UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02021

Deutsche DWS Securities Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2025

Item 1.	Reports to Stockholders.

	(a)

DWS Digital Horizons Fund

Class A: COMAX

Semi-Annual Shareholder Report — June 30, 2025

This semi-annual shareholder report contains important information about DWS Digital Horizons Fund (formerly, DWS Communications Fund) (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$70	1.31%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 1.46%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	106,529,407
Number of Portfolio Holdings	60
Portfolio Turnover Rate (%)	78
Total Net Advisory Fees Paid ($)	345,937

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	97%
Cash Equivalents	3%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Software	19%
Entertainment	15%
Semiconductors & Semiconductor Equipment	15%
Broadline Retail	9%
Technology Hardware, Storage & Peripherals	8%
Interactive Media & Services	6%
IT Services	5%
Diversified Telecommunication Services	3%
Hotels, Restaurants & Leisure	3%
Media	3%
Financial Services	2%
Specialized REITs	2%
Ground Transportation	2%
Other Industries	7%

Ten Largest Equity Holdings

Holdings	54.3% of Net Assets
NVIDIA Corp.	11.9%
Microsoft Corp.	9.5%
Apple, Inc.	7.3%
Amazon.com, Inc.	7.3%
Meta Platforms, Inc.	4.5%
ROBLOX Corp.	3.5%
Broadcom, Inc.	2.8%
Spotify Technology SA	2.7%
Netflix, Inc.	2.6%
AT&T, Inc.	2.2%

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

Stocks may decline in value. 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 presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The Fund may lend securities to approved institutions. Please read the prospectus for details.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2025 DWS Group GmbH&Co. KGaA. All rights reserved

DDHF-TSRS-A

R-101795-2 (08/25)

DWS Digital Horizons Fund

Class S: COMSX

Semi-Annual Shareholder Report — June 30, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$55	1.03%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 1.31%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	106,529,407
Number of Portfolio Holdings	60
Portfolio Turnover Rate (%)	78
Total Net Advisory Fees Paid ($)	345,937

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	97%
Cash Equivalents	3%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Software	19%
Entertainment	15%
Semiconductors & Semiconductor Equipment	15%
Broadline Retail	9%
Technology Hardware, Storage & Peripherals	8%
Interactive Media & Services	6%
IT Services	5%
Diversified Telecommunication Services	3%
Hotels, Restaurants & Leisure	3%
Media	3%
Financial Services	2%
Specialized REITs	2%
Ground Transportation	2%
Other Industries	7%

Ten Largest Equity Holdings

Holdings	54.3% of Net Assets
NVIDIA Corp.	11.9%
Microsoft Corp.	9.5%
Apple, Inc.	7.3%
Amazon.com, Inc.	7.3%
Meta Platforms, Inc.	4.5%
ROBLOX Corp.	3.5%
Broadcom, Inc.	2.8%
Spotify Technology SA	2.7%
Netflix, Inc.	2.6%
AT&T, Inc.	2.2%

Additional Information

Householding

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2025 DWS Group GmbH&Co. KGaA. All rights reserved

DDHF-TSRS-S

R-101795-2 (08/25)

DWS Digital Horizons Fund

Institutional Class: COMZX

Semi-Annual Shareholder Report — June 30, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$55	1.03%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 1.22%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

Key Fund Statistics

Net Assets ($)	106,529,407
Number of Portfolio Holdings	60
Portfolio Turnover Rate (%)	78
Total Net Advisory Fees Paid ($)	345,937

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Common Stocks	97%
Cash Equivalents	3%
Other Assets and Liabilities, Net	0%
Total	100%

Sector Allocation

Sector	% of Net Assets
Software	19%
Entertainment	15%
Semiconductors & Semiconductor Equipment	15%
Broadline Retail	9%
Technology Hardware, Storage & Peripherals	8%
Interactive Media & Services	6%
IT Services	5%
Diversified Telecommunication Services	3%
Hotels, Restaurants & Leisure	3%
Media	3%
Financial Services	2%
Specialized REITs	2%
Ground Transportation	2%
Other Industries	7%

