UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  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 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        11/30
  Date of reporting period:
        05/31/08
   ITEM 1.REPORT TO STOCKHOLDERS


|MAY 31, 2008
Semiannual Report
to Shareholders
|----------------------------------------------
|                                              
|DWS Large Cap Value Fund                      
|lcv_cover2c0                                  

Contents

|click herePerformance Summary
click hereInformation About Your Fund's Expenses
click herePortfolio Management Review
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereShareholder Meeting Results
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
click hereAccount Management Resources
click herePrivacy Statement
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. This
fund is subject to stock market risk. It focuses its investments on certain economic
sectors, thereby increasing its vulnerability to any single economic, political or regulatory
development. This may result in greater share price volatility. Please read this fund's
prospectus for specific details regarding its investments and risk profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance SummaryMay 31, 2008

Classes A, B, C and Institutional Class

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. Institutional Class shares are not subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated March 1, 2008
are 1.00%, 1.83%, 1.74% and 0.58% for Class A, Class B, Class C and Institutional
Class shares, respectively. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended May 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return.

Returns and rankings during the 3-year, 5-year and 10-year periods shown reflect a fee
waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and
rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returns(Unadjusted for Sales Charge) as of 5/31/08
|-----------------------------------------------------------------------
|DWS Large Cap Value Fund                                               
|Class A                                                                
|Class B                                                                
|Class C                                                                
|Russell 1000® Value Index+                                             
|S&P 500® Index++                                                       

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

|Average Annual Total Returnsas of 5/31/08
|-----------------------------------------
|DWS Large Cap Value Fund                 
|Institutional Class                      
|Russell 1000 Value Index+                
|S&P 500 Index++                          

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

|Net Asset Value and Distribution Information                       
|-------------------------------------------------------------------
|                                                                   
|Net Asset Value:
5/31/08                                           
|11/30/07                                                           
|Distribution Information:
Six Months as of 5/31/08:Income Dividends
|Capital Gain Distributions                                         

|Class A Lipper Rankings  Large-Cap Value Funds Categoryas of 5/31/08
|---------------------------------------------------------------------
|Period                                                               
|1-Year                                                               
|3-Year                                                               
|5-Year                                                               
|10-Year                                                              

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary.

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)        
|----------------------------------------------------------------------------------
|[]DWS Large Cap Value Fund  Class A
[]Russell 1000 Value Index+
[]S&P 500 Index++
|lcv_g10k250                                                                       
|Yearly periods ended May 31                                                       

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425.

|Comparative Results(Adjusted for Maximum Sales Charge) as of 5/31/08
|--------------------------------------------------------------------
|DWS Large Cap Value Fund                                            
|Class A                                                             
|Average annual total return                                         
|Class B                                                             
|Average annual total return                                         
|Class C                                                             
|Average annual total return                                         
|Russell 1000
Value Index+                                           
|Average annual total return                                         
|S&P 500 Index++                                                     
|Average annual total return                                         

The growth of $10,000 is cumulative.

|Growth of an Assumed $1,000,000 Investment                                                    
|----------------------------------------------------------------------------------------------
|[]DWS Large Cap Value Fund  Institutional Class
[]Russell 1000 Value Index+
[]S&P 500 Index++
|lcv_g10k240                                                                                   
|Yearly periods ended May 31                                                                   

|Comparative Resultsas of 5/31/08
|--------------------------------
|DWS Large Cap Value Fund        
|Institutional
Class             
|Average annual total return     
|Russell 1000
Value Index+       
|Average annual total return     
|S&P 500
Index++                 
|Average annual total return     

The growth of $1,000,000 is cumulative.

The minimum initial investment for Institutional Class shares is $1,000,000.

Class S

Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated March 1, 2008 is
0.67% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended May 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return.

Returns and rankings during the 3-year, 5-year and 10-year periods shown reflect a fee
waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and
rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemptions of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returnsas of 5/31/08
|-----------------------------------------
|DWS Large Cap Value Fund                 
|Class S                                  
|Russell 1000 Value Index+                
|S&P 500 Index++                          

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

|Net Asset Value and Distribution Information                       
|-------------------------------------------------------------------
|                                                                   
|Net Asset Value:
5/31/08                                           
|11/30/07                                                           
|Distribution Information:
Six Months as of 5/31/08:Income Dividends
|Capital Gain Distributions                                         

|Class S Lipper Rankings  Large-Cap Value Funds Categoryas of 5/31/08
|---------------------------------------------------------------------
|Period                                                               
|1-Year                                                               
|3-Year                                                               

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary.

|Growth of an Assumed $10,000 Investment                                           
|----------------------------------------------------------------------------------
|[]DWS Large Cap Value Fund  Class S
[]Russell 1000 Value Index+
[]S&P 500 Index++
|lcv_g10k230                                                                       
|                                                                                  

|Comparative Resultsas of 5/31/08 |                   |         |               
|-------------------------------- | ----------------- | ------- | --------------
|DWS Large Cap Value Fund         | 1-Year            | 3-Year  | Life of Class*
|Class S                          | Growth of $10,000 | $10,684 | $13,954       
|Average annual total return      | 6.84%             | 11.75%  | 10.13%        
|Russell 1000 Value Index+        | Growth of $10,000 | $8,772  | $12,405       
|Average annual total return      | -12.28%           | 7.45%   | 6.72%         
|S&P 500 Index++                  | Growth of $10,000 | $9,330  | $12,446       
|Average annual total return      | -6.70%            | 7.57%   | 6.32%         

The growth of $10,000 is cumulative.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads), redemption fees and
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing expenses
(in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. The example
in the table is based on an investment of $1,000 invested at the beginning
of the six-month period and held for the entire period(December 1, 2007 to
May 31, 2008).

The tables illustrate your Fund's expenses in two ways:

•    Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.

•    Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period.

Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount.

|Expenses and Value of a $1,000 Investmentfor the six months ended May 31, 2008
|------------------------------------------------------------------------------
|Actual Fund Return                                                            
|Beginning Account Value 12/1/07                                               
|Ending Account Value 5/31/08                                                  
|Expenses Paid per $1,000*                                                     
|Hypothetical 5% Fund Return                                                   
|Beginning Account Value 12/1/07                                               
|Ending Account Value 5/31/08                                                  
|Expenses Paid per $1,000*                                                     

|Annualized Expense Ratios | Class A | Class B | Class C | Class S | Institutional
Class
|------------------------- | ------- | ------- | ------- | ------- | -------------------
|DWS Large Cap Value Fund  | 1.04%   | 1.88%   | 1.80%   | .72%    | .59%               

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

In the following interview, the portfolio management team discusses
the market environment and performance of DWS Large Cap Value
Fund for the six-month period ended May 31, 2008.

The views expressed in the following discussion reflect those of the portfolio manager only
through the end of the period of the report as stated on the cover. The management team's
views are subject to change at any time based on market and other conditions and should not
be construed as a recommendation. Past performance is no guarantee of future results.

