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 Small Cap Value Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Value ($)** |
|--------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 91.3%** |  
**Consumer Discretionary 4.7%**

 
**Diversified Consumer Services 0.8%**

 
Nobel Learning Communities, Inc.*  

 

212,700 

 

2,962,911 

Regis Corp.  

 

410,000 

 

13,534,100 

 

**16,497,011**

**Household Durables 0.7%**

 
Helen of Troy Ltd.* (a) 

 

657,100 

 

**14,883,315**

**Leisure Equipment & Products 0.4%**

 
Callaway Golf Co.  

 

561,200 

 

**9,158,784**

**Specialty Retail 1.5%**

 
bebe stores, Inc. (a) 

 

240,200 

 

3,350,790 

 

 

 

 

Conn's, Inc.* (a) 

 

301,100 

 

6,624,200 

Men's Wearhouse, Inc.  

 

425,300 

 

21,554,204 

 

**31,529,194**

**Textiles, Apparel & Luxury Goods 1.3%**

 
Phillips-Van Heusen Corp.  

 

302,864 

 

17,635,771 

Wolverine World Wide, Inc.  

 

352,750 

 

9,273,797 

 

**26,909,568**

**Consumer Staples 7.7%**

 
**Food & Staples Retailing 2.4%**

 
Nash Finch Co. (a) 

 

329,000 

 

12,340,790 

Ruddick Corp. (a) 

 

603,300 

 

19,655,514 

Weis Markets, Inc.  

 

409,200 

 

17,587,416 

 

**49,583,720**

**Food Products 3.7%**

 
Del Monte Foods Co.  

 

1,399,800 

 

14,753,892 

Pilgrim's Pride Corp.  

 

414,000 

 

16,804,260 

Ralcorp Holdings, Inc.* (a) 

 

361,400 

 

22,330,906 

The J.M. Smucker Co.  

 

444,400 

 

24,446,444 

 

**78,335,502**

**Household Products 0.6%**

 
Church & Dwight Co., Inc.  

 

280,400 

 

**12,598,372**

**Tobacco 1.0%**

 
Vector Group Ltd. (a) 

 

940,055 

 

**21,602,464**

**Energy 11.0%**

 
**Energy Equipment & Services 5.3%**

 
Atwood Oceanics, Inc.* (a) 

 

419,200 

 

31,855,008 

Bristow Group, Inc.*  

 

156,300 

 

6,775,605 

Hercules Offshore, Inc.* (a) 

 

819,252 

 

20,841,771 

Matrix Service Co.* (a) 

 

239,300 

 

4,527,556 

NATCO Group, Inc. "A"* (a) 

 

116,500 

 

5,818,010 

Oil States International, Inc.* (a) 

 

296,600 

 

12,516,520 

RPC, Inc. (a) 

 

1,008,600 

 

13,908,594 

Superior Energy Services, Inc.*  

 

405,600 

 

15,745,392 

 

**111,988,456**

**Oil, Gas & Consumable Fuels 5.7%**

 
Arena Resources, Inc.* (a) 

 

151,400 

 

9,289,904 

Delta Petroleum Corp.* (a) 

 

755,700 

 

11,191,917 

Helix Energy Solutions Group, Inc.* (a) 

 

522,000 

 

20,060,460 

Parallel Petroleum Corp.* (a) 

 

1,452,800 

 

25,700,032 

Petrohawk Energy Corp.* (a) 

 

1,211,200 

 

18,337,568 

PetroQuest Energy, Inc.* (a) 

 

1,344,600 

 

15,005,736 

Pinnacle Gas Resources, Inc. 144A*  

 

459,000 

 

2,134,350 

Uranium One, Inc.* (a) 

 

222,596 

 

2,419,888 

Uranium Resources, Inc.* (a) 

 

1,986,446 

 

15,394,957 

 

**119,534,812**

**Financials 12.9%**

 
**Capital Markets 0.6%**

 
FBR Capital Markets Corp. 144A*  

 

204,400 

 

2,724,652 

MCG Capital Corp.  

 

229,900 

 

3,338,148 

Waddell & Reed Financial, Inc. "A"  

 

294,400 

 

7,312,896 

 

**13,375,696**

 

 

 

 

**Commercial Banks 2.4%**

 
AmericanWest Bancorp. (a) 

 

323,500 

 

6,068,860 

Citizens Republic Bancorp., Inc. (a) 

 

753,900 

 

13,291,257 

Columbia Banking System, Inc.  