Ten Largest Equity Holdings

Holdings	54.3% of Net Assets
NVIDIA Corp.	11.9%
Microsoft Corp.	9.5%
Apple, Inc.	7.3%
Amazon.com, Inc.	7.3%
Meta Platforms, Inc.	4.5%
ROBLOX Corp.	3.5%
Broadcom, Inc.	2.8%
Spotify Technology SA	2.7%
Netflix, Inc.	2.6%
AT&T, Inc.	2.2%

Additional Information

Householding

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2025 DWS Group GmbH&Co. KGaA. All rights reserved

DDHF-TSRS-I

R-101795-2 (08/25)


	(b) Not applicable

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.	Investments.

	Not applicable

Item 7.	Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	(a)

June 30, 2025

Semiannual Financial Statements and Other Information

DWS Digital Horizons Fund

Contents

3	Investment Portfolio
8	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
15	Notes to Financial Statements
26	Advisory Agreement Board Considerations and Fee Evaluation

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Digital Horizons Fund

Investment Portfolioas of June 30, 2025 (Unaudited)

	Shares		Value ($)
Common Stocks 97.4%
Aerospace & Defense 0.4%
Voyager Technologies, Inc. “A” *		10,000	392,500
Broadline Retail 9.4%
Amazon.com, Inc.*		35,564	7,802,386
MercadoLibre, Inc.*		856	2,237,267
			10,039,653
Capital Markets 0.8%
Robinhood Markets, Inc. “A” *		8,945	837,520
Diversified Consumer Services 1.1%
Duolingo, Inc.*		2,754	1,129,195
Diversified Telecommunication Services 3.2%
AT&T, Inc.		81,014	2,344,545
Cogent Communications Holdings, Inc.		20,968	1,010,868
			3,355,413
Electrical Equipment 0.6%
Bloom Energy Corp. “A” * (a)		26,651	637,492
Entertainment 15.3%
Live Nation Entertainment, Inc.*		15,095	2,283,571
Netflix, Inc.*		2,040	2,731,825
ROBLOX Corp. “A” *		34,999	3,681,895
Sea Ltd. (ADR)*		5,969	954,682
Spotify Technology SA*		3,797	2,913,590
Take-Two Interactive Software, Inc.*		6,409	1,556,426
Universal Music Group NV		36,409	1,180,084
Walt Disney Co.		7,961	987,244
			16,289,317
Financial Services 2.3%
Adyen NV 144A*		459	844,085
Block, Inc.*		7,739	525,710
Toast, Inc. “A” *		23,441	1,038,202
			2,407,997
Ground Transportation 1.5%
Uber Technologies, Inc.*		17,388	1,622,300
Health Care Equipment & Supplies 1.4%
Intuitive Surgical, Inc.*		2,782	1,511,767

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

DWS Digital Horizons Fund

	Shares		Value ($)
Health Care Technology 0.7%
Doximity, Inc. “A” *		3,022	185,370
Phreesia, Inc.*		19,553	556,478
			741,848
Hotels, Restaurants & Leisure 3.1%
Airbnb, Inc. “A” *		3,806	503,686
DoorDash, Inc. “A” *		6,817	1,680,459
DraftKings, Inc. “A” *		26,311	1,128,479
			3,312,624
Household Durables 0.8%
Sony Group Corp.		31,200	806,633
Interactive Media & Services 5.7%
Alphabet, Inc. “A”		2,125	374,489
Meta Platforms, Inc. “A”		6,460	4,768,061
Pinterest, Inc. “A” *		25,866	927,555
			6,070,105
IT Services 4.5%
Cloudflare, Inc. “A” *		5,405	1,058,461
GoDaddy, Inc. “A” *		4,941	889,677
Shopify, Inc. “A” *		5,893	679,758
Snowflake, Inc. “A” *		5,781	1,293,614
Wix.com Ltd.*		5,770	914,314
			4,835,824
Media 2.6%
Criteo SA (ADR)*		29,720	712,091
New York Times Co. “A”		14,614	818,092
Trade Desk, Inc. “A” *		17,109	1,231,677
			2,761,860
Professional Services 1.4%
RELX PLC		27,300	1,478,037
Semiconductors & Semiconductor Equipment 14.7%
Broadcom, Inc.		10,714	2,953,314
NVIDIA Corp.		80,506	12,719,143
			15,672,457
Software 18.8%
AppLovin Corp. “A” *		2,587	905,657
Braze, Inc. “A” *		29,419	826,674
Commvault Systems, Inc.*		8,925	1,555,895

