UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM            N-CSRS

 

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)

 

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: | 12/31/08 |
|---------------------------|----------|

 

 

**ITEM            1.**           **REPORT TO STOCKHOLDERS**

 

----

|  

DECEMBER 31,                    2008
Semiannual                    Report                    to Stockholders                     |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |
|  

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

Ticker Symbol:                    GCS

  |
|                                                                                                                                          |

**Contents**

| **3**Performance Summary

**4**Portfolio Management Review

**9**Portfolio Summary

**11**Investment Portfolio

**15**Financial Statements

**18**Financial Highlights

**19**Notes to Financial Statements

**27**Dividend Reinvestment and Cash                    Purchase Plan

**29**Stockholder Meeting Results

**30**Investment Management Agreement Approval

**34**Other Information

**35**Additional Information

**36**Privacy Statement |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Investments in funds        involve risk. The fund is non-diversified and can take larger positions in fewer companies,        increasing its overall risk profile. Shares of closed-end funds frequently trade at a        discount to net asset value. The price of the fund's shares is determined by a number        of factors, several of which are beyond the control of the fund. Therefore, the fund cannot        predict whether its shares will trade at, below or above net asset value. The fund        concentrates its investments in securities related to commodities-related industries.        Because the fund concentrates its investments in securities related to commodities,        market price movements, regulatory changes and economic changes as well as adverse        political or financial factors or factors affecting a particular industry or commodity        could have a significant impact on the fund's performance. The commodity-linked structured        notes and futures contracts in which the fund invests 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. Additionally, this fund is subject to        stock market risk. An investment in common shares represents an indirect investment in the        portfolio securities held by the fund. The value of these securities        fluctuates.

*This report is sent to        the stockholders of DWS Global Commodities Stock Fund, Inc. for their information. It is        not a prospectus, circular or representation intended for use in the purchase or sale of        shares of the fund or of any securities mentioned in the report.*

*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        SummaryDecember 31, 2008**

**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 sold, shares may be worth more or less than their original        cost. Current performance may be lower or higher than the performance data quoted. Please        visit www.dws-investments.com for the Fund's most recent performance.**

| **Average                    Annual Return**as of                    12/31/08 |                |       |       |                                 |
|-------------------------------------------------------------------------------|---------------------|------------|------------|--------------------------------------|
|                                                                          | **6-Month‡** | **1-Year** | **3-Year** | **Life of                    Fund*** |
| Based on Net Asset Value(a)                                                   | -48.57%             | -40.97%    | -1.30%     | 5.79%                                |
| Based on Market Price(a)                                                      | -51.23%             | -43.78%    | -3.09%     | .33%                                 |
| Blended Index+                                                                | -51.25%             | -44.12%    | -3.84%     | 2.55%                                |
| S&P® Goldman Sachs Commodity                Index+                    | -62.16%             | -46.49%    | -11.24%    | -8.84%                               |
| MSCI World Energy Index+                                                      | -43.12%             | -37.84%    | -1.18%     | 6.54%                                |
| MSCI World Materials Index+                                                   | -53.56%             | -50.05%    | -3.59%     | 3.17%                                |

*Sources: Lipper Inc.        and Deutsche Investment Management Americas Inc.*

| **Net Asset                    Value and Market Price** |                                  |                                 |
|---------------------------------------------------------|---------------------------------------|--------------------------------------|
|                                                    | **As of                    12/31/08** | **As of                    6/30/08** |
| Net Asset Value                                         | $                    6.54             | $                    23.05           |
| Market Price                                            | $                    5.46             | $                    20.30           |

*Prices and net asset        value fluctuate and are not guaranteed.*

| **Distribution                    Information**                |
|----------------------------------------------------------------|
| Six Months as of 12/31/08:
Income                    Dividends | $                    .04 |
| Capital Gain                    Distributions**                | $                    4.76 |

**Portfolio Management        Review**

In the following interview, Portfolio        Managers Theresa Gusman, Terence Brennan and Jeffrey Saeger discuss recent market events as        well as the performance and positioning of the fund during the semiannual period ended        December 31, 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. Current        and future portfolio holdings are subject to risk.*

**Q: How did the fund and        the overall commodities market perform during the past six months?**

**A:**The past year proved to be a tale of two halves. In the first        half of 2008, commodities surged 41.4% (as measured by the S&P®        GSCI Index) and dramatically outperformed other asset classes. During this time,        commodities were supported by the continued strength in global growth, escalating fears of        supply shortages and expectations for rising inflation. The picture changed rapidly in the        second half, however, as commodity markets fell 62.16% (as measured by the S&P GSCI        Index) in the wake of the global financial crisis and the concurrent collapse in worldwide        economic growth.

The fluctuations in the price of oil        help illustrate the rapid shift in sentiment. West Texas Intermediate Crude Oil, which        started 2008 at $90.11, surged 63.1% to a peak of $146.93 on July 14, 2008 before demand        faltered under the weight of high prices and contracting global economic activity. Crude        prices subsequently plunged 75.9% to a low of $35.35 on December 24, 2008.

With that as a background, for the        semiannual period ending December 31, 2008, the fund produced a total return based on net        asset value of -48.57%. For the same period, the fund's total return based on the market        price of its shares was -51.23%. In comparison, the fund's benchmark, which is comprised of        the S&P Goldman Sachs Commodity Index (20%), the MSCI World Energy Index (40%) and the        MSCI World Materials Index (40%) returned -51.25% during the same period.1 The        S&P GSCI, which measures the performance of physical commodities, declined -62.16%. The        MSCI World Energy Index and MSCI World Materials Index, which measure equity performance,        returned -43.12% and -53.56%, respectively. (Past performance is no guarantee of future        results. Please see page 3 for more complete performance        information.)

**Q: What elements of the        fund's positioning had the largest impact on its performance?**

**A:**We invest in (1) commodity-linked structured notes that provide the        fund with market exposure to specific commodities and (2) 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 return potential; (2)        tactical positions in individual commodities (through investment in structured notes); and        (3) individual security selection.

The first of these, allocation, was        positive on a relative basis. We increased exposure to commodity-related stocks relative to        commodity-linked structured notes during the latter half of the period, a positive for the        fund's relative performance given the substantial outperformance of equities versus        physical commodities. The basis for this move was our view that commodities will continue        to underperform commodity-related stocks until global interest rates reach a bottom.        Further, equities tend to experience more of a rally before an actual upturn in economic        activity than do physical commodities.

The fund's tactical positioning in        selected commodities also added to performance. Most notably, a large, long-standing        overweight position in gold — one of the few commodities to generate a positive        absolute performance — helped boost the fund's relative performance.2 We        have held a favorable view on gold for three reasons: its role as an inflation hedge, its        tendency to outperform when investors stage a "flight to safety" and its ability to benefit        in the longer term from the actions global central banks have taken to devalue their        currencies.

**Q: How did the fund's        major investment themes affect performance?**

**A:**The fund's investment themes delivered mixed results. A newer theme,        global agribusiness, contributed positively to relative performance during the past six        months. We added value through positions in livestock and agricultural stocks, which were        partially offset by a collapse in fertilizer stocks.

In contrast, the "follow the        petrodollars" theme, i.e., investing in companies that can benefit as the major oil        companies seek to add drilling capacity, hurt the fund's return due to its        positions in the underperforming oil/gas drilling and energy equipment/services        sectors.

Similarly, another theme, investing        in producers of materials for which China does not have the production capacity necessary        to meet its demand, hurt fund performance during the period. The stocks of such companies        that produce steel, aluminum, copper and bulk commodities generally experienced severe        downturns. As the depth of the global economic slowdown became apparent, institutional        investors' forced liquidations accelerated. One result was that the commodity-related        stocks that had generated the best performance over the past two years collapsed with        little regard for individual company fundamentals.

