INVESTMENT OBJECTIVE:

To replicate the total return of the S&P MidCap 400 Index^TM (the "Index").

INVESTMENT STRATEGY:

The SPDR S&P MidCap 400 ETF Trust (the "Trust") holdings are comprised of the 400 stocks in the Index. The Trust is designed to capture the price performance of the middle capitalization segment of the U.S. publicly traded stock market.

PERFORMANCE OVERVIEW:

The Trust seeks to match the total return of the Index. To accomplish its investment objective, the Trust utilizes a full replication approach. With this strategy, all 400 securities of the Index are owned by the Trust in their approximate market capitalization weight. This replication approach is intended to result in low expected tracking error of the Trust relative to the Index.

The Trust is not actively managed. Rather, the Trust attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Trust will hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Trust's return to be lower than if the Trust employed an active strategy.

While the Trust is intended to track the performance of the Index as closely as possible (i.e., to achieve a high degree of correlation with the Index), the Trust's return may not match or achieve a high degree of correlation with the return of the Index due to expenses and transaction costs incurred in adjusting the portfolio of all of the common stocks of the Index. In addition, it is possible that the Trust may not always fully replicate the performance of the Index due to the unavailability of certain component stocks of the Index in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

Common Stock	Shares		Value
Acadia Healthcare Co., Inc.*		785,382	$	50,091,664
ACI Worldwide, Inc.*		1,026,778		31,552,888
Acuity Brands, Inc.		312,075		54,104,443
Adient PLC*		823,440		34,131,588
AECOM*		1,259,065		79,509,955
Affiliated Managers Group, Inc.		360,132		54,412,344
AGCO Corp.		540,259		66,197,935
Alleghany Corp.*		121,221		75,691,605
ALLETE, Inc.		456,806		27,189,093
Alliance Data Systems Corp.		434,852		43,872,218
Amedisys, Inc.*		285,192		42,522,127
American Campus Communities, Inc.		1,215,752		58,903,184
American Eagle Outfitters, Inc.		1,333,872		34,413,898
American Financial Group, Inc.		577,729		72,695,640
Amkor Technology, Inc.		875,555		21,845,097
Antero Midstream Corp.		2,837,549		29,567,261
Apartment Income REIT Corp.		1,371,807		66,957,900
AptarGroup, Inc.		576,464		68,800,978
Arrow Electronics, Inc.*		627,674		70,481,513
Arrowhead Pharmaceuticals, Inc.*		911,198		56,886,091
ASGN, Inc.*		462,333		52,308,356
Ashland Global Holdings, Inc.		493,635		43,992,751
Aspen Technology, Inc.*		593,534		72,885,975
Associated Banc-Corp.		1,336,885		28,636,077
AutoNation, Inc.*		381,691		46,474,696
Avient Corp.		797,909		36,983,082
Avis Budget Group, Inc.*		412,914		48,108,610
Avnet, Inc.		869,633		32,150,332
Axon Enterprise, Inc.*		573,986		100,459,030
BancorpSouth Bank		949,141		28,265,419
Bank of Hawaii Corp.		353,762		29,068,624
Bank OZK		1,064,810		45,765,534
Belden, Inc.		392,006		22,838,270
BJ's Wholesale Club Holdings, Inc.*		1,198,516		65,822,499
Black Hills Corp.		554,799		34,819,185
Blackbaud, Inc.*		367,406		25,847,012
Boston Beer Co., Inc., Class A*		82,047		41,823,458
Boyd Gaming Corp.*		715,994		45,293,780
Brighthouse Financial, Inc.*		726,361		32,853,308
Brink's Co.		435,168		27,546,134