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

DWS Digital Horizons Fund

	Shares		Value ($)
Docusign, Inc.*		13,581	1,057,824
Gitlab, Inc. “A” *		16,728	754,600
Jamf Holding Corp.*		28,342	269,533
JFrog Ltd.*		22,115	970,406
Microsoft Corp.		20,327	10,110,853
Monday.com Ltd.*		1,913	601,600
Nebius Group NV* (a)		18,415	1,018,902
Nutanix, Inc. “A” *		8,647	660,977
Procore Technologies, Inc.*		3,933	269,096
Zoom Communications, Inc.*		13,780	1,074,564
			20,076,581
Specialized REITs 1.6%
American Tower Corp.		5,449	1,204,338
Crown Castle, Inc.		5,158	529,881
			1,734,219
Technology Hardware, Storage & Peripherals 7.5%
Apple, Inc.		38,085	7,813,899
IonQ, Inc.* (a)		5,173	222,284
			8,036,183
Total Common Stocks (Cost $83,156,664)			103,749,525
Securities Lending Collateral 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.25% (b) (c) (Cost $554,167)		554,167	554,167
Cash Equivalents 2.6%
DWS Central Cash Management Government Fund, 4.37% (b) (Cost $2,801,267)		2,801,267	2,801,267

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $86,512,098)	100.5	107,104,959
Other Assets and Liabilities, Net	(0.5 )	(575,552 )
Net Assets	100.0	106,529,407

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

DWS Digital Horizons Fund

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2025 are as follows:

Value ($) at 12/31/2024	Pur- chases Cost ($)	Sales Proceeds ($)	Net Real- ized Gain/ (Loss) ($)	Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)	Income ($)	Capital Gain Distri- butions ($)	Number of Shares at 6/30/2025	Value ($) at 6/30/2025
Securities Lending Collateral 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 4.25% (b) (c)
—	554,167 (d)	—	—	—	3,107	—	554,167	554,167
Cash Equivalents 2.6%
DWS Central Cash Management Government Fund, 4.37% (b)
2,197,800	24,404,004	23,800,537	—	—	69,627	—	2,801,267	2,801,267
2,197,800	24,958,171	23,800,537	—	—	72,734	—	3,355,434	3,355,434

*	Non-income producing security.
(a)	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 June 30, 2025 amounted to $579,259, which is 0.5% of net assets.
(b)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025.

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.

ADR: American Depositary Receipt

REIT: Real Estate Investment Trust

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

DWS Digital Horizons Fund

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 June 30, 2025 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
Aerospace & Defense	$392,500	$—	$—	$392,500
Broadline Retail	10,039,653	—	—	10,039,653
Capital Markets	837,520	—	—	837,520
Diversified Consumer Services	1,129,195	—	—	1,129,195
Diversified Telecommunication Services	3,355,413	—	—	3,355,413
Electrical Equipment	637,492	—	—	637,492
Entertainment	15,109,233	1,180,084	—	16,289,317
Financial Services	1,563,912	844,085	—	2,407,997
Ground Transportation	1,622,300	—	—	1,622,300
Health Care Equipment & Supplies	1,511,767	—	—	1,511,767
Health Care Technology	741,848	—	—	741,848
Hotels, Restaurants & Leisure	3,312,624	—	—	3,312,624
Household Durables	—	806,633	—	806,633
Interactive Media & Services	6,070,105	—	—	6,070,105
IT Services	4,835,824	—	—	4,835,824
Media	2,761,860	—	—	2,761,860
Professional Services	—	1,478,037	—	1,478,037
Semiconductors & Semiconductor Equipment	15,672,457	—	—	15,672,457
Software	20,076,581	—	—	20,076,581
Specialized REITs	1,734,219	—	—	1,734,219
Technology Hardware, Storage & Peripherals	8,036,183	—	—	8,036,183
Short-Term Investments (a)	3,355,434	—	—	3,355,434
Total	$102,796,120	$4,308,839	$—	$107,104,959

