of the securities or currencies
hedged. Commodities Linked/Structured Notes. The Fund invests in structured
notes whose value is based on the price movements of a physical
commodity, a commodity futures contract or commodity index, or some
other readily measurable economic variable. A structured note is a type of
debt instrument in which an issuer borrows money from the investor, in this
case the Fund, and pays back the principal adjusted for performance of the
underlying index less a fee. The structured notes may be leveraged,
increasing the volatility of each notes' value relative to the change in the
underlying linked financial element. The value of these notes will rise and fall
in response to changes in the underlying commodity or related index or
investment. Fluctuations in value of these securities are recorded as
unrealized gains and losses in the accompanying financial statements. Net
payments are recorded as net realized gains/losses. These notes are subject
to prepayment, interest rate, credit and counterparty risk. If a counterparty
becomes bankrupt or otherwise fails to perform its obligations due to
financial difficulties, the Fund may experience significant delays in obtaining
any recovery in a bankruptcy or other reorganization proceeding. The Fund
may obtain only a limited recovery or may obtain no recovery in such
circumstances. There is additional risk that the issuer or counterparty may
be unable or unwilling to make timely payments of interest or principal. To
partially mitigate this risk, the Advisor typically enters into these
transactions with counterparties whose credit rating is investment grade.
The Fund has the option to request prepayment from the issuer on a daily
basis. At maturity, or when a note is sold, the Fund records a realized gain or
loss. At June 30, 2008, the value of these securities comprised 47.8% of the
Fund's net assets and resulted in unrealized appreciation of $10,982,748. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies and to distribute all of its taxable income to
its shareholders. Additionally, based on the Fund's understanding of the tax rules and rates
related to income, gains and transactions for the foreign jurisdictions in
which it invests, the Fund will provide for foreign taxes, and where
appropriate, deferred foreign taxes. During the year ended June 30, 2008, the Fund utilized approximately
$7,100,000 of capital loss carryforwards. The Fund has reviewed the tax positions for the open tax years as of
June 30, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax returns
for the prior three fiscal years remain subject to examination by the Internal
Revenue Service. Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to
securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund. At June 30, 2008, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows: Undistributed ordinary income*
$       81,812,365Undistributed long-term capital gains
$       36,550,432Unrealized appreciation (depreciation) on investments
$       75,700,460 In addition, the tax character of distributions paid to shareholders by the
Fundissummarized as follows: Years Ended June 30,2008
2007Distributions from ordinary income*
$       57,040
$       3,195,311Distributions from long-term capital gains
$       
$       2,254,725 * For tax purposes short-term capital gains distributions are considered ordinary income
distributions.  Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on all Fund shares redeemed or exchanged within 15
days of buying them, either by purchase or exchange. This fee is assessed
and retained by the Fund for the benefit of the remaining shareholders. The
redemption fee is accounted for as an addition to paid-in capital. Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other Trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust. Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote. Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding taxes. Certain
dividends from foreign securities may be recorded subsequent to the
ex-dividend date as soon as the Fund is informed of such dividends. Realized
gains and losses from investment transactions are recorded on an identified
cost basis. B. Purchases and Sales of Securities During the year ended June 30, 2008, purchases and sales of investment
securities (excluding short-term investments) aggregated $670,700,145 and
$569,065,393, respectively. For the year ended June 30, 2008, transactions for written options on
investments were as follows: Contract
Amounts
PremiumBeginning of period

$       Options written
584
152,003Options closed
(397)
(43,692)Options exercised
(119)
(76,992)Options expired
(68)
(31,319)End of period