Common Stock	Shares		Value
Brixmor Property Group, Inc.		2,595,502	$	57,386,549
Brooks Automation, Inc.		649,330		66,458,926
Brunswick Corp.		677,321		64,528,372
Builders FirstSource, Inc.*		1,810,938		93,697,932
Cable One, Inc.		43,268		78,450,509
Cabot Corp.		495,752		24,847,090
CACI International, Inc., Class A*		205,824		53,946,470
Callaway Golf Co.*		1,023,774		28,286,876
Camden Property Trust		878,999		129,625,983
Capri Holdings Ltd.*		1,328,557		64,315,444
Carlisle Cos., Inc.		455,568		90,562,363
Carter's, Inc.		384,643		37,402,685
Casey's General Stores, Inc.		323,575		60,977,709
Cathay General Bancorp		683,101		28,273,550
CDK Global, Inc.		1,064,275		45,284,901
Cerence, Inc.*		332,159		31,923,802
ChampionX Corp.*		1,763,690		39,436,108
Chemed Corp.		137,483		63,946,093
Chemours Co.		1,443,488		41,947,761
Choice Hotels International, Inc.		286,852		36,249,487
Churchill Downs, Inc.		302,992		72,742,319
Ciena Corp.*		1,352,620		69,457,037
Cimarex Energy Co.		898,555		78,353,996
Cirrus Logic, Inc.*		503,386		41,453,837
CIT Group, Inc.		866,488		45,014,052
Clean Harbors, Inc.*		437,435		45,436,373
Cleveland-Cliffs, Inc.*		3,974,461		78,734,072
CMC Materials, Inc.		255,392		31,471,956
CNO Financial Group, Inc.		1,116,837		26,290,343
CNX Resources Corp.*		1,904,564		24,035,598
Cognex Corp.		1,544,371		123,889,442
Coherent, Inc.*		214,425		53,625,548
Colfax Corp.*		1,132,062		51,961,646
Columbia Sportswear Co.		305,565		29,285,350
Commerce Bancshares, Inc.		928,961		64,730,003
Commercial Metals Co.		1,053,899		32,101,764
CommVault Systems, Inc.*		400,896		30,191,478
Compass Minerals International, Inc.		297,492		19,158,485
Concentrix Corp.*		374,215		66,236,055
CoreSite Realty Corp.		386,339		53,523,405

Common Stock	Shares		Value
Corporate Office Properties Trust		981,780	$	26,488,424
Coty, Inc., Class A*		2,924,340		22,985,312
Cousins Properties, Inc.		1,299,486		48,457,833
Cracker Barrel Old Country Store, Inc.		207,363		28,997,642
Crane Co.		435,564		41,295,823
Cree, Inc.*		1,009,180		81,471,101
Crocs, Inc.*		545,231		78,229,744
Cullen/Frost Bankers, Inc.		495,093		58,727,932
Curtiss-Wright Corp.		357,311		45,085,502
CyrusOne, Inc.		1,083,892		83,904,080
Dana, Inc.		1,269,255		28,228,231
Darling Ingredients, Inc.*		1,416,447		101,842,539
Deckers Outdoor Corp.*		241,766		87,084,113
Dick's Sporting Goods, Inc.		572,748		68,598,028
Digital Turbine, Inc.*		764,261		52,542,944
Donaldson Co., Inc.		1,097,580		63,012,068
Douglas Emmett, Inc.		1,533,573		48,476,243
DT Midstream, Inc.		846,563		39,145,073
Dycom Industries, Inc.*		269,001		19,163,631
Eagle Materials, Inc.		366,035		48,009,151
East West Bancorp, Inc.		1,239,974		96,147,584
EastGroup Properties, Inc.		353,130		58,842,052
EMCOR Group, Inc.		469,791		54,204,486
Emergent BioSolutions, Inc.*		417,702		20,914,339
Encompass Health Corp.		869,633		65,257,260
Energizer Holdings, Inc.		549,748		21,467,659
EnerSys		371,535		27,657,065
Envestnet, Inc.*		476,441		38,229,626
Envista Holdings Corp.*		1,409,348		58,924,840
EPR Properties		653,767		32,283,014
EQT Corp.*		2,644,375		54,103,913
Equitrans Midstream Corp.		3,553,315		36,030,614
Essent Group Ltd		977,729		43,029,853
Essential Utilities, Inc.		1,954,545		90,065,434
Evercore, Inc., Class A		346,594		46,329,220
Exelixis, Inc.*		2,753,437		58,207,658
FactSet Research Systems, Inc.		330,182		130,349,250
Fair Isaac Corp.*		248,091		98,722,852
Federated Hermes, Inc.		852,607		27,709,728
First American Financial Corp.		960,668		64,412,789