Q: How would you describe the market environment over the last
six months?

A:The six-month period from December 31, 2007 through May 31,
2008, was a period of considerable economic uncertainty and
significant turmoil throughout the capital markets. In the last few
months of 2007, after two decades of unprecedented leveraging of
the US economy  the consumer and the housing markets in
particular  the growth of easily available credit finally proved to be
unsustainable. What began as a correction in the subprime housing
market soon accelerated into the worst financial crisis in decades,
with profound implications for the entire economy. By early 2008,
financial markets had become quite risk-averse, as demonstrated by
wider credit spreads, severe dislocation in short-term credit
markets, overall tightening of financial conditions and a highly
volatile equity market. As mid-year 2008 approached, US markets
were faced with additional bad news, including capital and liquidity
problems experienced by major financial institutions, increased
concern about rising prices for energy and food, and rising
unemployment.

Essentially all equity indices posted negative returns for this period.
The Russell 3000® Index, which is generally regarded as a good
indicator of the broad stock market, had a negative return of -3.63%
for the six months ended May 2008.1 The large-cap Russell 1000®
Index posted a return of -3.78% for the six-month period, while the
small-cap Russell 2000® Index returned -1.87%.2 Growth stocks
performed better than value stocks: the return of the Russell 3000®
Growth Index was -2.37%, compared with -5.02% for the Russell
3000® Value Index.3 The only industry sectors within the Standard
& Poor's 500® (S&P 500) Index with positive returns for this period
were energy, materials and utilities; the weakest sectors were
financials and health care.4

Q: How did the fund perform during this period?

A:For the six months ended May 31, 2008, DWS Large Cap Value
Fund (Class A shares) posted a return of 4.18%. (Returns are
unadjusted for sales charges. If sales charges had been included,
returns would have been lower. Past performance is no guarantee of
future results. Please see pages 4 through 9 for the performance
of other share classes and more complete performance
information.) This return was more than nine percentage points
above that of the fund's benchmark, the Russell 1000® Value Index,
which had a negative return of -5.35%.5 The average return of the
fund's peer group of Lipper Large-Cap Value funds for the six-month
period was -5.44%.6

Q: What are the major strategies used in managing the fund?

A:The fund seeks long-term capital appreciation, with current
income as a secondary objective. In February 2007 a new
management team assumed responsibility for the fund, and we
have made substantial changes in the portfolio to improve
diversification, increase the position in mid-cap stocks and increase
the representation of companies based outside the US. By the
beginning of the current fiscal year, which was December 1, 2007,
we felt that the fund was now well positioned, and performance in
recent months confirms the value of the changes we have made.

Under normal circumstances, the fund invests at least 80% of
assets in common stocks and other equity securities of large US
companies that are similar in size to the companies in the Russell
1000 Value Index (as of May 31, 2008, the Russell 1000 Value Index
had a median market capitalization of $5.1 billion) and that we
believe are undervalued. These are typically companies that have
sound and viable business models, but are temporarily out of favor.
Although the fund can invest in stocks of any economic sector, at
times it may emphasize certain sectors. In fact, it may invest more
than 25% of total assets in a single sector. Most positions represent
between 1% and 2% of assets, and the largest as of May 31, 2008,
is approximately 3%. The fund may invest up to 20% of total assets
in foreign securities. Holdings of non-US companies have averaged
approximately 10% of assets over the last six months.

We begin by screening for stocks whose price-to-earnings ratios are
below the average for the S&P 500. We then compare a company's
stock price to its book value, cash flow and yield, and analyze
individual companies to identify those that are financially sound and
appear to have strong potential for long-term growth. We assemble
the fund's portfolio from among the most attractive stocks, drawing
on an analysis of economic outlooks for various sectors and
industries. We will normally sell a stock when we believe the stock's
price is unlikely to go higher, its fundamental factors have changed,
other investments offer better opportunities, or in the course of
adjusting the emphasis on a given industry.

Q: What decisions contributed most to the fund's strong
performance?

A:Approximately half of the fund's outperformance versus its
benchmark can be attributed to asset allocation and half to stock
selection. In terms of asset allocation, performance benefited from
a significant overweight in energy, which performed very well, and
an underweight in the financial sector, which was down sharply.7

Within the energy sector, some of the positions that contributed
most were Suncor Energy, Inc., an integrated energy company
focused on developing Canada's oil sands, and Halliburton Co., an oil
field services company. Other positive contributors include Noble
Energy, Inc. and Devon Energy Corp., both of which are
independent exploration and production companies.

When we analyze the decisions that had the greatest impact, we
find that many of the most significant ones involved avoiding value
traps which continued to perform poorly. The fund had a significant
underweight relative to the benchmark in General Electric Co.,
which represented almost 5% of the market value of the
benchmark. The stock dropped sharply on a disappointing earnings
report and concerns about troubled loans in the company's large
consumer finance unit. Also, we have continued to be successful in
avoiding most of the worst-performing stocks in the financial sector
such as Bear Stearns Co., Wachovia Bank and American
International Group.

Performance benefited also from some defensive names in the
consumer staples sector including CVS Caremark Corp. and General
Mills, Inc. Other positives were positions in Dover Corp., a
multinational manufacturing company, and Exelon Corp., a utility that
is a leader in nuclear power production. We believe that good-quality
utility companies such as Exelon stand to benefit from stable or
rising demand for electricity in an industry that is
capacity-constrained because there has been little investment in
new facilities in the last decade. In addition, many of these stocks
offer attractive dividend yields.

Q: What were some of the negatives?

A:Positions in large pharmaceutical companies including Merck &
Co., Inc. and Pfizer, Inc. detracted from performance. These stocks
are theoretically defensive issues because they produce essential
products for which there usually is stable demand regardless of the
cyclicality of the economy. However, the stocks have performed
poorly because of disappointing studies for long-expected new
drugs as well as problems with existing portfolio drugs. In addition,
concerns about competitive pressures from generic drugs and the
looming expiration of valuable patents over the next few years
represent a structural drag on those stocks. However, also in the
health care industry, performance benefited from a well-timed
purchase of WellPoint, Inc., a health benefits company, after the
stock dropped sharply.

Another negative was a position in PG&E Corp., a California utility.
Nevertheless, we believe this company fits well with our theme of
utilities as a defensive opportunity, and we continue to hold the
stock.

Newspaper publisher Gannett Co., Inc. is another position in an
industry group that has been out of favor for a long time. Although
performance has been disappointing, we feel that the stock
represents good value, as we believe that this well-managed
industry leader will find ways to cope with the fall of the newspaper
industry by exploring new revenue sources and therefore
represents a good value opportunity. Upcoming events such as the
Beijing 2008 Olympic Games and the US presidential elections
could also be catalysts for an upside surprise in demand for
newspaper advertising space.

Q: Do you have other comments for shareholders?

