sr63011com.htm

JUNE 30, 2011

Semiannual Report

to Shareholders

DWS Communications Fund

Contents

4 Performance Summary

7 Information About Your Fund's Expenses

9 Portfolio Summary

11 Investment Portfolio

15 Statement of Assets and Liabilities

17 Statement of Operations

18 Statement of Changes in Net Assets

19 Financial Highlights

23 Notes to Financial Statements

33 Summary of Management Fee Evaluation by Independent Fee Consultant

37 Account Management Resources

38 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. See the prospectus for details.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary June 30, 2011

Average Annual Total Returns as of 6/30/11
Unadjusted for Sales Charge	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class A	7.89%	30.74%	3.83%	-0.33%	-1.18%
Class B	7.49%	29.70%	3.21%	-0.99%	-1.94%
Class C	7.46%	29.84%	3.05%	-1.08%	-1.98%
Adjusted for the Maximum Sales Charge
Class A (max 5.75% load)	1.68%	23.22%	1.80%	-1.50%	-1.76%
Class B (max 4.00% CDSC)	3.49%	26.70%	2.58%	-1.18%	-1.94%
Class C (max 1.00% CDSC)	6.46%	29.84%	3.05%	-1.08%	-1.98%
No Sales Charges
Institutional Class	8.00%	31.14%	4.13%	-0.05%	-0.89%
MSCI World Index+	5.29%	30.51%	0.47%	2.28%	3.99%
MSCI World Telecom Services Index++	7.77%	34.04%	3.18%	6.38%	2.57%

‡ Total returns shown for periods less than one year are not annualized.

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated April 29, 2011 are 1.83%, 2.80%, 2.72% and 1.37% for Class A, Class B, Class C and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

[] DWS Communications Fund — Class A

[] MSCI World Index+

[] MSCI World Telecom Services Index++

Yearly periods ended June 30

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

+ The Morgan Stanley Capital International (MSCI) World Index is an unmanaged, capitalization-weighted measure of global stock markets including the US, Canada, Europe, Australia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

++ MSCI World Telecom Services Index is an unmanaged index that tracks telecom securities from around the world. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

Net Asset Value
	Class A		Class B		Class C		Institutional Class
Net Asset Value: 6/30/11	$	18.74	$	17.22	$	17.15	$	19.17
12/31/10	$	17.37	$	16.02	$	15.96	$	17.75

Lipper Rankings — Telecommunication Funds Category as of 6/30/11
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Class A 1-Year	23	of	37	61
3-Year	15	of	30	49
5-Year	16	of	24	64
10-Year	9	of	19	45
Class B 1-Year	26	of	37	69
3-Year	16	of	30	52
5-Year	20	of	24	80
10-Year	12	of	19	60
Class C 1-Year	25	of	37	66
3-Year	17	of	30	55
5-Year	21	of	24	84
10-Year	13	of	19	65
Institutional Class 1-Year	20	of	37	53
3-Year	14	of	30	46
5-Year	15	of	24	60
10-Year	8	of	19	40

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class A, Class B and Class C shares; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2011 to June 30, 2011).

The tables illustrate your Fund's expenses in two ways:

•Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2011
Actual Fund Return	Class A		Class B		Class C		Institutional Class
Beginning Account Value 1/1/11	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/11	$	1,078.90	$	1,074.90	$	1,074.60	$	1,080.00
Expenses Paid per $1,000*	$	8.61	$	12.45	$	12.45	$	7.12
Hypothetical 5% Fund Return	Class A		Class B		Class C		Institutional Class
Beginning Account Value 1/1/11	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/11	$	1,016.51	$	1,012.79	$	1,012.79	$	1,017.95
Expenses Paid per $1,000*	$	8.35	$	12.08	$	12.08	$	6.90

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class A	Class B	Class C	Institutional Class
DWS Communications Fund	1.67%	2.42%	2.42%	1.38%

For more information, please refer to the Fund's prospectus.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/11	12/31/10

Common Stocks	92%	98%
Cash Equivalents*	8%	2%
	100%	100%

Sector Diversification (As a % of Common Stocks)	6/30/11	12/31/10

National Carriers	55%	61%
Wireless Services	25%	18%
Media	14%	12%
Communications Equipment	4%	4%
Computers & Peripherals	1%	4%
Semiconductors	1%	1%
	100%	100%

Geographical Diversification (As a % of Common Stocks)	6/30/11	12/31/10

United States	45%	43%
Europe (excluding United Kingdom)	29%	37%
United Kingdom	22%	16%
Latin America	2%	3%
Pacific Basin	2%	1%
	100%	100%

* In order to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market, the Fund invests in futures contracts.