$     C. Related Parties DWS Investments is part of Deutsche Asset Management, which is the
marketing name in the US for the asset management activities of Deutsche
Bank AG. Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor") is the Advisor for the Fund. Management Agreement. Under the Investment Management Agreement,
the Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund. Pursuant to the Investment Management Agreement, the Fund pays a
monthly management fee based on the Fund's average daily net assets,
computed and accrued daily and payable monthly, at the following annual
rates: First $500 million of the Fund's average daily net assets
.950%Next $500 million of such net assets
.900%Over $1 billion of such net assets
.850% Accordingly, for the year ended June 30, 2008, the fee pursuant to the
management agreement was equivalent to an annual effective rate of
0.95% of the Fund's average daily net assets. For the period from July 1, 2007 through September 30, 2008, the Advisor
has contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses of certain classes
as follows: Class A
1.50%Class B
2.25%Class C
2.25%Institutional Class
1.25% For the period from July 1, 2007 through September 30, 2007, the Advisor
had contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses of Class S at
1.35%. Effective October 1, 2007 through September 30, 2008, the Advisor has
contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses of Class S at
1.31%. In addition, the Advisor reimbursed $3,051 of sub-recordkeeping expenses
for Class S. Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
year ended June 30, 2008, the Advisor received an Administration Fee of
$409,043, of which $46,424 is unpaid. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the year ended June
30, 2008, the amounts charged to the Fund by DISC were as follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
June 30, 2008Class A
$       411,475
$       317,075
$       60,492Class B
35,724
31,159
2,828Class C
85,486
64,172
12,059Class S
34,884
34,884
Institutional Class
5,578

2,213$    573,147
$    447,290
$    77,592 Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1
Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the
Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net
assets of each of Class B and C shares. In accordance with the Fund's
Underwriting and Distribution Services Agreement, DIDI enters into related
selling group agreements with various firms at various rates for sales of
Class B and C shares. For the year ended June 30, 2008, the Distribution
Fee was as follows: Distribution Fee
Total
Aggregated
Unpaid at
June 30, 2008Class B
$       147,853
$       14,809Class C
497,890
50,103$    645,743
$    64,912 In addition, DIDI provides information and administrative services for a fee
("Service Fee") to Class A, B, and C shareholders at an annual rate of up to
0.25% of average daily net assets for each such class. DIDI in turn has
various agreements with financial services firms that provide these services
and pays these fees based upon the assets of shareholder accounts the
firms service. For the year ended June 30, 2008, the Service Fee was as
follows: Service Fee
Total
Aggregated
Unpaid at
June 30, 2008
Annual
Effective RateClass A
$       642,465
$       136,231
.24%Class B
48,912
9,888
.25%Class C
163,814
33,343
.25%$    855,191
$    179,462 Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the year ended
June 30, 2008 aggregated $90,999. In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates ranging from 4% to 1% for
Class B and 1% for Class C, of the value of the shares redeemed. For the
year ended June 30, 2008, the CDSC for the Fund's Class B and C shares
was $86,212 and $14,321, respectively. A deferred sales charge of up to 1%
is assessed on certain redemptions of Class A shares. For the year ended
June 30, 2008, DIDI received $90 for Class A shares. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the year ended June 30, 2008, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders" aggregated $37,805, of which $12,108 is
unpaid. Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two DWS
Funds' Boards of Trustees, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the year ended June 30, 2008, the Fund paid its allocated portion of the
retirement benefit of $2,176 to the non-continuing Independent Board
Members, and the Fund was reimbursed by DIMA for this payment. Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust") and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust. D. Concentration of Ownership From time to time the Fund may have a concentration of several
shareholders holding a significant percentage of shares outstanding.
Investment activities of these shareholders could have a material impact on
the Fund. At June 30, 2008, DWS Alternative Asset Allocation Plus Fund individually
held 10% of the outstanding shares of the Fund. E. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement. F. Investing in Securities and Derivatives Linked to the Commodities
Market The Fund invests primarily in equity securities issued by companies in
commodities-related industries and commodities-linked securities related to
such companies. As a result, the Fund is subject to the risks associated with
its concentration in securities of issuers in commodities-related industries.
The stocks of companies in commodities-related industries may
underperform the stock market as a whole. The stock prices of companies
in commodities-related industries may also experience greater price volatility
than other types of common stocks. Securities issued by companies in
commodities-related industries are sensitive to changes in the prices of, and
in supply and demand for, commodities. The value of securities issued by
companies in commodities-related industries may be affected by changes in
overall market movements, changes in interest rates, or factors affecting a
particular industry or commodity, such as drought, floods, weather, livestock
disease, embargoes, tariffs, policies of commodity cartels and international
economic, political and regulatory developments. The Fund also invests in commodities-linked structured notes.
Commodities-linked structured notes provide exposure to the investment
returns of "real assets" (i.e., assets that have tangible properties) that trade
in commodities markets without investing directly in physical commodities.
The commodities-linked structured notes and futures contracts in which the
Fund invests are hybrid instruments that have substantial risks, including risk
of loss of a significant portion of their principal value. Because the
performance of these notes is linked to the performance of the underlying
commodity prices, these investments are subject to market risks that relate
to the movement of prices in the commodities markets. In addition to
commodity-related risks and the risks of investing in derivatives, these notes
are subject to risks, such as credit risk, stock market risk and interest rate
transaction risks, that in general affect the values of debt securities. They
may be subject to additional special risks that do not affect traditional equity
and debt securities, and those risks may be greater than or in addition to the
risks of derivatives in general. G. Share Transactions The following table summarizes share and dollar activity in the Fund: Year Ended June 30, 2008
Year Ended June 30, 2007Shares
Dollars
Shares
DollarsShares soldClass A
9,838,255
$       154,701,687
9,031,313
$       108,059,655Class B
552,693
8,634,640
382,495
4,554,781Class C
1,682,846
25,597,055
1,696,532
20,157,874Class S
1,749,192
27,026,044
813,333
10,004,723Institutional Class
3,273,512
52,647,661
277,610
3,319,564$    268,607,087

