UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number 811-21600

DWS Global Commodities Stock Fund, Inc.

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY 10154-0004

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:(212) 454-7190

Date of fiscal year end:06/30

Date of reporting period:03/31/08

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

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

 

**DWS Global Commodities Stock Fund, Inc.**

 

|                               | **Shares**              |           | **Value ($)** |
|------------------------------------|-------------------------|----------------|---------------|
|                                    |
|                               | **Common Stocks 74.8%** |           |
| **Argentina 0.8%**                 |                    |
| Tenaris SA (ADR) (Cost $2,363,681) |                    | 64,900         |          | **3,235,265** |
| **Australia 3.1%**                 |                    |           |          |   |
| BHP Billiton Ltd.                  |                    | 269,000        |          | 8,838,093 |
| Rio Tinto Ltd.                     |                    | 30,398         |          | 3,399,361 |
|                                    |
| (Cost $6,403,607)                  |                    | **12,237,454** |
| **Bermuda 2.0%**                   |                    |
| Aquarius Platinum Ltd.(a)          |                    | 135,568        |          | 2,103,135 |
| Aquarius Platinum Ltd.(a)          |                    | 180,214        |          | 2,665,887 |
| Nabors Industries Ltd.*            |                    | 94,400         |          | 3,187,888 |
|                                    |
| (Cost $6,584,887)                  |                    | **7,956,910**  |
|                                    |                         |                |               |  |  |  |  |  |

 

 

 

| **Brazil 0.7%**                                                |   |
|----------------------------------------------------------------|--------|
| Companhia Vale do Rio Doce (ADR) (Cost $2,436,289)             |   | 74,000 |   | **2,563,360** |
| **Canada 9.7%**                                                |   |
| Agrium, Inc.                                                   |   | 85,400 |   | 5,304,792 |
| Enbridge, Inc.                                                 |   | 143,600 |   | 5,921,952 |
| EnCana Corp.                                                   |   | 88,200 |   | 6,719,509 |
| Kinross Gold Corp.                                             |   | 203,000 |   | 4,528,910 |
| Potash Corp. of Saskatchewan, Inc.                             |   | 34,000 |   | 5,283,258 |
| Suncor Energy, Inc.                                            |   | 77,964 |   | 7,535,448 |
| Trican Well Service Ltd.                                       |   | 75,500 |   | 1,580,686 |
| Uranium Participation Corp.*                                   |   | 158,500 |   | 1,474,670 |
|                                                                |
| (Cost $27,169,901)                                             |   | **38,349,225** |
| **China 0.4%**                                                 |   |
| Yingli Green Energy Holding Co., Ltd. (ADR)* (Cost $2,366,036) |   | 95,600 |   | **1,634,760** |
| **Finland 0.9%**                                               |   |
| Stora Enso Oyj "R" (Cost $5,254,802)                           |   | 309,600 |   | **3,576,534** |
| **France 2.3%**                                                |   |
| Lafarge SA                                                     |   | 21,630 |   | 3,766,348 |
| Total SA                                                       |   | 71,310 |   | 5,302,537 |
|                                                                |
| (Cost $7,558,822)                                              |   | **9,068,885** |
| **Germany 0.9%**                                               |   |
| Wacker Chemie AG (Cost $3,186,410)                             |   | 16,400 |   | **3,356,322** |
| **Luxembourg 1.4%**                                            |   |
| ArcelorMittal (Cost $4,084,281)                                |   | 64,604 |   | **5,291,082** |
| **Netherlands 3.0%**                                           |   |
| Royal Dutch Shell PLC "A"                                      |   | 146,186 |   | 5,043,492 |
| Royal Dutch Shell PLC "B"                                      |   | 99,796 |   | 3,359,148 |
| SBM Offshore NV                                                |   | 110,460 |   | 3,562,203 |
|                                                                |
| (Cost $13,195,347)                                             |   | **11,964,843** |
| **Norway 1.2%**                                                |   |
| StatoilHydro ASA (ADR) (Cost $3,617,212)                       |   | 160,940 |   | **4,807,278** |
| **Russia 1.4%**                                                |   |
| Gazprom (ADR) (a)                                              |   | 1,485 |   | 75,735 |
| Gazprom (ADR) (a)                                              |   | 107,701 |   | 5,497,046 |
|                                                                |
| (Cost $4,367,815)                                              |   | **5,572,781** |
| **Spain 0.4%**                                                 |   |
| Gamesa Corporacion Tecnologica SA (Cost $1,574,916)            |   | 33,900 |   | **1,546,716** |
| **Sweden 0.8%**                                                |   |
| SSAB Svenskt Stal AB "A" (Cost $3,614,297)                     |   | 117,000 |   | **3,295,709** |
| **United Kingdom 8.2%**                                        |   |
| Anglo American PLC                                             |   | 54,540 |   | 3,276,705 |
| BG Group PLC                                                   |   | 338,305 |   | 7,834,405 |
| BHP Billiton PLC                                               |   | 193,098 |   | 5,727,681 |
| BP PLC                                                         |   | 666,447 |   | 6,748,002 |
| Rio Tinto PLC                                                  |   | 84,007 |   | 8,722,201 |
|                                                                |
| (Cost $22,557,432)                                             |   | **32,308,994** |
|                                                                |        |  |  |  |  |  |