Asset allocation, sector diversification and geographical diversification are subject to change.

Ten Largest Equity Holdings at June 30, 2011 (62.6% of Net Assets)
1. Vodafone Group PLC Provider of mobile telecommunications services based in the UK	12.3%
2. AT&T, Inc. An integrated telecommunications company	10.9%
3. Telefonica SA An integrated telecommunications company based in Spain	7.6%
4. Comcast Corp. Provider of cable television, and of communication, entertainment and information products and services	5.9%
5. Deutsche Telekom AG An integrated telecommunications company based in Germany	5.8%
6. Verizon Communications, Inc. An integrated telecommunications company	4.6%
7. CenturyLink, Inc. Provider of fixed-line communication services and reseller of wireless telephone services	4.5%
8. Time Warner Cable, Inc. Provider of cable television and of communication services	4.2%
9. BT Group PLC Provider of fixed-line telecommunication services based in the UK	3.5%
10. Sprint Nextel Corp. Provider of wireless and wireline communications services	3.3%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 11. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.

Investment Portfolio as of June 30, 2011 (Unaudited)

	Shares		Value ($)

Common Stocks 88.5%
Communications Equipment 3.4%
QUALCOMM, Inc.		51,700		2,936,043
Spirent Communications PLC		620,000		1,482,870
				4,418,913
Computers & Peripherals 1.3%
Apple, Inc.*		5,000		1,678,350
Media 12.5%
Comcast Corp. "A"		300,000		7,602,000
ITV PLC*		1,600,000		1,834,664
Liberty Global, Inc. "A"* (a)		30,000		1,351,200
Time Warner Cable, Inc.		70,000		5,462,800
				16,250,664
National Carriers 48.3%
AT&T, Inc.		450,000		14,134,500
Belgacom		20,000		714,520
BT Group PLC		1,400,000		4,541,107
CenturyLink, Inc.		145,000		5,862,350
Deutsche Telekom AG (Registered)		480,000		7,528,844
Freenet AG		50,000		692,726
Hellenic Telecommunications Organization SA		50,000		468,722
Koninklijke (Royal) KPN NV		100,000		1,453,607
SOFTBANK Corp. (a)		40,000		1,514,990
Swisscom AG (Registered)		5,000		2,291,445
Tele2 AB "B" (a)		200,000		3,952,658
Telecom Corp. of New Zealand Ltd.		200,000		405,753
Telecom Italia SpA (RSP)		300,000		349,139
Telefonica SA (a)		400,000		9,781,579
Telekom Austria AG (a)		100,000		1,275,550
Telenor ASA		100,000		1,637,662
Verizon Communications, Inc.		160,000		5,956,800
				62,561,952
Semiconductors 1.1%
ARM Holdings PLC		150,000		1,418,636
Software & Applications 0.1%
Velti PLC*		8,580		145,088
Wireless Services 21.8%
America Movil SAB de CV "L" (ADR)		50,000		2,694,000
American Tower Corp. "A"*		20,000		1,046,600
MetroPCS Communications, Inc.*		50,000		860,500
Millicom International Cellular SA		10,000		1,037,500
NII Holdings, Inc.*		20,000		847,600
Sprint Nextel Corp.*		800,000		4,312,000
Telefonaktiebolaget LM Ericsson "B"		100,000		1,438,254
Vodafone Group PLC		6,000,000		15,945,790
				28,182,244
Total Common Stocks (Cost $108,470,851)				114,655,847

Securities Lending Collateral 11.2%
Daily Assets Fund Institutional, 0.13% (b) (c) (Cost $14,555,605)		14,555,605		14,555,605

Cash Equivalents 7.9%
Central Cash Management Fund, 0.11% (b) (Cost $10,183,466)		10,183,466		10,183,466

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $133,209,922)+		107.6			139,394,918
Other Assets and Liabilities, Net		(7.6	)		(9,856,959	)
Net Assets		100.0			129,537,959

* Non-income producing security.