 

185,500 

 

5,659,605 

MB Financial, Inc. (a) 

 

146,300 

 

5,151,223 

Provident Bankshares Corp.  

 

93,900 

 

2,901,510 

Sterling Financial Corp.  

 

221,207 

 

5,634,142 

UCBH Holdings, Inc. (a) 

 

712,800 

 

11,846,736 

 

**50,553,333**

**Diversified Financial Services 1.0%**

 
ASTA Funding, Inc. (a) 

 

548,100 

 

20,181,042 

CMET Finance Holdings, Inc. 144A*  

 

10,800 

 

129,600 

 

**20,310,642**

**Insurance 7.3%**

 
Allied World Assurance Holdings Ltd.  

 

303,700 

 

14,583,674 

AmCOMP, Inc.*  

 

50,000 

 

476,500 

Amerisafe, Inc.*  

 

561,900 

 

9,243,255 

Argo Group International Holdings Ltd.*  

 

337,038 

 

13,744,410 

CastlePoint Holdings Ltd.  

 

45,500 

 

515,060 

CastlePoint Holdings Ltd. 144A*  

 

343,900 

 

3,892,948 

Endurance Specialty Holdings Ltd.  

 

525,200 

 

20,939,724 

Hanover Insurance Group, Inc.  

 

356,800 

 

15,263,904 

IPC Holdings Ltd.  

 

525,500 

 

13,358,210 

Odyssey Re Holdings Corp. (a) 

 

504,500 

 

18,272,990 

Platinum Underwriters Holdings Ltd.  

 

174,800 

 

6,062,064 

Selective Insurance Group, Inc.  

 

427,400 

 

9,018,140 

Tower Group, Inc.  

 

415,600 

 

10,435,716 

United Fire & Casualty Co.  

 

477,000 

 

18,121,230 

 

**153,927,825**

**Real Estate Investment Trusts 1.5%**

 
Ashford Hospitality Trust (REIT)  

 

1,377,900 

 

15,032,889 

CapLease, Inc. (REIT)  

 

1,105,500 

 

10,668,075 

Friedman, Billings, Ramsey Group, Inc. "A" (REIT)  

 

1,380,200 

 

6,473,138 

 

**32,174,102**

**Thrifts & Mortgage Finance 0.1%**

 
PFF Bancorp., Inc.  

 

144,200 

 

**2,526,384**

**Health Care 8.2%**

 
**Health Care Equipment & Supplies 1.4%**

 
Kinetic Concepts, Inc.*  

 

233,700 

 

14,047,707 

The Cooper Companies, Inc. (a) 

 

339,600 

 

16,558,896 

 

**30,606,603**

**Health Care Providers & Services 5.0%**

 
Amedisys, Inc.* (a) 

 

485,200 

 

18,330,856 

Centene Corp.*  

 

501,300 

 

10,131,273 

Healthspring, Inc.*  

 

974,100 

 

18,205,929 

Kindred Healthcare, Inc.* (a) 

 

331,000 

 

6,560,420 

LifePoint Hospitals, Inc.* (a) 

 

734,300 

 

20,633,830 

Odyssey HealthCare, Inc.* (a) 

 

768,500 

 

7,515,930 

Pediatrix Medical Group, Inc.*  

 

378,300 

 

22,565,595 

PharMerica Corp.* (a) 

 

121,153 

 

2,148,043 

 

**106,091,876**

**Life Sciences Tools & Services 1.4%**

 
Charles River Laboratories International, Inc.*  

 

322,300 

 

16,914,304 

 

 

 

 

PerkinElmer, Inc.  

 

428,500 

 

11,745,185 

 

**28,659,489**

**Pharmaceuticals 0.4%**

 
Perrigo Co. (a) 

 

407,300 

 

**8,435,183**

**Industrials 22.6%**

 
**Aerospace & Defense 3.9%**

 
Argon ST, Inc.* (a) 

 

228,500 

 

4,128,995 

BE Aerospace, Inc.*  

 

330,400 

 

12,875,688 

CAE, Inc.  

 

1,219,200 

 

15,715,488 

DRS Technologies, Inc.  

