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 Large Cap Value Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Value ($)** |
|--------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 96.7%** |  
**Consumer Discretionary 1.1%**

 
**Hotels Restaurants & Leisure**

McDonald's Corp.  

 

409,440 

 

**20,164,920**

**Consumer Staples 7.7%**

 
**Food & Staples Retailing 1.9%**

 
CVS Caremark Corp.  

 

894,844 

 

**33,843,000**

**Food Products 2.8%**

 
General Mills, Inc.  

 

474,847 

 

26,534,450 

Kraft Foods, Inc. "A"  

 

728,697 

 

23,362,026 

 

**49,896,476**

 

 

 

 

**Tobacco 3.0%**

 
Altria Group, Inc.  

 

477,745 

 

33,160,280 

Reynolds American, Inc. (a) 

 

328,246 

 

21,703,626 

 

**54,863,906**

**Energy 18.3%**

 
**Energy Equipment & Services 4.9%**

 
Baker Hughes, Inc.  

 

318,729 

 

26,728,614 

ENSCO International, Inc.  

 

348,471 

 

18,894,098 

Halliburton Co.  

 

546,422 

 

18,900,737 

Noble Corp.  

 

472,889 

 

23,199,934 

 

**87,723,383**

**Oil, Gas & Consumable Fuels 13.4%**

 
BP PLC (ADR)  

 

272,827 

 

18,377,627 

Chevron Corp.  

 

330,923 

 

29,041,802 

ConocoPhillips  

 

402,699 

 

32,977,021 

Devon Energy Corp.  

 

405,574 

 

30,543,778 

ExxonMobil Corp.  

 

396,487 

 

33,990,831 

Marathon Oil Corp.  

 

531,187 

 

28,625,667 

Noble Energy, Inc.  

 

519,484 

 

31,205,404 

Suncor Energy, Inc.  

 

403,591 

 

36,077,000 

 

**240,839,130**

**Financials 21.9%**

 
**Capital Markets 2.6%**

 
Bank of New York Mellon Corp.  

 

694,242 

 

28,068,204 

Merrill Lynch & Co., Inc.  

 

244,653 

 

18,030,926 

 

**46,099,130**

**Commercial Banks 4.6%**

 
US Bancorp.  

 

808,555 

 

26,156,754 

Wachovia Corp.  

 

461,331 

 

22,595,992 

Wells Fargo & Co.  

 

429,454 

 

15,692,249 

Zions Bancorp.  

 

253,504 

 

17,897,383 

 

**82,342,378**

**Diversified Financial Services 5.0%**

 
Bank of America Corp.  

 

500,287 

 

25,354,545 

Citigroup, Inc.  

 

974,105 

 

45,666,042 

JPMorgan Chase & Co.  

 

443,328 

 

19,736,963 

 

**90,757,550**

**Insurance 9.7%**

 
Aflac, Inc.  

 

466,445 

 

24,866,183 

Allstate Corp.  

 

510,695 

 

27,960,551 

Genworth Financial, Inc. "A"  

 

1,252,682 

 

36,302,724 

Hartford Financial Services Group, Inc.  

 

321,307 

 

28,567,406 

MetLife, Inc.  

 

447,672 

 

28,673,392 

Prudential Financial, Inc.  

 

309,297 

 

27,768,685 

 

**174,138,941**

**Health Care 7.1%**

 
**Biotechnology 0.6%**

 
Amgen, Inc.*  

 

207,287 

 

**10,387,152**

**Health Care Equipment & Supplies 1.8%**

 
Baxter International, Inc.  

 

589,044 

 

**32,256,049**

 

 

 

 

**Health Care Providers & Services 1.1%**

 
WellPoint, Inc.*  

 

248,191 

 

**20,001,713**

**Pharmaceuticals 3.6%**

 
Abbott Laboratories  

 

515,122 

 

26,739,983 

Pfizer, Inc.  