+ The cost for federal income tax purposes was $134,334,263. At June 30, 2011, net unrealized appreciation for all securities based on tax cost was $5,060,655. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,044,781 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,984,126.

(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2011 amounted to $14,222,986, which is 11.0% 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

RSP: Risparmio (Convertible Savings Shares)

At June 30, 2011, open futures contracts purchased were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Value ($)

Unrealized Appreciation ($)

NASDAQ 100 E-Mini Index

USD

9/16/2011

3,574,340

114,114

S&P E-Mini Index

USD

9/16/2011

3,617,625

85,388

Total unrealized appreciation

199,502

Currency Abbreviation

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.

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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total

Common Stocks
Communications Equipment	$	2,936,043	$	1,482,870	$	—	$	4,418,913
Computers & Peripherals		1,678,350		—		—		1,678,350
Media		14,416,000		1,834,664		—		16,250,664
National Carriers		25,953,650		36,608,302		—		62,561,952
Semiconductors		—		1,418,636		—		1,418,636
Software & Applications		145,088		—		—		145,088
Wireless Services		10,798,200		17,384,044		—		28,182,244
Other Receivable**		—		—		3,051,717		3,051,717
Short-Term Investments (d)		24,739,071		—		—		24,739,071
Derivatives (e)		199,502		—		—		199,502
Total	$	80,865,904	$	58,728,516	$	3,051,717	$	142,646,137

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended June 30, 2011.

(d) See Investment Portfolio for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on futures contracts.

Level 3 Reconciliation

The following is a reconciliation of the Fund's Level 3 other receivable for which significant unobservable inputs were used in determining value:

	Other Receivable**
Balance as of December 31, 2010	$	2,637,777
Realized gains (loss)		—
Change in unrealized appreciation (depreciation)		413,940
Amortization premium/discount		—
Purchases		—
(Sales)		—
Transfers into Level 3		—
Transfers (out) of Level 3		—
Balance as of June 30, 2011	$	3,051,717
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2011	$	413,940

Transfers between price levels are recognized at the beginning of the reporting period.

** Other receivable represents the fair value of the pending sale of participatory notes for which Lehman Brothers is the counterparty. The Fund is in the process of claiming Lehman Brothers.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of June 30, 2011 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $108,470,851) — including $14,222,986 of securities loaned	$	114,655,847
Investment in Daily Assets Fund Institutional (cost $14,555,605)*		14,555,605
Investment in Central Cash Management Fund (cost $10,183,466)		10,183,466
Total investments in securities, at value (cost $133,209,922)		139,394,918
Foreign currency, at value (cost $49,447)		50,028
Deposit with broker for futures contracts		435,600
Receivable for Fund shares sold		25,994
Dividends receivable		589,350
Interest receivable		23,447
Receivable for litigation settlement		679,374
Receivable for daily variation margin on futures contracts		72,882
Foreign taxes recoverable		99,432
Other receivable**		3,051,717
Other assets		45,208
Total assets		144,467,950
Liabilities
Payable upon return of securities loaned		14,555,605
Payable for Fund shares redeemed		78,019
Accrued management fee		101,738
Accrued expenses		194,629
Total liabilities		14,929,991
Net assets, at value	$	129,537,959
Net Assets Consist of
Undistributed net investment income		2,825,826
Net unrealized appreciation (depreciation) on: Investments		6,184,996
Other receivable		(9,695,435	)
Futures		199,502
Foreign currency		(15,046	)
Accumulated net realized gain (loss)		(50,890,670	)
Paid-in capital		180,928,786
Net assets, at value	$	129,537,959

* Represents collateral on securities loaned.

