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 Health Care Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 97.3%** |  
**Health Care 97.3%**

 
**Biotechnology 24.9%**

 
Acorda Therapeutics, Inc.*  

 

23,500 

 

661,525 

Alexion Pharmaceuticals, Inc.* (a) 

 

60,800 

 

2,740,864 

Allos Therapeutics, Inc.*  

 

90,600 

 

845,298 

Amgen, Inc.*  

 

92,800 

 

5,832,480 

Amylin Pharmaceuticals, Inc.* (a) 

 

11,100 

 

243,978 

Biogen Idec, Inc.*  

 

66,495 

 

3,386,590 

BioMarin Pharmaceutical, Inc.* (a) 

 

91,800 

 

2,766,852 

Celera Corp.*  

 

81,100 

 

1,135,400 

Celgene Corp.*  

 

81,158 

 

5,624,249 

 

 

 

Cepheid, Inc.*  

 

43,000 

 

799,800 

Gen-Probe, Inc.*  

 

28,300 

 

1,690,925 

Genentech, Inc.*  

 

54,900 

 

5,421,375 

Genmab A/S* (a) 

 

10,600 

 

683,964 

Genzyme Corp.*  

 

81,800 

 

6,404,940 

Gilead Sciences, Inc.*  

 

129,800 

 

6,837,864 

Human Genome Sciences, Inc.*  

 

130,500 

 

967,005 

Illumina, Inc.*  

 

13,000 

 

1,119,690 

Incyte Corp.* (a) 

 

126,400 

 

1,293,072 

Medarex, Inc.* (a) 

 

57,100 

 

421,398 

Onyx Pharmaceuticals, Inc.*  

 

22,600 

 

923,662 

OSI Pharmaceuticals, Inc.* (a) 

 

13,300 

 

671,650 

Regeneron Pharmaceuticals, Inc.*  

 

62,900 

 

1,366,188 

Rigel Pharmaceuticals, Inc.*  

 

28,300 

 

669,578 

United Therapeutics Corp.* (a) 

 

24,000 

 

2,547,120 

Vertex Pharmaceuticals, Inc.*  

 

17,100 

 

459,306 

 

**55,514,773**

**Health Care Services 16.1%**

 
Aetna, Inc.  

 

63,000 

 

2,717,820 

Allscripts Healthcare Solutions, Inc.* (a) 

 

107,700 

 

1,544,418 

Covance, Inc.*  

 

23,100 

 

2,179,254 

CVS Caremark Corp.  

 

85,285 

 

3,121,431 

Express Scripts, Inc.*  

 

37,100 

 

2,723,511 

Fresenius Medical Care AG & Co. KGaA  

 

62,523 

 

3,359,586 

Laboratory Corp. of America Holdings*  

 

41,600 

 

3,043,040 

McKesson Corp.  

 

54,200 

 

3,131,676 

Medco Health Solutions, Inc.*  

 

57,652 

 

2,700,996 

Pharmaceutical Product Development, Inc.  

 

38,000 

 

1,550,400 

Quality Systems, Inc. (a) 

 

56,600 

 

2,423,612 

Quest Diagnostics, Inc.  

 

62,700 

 

3,388,935 

UnitedHealth Group, Inc.  

 

55,220 

 

1,681,449 

WellPoint, Inc.*  

 

44,400 

 

2,343,876 

 

**35,910,004**

**Life Sciences Equipment 6.1%**

 
Applied Biosystems, Inc.  

 

33,700 

 

1,229,713 

Charles River Laboratories International, Inc.*  

 

27,500 

 

1,804,275 

Invitrogen Corp.*  

 

25,600 

 

1,086,976 

Mettler-Toledo International, Inc.*  

 

15,700 

 

1,651,640 

Thermo Fisher Scientific, Inc.*  

 

129,200 

 

7,824,352 

 

**13,596,956**

**Medical Supply & Specialty 22.4%**

 
Alcon, Inc.  