Common Stock	Shares		Value
First Financial Bankshares, Inc.		1,119,762	$	51,453,064
First Horizon Corp.		4,801,010		78,208,453
First Industrial Realty Trust, Inc.		1,128,566		58,775,717
First Solar, Inc.*		864,160		82,492,714
FirstCash, Inc.		353,543		30,935,013
Five Below, Inc.*		489,366		86,524,802
Flowers Foods, Inc.		1,739,626		41,107,362
Flowserve Corp.		1,138,458		39,470,339
Fluor Corp.*		1,235,932		19,737,834
FNB Corp.		2,792,506		32,448,920
Foot Locker, Inc.		787,296		35,947,935
Fox Factory Holding Corp.*		367,968		53,186,095
FTI Consulting, Inc.*		299,583		40,353,830
Fulton Financial Corp.		1,425,232		21,777,545
GameStop Corp., Class A*		543,782		95,417,428
GATX Corp.		310,257		27,786,617
Genpact Ltd.		1,509,501		71,716,393
Gentex Corp.		2,088,390		68,875,102
Glacier Bancorp, Inc.		947,632		52,451,431
Globus Medical, Inc., Class A*		684,349		52,434,820
Goodyear Tire & Rubber Co.*		2,455,682		43,465,571
Graco, Inc.		1,483,497		103,800,285
Graham Holdings Co., Class B		35,282		20,786,743
Grand Canyon Education, Inc.*		394,913		34,736,547
Greif, Inc., Class A		232,049		14,990,365
Grocery Outlet Holding Corp.*		762,864		16,454,976
GXO Logistics, Inc.*		861,542		67,579,354
H&R Block, Inc.		1,556,152		38,903,800
Haemonetics Corp.*		445,412		31,441,633
Hain Celestial Group, Inc.*		732,080		31,318,382
Halozyme Therapeutics, Inc.*		1,243,972		50,604,781
Hancock Whitney Corp.		759,051		35,766,483
Hanover Insurance Group, Inc.		312,040		40,446,625
Harley-Davidson, Inc.		1,344,573		49,224,818
Hawaiian Electric Industries, Inc.		955,343		39,006,655
Healthcare Realty Trust, Inc.		1,271,891		37,876,914
HealthEquity, Inc.*		728,794		47,196,699
Helen of Troy Ltd.*		210,622		47,322,551
Herman Miller, Inc.		658,203		24,787,925
Hexcel Corp.*		732,818		43,522,061

Common Stock	Shares		Value
Highwoods Properties, Inc.		910,767	$	39,946,241
Hill-Rom Holdings, Inc.		575,226		86,283,900
HollyFrontier Corp.		1,306,505		43,284,511
Home BancShares, Inc.		1,319,359		31,044,517
Hubbell, Inc.		475,265		85,866,128
Hudson Pacific Properties, Inc.		1,332,616		35,007,822
IAA, Inc.*		1,178,090		64,288,371
ICU Medical, Inc.*		174,232		40,662,264
IDACORP, Inc.		441,493		45,641,546
II-VI, Inc.*		916,652		54,412,463
Ingevity Corp.*		345,389		24,650,413
Ingredion, Inc.		585,600		52,124,256
Insperity, Inc.		313,762		34,746,004
Integra LifeSciences Holdings Corp.*		635,722		43,534,243
Interactive Brokers Group, Inc., Class A		763,392		47,589,857
International Bancshares Corp.		465,232		19,372,260
Iridium Communications, Inc.*		1,153,078		45,950,158
ITT, Inc.		752,488		64,593,570
J2 Global, Inc.*		421,287		57,556,230
Jabil, Inc.		1,274,509		74,393,090
Jack in the Box, Inc.		189,404		18,434,691
Janus Henderson Group PLC		1,506,286		62,254,800
Jazz Pharmaceuticals PLC*		534,426		69,587,609
JBG SMITH Properties		1,014,751		30,046,777
Jefferies Financial Group, Inc.		1,727,231		64,132,087
JetBlue Airways Corp.*		2,779,425		42,497,408
John Wiley & Sons, Inc., Class A		380,391		19,860,214
Jones Lang LaSalle, Inc.*		443,119		109,933,393
KAR Auction Services, Inc.*		1,041,634		17,072,381
KB Home		786,154		30,597,114
KBR, Inc.		1,230,416		48,478,390
Kemper Corp.		522,715		34,912,135
Kennametal, Inc.		730,771		25,014,291
Kilroy Realty Corp.		916,003		60,648,559
Kinsale Capital Group, Inc.		187,357		30,295,627
Kirby Corp.*		525,332		25,194,923
Knight-Swift Transportation Holdings, Inc.		1,450,587		74,197,525
Kohl's Corp.		1,365,429		64,298,052
Lamar Advertising Co., Class A		758,287		86,027,660
Lancaster Colony Corp.		173,328		29,259,500

