UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-21600

DWS Global Commodities Stock Fund, Inc.

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  06/30

Date of reporting period: 3/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Consolidated Investment Portfolio | **as of March 31, 2009  (Unaudited)** |
|-----------------------------------|---------------------------------------|

 

 

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

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 80.8%** |  
**Australia 5.3%**

 
BHP Billiton Ltd.  

 

240,734 

 

5,365,671 

Rio Tinto Ltd.  

 

13,994 

 

549,081 

(Cost $5,210,099)

 

**5,914,752**

**Brazil 0.4%**

 
Cosan SA Industria e Comercio*  (Cost $472,632)

 

102,779 

 

**427,111**

**Canada 12.0%**

 
Agrium, Inc.  

 

34,266 

 

1,241,762 

Barrick Gold Corp.  

 

75,932 

 

2,457,793 

Enbridge, Inc.  

 

37,644 

 

1,085,310 

EnCana Corp.  

 

67,252 

 

2,752,382 

 

 

 

Kinross Gold Corp.  

 

131,248 

 

2,384,908 

Potash Corp. of Saskatchewan, Inc.  

 

27,704 

 

2,240,183 

Suncor Energy, Inc.  

 

60,374 

 

1,347,497 

(Cost $14,582,939)

 

**13,509,835**

**France 2.8%**

 
Lafarge SA  

 

32,474 

 

1,457,913 

Total SA  

 

35,168 

 

1,744,187 

(Cost $4,050,930)

 

**3,202,100**

**Luxembourg 1.5%**

 
ArcelorMittal  (Cost $2,065,462)

 

84,324 

 

**1,706,656**

**Netherlands 2.6%**

 
Royal Dutch Shell PLC "A"  

 

77,912 

 

1,751,899 

Royal Dutch Shell PLC "B"  

 

54,067 

 

1,185,111 

(Cost $4,623,485)

 

**2,937,010**

**Spain 0.6%**

 
Gamesa Corp. Tecnologica SA  (Cost $954,599)

 

52,128 

 

**668,772**

**Sweden 1.2%**

 
SSAB Svenskt Stal AB "A"  (Cost $1,405,675)

 

163,471 

 

**1,388,196**

**Switzerland 0.8%**

 
Transocean Ltd.*  (Cost $858,762)

 

15,428 

 

**907,784**

**United Kingdom 10.3%**

 
BG Group PLC  

 

139,930 

 

2,120,946 

BHP Billiton PLC  

 

187,509 

 

3,712,506 

BP PLC  

 

611,313 

 

4,091,205 

Rio Tinto PLC  

 

48,955 

 

1,639,232 

(Cost $12,211,202)

 

**11,563,889**

**United States 43.3%**

 
Air Products & Chemicals, Inc.  

 

40,200 

 

2,261,250 

Apache Corp.  

 

32,309 

 

2,070,684 

Archer-Daniels-Midland Co.  

 

31 

 

861 

Cameron International Corp.*  

 

62,866 

 

1,378,651 

Chevron Corp.  

 

69,569 

 

4,677,820 

Commercial Metals Co.  

 

35,753 

 

412,947 

Corn Products International, Inc.  

 

45,387 

 

962,204 

Crown Holdings, Inc.*  

 

64,988 

 

1,477,177 

ExxonMobil Corp.  

 

137,055 

 

9,333,445 

Freeport-McMoRan Copper & Gold, Inc.  

 

52,051 

 

1,983,664 

Marathon Oil Corp.  

 

28,434 

 

747,530 

Martin Marietta Materials, Inc.  

 

16,219 

 

1,286,167 

Monsanto Co.  

 

54,935 

 

4,565,099 

National-Oilwell Varco, Inc.* (a)

 

38,038 

 

1,092,071 

Occidental Petroleum Corp.  

 

37,167 

 

2,068,344 

Owens-Illinois, Inc.*  

 

113,546 

 

1,639,604 

Pactiv Corp.*  

 

107,985 

 

1,575,501 

Peabody Energy Corp.  

 

32,079 

 

803,258 

Praxair, Inc.  

 

59,335 

 

3,992,652 

Quanta Services, Inc.*  

 

22,600 

 

484,770 

Schlumberger Ltd.  

 

17,143 

 

696,349 

Steel Dynamics, Inc.  

 

69,757 

 

614,559 

The Mosaic Co.  

 

33,082 

 

1,388,782 

 

 

 

Ultra Petroleum Corp.*  

 

42,258 

 

1,516,640 

United States Steel Corp.  

 

11,419 

 

241,283 

XTO Energy, Inc.  