 

841,136 

 

20,893,818 

Wyeth  

 

344,677 

 

15,958,545 

 

**63,592,346**

**Industrials 9.8%**

 
**Aerospace & Defense 5.4%**

 
Honeywell International, Inc.  

 

515,915 

 

28,968,627 

L-3 Communications Holdings, Inc.  

 

196,659 

 

19,372,878 

Raytheon Co.  

 

335,285 

 

20,566,382 

United Technologies Corp.  

 

377,443 

 

28,168,571 

 

**97,076,458**

**Industrial Conglomerates 1.8%**

 
General Electric Co.  

 

810,552 

 

**31,506,156**

**Machinery 1.4%**

 
Dover Corp.  

 

497,362 

 

**24,569,683**

**Road & Rail 1.2%**

 
Burlington Northern Santa Fe Corp.  

 

276,298 

 

**22,421,583**

**Information Technology 9.2%**

 
**Communications Equipment 4.2%**

 
Cisco Systems, Inc.*  

 

532,433 

 

16,995,261 

Harris Corp.  

 

369,877 

 

22,499,618 

Nokia Oyj (ADR) (a) 

 

1,059,290 

 

34,829,455 

 

**74,324,334**

**Computers & Peripherals 3.7%**

 
Brocade Communications Systems, Inc.*  

 

2,263,046 

 

15,841,322 

Hewlett-Packard Co.  

 

498,331 

 

24,592,635 

International Business Machines Corp.  

 

228,910 

 

26,711,508 

 

**67,145,465**

**Semiconductors & Semiconductor Equipment 1.3%**

 
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  

 

2,331,849 

 

**23,131,942**

**Materials 7.2%**

 
**Chemicals 4.3%**

 
Air Products & Chemicals, Inc.  

 

316,746 

 

28,510,307 

Dow Chemical Co.  

 

472,790 

 

20,155,038 

Potash Corp. of Saskatchewan, Inc.  

 

315,239 

 

27,917,566 

 

**76,582,911**

**Containers & Packaging 1.3%**

 
Sonoco Products Co.  

 

672,949 

 

**24,239,623**

**Metals & Mining 1.6%**

 
Goldcorp, Inc.  

 

1,210,822 

 

**28,539,075**

**Telecommunication Services 4.4%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

1,238,333 

 

49,372,336 

Verizon Communications, Inc.  

 

715,519 

 

29,965,936 

 

**79,338,272**

 

 

 

 

**Utilities 10.0%**

 
**Electric Utilities 6.3%**

 
Allegheny Energy, Inc.*  

 

545,406 

 

28,148,404 

Duke Energy Corp.  

 

1,189,458 

 

21,814,660 

Exelon Corp.  

 

513,606 

 

36,296,536 

FPL Group, Inc.  

 

464,462 

 

27,328,944 

 

**113,588,544**

**Independent Power Producers & Energy Traders 0.8%**

 
TXU Corp.  

 

198,871 

 

**13,403,905**

**Multi-Utilities 2.9%**

 
Dominion Resources, Inc.  

 

291,863 

 

24,860,890 

PG&E Corp.  

 

592,560 

 

26,368,920 

 

**51,229,810**

**Total Common Stocks** (Cost $1,424,508,506)

 

**1,734,003,835**

 

**Securities Lending Collateral 1.2%**

 
Daily Assets Fund Institutional, 5.49%  (b) (c)(Cost $21,549,200)

 

 

21,549,200

 

**21,549,200**

 

**Cash Equivalents 2.8%**

 
Cash Management QP Trust, 5.32%  (b)(Cost $50,563,275)

 

 

50,563,275

 

**50,563,275**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $1,496,620,981) 

100.7

 

**1,806,116,310**

**Other Assets and Liabilities, Net**

(0.7)

 

**(13,264,170)**

**Net Assets**

100.0

 

**1,792,852,140**

 

*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 $20,853,554 which is 1.2% 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.*

*ADR: American Depositary Receipt*

 

 

**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 Large 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 Large 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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