Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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:  811-02021

 

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

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

 

Registrant's telephone number, including area code:   [phone]

 

Date of fiscal year end:   10/31

 

Date of reporting period:   1/31/2014

ITEM 1.

SCHEDULE OF INVESTMENTS

Consolidated Investment Portfolio

as of   January 31, 2014  (Unaudited)

 

DWS Gold & Precious Metals Fund

					Shares				Value ($)
	Common Stocks (a) 95.3%
Australia 7.7%
Independence Group NL				250,453					723,445
Medusa Mining Ltd.* (b)				456,582					776,183
Newcrest Mining Ltd.				724,543					6,119,387
OceanaGold Corp.* (b) (c)				786,653					1,426,747
Regis Resources Ltd.				950,378					2,238,099
(Cost $18,305,176)									11,283,861
Canada 58.1%
Agnico-Eagle Mines Ltd. (b)				124,159					3,863,839
AuRico Gold, Inc.				511,526					2,346,934
B2Gold Corp.*				857,520					2,024,941
Barrick Gold Corp.				842,137					16,226,496
Continental Gold Ltd.*				322,290					1,009,914
Eldorado Gold Corp.				855,773					5,440,065
Franco-Nevada Corp.				130,824					6,348,855
Goldcorp, Inc.				689,324					17,199,833
Kinross Gold Corp.				1,196,936					5,491,666
New Gold, Inc.*				646,415					3,708,724
Osisko Mining Corp.*				364,886					2,188,497
Pan American Silver Corp.				84,019					1,057,640
Rubicon Minerals Corp.*				688,415					877,710
Silver Wheaton Corp.				341,740					7,422,393
Teranga Gold Corp. (CDI)* (d)				675,279					534,954
Torex Gold Resources, Inc.* (b)				1,957,971					2,021,699
Yamana Gold, Inc.				839,913					7,865,583
(Cost $118,702,943)									85,629,743
Mexico 1.8%
Fresnillo PLC (e) (Cost $4,833,938)				210,088					2,657,037
Peru 0.8%
Compania de Minas Buenaventura SA (ADR)  (Cost $3,545,091)				98,493					1,221,313
Russia 1.4%
MMC Norilsk Nickel OJSC (ADR)  (Cost $1,832,434)				136,242					2,076,328
South Africa 10.9%
Anglo American Platinum Ltd.*				55,459					2,210,103
AngloGold Ashanti Ltd.				336,528					4,924,490
Gold Fields Ltd.				614,910					2,148,607
Harmony Gold Mining Co., Ltd.				491,756					1,418,826
Impala Platinum Holdings Ltd.				438,994					4,561,720
Sibanye Gold Ltd.				614,910					877,755
(Cost $33,492,894)									16,141,501
United Kingdom 6.6%
Polyus Gold International Ltd.				898,544					2,743,499
Randgold Resources Ltd.				101,409					6,998,369
(Cost $12,159,943)									9,741,868
United States 8.0%
Argonaut Gold, Inc.* (b)				251,216					1,132,305
Newmont Mining Corp.				302,431					6,532,509
Tahoe Resources, Inc.*				232,522					4,129,549
(Cost $18,943,586)									11,794,363
Total Common Stocks (Cost $211,816,005)							140,546,014
	Exchange-Traded Funds 0.3%
ETFS Physical Palladium Trust*				1,066					73,234
SPDR Gold Trust*				2,836					340,575
Total Exchange-Traded Funds (Cost $303,188)							413,809
					Troy Ounces				Value ($)
	Commodities 2.4%
Gold Bullion*  (Cost $4,788,008)				2,880					3,584,526
					Shares				Value ($)
	Securities Lending Collateral 2.1%
Daily Assets Fund Institutional, 0.08% (f) (g) (Cost $3,008,701)				3,008,701					3,008,701
	Cash Equivalents 0.9%
Central Cash Management Fund, 0.04% (f) (Cost $1,365,322)				1,365,322					1,365,322
					% of Net Assets				Value ($)
Total Consolidated Investment Portfolio (Cost $221,281,224) †				101.0				148,918,372
Other Assets and Liabilities, Net				(1.0)				(1,438,703)
Net Assets				100.0				147,479,669