Common Stock	Shares		Value
Landstar System, Inc.		334,522	$	52,794,262
Lattice Semiconductor Corp.*		1,191,961		77,060,279
Lear Corp.		522,117		81,700,868
LendingTree, Inc.*		100,074		13,993,347
Lennox International, Inc.		298,845		87,911,234
LHC Group, Inc.*		276,784		43,430,177
Life Storage, Inc.		684,464		78,535,399
Lincoln Electric Holdings, Inc.		519,025		66,845,230
Lithia Motors, Inc.		264,389		83,821,889
Littelfuse, Inc.		215,146		58,792,947
LivaNova PLC*		465,003		36,823,588
LiveRamp Holdings, Inc.*		593,622		28,036,767
Louisiana-Pacific Corp.		832,252		51,075,305
Lumentum Holdings, Inc.*		663,343		55,415,674
Macerich Co.		1,861,639		31,107,988
Manhattan Associates, Inc.*		554,096		84,793,311
ManpowerGroup, Inc.		473,982		51,322,771
Marriott Vacations Worldwide Corp.		373,249		58,723,265
Masimo Corp.*		442,679		119,837,632
MasTec, Inc.*		500,109		43,149,405
Mattel, Inc.*		3,049,902		56,606,181
Maximus, Inc.		537,246		44,698,867
MDU Resources Group, Inc.		1,769,190		52,491,867
Medical Properties Trust, Inc.		5,206,247		104,489,377
Medpace Holdings, Inc.*		250,437		47,402,715
Mercury General Corp.		232,287		12,931,417
Mercury Systems, Inc.*		490,833		23,275,301
MGIC Investment Corp.		2,965,579		44,365,062
Middleby Corp.*		486,168		82,896,506
Mimecast Ltd*		534,320		33,982,752
Minerals Technologies, Inc.		293,591		20,504,395
MKS Instruments, Inc.		484,639		73,136,872
Molina Healthcare, Inc.*		510,397		138,475,810
MSA Safety, Inc.		318,532		46,410,112
MSC Industrial Direct Co., Inc., Class A		410,710		32,934,835
Murphy Oil Corp.		1,268,737		31,680,363
Murphy USA, Inc.		207,801		34,756,795
National Fuel Gas Co.		796,899		41,853,135
National Instruments Corp.		1,162,214		45,593,655
National Retail Properties, Inc.		1,534,680		66,282,829