**Q: How did the fund's        stock selection affect performance?**

**A:**The equity-only segment of the portfolio underperformed        the equity-only portion of the benchmark, offsetting the benefits of our favorable        allocation decisions and tactical positioning. The fund's five best-performing stocks were        Archer-Daniels-Midland Co., Kinross Gold Corp., the Swiss mining company Xstrata*, Chevron        Corp. and Martin Marietta Materials, Inc. The worst-performing stocks were SSAB Svenskt        Stal AB, Rio Tinto PLC, Gazprom*, Freeport-McMoRan Copper & Gold, Inc. and Century        Aluminum Co.*

In terms of positioning within        equities, the fund is overweight in the metal/glass containers and industrial gases        sectors. This reflects our view that attractively valued, well-run defensive materials        companies are likely to outperform in the current environment. We are also overweighting        infrastructure stocks, believing the massive economic stimulus packages in the United        States and China will boost spending in this area. Notable underweights in the fund include        the chemical, paper, refining and aluminum sectors. We believe all of these groups stand to        suffer in the current economic downdraft due to excess capacity in their        industries.

**Q: What is your broad        view on the commodity markets at this stage?**

**A:**We believe 2009 could be the opposite of 2008, albeit with less        dramatic price moves. We entered 2008 with the bull market in commodities fully intact        amid an environment of strong economic growth, particularly in China and other emerging        markets. However, we ended the year in the midst of a dramatic cyclical correction in        commodity prices and a backdrop characterized by a global credit crisis and an economic        collapse. Now, we are starting 2009 with the prospect of continued near-term economic        weakness — the opposite of what we saw at the beginning of 2008. While commodity        prices could trend down further in the near term, we think that the benefit of global        liquidity injections and fiscal stimulus packages may result in a gradual recovery in        demand as the year progresses.

Despite the current cyclical        downdraft in commodity prices, we believe that commodities are in the midst of a        longer-term uptrend. The depth and breadth of the economic collapse, a lack of credit        availability, and rising costs have led most companies to curtail capital expenditures. As        economic growth resumes and the demand for commodities increases, these reductions may        manifest themselves in higher depletion rates and lower supplies. In the same way as the        rapid shift in the supply-and-demand equation caused a collapse in commodity prices in        2008, supply constraints may rapidly reemerge once demand recovers. The result, in our        view, would be higher prices for selected commodities.

We expect a        continued wide dispersion in commodity prices as we move through 2009, and we believe that        volatility — among both individual commodities and between commodities and        commodity-related stocks — will remain high.

**Portfolio        Summary**

| **Asset                    Allocation**(As a % of Investment                    Portfolio) | **12/31/08** | **6/30/08** |
|----------------------------------------------------------------------------------------------------------------|--------------|-------------|
|                                                                                                           |         |        |
| Common                    Stocks                                                                               | 85%          | 76%         |
| Commodities                    Linked/Structured Notes                                                         | 4%           | 21%         |
| Cash                    Equivalents                                                                            | 4%           | —     |
| Exchange                    Traded Fund                                                                        | 4%           | 2%          |
| Exchange                    Traded Note                                                                        | 2%           | 1%          |
| Government                    & Agency Obligations                                                         | 1%           | —     |
|                                                                                                           | 100%         | 100%        |

| **Geographical                    Diversification**(As a % of Common Stocks) | **12/31/08** | **6/30/08** |
|-------------------------------------------------------------------------------------------------------|--------------|-------------|
|                                                                                                  |         |        |
| United                    States                                                                      | 54%          | 45%         |
| Canada                                                                                                | 14%          | 13%         |
| United                    Kingdom                                                                     | 13%          | 11%         |
| Australia                                                                                             | 5%           | 5%          |
| France                                                                                                | 4%           | 5%          |
| Netherlands                                                                                           | 4%           | 4%          |
| Luxembourg                                                                                            | 2%           | 1%          |
| Sweden                                                                                                | 2%           | 2%          |
| Spain                                                                                                 | 1%           | 2%          |
| Bermuda                                                                                               | 1%           | 3%          |
| Other                                                                                                 | —      | 9%          |
|                                                                                                  | 100%         | 100%        |

| **Sector                    Diversification**(As a % of Common Stocks) | **12/31/08** | **6/30/08** |
|-------------------------------------------------------------------------------------------------|--------------|-------------|
|                                                                                            |         |        |
| Energy                                                                                          | 49%          | 55%         |
| Materials                                                                                       | 48%          | 43%         |
| Consumer                    Staples                                                             | 2%           | 1%          |
| Industrials                                                                                     | 1%           | 1%          |
|                                                                                            | 100%         | 100%        |

*Asset allocation,        geographical and sector diversification are subject to change.*

| **Ten Largest                    Equity Holdings at December 31, 2008**(73.5% of Net Assets)                | **Country**    | **Percent** |
|-------------------------------------------------------------------------------------------------------------|----------------|-------------|
| **1. ExxonMobil Corp.**Explorer and producer of oil and gas                                                 | United States  | **17.0%**   |
| **2. BHP Billiton**Producer of petroleum, minerals and steel                products                        | Australia      | **11.1%**   |
| **3. Chevron Corp.**Operator of petroleum exploration, delivery and                refining facilities | United States  | **8.4%**    |
| **4. BP PLC**Exporter and producer of oil and natural                gas                                    | United Kingdom | **7.5%**    |
| **5. Praxair, Inc.**Producer of industrial gases and specialized                coatings                    | United States  | **5.6%**    |
| **6. Monsanto Co.**Provider of agricultural products                                                        | United States  | **5.5%**    |
| **7. Royal Dutch Shell PLC**Explorer, producer and refiner of petroleum                                     | Netherlands    | **5.5%**    |
| **8. Rio Tinto**Operator of a mining, manufacturing and                development company             | United Kingdom | **4.7%**    |
| **9. Pactiv Corp.**Manufacturer of packaging containers                                                     | United States  | **4.3%**    |
| **10. Enbridge, Inc.**Provides energy transportation, distribution and                related services      | Canada         | **3.9%**    |

*Portfolio holdings are subject to change.*

*For more complete        details about the Fund's investment portfolio, see page 11. A        quarterly Fact Sheet is available upon request. A complete list of the fund's        portfolio holdings is posted as of the month end on www.dws-investments.com on or about the        15th day of the following month. More frequent posting of portfolio holdings information        may be made from time to time on www.dws-investments.com. Please see the Additional        Information 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. The 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 December 31, 2008        (Unaudited)**