 

374,000 

 

19,627,520 

EDO Corp. (a) 

 

506,700 

 

21,808,368 

Triumph Group, Inc.  

 

99,900 

 

7,313,679 

 

**81,469,738**

**Air Freight & Logistics 0.5%**

 
ABX Air, Inc.*  

 

1,373,900 

 

**9,424,954**

**Airlines 0.5%**

 
Alaska Air Group, Inc.*  

 

404,500 

 

**10,039,690**

**Building Products 0.9%**

 
Lennox International, Inc.  

 

454,000 

 

16,330,380 

NCI Building Systems, Inc.* (a) 

 

72,000 

 

3,340,080 

 

**19,670,460**

**Commercial Services & Supplies 3.2%**

 
Administaff, Inc.  

 

315,300 

 

10,877,850 

American Ecology Corp.  

 

359,700 

 

7,190,403 

Clean Harbors, Inc.* (a) 

 

133,700 

 

6,309,303 

Ennis, Inc. (a) 

 

660,700 

 

14,370,225 

HNI Corp. (a) 

 

365,500 

 

14,927,020 

Kelly Services, Inc. "A"  

 

569,200 

 

12,932,224 

 

**66,607,025**

**Construction & Engineering 7.3%**

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

 

494,800 

 

18,480,780 

EMCOR Group, Inc.* (a) 

 

845,700 

 

26,512,695 

Granite Construction, Inc.  

 

279,300 

 

15,205,092 

Insituform Technologies, Inc. "A"* (a) 

 

659,600 

 

10,876,804 

Perini Corp.*  

 

331,500 

 

18,762,900 

Shaw Group, Inc.*  

 

245,300 

 

12,277,265 

Sterling Construction Co., Inc.*  

 

613,900 

 

13,579,468 

URS Corp.* (a) 

 

197,400 

 

10,549,056 

Washington Group International, Inc.*  

 

325,000 

 

27,527,500 

 

**153,771,560**

**Electrical Equipment 3.1%**

 
General Cable Corp.* (a) 

 

169,500 

 

9,861,510 

Genlyte Group, Inc.* (a) 

 

143,200 

 

10,392,024 

Hubbell, Inc. "B"  

 

352,600 

 

19,103,868 

Regal-Beloit Corp.  

 

368,500 

 

18,612,935 

Thomas & Betts Corp.*  

 

144,200 

 

7,987,238 

 

**65,957,575**

**Industrial Conglomerates 0.2%**

 
Walter Industries, Inc.  

 

190,600 

 

**4,818,368**

**Machinery 2.0%**

 
Harsco Corp.  

 

259,800 

 

14,457,870 

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

 

715,200 

 

8,839,872 

 

 

 

 

Mueller Water Products, Inc. "B"  

 

314,796 

 

3,447,016 

Watts Water Technologies, Inc. "A" (a) 

 

451,800 

 

16,002,756 

 

**42,747,514**

**Road & Rail 0.6%**

 
Genesee & Wyoming, Inc.*  

 

491,700 

 

**13,462,746**

**Trading Companies & Distributors 0.4%**

 
WESCO International, Inc.*  

 

189,400 

 

**9,013,546**

**Information Technology 11.8%**

 
**Communications Equipment 2.9%**

 
Arris Group, Inc.* (a) 

 

1,282,800 

 

19,472,904 

Black Box Corp. (a) 

 

522,500 

 

21,396,375 

CommScope, Inc.* (a) 

 

366,700 

 

20,755,220 

 

**61,624,499**

**Computers & Peripherals 1.7%**

 
Avid Technology, Inc.* (a) 

 

329,500 

 

10,158,485 

Komag, Inc.*  

 

133,400 

 

4,287,476 

STEC, Inc.* (a) 

 

2,763,900 

 

20,812,167 

 

**35,258,128**

**Electronic Equipment & Instruments 3.7%**

 
Anixter International, Inc.* (a) 

 

398,100 

 

30,562,137 

Mettler-Toledo International, Inc.*  

 

169,300 

 

15,966,683 

Park Electrochemical Corp.  

 

453,182 

 

13,396,060 

Scansource, Inc.* (a) 

 

364,100 

 

10,085,570 

Tektronix, Inc.  

