STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV

Transcription

1 STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV Financial year ended 31 December 2015 Statutory auditor s report on the annual financial statements ERNST & YOUNG Audit

2 EY Ernst & Young Audit Tour First TSA Paris La Défense Cedex, Tel.: +33 (0) STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV Financial year ended 31 December 2015 Statutory auditor s report on the annual financial statements Dear Shareholders, In performance of the audit engagement entrusted to us by the Board of Directors, we hereby present our report on the financial year ended 31 December 2015, on: The audit of the annual financial statements of the STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV, as attached to this report; The justification of our assessments; The specific verifications and information required by law. The annual financial statements were prepared by the Board of Directors. Our responsibility is to express an opinion on these statements based on our audit. I. Opinion on the annual financial statements We conducted our audit in accordance with generally accepted auditing standards in France; those standards require that we plan and perform the audit to obtain reasonable assurance that the annual financial statements are free of material misstatement. An audit includes examining, on a test basis or using other selection methods, evidence supporting the amounts and disclosures in the annual financial statements. An audit also includes assessing the accounting principles used and the significant estimates made in preparing the annual financial statements, as well as evaluating their overall presentation. We believe that the evidence we obtained is sufficient and appropriate to provide a basis for our opinion. We certify that the annual financial statements are, in conformity with French accounting rules and principles, accurate and consistent and give a true and fair view of the financial performance for the previous financial year as well as the financial position and assets of the company at the end of this financial year. STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV Financial year ended 31 December 2015 (illegible) Nanterre Registered Group of Companies Statutory Auditor s firm Accounting firm registered with the Paris Ile-de-France Tableau de l Ordre Member of the Ernst & Young Global Limited network Registered office: 1-2 place des Saisons Courbevoie Paris La Défense 1, France 2

3 EY II. Justification of assessments Pursuant to the provisions of Article L of the French Commercial Code, the assessments we performed covered the appropriateness of the accounting principles applied, as well as the reasonableness of the significant estimates made. The assessments were made as part of our audit of the annual financial statements, taken as a whole, and therefore contributed to the opinion we formed, as expressed in the first part of this report. III. Specific verifications and information In accordance with the professional practice standards applicable in France, we also conducted the specific verifications required by law. We have no observations to make regarding the fair presentation and consistency with the annual financial statements of the information provided in the annual report and in the documents provided to unitholders concerning the financial position and the annual financial statements. Paris La Défense, 29 March 2016 The Statutory Auditors ERNST & YOUNG Audit David Koestner STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV Financial year ended 31 December

4 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Compliant with European standards French open-ended investment company (SICAV) RCS Nanterre: Registered office: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France. I. GENERAL INFORMATION ABOUT THE SICAV Custodian: State Street Banque S.A. Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France. Management company: State Street Global Advisors France Défense Plaza, 23-25, rue Delarivière-Lefoullon, Paris La Défense Cedex. Assignees: Accounting management: State Street Banque S.A. Défense Plaza, 23-25, rue Delarivière-Lefoullon, Paris La Défense Cedex. Promotion Agent: State Street Global Advisors France Défense Plaza, 23-25, rue Delarivière-Lefoullon, Paris La Défense Cedex. Statutory auditors: Ernst & Young Audit Represented by David Koestner Tour Ernst & Young, Faubourg de l Arche Paris-La Défense Members of the Board of Directors: Chairman & Chief Executive Officer: Scott Ebner Directors: Caroline O Connor State Street Global Advisors France, represented by Jean-François Delale. Board members receive no remuneration for their services. List of the offices and positions held by the corporate officers of the SICAV in any French company during the year ended: Scott Ebner - Chairman and Chief Executive Officer of SICAV State Street Global Advisors Index Funds Caroline O Connor - Director of SICAV State Street Global Advisors Index Funds State Street Global Advisors France - Director of SICAV State Street Global Advisors Index Funds The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