|                                                                                       | **Shares**      | **Value                    ($)** |
|--------------------------------------------------------------------------------------------|-----------------|----------------------------------|
|                                                                                       |            |
| **Common Stocks                    147.8%**                                                |
| **Australia                    8.2%**                                                      |
| BHP Billiton                    Ltd.                                                       | 368,346         | 7,757,853                        |
| Rio Tinto                    Ltd.                                                          | 72,180          | 1,933,339                        |
| (Cost                    $11,783,335)                                                      | **9,691,192**   |
| **Bermuda                    1.0%**                                                        |
| Nabors                    Industries Ltd.* (Cost $2,761,170)                               | 95,433          | **1,142,333**                    |
| **Canada                    20.5%**                                                        |
| Agrium,                    Inc.                                                            | 47,166          | 1,584,426                        |
| Barrick Gold                    Corp.                                                      | 120,189         | 4,352,896                        |
| Enbridge,                    Inc.                                                          | 145,037         | 4,647,763                        |
| EnCana                    Corp.                                                            | 99,035          | 4,569,489                        |
| Kinross Gold                    Corp.                                                      | 245,648         | 4,477,181                        |
| Potash Corp.                    of Saskatchewan, Inc.                                      | 42,704          | 3,097,380                        |
| Suncor Energy,                    Inc.                                                     | 73,598          | 1,414,122                        |
| (Cost                    $28,590,698)                                                      | **24,143,257**  |
| **France                    6.3%**                                                         |
| Lafarge                    SA                                                              | 60,756          | 3,693,994                        |
| Total                    SA                                                                | 67,690          | 3,690,301                        |
| (Cost                    $10,917,560)                                                      | **7,384,295**   |
| **Luxembourg                    3.1%**                                                     |
| ArcelorMittal                    (Cost $4,722,153)                                         | 153,338         | **3,695,937**                    |
| **Netherlands                    5.4%**                                                    |
| Royal Dutch                    Shell PLC "A"                                               | 147,710         | 3,861,187                        |
| Royal Dutch                    Shell PLC "B"                                               | 102,198         | 2,572,071                        |
| (Cost                    $8,964,941)                                                       | **6,433,258**   |
| **Spain                    1.5%**                                                          |
| Gamesa Corp.                    Tecnologica SA (Cost $2,730,523)                           | 97,428          | **1,767,198**                    |
| **Sweden                    3.0%**                                                         |
| SSAB Svenskt                    Stal AB "A" (Cost $7,574,781)                              | 402,523         | **3,545,502**                    |
| **United                    Kingdom 18.8%**                                                |
| BG Group                    PLC                                                            | 311,322         | 4,322,322                        |
| BHP Billiton                    PLC                                                        | 284,632         | 5,361,578                        |
| BP                    PLC                                                                  | 1,149,741       | 8,809,645                        |
| Rio Tinto                    PLC                                                           | 167,942         | 3,638,770                        |
| (Cost                    $28,900,720)                                                      | **22,132,315**  |
| **United                    States 80.0%**                                                 |
| Air Products                    & Chemicals, Inc.                                      | 75,200          | 3,780,304                        |
| Apache                    Corp.                                                            | 48,344          | 3,603,078                        |
| Archer-Daniels-Midland Co. (b)                                                             | 117,731         | 3,394,185                        |
| Cameron                    International Corp.*                                            | 54,325          | 1,113,662                        |
| Chevron                    Corp.                                                           | 133,874         | 9,902,660                        |
| Commercial                    Metals Co.                                                   | 66,953          | 794,732                          |
| Corn Products                    International, Inc.                                       | 34,200          | 986,670                          |
| Crown                    Holdings, Inc.*                                                   | 121,488         | 2,332,570                        |
| ExxonMobil                    Corp.                                                        | 251,659         | 20,089,938                       |
| Freeport-McMoRan Copper & Gold,                    Inc.                                | 131,652         | 3,217,575                        |
| Marathon Oil                    Corp.                                                      | 54,753          | 1,498,042                        |
| Martin                    Marietta Materials, Inc.                                         | 44,865          | 4,355,494                        |
| Monsanto                    Co.                                                            | 92,935          | 6,537,977                        |
| National-Oilwell Varco, Inc.*                                                              | 71,138          | 1,738,613                        |
| Occidental                    Petroleum Corp.                                              | 71,338          | 4,279,567                        |
| Owens-Illinois, Inc.*                                                                      | 140,781         | 3,847,545                        |
| Pactiv                    Corp.*                                                           | 201,985         | 5,025,387                        |
| Peabody Energy                    Corp.                                                    | 59,879          | 1,362,247                        |
| Praxair,                    Inc.                                                           | 111,035         | 6,591,038                        |
| Schlumberger                    Ltd.                                                       | 32,143          | 1,360,613                        |
| Steel                    Dynamics, Inc.                                                    | 130,557         | 1,459,627                        |
| The Mosaic                    Co.                                                          | 38,282          | 1,324,557                        |
| Ultra                    Petroleum Corp.*                                                  | 63,102          | 2,177,650                        |
| United States                    Steel Corp.                                               | 21,419          | 796,787                          |
| XTO Energy,                    Inc.                                                        | 79,300          | 2,796,911                        |
| (Cost                    $101,698,272)                                                     | **94,367,429**  |
| **Total                    Common Stocks** (Cost $208,644,153)                             | **174,302,716** |
|                                                                                       |
| **Exchange Traded Fund                    6.9%**                                           |
| **United                    States**                                                       |
| SPDR Gold                    Trust* (Cost $5,116,025)                                      | 94,653          | **8,192,218**                    |
| * *                                                                                   |
| **Exchange Traded Note                    2.9%**                                           |
| **United                    States**                                                       |
| iPath Dow                    Jones-AIG Livestock Total Return Sub-Index* (Cost $4,430,840) | 100,464         | **3,364,539**                    |

|                                                                                               | **Principal                    Amount ($)** | **Value                    ($)** |
|----------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------|
|                                                                                               |                                        |
| **Commodities                    Linked/Structured Notes 7.6%**                                    |
| Landesbank                    Baden-Wurttemberg MLCX Structured Note, 144A, 0.286%, 7/24/2009 (c)  | 10,000,000                                  | 4,068,200                        |
| Merrill Lynch                    & Co., Inc. MLCX Structured Note, 144A, 0.436%, 7/24/2009 (c) | 12,134,000                                  | 4,942,870                        |
| **Total                    Commodities Linked/Structured Notes** (Cost $22,134,000)                | **9,011,070**                               |
| **Government &                    Agency Obligations 1.6%**                                    |
| **US Treasury                    Obligations**                                                     |
| US Treasury                    Bills:                                                              |                                        |                             |
| 0.01%**,                    1/15/2009 (a)                                                          | 959,000                                     | 958,996                          |
| 0.04%**,                    5/21/2009 (a)                                                          | 31,000                                      | 30,991                           |
| 0.17%**,                    1/15/2009 (a)                                                          | 897,000                                     | 896,995                          |
| **Total                    Government & Agency Obligations** (Cost $1,886,876)                 | **1,886,982**                               |

|                                                                     | **Shares** | **Value                    ($)** |
|--------------------------------------------------------------------------|------------|----------------------------------|
|                                                                     |       |
| **Cash Equivalents                    7.5%**                             |
| Cash                    Management QP Trust, 1.42% (d) (Cost $8,840,541) | 8,840,541  | **8,840,541**                    |

|                                                                        | **% of Net                    Assets** | **Value                    ($)** |
|-----------------------------------------------------------------------------|----------------------------------------|----------------------------------|
|                                                                        |                                   |
| **Total                    Investment Portfolio** (Cost $251,052,435)+ | 174.3                                  | **205,598,066**                  |
| **Other Assets                    and Liabilities, Net**                    | (74.3)                                 | **(87,669,067)**                 |
| **Net                    Assets**                                           | 100.0                                  | **117,928,999**                  |

*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.*

*MLCX: Merrill Lynch        Commodity Index*

*SPDR: Standard &        Poor's Depository Receipt*

*At December 31, 2008,        open futures contracts purchased were as follows:*

| **Futures**                           | **Expiration                    Date** | **Contracts** | **Aggregated                    Face Value ($)** | **Value ($)** | **Unrealized                    Depreciation ($)** |
|---------------------------------------|----------------------------------------|---------------|-------------------------------------------------------|--------------------|----------------------------------------------------|
| S&P Goldman Sachs Commodity Index | 1/16/2009                              | 49            | 4,235,571                                             | 4,232,375          | **(3,196)**                                        |

*At December 31, 2008,        open written options were as follows:*

| **Written                    options**                                                                              | **Number of                    Contracts** | **Expiration                    Date** | **Strike                    Price ($)** | **Value                    ($)** |
|---------------------------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------------|----------------------------------------------|----------------------------------|
| **Call                    options**
Archer-Daniels Midland Co.                    (Premiums received $205,904) | 1,177                                      | 1/17/2009                              | 25.0                                         | **470,800**                      |

***Fair Value        Measurements***

*Financial Accounting        Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value        Measurements," establishes a three-tier hierarchy for measuring fair value and requires        additional disclosure about the classification of fair value measurements.*

*Various inputs are used        in determining the value of the Fund's investments. These inputs are summarized in three        broad levels. Level 1 includes quoted prices in active markets for identical securities.        Level 2 includes other significant observable inputs (including quoted prices for similar        securities, interest rates, prepayment speeds and credit risk). Level 3 includes        significant unobservable inputs (including the Fund's own assumptions in determining the        fair value of investments). The inputs or methodology used for valuing securities are not        necessarily an indication of the risk associated with investing in those        securities.*