 

 

 

| **United States 37.6%**                                                         |                                          |
|---------------------------------------------------------------------------------|-----------------------------------------------|
| Air Products & Chemicals, Inc.                                              |                                          | 52,420 |   | 4,822,640 |
| Alcoa, Inc.                                                                     |                                          | 115,800 |   | 4,175,748 |
| Apache Corp.                                                                    |                                          | 47,660 |   | 5,758,281 |
| Archer-Daniels-Midland Co.                                                      |                                          | 34,300 |   | 1,411,788 |
| Cameron International Corp.*                                                    |                                          | 64,498 |   | 2,685,697 |
| Chevron Corp.                                                                   |                                          | 57,600 |   | 4,916,736 |
| Cleveland-Cliffs, Inc.                                                          |                                          | 14,900 |   | 1,785,318 |
| Commercial Metals Co.                                                           |                                          | 62,335 |   | 1,868,180 |
| Dow Chemical Co.                                                                |                                          | 109,500 |   | 4,035,075 |
| ExxonMobil Corp.                                                                |                                          | 249,210 |   | 21,078,182 |
| First Solar, Inc.*                                                              |                                          | 9,500 |   | 2,195,830 |
| Freeport-McMoRan Copper & Gold, Inc.                                        |                                          | 73,500 |   | 7,072,170 |
| Frontier Oil Corp.                                                              |                                          | 65,200 |   | 1,777,352 |
| Holly Corp.                                                                     |                                          | 43,200 |   | 1,875,312 |
| Marathon Oil Corp.                                                              |                                          | 89,500 |   | 4,081,200 |
| Martin Marietta Materials, Inc.                                                 |                                          | 16,600 |   | 1,762,422 |
| Monsanto Co.                                                                    |                                          | 102,264 |   | 11,402,436 |
| Nucor Corp.                                                                     |                                          | 47,621 |   | 3,225,846 |
| Occidental Petroleum Corp.                                                      |                                          | 88,280 |   | 6,459,448 |
| Owens-Illinois, Inc.*                                                           |                                          | 59,700 |   | 3,368,871 |
| Packaging Corp. of America                                                      |                                          | 83,400 |   | 1,862,322 |
| Pactiv Corp.*                                                                   |                                          | 100,700 |   | 2,639,347 |
| Peabody Energy Corp.                                                            |                                          | 59,024 |   | 3,010,224 |
| PPG Industries, Inc.                                                            |                                          | 50,530 |   | 3,057,570 |
| Praxair, Inc.                                                                   |                                          | 67,100 |   | 5,651,833 |
| Schlumberger Ltd.                                                               |                                          | 88,220 |   | 7,675,140 |
| Steel Dynamics, Inc.                                                            |                                          | 94,800 |   | 3,132,192 |
| TETRA Technologies, Inc.*                                                       |                                          | 95,000 |   | 1,504,800 |
| The Mosaic Co.*                                                                 |                                          | 27,300 |   | 2,800,980 |
| Transocean, Inc.*                                                               |                                          | 28,700 |   | 3,880,240 |
| Ultra Petroleum Corp.*                                                          |                                          | 32,300 |   | 2,503,250 |
| Valero Energy Corp.                                                             |                                          | 66,000 |   | 3,241,260 |
| Weyerhaeuser Co.                                                                |                                          | 62,500 |   | 4,065,000 |
| XTO Energy, Inc.                                                                |                                          | 115,550 |   | 7,147,923 |
|                                                                                 |
| (Cost $102,969,335)                                                             |                                          | **147,930,613** |
|                                                                                 |
| **Total Common Stocks**(Cost $219,305,070)                                      |                                          | **294,696,731** |
|                                                                            | **Exchange Traded Funds 1.8%**                |   |
| streetTRACKS Gold Trust* (Cost $3,615,563)                                      |                                          | 78,373 |   | **7,083,352** |
|                                                                            | **Principal**

