UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-5385

DWS Value Series, Inc.

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  11/30

Date of reporting period: 08/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Dreman Small Cap Value Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **Value ($)** |
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|        |
|   | **Common Stocks 89.6%** |  
**Consumer Discretionary 6.1%**

 
**Auto Components 0.1%**

 
Tenneco, Inc.*  

 

153,200 

 

**2,238,251**

**Diversified Consumer Services 0.6%**

 
Regis Corp.  

 

433,450 

 

**11,902,537**

**Hotels Restaurants & Leisure 1.0%**

 
International Speedway Corp. "A"  

 

479,100 

 

**19,005,897**

**Household Durables 0.9%**

 
Helen of Troy Ltd.*  

 

739,500 

 

**17,784,975**

 

 

 

**Leisure Equipment & Products 0.5%**

 
Callaway Golf Co.  

 

631,500 

 

**8,575,770**

**Media 0.3%**

 
DreamWorks Animation SKG, Inc. "A"*  

 

166,800 

 

**5,317,584**

**Specialty Retail 1.3%**

 
Aaron Rents, Inc.  

 

200,600 

 

5,729,136 

Conn's, Inc.* (a) 

 

338,850 

 

6,478,812 

Penske Automotive Group, Inc. (a) 

 

229,000 

 

3,034,250 

The Men's Wearhouse, Inc. (a) 

 

478,500 

 

10,479,150 

 

**25,721,348**

**Textiles, Apparel & Luxury Goods 1.4%**

 
Hanesbrands, Inc.*  

 

148,600 

 

3,542,624 

Phillips-Van Heusen Corp.  

 

340,764 

 

12,969,478 

Wolverine World Wide, Inc.  

 

396,900 

 

10,450,377 

 

**26,962,479**

**Consumer Staples 6.5%**

 
**Food & Staples Retailing 2.5%**

 
Nash Finch Co. (a) 

 

370,200 

 

15,074,544 

Ruddick Corp.  

 

481,400 

 

15,327,776 

Weis Markets, Inc.  

 

460,400 

 

17,426,140 

 

**47,828,460**

**Food Products 2.9%**

 
Del Monte Foods Co.  

 

1,575,300 

 

13,421,556 

Ralcorp Holdings, Inc.*  

 

406,650 

 

24,968,310 

The J.M. Smucker Co.  

 

338,150 

 

18,337,875 

 

**56,727,741**

**Tobacco 1.1%**

 
Vector Group Ltd. (a) 

 

1,123,007 

 

**20,730,709**

**Energy 9.3%**

 
**Energy Equipment & Services 5.9%**

 
Atwood Oceanics, Inc.*  

 

233,900 

 

9,510,374 

Bristow Group, Inc.* (a) 

 

393,700 

 

16,051,149 

Helix Energy Solutions Group, Inc.*  

 

312,850 

 

9,626,394 

Hercules Offshore, Inc.* (a) 

 

421,152 

 

9,294,825 

Hornbeck Offshore Services, Inc.*  

 

97,900 

 

4,313,474 

Key Energy Services, Inc.*  

 

790,700 

 

13,283,760 

Matrix Service Co.* (a) 

 

252,950 

 

6,647,526 

Oil States International, Inc.*  

 

313,600 

 

17,445,568 

RPC, Inc. (a) 

 

811,700 

 

14,797,291 

Superior Energy Services, Inc.* (a) 

 

278,900 

 

13,119,456 

 

**114,089,817**

**Oil, Gas & Consumable Fuels 3.4%**

 
Parallel Petroleum Corp.*  

 

609,350 

 

8,067,794 

PetroQuest Energy, Inc.* (a) 

 

686,474 

 

12,692,904 

Pinnacle Gas Resources, Inc. 144A*  

 

459,000 

 

1,092,420 

Southern Union Co.  

 

843,900 

 

21,992,034 

St. Mary Land & Exploration Co.  