*The        following is a summary of the inputs used as of December 31, 2008 in valuing the Fund's        investments. For information on the Fund's policy regarding the valuation of investments,        please refer to the Security Valuation section of Note A in the accompanying Notes to the        Financial Statements.*

| **Valuation                    Inputs** | **Investments in Securities**        | **Written                    Options at Value** | **Other                    Financial Instruments++** |
|-----------------------------------------|--------------------------------------|-------------------------------------------------|------------------------------------------------------|
| Level 1                                 | $                    131,209,775     | $                    470,800                    | $                    (3,196)                         |
| Level 2                                 | 65,377,221                           | —                                         | —                                              |
| Level 3                                 | 9,011,070                            | —                                         | —                                              |
| **Total**                               | **$                    205,598,066** | **$                    470,800**                | **$                    (3,196)**                     |

*The following is a        reconciliation of the Fund's Level 3 investments for which significant unobservable inputs        were used in determining value at December 31, 2008:*

|                                                            | **Investments in Securities**      |
|-----------------------------------------------------------------|------------------------------------|
| **Balance as                    of July 1, 2008**               | $                    98,641,471    |
| Net realized gain (loss)                                        | (25,518,414)                       |
| Change in unrealized appreciation                (depreciation) | (14,546,401)                       |
| Amortization Premium/Discount                                   | —                            |
| Net purchases (sales)                                           | (49,565,586)                       |
| Net transfers in (out) of Level 3                               | —                            |
| **Balance as                    of December 31, 2008**          | **$                    9,011,070** |

*The accompanying notes        are an integral part of the financial statements.*

**Financial        Statements**

| **Statement of                    Assets and Liabilities**as of                    December 31, 2008 (Unaudited)                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Assets**                                                                                                                                                                                                                         |
| Investments:
Investments in                    securities, at value (cost $242,211,894)                                                                                                                                       | $                    196,757,525 |
| Investment in                    Cash Management QP Trust, at value (cost $8,840,541)                                                                                                                                         | 8,840,541 |
| Total investments, at value                (cost $251,052,435)                                                                                                                                                                | 205,598,066 |
| Foreign currency, at value (cost                $1,816,048)                                                                                                                                                                        | 1,815,991 |
| Receivable for daily variation margin on open                futures contracts                                                                                                                                                     | 581,369 |
| Interest receivable                                                                                                                                                                                                                | 21,637 |
| Dividends receivable                                                                                                                                                                                                               | 164,897 |
| Foreign taxes recoverable                                                                                                                                                                                                          | 16,505 |
| Other assets                                                                                                                                                                                                                       | 8,732 |
| Total assets                                                                                                                                                                                                                       | 208,207,197 |
| **Liabilities**                                                                                                                                                                                                                    |
| Cash overdraft                                                                                                                                                                                                                     | 153,846 |
| Payable for investments purchased                                                                                                                                                                                                  | 1,852,862 |
| Payable for Fund shares repurchased                                                                                                                                                                                                | 374,612 |
| Distributions payable                                                                                                                                                                                                              | 87,029,659 |
| Options written, at value (premium received                $205,904)                                                                                                                                                               | 470,800 |
| Accrued management fee                                                                                                                                                                                                             | 137,804 |
| Accrued expenses and other liabilities                                                                                                                                                                                             | 258,615 |
| Total liabilities                                                                                                                                                                                                                  | 90,278,198 |
| **Net assets,                    at value**                                                                                                                                                                                        | **$                    117,928,999** |
| **Net Assets                    consist of**                                                                                                                                                                                       |
| Undistributed net investment income                                                                                                                                                                                                | 301,022 |
| Net unrealized appreciation (depreciation)                    on:
Investments                                                                                                                                                      | (45,454,369) |
| Futures                                                                                                                                                                                                                            | (3,196) |
| Written                    options                                                                                                                                                                                                 | (264,896) |
| Foreign                    currency                                                                                                                                                                                                | (465) |
| Accumulated net realized gain (loss)                                                                                                                                                                                               | (66,210,644) |
| Cost of 7,931,840 shares held in                treasury                                                                                                                                                                           | (141,700,092) |
| Paid-in capital                                                                                                                                                                                                                    | 371,261,639 |
| **Net assets,                    at value**                                                                                                                                                                                        | **$                    117,928,999** |
| **Net Asset                    Value:**                                                                                                                                                                                            |
| **Net Asset Value** offering and redemption                price per share ($117,928,999 ÷ 18,040,158 shares of common stock                outstanding, $.01 par value, 240,000,000 shares authorized) | **$                    6.54** |

*The accompanying notes        are an integral part of the financial statements.*

| **Statement of                    Operations**for the six months                    ended December 31, 2008 (Unaudited) |
|-----------------------------------------------------------------------------------------------------------------------------------|
| **Investment                    Income**                                                                                          |
| Income:Dividends (net of foreign taxes withheld                of $91,953)                                                   | $                    2,320,649 |
| Interest                                                                                                                          | 863 |
| Interest — Cash Management                QP Trust                                                                     | 97,126 |
| Total Income                                                                                                                      | 2,418,638 |
| Expenses:Management fee                                                                                                           | 1,305,185 |
| Services to shareholders                                                                                                          | 7,462 |
| Custody and accounting fees                                                                                                       | 147,080 |
| Directors' fees and expenses                                                                                                      | 8,121 |
| Reports to shareholders and shareholder                meeting                                                                    | 300,996 |
| Audit and tax fees                                                                                                                | 31,930 |
| Legal fees                                                                                                                        | 226,996 |
| NYSE listing fees                                                                                                                 | 14,120 |
| Other                                                                                                                             | 77,003 |
| Total expenses                                                                                                                    | 2,118,893 |
| **Net                    investment income (loss)**                                                                               | **299,745** |
| **Realized and                    Unrealized Gain (Loss)**                                                                        |
| Net realized gain (loss) from:Investments                                                                                         | (63,052,723) |
| Futures                                                                                                                           | (4,281,429) |
| Written options                                                                                                                   | 1,384,002 |
| Foreign currency                                                                                                                  | (124,328) |
| * *                                                                                                                          | (66,074,478) |
| Change in net unrealized appreciation                (depreciation) on:Investments                                                | (160,960,569) |
| Futures                                                                                                                           | (3,196) |
| Written options                                                                                                                   | (264,896) |
| Foreign currency                                                                                                                  | (2,170) |
| * *                                                                                                                          | (161,230,831) |
| **Net gain                    (loss)**                                                                                            | **(227,305,309)** |
| **Net increase                    (decrease) in net assets resulting from operations**                                            | **$                    (227,005,564)** |

*The        accompanying notes are an integral part of the financial statements.*

| **Statement of                    Changes in Net Assets**                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                            | **Six Months                    Ended December 31, 2008 (Unaudited)** | **Year Ended                    June 30, 2008** |
| Operations:Net investment income (loss)                                                                                         | $                    299,745 | $                    1,252,152 |
| Net realized gain (loss)                                                                                                        | (66,074,478) | 108,028,173 |
| Change in net unrealized appreciation                (depreciation)                                                             | (161,230,831) | 11,750,033 |
| Net increase (decrease) in net assets resulting                from operations                                                  | (227,005,564) | 121,030,358 |
| Distributions to shareholders from:
Net investment                    income                                                    | (795,097) | (2,396,789) |
| Net realized                    gains                                                                                           | (86,234,562) | (85,292,257) |
| Total distributions to shareholders                                                                                             | (87,029,659) | (87,689,046) |
| Fund share transactions:Cost of shares tendered and accepted                                                                    | (20,830,167) | (43,109,773) |
| Cost of shares repurchased                                                                                                      | (10,531,644) | — |
| Net increase (decrease) in net assets from Fund                share transactions                                               | (31,361,811) | (43,109,773) |
| **Increase                    (decrease) in net assets**                                                                        | (345,397,034) | (9,768,461) |
| Net assets at beginning of year                                                                                                 | 463,326,033 | 473,094,494 |
| Net assets at end of year (including undistributed                net investment income of $301,022 and $796,374, respectively) | **$                    117,928,999** | **$                    463,326,033** |
| **Other                    Information**                                                                                        |
| Shares outstanding at beginning of                period                                                                        | 20,096,637 | 22,267,742 |
| Shares tendered and accepted                                                                                                    | (1,004,832) | (2,171,105) |
| Shares repurchased                                                                                                              | (1,051,647) | — |
| Common shares outstanding at end of                period                                                                       | 18,040,158 | 20,096,637 |