Common Stock	Shares		Value
National Storage Affiliates Trust		712,805	$	37,628,976
Navient Corp.		1,466,875		28,941,444
NCR Corp.*		1,148,394		44,511,751
Nektar Therapeutics*		1,606,370		28,850,405
Neogen Corp.*		939,319		40,794,624
NetScout Systems, Inc.*		647,495		17,449,990
Neurocrine Biosciences, Inc.*		827,183		79,335,122
New Jersey Resources Corp.		842,802		29,337,938
New York Community Bancorp, Inc.		4,064,257		52,306,988
New York Times Co., Class A		1,460,339		71,950,903
NewMarket Corp.		63,026		21,351,318
Nordson Corp.		472,471		112,518,969
Nordstrom, Inc.*		972,106		25,712,204
NorthWestern Corp.		450,631		25,821,156
NOV, Inc.*		3,414,636		44,765,878
Nu Skin Enterprises, Inc., Class A		438,164		17,732,497
NuVasive, Inc.*		451,535		27,024,370
nVent Electric PLC		1,469,202		47,499,301
OGE Energy Corp.		1,749,467		57,662,432
Old Republic International Corp.		2,485,017		57,478,443
Olin Corp.		1,262,157		60,899,075
Ollie's Bargain Outlet Holdings, Inc.*		530,630		31,986,376
Omega Healthcare Investors, Inc.		2,087,696		62,547,372
ONE Gas, Inc.		467,587		29,630,988
Option Care Health, Inc.*		1,210,437		29,365,202
Oshkosh Corp.		599,860		61,407,668
Owens Corning		901,322		77,063,031
PacWest Bancorp		1,024,414		46,426,442
Papa John's International, Inc.		284,411		36,117,353
Park Hotels & Resorts, Inc.*		2,066,884		39,560,160
Patterson Cos., Inc.		753,560		22,712,298
Paylocity Holding Corp.*		343,579		96,339,552
Pebblebrook Hotel Trust		1,148,255		25,732,395
Penumbra, Inc.*		300,523		80,089,380
Performance Food Group Co.*		1,343,106		62,400,705
Perrigo Co. PLC		1,168,627		55,311,116
Physicians Realty Trust		1,900,066		33,479,163
Pilgrim's Pride Corp.*		425,925		12,385,899
Pinnacle Financial Partners, Inc.		665,161		62,578,347
PNM Resources, Inc.		750,169		37,118,362

Common Stock	Shares		Value
Polaris, Inc.		497,773	$	59,563,517
Post Holdings, Inc.*		512,234		56,427,697
PotlatchDeltic Corp.		585,952		30,223,404
Primerica, Inc.		344,960		52,996,205
PROG Holdings, Inc.		581,190		24,415,792
Progyny, Inc.*		601,582		33,688,592
Prosperity Bancshares, Inc.		812,186		57,770,790
PS Business Parks, Inc.		175,717		27,541,883
Qualys, Inc.*		292,722		32,577,031
Quidel Corp.*		331,114		46,736,741
R1 RCM, Inc.*		1,169,884		25,749,147
Rayonier, Inc.		1,235,142		44,069,867
Regal Beloit Corp.		355,677		53,472,480
Reinsurance Group of America, Inc.		594,272		66,118,703
Reliance Steel & Aluminum Co.		554,826		79,018,319
RenaissanceRe Holdings Ltd.		411,685		57,388,889
Repligen Corp.*		446,853		129,136,048
Rexford Industrial Realty, Inc.		1,203,804		68,315,877
RH*		148,868		99,281,558
RLI Corp.		347,832		34,877,115
Royal Gold, Inc.		573,389		54,752,916
RPM International, Inc.		1,134,189		88,069,776
Ryder System, Inc.		469,967		38,870,971
Sabra Health Care REIT, Inc.		1,929,936		28,408,658
Sabre Corp.*		2,819,925		33,387,912
Saia, Inc.*		230,160		54,784,985
Sailpoint Technologies Holdings, Inc.*		812,281		34,830,609
Sanderson Farms, Inc.		185,408		34,893,786
Science Applications International Corp.		506,540		43,339,562
Scientific Games Corp.*		842,250		69,965,708
Scotts Miracle-Gro Co.		356,011		52,105,770
SEI Investments Co.		937,061		55,567,717
Selective Insurance Group, Inc.		525,324		39,677,722
Semtech Corp.*		567,432		44,242,673
Sensient Technologies Corp.		368,434		33,556,969
Service Corp. International		1,464,590		88,256,193
Signature Bank		529,954		144,295,875
Silgan Holdings, Inc.		733,345		28,131,114
Silicon Laboratories, Inc.*		354,975		49,753,296
Simpson Manufacturing Co., Inc.		379,653		40,611,481