A:The strong performance of this value-oriented fund in a
challenging market environment is particularly gratifying. We will
continue to seek good quality names that are undervalued, and we
stand ready to make dynamic adjustments to the fund's positioning
to anticipate fundamental changes in the economy. The fund has
appropriate representation in each industry sector, with further
diversification and opportunity provided by exposure to international
and mid-cap names. We believe that this positioning can prove to be
rewarding for investors in the fund over the long term.

Portfolio Summary

|Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral) | 5/31/08 | 11/30/07
|---------------------------------------------------------------------------------------- | ------- | --------
|                                                                                         |         |         
|Common Stocks                                                                            | 95%     | 91%     
|Cash Equivalents                                                                         | 5%      | 9%      
|                                                                                         | 100%    | 100%    

|Sector Diversification(As a % of Common Stocks) | 5/31/08 | 11/30/07
|----------------------------------------------- | ------- | --------
|                                                |         |         
|Energy                                          | 30%     | 24%     
|Financials                                      | 15%     | 18%     
|Utilities                                       | 13%     | 13%     
|Consumer Staples                                | 10%     | 9%      
|Health Care                                     | 8%      | 9%      
|Industrials                                     | 7%      | 7%      
|Materials                                       | 6%      | 7%      
|Telecommunication Services                      | 4%      | 4%      
|Consumer Discretionary                          | 4%      | 3%      
|Information Technology                          | 3%      | 6%      
|                                                | 100%    | 100%    

Asset allocation and sector diversification are subject to change.

|Ten Largest Equity Holdings at May 31, 2008(24.1% of Net Assets)                      
|--------------------------------------------------------------------------------------
|1.      Suncor Energy, Inc.
Integrated energy company                                 
|2.      Halliburton Co.
Provider of oil well services                                 
|3.      Noble Energy, Inc.
Independent oil and gas exploration and development company
|4.      Devon Energy Corp.
Explorer and producer of oil and gas                       
|5.      Exelon Corp.
Distributor of electricity and gas                               
|6.      AT&T, Inc.
Provider of communications services                                
|7.      CVS Caremark Corp.
Operator of a drug store chain                             
|8.      Noble Corp.
Provider of diversified services for the oil and gas industry     
|9.      FirstEnergy Corp.
Operator of electric utility business                       
|10.     PG&E Corp.
Provider of electric and gas utilities                             

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 20. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-investments.com on or after the last day of the
following month. In addition, the Fund's top ten holdings and other information about the Fund
is posted on www.dws-investments.com as of the calendar quarter-end on or after the 15th
day following quarter-end. Please see the Account Management Resources section for contact
information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330.

Investment Portfolioas of May 31, 2008 (Unaudited)

|                                                                   | Shares        | Value ($)  
|------------------------------------------------------------------ | ------------- | -----------
|                                                                   |              
|Common Stocks 94.9%                                               
|Consumer Discretionary 4.1%                                       
|Distributors 1.0%                                                 
|Genuine Parts Co.                                                  | 404,436       | 17,799,228 
|Hotels Restaurants & Leisure 1.3%                                 
|McDonald's Corp.                                                   | 411,035       | 24,382,596 
|Media 1.2%                                                        
|Gannett Co., Inc. (a)                                              | 733,653       | 21,136,543 
|Specialty Retail 0.6%                                             
|Office Depot, Inc.*                                                | 864,714       | 10,981,868 
|Consumer Staples 9.0%                                             
|Beverages 1.0%                                                    
|Dr. Pepper Snapple Group, Inc.* (a)                                | 698,431       | 17,586,493 
|Food & Staples Retailing 2.0%                                     
|CVS Caremark Corp.                                                 | 872,021       | 37,313,779 
|Food Products 3.0%                                                
|General Mills, Inc.                                                | 476,697       | 30,127,250 
|Kraft Foods, Inc. "A"                                              | 731,537       | 23,760,322 
|                                                                   | 53,887,572   
|Tobacco 3.0%                                                      
|Altria Group, Inc.                                                 | 479,606       | 10,676,029 
|Philip Morris International, Inc.*                                 | 479,606       | 25,256,052 
|Reynolds American, Inc. (a)                                        | 329,525       | 18,097,513 
|                                                                   | 54,029,594   
|Energy 28.4%                                                      
|Energy Equipment & Services 8.9%                                  
|ENSCO International, Inc.                                          | 349,829       | 25,128,217 
|Halliburton Co. (a)                                                | 1,093,426     | 53,118,635 
|Noble Corp.                                                        | 584,918       | 36,931,723 
|Transocean, Inc.*                                                  | 156,397       | 23,489,265 
|Weatherford International Ltd.* (a)                                | 486,664       | 22,206,478 
|                                                                   | 160,874,318  
|Oil, Gas & Consumable Fuels 19.5%                                 
|Cameco Corp.                                                       | 602,337       | 24,665,700 
|Chevron Corp.                                                      | 205,596       | 20,384,843 
|ConocoPhillips                                                     | 172,056       | 16,018,414 
|Devon Energy Corp.                                                 | 407,154       | 47,205,435 
|ExxonMobil Corp.                                                   | 177,299       | 15,737,059 
|Hess Corp. (a)                                                     | 230,479       | 28,305,126 
|Marathon Oil Corp.                                                 | 533,256       | 27,404,026 
|Nexen, Inc. (a)                                                    | 665,506       | 25,602,016 
|Noble Energy, Inc.                                                 | 521,509       | 50,821,052 
|Occidental Petroleum Corp.                                         | 339,488       | 31,209,132 
|Suncor Energy, Inc. (a)                                            | 810,326       | 55,385,782 
|Talisman Energy, Inc.                                              | 484,349       | 11,265,958 
|                                                                   | 354,004,543  
|Financials 14.4%                                                  
|Capital Markets 0.5%                                              
|Morgan Stanley                                                     | 182,988       | 8,093,559  
|Commercial Banks 4.8%                                             
|BB&T Corp. (a)                                                     | 541,271       | 17,033,798 
|Canadian Imperial Bank of Commerce (a)                             | 317,712       | 22,303,383 
|Comerica, Inc. (a)                                                 | 447,896       | 16,652,773 
|Synovus Financial Corp. (a)                                        | 1,402,821     | 16,118,413 
|Zions Bancorp. (a)                                                 | 341,939       | 14,734,152 
|                                                                   | 86,842,519   
|Diversified Financial Services 0.4%                               
|The Nasdaq OMX Group, Inc.*                                        | 228,560       | 8,006,457  
|Insurance 7.3%                                                    
|Alleghany Corp.*                                                   | 14,713        | 5,524,732  
|Allstate Corp.                                                     | 360,089       | 18,342,934 
|Chubb Corp.                                                        | 165,723       | 8,909,268  
|Cincinnati Financial Corp.                                         | 251,425       | 8,804,903  
|Fidelity National Financial, Inc. "A"                              | 520,925       | 8,907,817  
|Genworth Financial, Inc. "A"                                       | 826,271       | 18,260,589 
|Loews Corp.                                                        | 399,802       | 19,818,185 
|MetLife, Inc.                                                      | 420,099       | 25,218,543 
|Odyssey Re Holdings Corp. (a)                                      | 242,359       | 9,098,157  
|Unum Group                                                         | 375,510       | 9,042,281  
|                                                                   | 131,927,409  
|Thrifts & Mortgage Finance 1.4%                                   
|Capitol Federal Financial (a)                                      | 195,556       | 8,017,796  
|New York Community Bancorp, Inc. (a)                               | 469,849       | 9,641,302  
|People's United Financial, Inc.                                    | 514,897       | 8,511,247  
|                                                                   | 26,170,345   
|Health Care 7.9%                                                  
|Health Care Equipment & Supplies 1.0%                             
|Baxter International, Inc.                                         | 289,910       | 17,713,501 
|Health Care Providers & Services 1.0%                             
|WellPoint, Inc.*                                                   | 326,933       | 18,249,400 
|Life Sciences Tools & Services 1.2%                               
|Thermo Fisher Scientific, Inc.*                                    | 369,600       | 21,813,792 
|Pharmaceuticals 4.7%                                              
|Abbott Laboratories                                                | 328,172       | 18,492,492 
|Merck & Co., Inc.                                                  | 304,626       | 11,868,229 
|Pfizer, Inc.                                                       | 913,594       | 17,687,180 
|Teva Pharmaceutical Industries Ltd. (ADR) (a)                      | 366,700       | 16,769,191 
|Wyeth                                                              | 466,781       | 20,757,751 
|                                                                   | 85,574,843   
|Industrials 6.2%                                                  
|Aerospace & Defense 3.2%                                          
|Honeywell International, Inc.                                      | 240,241       | 14,323,168 
|Raytheon Co.                                                       | 336,592       | 21,494,765 
|United Technologies Corp.                                          | 314,862       | 22,367,797 
|                                                                   | 58,185,730   
|Industrial Conglomerates 1.5%                                     
|General Electric Co.                                               | 889,990       | 27,340,493 
|Machinery 1.5%                                                    
|Dover Corp.                                                        | 499,299       | 27,002,090 
|Information Technology 2.8%                                       
|Communications Equipment 1.3%                                     
|Brocade Communications Systems, Inc.*                              | 3,043,734     | 24,532,496 
|Semiconductors & Semiconductor Equipment 1.5%                     
|Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)                 | 2,340,935     | 26,803,706 
|Materials 5.7%                                                    
|Chemicals 4.4%                                                    
|Air Products & Chemicals, Inc.                                     | 317,980       | 32,408,522 
|Dow Chemical Co.                                                   | 474,632       | 19,175,133 
|Praxair, Inc.                                                      | 296,740       | 28,208,104 
|                                                                   | 79,791,759   
|Containers & Packaging 1.3%                                       
|Sonoco Products Co.                                                | 675,572       | 23,388,302 
|Telecommunication Services 4.2%                                   
|Diversified Telecommunication Services 4.2%                       
|AT&T, Inc.                                                         | 1,111,211     | 44,337,319 
|BCE, Inc. (a)                                                      | 876,226       | 30,790,582 
|                                                                   | 75,127,901   
|Utilities 12.2%                                                   
|Electric Utilities 10.4%                                          
|Allegheny Energy, Inc.                                             | 547,531       | 29,977,322 
|Duke Energy Corp. (a)                                              | 1,194,093     | 22,066,839 
|Entergy Corp.                                                      | 207,140       | 25,016,298 
|Exelon Corp.                                                       | 515,607       | 45,373,416 
|FirstEnergy Corp.                                                  | 431,110       | 33,932,668 
|FPL Group, Inc.                                                    | 466,271       | 31,482,618 
|                                                                   | 187,849,161  
|Multi-Utilities 1.8%                                              
|PG&E Corp.                                                         | 839,860       | 33,250,057 
|Total Common Stocks (Cost $1,475,946,127)                          | 1,719,660,054
|                                                                  
|Securities Lending Collateral 11.8%                               
|Daily Assets Fund Institutional, 2.76% (b) (c)
(Cost $214,891,045) | 214,891,045   | 214,891,045
|                                                                  
|Cash Equivalents 4.9%                                             
|Cash Management QP Trust, 2.48% (b) (Cost $88,684,155)             | 88,684,155    | 88,684,155 