*The        accompanying notes are an integral part of the financial statements.*

**Financial        Highlights**

| **Years Ended                    June 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **2008a**                      | **2008**                       | **2007**                       | **2006**                       | **2005b**                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------------------|---------------------------------|
| **Selected Per                    Share Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Net asset                    value, beginning of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **$                    23.05** | **$                    21.25** | **$                    19.27** | **$                    16.16** | **$                    14.33e** |
| *Income                    (loss) from investment operations:*

Net investment                    income (loss)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .02                            | .06                            | .11                            | .20                            | .12                             |
| Net realized                    and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (11.86)                        | 5.84                           | 3.54                           | 4.69                           | 1.77                            |
| **Total from                    investment operations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (11.84)                        | 5.90                           | 3.65                           | 4.89                           | 1.89                            |
| *Less                    distributions from:*

Net investment                    income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.04)                          | (.11)                          | (.13)                          | (.17)                          | (.02)                           |
| Net realized                    gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (4.76)                         | (4.03)                         | (1.56)                         | (1.65)                         | (.01)                           |
| **Total                    distributions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (4.80)                         | (4.14)                         | (1.69)                         | (1.82)                         | (.03)                           |
| Offering costs charged to paid-in                capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | —                        | —                        | —                        | —                        | (.03)                           |
| NAV accretion resulting from repurchases and shares                tendered and accepted for shares at value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .13                            | .04                            | .02                            | .04                            | —                         |
| **Net asset                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **$                    6.54**  | **$                    23.05** | **$                    21.25** | **$                    19.27** | **$                    16.16**  |
| **Market                    value, end of period**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **$                    5.46**  | **$                    20.30** | **$                    18.62** | **$                    16.47** | **$                    14.04**  |
| **Total Return                    (%)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Per share net asset                value (%)d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (48.57)**                      | 34.26                          | 22.91                          | 32.61                          | 12.98**                         |
| Per share market                value (%)d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (51.23)**                      | 34.89                          | 26.01                          | 30.45                          | (6.22)**                        |
| **Ratios to                    Average Net Assets and Supplemental Data**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Net assets, end of period (in millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 118                            | 463                            | 473                            | 452                            | 420                             |
| Ratio of expenses before expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1.32*                          | 1.12                           | 1.09                           | 1.13                           | 1.13*                           |
| Ratio of expenses after expense                reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1.32*                          | 1.12                           | 1.09                           | 1.13                           | 1.12*                           |
| Ratio of net investment income                (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .21*                           | .28                            | .60                            | 1.08                           | .97*                            |
| Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 34**                           | 86                             | 118                            | 93                             | 59**                            |
| a*For the six months ended December 31, 2008                (Unaudited).*b*For the period from September 24, 2004                (commencement of operations) to June 30, 2005.*c*Based on average shares outstanding during the                period.*d*Total return based on net asset value reflects                changes in the Fund's net asset value during the period. Total return based on                market value reflects changes in market value. Each figure assumes that dividend                and capital gain distributions, if any were reinvested. These figures will differ                depending upon the level of any discount from or premium to net asset value at                which the Fund's shares traded during the period.*e*Beginning per share amount reflects $15.00                initial public offering price net of sales load ($0.675 per                share).***Annualized****Not annualized* |

**Notes to Financial        Statements(Unaudited)**

**A. Significant Accounting        Policies**

DWS Global Commodities Stock Fund,        Inc. (the ``Fund'') is registered under the Investment Company Act of 1940, as amended (the        ``1940 Act''), as a closed-end, non-diversified management investment company organized as        a Maryland corporation.

The Fund is authorized to issue        250,000,000 shares, of which 240,000,000 shares are classified as Common Shares and        10,000,000 shares are classified as Preferred Shares, $0.01 par value per share.

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 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 Directors. 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        Directors. 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.

The Fund adopted Financial        Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157,        "Fair Value Measurements," effective at the beginning of the Fund's fiscal year. Disclosure        about the classification of fair value measurements is included at the end of the Fund's        Investment Portfolio.

**New Accounting Pronouncement.** In March        2008, the FASB issued Statement of Financial Accounting Standards No. 161 ("FAS 161"),        "Disclosures about Derivative Instruments and Hedging Activities". FAS 161 requires        enhanced disclosure about an entity's derivative and hedging activities including        qualitative disclosures about the objectives and strategies for using derivatives,        quantitative disclosures about fair value amounts of gains and losses on derivative        instruments, and disclosures about credit-risk-related contingent features in derivative        agreements. FAS 161 is effective for fiscal years and interim periods beginning after        November 15, 2008. Management is currently reviewing the enhanced disclosure requirements        for the adoption of FAS 161.

**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.

**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. Risk of        loss may exceed amounts recognized on the Statement of Assets and Liabilities.

**Options.** An option contract is a        contract in which the writer (seller) of the option grants the buyer of the option, upon        payment of a premium, 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 note's        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 December 31,        2008, the value of these securities comprised 7.6% of the Fund's net assets and resulted in        unrealized depreciation of $13,122,930.

**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.

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 related to investments in futures        and certain 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.

The tax character        of current year distributions will be determined at the end of the current fiscal        year.

**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 dividend. Realized gains and losses from        investment transactions are recorded on an identified cost basis.

**B. Purchases and Sales of        Securities**

During the six months ended December        31, 2008, purchases and sales of investment securities (excluding short-term investments)        aggregated $101,397,108 and $143,081,618, respectively.

For the six months ended December        31, 2008, transactions for written options on securities were as follows:

|                             | **Number of                    Contracts** | **Premium**                  |
|----------------------------------|--------------------------------------------|------------------------------|
| Outstanding, beginning of period | —                                    | $                    — |
| Options written                  | 18,786                                     | 3,660,490                    |
| Option closed                    | (17,609)                                   | (3,454,586)                  |
| Outstanding, end of period       | **1,177**                                  | **205,904**                  |

**C. Related Parties**

**Investment        Management Agreement.** Under the Investment Management Agreement with Deutsche        Investment Management Americas Inc. ("DIMA" or the "Manager"), an indirect, wholly owned        subsidiary of Deutsche Bank AG, the Manager directs the investments of the Fund in        accordance with its investment objectives, policies and restrictions. The Manager        determines the securities, instruments and other contracts relating to investments to be        purchased, sold or entered into by the Fund. In addition to portfolio management services,        the Manager provides certain administrative services in accordance with the Management        Agreement. The management fee payable under the Management Agreement is equal to an        annualized rate of 0.90% of the Fund's average daily managed assets (i.e., the net asset        value of Fund common shares plus the liquidation preference of any Fund preferred shares        and the principal amount of any borrowings used for leverage), computed and accrued daily        and payable monthly.

**Service Provider Fees.** DWS Investments        Service Company ("DISC"), an affiliate of the Manager, is the transfer agent and        dividend-disbursing agent for the common shares of the Fund. Pursuant to a sub-transfer        agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain        transfer agent and dividend-disbursing agent functions to DST. DISC compensates DST out of        the shareholder servicing fee it receives from the Fund. For the six months ended December        31, 2008, the amount charged to the Fund by DISC aggregated $7,861, of which $4,142 is        unpaid.

DWS Investments Fund Accounting        Corporation ("DIFA"), an affiliate of the Manager, is responsible for determining the daily        net asset value per share and maintaining the portfolio and general accounting records of        the Fund. Pursuant to a sub-accounting agreement between DIFA and State Street Bank and        Trust Company ("SSB"), DIFA has delegated certain fund accounting functions to SSB. DIFA        compensates SSB from the accounting service fee it receives from the Fund. The amount        charged to the Fund for the six months ended December 31, 2008 by DIFA aggregated $103,275,        of which $28,783 is unpaid.