Common Stock	Shares		Value
Six Flags Entertainment Corp.*		675,458	$	28,706,965
Skechers U.S.A., Inc., Class A*		1,178,932		49,656,616
SL Green Realty Corp.		586,954		41,579,821
SLM Corp.		2,672,664		47,038,886
SolarEdge Technologies, Inc.*		456,824		121,158,861
Sonoco Products Co.		859,327		51,198,703
Southwest Gas Holdings, Inc.		516,460		34,540,845
Spire, Inc.		451,702		27,635,128
Spirit Realty Capital, Inc.		1,040,931		47,924,463
Sprouts Farmers Market, Inc.*		997,997		23,123,591
STAAR Surgical Co.*		414,223		53,240,082
Steel Dynamics, Inc.		1,694,698		99,105,939
Stericycle, Inc.*		802,776		54,564,685
Sterling Bancorp		1,684,103		42,035,211
Stifel Financial Corp.		915,818		62,238,991
STORE Capital Corp.		2,137,026		68,448,943
Sunrun, Inc.*		1,799,798		79,191,112
Synaptics, Inc.*		307,657		55,295,193
Syneos Health, Inc.*		904,415		79,118,224
SYNNEX Corp.		363,119		37,800,688
Synovus Financial Corp.		1,279,894		56,174,548
Tandem Diabetes Care, Inc.*		550,854		65,760,951
Targa Resources Corp.		1,998,374		98,339,985
Taylor Morrison Home Corp.*		1,094,988		28,228,791
TEGNA, Inc.		1,932,221		38,103,398
Telephone and Data Systems, Inc.		863,897		16,845,992
Tempur Sealy International, Inc.		1,717,330		79,701,285
Tenet Healthcare Corp.*		935,620		62,162,593
Teradata Corp.*		953,498		54,683,110
Terex Corp.		610,033		25,682,389
Tetra Tech, Inc.		472,568		70,573,305
Texas Capital Bancshares, Inc.*		442,214		26,541,684
Texas Roadhouse, Inc.		610,297		55,738,425
Thor Industries, Inc.		483,883		59,401,477
Timken Co.		606,501		39,677,295
Toll Brothers, Inc.		1,013,574		56,040,506
Tootsie Roll Industries, Inc.		152,664		4,645,566
TopBuild Corp.*		287,846		58,953,739
Toro Co.		935,700		91,146,537

Common Stock	Shares		Value
Travel + Leisure Co.		754,219	$	41,127,562
Trex Co., Inc.*		1,008,083		102,753,900
Tri Pointe Homes, Inc.*		994,483		20,904,033
Trinity Industries, Inc.		729,040		19,808,017
TripAdvisor, Inc.*		860,330		29,122,171
UGI Corp.		1,827,446		77,885,749
UMB Financial Corp.		376,068		36,369,536
Umpqua Holdings Corp.		1,923,901		38,958,995
United Bankshares, Inc.		1,129,207		41,080,551
United States Steel Corp.		2,360,853		51,867,940
United Therapeutics Corp.*		392,339		72,417,933
Univar Solutions, Inc.*		1,493,688		35,579,648
Universal Display Corp.		378,862		64,770,248
Unum Group		1,786,348		44,765,881
Urban Edge Properties		962,319		17,620,061
Urban Outfitters, Inc.*		575,849		17,096,957
Valley National Bancorp		3,553,649		47,299,068
Valmont Industries, Inc.		185,399		43,591,013
Valvoline, Inc.		1,579,803		49,258,258
Viasat, Inc.*		640,853		35,291,775
Victoria's Secret & Co.*		656,332		36,268,906
Vishay Intertechnology, Inc.		1,159,860		23,301,587
Visteon Corp.*		244,568		23,084,774
Vontier Corp.		1,476,354		49,605,494
Washington Federal, Inc.		593,833		20,374,410
Watsco, Inc.		288,152		76,250,782
Webster Financial Corp.		791,751		43,118,759
Wendy's Co.		1,557,681		33,770,524
Werner Enterprises, Inc.		540,267		23,917,620
WEX, Inc.*		391,522		68,962,685
Williams-Sonoma, Inc.		656,516		116,419,982
Wingstop, Inc.		259,960		42,615,243
Wintrust Financial Corp.		498,519		40,065,972
Woodward, Inc.		555,897		62,927,540
World Wrestling Entertainment, Inc., Class A		394,553		22,197,552
Worthington Industries, Inc.		289,418		15,252,329
Wyndham Hotels & Resorts, Inc.		817,359		63,091,941
Xerox Holdings Corp.		1,201,133		24,226,853
XPO Logistics, Inc.*		861,542		68,561,512

Common Stock	Shares		Value
Yelp, Inc.*		604,357	$	22,506,255
YETI Holdings, Inc.*		764,208		65,484,984
Total Investments (Cost $19,587,936,403)			$	20,195,889,783

* Non-income producing security for the year ended September 30, 2021.