|                                                 | % of Net
Assets | Value ($)    
|------------------------------------------------ | --------------- | -------------
|                                                 |                
|Total Investment Portfolio(Cost $1,779,521,327)+ | 111.6           | 2,023,235,254
|Other Assets and Liabilities, Net                | (11.6)          | (210,827,298)
|Net Assets                                       | 100.0           | 1,812,407,956

ADR: American Depositary Receipt

The following is a summary of the inputs used as of May 31, 2008 in valuing the Fund's assets
carried at fair value:

|Valuation Inputs                              | Investments in
Securities at
Value
|--------------------------------------------- | ----------------------------------
|Level 1  Quoted Prices                       | $       2,023,235,254             
|Level 2  Other Significant Observable Inputs |                                  
|Level 3  Significant Unobservable Inputs     |                                  
|Total                                         | $2,023,235,254                    

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

Financial Statements

|Statement of Assets and Liabilitiesas of May 31, 2008 (Unaudited)                                                  
|-------------------------------------------------------------------------------------------------------------------
|Assets                                                                                                             
|Investments:Investments in securities, at value (cost $1,475,946,127)  including
$205,207,967 of securities loaned
|Investment in Daily Assets Fund Institutional (cost $214,891,045)*                                                 
|Investment in Cash Management QP Trust (cost $88,684,155)                                                          
|Total investments, at value (cost $1,779,521,327)                                                                  
|Receivable for investments sold                                                                                    
|Dividends receivable                                                                                               
|Interest receivable                                                                                                
|Receivable for Fund shares sold                                                                                    
|Other assets                                                                                                       
|Total assets                                                                                                       
|Liabilities                                                                                                        
|Foreign cash overdraft (cost $32,080)                                                                              
|Payable for investments purchased                                                                                  
|Payable upon return of securities loaned                                                                           
|Payable for Fund shares redeemed                                                                                   
|Accrued management fee                                                                                             
|Other accrued expenses and payables                                                                                
|Total liabilities                                                                                                  
|Net assets, at value                                                                                               
|Net Assets Consist of                                                                                              
|Undistributed net investment income                                                                                
|Net unrealized appreciation (depreciation) on:Investments                                                          
|Foreign currency                                                                                                   
|Accumulated net realized gain (loss)                                                                               
|Paid-in capital                                                                                                    
|Net assets, at value                                                                                               

|Statement of Assets and Liabilitiesas of May 31, 2008 (Unaudited) (continued)                                                                                                                                                 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                               
|Class A
Net Asset Value and redemption price(a) per share
($316,189,121 ÷ 15,019,865 shares of capital stock outstanding,
$.01 par value, 320,000,000 shares authorized)                                                      
|Maximum offering price per share (100 ÷ 94.25 of $21.05)                                                                                                                                                                      
|Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($27,169,155 ÷ 1,288,506 shares of capital
stock outstanding, $.01 par value, 320,000,000 shares authorized)
|Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($31,249,621 ÷ 1,483,602 shares of capital
stock outstanding, $.01 par value, 80,000,000 shares authorized) 
|Class S
Net Asset Value, offering and redemption price(a)per share
($1,373,091,531 ÷ 65,212,547 shares of capital stock outstanding,
$.01 par value,150,000,000 shares authorized)                                            
|Institutional Class
Net Asset Value, offering and redemption price(a)per share
($64,708,528 ÷ 3,066,792 shares of capital stock outstanding,
$.01 par value, 80,000,000 shares authorized)                                    