 

247,600 

 

7,960,340 

 

**77,970,790**

**Internet Software & Services 0.0%**

 
Openwave Systems, Inc.  

 

121,500 

 

**549,180**

**IT Services 0.8%**

 
CACI International, Inc. "A"* (a) 

 

319,100 

 

**16,280,482**

**Semiconductors & Semiconductor Equipment 0.6%**

 
MKS Instruments, Inc.*  

 

609,900 

 

**13,442,196**

**Software 2.1%**

 
Fair Isaac Corp. (a) 

 

436,900 

 

16,160,931 

Jack Henry & Associates, Inc. (a) 

 

765,900 

 

20,097,216 

Sybase, Inc.*  

 

397,705 

 

9,167,100 

 

**45,425,247**

**Materials 6.3%**

 
**Chemicals 0.6%**

 
CF Industries Holdings, Inc.  

 

212,100 

 

**13,432,293**

**Construction Materials 0.8%**

 
Headwaters, Inc.* (a) 

 

375,000 

 

6,195,000 

Texas Industries, Inc. (a) 

 

130,400 

 

9,613,088 

 

**15,808,088**

**Metals & Mining 4.9%**

 
Century Aluminum Co.* (a) 

 

245,100 

 

12,054,018 

IAMGOLD Corp. (a) 

 

1,905,200 

 

12,593,372 

Metal Management, Inc. (a) 

 

125,200 

 

5,873,132 

Northern Orion Resources, Inc.* (a) 

 

1,556,300 

 

7,376,862 

Northwest Pipe Co.* (a) 

 

201,800 

 

7,523,104 

Pan American Silver Corp.*  

 

708,900 

 

17,672,877 

RTI International Metals, Inc.* (a) 

 

478,800 

 

33,381,936 

 

 

 

 

Stillwater Mining Co.*  

 

251,000 

 

2,356,890 

Worthington Industries, Inc. (a) 

 

220,600 

 

4,667,896 

 

**103,500,087**

**Telecommunication Services 1.4%**

 
**Diversified Telecommunication Services**

Alaska Communications Systems Group, Inc. (a) 

 

1,067,500 

 

14,582,050 

Iowa Telecommunications Services, Inc.  

 

868,700 

 

16,079,637 

 

**30,661,687**

**Utilities 4.7%**

 
**Electric Utilities 1.7%**

 
ALLETE, Inc. (a) 

 

361,300 

 

15,214,343 

IDACORP, Inc.  

 

435,400 

 

14,137,438 

Sierra Pacific Resources

 

400,900 

 

6,141,788 

 

**35,493,569**

**Gas Utilities 1.9%**

 
Southern Union Co.  

 

749,900 

 

22,384,515 

Suburban Propane Partners, LP  

 

386,900 

 

18,041,147 

 

**40,425,662**

**Multi-Utilities 1.1%**

 
CMS Energy Corp.  

 

205,500 

 

3,353,760 

Integrys Energy Group, Inc.  

 

299,700 

 

15,035,949 

TECO Energy, Inc. (a) 

 

317,500 

 

5,029,200 

 

**23,418,909**

**Total Common Stocks** (Cost $1,661,909,985)

 

**1,929,556,324**

 

**Closed End Investment Companies 1.4%**

 
Apollo Investment Corp. (a) 

 

839,300 

 

18,330,312 

Tortoise Energy Infrastructure Corp. (a)

 

307,357 

 

12,146,749 

**Total Closed End Investment Companies** (Cost $25,454,143)

 

**30,477,061**

 

**Securities Lending Collateral 17.5%**

 
Daily Assets Fund Institutional, 5.49% (b) (c)(Cost $370,397,507)

 

 

370,397,507

 

**370,397,507**

 

**Cash Equivalents 7.6%**

 
Cash Management QP Trust, 5.32% (b)(Cost $159,705,881)

 

 

159,705,881

 

**159,705,881**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $2,217,467,516) 

117.8

 

**2,490,136,773**

**Other Assets and Liabilities, Net**

(17.8)

 

**(376,094,306)**

**Net Assets**

100.0

 

**2,114,042,467**

 

*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)*

*All or a portion of these securities were on loan.  The value of all securities loaned at August 31, 2007 amounted to $356,343,007 which is 16.9% 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.*

 

 

 

 

*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.*

*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 Small 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 Small 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

 

  |