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Digital Horizons Fund

Statement of Assets and Liabilities

as of June 30, 2025 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $83,156,664) — including $579,259 of securities loaned	$103,749,525
Investment in DWS Government & Agency Securities Portfolio (cost $554,167)*	554,167
Investment in DWS Central Cash Management Government Fund (cost $2,801,267)	2,801,267
Foreign currency, at value (cost $101,934)	108,336
Receivable for Fund shares sold	8,830
Dividends receivable	14,049
Affiliated securities lending income receivable	259
Other assets	24,242
Total assets	107,260,675
Liabilities
Payable upon return of securities loaned	554,167
Payable for Fund shares redeemed	19,226
Accrued management fee	37,277
Accrued Trustees' fees	728
Other accrued expenses and payables	119,870
Total liabilities	731,268
Net assets, at value	$106,529,407
Net Assets Consist of
Distributable earnings (loss)	23,457,853
Paid-in capital	83,071,554
Net assets, at value	$106,529,407

Represents collateral on securities loaned.

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

DWS Digital Horizons Fund

Statement of Assets and Liabilities as of June 30, 2025 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($91,109,657 ÷ 3,325,764 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$27.40
Maximum offering price per share (100 ÷ 94.25 of $27.40)	$29.07
Class S
Net Asset Value, offering and redemption price per share ($1,578,846 ÷ 54,469 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$28.99
Institutional Class
Net Asset Value, offering and redemption price per share ($13,840,904 ÷ 477,375 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$28.99

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

DWS Digital Horizons Fund

Statement of Operations

for the six months ended June 30, 2025 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $2,087)	$258,343
Interest	494
Income distributions — DWS Central Cash Management Government Fund	69,627
Affiliated securities lending income	3,107
Total income	331,571
Expenses:
Management fee	439,014
Administration fee	52,075
Services to shareholders	70,862
Service fees	98,478
Custodian fee	3,395
Professional fees	58,910
Reports to shareholders	16,649
Registration fees	27,390
Trustees' fees and expenses	2,927
Proxy fees	45,874
Other	10,879
Total expenses before expense reductions	826,453
Expense reductions	(127,277 )
Total expenses after expense reductions	699,176
Net investment income (loss)	(367,605 )
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	46,393,303
Foreign currency	(11,010 )
	46,382,293
Change in net unrealized appreciation (depreciation) on:
Investments	(33,446,862 )
Foreign currency	10,612
	(33,436,250 )
Net gain (loss)	12,946,043
Net increase (decrease) in net assets resulting from operations	$12,578,438

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

DWS Digital Horizons Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2025	Year Ended December 31,
Increase (Decrease) in Net Assets	(Unaudited)	2024
Operations:
Net investment income (loss)	$(367,605 )	$(299,656 )
Net realized gain (loss)	46,382,293	4,680,876
Change in net unrealized appreciation (depreciation)	(33,436,250 )	25,636,667
Net increase (decrease) in net assets resulting from operations	12,578,438	30,017,887
Distributions to shareholders:
Class A	(33,127,166 )	—
Class S	(478,212 )	—
Institutional Class	(5,086,232 )	—
Total distributions	(38,691,610 )	—
Fund share transactions:
Proceeds from shares sold	9,411,232	9,514,894
Reinvestment of distributions	37,173,326	—
Payments for shares redeemed	(26,662,308 )	(15,608,975 )
Net increase (decrease) in net assets from Fund share transactions	19,922,250	(6,094,081 )
Increase (decrease) in net assets	(6,190,922 )	23,923,806
Net assets at beginning of period	112,720,329	88,796,523
Net assets at end of period	$106,529,407	$112,720,329