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

|Statement of Operationsfor the six months ended May 31, 2008 (Unaudited)                                 
|---------------------------------------------------------------------------------------------------------
|Investment Income                                                                                        
|Income:Dividends (net of foreign taxes withheld of $27,171)                                              
|Interest                                                                                                 
|Interest  Cash Management QP Trust                                                                      
|Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
|Total Income                                                                                             
|Expenses:Management fee                                                                                  
|Administration fee                                                                                       
|Services to shareholders                                                                                 
|Custodian fee                                                                                            
|Distribution and service fees                                                                            
|Professional fees                                                                                        
|Directors' fees and expenses                                                                             
|Reports to shareholders and shareholder meeting                                                          
|Registration fees                                                                                        
|Other                                                                                                    
|Total expenses before expense reductions                                                                 
|Expense reductions                                                                                       
|Total expenses after expense reductions                                                                  
|Net investment income (loss)                                                                             
|Realized and Unrealized Gain (Loss)                                                                      
|Net realized gain (loss) from:Investments                                                                
|Foreign currency                                                                                         
|Payments by affiliates (see Note G)                                                                      
|                                                                                                         
|Change in net unrealized appreciation (depreciation) on:Investments                                      
|Foreign currency                                                                                         
|                                                                                                         
|Net gain (loss)                                                                                          
|Net increase (decrease) in net assets resulting from operations                                          

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

|Statement of Changes in Net Assets                                                                                    
|----------------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                     
|Operations:Net investment income (loss)                                                                               
|Net realized gain (loss)                                                                                              
|Change in net unrealized appreciation (depreciation)                                                                  
|Net increase (decrease) in net assets resulting from
operations                                                       
|Distributions to shareholders from:Net investment income:Class A                                                      
|Class B                                                                                                               
|Class C                                                                                                               
|Class S                                                                                                               
|Institutional Class                                                                                                   
|Net realized gains:Class A                                                                                            
|Class B                                                                                                               
|Class C                                                                                                               
|Class S                                                                                                               
|Institutional Class                                                                                                   
|Total distributions                                                                                                   
|Fund share transactions:Proceeds from shares sold                                                                     
|Reinvestment of distributions                                                                                         
|Cost of shares redeemed                                                                                               
|Redemption fees                                                                                                       
|Net increase (decrease) in net assets from Fund share
transactions                                                    
|Increase (decrease) in net assets                                                                                     
|Net assets at beginning of period                                                                                     
|Net assets at end of period (including undistributed net
investment income of $3,900,594 and $7,411,379,
respectively)

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

Financial Highlights

|Class A
Years Ended November 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Net asset value, beginning
of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $    24.51 | $    24.40 | $    22.87 | $    22.15 | $    19.93 | $    17.09
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .11        | .28        | .38e       | .34        | .30        | .25       
|Net realized and unrealized
gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .75        | 2.34       | 2.63       | .79        | 2.16       | 2.81      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .86        | 2.62       | 3.01       | 1.13       | 2.46       | 3.06      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (.16)      | (.36)      | (.33)      | (.41)      | (.24)      | (.22)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4.16)     | (2.15)     | (1.15)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (4.32)     | (2.51)     | (1.48)     | (.41)      | (.24)      | (.22)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $    21.05 | $    24.51 | $    24.40 | $    22.87 | $    22.15 | $    19.93
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 4.18**     | 11.65d     | 13.98e     | 5.21d      | 12.34d     | 18.16d    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 316        | 300        | 363        | 364        | 283        | 152       
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.04*      | 1.00       | 1.02       | 1.06       | 1.32       | 1.30      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.04*      | .99        | 1.02       | 1.05       | 1.21       | 1.29      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.07*      | 1.21       | 1.65e      | 1.52       | 1.39       | 1.41      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 59**       | 86         | 76         | 56         | 39         | 69        
|aFor the six months ended May 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.033 per share and an increase in the ratio of net investment income of 0.14%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Annualized**Not annualized***Amount is less than $.005.

|Class B
Years Ended November 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Net asset value, beginning
of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $    24.54 | $    24.41 | $    22.88 | $    22.14 | $    19.91 | $    17.07
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .02        | .09        | .18e       | .14        | .14        | .11       
|Net realized and unrealized
gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .76        | 2.34       | 2.64       | .82        | 2.15       | 2.81      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .78        | 2.43       | 2.82       | .96        | 2.29       | 2.92      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (.07)      | (.15)      | (.14)      | (.22)      | (.06)      | (.08)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4.16)     | (2.15)     | (1.15)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (4.23)     | (2.30)     | (1.29)     | (.22)      | (.06)      | (.08)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $    21.09 | $    24.54 | $    24.41 | $    22.88 | $    22.14 | $    19.91
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 3.75**     | 10.74d     | 13.04e     | 4.30d      | 11.51d     | 17.20d    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 27         | 30         | 37         | 48         | 50         | 50        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.88*      | 1.83       | 1.89       | 1.98       | 2.21       | 2.16      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.88*      | 1.82       | 1.89       | 1.90       | 1.96       | 2.11      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .23*       | .38        | .78e       | .67        | .64        | .59       
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 59**       | 86         | 76         | 56         | 39         | 69        
|aFor the six months ended May 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.033 per share and an increase in the ratio of net investment income of 0.14%.
Excluding this non-recurring income, total return would have been 0.15% lower.*Annualized**Not annualized***Amount is less than $.005.

|Class C
Years Ended November 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Net asset value, beginning
of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $    24.52 | $    24.40 | $    22.86 | $    22.13 | $    19.91 | $    17.07
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .03        | .11        | .21e       | .17        | .14        | .11       
|Net realized and unrealized
gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .75        | 2.34       | 2.64       | .79        | 2.15       | 2.82      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .78        | 2.45       | 2.85       | .96        | 2.29       | 2.93      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (.08)      | (.18)      | (.16)      | (.23)      | (.07)      | (.09)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (4.16)     | (2.15)     | (1.15)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (4.24)     | (2.33)     | (1.31)     | (.23)      | (.07)      | (.09)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $    21.06 | $    24.52 | $    24.40 | $    22.86 | $    22.13 | $    19.91
|Total Return (%)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 3.77**     | 10.86d     | 13.16e     | 4.38       | 11.51d     | 17.23d    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 31         | 32         | 36         | 42         | 38         | 21        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.80*      | 1.74       | 1.75       | 1.81       | 2.08       | 2.09      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.80*      | 1.73       | 1.75       | 1.81       | 1.96       | 2.07      
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .31*       | .47        | .93e       | .76        | .64        | .63       
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 59**       | 86         | 76         | 56         | 39         | 69        
|aFor the six months ended May 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return does not reflect the effect of any sales charge.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.033 per share and an increase in the ratio of net investment income of 0.14%.
Excluding this non-recurring income, total return would have been 0.15% lower.*Annualized**Not annualized***Amount is less than $.005.

