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  811-2021

DWS Securities Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  05/31

Date of reporting period: 08/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Climate Change Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 95.5%** |  
**Austria 2.7%**

 
Andritz AG  

 

20,497 

 

1,267,842 

Oesterreichische Elektrizitaetswirtschafts AG (Verbund) "A"  

 

24,876 

 

1,880,410 

(Cost $3,286,217)

 

**3,148,252**

**Belgium 0.9%**

 
Umicore  (Cost $1,207,528)

 

23,581 

 

**1,033,729**

**Canada 3.8%**

 
Agrium, Inc.  

 

13,500 

 

1,141,867 

Canadian Hydro Developers, Inc.*  

 

210,258 

 

924,755 

Canadian National Railway Co.  

 

23,454 

 

1,230,573 

 

 

 

Potash Corp. of Saskatchewan, Inc.  

 

6,100 

 

1,058,960 

(Cost $4,623,720)

 

**4,356,155**

**Chile 1.2%**

 
Sociedad Quimica y Minera de Chile SA "B" (ADR)  (Cost $1,333,260)

 

35,300 

 

**1,352,696**

**China 2.6%**

 
JA Solar Holdings Co., Ltd. (ADR)*  

 

80,096 

 

1,428,112 

LDK Solar Co., Ltd. (ADR)*  

 

16,974 

 

870,087 

Trina Solar Ltd. (ADR)*  

 

19,884 

 

650,207 

(Cost $3,020,442)

 

**2,948,406**

**Denmark 2.8%**

 
Vestas Wind Systems AS*  (Cost $2,772,267)

 

23,430 

 

**3,181,302**

**Finland 0.5%**

 
Fortum Oyj  (Cost $617,179)

 

12,850 

 

**527,323**

**France 6.2%**

 
Alstom SA  

 

20,439 

 

2,080,782 

Compagnie de Saint-Gobain  

 

30,279 

 

1,853,182 

Nexans SA  

 

13,104 

 

1,652,032 

Schneider Electric SA  

 

9,778 

 

984,446 

Veolia Environnement  

 

10,000 

 

538,393 

(Cost $7,735,788)

 

**7,108,835**

**Germany 14.1%**

 
Aixtron AG  

 

61,222 

 

644,748 

Bayer AG  

 

21,727 

 

1,721,421 

Continental AG  

 

7,946 

 

862,944 

K+S AG  

 

7,500 

 

908,717 

Q-Cells AG*  

 

22,222 

 

2,234,422 

SGL Carbon AG*  

 

13,585 

 

818,699 

Siemens AG (Registered)  

 

24,081 

 

2,619,811 

SMA Solar Technology AG*  

 

7,630 

 

670,999 

Solarworld AG  

 

73,202 

 

3,822,591 

Vossloh AG  

 

8,472 

 

1,105,205 

Wacker Chemie AG  

 

3,757 

 

691,696 

(Cost $16,478,667)

 

**16,101,253**

**Greece 0.4%**

 
Terna Energy SA  (Cost $601,962)

 

51,176 

 

**449,064**

**Ireland 0.6%**

 
Kingspan Group PLC  (Cost $599,617)

 

61,735 

 

**704,418**

**Japan 0.4%**

 
Daikin Industries Ltd.  (Cost $662,212)

 

12,910 

 

**436,948**

**Netherlands 2.0%**

 
Ballast Nedam NV (CVA)  

 

20,758 

 

669,140 

Koninklijke Boskalis Westminster NV (CVA)  

 

28,377 

 

1,679,251 

(Cost $2,461,859)

 

**2,348,391**

**Norway 1.3%**

 
Renewable Energy Corp. AS*  

 

17,750 

 

547,214 

Yara International ASA  

 

14,500 

 

896,497 

(Cost $1,316,682)

 

**1,443,711**

 

 

 

**Portugal 1.0%**

 
EDP - Energias de Portugal SA  (Cost $1,250,031)

 

227,529

 

**1,155,640**

**Spain 3.0%**

 
Acciona SA  

 

5,386 

 

1,072,439 

Gamesa Corp. Tecnologica SA  

 

49,281 

 

2,334,580 

(Cost $3,895,607)

 

**3,407,019**

**Switzerland 4.6%**

 
ABB Ltd. (Registered)*  

 

90,954 

 

2,229,152 

BKW FMB Energie AG  

 

5,636 

 

633,740 

Sulzer AG (Registered)  

 

10,029 

 

1,234,725 

Syngenta AG (Registered)  

 

4,300 

 

1,154,235 

(Cost $5,527,456)

 

**5,251,852**

**United Kingdom 3.9%**

 
PV Crystalox Solar PLC  

 

188,549 

 

609,144 

Rotork PLC  

 

30,473 

 

608,812 

RPS Group PLC  

 

298,477 

 

1,628,898 

SIG PLC  

 

75,788 

 

747,257 

The Weir Group PLC  

 

55,441 

 

932,165 

(Cost $4,991,094)

 

**4,526,276**

**United States 43.5%**

 
Altair Nanotechnologies, Inc.*  

 

205,429 

 

443,727 

American Superconductor Corp.*  

 

30,116 

 

739,950 

Applied Materials, Inc.  

 

68,099 

 

1,220,334 

Archer-Daniels-Midland Co.  