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

DWS Digital Horizons Fund

Financial Highlights

DWS Digital Horizons Fund — Class A
	Six Months Ended 6/30/25	Years Ended December 31,
	(Unaudited)	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$38.02	$28.19	$20.00	$33.19	$32.48	$25.79
Income (loss) from investment operations:
Net investment income (loss)a	(.13 )	(.11 )	(.08 )	(.16 )	(.32 )	(.12 )
Net realized and unrealized gain (loss)	4.51	9.94	8.27	(13.02 )	3.64	6.81
Total from investment operations	4.38	9.83	8.19	(13.18 )	3.32	6.69
Less distributions from:
Net investment income	—	—	—	—	(.51 )	—
Net realized gains	(15.00 )	—	—	(.01 )	(2.10 )	—
Total distributions	(15.00 )	—	—	(.01 )	(2.61 )	—
Net asset value, end of period	$27.40	$38.02	$28.19	$20.00	$33.19	$32.48
Total Return (%)b	14.49 c*	34.87 c	40.95 c	(39.72 )c	10.35	25.94 c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	91	87	71	55	101	100
Ratio of expenses before expense reductions (%)	1.54 **	1.57	1.72	1.72	1.58	1.66
Ratio of expenses after expense reductions (%)	1.31 **	1.40	1.50	1.62	1.58	1.63
Ratio of net investment income (loss) (%)	(.69 )**	(.35 )	(.32 )	(.64 )	(.88 )	(.43 )
Portfolio turnover rate (%)	78 *	16	27	24	24	19

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.
*	Not annualized
**	Annualized

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

DWS Digital Horizons Fund

DWS Digital Horizons Fund — Class S
	Six Months Ended 6/30/25	Years Ended December 31,		Period Ended
	(Unaudited)	2024	2023	12/31/22a
Selected Per Share Data
Net asset value, beginning of period	$39.36	$29.10	$20.60	$23.95
Income (loss) from investment operations:
Net investment income (loss)b	(.08 )	(.03 )	(.03 )	(.03 )
Net realized and unrealized gain (loss)	4.71	10.29	8.53	(3.31 )
Total from investment operations	4.63	10.26	8.50	(3.34 )
Less distributions from:
Net realized gains	(15.00 )	—	—	(.01 )
Net asset value, end of period	$28.99	$39.36	$29.10	$20.60
Total Return (%)c	14.65 *	35.26	41.26	(13.96 )*
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	1,579	1,189	400	19
Ratio of expenses before expense reductions (%)	1.34 **	1.42	1.56	1.55 **
Ratio of expenses after expense reductions (%)	1.03 **	1.15	1.24	1.32 **
Ratio of net investment income (loss) (%)	(.42 )**	(.10 )	(.13 )	(.32 )**
Portfolio turnover rate (%)	78 *	16	27	24 d

a	For the period from August 1, 2022 (commencement of operations) to December 31, 2022.
b	Based on average shares outstanding during the period.
c	Total return would have been lower had certain expenses not been reduced.
d	Represents the Fund’s portfolio turnover rate for the year ended December 31, 2022.
*	Not annualized
**	Annualized