|Class S
Years Ended November 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2008a      | 2007       | 2006       | 2005b     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $    24.52 | $    24.40 | $    22.88 | $    22.21
|Income (loss) from investment operations:
Net investment income (loss)c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .14        | .36        | .45e       | .40       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .76        | 2.35       | 2.63       | .55       
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | .90        | 2.71       | 3.08       | .95       
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (.20)      | (.44)      | (.41)      | (.28)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (4.16)     | (2.15)     | (1.15)     |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (4.36)     | (2.59)     | (1.56)     | (.28)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .00***     | .00***     | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $    21.06 | $    24.52 | $    24.40 | $    22.88
|Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 4.37**     | 12.06d     | 14.33e     | 4.33**    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,373      | 1,394      | 1,438      | 1,483     
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .72*       | .67        | .71        | .68*      
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .72*       | .66        | .71        | .68*      
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 1.39*      | 1.54       | 1.96e      | 1.89*     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 59**       | 86         | .76        | 56        
|aFor the six months ended May 31, 2008 (Unaudited).bFor the period from December 20, 2004 (commencement of operations of Class S shares)
to November 30, 2005.cBased on average shares outstanding during the period.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.033 per share and an increase in the ratio of net investment income of 0.14%.
Excluding this non-recurring income, total return would have been 0.15% lower.*Annualized**Not annualized***Amount is less than $.005.

|Institutional Class
Years Ended November 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2008a      | 2007       | 2006       | 2005       | 2004       | 2003      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Net asset value, beginning
of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $    24.56 | $    24.44 | $    22.91 | $    22.19 | $    19.98 | $    17.13
|Income (loss) from investment
operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .15        | .38        | .46d       | .42        | .37        | .32       
|Net realized and unrealized
gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .76        | 2.35       | 2.64       | .79        | 2.17       | 2.83      
|Total from investment
operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .91        | 2.73       | 3.10       | 1.21       | 2.54       | 3.15      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.21)      | (.46)      | (.42)      | (.49)      | (.33)      | (.30)     
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (4.16)     | (2.15)     | (1.15)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (4.37)     | (2.61)     | (1.57)     | (.49)      | (.33)      | (.30)     
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .00***     | .00***     | .00***     | .00***     |           |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $    21.10 | $    24.56 | $    24.44 | $    22.91 | $    22.19 | $    19.98
|Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 4.41**     | 12.13c     | 14.45c,d   | 5.64c      | 12.65c     | 18.73     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 65         | 61         | 53         | 35         | 8          | 13        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .59*       | .58        | .66        | .68        | .94        | .87       
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | .59*       | .57        | .64        | .66        | .86        | .87       
|Ratio of net investment income
(loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1.52*      | 1.63       | 2.03d      | 1.91       | 1.74       | 1.83      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 59**       | 86         | 76         | 56         | 39         | 69        
|aFor the six months ended May 31, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.033 per share and an increase in the ratio of net investment income of 0.14%.
Excluding this non-recurring income, total return would have been 0.14% lower.*Annualized**Not annualized***Amount is less than $.005.

Notes to Financial Statements(Unaudited)

A. Significant Accounting Policies

DWS Large Cap Value Fund (the ``Fund'') is a diversified series of DWS Value
Series, Inc. (the ``Corporation'') which is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as an open-end
management investment company organized as a Maryland Corporation.

The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered to investors without an
initial sales charge but are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions. Class B shares automatically convert to Class A shares six
years after issuance. Class C shares are offered to investors without an
initial sales charge and are subject to higher ongoing expenses than Class A
shares and a contingent deferred sales charge payable upon certain
redemptions within one year of purchase.Class C shares do not convert into
another class. Institutional Class shares are offered to a limited group of
investors, are not subject to initial or contingent deferred sales charges and
have lower ongoing expenses than other classes. Class S shares are not
subject to initial or contingent deferred sales charges and are generally not
available to new investors except under certain circumstances.

Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements.

The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Directors. The Fund may use a fair valuation model to value international
equity securities in order to adjust for events which may occur between the
close of the foreign exchanges and the close of the New York Stock
Exchange.

The Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS
157"), effective December 1, 2007, which governs the application of
generally accepted accounting principles that require fair value
measurements of the Fund's assets and liabilities. Fair value is an estimate
of the price the Fund would receive upon selling a security in a timely
transaction to an independent buyer in the principal or most advantageous
market of the security. FAS 157 established a three-tier hierarchy to
maximize the use of observable market data and minimize the use of
unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or
liability, including assumptions about risk, for example, the risk inherent in a
particular valuation technique used to measure fair value including such a
pricing model and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable. Observable inputs
are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs
that reflect the reporting entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability developed
based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels as follows:

•    Level 1  quoted prices in active markets for identical securities

•    Level 2  other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.)

•    Level 3  significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

For Level 1 inputs, the Fund uses unadjusted quoted prices in active
markets for assets or liabilities with sufficient frequency and volume to
provide pricing information as the most reliable evidence of fair value. The
Fund's Level 2 valuation techniques include inputs other than quoted prices
within Level 1 that are observable for an asset or liability, either directly or
indirectly. Level 2 observable inputs may include quoted prices for similar
assets and liabilities in active markets or quoted prices for identical or similar
assets or liabilities in markets that are not active in which there are few
transactions, the prices are not current, or price quotations vary
substantially over time or among market participants. Inputs that are
observable for the asset or liability in Level 2 include such factors as interest
rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities. For Level 3 valuation techniques, the Fund uses
unobservable inputs that reflect assumptions market participants would be
expected to use in pricing the asset or liability. Unobservable inputs are
used to measure fair value to the extent that observable inputs are not
available and are developed based on the best information available under
the circumstances. In developing unobservable inputs, market participant
assumptions are used if they are reasonably available without undue cost
and effort.

The Fund may record changes to valuations based on the amount that might
reasonably be expected to receive for a security upon its current sale
consistent with the fair value measurement objective. Each determination is
based on a consideration of all relevant factors, which are likely to vary from
one pricing context to another. Examples of such factors may include, but
are not limited to the type of the security, the existence of any contractual
restrictions on the security's disposition, the price and extent of public
trading in similar securities of the issue or of comparable companies,
quotations or evaluated prices from broker-dealers and/or pricing services,
information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), an analysis of the company's
financial statements, an evaluation of the forces that influence the issuer
and the market(s) in which the security is purchased and sold, and with
respect to debt securities, the maturity, coupon, creditworthiness, currency
denomination, and the movement of the market in which the security is
normally traded. Because of the inherent uncertainties of valuation, the
values reflected in the financial statements may materially differ from the
value determined upon sale of those investments.