 

40,000 

 

1,018,400 

Baldor Electric Co.  

 

27,316 

 

973,542 

BorgWarner, Inc.  

 

28,084 

 

1,161,273 

Bunge Ltd.  

 

6,700 

 

598,712 

Calgon Carbon Corp.*  

 

67,775 

 

1,445,641 

CLARCOR, Inc.  

 

26,502 

 

1,058,225 

Cooper Industries Ltd. "A"  

 

35,961 

 

1,713,182 

Covanta Holding Corp.*  

 

71,768 

 

1,996,586 

Cree, Inc.*  

 

28,407 

 

662,167 

Donaldson Co., Inc.  

 

21,993 

 

965,713 

Emerson Electric Co.  

 

47,936 

 

2,243,405 

Energy Recovery, Inc.*  

 

31,390 

 

282,824 

Entergy Corp.  

 

5,218 

 

539,489 

First Solar, Inc.*  

 

7,055 

 

1,951,766 

Fluor Corp.  

 

13,858 

 

1,110,442 

FPL Group, Inc.  

 

8,652 

 

519,639 

Fuel Tech, Inc.*  

 

29,000 

 

531,860 

FuelCell Energy, Inc.*  

 

59,997 

 

416,379 

GT Solar International, Inc.*  

 

57,650 

 

726,390 

Intel Corp.  

 

36,500 

 

834,755 

ITC Holdings Corp.  

 

22,456 

 

1,257,761 

ITT Corp.  

 

18,000 

 

1,147,500 

Johnson Controls, Inc.  

 

41,554 

 

1,284,850 

Kaydon Corp.  

 

25,714 

 

1,433,041 

Layne Christensen Co.*  

 

20,550 

 

1,127,784 

MEMC Electronic Materials, Inc.*  

 

11,000 

 

539,990 

Monsanto Co.  

 

9,730 

 

1,111,652 

Nalco Holding Co.  

 

22,500 

 

514,575 

ON Semiconductor Corp.*  

 

127,100 

 

1,203,637 

PG&E Corp.  

 

29,690 

 

1,227,088 

Plum Creek Timber Co., Inc.  

 

24,538 

 

1,217,576 

 

 

 

Polycom, Inc.*  

 

23,500 

 

658,940 

Polypore International, Inc.*  

 

36,750 

 

1,008,052 

Power Integrations, Inc.*  

 

32,365 

 

952,502 

Quanta Services, Inc.*  

 

24,000 

 

766,560 

Raser Technologies, Inc.*  

 

109,700 

 

942,323 

Rayonier, Inc.  

 

29,171 

 

1,312,403 

Shaw Group, Inc.*  

 

11,091 

 

549,448 

SunPower Corp. "A"*  

 

17,693 

 

1,725,952 

Tetra Tech, Inc.*  

 

77,873 

 

2,225,610 

United Technologies Corp.  

 

39,608 

 

2,597,889 

Valmont Industries, Inc.  

 

16,541 

 

1,765,586 

(Cost $50,513,390)

 

**49,725,120**

**Total Common Stocks** (Cost $112,894,978)

 

**109,206,390**

 

**Cash Equivalents 2.9%**

 
Cash Management QP Trust, 2.44% (a)(Cost $3,349,118)

 

 

3,349,118

 

**3,349,118**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $116,244,096) †

98.4

 

**112,555,508**

**Other Assets and Liabilities, Net**

1.6

 

**1,760,656**

**Net Assets**

100.0

 

**114,316,164**

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

***

*Non-income producing security.*

*†*

*The cost for federal income tax purposes was $116,968,586.  At August 31, 2008, net unrealized depreciation for all securities based on tax cost was $4,413,078.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,241,384 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,654,462.*

*(a)*

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

*ADR: American Depositary Receipt*

*CVA: Certificaten Van Aandelen*

 

 

 

*At August 31, 2008, the DWS Climate Change Fund had the following sector diversification:*

* *

* *

* *

* *

***As a % of Common*****

* *

* *

***Sector*****

***Market Value ($)*****

* *

***Stocks*****

* *

*Industrials***

* *

*68,833,015***

* *

*63.0***

*%***

* *

*Materials***

* *

*11,753,992***

* *

*10.8***

*%***

* *

*Utilities***

* *

*9,653,302***

* *

*8.8***

*%***

* *

*Information Technology***

* *

*8,846,179***

* *

*8.1***

*%***

* *

*Consumer Discretionary***

* *

*4,251,390***

* *

*3.9***

*%***

* *

*Financials***

* *

*2,529,979***

* *

*2.3***

*%***

* *

*Health Care***

* *

*1,721,421***

* *

*1.6***

*%***

* *

*Consumer Staples***

* *

*1,617,112***

* *

*1.5***

*%***

* *

*Total***

* *

***109,206,390*****

* *

***100.0*****

***%*****

* *

 

***Fair Value Measurements***

 

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

 

**Valuation Inputs**

**Investments in**

**Securities**

Level 1 

$                61,731,495                                    

Level 2 

50,824,013   

Level 3 

-   

**Total**

**$                112,555,508**

 

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

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

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Climate Change Fund, a series of DWS Securities Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 2008

 

 

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

 

Registrant: 

DWS Climate Change Fund, a series of DWS Securities Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 22, 2008

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