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

DWS Digital Horizons Fund

DWS Digital Horizons Fund — Institutional Class
	Six Months Ended 6/30/25	Years Ended December 31,
	(Unaudited)	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$39.37	$29.11	$20.60	$34.11	$33.33	$26.41
Income (loss) from investment operations:
Net investment income (loss)a	(.09 )	(.03 )	.01	(.07 )	(.24 )	(.06 )
Net realized and unrealized gain (loss)	4.71	10.29	8.50	(13.43 )	3.73	6.98
Total from investment operations	4.62	10.26	8.51	(13.50 )	3.49	6.92
Less distributions from:
Net investment income	—	—	—	—	(.61 )	—
Net realized gains	(15.00 )	—	—	(.01 )	(2.10 )	—
Total distributions	(15.00 )	—	—	(.01 )	(2.71 )	—
Net asset value, end of period	$28.99	$39.37	$29.11	$20.60	$34.11	$33.33
Total Return (%)	14.60 b*	35.25 b	41.31 b	(39.59 )b	10.62	26.20 b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	14	25	17	16	10	8
Ratio of expenses before expense reductions (%)	1.31 **	1.33	1.44	1.48	1.35	1.41
Ratio of expenses after expense reductions (%)	1.03 **	1.15	1.25	1.34	1.35	1.39
Ratio of net investment income (loss) (%)	(.43 )**	(.10 )	.03	(.29 )	(.66 )	(.22 )
Portfolio turnover rate (%)	78 *	16	27	24	24	19

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.
*	Not annualized
**	Annualized

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

DWS Digital Horizons Fund

Notes to Financial Statements (Unaudited)

Organization and Significant Accounting Policies

DWS Digital Horizons Fund (formerly DWS Communications Fund) (the “Fund” ) is a non-diversified series of Deutsche 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 offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions. Prior to March 25, 2024, the Fund also offered Class C shares. Class C shares were not subject to an initial sales charge but were subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Upon the recommendation of the Advisor, the Fund’s Board of Trustees authorized the termination and liquidation of Class C Shares, effective March 25, 2024 (the “Liquidation Date” ).

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 (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Operating Segment. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07” ). ASU 2023-07 impacts

DWS Digital Horizons Fund

financial statement disclosures only and does not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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.

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

DWS Digital Horizons Fund

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. 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. Equity securities are generally categorized as Level 1. 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.

Investments in open-end investment companies are valued at their net asset value each business day 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 Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered 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. National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the 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 cash and/or

DWS Digital Horizons Fund

securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. 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 securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. 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. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. 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.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. Due to the increased market values of securities on loan on June 30, 2025, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

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

DWS Digital Horizons Fund

of net investment income accrued and the U.S. dollar amount actually received. The 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.

Tax Information. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At December 31, 2024, the Fund had net tax basis capital loss carryforwards of $4,419,919 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $86,556,666. The net unrealized appreciation for all investments based on tax cost was $20,548,293. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $24,739,923 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $4,191,630.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are 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 Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally

DWS Digital Horizons Fund

accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. The Fund may utilize a portion of the proceeds from capital shares redeemed as a distribution from net investment income and realized capital gains. 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 based upon the relative net assets or other appropriate measures.

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. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

Purchases and Sales of Securities

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $82,730,349 and $102,465,220, respectively.

Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and

DWS Digital Horizons Fund

restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Prior to February 13, 2025, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

First $100 million of the Fund’s average daily net assets	.90%
Next $100 million of such net assets	.80%
Next $100 million of such net assets	.75%
Next $200 million of such net assets	.70%
Next $500 million of such net assets	.63%
Next $500 million of such net assets	.58%
Over $1.5 billion of such net assets	.55%

Effective February 14, 2025, under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

First $100 million of the Fund’s average daily net assets	.80%
Next $100 million of such net assets	.70%
Next $100 million of such net assets	.65%
Next $200 million of such net assets	.60%
Next $500 million of such net assets	.53%
Next $500 million of such net assets	.48%
Over $1.5 billion of such net assets	.45%

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.818% of the Fund’s average daily net assets.