**Amount ($)**                 |   | **Value ($)** |
|                                                                                 |
|                                                                            | **Commodities Linked/Structured Notes 19.7%** |   |
| Barclays S&P GSCI Structured Note, 144A, 2.603%, 7/8/2008 (b)               |                                          | 15,000,000 |   | 20,829,510 |
| Barclays S&P GSCI Structured Note, 144A, 2.603%, 6/30/2008 (b)              |                                          | 10,800,000 |   | 14,859,709 |
| Merrill Lynch & Co., Inc. MLCX Structured Note, 144A, 2.709%, 2/23/2009 (c) |                                          | 16,500,000 |   | 17,835,345 |
| UBS S&P GSCI Structured Note, 144A, 2.603%, 12/8/2008 (b)                   |                                          | 21,000,000 |   | 24,151,470 |
|                                                                                 |
| **Total Commodities Linked/Structured Notes**(Cost $63,300,000)                 |                                          | **77,676,034** |
|                                                                            | **Government & Agency Obligation 0.3%**   |   |
| **US Treasury Obligation**                                                      |                                          |
| US Treasury Bill, 2.15% **, 4/17/2008 (d) (Cost $1,009,035)                     |                                          | 1,010,000 |   | **1,009,462** |
|                                                                                 |                                               |  |  |  |  |  |  |  |  |

 

 

 

|                                                                                                                                                                                                          | **Shares**                                                                                                                                                                                                                                                                                                                                                                                                                                           |                   | **Value ($)**   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|-----------------|
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **Cash Equivalents 3.8%**                                                                                                                                                                                                                                                                                                                                                                                                                            |                   |
| Cash Management QP Trust, 2.84% (e)(Cost $14,970,097)                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                   | 14,970,097      |   | **14,970,097** |
|                                                                                                                                                                                                          | **% of**

**Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                             |                   | **Value ($)**   |
|                                                                                                                                                                                                               |
| **Total Investment Portfolio**(Cost $302,199,765) †                                                                                                                                                    | 100.4                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | **395,435,676** |
| **Other Assets and Liabilities, Net**                                                                                                                                                                         | (0.4)                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | **(1,506,505)** |
|                                                                                                                                                                                                               |
| **Net Assets**                                                                                                                                                                                                | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | **393,929,171** |
|                                                                                                                                                                                                          | *For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.*                                                                                                                                                                                                                            |
| *†*                                                                                                                                                                                                    | *The cost for federal income tax purposes was $302,397,329. At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $93,038,347. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $102,608,694 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $9,570,347.* |
| ***                                                                                                                                                                                                           | *Non-income producing security.*                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ****                                                                                                                                                                                                          | *Annualized yield at time of purchase; not a coupon rate.*                                                                                                                                                                                                                                                                                                                                                                                           |
| *(a)*                                                                                                                                                                                                         | *Securities with the same description are the same corporate entity but trade on different stock exchanges.*                                                                                                                                                                                                                                                                                                                                         |
| *(b)*                                                                                                                                                                                                         | *Security is linked to the S&P Goldman Sachs Commodity Index (S&P GSCI). The index is a composite of commodity sector returns, representing an unleveraged, long-only investments in commodities futures that is broadly diversified across the spectrum of commodities.*                                                                                                                                                                    |
| *(c)*                                                                                                                                                                                                         | *Security is linked to the Merrill Lynch Commodity index eXtra (MLCX). The index is a composite of commodity sector returns, representing an unleveraged, long-only investments in commodities futures that is broadly diversified across the spectrum of commodities.*                                                                                                                                                                              |
| *(d)*                                                                                                                                                                                                         | *At March 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*                                                                                                                                                                                                                                                                                                           |
| *(e)*                                                                                                                                                                                                         | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                            |
| *144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.* |
| *ADR: American Depositary Receipt*                                                                                                                                                                            |
| *GDR: Global Depositary Receipt*                                                                                                                                                                              |
| *MLCX: Merrill Lynch Commodity Index*                                                                                                                                                                         |
| *S&P GSCI: S&P Goldman Sachs Commodity Index*                                                                                                                                                         |
|                                                                                                                                                                                                          |
|  

                                                                                                                                                                                                 |
| *At March 31, 2008, open future contracts purchased were as follows:*                                                                                                                                         |
| **Futures**                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Expiration****Date** |            | **Contracts** |   | **Aggregated****Face****Value ($)** |   | **Value ($)** |   | **Unrealized****Depreciation ($)** |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          |
| S&P

Goldman Sachs Commodity Index                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 4/15/2008              |            | 63 |   | 11,293,019 |   | 10,505,250 |   | **(787,769)** |   |
|                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                        |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

| *At March 31, 2008, the DWS Global Commodities Stock Fund, Inc. had the following sector diversification:*

  |
|--------------------------------------------------------------------------------------------------------------------|

 

 

 

| ***Sector***              | ***Market Value ($)*** |          | ***As a % of***

***Common Stocks*** |
|---------------------------|------------------------|---------------|--------------------------------------|
| *Energy*                  |                   | *148,005,639* |                                 | *50.2* | *%* |
| *Materials*               |                   | *138,427,328* |                                 | *47.0* | *%* |
| *Industrials*             |                   | *5,377,306*   |                                 | *1.8* | *%* |
| *Financials*              |                   | *1,474,670*   |                                 | *0.5* | *%* |
| *Consumer Staples*        |                   | *1,411,788*   |                                 | *0.5* | *%* |
| ***Total Common Stocks*** | ***294,696,731***      |          | ***100.0***                          | ***%*** |

 

 

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                        |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                               |
|        | (a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.                                                                       |
|        |                                                                                                                                                                                                                                                                                                                                                                                               |
|        | (b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial                            reporting. |
|        |                                                                                                                                                                                                                                                                                                                                                                                               |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                       |
|        |                                                                                                                                                                                                                                                                                                                                                                                               |
|        | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.                                                                                                                                                                                                                                            |

 

 

**SIGNATURES**

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

| Registrant: | DWS Global Commodities Stock Fund, Inc. |
|-------------|-----------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 14, 2008 |
|-------|--------------|

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

| Registrant: | DWS Global Commodities Stock Fund, Inc. |
|-------------|-----------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 14, 2008 |
|-------|--------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | May 14, 2008 |
|-------|--------------|