5 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Material agreements: The SICAV and State Street Banque S.A., the SICAV s custodian, signed a custodian agreement on 3 February 2006, which took effect as of 1 January The SICAV and the asset management company signed a power of attorney agreement on 3 February 2006, which took effect as of 1 January On 28 November 2007, the SICAV and the financial management company signed an accounting services agreement, effective 28 November Summary of the management product range: The State Street Global Advisors Index Funds SICAV is a SICAV with sub-funds. The objective of each of the sub-funds is to replicate the performance of an equity or bond market index. The SICAV s objective is therefore to offer a range of sub-funds so that investors can implement asset allocation strategies and/or sector-based strategies. The Fund comprises 13 sub-funds. Equities sector sub-funds: Sub-funds Shares ISIN code Distribution of income Currency of denomination Subscribers concerned Minimum original subscription amount subscription Minimum subsequent subscription amount SSgA Consumer Discretionary Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 P USD FR Accumulation per unit I USD FR Accumulation USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

6 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code SSgA Consumer Staples Index Equity Fund Distribution of income per unit I EUR FR Accumulation per unit Currency of denomination Subscribers concerned Minimum original subscription amount subscription Minimum subsequent subscription amount EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 SSgA Energy Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its USD equivalent of EUR USD equivalent to EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

7 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income Currency of denomination Subscribers concerned subsidiaries. Minimum original subscription amount subscription Minimum subsequent subscription amount SSgA EMU Index Real Estate Fund SSgA Europe ex UK Index Real Estate Fund SSgA Europe Index Real Estate Fund P FR Accumulation per unit I FR Accumulation per unit B FR Accumulation per unit P FR Accumulation per unit I FR Accumulation per unit B FR Accumulation per unit P FR Accumulation per unit I FR Accumulation per unit B FR Accumulation per unit EUR All investors One unit None EUR Institutional EUR EUR 50 EUR Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. EUR EUR 50 Euro All investors One unit None Euro Institutional EUR One unit EUR Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. EUR EUR 50 Euro All investors One unit None Euro Institutional EUR EUR 50 EUR Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as EUR EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

8 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income Currency of denomination Subscribers concerned equivalent, with the management company or one of its subsidiaries. Minimum original subscription amount subscription Minimum subsequent subscription amount SSgA Financials Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 SSgA Health Care Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a USD equivalent of EUR USD equivalent to EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

9 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income Currency of denomination Subscribers concerned management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. Minimum original subscription amount subscription Minimum subsequent subscription amount SSgA Industrials Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 SSgA Materials Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 Reserved for The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

10 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income B FR Accumulation per unit Currency of denomination USD Subscribers concerned Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. Minimum original subscription amount subscription USD equivalent of EUR Minimum subsequent subscription amount USD equivalent to EUR 50 SSgA Technology Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 SSgA Telecommunication Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional EUR EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

11 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income Currency of denomination Subscribers concerned investors in the Netherlands Minimum original subscription amount subscription Minimum subsequent subscription amount B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 SSgA Utilities Index Equity Fund P USD FR Accumulation per unit I USD FR Accumulation per unit I EUR FR Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR USD equivalent to EUR 50 EUR Institutional EUR EUR 50 I NL EUR FR Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR EUR 50 B FR Accumulation per unit USD Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as equivalent, with the management company or one of its subsidiaries. USD equivalent of EUR USD equivalent to EUR 50 The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

