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        811-6671

DWS        Global High Income Fund, Inc.

(Exact name of registrant as specified in        charter)

 

Two        International Place

Boston, MA 02110

(Address of principal executive offices)                    (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for        service)

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

Date of fiscal year end:10/31

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

 

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

         

**DWS        Global High Income Fund, Inc.**

 

|                                                                        | **Principal****Amount ($) (a)** |          | **Value                        ($)** |
|-----------------------------------------------------------------------------|---------------------------------|---------------|--------------------------------------|
|                                                                             |
|                                                                        | **Bonds 117.8%**                |          |
| **Argentina 7.8%**                                                          |                            |
| Banco Hipotecario SA, Series REG S, 9.75%,                        4/27/2016 |                            |          | 1,000,000                            |   | 911,250 |
| Republic of Argentina:                                                      |                            |
|                                                                        | GDP Linked Note, 12/15/2035     |          |                                 | 3,000,000 |   | 385,500 |
|                                                                        | 2.0%, 1/3/2010                  | ARS           |                                 | 1,800,000 |   | 607,030 |
|                                                                        | Series X, 7.0%, 4/17/2017 (b)   |          |                                 | 7,060,000 |   | 5,690,215 |
|                                                                             |
| (Cost $8,305,815)                                                           |                            | **7,593,995** |
| **Brazil 18.7%**                                                            |                            |
| Banco Bradesco SA, Series REG S, 14.8%,                        1/4/2010     | BRL                             |          | 7,100,000                            |   | 4,197,839 |
| Federative Republic of Brazil:                                              |                            |
|                                                                        | 10.0%, 8/7/2011                 |          |                                 | 340,000 |   | 401,200 |
|                                                                             |                                 |               |                                      |  |  |  |  |  |  |