**Directors' Fees        and Expenses.** The Fund paid each Director not affiliated with the Manager        retainer fees plus specified amounts for various committee services and for the Board        Chairperson and Vice Chairperson.

**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 six        months ended December 31, 2008, the amount charged to the Fund by DIMA included in the        Statement of Operations under "reports to shareholders" aggregated $8,834, of which $8,146        is unpaid.

**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 Manager. 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 Manager a management fee for the affiliated funds' investments in the QP        Trust.

**D. 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. 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.

**E. 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. Because of this, it 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. 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.

**F. Tender Offer        Programs**

The Fund's Board of Directors        authorized, subject to applicable law, a program of tender offers for the Fund's        common shares for six consecutive semiannual periods of operation which began with the        semiannual period ending December 2005 and concluded in July 2008. In the event that the        common shares traded at an average discount from net asset value of more than 10% for the        twelve weeks immediately preceding the end of the first quarter of such semiannual period        (i.e., the first calendar quarter and the third calendar quarter), the Fund, under normal        circumstances and subject to certain conditions, made offers to purchase up to 5% of its        outstanding common shares at or near their net asset value from all beneficial        shareholders.

The following table summarizes the        tender offer program for the year ended June 30, 2008 and the semiannual period ended        December 31, 2008. The accepted shares were tendered at a price equal to 98% of the net        asset value on the next business day after the offer expired.

| **Date of                    Commencement** | **Expiration                    Date** | **Shares                    Tendered** | **% of                    Shares Tendered** | **Shares                    Accepted** | **% of                    Shares Accepted** | **Repurchase                    Price** |
|---------------------------------------------|----------------------------------------|----------------------------------------|---------------------------------------------|----------------------------------------|---------------------------------------------|-----------------------------------------|
| 6/11/2007                                   | 7/17/2007                              | 13,753,961                             | 62%                                         | 1,113,387                              | 8.09%                                       | $                    21.795             |
| 12/28/2007                                  | 2/6/2008                               | 12,595,892                             | 59%                                         | 1,057,718                              | 8.40%                                       | $                    17.816             |
| 6/9/2008                                    | 7/14/2008                              | 12,571,144                             | 63%                                         | 1,004,832                              | 7.99%                                       | $                    20.730             |

**G. Share        Repurchases**

The Fund has a share repurchase plan        to effect periodic repurchases of its shares in the open market from time to time when the        Fund's shares trade at a discount to their net asset value per share in an amount up to 20%        of its outstanding shares over a 12-month period. During the semiannual period ended        December 31, 2008, the Fund purchased 1,051,647 shares of common stock on the open market        at a total cost of $10,531,644. The average discount of these purchases, comparing the        purchase price to the net asset value at the time of purchase, was 16.9%. These shares are        held in treasury.

**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.

**Dividend Reinvestment and        Cash Purchase Plan**

A summary of the Fund's Dividend        Reinvestment and Cash Purchase Plan (the "Plan") is set forth below. You may obtain        more detailed information by requesting a copy of the Plan from DWS Investments        Service Company (the "Transfer Agent") by writing to DWS Global Commodities Stock Fund,        Inc. Dividend Reinvestment and Cash Purchase Plan, c/o DWS Investments Service        Company, P.O. Box 219066, Kansas City, MO 64121-9066, by calling (800) 294-4366 or by        visiting the Fund's Web site atwww.dws-investments.com. The        Transfer Agent maintains all participant accounts in the Plan and furnishes written        confirmation of all transactions in the account, including information needed by        participants for personal and tax records.

The Plan offers stockholders an        automatic way to reinvest their dividends and capital gain distributions in shares of the        Fund. Each stockholder of record is automatically a participant in the Plan unless the        stockholder has instructed the Transfer Agent, in writing, otherwise. If your shares are        held in the name of a broker or other nominee as the stockholder of record, please consult        your broker or nominee to determine whether it is participating in the Plan on your behalf.        Stockholders who do not participate in the Plan will receive all distributions paid by        check mailed directly to them.

Participants in the Plan also have        the option of making additional cash payments to the Transfer Agent, semiannually, in any        amount from $100 to $3,000, for investment in the Fund's shares. The Plan Agent will use        all such monies received from participants to purchase Fund shares in the open        market on or about February 15 and August 15. To avoid unnecessary cash accumulations, and        also to allow ample time for receipt and processing by the Transfer Agent, it is suggested        that participants send in voluntary cash payments to be received by the Transfer Agent        approximately 10 days (but not more than 30 days) before February 15, or August 15, as the        case may be. A participant may withdraw a voluntary cash payment by written notice if the        notice is received by the Transfer Agent not less than 48 hours before such payment is to        be invested.

If the market price per share on the        payment date for the dividend or distribution (the "Valuation Date") equals or exceeds net        asset value per share, the Fund will issue shares of common stock to participants at the        greater of the following on the Valuation Date: (a) net asset value, or (b) 95% of the        market price. If the net asset value exceeds the market price of Fund shares on the        Valuation Date, the Plan Agent (currently, Computershare Inc.) will use the dividend or        distribution (less each participant's pro rata share of brokerage commissions) to buy Fund        shares in the open market for the participant's account. Such purchases will be made on, or        shortly after, the Valuation Date, and in no event more than 45 days after the        Valuation Date, except where temporary curtailment or suspension of purchase is necessary        to comply with federal securities law. In either case, for federal income tax purposes, the        stockholder receives a distribution equal to the market value on the Valuation Date of new        shares issued. State and local taxes may also apply. If the Fund should declare an income        dividend or net capital gain distribution payable only in cash, the Plan Agent will, as        agent for the participants, buy Fund shares in the open market for the participant's        account on, or shortly after, the payment date.

There is no service        fee charged to participants for reinvesting dividends or distributions from net realized        capital gains. The Plan Agent's and/or Transfer Agent's fees for the handling of the        reinvestment of dividends and capital gain distributions will be paid by the Fund. There        will be no brokerage commissions with respect to shares issued directly by the Fund as a        result of dividends or capital gain distributions payable either in stock or in cash. With        respect to purchases of Fund shares from voluntary cash payments, each participant will be        charged $1.00 for each such purchase. Each participant will pay a pro rata share of        brokerage commissions incurred with respect to the Plan Agent's open market purchases of        Fund shares in connection with the reinvestment of any dividends or capital gain        distributions, or voluntary cash payments made by the participant.

Brokerage charges for purchasing        small amounts of stock for individual accounts through the Plan are expected to be less        than the usual brokerage charges for such transactions, because the Plan Agent will be        purchasing stock for all participants in blocks and prorating the lower commission thus        attainable.

The Fund reserves the right to        terminate the Plan. Notice of the termination will be sent to the participants of the Plan        at least 30 days before the record date for a dividend or distribution. The Plan also may        be amended by the Fund, but (except when necessary or appropriate to comply with applicable        law, rules or policies of a regulatory authority) only by giving at least 30 days' written        notice to participants in the Plan. A participant may terminate his account under the Plan        by written notice to the Transfer Agent. If the written notice is received 10 days before        the record day of any distribution, it will be effective immediately. If received after        that date, it will be effective as soon as possible after the reinvestment of the dividend        or distribution. If a participant elects to sell his shares before the Plan is terminated,        the Plan Agent is authorized to deduct a fee of 5% of the gross proceeds, to a maximum of        $3.50, plus brokerage commissions from the sale transaction.

**Stockholder Meeting        Results**

The Annual Meeting of Stockholders        of DWS Global Commodities Stock Fund, Inc. (the "fund") was held on October 13, 2008. A        quorum was present but none of the 10 nominees received a sufficient number of votes to be        elected as a director. In accordance with Maryland law and the fund's by-laws, the        incumbent Directors of the fund (Paul K. Freeman, William McClayton, William N. Searcy,        Jr., Robert H. Wadsworth and Rebecca W. Rimel) will continue in office until such time as        successors are elected and qualify.