** Other receivable represents the fair value of the pending sale of participatory notes for which Lehman Brothers is the counterparty. The Fund is in the process of claiming Lehman Brothers.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of June 30, 2011 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($122,359,925 ÷ 6,530,288 shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	18.74
Maximum offering price per share (100 ÷ 94.25 of $18.74)	$	19.88
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($725,423 ÷ 42,138 shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	17.22
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($4,759,695 ÷ 277,597 shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	17.15
Institutional Class Net Asset Value, offering and redemption price(a) per share ($1,692,916 ÷ 88,294 shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	19.17

(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended June 30, 2011 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $364,966)	$	4,011,757
Income distributions — Central Cash Management Fund		5,848
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		54,388
Total income		4,071,993
Expenses: Management fee		636,816
Administration fee		65,269
Services to shareholders		166,696
Distribution and service fees		175,453
Custodian fee		11,917
Professional fees		72,889
Reports to shareholders		28,189
Registration fees		30,850
Trustees' fees and expenses		5,102
Other		15,565
Total expenses before expense reductions		1,208,746
Expense reductions		(99,841	)
Total expenses after expense reductions		1,108,905
Net investment income (loss)		2,963,088
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		(2,417,983	)
Futures		(356,288	)
Foreign currency		62,490
		(2,711,781	)
Change in net unrealized appreciation (depreciation) on: Investments		9,038,602
Other receivable		413,940
Futures		199,502
Foreign currency		(7,755	)
		9,644,289
Net gain (loss)		6,932,508
Net increase (decrease) in net assets resulting from operations	$	9,895,596

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations: Net investment income (loss)	$	2,963,088		$	1,048,389
Net realized gain (loss)		(2,711,781	)		31,295,292
Change in net unrealized appreciation (depreciation)		9,644,289			(5,252,318	)
Net increase (decrease) in net assets resulting from operations		9,895,596			27,091,363
Distributions to shareholders from: Net investment income: Class A		—			(1,363,446	)
Class B		—			(2,635	)
Class C		—			(14,819	)
Institutional Class		—			(18,308	)
Total distributions		—			(1,399,208	)
Fund share transactions: Proceeds from shares sold		6,163,464			63,467,653
Reinvestment of distributions		—			1,203,734
Payments for shares redeemed		(17,339,818	)		(91,295,613	)
Redemption fees		13			28,414
Net increase (decrease) in net assets from Fund share transactions		(11,176,341	)		(26,595,812	)
Increase from regulatory settlements (See Note G)		—			447,736
Increase (decrease) in net assets		(1,280,745	)		(455,921	)
Net assets at beginning of period		130,818,704			131,274,625
Net assets at end of period (including undistributed net investment income and distributions in excess of net investment income of $2,825,826 and $137,262, respectively)	$	129,537,959		$	130,818,704

The accompanying notes are an integral part of the financial statements.

Financial Highlights

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Class A	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	17.37		$	14.37		$	9.58		$	23.26		$	23.38		$	19.30
Income (loss) from investment operations: Net investment income (loss)a		.41			.12			.23			.31			(.08	)		(.03	)
Net realized and unrealized gain (loss)		.96			3.01			4.82			(13.66	)		(.04	)		4.11
Total from investment operations		1.37			3.13			5.05			(13.35	)		(.12	)		4.08
Less distributions from: Net investment income		—			(.18	)		(.25	)		(.33	)		—			—
Tax return of capital		—			—			(.01	)		—			—			—
Total distributions		—			(.18	)		(.26	)		(.33	)		—			—
Increase from regulatory settlements		—			.05	d		—			—			—			—
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	18.74		$	17.37		$	14.37		$	9.58		$	23.26		$	23.38
Total Return (%)b,c		7.89	**		22.34			52.60			(57.39	)		(.51	)		21.14
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		122			124			124			87			269			329
Ratio of expenses before expense reductions (%)		1.82	*		1.83			2.05			1.79			1.49			1.63
Ratio of expenses after expense reductions (%)		1.67	*		1.74			1.61			1.46			1.44			1.49
Ratio of net investment income (loss) (%)		2.26	**		.77			1.89			1.86			(.32	)		(.13	)
Portfolio turnover rate (%)		23	**		168			148			118			39			27
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d Includes a non-recurring payment from the Advisor, which amounted to $0.029 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note G). The Fund also received $0.020 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower. * Annualized Not annualized * Amount is less than $.005.