$    146,096,597Shares issued to shareholders in reinvestment of distributionsClass A


252,558
$       2,939,780Class B


21,682
250,650Class C


73,851
853,719Class S
1,194
17,728
13,126
152,785Institutional Class
2,420
35,785
20,231
235,085$    53,513

$    4,432,019Shares redeemedClass A
(6,384,846)
$       (99,099,031)
(6,431,369)
$       (75,431,142)Class B
(495,295)
(7,705,398)
(418,419)
(4,878,861)Class C
(1,153,975)
(17,812,907)
(1,544,086)
(17,887,056)Class S
(1,017,182)
(15,653,416)
(548,778)
(6,278,431)Institutional Class
(449,145)
(6,829,263)
(114,237)
(1,363,038)$    (147,100,015)

$(105,838,528)Redemption fees
$    11,676

$    9,994Net increase (decrease)Class A
3,453,409
$       55,609,457
2,852,502
$       35,574,165Class B
57,398
929,334
(14,242)
(72,525)Class C
528,871
7,784,996
226,297
3,125,949Class S
733,204
11,394,291
277,681
3,880,882Institutional Class
2,826,787
45,854,183
183,604
2,191,611$    121,572,261

$    44,700,082 H. Revenue Rulings The fund obtained private letter rulings from the IRS confirming that the
income and gain arising from certain types of commodities-linked structured
notes in which the fund invests constitute "qualifying income" under the
Internal Revenue Code of 1986, as amended. Report of Independent Registered
Public Accounting Firm To the Board of Trustees and Shareholders of DWS Commodity Securities
Fund: In our opinion, the accompanying statement of assets and liabilities,
including the investment portfolio, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of DWS Commodity Securities Fund
(the "Fund") at June 30, 2008, and the results of its operations, the changes
in its net assets and the financial highlights for each of the periods
presented, in conformity with accounting principles generally accepted in
the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We conducted
our audits of these financial statements in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
June 30, 2008by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion. Boston, Massachusetts
August 22, 2008
PricewaterhouseCoopers LLP Tax Information(Unaudited) Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$40,205,000, as capital gains dividends for its year ended June 30, 2008, of
which 100% represents 15% rate gains. For corporate shareholders, 100% of the income dividends paid during the
Fund's fiscal year ended June 30, 2008, qualified for the dividends received
deduction. For federal income tax purposes, the Fund designates $3,891,000, or the
maximum amount allowable under tax law, as qualified dividend income. Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have specific
questions about your account, please call (800) 621-1048. Summary of Management Fee Evaluation by
Independent Fee Consultant October 26, 2007 Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Scudder Funds. My duties include preparing an
annual written evaluation of the management fees DeAM charges the
Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM
charges other clients for like services, DeAM's costs of supplying services
under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of
DeAM's services, including fund performance. This report summarizes my
evaluation for 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions. Qualifications For more than 30 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past several years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors,
from Harvard University; and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Scudder Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder Fund family. For each
Fund, I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately). In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience. To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being
of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Scudder Fund. These similar products
included the other DWS Scudder Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information, I
calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level. Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability. Economies of Scale Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Scudder Fund compares with
this industry observation, I reviewed: The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets. Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule. How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index. In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category. I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a
view toward determining if the allocation procedures used were
reasonable and how profit levels compared with public data for other
investment managers. I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization. I considered how aggregated DWS Scudder Fund expenses had varied
over the years, by asset class and in the context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Scudder Funds are reasonable. csf_m0Thomas H. Mack Trustees and Officers The following table presents certain information regarding the Board
Members and Officers of the Trust as of June 30, 2008. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address of
each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed or
as otherwise provided in the governing documents of the fund. Because the
fund does not hold an annual meeting of shareholders, each Board Member