12 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report II. BUSINESS ACTIVITIES OF THE SICAV Changes that occurred during the previous financial year: 24 de January 2014: - New classes of institutional shares I NL EUR reserved for the sales network of institutional investors in the Netherlands were created for the following sub-funds of the State Street Global Advisors Index Funds SICAV: SSgA Consumer Staples Index Equity Fund ( I NL EUR shares), SSgA Consumer Discretionary Index Equity Fund ( I NL EUR shares), SSgA Energy Index Equity Fund ( I NL EUR shares), SSgA Financials Index Equity Fund ( I NL EUR shares), SSgA Health Care Index Equity Fund ( I NL EUR shares), SSgA Industrials Index Equity Fund ( I NL EUR shares), SSgA Materials Index Equity Fund ( I NL EUR shares), SSgA Technology Index Equity Fund ( I NL EUR shares), SSgA Telecommunication Index Equity Fund ( I NL EUR shares), SSgA Utilities Index Equity Fund ( I NL EUR shares). - The minimum amount of subsequent subscriptions for P shares of all sub-funds was changed from EUR 50 to Nil. - Changes reflecting compliance with new regulations: The Fund s regulatory documentation has been brought into compliance with the applicable regulations related to the ESMA Guidelines on listed funds and other issues related to mutual funds. The annual accounts are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and subsequent amendments. This regulation incorporates the new Alternative Investment Fund Manager (AIFM) classification of UCIs, but does not alter the accounting principles applicable under the previous regulation or the methods for valuing assets and liabilities. The amendments therefore mainly affect the presentation of summary documents and UCI nomenclature, and the overall amount of UCIs remains unchanged. - Change in the Fund s entry fees SSgA Italy Index Equity Fund: Following an analysis of the transaction costs prevalent on the market and a review of the real costs invoiced to the Fund, the portfolio Management Company decided to change the entry fees of the SSgA Italy Index Equity Fund subfund to ensure consistency with the cost levels prevalent in the marketplace. The Fund s entry fees will now be: Prior to 24 January 2014 After 24. January 2014 Entry fee retained 0.05% 0.15% - On 3 March 2014, the sub-fund SSgA Euro Corporate Ex-Financials Bond Index Fund was merged with the sub-fund SSgA Euro Corporate Ex-Financials Bond Index Fund, a sub-fund of State Street Global Advisors Luxembourg SICAV, a Luxembourg open-ended investment fund; - Since 1 April 2014, mutual funds have been valued using the last known net asset value. - On 15/05/2014, the following share class was launched: ISIN Share class Sub-fund FR P EUR SSgA World SRI Index Equity Fund The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

13 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report - On 12 June 2014 the risk categories of the share classes of the below-mentioned sub-funds were changed: ISIN Share class Former SRRI FR SSgA Norway Index Equity Fund P NOK 7 6 FR SSgA Norway Index Equity Fund I NOK 7 6 FR SSgA Energy Index Equity Fund P 7 6 FR SSgA Energy Index Equity Fund I 7 6 FR SSgA Telecom Index Equity Fund P 6 5 FR SSgA Telecom Index Equity Fund I 6 5 FR SSgA Financials Index Equity Fund 7 6 FR SSgA Utilities Index Equity Fund P 6 5 FR SSgA Utilities Index Equity Fund I 6 5 FR SSgA Europe Index Real Estate Fund P 7 6 FR SSgA Europe Index Real Estate Fund I 7 6 FR SSgA Europe Index Real Estate Fund B On 17/06/2014, the following classes of shares were launched: ISIN Share class Sub-fund FR I NL EUR SSgA Consumer Discretionary Index Equity Fund FR I NL EUR SSgA Consumer Staples Index Equity Fund FR I NL EUR SSgA Energy Index Equity Fund FR I NL EUR SSgA Financials Index Equity Fund FR I NL EUR SSgA Health Care Index Equity Fund FR I NL EUR SSgA Materials Index Equity Fund FR I NL EUR SSgA Technology Index Equity Fund - On 23/06/2014, the following share class was launched: ISIN Share class Sub-fund FR B EUR SSgA Italy Index Equity Fund - On 24 June 2014, the following classes of shares were launched: ISIN Share class Sub-fund FR B EUR SSgA EMU Index Equity Fund FR B GBP SSgA UK Index Equity Fund New SRRI - On 24 June 2014, following the redemption of all shares as requested by shareholders, the I unit (FR ) of the SSgA Italy Index Equity Fund sub-fund became dormant; - On 25 June 2014, the following share class was launched: ISIN Share class Sub-fund FR I NL EUR SSgA Industrials Index Equity Fund The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