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Class B	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	16.02		$	13.25		$	8.82		$	21.33		$	21.61		$	17.96
Income (loss) from investment operations: Net investment income (loss)a		.36			.00	***		.14			.23			(.23	)		(.15	)
Net realized and unrealized gain (loss)		.84			2.77			4.42			(12.50	)		(.05	)		3.80
Total from investment operations		1.20			2.77			4.56			(12.27	)		(.28	)		3.65
Less distributions from: Net investment income		—			(.05	)		(.12	)		(.24	)		—			—
Tax return of capital		—			—			(.01	)		—			—			—
Total distributions		—			(.05	)		(.13	)		(.24	)		—			—
Increase from regulatory settlements		—			.05	d		—			—			—			—
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	17.22		$	16.02		$	13.25		$	8.82		$	21.33		$	21.61
Total Return (%)b,c		7.49	**		21.46			51.48			(57.50	)		(1.30	)		20.32
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1			1			1			1			5			10
Ratio of expenses before expense reductions (%)		2.80	*		2.80			3.20			2.66			2.66			2.47
Ratio of expenses after expense reductions (%)		2.42	*		2.49			2.23			2.03			2.19			2.24
Ratio of net investment income (loss) (%)		1.89	**		.01			1.23			1.29			(1.07	)		(.88	)
Portfolio turnover rate (%)		23	**		168			148			118			39			27
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d Includes a non-recurring payment from the Advisor, which amounted to $0.026 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note G). The Fund also received $0.022 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower. * Annualized Not annualized * Amount is less than $.005.

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Class C	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	15.96		$	13.20		$	8.79		$	21.35		$	21.63		$	17.98
Income (loss) from investment operations: Net investment income (loss)a		.36			.00	***		.12			.21			(.23	)		(.15	)
Net realized and unrealized gain (loss)		.83			2.76			4.42			(12.53	)		(.05	)		3.80
Total from investment operations		1.19			2.76			4.54			(12.32	)		(.28	)		3.65
Less distributions from: Net investment income		—			(.05	)		(.12	)		(.24	)		—			—
Tax return of capital		—			—			(.01	)		—			—			—
Total distributions		—			(.05	)		(.13	)		(.24	)		—			—
Increase from regulatory settlements		—			.05	d		—			—			—			—
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	17.15		$	15.96		$	13.20		$	8.79		$	21.35		$	21.63
Total Return (%)b,c		7.46	**		21.47			51.42			(57.69	)		(1.29	)		20.30
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		5			5			5			4			11			13
Ratio of expenses before expense reductions (%)		2.66	*		2.72			3.00			2.70			2.38			2.43
Ratio of expenses after expense reductions (%)		2.42	*		2.49			2.36			2.21			2.19			2.24
Ratio of net investment income (loss) (%)		1.89	**		.01			1.04			1.11			(1.07	)		(.88	)
Portfolio turnover rate (%)		23	**		168			148			118			39			27
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. d Includes a non-recurring payment from the Advisor, which amounted to $0.027 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note G). The Fund also received $0.021 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower. * Annualized Not annualized * Amount is less than $.005.