will hold office for an indeterminate period. The Board Members may also
serve in similar capacities with other funds in the fund complex. The Length
of Time Served represents the year in which the Board Member joined the
board of one or more DWS funds now overseen by the Board. Independent Board MembersName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
DWS Fund
Complex
OverseenDawn-Marie
Driscoll (1946)Chairperson since
20042Board Member
since 1987
President, Driscoll Associates (consulting firm); Executive
Fellow, Center for Business Ethics, Bentley College; formerly,
Partner, Palmer & Dodge (1988-1990); Vice President of
Corporate Affairs and General Counsel, Filene's (1978-1988).
Directorships: Trustee of eight open-end mutual funds
managed by Sun Capital Advisers, Inc. (since 2007); Director of
ICI Mutual Insurance Company (since 2007); Advisory Board,
Center for Business Ethics, Bentley College; Trustee,
Southwest Florida Community Foundation (charitable
organization). Former Directorships: Investment Company
Institute (audit, executive, nominating committees) and
Independent Directors Council (governance, executive
committees)
134Paul K. Freeman
(1950)Vice Chairperson
since 2008Board Member
since 1993
Consultant, World Bank/Inter-American Development Bank;
formerly, Project Leader, International Institute for Applied
Systems Analysis (1998-2001); Chief Executive Officer, The
Eric Group, Inc. (environmental insurance) (1986-1998)
132John W.
Ballantine (1946)Board Member
since 1999
Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and care
management services); Portland General Electric (utility
company); Stockwell Capital Investments PLC (private equity).
Former Directorships: First Oak Brook Bancshares, Inc. and
Oak Brook Bank
134Henry P. Becton,
Jr. (1943)Board Member
since 1990
Vice Chair, WGBH Educational Foundation. Directorships:
Association of Public Television Stations; Becton Dickinson
and Company3 (medical technology company); Belo
Corporation3 (media company); Boston Museum of Science;
Public Radio International. Former Directorships: American
Public Television; Concord Academy; New England Aquarium;
Mass. Corporation for Educational Telecommunications;
Committee for Economic Development; Public Broadcasting
Service
134Keith R. Fox
(1954)Board Member
since 1996
Managing General Partner, Exeter Capital Partners (a series of
private equity funds). Directorships: Progressive Holding
Corporation (kitchen goods importer and distributor); Natural
History, Inc. (magazine publisher); Box Top Media Inc.
(advertising); The Kennel Shop (retailer)
134Kenneth C.
Froewiss (1945)Board Member
since 2001
Clinical Professor of Finance, NYU Stern School of Business
(1997-present); Member, Finance Committee, Association for
Asian Studies (2002-present); Director, Mitsui Sumitomo
Insurance Group (US) (2004-present); prior thereto, Managing
Director, J.P. Morgan (investment banking firm) (until 1996)
134Richard J. Herring
(1946)Board Member
since 1990
Jacob Safra Professor of International Banking and Professor,
Finance Department, The Wharton School, University of
Pennsylvania (since July 1972); Co-Director, Wharton Financial
Institutions Center (since July 2000); Director, Japan Equity
Fund, Inc. (since September 2007), Thai Capital Fund, Inc.
(since September 2007), Singapore Fund, Inc. (since
September 2007). Formerly, Vice Dean and Director, Wharton
Undergraduate Division (July 1995-June 2000); Director,
Lauder Institute of International Management Studies (July
2000-June 2006)
134William
McClayton (1944)Board Member
since 2004
Managing Director, Diamond Management & Technology
Consultants, Inc. (global management consulting firm)
(2001-present); Directorship: Board of Managers, YMCA of
Metropolitan Chicago; formerly: Senior Partner, Arthur
Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
Festival
134Rebecca W.
Rimel (1951)Board Member
since 1995
President and Chief Executive Officer, The Pew Charitable
Trusts (charitable organization) (1994 to present); Trustee,
Thomas Jefferson Foundation (charitable organization) (1994 to
present); Trustee, Executive Committee, Philadelphia Chamber
of Commerce (2001-2007); Trustee, Pro Publica
(2007-present) (charitable organization). Formerly, Executive
Vice President, The Glenmede Trust Company (investment
trust and wealth management) (1983-2004); Board Member,
Investor Education (charitable organization) (2004-2005);
Director, Viasys Health Care3 (January 2007-June 2007)
134William N. Searcy,
Jr. (1946)Board Member
since 1993
Private investor since October 2003; Trustee of eight open-end
mutual funds managed by Sun Capital Advisers, Inc. (since
October 1998). Formerly, Pension & Savings Trust Officer,
Sprint Corporation3 (telecommunications) (November
1989-September 2003)
134Jean Gleason
Stromberg (1943)Board Member
since 1997
Retired. Formerly, Consultant (1997-2001); Director, US
Government Accountability Office (1996-1997); Partner,
Fulbright & Jaworski, L.L.P. (law firm) (1978-1996).
Directorships: The William and Flora Hewlett Foundation;
Service Source, Inc. Former Directorships: Mutual Fund
Directors Forum (2002-2004), American Bar Retirement
Association (funding vehicle for retirement plans) (1987-1990
and 1994-1996)
134Robert H.
Wadsworth(1940)Board Member
since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting
firm) (1983 to present); Director, The Phoenix Boys Choir
Association
137 Interested Board MemberName, Year of
Birth, Position
with the Fund
and Length of
Time Served1
Business Experience and Directorships During the
Past Five Years
Number of
Funds in
Fund
Complex
OverseenAxel Schwarzer4(1958)Board Member
since 2006
Managing Director5, Deutsche Asset Management; Head of
Deutsche Asset Management Americas; CEO of DWS Investments;
formerly, board member of DWS Investments, Germany
(1999-2005); formerly, Head of Sales and Product Management for
the Retail and Private Banking Division of Deutsche Bank in
Germany (1997-1999); formerly, various strategic and operational
positions for Deutsche Bank Germany Retail and Private Banking
Division in the field of investment funds, tax driven instruments and
asset management for corporates (1989-1996)
134 Officers6Name, Year of Birth,
Position with the Fund and
Length of Time Served7
Principal Occupation(s) During Past 5 Years and Other
Directorships HeldMichael G. Clark8 (1965)President, 2006-present
Managing Director5, Deutsche Asset Management
(2006-present); President of DWS family of funds; Director, ICI
Mutual Insurance Company (since October 2007); formerly,
Director of Fund Board Relations (2004-2006) and Director of
Product Development (2000-2004), Merrill Lynch Investment
Managers; Senior Vice President Operations, Merrill Lynch
Asset Management (1999-2000)John Millette9 (1962)Vice President and Secretary,
1999-present
Director5, Deutsche Asset ManagementPaul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
Managing Director5, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)Patricia DeFilippis10(1963)Assistant Secretary,
2005-present
Vice President, Deutsche Asset Management (since June
2005); formerly, Counsel, New York Life Investment
Management LLC (2003-2005); legal associate, Lord, Abbett &
Co. LLC (1998-2003)Elisa D. Metzger10 (1962)Assistant Secretary
2005-present
Director5, Deutsche Asset Management (since September
2005); formerly, Counsel, Morrison and Foerster LLP
(1999-2005)Caroline Pearson9 (1962)Assistant Secretary,
1997-present
Managing Director5, Deutsche Asset ManagementPaul Antosca9 (1957)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2006); Vice
President, The Manufacturers Life Insurance Company (U.S.A.)
(1990-2006)Jack Clark9 (1967)Assistant Treasurer,
2007-present
Director5, Deutsche Asset Management (since 2007);
formerly, Vice President, State Street Corporation (2002-2007)Kathleen Sullivan D'Eramo9
(1957)Assistant Treasurer,
2003-present
Director5, Deutsche Asset ManagementDiane Kenneally9(1966)Assistant Treasurer,
2007-present
Director5, Deutsche Asset ManagementJason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present
Vice President, Deutsche Asset Management (since 2006);
formerly, AML Operations Manager for Bear Stearns
(2004-2006), Supervising Compliance Principal and Operations
Manager for AXA Financial (1999-2004)Robert Kloby10 (1962)Chief Compliance Officer,
2006-present
Managing Director5, Deutsche Asset Management
(2004-present); formerly, Chief Compliance Officer/Chief Risk
Officer, Robeco USA (2000-2004); Vice President, The
Prudential Insurance Company of America (1988-2000);
E.F. Hutton and Company (1984-1988)J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present
Director5, Deutsche Asset Management (2006-present);
formerly, Director, Senior Vice President, General Counsel and
Assistant Secretary, Hansberger Global Investors, Inc.
(1996-2006); Director, National Society of Compliance
Professionals (2002-2005) (2006-2009) 1 The length of time served represents the year in which the Board Member joined the board
of one or more DWS funds currently overseen by the Board.  2 Represents the year Ms. Driscoll was first appointed Chairperson of certain DWS funds.  3 A publicly held company with securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934.  4 The mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas
Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board
Member by virtue of his positions with Deutsche Asset Management. As an interested
person, Mr. Schwarzer receives no compensation from the fund.  5 Executive title, not a board directorship.  6 As a result of their respective positions held with the Advisor, these individuals are
considered "interested persons" of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the fund.  7 The length of time served represents the year in which the officer was first elected in such
capacity for one or more DWS funds.  8 Address: 345 Park Avenue, New York, New York 10154.  9 Address: One Beacon Street, Boston, MA 02108.  10 Address: 280 Park Avenue, New York, New York 10017.  The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048. Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad. Certain account types
within Classes A, B, C and S also have the ability to purchase,
exchange or redeem shares using this system.For more information, contact your financial advisor. You may
also access our automated telephone system or speak with a
DWS Investments representative by calling the appropriate
number below:For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Class A
Class B
Class C
Class S
Institutional
ClassNasdaq Symbol
SKNRX
SKBRX
SKCRX
SKSRX
SKIRXCUSIP Number
23339C 503
23339C 602
23339C 701
23339C 800
23339C 404Fund Number
485
685
785
2085
817 csf_backcover0