1. Election of Class III Directors        of the fund:

| * *               | **Number of                    Votes:** |
|------------------------|-----------------------------------------|
| **Trustee**            | **For**                                 | **Withheld** |
| Paul K. Freeman        | 3,640,076                               | 151,622 |
| William McClayton      | 3,637,668                               | 154,030 |
| William N. Searcy, Jr. | 3,636,797                               | 154,901 |
| Robert H. Wadsworth    | 3,643,328                               | 148,370 |
| Rebecca W. Rimel       | 3,635,494                               | 156,204 |
| Arthur D. Lipson       | 6,814,261                               | 101,679 |
| William J. Roberts     | 6,814,972                               | 100,968 |
| Gary Schlarbaum        | 6,816,294                               | 99,646 |
| Robert A. Wood         | 6,815,972                               | 99,968 |
| Matthew S. Crouse      | 6,815,972                               | 99,968 |

**Investment Management        Agreement Approval**

The Board of Directors, including        the Independent Directors, approved the renewal of your Fund's investment management        agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in        September 2008.

In terms of the process that the        Board followed prior to approving the Agreement, shareholders should know that:

• At the        present time, all but one of your Fund's Directors are independent of DIMA and its        affiliates.

• The        Directors meet frequently to discuss fund matters. Each year, the Directors dedicate part        or all of several meetings to contract review matters. Over the course of several months,        the Board's Contract Committee, in coordination with the Board's Equity Oversight        Committee, reviewed comprehensive materials received from DIMA, independent third parties        and independent counsel. These materials included an analysis of the Fund's performance,        fees and expenses, and profitability compiled by the Fund's independent fee consultant. The        Board also received extensive information throughout the year regarding performance of the        Fund.

• The        Directors regularly meet privately with their independent counsel (and, as needed, other        advisors) to discuss contract review and other matters. In addition, the Directors were        also advised by the Fund's independent fee consultant in the course of their review of the        Fund's contractual arrangements and considered a comprehensive report prepared by the        independent fee consultant in connection with their deliberations (the "IFC        Report").

• In        connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's        transfer agency agreement and other material service agreements.

• Based        on its evaluation of the information provided, the Contract Committee presented its        findings and recommendations to the Independent Directors as a group. The Independent        Directors reviewed the Contract Committee's findings and recommendations and presented        their recommendations to the full Board.

In connection with the contract        review process, the Contract Committee and the Board considered the factors discussed        below, among others. The Board also considered that DIMA and its predecessors have        managed the Fund since its inception, and the Board believes that a long-term relationship        with a capable, conscientious advisor is in the best interests of the Fund. The Board        considered, generally, that shareholders chose to invest or remain invested in the Fund        knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund's        shareholders at a special meeting held in 2006. DIMA is part of Deutsche Bank, a major        global banking institution that is engaged in a wide range of financial services. The Board        believes that there are significant advantages to being part of a global asset management        business that offers a wide range of investing expertise and resources, including hundreds        of portfolio managers and analysts with research capabilities in many countries throughout        the world.

While shareholders        may focus primarily on fund performance and fees, the Fund's Board considers these and many        other factors, including the quality and integrity of DIMA's personnel and such other        issues as back-office operations, fund valuations, and compliance policies and        procedures.

**Nature, Quality        and Extent of Services.** The Board considered the terms of the Agreement,        including the scope of advisory services provided under the Agreement. The Board noted        that, under the Agreement, DIMA provides portfolio management and administrative services        to the Fund. The Board considered the experience and skills of senior management and        investment personnel, the resources made available to such personnel, the ability of DIMA        to attract and retain high-quality personnel, and the organizational depth and stability of        DIMA. The Board reviewed the Fund's performance over short-term and long-term periods and        compared those returns to various agreed-upon performance measures, including market        indices and a peer universe compiled by the independent fee consultant using information        supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put a process into        place of identifying "Focus Funds" (e.g., funds performing poorly relative to their        benchmark or a peer group compiled by Lipper), and receives more frequent reporting and        information from DIMA regarding such funds, along with DIMA's remedial plans to address        underperformance. The Board believes this process is an effective manner of identifying and        addressing underperforming funds. Based on the information provided, the Board noted that        for each of the one- and three-year periods ended December 31, 2007, the Fund's performance        was in the 1st quartile of the applicable Lipper universe (the 1st quartile being the        best performers and the 4th quartile being the worst performers). The Board also        observed that the Fund has outperformed its benchmark in the one- and three-year periods        ended December 31, 2007. The Board recognized that DIMA has made significant changes in its        investment personnel and processes in recent years in an effort to improve long-term        performance.

On the basis of        this evaluation and the ongoing review of investment results by the Board, the Board        concluded that the nature, quality and extent of services provided by DIMA historically        have been and continue to be satisfactory.

**Fees and        Expenses.** The Board considered the Fund's investment management fee schedule,        operating expenses, and total expense ratios, and comparative information provided by        Lipper and the independent fee consultant regarding investment management fee rates paid to        other investment advisors by similar funds (1st quartile being the most favorable and 4th        quartile being the least favorable). With respect to management fees paid to other        investment advisors by similar funds, the Board noted that the contractual fee rates paid        by the Fund were lower than the median (1st quartile) of the applicable Lipper peer group        (based on Lipper data provided as of December 31, 2007). The Board noted that the Fund's        total (net) operating expenses were expected to be lower than the median (1st quartile) of        the applicable Lipper expense universe (based on Lipper data provided as of December 31,        2007). The Board considered the Fund's management fee rate as compared to fees charged by        DIMA and certain of its affiliates for comparable mutual funds and considered differences        in fund and fee structures between the DWS Funds. The Board also considered how the        Fund's total (net) operating expenses compared to the total (net) operating expenses of a        more customized peer group selected by Lipper (based on such factors as asset size). The        Board concluded that the Fund's fee schedule represents an appropriate sharing between the        Fund and DIMA of such economies of scale as may exist in the management of the Fund at        current asset levels.

On the basis of the information        provided, the Board concluded that management fees were reasonable and appropriate in light        of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed        detailed information regarding revenues received by DIMA under the Agreement. The Board        considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS        Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in        particular. The Board also received information regarding the estimated enterprise-wide        profitability of the DWS Investments organization with respect to all fund services in        totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the        management of the Fund. Based on the information provided, the Board concluded that the        pre-tax profits realized by DIMA in connection with the management of the Fund were not        unreasonable. The Board also reviewed information regarding the profitability of        certain similar investment management firms. The Board noted that while information        regarding the profitability of such firms is limited (and in some cases is not necessarily        prepared on a comparable basis), DIMA and its affiliates' overall profitability with        respect to the DWS Investments fund complex (after taking into account distribution and        other services provided to the funds by DIMA and its affiliates) was lower than the overall        profitability levels of many comparable firms for which such data was available.

**Other Benefits to DIMA and Its        Affiliates.** The Board also considered the character and amount of other        incidental benefits received by DIMA and its affiliates, including any fees received by        DIMA for administrative services provided to the Fund and any fees received by an affiliate        of DIMA for distribution services. The Board also considered benefits to DIMA related to        brokerage and soft-dollar allocations, including allocating brokerage to pay for research        generated by parties other than the executing broker dealers, which pertain primarily to        funds investing in equity securities, along with the incidental public relations benefits        to DIMA related to DWS Funds advertising and cross-selling opportunities among DWS        Investments products and services. The Board concluded that management fees were reasonable        in light of these fallout benefits.

**Compliance.** The Board considered the        significant attention and resources dedicated by DIMA to documenting and enhancing its        compliance processes in recent years. The Board noted in particular (i) the experience and        seniority of DIMA's chief compliance officer; (ii) the large number of compliance personnel        who report to DIMA's chief compliance officer; and (iii) the substantial commitment of        resources by DIMA and its affiliates to compliance matters.