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Institutional Class	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	17.75		$	14.69		$	9.81		$	23.83		$	23.88		$	19.66
Income (loss) from investment operations: Net investment income (loss)a		.44			.18			.26			.35			.00			.02
Net realized and unrealized gain (loss)		.98			3.07			4.95			(14.00	)		(.05	)		4.20
Total from investment operations		1.42			3.25			5.21			(13.65	)		(.05	)		4.22
Less distributions from: Net investment income		—			(.25	)		(.32	)		(.37	)		—			—
Tax return of capital		—			—			(.01	)		—			—			—
Total distributions		—			(.25	)		(.33	)		(.37	)		—			—
Increase from regulatory settlements		—			.06	c		—			—			—			—
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	19.17		$	17.75		$	14.69		$	9.81		$	23.83		$	23.88
Total Return (%)		8.00	**		22.81	b		52.87	b		(57.25	)b		(.21	)		21.46	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		2			1			2			2			5			4
Ratio of expenses before expense reductions (%)		1.38	*		1.37			1.52			1.33			1.10			1.33
Ratio of expenses after expense reductions (%)		1.38	*		1.37			1.34			1.21			1.10			1.24
Ratio of net investment income (loss) (%)		2.41	**		1.13			2.07			2.11			.02			.12
Portfolio turnover rate (%)		23	**		168			148			118			39			27
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Includes a non-recurring payment from the Advisor, which amounted to $0.029 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note G). The Fund also received $0.027 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower. * Annualized Not annualized * Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Communications Fund (the "Fund") is a non-diversified series of DWS Securities Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is the successor to DWS Communications Fund, a series of DWS Communications Fund, Inc., a Maryland corporation (the "Predecessor Fund"). On April 29, 2011, the Predecessor Fund transferred all of its assets and liabilities to DWS Securities Trust, while retaining the same fund name. The transaction had no material effect on an investment in the Fund. All financial and other information contained herein for periods prior to April 29, 2011, is that of the Predecessor Fund.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as services to shareholders, distribution and service fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which they trade and are categorized as Level 1 securities. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with each Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Securities Lending. The Fund lends securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

Foreign Currency Translations. The books and records of the Fund are maintained in US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the US dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes and, where appropriate, deferred foreign taxes.

At December 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $47,054,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2011 ($3,433,000), December 31, 2012 ($9,289,000), December 31, 2013 ($4,871,000) and December 31, 2017 ($29,461,000), the respective expiration dates, whichever occurs first, which may be subject to certain limitations under Sections 382-383 of the Internal Revenue Code.

In addition, from November 1, 2010 through December 31, 2010, the Fund incurred approximately $137,000 of net realized currency losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended December 31, 2011.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.

The Fund has reviewed the tax positions for each of the three open tax years as of December 31, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and recognition of certain foreign currency gain (losses) as ordinary income (loss). As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on all Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis and may include proceeds from litigation.

Litigation Proceeds. The Fund recorded $679,374 in litigation proceeds during the six months ended June 30, 2011. These proceeds are included in realized gain (loss) in the Statement of Operations.

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2011, the Fund entered into futures contracts futures contracts to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.

Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the changes in the value of the underlying hedged security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2011, is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2011, the Fund invested in futures contracts purchased with a total notional value generally indicative of a range from $0 to approximately $7,231,000.

The following tables summarize the value of the Fund's derivative instruments held as of June 30, 2011 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative		Futures Contracts
Equity Contracts (a)		$	199,502

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Unrealized appreciation on futures contracts. Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed seperately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2011 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)		Futures Contracts
Equity Contracts (a)		$	(356,288	)

The above derivative is located in the following Statement of Operations account:

(a) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)		Futures Contracts
Equity Contracts (a)		$	199,502

The above derivative is located in the following Statement of Operations account:

(a) Change in net unrealized appreciation (depreciation) on futures contracts

C. Purchases and Sales of Securities

During the six months ended June 30, 2011, purchases and sales of investment securities (excluding short-term contracts) aggregated $28,076,700 and $44,212,677, respectively.

D. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $100 million of the Fund's average daily net assets	1.00	%
Next $100 million of such net assets	.90	%
Next $100 million of such net assets	.85	%
Next $200 million of such net assets	.80	%
Next $500 million of such net assets	.73	%
Next $500 million of such net assets	.68	%
Over $1.5 billion of such net assets	.65	%

For the six months ended June 30, 2011, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 0.98% of the Fund's average daily net assets.

For the period from January 1, 2011 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	1.67%
Class B	2.42%
Class C	2.42%
Institutional Class	1.42%

The Board of Trustees, including the Independent Trustees, approved the Fund's Investment Management Agreement in November 2010. The Fund's Investment Management Agreement is identical to the Predecessor Fund's Investment Management Agreement and, as a result, in approving the Fund's Investment Management Agreement, the Board relied on its considerations for approving the renewal of the Predecessor Fund's Investment Management Agreement in September 2010. A discussion regarding the basis for the Board's approval of the Predecessor Fund's Investment Management Agreement is contained in the annual report for the period ended December 31, 2010.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2011, the Administration Fee was $65,269, of which $10,391 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee they receive from the Fund. For the six months ended June 30, 2011, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Waived		Unpaid at June 30, 2011
Class A	$	101,567	$	92,520	$	24,860
Class B		1,686		1,515		334
Class C		5,654		5,654		—
Institutional Class		126		—		83
	$	109,033	$	99,689	$	25,277