|                                                                                                 | 10.5%, 7/14/2014                              |           |      | 3,400,000     |          | 4,370,700 |
|------------------------------------------------------------------------------------------------------|-----------------------------------------------|----------------|-----------|---------------|---------------|-----------|
|                                                                                                 | 11.0%, 1/11/2012 (b)                          |           |      | 1,640,000     |          | 2,017,200 |
|                                                                                                 | 11.0%, 8/17/2040                              |           |      | 2,460,000     |          | 3,302,550 |
| Independencia International, REG S, 9.875%,                        1/31/2017                         |                                          |           | 460,000   |          | 427,800       |
| ISA Capital do Brasil SA, Series REG S, 7.875%,                        1/30/2012                     |                                          |           | 1,000,000 |          | 1,017,500     |
| Notas do Tesouro Nacional, 10.0%, 1/1/2017                                                           | BRL                                           |           | 5,400,000 |          | 2,609,077     |
|                                                                                                      |
| (Cost $16,675,236)                                                                                   |                                          | **18,343,866** |
| **China 2.3%**                                                                                       |                                          |
| Agile Property Holdings Ltd., REG S, 9.0%,                        9/22/2013                          |                                          |           | 780,000   |          | 686,400       |
| Parkson Retail Group Ltd.:                                                                           |                                          |
|                                                                                                 | 7.125%, 5/30/2012                             |           |      | 200,000       |          | 190,500   |
|                                                                                                 | 7.875%, 11/14/2011                            |           |      | 1,400,000     |          | 1,386,000 |
|                                                                                                      |
| (Cost $2,364,452)                                                                                    |                                          | **2,262,900**  |
| **Colombia 8.0%**                                                                                    |                                          |
| EEB International Ltd., Series REG S, 8.75%,                        10/31/2014                       |                                          |           | 500,000   |          | 513,750       |
| Republic of Colombia:                                                                                |                                          |
|                                                                                                 | 7.375%, 1/27/2017                             |           |      | 3,100,000     |          | 3,397,600 |
|                                                                                                 | 7.375%, 9/18/2037 (b)                         |           |      | 2,750,000     |          | 2,935,625 |
|                                                                                                 | 11.75%, 3/1/2010                              | COP            |      | 1,900,000,000 |          | 1,002,786 |
|                                                                                                      |
| (Cost $7,786,905)                                                                                    |                                          | **7,849,761**  |
| **Dominican Republic 3.1%**                                                                          |                                          |
| Cerveceria Nacional Dominicana, Series REG S, 16.0%,                        3/27/2012                |                                          |           | 1,000,000 |          | 1,019,800     |
| Dominican Republic:                                                                                  |                                          |
|                                                                                                 | Series REG S, 8.625%, 4/20/2027               |           |      | 1,400,000     |          | 1,589,000 |
|                                                                                                 | Series REG S, 9.04%, 1/23/2018 (PIK)          |           |      | 393,472       |          | 439,705   |
|                                                                                                      |
| (Cost $3,020,567)                                                                                    |                                          | **3,048,505**  |
| **Ecuador 2.9%**                                                                                     |                                          |
| Republic of Ecuador:                                                                                 |                                          |
|                                                                                                 | Series REG S, 9.375%, 12/15/2015              |           |      | 800,000       |          | 808,720   |
|                                                                                                 | Series REG S, 10.0%, 8/15/2030                |           |      | 2,100,000     |          | 2,031,750 |
|                                                                                                      |
| (Cost $2,520,394)                                                                                    |                                          | **2,840,470**  |
| **Egypt 4.0%**                                                                                       |                                          |
| Republic of Egypt:                                                                                   |                                          |
|                                                                                                 | Series 364, Treasury Bill, 8.54% *, 2/12/2008 | EGP            |      | 10,000,000    |          | 1,794,332 |
|                                                                                                 | Series REG S, 8.75%, 7/18/2012                | EGP            |      | 9,000,000     |          | 1,676,113 |
|                                                                                                 | 9.1%, 9/20/2012                               | EGP            |      | 2,600,000     |          | 475,649   |
|                                                                                                      |
| (Cost $3,792,549)                                                                                    |                                          | **3,946,094**  |
| **El Salvador 1.6%**                                                                                 |                                          |
| Republic of El Salvador, Series REG S, 7.65%, 6/15/2035                        (b) (Cost $1,392,125) |                                          |           | 1,400,000 |          | **1,575,000** |
| **Gabon 2.0%**                                                                                       |                                          |
| Republic of Gabon, Series REG S, 8.2%, 12/12/2017 (Cost                        $1,914,291)           |                                          |           | 1,880,000 |          | **1,962,250** |
| **Ghana 2.2%**                                                                                       |                                          |
| Republic of Ghana, Series REG S, 8.5%, 10/4/2017 (b)                        (Cost $2,020,457)        |                                          |           | 2,000,000 |          | **2,115,000** |
| **Guatemala 1.7%**                                                                                   |                                          |
| Republic of Guatemala:                                                                               |                                          |
|                                                                                                 | Series REG S, 9.25%, 8/1/2013                 |           |      | 900,000       |          | 1,045,350 |
|                                                                                                 | 10.25%, 11/8/2011                             |           |      | 500,000       |          | 582,500   |
|                                                                                                      |
| (Cost $1,533,413)                                                                                    |                                          | **1,627,850**  |
| **Indonesia 5.0%**                                                                                   |                                          |
| BLT Finance BV, Series REG S, 7.5%, 5/15/2014                                                        |                                          |           | 970,000   |          | 732,746       |
|                                                                                                      |                                               |                |           |               |               |           |  |  |  |