Foreign Currency Translations.The books and records of the Fund are
maintained in US dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into US dollars at
the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated into US dollars at
the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency
transactions represent net gains and losses between trade and settlement
dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the
amount of net investment income accrued and the US dollar amount
actually received. That portion of both realized and unrealized gains and
losses on investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed but is included with net realized
and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. The Fund may lend securities to financial institutions.
The Fund retains beneficial ownership of the securities it has loaned and
continues to receive interest and dividends paid by the issuer of securities
and to participate in any changes in their market value. The Fund requires
the borrowers of the securities to maintain collateral with the Fund
consisting of liquid, unencumbered assets having a value at least equal to
the value of the securities loaned. The Fund may invest the cash collateral
into a joint trading account in an affiliated money market fund pursuant to
Exemptive Orders issued by the SEC. The Fund receives compensation for
lending its securities either in the form of fees or by earning interest on
invested cash collateral net of borrower rebates and fees paid to the lending
agent. Either the Fund or the borrower may terminate the loan. The Fund is
subject to all investment risks associated with the value of any cash
collateral received, including, but not limited to, interest rate, credit and
liquidity risk associated with such investments.

Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of
November 30, 2007 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax returns
for the prior three fiscal years remain subject to examination by the Internal
Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders quarterly. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund.

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

Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on all Fund shares redeemed or exchanged within
15 days of buying them, either by purchase or exchange. This fee is
assessed and retained by the Fund for the benefit of the remaining
shareholders. The redemption fee is accounted for as an addition to paid-in
capital.

Expenses. Expenses of the Corporation arising in connection with a specific
fund are allocated to that fund. Other Corporation expenses which cannot
be directly attributed to a fund are apportioned among the funds in the
Corporation.

Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment transactions are reported on trade date. Interest
income is recorded on the accrual basis. Dividend income is recorded on the
ex-dividend date net of foreign withholding taxes. Certain dividends from
foreign securities may be recorded subsequent to the ex-dividend date as
soon as the Fund is informed of such dividends. Realized gains and losses
from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the six months ended May 31, 2008, purchases and sales of
investment securities (excluding short-term investments) aggregated
$956,359,757 and $949,064,788, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor") an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund or delegates such
responsibilities to the Fund's subadvisor.

Pursuant to a written contract, Deutsche Asset Management International
GmbH ("DeAMi"), an affiliate of the Advisor, serves as subadvisor with
respect to investment and reinvestment of assets of the Fund. The Advisor
compensates DeAMi out of the management fee it receives from the Fund.

Under the Investment Management Agreement with the Advisor, the Fund
pays a monthly management fee based on the Fund's average daily net
assets, computed and accrued daily and payable monthly, at the following
annual rates:

|First $1.5 billion of the Fund's average daily net assets | .425%
|--------------------------------------------------------- | -----
|Next $500 million of such net assets                      | .400%
|Next $1 billion of such net assets                        | .375%
|Next $1 billion of such net assets                        | .350%
|Next $1 billion of such net assets                        | .325%
|Over $5 billion of such net assets                        | .300%

Accordingly, for the six months ended May 31, 2008, the fee pursuant to the
Investment Management Agreement was equivalent to an annualized
effective rate of 0.42% of the Fund's average daily net assets.

For the period from December 1, 2007 through March 31, 2008, the Advisor
had contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of the Fund (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses of each class as
follows:

|Class A             | 1.14%
|------------------- | -----
|Class B             | 1.89%
|Class C             | 1.89%
|Class S             | .80% 
|Institutional Class | .65% 

Administration Fee. Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average
daily net assets, computed and accrued daily and payable monthly. For the
six months ended May 31, 2008, the Advisor received an Administration Fee
of $867,045, of which $152,348 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the six months
ended May 31, 2008, the amounts charged to the Fund by DISC were as
follows:

|Services to Shareholders | Total
Aggregated | Unpaid at
May 31, 2008
|------------------------ | ---------------- | ----------------------
|Class A                  | $       198,254  | $       147,588       
|Class B                  | 36,938           | 26,937                
|Class C                  | 28,471           | 20,064                
|Class S                  | 723,794          | 499,106               
|Institutional Class      | 557              | 440                   
|                         | $    988,014     | $    694,135          

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1
Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the
Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net
assets of each of Class B and C shares. In accordance with the Fund's
Underwriting and Distribution Services Agreement, DIDI enters into related
selling group agreements with various firms at various rates for sales of
Class B and C shares. For the six months ended May 31, 2008 the
Distribution Fee was as follows:

|Distribution Fee | Total
Aggregated | Unpaid at
May 31, 2008
|---------------- | ---------------- | ----------------------
|Class B          | $       102,548  | $       17,476        
|Class C          | 112,387          | 19,528                
|                 | $    214,935     | $    37,004           

In addition, DIDI provides information and administrative services for a fee
("Service Fee") to Class A, B and C shareholders at an annual rate of up to
0.25% of average daily net assets for each such class. DIDI in turn has
various agreements with financial services firms that provide these services
and pays these fees based upon the assets of shareholder accounts the
firms service. For the six months ended May 31, 2008, the Service Fee was
as follows:

|Service Fee | Total
Aggregated | Unpaid at
May 31, 2008 | Annualized
Effective Rate
|----------- | ---------------- | ---------------------- | -------------------------
|Class A     | $       352,586  | $       122,000        | .24%                     
|Class B     | 33,589           | 10,230                 | .25%                     
|Class C     | 37,219           | 10,472                 | .25%                     
|            | $    423,394     | $    142,702           |                          

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the six months ended
May 31, 2008 aggregated $11,460.

In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates ranging from 4% to 1% for
Class B and 1% for Class C, of the value of the shares redeemed. For the
six months ended May 31, 2008 the CDSC for Class B and C shares
aggregated $18,480 and $134, respectively. A deferred sales charge of up to
1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended May 31, 2008, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders and shareholder meeting" aggregated
$11,331, of which $6,646 is unpaid.

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

In connection with the board consolidation on April 1, 2008, of the two DWS
Funds Boards of Directors, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the period ended May 31, 2008, the Fund paid its allocated portion of the
retirement benefit of $83,420 to the non-continuing Independent Board
Members, and the Fund was reimbursed by DIMA for this payment.

Cash Management QP Trust.Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
``QP Trust'') and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust.