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of the Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended June 30, 2011, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at June 30, 2011
Class B	$	2,987	$	441
Class C		18,037		2,845
	$	21,024	$	3,286

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended June 30, 2011, the Service Fee was as follows:

Service Fee	Total Aggregated		Waived		Unpaid at June 30, 2011		Annualized Effective Rate
Class A	$	147,558	$	—	$	41,957		.24	%
Class B		967		—		337		.24	%
Class C		5,904		152		1,705		.24	%
	$	154,429	$	152	$	43,999

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended June 30, 2011 aggregated $2,540.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended June 30, 2011, the CDSC for Class B and C shares aggregated $750 and $62, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended June 30, 2011, DIDI received $356 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,623, of which $4,892 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.

Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 20 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2011.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		316,231		$	5,794,811			3,987,447		$	62,765,204
Class B		351			5,867			6,139			83,581
Class C		4,701			78,925			31,975			468,968
Institutional Class		14,647			283,861			9,473			149,900
				$	6,163,464					$	63,467,653
Shares issued to shareholders in reinvestment of distributions
Class A		—		$	—			67,874		$	1,169,505
Class B		—			—			165			2,620
Class C		—			—			891			14,105
Institutional Class		—			—			994			17,504
				$	—					$	1,203,734
Shares redeemed
Class A		(913,663	)	$	(16,646,618	)		(5,535,422	)	$	(88,571,282	)
Class B		(11,831	)		(200,045	)		(28,792	)		(406,597	)
Class C		(29,652	)		(493,155	)		(103,599	)		(1,507,629	)
Institutional Class		—			—			(49,879	)		(810,105	)
				$	(17,339,818	)				$	(91,295,613	)
Redemption fees				$	13					$	28,414
Net increase (decrease)
Class A		(597,432	)	$	(10,851,794	)		(1,480,101	)	$	(24,608,159	)
Class B		(11,480	)		(194,178	)		(22,488	)		(320,396	)
Class C		(24,951	)		(414,230	)		(70,733	)		(1,024,556	)
Institutional Class		14,647			283,861			(39,412	)		(642,701	)
				$	(11,176,341	)				$	(26,595,812	)

G. Regulatory Settlements

On December 21, 2006, the Advisor settled proceedings with the SEC and the New York Attorney General regarding alleged improper trading of fund shares. In accordance with the distribution plan, developed by a distribution consultant, settlement proceeds were distributed to affected shareholders of the Fund, and unclaimed proceeds were then paid to the Fund in the amount of $265,000. In addition, the Fund received $182,736 of non-affiliated regulatory settlements. These payments are included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets. The amounts of the payments were 0.34% of the Fund's average net assets.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 3, 2010

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.

Qualifications

For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

Quality of Service — Performance

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.

Thomas H. Mack

Account Management Resources


For More Information		The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B and C also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of Classes A, B, C and Institutional Class: (800) 621-1048
Web Site		www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence		DWS Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting		The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter		If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class A	Class B	Class C	Institutional Class
Nasdaq Symbol	TISHX	FTEBX	FTICX	FLICX
CUSIP Number	23339G 108	23339G 207	23339G 306	23339G 405
Fund Number	432	632	732	532

Privacy Statement

FACTS	What Does DWS Investments Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: • Social Security number • Account balances • Purchase and transaction history • Bank account information • Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS Investments share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions?

Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com

Who we are
Who is providing this notice?	DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS Investments protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS Investments collect my personal information?	We collect your personal information, for example. When you: • open an account • give us your contact information • provide bank account information for ACH or wire transactions • tell us where to send money • seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.

Rev. 09/2010

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2011


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

ITEM 11.	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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	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.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS Communications Fund, a series of DWS Securities Trust


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	August 29, 2011

ITEM 1.	REPORT TO STOCKHOLDERS