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 Mid Cap Value Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **Value ($)** |
|--------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 94.2%** |  
**Consumer Discretionary 12.5%**

 
**Auto Components 1.5%**

 
Autoliv, Inc.  

 

22,700 

 

**1,302,299**

**Household Durables 2.6%**

 
Leggett & Platt, Inc.  

 

52,150 

 

1,063,860 

Whirlpool Corp.  

 

12,850 

 

1,238,869 

 

**2,302,729**

**Media 2.7%**

 
Gannett Co., Inc.  

 

22,950 

 

1,078,650 

Idearc, Inc.  

 

36,200 

 

1,235,506 

 

**2,314,156**

 

 

 

 

**Specialty Retail 5.7%**

 
Foot Locker, Inc.  

 

51,450 

 

859,729 

Men's Wearhouse, Inc.  

 

25,800 

 

1,307,544 

The Sherwin-Williams Co.  

 

20,100 

 

1,387,101 

TJX Companies, Inc.  

 

47,100 

 

1,436,079 

 

**4,990,453**

**Consumer Staples 7.6%**

 
**Food & Staples Retailing 0.2%**

 
SUPERVALU, Inc.  

 

4,400 

 

**185,460**

**Food Products 4.6%**

 
Hormel Foods Corp.  

 

34,800 

 

1,239,924 

Smithfield Foods, Inc.*  

 

44,950 

 

1,471,213 

The J.M. Smucker Co.  

 

23,500 

 

1,292,735 

 

**4,003,872**

**Household Products 1.3%**

 
Church & Dwight Co., Inc.  

 

25,250 

 

**1,134,483**

**Tobacco 1.5%**

 
Loews Corp. - Carolina Group  

 

17,100 

 

**1,301,652**

**Energy 10.7%**

 
**Energy Equipment & Services 1.6%**

 
Superior Energy Services, Inc.*  

 

37,050 

 

**1,438,281**

**Oil, Gas & Consumable Fuels 9.1%**

 
Anadarko Petroleum Corp.  

 

26,600 

 

1,302,868 

Cameco Corp.  

 

31,950 

 

1,290,141 

Chesapeake Energy Corp.  

 

42,450 

 

1,369,437 

Cimarex Energy Co.  

 

36,450 

 

1,305,274 

Hess Corp.  

 

23,300 

 

1,429,921 

Newfield Exploration Co.*  

 

27,950 

 

1,215,546 

 

**7,913,187**

**Financials 15.1%**

 
**Commercial Banks 5.2%**

 
Comerica, Inc.  

 

21,900 

 

1,221,582 

Huntington Bancshares, Inc.  

 

60,650 

 

1,043,787 

KeyCorp.  

 

34,700 

 

1,155,510 

Marshall & Ilsley Corp.  

 

25,450 

 

1,112,419 

 

**4,533,298**

**Diversified Financial Services 1.6%**

 
CIT Group, Inc.  

 

35,500 

 

**1,333,735**

**Insurance 5.8%**

 
Arch Capital Group Ltd.*  

 

19,150 

 

1,375,544 

Cincinnati Financial Corp.  

 

30,600 

 

1,289,484 

HCC Insurance Holdings, Inc.  

 

41,900 

 

1,156,859 

Protective Life Corp.  

 

29,550 

 

1,235,190 

 

**5,057,077**

**Real Estate Investment Trusts 2.5%**

 
Hospitality Properties Trust (REIT)  

 

25,450 

 

1,004,257 

Ventas, Inc. (REIT)  

 

31,200 

 

1,188,096 

 

**2,192,353**

 

 

 

 

**Health Care 10.2%**

 
**Health Care Equipment & Supplies 6.4%**

 
Beckman Coulter, Inc.  

 

19,000 

 

1,367,050 

Hillenbrand Industries, Inc.  

 

21,800 

 

1,254,590 

Kinetic Concepts, Inc.*  

 

27,650 

 

1,662,041 

The Cooper Companies, Inc.  