D. Fee Reductions

The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the six
months ended May 31, 2008, the Fund's custodian fee was reduced by
$442 and $6,658 for custody and transfer agent credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $490
million revolving credit facility provided by a syndication of banks. The Fund
may borrow for temporary or emergency purposes, including the meeting of
redemption requests that otherwise might require the untimely disposition
of securities. The Participants are charged an annual commitment fee which
is allocated based on net assets, among each of the Participants. Interest is
calculated at the Federal Funds Rate plus 0.35 percent. The Fund may
borrow up to a maximum of 33 percent of its net assets under the
agreement.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

|                                                               | Six Months Ended May 31, 2008 | Year Ended November 30, 2007
|-------------------------------------------------------------- | ----------------------------- | ----------------------------
|                                                               | Shares                        | Dollars                     
|Shares sold                                                   
|Class A                                                        | 2,441,010                     | $       49,854,440          
|Class B                                                        | 119,947                       | 2,453,532                   
|Class C                                                        | 208,597                       | 4,267,267                   
|Class S                                                        | 1,791,439                     | 36,454,828                  
|Institutional Class                                            | 616,069                       | 13,158,832                  
|                                                               |                               | $    106,188,899            
|Shares issued to shareholders in reinvestment of distributions
|Class A                                                        | 2,461,017                     | $       50,852,001          
|Class B                                                        | 228,586                       | 4,743,739                   
|Class C                                                        | 218,349                       | 4,524,399                   
|Class S                                                        | 11,337,065                    | 234,096,955                 
|Institutional Class                                            | 545,073                       | 11,269,687                  
|                                                               |                               | $    305,486,781            
|Shares redeemed                                               
|Class A                                                        | (2,111,094)                   | $       (42,770,387)        
|Class B                                                        | (278,490)                     | (5,711,367)                 
|Class C                                                        | (245,982)                     | (5,098,074)                 
|Class S                                                        | (4,744,575)                   | (97,497,815)                
|Institutional Class                                            | (584,530)                     | (11,899,190)                
|                                                               |                               | $    (162,976,833)          
|Redemption fees                                                |                               | $    137,795                
|Net increase (decrease)                                       
|Class A                                                        | 2,790,933                     | $       57,937,246          
|Class B                                                        | 70,043                        | 1,485,960                   
|Class C                                                        | 180,964                       | 3,827,494                   
|Class S                                                        | 8,383,929                     | 173,056,613                 
|Institutional Class                                            | 576,612                       | 12,529,329                  
|                                                               |                               | $    248,836,642            

G. Payments Made by Affiliates

During the six months ended May 31, 2008, the Advisor fully reimbursed
the Fund $69,957 for losses incurred on trades executed incorrectly. The
amount of the loss was less than 0.01% of the Fund's average net assets
thus having no impact on the Fund's total return.

Shareholder Meeting Results

The Special Meeting of Shareholders of DWS Large Cap Value Fund (the
"Fund") was held on March 31, 2008 at the offices of Deutsche Asset
Management, 345 Park Avenue, New York, NY 10154. The following matters
were voted upon by the shareholders of said Fund (the resulting votes are
presented below):

1.       Election of the Board of Trustees.

|                       | Number of Votes:
|---------------------- | ----------------
|Trustee                | For             
|John W. Ballantine     | 49,182,713.2421 
|Henry P. Becton, Jr.   | 49,119,924.9796 
|Dawn-Marie Driscoll    | 49,129.570.6666 
|Keith R. Fox           | 49,130,626.0418 
|Paul K. Freeman        | 49,154,391.0328 
|Kenneth C. Froewiss    | 49,155,345.5137 
|Richard J. Herring     | 49,166,416.6405 
|William McClayton      | 49,151,968.0115 
|Rebecca W. Rimel       | 49,139,719.7813 
|William N. Searcy, Jr. | 49,127,552.5229 
|Jean Gleason Stromberg | 49,139,305.2808 
|Robert H. Wadsworth    | 49,132,607.8871 
|Axel Schwarzer         | 49,130,644.4881 

2-B.     Approval of a Subadvisor Approval Policy.

|Number of Votes:
|----------------
|For             
|41,250,609.9700 

3.       Approval of a Revised Fundamental Investment Policy regarding
Commodities.

|Number of Votes:
|----------------
|For             
|40,383,204.7375 

The meeting was reconvened on May 1, 2008, at which time the following
matter was not approved by shareholders because the matter failed to
receive sufficient shareholder votes:

4-C.    Approval of Articles of Amendment and Restatement.

|Number of Votes:
|----------------
|For             
|43,501,071.1440 

Summary of Management Fee Evaluation by
Independent Fee Consultant

October 26, 2007

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Scudder Funds. My duties include preparing an
annual written evaluation of the management fees DeAM charges the
Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM
charges other clients for like services, DeAM's costs of supplying services
under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of
DeAM's services, including fund performance. This report summarizes my
evaluation for 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions.

Qualifications

For more than 30 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past several years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors,
from Harvard University; and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 136 Fund portfolios in the DWS Scudder Fund family. For each
Fund, I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two
primary comparisons:

The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being
of similar size.

The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements.

These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Scudder Fund. These similar products
included the other DWS Scudder Funds, non-fund pooled accounts,
institutional accounts and sub-advisory accounts. Using this information, I
calculated for each Fund the fee that would be charged to each similar
product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Scudder Fund compares with
this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule.

How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.

Quality of Service  Performance

The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a
view toward determining if the allocation procedures used were
reasonable and how profit levels compared with public data for other
investment managers.

I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization.

I considered how aggregated DWS Scudder Fund expenses had varied
over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Scudder Funds are reasonable.

lcv_m0Thomas H. Mack

Account Management Resources

|                      
|----------------------
|For More
Information  
|Web Site              
|Written
Correspondence
|Proxy Voting          
|Principal
Underwriter 

|              | Class A    | Class B    | Class C    | Class S    | Institutional
Class
|------------- | ---------- | ---------- | ---------- | ---------- | -------------------
|Nasdaq Symbol | KDCAX      | KDCBX      | KDCCX      | KDCSX      | KDCIX              
|CUSIP Number  | 23338F-101 | 23338F-200 | 23338F-309 | 23338F-606 | 23338F-705         
|Fund Number   | 086        | 286        | 386        | 2312       | 1486               

Privacy Statement

This privacy statement is issued by DWS Investments Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor Services,
Inc., DWS Trust Company and the DWS Funds.

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

In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third-party
service providers such as transfer agents, custodians, and broker-dealers to
assist us in processing transactions and servicing your account with us. In
addition, we may disclose all of the information we collect to companies
that perform marketing services on our behalf or to other financial
institutions with which we have joint marketing agreements. The
organizations described above that receive client information may only use it
for the purpose designated by the DWS Investments Companies listed in
the first paragraph of this Privacy Statement.

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

Questions on this policy may be sent to:

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

September 2007

lcv_notes_blank0Notes

lcv_backcover0




ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Large Cap Value Fund, a series of DWS Value Series, Inc.
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        July 30, 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 Large Cap Value Fund, a series of DWS Value Series, Inc.
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        July 30, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        July 30, 2008