| Majapahit Holding BV, Series REG S, 7.75%,                        10/17/2016                                                    |                           |          | 1,000,000  |       | 977,109       |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------|------------|------------|---------------|
| Republic of Indonesia, Series REG S, 6.625%,                        2/17/2037                                                   |                           |          | 3,400,000  |       | 3,179,000     |
|                                                                                                                                 |
| (Cost $5,245,490)                                                                                                               |                           | **4,888,855** |
| **Malaysia 1.9%**                                                                                                               |                           |
| Government of Malaysia, Series 1/04, 4.305%, 2/27/2009                        (Cost $1,565,436)                                 | MYR                            |          | 5,900,000  |       | **1,841,580** |
| **Mexico 5.6%**                                                                                                                 |                           |
| Desarrolladora Homex SAB de CV, 7.5%,                        9/28/2015                                                          |                           |          | 400,000    |       | 389,000       |
| Mexican Bonds:                                                                                                                  |                           |
|                                                                                                                            | Series M-20, 8.0%, 12/7/2023   | MXN           |       | 21,500,000 |          | 2,034,087 |
|                                                                                                                            | Series MI-10, 9.0%, 12/20/2012 | MXN           |       | 31,300,000 |          | 3,062,824 |
|                                                                                                                                 |
| (Cost $5,404,247)                                                                                                               |                           | **5,485,911** |
| **Netherlands 1.5%**                                                                                                            |                           |
| GTB Finance BV, 8.5%, 1/29/2012 (Cost                        $1,585,944)                                                        |                           |          | 1,600,000  |       | **1,528,000** |
| **Pakistan 1.9%**                                                                                                               |                           |
| Republic of Pakistan, Series REG S, 6.875%, 6/1/2017                        (Cost $2,151,819)                                   |                           |          | 2,210,000  |       | **1,834,300** |
| **Panama 1.3%**                                                                                                                 |                           |
| Republic of Panama:                                                                                                             |                           |
|                                                                                                                            | 6.7%, 1/26/2036                |          |       | 300,000    |          | 303,000 |
|                                                                                                                            | 7.125%, 1/29/2026              |          |       | 120,000    |          | 127,320 |
|                                                                                                                            | 8.875%, 9/30/2027              |          |       | 700,000    |          | 878,500 |
|                                                                                                                                 |
| (Cost $1,287,479)                                                                                                               |                           | **1,308,820** |
| **Peru 6.1%**                                                                                                                   |                           |
| Republic of Peru:                                                                                                               |                           |
|                                                                                                                            | 6.55%, 3/14/2037               |          |       | 600,000    |          | 617,640 |
|                                                                                                                            | Series REG S, 6.9%, 8/12/2037  | PEN           |       | 9,000,000  |          | 3,054,815 |
|                                                                                                                            | 7.35%, 7/21/2025               |          |       | 2,000,000  |          | 2,270,000 |
|                                                                                                                                 |
| (Cost $5,472,030)                                                                                                               |                           | **5,942,455** |
| **Philippines 6.9%**                                                                                                            |                           |
| Bangko Sentral Ng Pilipinas, Series A, 8.6%,                        6/15/2027                                                   |                           |          | 2,800,000  |       | 3,381,000     |
| Republic of Philippines:                                                                                                        |                           |
|                                                                                                                            | 8.25%, 1/15/2014               |          |       | 2,020,000  |          | 2,297,750 |
|                                                                                                                            | 8.375%, 2/15/2011              |          |       | 1,000,000  |          | 1,091,200 |
|                                                                                                                                 |
| (Cost $6,231,717)                                                                                                               |                           | **6,769,950** |
| **Russia 1.5%**                                                                                                                 |                           |
| Red Arrow International Leasing, "A", 8.375%, 6/30/2012                        (Cost $1,308,772)                                | RUB                            |          | 34,876,318 |       | **1,429,641** |
| **Serbia 0.7%**                                                                                                                 |                           |
| Republic of Serbia, Series REG S, Step-up Coupon, 3.75%                        to 11/1/2009, 6.75% to 11/1/2024 (Cost $666,393) |                           |          | 700,000    |       | **647,500**   |
| **South Africa 3.2%**                                                                                                           |                           |
| Republic of South Africa:                                                                                                       |                           |
|                                                                                                                            | Series R-195, 10.0%, 2/28/2008 | ZAR           |       | 4,800,000  |          | 641,176 |
|                                                                                                                            | Series R-196, 10.0%, 2/28/2009 | ZAR           |       | 18,400,000 |          | 2,453,164 |
|                                                                                                                                 |
| (Cost $3,272,505)                                                                                                               |                           | **3,094,340** |
| **Turkey 11.4%**                                                                                                                |                           |
| Republic of Turkey:                                                                                                             |                           |
|                                                                                                                            | 6.875%, 3/17/2036 (b)          |          |       | 3,310,000  |          | 3,252,075 |
|                                                                                                                            | 7.25%, 3/15/2015 (b)           |          |       | 2,200,000  |          | 2,373,250 |
|                                                                                                                            | 8.0%, 2/14/2034                |          |       | 810,000    |          | 900,113 |
|                                                                                                                            | Series CPI, 10.0%, 2/15/2012   | TRY           |       | 3,300,000  |          | 3,218,412 |
|                                                                                                                                 |                                |               |            |            |               |  |  |  |  |