 

116,800 

 

4,931,296 

Stone Energy Corp.*  

 

283,100 

 

13,495,377 

Uranium Resources, Inc.*  

 

1,611,446 

 

3,706,326 

 

**65,978,151**

 

 

 

**Financials 15.4%**

 
**Capital Markets 0.6%**

 
FBR Capital Markets Corp. 144A*  

 

204,400 

 

991,340 

Waddell & Reed Financial, Inc. "A"  

 

331,250 

 

10,666,250 

 

**11,657,590**

**Commercial Banks 2.3%**

 
Citizens Republic Bancorp., Inc. (a) 

 

797,050 

 

2,925,174 

City Holding Co.  

 

109,300 

 

4,569,833 

Columbia Banking System, Inc. (a) 

 

499,600 

 

6,994,400 

FirstMerit Corp.  

 

208,300 

 

4,215,992 

MB Financial, Inc. (a) 

 

164,550 

 

4,579,426 

TCF Financial Corp. (a) 

 

1,294,000 

 

20,380,500 

 

**43,665,325**

**Diversified Financial Services 0.2%**

 
Financial Federal Corp. (a) 

 

198,000 

 

**4,944,060**

**Insurance 11.4%**

 
Allied World Assurance Co. Holdings Ltd.  

 

328,850 

 

12,700,187 

Amerisafe, Inc.*  

 

632,350 

 

11,692,152 

Argo Group International Holdings Ltd.*  

 

382,794 

 

14,389,226 

CastlePoint Holdings Ltd. (a) 

 

70,600 

 

799,192 

CastlePoint Holdings Ltd. 144A*  

 

343,900 

 

3,892,948 

Endurance Specialty Holdings Ltd.  

 

503,200 

 

16,414,384 

Hanover Insurance Group, Inc.  

 

401,500 

 

18,962,845 

Hilb Rogal & Hobbs Co.  

 

307,400 

 

14,002,070 

IPC Holdings Ltd. (a) 

 

591,400 

 

18,729,638 

Odyssey Re Holdings Corp. (a) 

 

567,650 

 

21,434,464 

Platinum Underwriters Holdings Ltd.  

 

438,950 

 

15,868,042 

Safety Insurance Group, Inc.  

 

431,400 

 

18,550,200 

Selective Insurance Group, Inc.  

 

481,000 

 

11,611,340 

StanCorp Financial Group, Inc.  

 

300,300 

 

14,717,703 

Tower Group, Inc.  

 

467,700 

 

9,798,315 

United Fire & Casualty Co.  

 

536,800 

 

15,964,432 

 

**219,527,138**

**Real Estate Investment Trusts 0.9%**

 
Ashford Hospitality Trust (REIT)  

 

1,456,800 

 

6,613,872 

CapLease, Inc. (REIT) (a) 

 

1,244,050 

 

10,263,413 

 

**16,877,285**

**Health Care 9.5%**

 
**Health Care Equipment & Supplies 1.5%**

 
Kinetic Concepts, Inc.* (a) 

 

263,000 

 

9,247,080 

Syneron Medical Ltd.*  

 

290,900 

 

4,802,759 

The Cooper Companies, Inc. (a) 

 

382,150 

 

14,074,585 

 

**28,124,424**

**Health Care Providers & Services 5.8%**

 
Amedisys, Inc.* (a) 

 

283,861 

 

15,107,082 

AmSurg Corp.*  

 

185,200 

 

5,020,772 

Apria Healthcare Group, Inc.*  

 

572,000 

 

11,314,160 

Centene Corp.* (a) 

 

564,100 

 

12,737,378 

Healthspring, Inc.*  

 

1,096,250 

 

21,771,525 

Kindred Healthcare, Inc.*  

 

352,300 

 

10,896,639 

LifePoint Hospitals, Inc.*  

 

776,300 

 

26,192,362 

Odyssey HealthCare, Inc.*  

 

864,800 

 

8,423,152 

 

**111,463,070**

**Life Sciences Tools & Services 1.3%**

 
Charles River Laboratories International, Inc.*  

 

182,150 

 

11,950,862 

 

 

 

PerkinElmer, Inc.  

 

482,250 

 

13,700,722 

 

**25,651,584**

**Pharmaceuticals 0.9%**

 
Sciele Pharma, Inc.* (a) 

 

897,600 

 

**17,289,044**

**Industrials 20.3%**

 
**Aerospace & Defense 3.3%**

 
CAE, Inc.  