The securities of the Trust's investment portfolio categorized by industry group, as a percentage of net assets, are as follows:

Industry Classification	Value		Percentage
Real Estate Investment Trusts (REITs)	$	1,866,674,992		9.23	%
Banks		1,387,832,015		6.86	%
Retail		1,283,998,979		6.35	%
Healthcare - Products		935,437,414		4.63	%
Commercial Services		856,536,557		4.24	%
Insurance		831,227,361		4.11	%
Machinery - Diversified		758,262,983		3.75	%
Software		725,280,792		3.59	%
Electronics		637,657,340		3.15	%
Healthcare - Services		618,155,811		3.06	%
Diversified Financial Services		554,080,640		2.74	%
Building Materials		553,613,902		2.74	%
Semiconductors		542,189,229		2.68	%
Computers		412,134,130		2.04	%
Chemicals		409,077,806		2.02	%
Food		364,141,720		1.80	%
Apparel		363,070,909		1.80	%
Media		341,051,611		1.69	%
Iron / Steel		340,828,034		1.69	%
Miscellaneous Manufacturing		338,435,047		1.67	%
Transportation		338,321,798		1.67	%
Auto Parts & Equipment		332,672,229		1.65	%
Engineering & Construction		309,259,894		1.53	%
Biotechnology		287,881,207		1.42	%
Energy - Alternate Sources		282,842,687		1.40	%
Electric		267,258,430		1.32	%
Leisure Time		267,088,566		1.32	%
Electrical Components & Equipment		249,630,632		1.23	%
Pharmaceuticals		233,599,049		1.16	%

Industry Classification	Value		Percentage
Oil & Gas	$	231,458,380		1.14	%
Distribution / Wholesale		230,174,265		1.14	%
Entertainment		230,138,257		1.14	%
Gas		206,342,938		1.02	%
Pipelines		203,082,932		1.00	%
Home Builders		195,171,921		0.96	%
Hand / Machine Tools		191,742,114		0.95	%
Lodging		185,762,771		0.92	%
Environmental Control		170,574,363		0.84	%
Telecommunications		167,544,962		0.83	%
Packaging & Containers		163,121,161		0.81	%
Savings & Loans		114,716,609		0.57	%
Real Estate		109,933,393		0.54	%
Home Furnishings		104,489,210		0.52	%
Agriculture		101,842,539		0.50	%
Metal Fabricate / Hardware		98,520,637		0.49	%
Water		90,065,434		0.45	%
Machinery - Construction & Mining		87,090,058		0.43	%
Internet		85,611,177		0.42	%
Oil & Gas Services		84,201,986		0.42	%
Mining		73,911,400		0.37	%
Aerospace / Defense		66,797,362		0.33	%
Toys / Games / Hobbies		56,606,181		0.28	%
Housewares		52,105,770		0.26	%
Household Products / Wares		47,322,551		0.23	%
Airlines		42,497,408		0.21	%
Beverages		41,823,458		0.21	%
Trucking & Leasing		27,786,617		0.14	%
Office / Business Equipment		24,226,853		0.12	%
Cosmetics / Personal Care		22,985,312		0.11	%
Total Investments		20,195,889,783		99.89	%
Other Assets in Excess of Liabilities		21,306,428		0.11	%
Net Assets	$	20,217,196,211		100.00	%