 

24,600 

 

4,189,134 

Align Technology, Inc.* (a) 

 

38,800 

 

505,952 

ArthroCare Corp.* (a) 

 

37,700 

 

966,628 

Baxter International, Inc.  

 

119,400 

 

8,090,544 

Beckman Coulter, Inc.  

 

17,400 

 

1,284,468 

Becton, Dickinson & Co.  

 

68,900 

 

6,020,482 

C.R. Bard, Inc.  

 

51,700 

 

4,831,365 

Covidien Ltd.  

 

91,800 

 

4,963,626 

Hologic, Inc.*  

 

135,200 

 

2,868,944 

Insulet Corp.* (a) 

 

78,500 

 

1,125,690****

Medtronic, Inc.  

 

107,700 

 

5,880,420 

ResMed, Inc.* (a) 

 

25,700 

 

1,202,760 

SonoSite, Inc.* (a) 

 

31,200 

 

1,054,560 

 

 

 

Stryker Corp.  

 

65,200 

 

4,380,788 

Zimmer Holdings, Inc.*  

 

35,600 

 

2,577,084 

 

**49,942,445**

**Pharmaceuticals 27.8%**

 
Abbott Laboratories  

 

106,200 

 

6,099,066 

Allergan, Inc.  

 

65,900 

 

3,681,833 

Astellas Pharma, Inc.  

 

52,800 

 

2,378,015 

Barr Pharmaceuticals, Inc.*  

 

24,800 

 

1,674,992 

Bristol-Myers Squibb Co.  

 

134,600 

 

2,872,364 

Cardiome Pharma Corp.* (a) 

 

58,600 

 

515,094 

Elan Corp. PLC (ADR)*  

 

47,300 

 

633,347 

Eli Lilly & Co.  

 

82,600 

 

3,853,290 

Forest Laboratories, Inc.*  

 

26,400 

 

942,216 

Johnson & Johnson (a) 

 

79,800 

 

5,620,314 

Merck & Co., Inc.  

 

131,300 

 

4,683,471 

Merck KGaA  

 

24,314 

 

2,787,914 

Mylan, Inc.* (a) 

 

239,400 

 

3,085,866 

Novartis AG (Registered)  

 

43,018 

 

2,400,776 

Pfizer, Inc.  

 

121,550 

 

2,322,821 

Roche Holding AG (Genusschein)  

 

35,643 

 

6,008,415 

Sanofi-Aventis  

 

17,528 

 

1,244,380 

Schering-Plough Corp.  

 

152,200 

 

2,952,680 

Sepracor, Inc.*  

 

71,200 

 

1,310,080 

Shire Ltd. (ADR)  

 

42,900 

 

2,277,132 

Wyeth  

 

91,900 

 

3,977,432 

XenoPort, Inc.*  

 

14,600 

 

712,918 

 

**62,034,416**

**Total Common Stocks** (Cost $161,544,265)

 

**216,998,594**

 

**Securities Lending Collateral 10.4%**

 
Daily Assets Fund Institutional, 2.65% (b) (c)(Cost $23,288,554)

 

 

23,288,554

 

**23,288,554**

 

**Cash Equivalents 3.3%**

 
Cash Management QP Trust, 2.44% (b)(Cost $7,330,360)

 

 

7,330,360

 

**7,330,360**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $192,163,179) †

111.0

 

**247,617,508**

**Other Assets and Liabilities, Net**

(11.0)

 

**(24,550,765)**

**Net Assets**

100.0

 

**223,066,743**

*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 $192,872,856.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $54,744,652.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $62,858,687 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $8,114,035.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at August 31, 2008 amounted to $22,554,549 which is 10.1% 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.  Income earned by the Fund is net of borrower rebates.*

 

 

 

*ADR: American Depositary Receipt*

 

***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 

$               228,754,458  

Level 2 

18,863,050 

Level 3 

-   

**Total**

**$              247,617,508**

 

*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 Health Care 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 Health Care 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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