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)

 

222 South Riverside Plaza

Chicago, IL  60606

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154

(Name and address of agent for service)

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

Date of fiscal year end:  11/30

Date of reporting period: 08/31/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of August 31, 2007  (Unaudited)** |
|----------------------|----------------------------------------|

 

 

**DWS Dreman Concentrated Value Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 99.3%** |  
**Consumer Discretionary 2.5%**

 
**Specialty Retail**

Home Depot, Inc.  

 

47,600

 

**1,823,556**

**Consumer Staples 11.1%**

 
**Tobacco**

Altria Group, Inc.  

 

119,600 

 

**8,301,436**

**Energy 31.0%**

 
**Oil, Gas & Consumable Fuels**

Anadarko Petroleum Corp.  

 

89,800 

 

4,398,404 

Apache Corp.  

 

33,400 

 

2,584,492 

 

 

 

 

Chevron Corp.  

 

51,900 

 

4,554,744 

ConocoPhillips  

 

78,500 

 

6,428,365 

Devon Energy Corp.  

 

33,200 

 

2,500,292 

Occidental Petroleum Corp.  

 

48,200 

 

2,732,458 

 

**23,198,755**

**Financials 25.8%**

 
**Commercial Banks 3.4%**

 
Wachovia Corp.  

 

52,000 

 

**2,546,960**

**Diversified Financial Services 3.7%**

 
Bank of America Corp.  

 

54,900 

 

**2,782,332**

**Insurance 5.7%**

 
Chubb Corp.  

 

43,200 

 

2,208,816 

Hartford Financial Services Group, Inc.  

 

23,300 

 

2,071,603 

 

**4,280,419**

**Thrifts & Mortgage Finance 13.0%**

 
Fannie Mae  

 

38,500 

 

2,525,985 

Freddie Mac  

 

66,800 

 

4,115,548 

Washington Mutual, Inc.  

 

82,500 

 

3,029,400 

 

**9,670,933**

**Health Care 19.3%**

 
**Health Care Providers & Services 8.1%**

 
Aetna, Inc.  

 

51,500 

 

2,621,865 

UnitedHealth Group, Inc.  

 

69,300 

 

3,465,693 

 

**6,087,558**

**Pharmaceuticals 11.2%**

 
Pfizer, Inc.  

 

196,400 

 

4,878,576 

Wyeth  

 

75,200 

 

3,481,760 

 

**8,360,336**

**Industrials 6.3%**

 
**Aerospace & Defense 3.2%**

 
Northrop Grumman Corp.  

 

30,400 

 

**2,396,736**

**Industrial Conglomerates 3.1%**

 
General Electric Co.  

 

59,200 

 

**2,301,104**

**Utilities 3.3%**

 
**Independent Power Producers & Energy Traders**

TXU Corp.  

 

36,700 

 

**2,473,580**

**Total Common Stocks** (Cost $66,067,471)

 

**74,223,705**

 

**Cash Equivalents 0.5%**

 
Cash Management QP Trust, 5.32%  (a)(Cost $363,472)

 

 

363,472

 

**363,472**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $66,430,943) 

99.8

 

**74,587,177**

**Other Assets and Liabilities, Net**

0.2

 

**185,307**

**Net Assets**

100.0

 

**74,772,484**

 

*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.*

*(a)*

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

 

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

 

 

**SIGNATURES**

 

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

 

Registrant: 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 17, 2007

 

 

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

 

Registrant: 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 17, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 17, 2007

 

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