ITEM 2.
        CODE OF ETHICSAs of the end of the period, May 31, 2008, DWS Commodity Security Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. In accordance with New York Stock Exchange requirements, the Board believes that all members of the Funds audit committee are financially literate, as such qualification is interpreted by the Board in its business judgment, and that at least one member of the audit committee has accounting or related financial management expertise.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
  DWS COMMODITY SECURITY FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that PricewaterhouseCoopers, LLP (PWC), the Funds independent registered public accounting firm, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accounting Firm Billed to the Fund Fiscal YearEndedJune 30,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $62,000
        $0
        $0
        $02007
        $60,000
        $128
        $0
        $0
  
 Services that the Funds Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (DeIM or the Adviser), and any entity controlling, controlled by or under common control with DeIM (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years. Fiscal YearJune 30,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $21,500
        $31,000
        $02007
        $133,000
        $16,250
        $0
  The Audit-Related Fees were billed for services in connection with the agreed-upon procedures related to fund mergers and additional costs related to annual audits and the above Tax Fees were billed in connection with tax consultation and agreed-upon procedures. Non-Audit Services The following table shows the amount of fees that PWC billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWCs independence.  Fiscal YearEndedJune 30,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $0
        $31,000
        $600,000
        $631,0002007
        $0
        $16,250
        $0
        $16,250
   All other engagement fees were billed for services provided by PWC for services related to consulting on an IT project.  *** 
  PwC advised the Fund's Audit Committee that PwC has identified two matters that it determined to be inconsistent with the SEC's auditor independence rules.  In the first instance, an employee of PwC had power of attorney over an account which included DWS funds.  The employee did not perform any audit services for the DWS Funds, but did work on a non audit project for Deutsche Bank AG.  In the second instance, an employee of PwC served as a nominee shareholder (effectively equivalent to a Trustee) of various companies/trusts since 2001. Some of these companies held shares of Aberdeen, a sub advisor to certain DWS Funds, and of certain funds sponsored by subsidiaries of Deutsche Bank AG.  The trustee relationship has ceased.  PwC informed the Audit Committee that these matters could have constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X.  PwC
advised the Audit Committee that PwC believes its independence had not been impacted as it related to the audits of the Fund.  In reaching this conclusion, PwC noted that during the time of its audit, the engagement team was not aware of the investment and that PwC does not believe these situations affected PwC's ability to act objectively and impartially and to issue a report on financial statements as the funds' independent auditor.  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     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.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSR Item F  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:
        August 29, 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:
        August 29, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        August 29, 2008