For the period from January 1, 2025 through February 13, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses

DWS Digital Horizons Fund

such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A		1.32%
Class S		1.07%
Institutional Class		1.07%

Effective February 14, 2025 through February 13, 2027, 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 total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A			1.25%
Class S			.95%
Institutional Class			.95%

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$97,982
Class S	2,107
Institutional Class	27,188
	$127,277

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 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $52,075, of which $8,129 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder

DWS Digital Horizons Fund

servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at June 30, 2025
Class A	$19,314	$6,465
Class S	943	264
Institutional Class	162	42
	$20,419	$6,771

In addition, for the six months ended June 30, 2025, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$31,115
Institutional Class	11,324
	$42,439

Service Fees. DDI provides information and administrative services for a fee (“Service Fee” ) to Class A shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI 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, 2025, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at June 30, 2025	Annualized Rate
Class A	$98,478	$33,839	.23%
	$98,478	$33,839

Underwriting Agreement and Contingent Deferred Sales Charge. DDI 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, 2025 aggregated $1,376.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from 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 1% of the value of the shares redeemed for Class C. For the six months ended June 30, 2025, there was no CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

DWS Digital Horizons Fund

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,005, of which $225 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $345 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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. 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, 2025.

DWS Digital Horizons Fund

Fund Share Transactions

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

	Six Months Ended June 30, 2025		Year Ended December 31, 2024
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	159,182	$5,129,709	119,652	$4,001,091
Class C	—	—	148 *	3,740 *
Class S	18,168	695,247	27,094	935,614
Institutional Class	87,156	3,586,276	129,262	4,574,449
		$9,411,232		$9,514,894
Shares issued to shareholders in reinvestment of distributions
Class A	1,241,456	$31,632,295	—	$—
Class S	17,193	463,350	—	—
Institutional Class	188,341	5,077,681	—	—
		$37,173,326		$—
Shares redeemed
Class A	(353,523 )	$(10,933,772 )	(347,862 )	$(11,615,910 )
Class C	—	—	(29,010 )*	(799,228 )*
Class S	(11,108 )	(434,969 )	(10,622 )	(372,086 )
Institutional Class	(430,508 )	(15,293,567 )	(81,884 )	(2,821,751 )
		$(26,662,308 )		$(15,608,975 )
Net increase (decrease)
Class A	1,047,115	$25,828,232	(228,210 )	$(7,614,819 )
Class C	—	—	(28,862 )*	(795,488 )*
Class S	24,253	723,628	16,472	563,528
Institutional Class	(155,011 )	(6,629,610 )	47,378	1,752,698
		$19,922,250		$(6,094,081 )

*	For the period from January 1, 2024 to March 25, 2024 (Class C liquidation date).

DWS Digital Horizons Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS Communications Fund’s (now known as DWS Digital Horizons Fund) (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund’s performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

DWS Digital Horizons Fund

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund’s performance (Class A shares) was in the 1st quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2023. The Board observed that there were limitations to the usefulness of the comparative data provided by Morningstar, noting that the applicable Morningstar universe for the Fund was of limited relevance due to the universe’s small size, among other factors.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include

DWS Digital Horizons Fund

a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that, effective October 1, 2023, in connection with the 2023 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.10%. The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board also observed that the Broadridge expense universe for the Fund was of limited relevance due to its small size, among other factors. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some

DWS Digital Horizons Fund

cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. In addition to the renewal of the Agreement at the September 2024 meeting, the Board also approved an amendment to the Agreement pursuant to which DIMA

DWS Digital Horizons Fund

agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.10%. The Board noted that the amendment to the Agreement was proposed in connection with a separate proposal to change the Fund’s investment strategy and will only take effect if shareholders approve the Fund’s investment strategy change.

DDHF-BFE2024

DWS Digital Horizons Fund

DDHF-NCSRS


	(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8.	Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

	Not applicable

Item 9.	Proxy Disclosures for Open-End Management Investment Companies.

	Not applicable

Item 10.	Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	See Item 7(a)

Item 11.	Statement Regarding Basis for Approval of Investment Advisory Contract.

	See Item 7(a)

Item 12.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

	Not applicable

Item 13.	Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable

Item 14.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable

Item 15.	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 Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

Item 16.	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 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 17.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable

Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

	(a)(1)	Not applicable

	(a)(2)	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.

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 Digital Horizons Fund, a series of Deutsche DWS Securities Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	8/29/2025

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/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	8/29/2025



By:	/s/Diane Kenneally Diane Kenneally Principal Financial Officer

Date:	8/29/2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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