14 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the UCITS is governed by European Directive 2009/65/EC. o o o o o o o o The classification name for the funds listed below has been corrected for compliance with the official labels of the AMF instruction. The Equities of European Community countries classification is now known as Equities of European Union countries : SSgA Denmark Index Equity Fund SSgA Sweden Index Equity Fund SSgA UK Index Equity Fund FATCA compliance: The Fund clarifies that it complies with the FATCA law following the declaration of its status as a French financial institution. The Fund has been registered with the IRS and its global interim identification number (GIIN) is 4LA4WP SP.250. Description of the asset classes: Change to the public debt rating standard: rating at least equal to Investment Grade and/or equivalent instead of rating at least equal to Investment Grade. Change to the distinction between compliant and non-compliant mutual funds according to the AIFM directive. The current terminology is Mutual Fund or Alternative Investment Fund (AIF). Financial collateral: we clarified that the levels of financial collateral required depend on the type of instrument. Risk profile: Risk linked to securities lending has been clarified. The risk of conflicts of interests has also been clarified. The SSgA Denmark Index Equity Fund sub-fund has changed its benchmark index, two new risk typologies have been identified and the entry fees not retained by the Fund for subscriptions through a foreign institution have been added to the table of costs and fees : the MSCI Denmark benchmark index has been replaced by the MSCI Denmark IMI 20% Capped dividend reinvested index, to address the limits of diversification under the European directive. The equity risk has been clarified. The derivative product risk has been clarified. Costs and fees: Entry fees not retained by the Fund, for subscriptions made through a foreign institution (outside France) had to be indicated, i.e. up to a maximum of 5.50%. Launch of the following asset class: of unit: the I EUR Distributing unit class (ISIN: FR ) was created. ISIN Share class Sub-fund FR I EUR Distribution SSgA EMU Index Equity Fund The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

15 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Changes that occurred during the financial year: On 28 September 2015, at the proposal of the Management Company, the Board of Directors of the French SICAV decided to proceed with the merger by absorption of 22 sub-funds of the French SICAV by the sub-funds of State Street Global Advisors Luxembourg SICAV (the Luxembourg SICAV ), an open-ended investment company incorporated under Luxembourg law and compliant with European Directive 2009/65/EC, (the Merger ), as follows: Name of the Absorbed Sub-fund and share class ISIN code SSgA Austria Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA France Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Germany Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Italy Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Netherlands Index Equity Fund Share Class B: FR Share Class P: FR SSgA Spain Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR Name of the Absorbing Sub-fund and share class ISIN code State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street EMU Index Equity Fund Share Class B: LU Share Class P: LU State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

16 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report SSgA EMU Index Equity Fund Share Class B: FR Share Class I: FR Share Class I EUR Distributing: FR Share Class P: FR SSgA Denmark Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Norway Index Equity Fund Share Class B: FR Share Class I NOK: FR Share Class P EUR: FR Share Class P NOK: FR SSgA Sweden Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Europe Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Australia Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Canada Index Equity Fund Share Class B: FR State Street EMU Index Equity Fund Share Class B: LU Share Class I: LU Share Class I Distributing: LU Share Class P: LU State Street Europe Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Europe Index Equity Fund Share Class I: LU Share Class I: LU Share Class P: LU Share Class P: LU State Street Europe Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Europe Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Australia Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Canada Index Equity Fund Share Class B: LU The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

17 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Share Class I: FR Share Class P: FR SSgA Hong Kong Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Japan Index Equity Fund Share Class B: FR Share Class I EUR: FR Share Class I JPY: FR Share Class P JPY: FR SSgA Singapore Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA Switzerland Index Equity Fund Share Class B: FR Share Class I CHF: FR Share Class P CHF: FR Share Class P EUR: FR SSgA UK Index Equity Fund Share Class B: FR Share Class I EUR: FR Share Class I GBP: FR Share Class P GBP: FR SSgA US Index Equity Fund Share Class B: FR Share Class I EUR: FR Share Class I: LU Share Class P: LU State Street Pacific Ex Japan Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Japan Index Equity Fund Share Class B: LU Share Class I EUR: LU Share Class I: LU Share Class P: LU State Street Pacific Ex Japan Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street Switzerland Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU Share Class P EUR: LU State Street UK Index Equity Fund Share Class B: LU Share Class I EUR: LU Share Class I: LU Share Class P: LU State Street US Index Equity Fund Share Class B: LU Share Class I EUR: LU The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