 

25,900 

 

1,262,884 

 

**5,546,565**

**Health Care Providers & Services 1.4%**

 
Lincare Holdings, Inc.*  

 

34,050 

 

**1,225,460**

**Pharmaceuticals 2.4%**

 
Biovail Corp.  

 

71,400 

 

1,250,928 

Mylan Laboratories, Inc.  

 

58,150 

 

878,065 

 

**2,128,993**

**Industrials 17.0%**

 
**Aerospace & Defense 4.6%**

 
Alliant Techsystems, Inc.*  

 

13,750 

 

1,448,012 

DRS Technologies, Inc.  

 

23,350 

 

1,225,408 

L-3 Communications Holdings, Inc.  

 

13,750 

 

1,354,513 

 

**4,027,933**

**Commercial Services & Supplies 1.4%**

 
R.R. Donnelley & Sons Co.  

 

34,800 

 

**1,246,536**

**Electrical Equipment 6.6%**

 
AMETEK, Inc.  

 

35,700 

 

1,427,643 

Cooper Industries Ltd. "A"  

 

28,900 

 

1,478,813 

General Cable Corp.*  

 

24,950 

 

1,451,591 

Hubbell, Inc. "B"  

 

24,650 

 

1,335,537 

 

**5,693,584**

**Machinery 3.3%**

 
Eaton Corp.  

 

14,850 

 

1,399,167 

Parker Hannifin Corp.  

 

13,750 

 

1,477,712 

 

**2,876,879**

**Trading Companies & Distributors 1.1%**

 
WESCO International, Inc.*  

 

19,500 

 

**928,005**

**Information Technology 8.0%**

 
**Computers & Peripherals 1.8%**

 
Seagate Technology  

 

60,750 

 

**1,568,565**

**Electronic Equipment & Instruments 3.4%**

 
Anixter International, Inc.*  

 

19,400 

 

1,489,338 

Arrow Electronics, Inc.*  

 

33,950 

 

1,424,542 

 

**2,913,880**

**Software 2.8%**

 
Check Point Software Technologies Ltd.*  

 

57,400 

 

1,346,604 

Fair Isaac Corp.  

 

30,150 

 

1,115,249 

 

**2,461,853**

**Materials 5.4%**

 
**Chemicals 3.9%**

 
Lyondell Chemical Co.  

 

42,100 

 

1,951,756 

Sigma-Aldrich Corp.  

 

31,750 

 

1,422,400 

 

**3,374,156**

**Metals & Mining 1.5%**

 
Yamana Gold, Inc.  

 

123,600 

 

**1,367,016**

 

 

 

 

**Telecommunication Services 1.5%**

 
**Diversified Telecommunication Services**

Windstream Corp.  

 

88,850 

 

**1,268,778**

**Utilities 6.2%**

 
**Electric Utilities 3.4%**

 
Edison International  

 

27,650 

 

1,457,431 

PPL Corp.  

 

31,350 

 

1,512,951 

 

**2,970,382**

**Multi-Utilities 2.8%**

 
Ameren Corp.  

 

25,700 

 

1,305,046 

Integrys Energy Group, Inc.  

 

21,650 

 

1,086,181 

 

**2,391,227**

**Total Common Stocks** (Cost $79,219,490)

 

**81,992,847**

 

**Cash Equivalents 10.3%**

 
Cash Management QP Trust, 5.32%  (a)(Cost $8,971,247)

 

 

8,971,247

 

**8,971,247**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $88,190,737) 

104.5

 

**90,964,094**

**Other Assets and Liabilities, Net**

(4.5)

 

**(3,914,474)**

**Net Assets**

100.0

 

**87,049,620**

 

*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.*

*(a)*

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

 

*REIT: Real Estate Investment Trust*

 

**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 Mid Cap 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 Mid Cap 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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