 

1,372,050 

 

14,379,084 

Curtiss-Wright Corp.  

 

104,900 

 

5,650,963 

DRS Technologies, Inc.  

 

210,900 

 

16,791,858 

Esterline Technologies Corp.*  

 

361,600 

 

20,426,784 

Triumph Group, Inc. (a) 

 

112,400 

 

6,152,776 

 

**63,401,465**

**Commercial Services & Supplies 1.7%**

 
American Ecology Corp. (a) 

 

404,750 

 

13,138,185 

Deluxe Corp.  

 

421,100 

 

6,952,361 

Ennis, Inc.  

 

743,500 

 

12,275,185 

 

**32,365,731**

**Construction & Engineering 5.2%**

 
Chicago Bridge & Iron Co. NV (New York Shares)  

 

210,150 

 

6,729,003 

EMCOR Group, Inc.*  

 

951,700 

 

32,424,419 

Granite Construction, Inc.  

 

314,250 

 

11,526,690 

Northwest Pipe Co.*  

 

203,750 

 

11,803,238 

Sterling Construction Co., Inc.*  

 

649,050 

 

11,974,972 

URS Corp.*  

 

551,300 

 

26,440,348 

 

**100,898,670**

**Electrical Equipment 3.8%**

 
Baldor Electric Co. (a) 

 

544,000 

 

19,388,160 

General Cable Corp.*  

 

190,700 

 

9,386,254 

Hubbell, Inc. "B"  

 

396,750 

 

17,262,593 

Regal-Beloit Corp.  

 

414,650 

 

19,467,817 

Thomas & Betts Corp.*  

 

162,250 

 

7,476,480 

 

**72,981,304**

**Machinery 3.3%**

 
Barnes Group, Inc.  

 

388,800 

 

9,377,856 

Blount International, Inc.*  

 

332,600 

 

4,197,412 

Gardner Denver, Inc.*  

 

399,200 

 

18,019,888 

Harsco Corp.  

 

292,350 

 

15,389,304 

Kennametal, Inc.  

 

144,300 

 

5,083,689 

Mueller Water Products, Inc. "A" (a) 

 

769,550 

 

8,365,009 

Mueller Water Products, Inc. "B" (a) 

 

340,846 

 

3,537,981 

 

**63,971,139**

**Professional Services 1.1%**

 
Administaff, Inc.  

 

354,750 

 

9,720,150 

Kelly Services, Inc. "A"  

 

601,750 

 

11,637,845 

 

**21,357,995**

**Road & Rail 1.2%**

 
Genesee & Wyoming, Inc.* (a) 

 

553,350 

 

**23,799,583**

**Trading Companies & Distributors 0.7%**

 
GATX Corp.  

 

109,000 

 

4,777,470 

WESCO International, Inc.*  

 

213,100 

 

8,191,564 

 

**12,969,034**

 

 

 

**Information Technology 11.5%**

 
**Communications Equipment 3.1%**

 
Black Box Corp.  

 

588,000 

 

21,073,920 

CommScope, Inc.*  

 

412,700 

 

20,209,919 

Plantronics, Inc.  

 

751,100 

 

19,378,380 

 

**60,662,219**

**Computers & Peripherals 0.5%**

 
Avid Technology, Inc.* (a) 

 

370,800 

 

**8,617,392**

**Electronic Equipment, Instruments & Components 4.2%**

 
Anixter International, Inc.* (a) 

 

448,000 

 

33,066,880 

Mettler-Toledo International, Inc.*  

 

190,500 

 

20,040,600 

Park Electrochemical Corp.  

 

580,182 

 

16,256,700 

ScanSource, Inc.* (a) 

 

409,750 

 

12,329,377 

 

**81,693,557**

**IT Services 0.9%**

 
CACI International, Inc. "A"*  

 

359,050 

 

**18,185,883**

**Semiconductors & Semiconductor Equipment 0.8%**

 
MKS Instruments, Inc.*  

 

644,800 

 

**14,533,792**

**Software 2.0%**

 
Jack Henry & Associates, Inc.  