	September 30, 2021
Assets:
Investments in securities of unaffiliated issuers, at value (cost $19,587,936,403)	$	20,195,889,783
Cash		61,741,318
Receivable from securities sold		240,990,039
Receivable from Units created		97,641,343
Dividend receivable		22,858,172
Total Assets	$	20,619,120,655
Liabilities:
Payable for Units redeemed	$	230,111,391
Payable for securities purchased		108,565,105
Distribution payable		54,883,622
Payable to Sponsor		3,695,457
License fee payable		2,497,419
Accrued Trustee fees		1,583,477
Other accrued expenses		587,973
Total Liabilities		401,924,444
Net Assets	$	20,217,196,211
Net assets presented by:
Interest in Unitholders (42,041,098 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	20,636,248,738
Total distributable earnings (loss)		(419,052,527	)
Net Assets	$	20,217,196,211
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		42,041,098
Net asset value per Unit:	$	480.89

	Year Ended September 30,
	2021		2020			2019
Investment Income
Dividend income from unaffiliated issuers	$	260,984,599	$	254,204,376		$	308,085,941
Expenses:
Trustee fees and expenses		19,917,620		15,996,907			19,095,862
Printing and distribution expenses		16,287,729		16,165,388			18,820,355
License fees		5,885,286		4,832,136			5,723,297
Legal fees		200,002		102,714			144,328
Audit fees		108,500		109,205			107,815
Other fees and expenses		138,948		139,497			111,127
Total expenses		42,538,085		37,345,847			44,002,784
Less: voluntary fee reduction by the Trustee (see Note 3)		—		(447,483	)		(1,135,360	)
Net expenses		42,538,085		36,898,364			42,867,424
Net Investment Income	$	218,446,514	$	217,306,012		$	265,218,517
Realized and unrealized gains (losses) on investments of unaffiliated issuers:
Net realized gains (losses) from investments	$	212,824,313	$	(685,110,965	)	$	(797,368,830	)
Net realized gains from in-kind redemptions		2,148,501,660		819,391,676			1,137,026,333
Net realized gains		2,361,325,973		134,280,711			339,657,503
Net increase (decrease) in unrealized appreciation (depreciation) on investments		3,678,301,319		(1,204,948,995	)		(1,363,625,832	)
Net realized and unrealized gains (losses) on investments		6,039,627,292		(1,070,668,284	)		(1,023,968,329	)
Net increase (decrease) in net assets resulting from operations	$	6,258,073,806	$	(853,362,272	)	$	(758,749,812	)

	Year Ended September 30,
	2021			2020			2019
Increase (Decrease) in Net Assets From:
Operations:
Net investment income	$	218,446,514		$	217,306,012		$	265,218,517
Net realized gains		2,361,325,973			134,280,711			339,657,503
Net increase (decrease) in unrealized appreciation (depreciation)		3,678,301,319			(1,204,948,995	)		(1,363,625,832	)
Net increase (decrease) in net assets resulting from operations		6,258,073,806			(853,362,272	)		(758,749,812	)
Net equalization credits and charges (Note 2)		(18,661	)		(8,541,858	)		(1,716,018	)
Distributions to Unitholders		(209,292,825	)		(220,651,553	)		(270,906,411	)
Unitholder Transactions:
Proceeds from subscriptions of Units		11,137,004,876			17,168,059,428			15,906,274,321
Reinvestment of dividends and distributions		7,390			—			601,792
Less: Redemptions of Units		(11,450,017,466	)		(20,713,015,764	)		(17,243,824,204	)
Net income equalization (Note 2)		18,661			8,541,858			1,716,018
Decrease in net assets due to Unitholder transactions		(312,986,539	)		(3,536,414,478	)		(1,335,232,073	)
Total increase (decrease)		5,735,775,781			(4,618,970,161	)		(2,366,604,314	)
Net Assets
Beginning of year		14,481,420,430			19,100,390,591			21,466,994,905
End of year	$	20,217,196,211		$	14,481,420,430		$	19,100,390,591

	Year Ended September 30,
	2021		2020			2019		2018		2017
Net Asset Value, Beginning of Year	$	339.02	$	352.30		$	367.34	$	326.43	$	282.20
Investment Operations:
Net investment income⁽¹⁾		5.07		4.57			4.76		4.55		3.63
Net realized and unrealized gain (loss) on investments		141.71		(12.96	)