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  811-5385

DWS Value Series, 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:  11/30

Date of reporting period: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of February 28, 2009  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Dreman Concentrated Value Fund**

 

 

|   | **Shares**               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **Value ($)** |
|--------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 100.1%** |  
**Consumer Discretionary 11.1%**

 
**Specialty Retail**

Lowe's Companies, Inc.  

 

43,820 

 

694,109 

Staples, Inc.  

 

75,245 

 

1,200,157 

 

**1,894,266**

**Consumer Staples 8.3%**

 
**Tobacco**

Altria Group, Inc.  

 

91,760 

 

**1,416,774**

 

 

 

**Energy 28.0%**

 
**Oil, Gas & Consumable Fuels**

Anadarko Petroleum Corp.  

 

28,745 

 

1,004,638 

Apache Corp.  

 

14,145 

 

835,828 

Chevron Corp.  

 

11,205 

 

680,256 

ConocoPhillips  

 

23,815 

 

889,490 

Devon Energy Corp.  

 

12,500 

 

545,875 

Occidental Petroleum Corp.  

 

15,920 

 

825,770 

 

**4,781,857**

**Financials 13.4%**

 
**Capital Markets 3.0%**

 
The Goldman Sachs Group, Inc.  

 

5,570 

 

**507,316**

**Consumer Finance 1.8%**

 
American Express Co.  

 

25,975 

 

**313,258**

**Diversified Financial Services 4.6%**

 
Bank of America Corp.  

 

68,355 

 

270,002 

Citigroup, Inc.  

 

33,850 

 

50,775 

JPMorgan Chase & Co.  

 

20,020 

 

457,457 

 

**778,234**

**Insurance 4.0%**

 
Chubb Corp.  

 

17,670 

 

**689,837**

**Thrifts & Mortgage Finance 0.0%**

 
Washington Mutual, Inc.  

 

111,000 

 

**2,775**

**Health Care 25.7%**

 
**Health Care Providers & Services 10.3%**

 
Aetna, Inc.  

 

32,350 

 

772,195 

UnitedHealth Group, Inc.  

 

50,610 

 

994,486 

 

**1,766,681**

**Pharmaceuticals 15.4%**

 
Pfizer, Inc.  

 

102,887 

 

1,266,539 

Wyeth  

 

33,240 

 

1,356,857 

 

**2,623,396**

**Industrials 7.9%**

 
**Aerospace & Defense 4.3%**

 
Northrop Grumman Corp.  

 

19,870 

 

**742,343**

**Industrial Conglomerates 2.1%**

 
General Electric Co.  

 

41,205 

 

**350,655**

**Machinery 1.5%**

 
Caterpillar, Inc.  

 

10,200 

 

**251,022**

**Materials 5.7%**

 
**Metals & Mining**

BHP Billiton Ltd. (ADR)  

 

13,845 

 

504,235 

Freeport-McMoRan Copper & Gold, Inc.  

 

15,590 

 

474,248 

 

**978,483**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $28,068,525) †

100.1

 

**17,096,897**

**Other Assets and Liabilities, Net**

(0.1)

 

**(14,676)**

**Net Assets**

100.0

 

**17,082,221**

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

 

 

 

*†*

*The cost for federal income tax purposes was $28,420,429.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $11,323,532.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $236,151 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,559,683.*

*ADR: American Depositary Receipt*

 

***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 February 28, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                17,096,897   

Level 2 

-   

Level 3 

-   

**Total**

**$                17,096,897**

 

**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 Dreman Concentrated Value Fund, a series of DWS Value Series, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 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 Dreman Concentrated Value Fund, a series of DWS Value Series, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 22, 2009

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