|                                                                                           | 16.0%, 3/7/2012                                                                                                                                                                                                                                                                    | TRY             |                                 | 1,800,000 |          | 1,515,313 |
|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|--------------------------------------|-----------|---------------|-----------|
|                                                                                                |
| (Cost $10,433,029)                                                                             |                                                                                                                                                                                                                                                                               | **11,259,163**  |
| **Ukraine 1.9%**                                                                               |                                                                                                                                                                                                                                                                               |
| Government of Ukraine, Series REG S, 7.65%, 6/11/2013                        (Cost $1,805,197) |                                                                                                                                                                                                                                                                               |            | 1,750,000                            |      | **1,878,642** |
| **United States 2.7%**                                                                         |                                                                                                                                                                                                                                                                               |
| US Treasury Bond, 8.125%, 8/15/2019 (Cost                        $2,504,745)                   |                                                                                                                                                                                                                                                                               |            | 1,900,000                            |      | **2,630,609** |
| **Uruguay 0.9%**                                                                               |                                                                                                                                                                                                                                                                               |
| Republic of Uruguay, 5.0%, 9/14/2018 (Cost                        $807,219)                    | UYU                                                                                                                                                                                                                                                                                |            | 16,200,000                           |      | **901,833**   |
| **Venezuela 11.0%**                                                                            |                                                                                                                                                                                                                                                                               |
| Petroleos de Venezuela SA, 5.375%, 4/12/2027                                                   |                                                                                                                                                                                                                                                                               |            | 3,100,000                            |      | 1,922,000     |
| Republic of Venezuela:                                                                         |                                                                                                                                                                                                                                                                               |
|                                                                                           | 7.65%, 4/21/2025 (b)                                                                                                                                                                                                                                                               |            |                                 | 2,800,000 |          | 2,436,000 |
|                                                                                           | 9.25%, 9/15/2027 (b)                                                                                                                                                                                                                                                               |            |                                 | 2,100,000 |          | 2,131,500 |
|                                                                                           | 10.75%, 9/19/2013 (b)                                                                                                                                                                                                                                                              |            |                                 | 3,900,000 |          | 4,290,000 |
|                                                                                                |
| (Cost $11,653,785)                                                                             |                                                                                                                                                                                                                                                                               | **10,779,500**  |
|                                                                                                |
| **Total Bonds**(Cost                        $112,722,011)                                      |                                                                                                                                                                                                                                                                               | **115,386,790** |
|                                                                                           | **Sovereign Loans 3.8%**                                                                                                                                                                                                                                                           |            |
| **Russia 1.9%**                                                                                |                                                                                                                                                                                                                                                                               |
| Alfa Bank, 8.635%, 2/22/2017                                                                   |                                                                                                                                                                                                                                                                               |            | 1,000,000                            |      | 929,360       |
| Russian Standard Finance SA, Series 2, REG S, 7.5%,                        10/7/2010           |                                                                                                                                                                                                                                                                               |            | 1,000,000                            |      | 926,055       |
|                                                                                                |
| (Cost $1,922,717)                                                                              |                                                                                                                                                                                                                                                                               | **1,855,415**   |
| **Ukraine 1.9%**                                                                               |                                                                                                                                                                                                                                                                               |
| Alfa Bank-Ukraine, Series 2006-02, 9.75%,                        12/22/2009                    |                                                                                                                                                                                                                                                                               |            | 1,000,000                            |      | 982,500       |
| Export-Import Bank of Ukraine, 7.65%, 9/7/2011                                                 |                                                                                                                                                                                                                                                                               |            | 900,000                              |      | 898,290       |
|                                                                                                |
| (Cost $1,914,803)                                                                              |                                                                                                                                                                                                                                                                               | **1,880,790**   |
|                                                                                                |
| **Total Sovereign Loans**(Cost                        $3,837,520)                              |                                                                                                                                                                                                                                                                               | **3,736,205**   |
|                                                                                           | **Shares**                                                                                                                                                                                                                                                                         |            | **Value                        ($)** |
|                                                                                                |
|                                                                                           | **Cash Equivalents 3.8%**                                                                                                                                                                                                                                                          |            |
| Cash Management QP Trust, 4.52% (c)(Cost $3,757,349)                                           |                                                                                                                                                                                                                                                                               |            | 3,757,349                            |      | **3,757,349** |
|                                                                                           | **%                        of****Net Assets**                                                                                                                                                                                                                                      |            | **Value                        ($)** |
|                                                                                                |
| **Total Investment Portfolio**(Cost $120,316,880)                                              | 125.4                                                                                                                                                                                                                                                                              |            | **122,880,344**                      |
| **Notes Payable**                                                                              | 27.2                                                                                                                                                                                                                                                                               |            | **26,623,520**                       |
| **Other Assets and Liabilities, Net**                                                          | (52.6)                                                                                                                                                                                                                                                                             |            | **(51,549,983)**                     |
|                                                                                                |
| **Net Assets**                                                                                 | 100.0                                                                                                                                                                                                                                                                              |            | **97,953,881**                       |
|                                                                                           | *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.* |
| ***                                                                                            | *Bond equivalent yield to maturity; not a coupon                        rate.*                                                                                                                                                                                                     |
| *(a)*                                                                                          | *Principal amount stated in US dollars unless otherwise                        noted.*                                                                                                                                                                                             |
| *(b)*                                                                                          | *Securities, or a portion thereof, subject to a                        financing transaction.*                                                                                                                                                                                     |
| *(c)*                                                                                          | *Affiliated fund managed by Deutsche Investment                        Management Americas Inc. The rate shown is the annualized seven-day yield                        at period end.*                                                                                            |
| *GDP: Gross Domestic Product*                                                                  |
| *PIK: Denotes that all or a portion of the income is                        paid in kind.*     |
|                                                                                                |                                                                                                                                                                                                                                                                                    |                 |                                      |           |               |           |  |  |  |  |  |  |