 

52,021 

 

1,592,883 

(Cost $53,652,237)

 

**48,864,195**

**Total Common Stocks** (Cost $100,088,022)

 

**91,090,300**

 

**Exchange-Traded Fund 1.6%**

 
**United States**

 
SPDR Gold Trust*  (Cost $906,522)

 

19,725 

 

**1,780,773**

 

**Exchange-Traded Note 0.5%**

 
**United States**

 
iPath Dow Jones-AIG Livestock Total Return Sub-Index*  (Cost $845,969)

 

19,573 

 

**604,414**

 

**Principal**

**Amount ($)**

 

**Value ($)**

 

**Commodities Linked/Structured Notes 4.4%**

 
**United Kingdom 1.1%**

 
Barclays Bank PLC S&P GSCI/MDX Structured Note, 144A, 0.401%, 4/29/2010 (Cost $1,430,000) (b)

 

 

1,430,000 

 

1,177,137 

**United States 3.3%**

 
Landesbank Baden-Wurttemberg MLCX Structured Note, 144A, 0.351%, 7/24/2009 (Cost $10,000,000) (c)

 

 

10,000,000 

 

3,748,280 

**Total Commodities Linked/Structured Notes** (Cost $11,430,000)

 

**4,925,417**

 

**Government & Agency Obligation 1.0%**

 
**US Treasury Obligation**

 
US Treasury Bill, 0.15% **, 6/11/2009 (d) (Cost $1,193,647)

 

1,194,000

 

**1,193,572**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 11.9%**

 
Cash Management QP Trust, 0.53% (e)(Cost $13,391,119)

 

 

13,391,119

 

**13,391,119**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $127,855,279) †

100.2

 

**112,985,595**

**Other Assets and Liabilities, Net**

(0.2)

 

**(238,512)**

**Net Assets**

100.0

 

**112,747,083**

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*Non-income producing security.*

****

*Annualized yield at time of purchase; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $128,333,075.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $15,347,405.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,362,066 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $23,709,471.*

*(a)*

*Security pledged as collateral for written option contracts.*

 

 

 

*(b)*

*Security is linked to the S&P Goldman Sachs Commodity Index (S&P GSCI).  The index is a composite of commodity sector returns, representing unleveraged, long-only investments in commodities futures that are broadly diversified across the spectrum of commodities.*

*(c)*

*Security is linked to the Merrill Lynch Commodity Index eXtra (MLCX).  The index is a composite of commodity sector returns, representing unleveraged, long-only investments in commodities futures that are broadly diversified across the spectrum of commodities.*

*(d)*

*At March 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

*(e)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*MDX: Modified Index*

*MLCX: Merrill Lynch Commodity Index eXtra*

*S&P GSCI: Standard & Poor's Goldman Sachs Commodity Index*

*SPDR: Standard & Poor's Depositary Receipt*

*At March 31, 2009, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

S&P Goldman Sachs  Commodity Index 

 

4/16/2009 

 

117 

 

10,954,616 

 

10,515,375 

 

**(439,241)**

 
*At March 31, 2009, open written option contracts were as follows:*

**Written Options**

 

 

 

**Contract****Amount**

 

**Expiration****Date**

 

**Strike****Price ($)**

 

**Value ($)***

 
 

**Call Options**

 
National-Oilwell Varco, Inc. (Premiums received $112,331)

276 

 

5/16/2009 

 

30.0

 

**(75,900)**

 
***

*Unrealized appreciation at March 31, 2009 was $36,431.*

 

*At March 31, 2009, the DWS Global Commodities Stock Fund, Inc. had the following sector diversification:*

 

**Sector**

**Market Value ($)**

 

**As a % of Common Stocks**

Materials

 

45,582,586

 

50.0

%

Energy

 

42,963,996

 

47.2

%

Consumer Staples

 

1,390,176

 

1.5

%

Industrials

 

1,153,542

 

1.3

%

**Total**

 

**91,090,300**

 

**100.0**

**%**

 

***Investment in Subsidiary***

 

*The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as swaps and futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of March 31, 2009, the Fund held $10,644,900 in the Subsidiary, representing 9.4% of the Fund's net assets. The Fund’s Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary.*

 

***Fair Value Measurements***

 

*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 March 31, 2009 in valuing the Fund's investment.*

 

**Valuation Inputs**

**Investments in  Securities**

**Written Options,**

**at Value**

**Other Financial Instruments***††*

Level 1 

$                 66,094,112    

$             (75,900)   

$              (439,241)   

Level 2 

41,966,066   

-   

-   

Level 3 

4,925,417   

-   

-   

**Total**

**$            112,985,595**

**$             (75,900)**

**$              (439,241)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

*The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value at March 31, 2009:*

 

 

**Investments in  Securities**

**Balance as of June 30, 2008**

$                  98,641,471

Net realized gain (loss)

(32,672,756)   

Change in unrealized appreciation (depreciation)

(7,928,054)   

Amortization premium/discount

-

Net purchases (sales)

(53,115,244)   

Net transfers in (out) of Level 3 

-   

**Balance as of March 31, 2009**

**$                    4,925,417**

**Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009**

**$                 (6,647,383)**

**

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and option contracts.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Options**

 

 

**Futures**

Interest Rate Contracts

$                 -

$                 -

Foreign Exchange Contracts

$                 -

$                 -

Credit Contracts

$                 -

$                 -

Equity Contracts

$     (75,900)

$                 -

Commodity Contracts

$                 -

$   (439,241)

Other Contracts

$                 -

$                 -

 

*Futures.  The Fund is subject to commodities related risk.  The Fund uses futures contracts to gain exposure to the commodities market.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an 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.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.*

 

*Options.  The Fund is subject to equity risk.  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. 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 market 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* *market 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.  For exchange traded contracts the counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.  The Fund's maximum exposure to purchased options is limited to the premium initially paid.*

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Global Commodities Stock Fund, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 20, 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:

May 20, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        May 20, 2009

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