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 $248,447,512.  At January 31, 2014, net unrealized depreciation for all securities based on tax cost was $99,529,140.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $4,180,779 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $103,709,919.
(a)	Securities are listed in country of domicile.
(b)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at January 31, 2014 amounted to $2,776,719, which is 1.9% of net assets.
(c)	Listed on the Toronto Stock Exchange.
(d)	Listed on the Australian Securities Exchange.
(e)	Listed on the London Stock Exchange.
(f)	Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.
(g)	Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.
ADR: American Depositary Receipt
CDI: Chess Depositary Interest
ETFS: Exchange Traded Funds Securities
SPDR: Standard & Poor's Depositary Receipt

At January 31, 2014, open futures contracts purchased were as follows:

Futures	Currency	Expiration Date		Contracts				Notional Value ($)				Unrealized Appreciation/ (Depreciation) ($)
Gold 100 Oz Futures	USD	4/28/2014			1				123,980				(604	)
Platinum Futures	USD	4/28/2014			1				68,785				2,252
Silver Futures	USD	3/27/2014			1				95,600				(11,469	)
Total net unrealized depreciation													(9,821	)

Currency Abbreviation
USD	United States Dollar

At January 31, 2014, the DWS Gold & Precious Metals Fund had the following Quality Distribution:

Quality Distribution (As a % of Common Stocks)
Group breakdown of the Fund's common stocks
Group I:
Major producing companies			73	%
Group II:
Medium established producers			5	%
Group III:
Junior producers with medium cost production			6	%
Group IV:
Companies with some production on stream or in start-up			3	%
Group V:
Primarily exploration companies with or without mineral resources			4	%
Group VI:
Royalty companies			9	%
			100	%

 

 

Investment in Subsidiary

 

The Fund intends to gain exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary, DWS Cayman Precious Metals Fund, Inc., organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in gold coin and bullion and other precious metals; commodity-linked derivative instruments, such as swaps, futures; and exchange traded funds. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary may also invest available cash in affiliated money market funds. The Subsidiary is managed by the same portfolio managers that manage the Fund.  As of January 31, 2014, the Fund held $4,621,015 in the Subsidiary, representing 3.1% of the Fund's net assets. The Fund’s Investment Portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary.

 

 

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 and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2014 in valuing the Fund's investments.

Assets		Level 1				Level 2				Level 3				Total
Common Stocks
Australia		$	1,426,747			$	9,857,114			$	—			$	11,283,861
Canada			85,094,789				534,954				—				85,629,743
Mexico			—				2,657,037				—				2,657,037
Peru			1,221,313				—				—				1,221,313
Russia			2,076,328				—				—				2,076,328
South Africa			—				16,141,501				—				16,141,501
United Kingdom			—				9,741,868				—				9,741,868
United States			11,794,363				—				—				11,794,363
Exchange-Traded Funds			413,809				—				—				413,809
Commodities			3,584,526				—				—				3,584,526
Short-Term Investments (h)			4,374,023				—				—				4,374,023
Derivatives (i)
Futures Contracts			2,252				—				—				2,252
Total		$	109,988,150			$	38,932,474			$	—			$	148,920,624
Liabilities
Derivatives (i)
Futures Contracts		$	(12,073	)		$	—			$	—			$	(12,073	)
Total		$	(12,073	)		$	—			$	—			$	(12,073	)

There have been no transfers between fair value measurement levels during the period ended January 31, 2014.
(h)	See Consolidated Investment Portfolio for additional detailed categorizations.
(i)	Derivatives include unrealized appreciation (depreciation) on future contracts.

 

 

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of January 31, 2014 categorized by the primary underlying risk exposure. 

Primary Underlying Risk Disclosure		Futures
Commodity Contracts		$	(9,821	)

 

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 Gold & Precious Metals Fund, a series of DWS Securities Trust
By:	/s/Brian E. Binder Brian E. Binder President
Date:	3/25/2014

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.

By:	/s/Brian E. Binder Brian E. Binder President
Date:	3/25/2014
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	3/25/2014