| *As of January 31, 2008, the Fund had the following                        open forward foreign currency exchange contracts:* |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |   |   |   | ***Settlement*** | ***Unrealized*** |   |
| ***Contracts to Deliver***                                                                                                    | ***In Exchange For*** | ***Date*** | ***Appreciation ($)*** |   |
| *USD*                                                                                                                         | *2,413,854* | *RUB* | *59,796,000* | *4/17/2008* | *24,465* |   |
| *USD*                                                                                                                         | *2,099,319* | *TRY* | *2,621,000* | *4/17/2008* | *81,071* |   |
| *ZAR*                                                                                                                         | *22,434,000* | *USD* | *3,064,545* | *4/17/2008* | *118,425* |   |
| ***Total unrealized appreciation***                                                                                           |   |   | ***223,961*** |   |
|                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                          |   |   |   | ***Settlement*** | ***Unrealized*** |   |
| ***Contracts to Deliver***                                                                                                    | ***In Exchange For*** | ***Date*** | ***Depreciation ($)*** |   |
| *BRL*                                                                                                                         | *6,406,000* | *USD* | *3,464,575* | *4/17/2008* | *(129,499)* |   |
| *COP*                                                                                                                         | *1,929,438,000* | *USD* | *964,719* | *4/17/2008* | *(15,643)* |   |
| *TRY*                                                                                                                         | *5,584,000* | *USD* | *4,491,634* | *4/17/2008* | *(153,653)* |   |
| *USD*                                                                                                                         | *1,834,808* | *UAH* | *9,330,000* | *4/17/2008* | *(18,664)* |   |
| ***Total unrealized depreciation***                                                                                           |   |   | ***(317,459)*** |   |

 

| ***Currency Abbreviations*** |                   |   |
|------------------------------|------------------------|--------|
| *ARS*                        | *Argentine Peso*       | *RUB*  | *Russian Ruble* |   |
| *BRL*                        | *Brazilian Real*       | *TRY*  | *Turkish Lira* |   |
| *COP*                        | *Colombian Peso*       | *UAH*  | *Ukraine Hryvnia* |   |
| *EGP*                        | *Egyptian Pound*       | *UYU*  | *Uruguayan Peso* |   |
| *MXN*                        | *Mexican Peso*         | *USD*  | *United States Dollar* |   |
| *MYR*                        | *Malaysian Ringgit*    | *ZAR*  | *South African Rand* |   |
| *PEN*                        | *Peruvian Nouveau Sol* |   |   |   |
|                              |                        |        |  |  |  |  |

 

| **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 half-year (the                        registrant’s second fiscal half-year in the case of the annual                        report) 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 High Income Fund, Inc. |
|-------------|-----------------------------------|

 

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

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

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

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

 

| Registrant: | DWS Global High Income Fund, Inc. |
|-------------|-----------------------------------|

 

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

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

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|