Based on all of the information        considered and the conclusions reached, the Board (including a majority of the Independent        Directors) determined that the continuation of the Agreement is in the best interests of        the Fund. In making this determination the Board did not give particular weight to any        single factor identified above. The Board considered these factors over the course of        numerous meetings, certain of which were in executive session with only the Independent        Directors and their counsel present. It is possible that individual Directors may have        weighed these factors differently in reaching their individual decisions to approve the        continuation of the Agreement.

**Other        Information**

**Net Asset Value**

The fund's NAV is available daily on        our Web site atwww.dws-investments.com. The fund's NAV is published weekly on Monday in *The Wall Street        Journal* under the heading "Closed End Funds." The fund's market value is published        weekly in *Barron's*. The fund's NAV is also published weekly in        *Barron's.*

**Certifications**

The fund's chief executive officer        has certified to the New York Stock Exchange that, as of November 10, 2008, he was not        aware of any violation by the fund of applicable NYSE corporate governance        listing standards. The fund's reports on Form N-CSRs and N-Q contain certifications by the        fund's chief executive officer and chief financial officer that relate to the fund's        disclosure in such reports and that are required by the Rule 30a-2(a) under the Investment        Company Act.

**Additional        Information**

|                                                                 |
|----------------------------------------------------------------------|
| **Automated                    Information Lines**                   | **DWS                    Investments Closed-End Fund Info Line**

**(800)                    349-4281** |
| **Web                    Site**                                      | **www.dws-investments.com**
Obtain quarterly fact sheets, financial                    reports, press releases and webcasts when available. |
| **Written                    Correspondence**                        | **Deutsche                    Investment Management Americas Inc.**
345 Park AvenueNew York, NY 10154 |
| **Proxy                    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. |
| **Legal                    Counsel**                                 | **Ropes &                    Gray LLP**
One International PlaceBoston, MA 02110 |
| **Dividend                    Reinvestment Plan Agent**              | **Computershare Inc.**
P.O. Box 43078Providence, RI 02940-3078 |
| **Transfer                    Agent and Registrar**                  | **DWS                    Investments Service Company**
P.O. Box 219066Kansas City, MO 64121-9066
**(800)                    294-4366** |
| **Custodian**                                                        | **Brown                    Brothers Harriman & Co.**
40 Water StreetBoston, MA 02109 |
| **Independent Registered Public Accounting                    Firm** | **PricewaterhouseCoopers LLP**
125 High StreetBoston, MA 02110 |
| **NYSE                    Symbol**                                   | GCS |
| **CUSIP                    Number**                                  | 23338Y100 |

**Privacy        Statement**

Dear Valued Client:

We want to make sure you know our        policy regarding the way in which our clients' private information is handled at DWS        Investments. The following information is issued by DWS Investments Distributors, Inc.,        Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust        Company and the DWS Funds.

**We consider privacy fundamental        to our client relationships and adhere to the policies and practices described below to        protect current and former clients' information.**We never        sell customer lists or individual client information. Internal policies are in place to        protect confidentiality, while allowing client needs to be served. Only individuals who        need to do so in carrying out their job responsibilities may access client information. We        maintain physical, electronic and procedural safeguards that comply with federal and state        standards to protect confidentiality. These safeguards extend to all forms of interaction        with us, including the Internet.

In the normal course of business,        clients give us nonpublic personal information on applications and other forms, on our Web        sites, and through transactions with us or our affiliates. Examples of the nonpublic        personal information collected are name, address, Social Security number, and transaction        and balance information. To be able to serve our clients, certain of this client        information is shared with affiliated and nonaffiliated third party service providers such        as transfer agents, custodians and broker-dealers to assist us in processing transactions        and servicing your account.

In addition, we may disclose the        information we collect to companies that perform marketing services on our behalf or to        other financial institutions with which we have joint marketing agreements. These        organizations may only use client information for the purpose designated by the companies        listed above, and additional requirements beyond federal law may be imposed by certain        states. To the extent that these state laws apply, we will comply with them before we share        information about you.

We may also disclose nonpublic        personal information about you to other parties as required or permitted by law. For        example, we are required to or may provide information to government entities or regulatory        bodies in response to requests for information or subpoenas, to private litigants in        certain circumstances, to law enforcement authorities, or any time we believe it necessary        to protect the firm.

At any time, if you have questions        about our policy, please write to us at:

DWS Investments        Attention: Correspondence — Chicago        P.O. Box 219415        Kansas City, MO 64121-9415 September 2008

----

 

| **ITEM 2.** | **CODE OF ETHICS**                         |
|-------------|--------------------------------------------|
|        |                                       |
|        | Not applicable.                            |
|        |                                       |
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT**       |
|        |                                       |
|        | Not applicable.                            |
|        |                                       |
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES** |
|        |                                       |
|        | Not applicable.                            |

 

| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS**                                                                                        |
|-------------|----------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                             |
|        | Not Applicable                                                                                                                   |
|        |                                                                                                                             |
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS**                                                                                                      |
|        |                                                                                                                             |
|        | Not Applicable                                                                                                                   |
|        |                                                                                                                             |
| **ITEM 7.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES                            FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|        |                                                                                                                             |
|        | Not applicable.                                                                                                                  |
|        |                                                                                                                             |
| **ITEM 8.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT                            INVESTMENT COMPANIES**                                  |
|        |                                                                                                                             |
|        | Not Applicable.                                                                                                                  |

 

| **ITEM 9.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-END                            MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                |
|        |                                                                                                                                |

 

|                               | (a)                              | (b)                          | (c)                                                                                                          | (d)                                                                                                        |
|------------------------------------|----------------------------------|------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
|  

Period                | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of

Shares Purchased as Part of Publicly Announced Plans or                            Programs | Maximum Number of Shares that May Yet Be Purchased Under                            the Plans

or Programs |
|                               |                             |                         |                                                                                                         |                                                                                                       |
| July 1 through July 31*            | 1,004,832                        | $20.73                       | 1,004,832                                                                                                    | 0                                                                                                          |
| August 1 through August 31         | 0                                | $0.0                         | n/a                                                                                                          | n/a                                                                                                        |
| September 1 through September 30** | 212,000                          | $14.38                       | n/a                                                                                                          | 3,606,361                                                                                                  |
| October 1 through October 31       | 342,630                          | $9.48                        | n/a                                                                                                          | 3,263,731                                                                                                  |
| November 1 through November 30     | 203,078                          | $9.08                        | n/a                                                                                                          | 3,060,653                                                                                                  |

 

 

 

| December 1 through December 31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 293,939   | $8.14  | n/a       | 2,766,714 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|-----------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |   |      |      |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2,056,479 | $11.80 | 1,004,832 |      |
| *On June 9, 2008 the Fund announced and commenced a cash                            tender offer. The Fund approved the tender offer for up to 1,004,832 of                            its shares of common stock, representing approximately 5% of its                            outstanding shares. This tender offer expired on July 14, 2008 and                            1,004,832 shares were tendered.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ** Effective September 2, 2008, the fund is authorized                            to effect periodic repurchases of its shares in the open market from                            time to time when the Fund's shares trade at a discount to their net                            asset value per share in the amount of 20% of its outstanding shares                            over a 12-month period of the fund's outstanding common shares in open                            market transactions over a 12-month period. The Board approved the                            repurchase program on July 16, 2008, with notice of the program being                            sent to fund shareholders in the Fund's annual report (on or about                            August 28th, 2008). The program will expire on August 31,                            2009. |

 

 

| **ITEM 10.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY                            HOLDERS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|         | The 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)   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.                                                                                                                                                                                                                                                                            |

 

 

 

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Form            N-CSRS 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 Global Commodities Stock Fund, Inc. |
|-------------|-----------------------------------------|

 

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

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

President

 

| Date: | March 2, 2009 |
|-------|---------------|

 

 

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

 

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

 

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

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

President

 

| Date: | March 2, 2009 |
|-------|---------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

Date:                                        March            2, 2009