 

861,900 

 

17,263,857 

Sybase, Inc.*  

 

636,150 

 

21,889,921 

 

**39,153,778**

**Materials 5.0%**

 
**Chemicals 0.5%**

 
OM Group, Inc.*  

 

261,000 

 

**9,683,100**

**Construction Materials 0.7%**

 
Headwaters, Inc.* (a) 

 

396,450 

 

6,101,366 

Texas Industries, Inc. (a) 

 

137,850 

 

7,260,559 

 

**13,361,925**

**Metals & Mining 3.8%**

 
Century Aluminum Co.*  

 

259,100 

 

12,633,716 

IAMGOLD Corp.  

 

2,014,250 

 

13,132,910 

Pan American Silver Corp.*  

 

749,450 

 

19,920,381 

RTI International Metals, Inc.* (a) 

 

506,200 

 

17,114,622 

Sims Group Ltd. (ADR)  

 

256,660 

 

7,515,005 

Worthington Industries, Inc. (a) 

 

233,200 

 

4,104,320 

 

**74,420,954**

**Telecommunication Services 1.6%**

 
**Diversified Telecommunication Services**

Alaska Communications Systems Group, Inc. (a) 

 

1,201,300 

 

12,637,676 

Iowa Telecommunications Services, Inc. (a) 

 

977,600 

 

17,978,064 

 

**30,615,740**

**Utilities 4.4%**

 
**Electric Utilities 1.9%**

 
ALLETE, Inc.  

 

406,550 

 

17,164,541 

IDACORP, Inc. (a) 

 

489,950 

 

14,600,510 

Sierra Pacific Resources  

 

451,150 

 

5,070,926 

 

**36,835,977**

**Gas Utilities 1.1%**

 
Suburban Propane Partners LP (a) 

 

435,350 

 

16,686,966 

 

 

 

Vectren Corp.  

 

165,300 

 

4,585,422 

 

**21,272,388**

**Multi-Utilities 1.4%**

 
CMS Energy Corp.  

 

231,250 

 

3,138,063 

Integrys Energy Group, Inc.  

 

337,250 

 

17,628,057 

TECO Energy, Inc.  

 

357,250 

 

6,373,340 

 

**27,139,460**

**Total Common Stocks** (Cost $1,647,378,561)

 

**1,729,984,325**

 

**Closed End Investment Companies 1.4%**

 
Apollo Investment Corp. (a) 

 

944,500 

 

16,717,650 

Tortoise Energy Infrastructure Corp. (a) 

 

345,857 

 

10,555,556 

**Total Closed End Investment Companies** (Cost $28,381,716)

 

**27,273,206**

 

**Securities Lending Collateral 12.6%**

 
Daily Assets Fund Institutional, 2.65% (b) (c)(Cost $242,423,585)

 

 

242,423,585

 

**242,423,585**

 

**Cash Equivalents 8.8%**

 
Cash Management QP Trust, 2.44% (b)(Cost $169,151,510)

 

 

169,151,510

 

**169,151,510**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $2,087,335,372) †

112.4

 

**2,168,832,626**

**Other Assets and Liabilities, Net**

(12.4)

 

**(238,612,855)**

**Net Assets**

100.0

 

**1,930,219,771**

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

***

*Non-income producing security.*

*†*

*The cost for federal income tax purposes was $2,089,501,909.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $79,330,717.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $271,410,469 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $192,079,752.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at August 31, 2008 amounted to $231,788,428 which is 12.0% of net assets.*

*(b)*

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

*(c)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

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

*ADR: American Depositary Receipt*

*REIT: Real Estate Investment Trust*

 

 

***Fair Value Measurements***

 

*The following is a summary of the inputs used as of August 31, 2008 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in**

**Securities**

Level 1 

$               2,168,832,626 

Level 2 

-   

 

 

 

Level 3 

-   

**Total**

**$               2,168,832,626**

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year. FAS* *157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and requires additional disclosure about the classification of fair value measurements.*

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

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Dreman Small Cap Value Fund, a series of DWS Value Series, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 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 Dreman Small Cap Value Fund, a series of DWS Value Series, Inc.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 22, 2008

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