18 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Share Class I Hedged EUR: FR Share Class I USD: FR Share Class P USD: FR SSgA Global Emerging Markets Index Equity Fund Share Class B: FR Share Class I: FR Share Class P: FR SSgA World Index Equity Fund Share Class B: FR Share Class I EUR: FR Share Class I USD: FR Share Class P Hedged EUR: FR Share Class P USD: FR SSgA World SRI Index Equity Fund Share Class B: FR Share Class I: FR Share Class P EUR: FR Share Class I EUR Hedged: LU Share Class I: LU Share Class P: LU State Street Global Emerging Markets Index Equity Fund Share Class B: LU Share Class I: LU Share Class P: LU State Street World Index Equity Fund Share Class B: LU Share Class I EUR: LU Share Class I: LU Share Class P EUR Hedged: LU Share Class P: LU State Street World SRI Index Equity Fund Share Class B: LU Share Class I: LU Share Class P EUR: LU On 04. December 2015, the P share class of the SSgA Europe ex UK Index Real Estate Fund (FR ) sub-fund was launched. Events that occurred between the financial year end and the date that this report was drawn up : None Financial markets update: After a turbulent end to the third quarter of 2015, marked by a rapidly deteriorating global growth outlook, global equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from the world s central banks to provide additional stimulus to combat the effects of a slowing global economy a concern that was seemingly validated when the International Monetary Fund (IMF) downgraded their forecast for global growth in early October. With that as a backdrop, the most prominent central banking pronouncements came from Europe and China. On 22 October, the President of the European Central Bank (ECB), Mario Draghi, gave strong indications that the ECB would be prepared to introduce additional stimulus measures before the end of 2015, citing the negative effect weak emerging markets growth will have on meeting the ECB s inflation targets. This was followed a day later by an interest rate cut by the People s Bank of China and further policy measures to combat weak investment growth and low inflation. The relatively conciliatory tone adopted by global central banks was only slightly tempered at the end of the month when the Federal Reserve (Fed) removed a section from its statement following its open The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

19 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report market committee meeting that had cited concerns over global growth, raising hopes that the Fed may still raise rates by the end of 2015 and triggering a rise in the US dollar. As the quarter progressed into November, expectations that the Fed would finally be initiating the first increase in the target federal funds rate in over nine years in December steadily grew in interest rate futures markets, rising from an implied probability of 43% on 1 November to 72% on 30 November. The October employment report, published on 6 November, provided evidence of the economic recovery, with an estimated rise in the nonfarm payroll of 271,000 workers. This was significantly higher than the figure of 185,000 forecast by the market, especially when compared to the particularly disappointing report for September, a month when the increase in payroll was far lower than expected (118,000 workers). Statements made by Federal Reserve officials during the course of the month also raised expectations of a hike in the Fed s rates in December. On 12 November, president of the Federal Reserve Bank of New York, William Dudley, stated that the conditions the Committee has established to begin to normalise monetary policy could soon be satisfied. Dudley s statement was noteworthy as he had been one of the first senior Fed officials in August to signal that a September rate increase was probably out of the question. As 2015 drew to a close, global investors were clearly aware of the long-standing divergence in policies with, on the one hand, high expectations of further relaxation in the European Central Bank s (ECB) monetary policy, and on the other hand, equally high expectations that December would bring the first rate rise in over nine years from the US Federal Reserve (Fed). On 3 December, the ECB cut its deposit rate by 10 basis points to -0.3% and announced a six-month extension to its current bond purchase programme through to March These measures did represent an easing of policy, but a closer look showed that they remained well below the markets expectations, leading to a sharp fall in European shares and the US dollar on the day of the policy announcement. On 16 December, the Fed in turn announced a widely anticipated 0.25% increase in the Federal Funds rate, in line with expectations priced in the overnight index swap market on the eve of the decision. Given that there was little difference between expectations and the final outcome, the market reaction immediately following the Fed s announcement was relatively muted compared to the despondency that greeted the ECB s policy measure. While the December rate hike was made by consensus decision, the market s forward outlook and the Fed s own projections differ considerably, as they have since the Fed began offering projections on the future path of rates in Based on the latest projections released by the Fed on 16 December, the median view of Fed participants is that the Federal Funds rate will sit at around 1.375% at the end of 2016, which implies that there will be four more rate increases from the end of Market expectations, on the other hand, place the year-end rate at around 0.85%, implying that there will be just two rate increases in With 2016 fast approaching, capital markets at the close of 2015 had to come to terms with many of the same themes that shaped the outlook at the end of the previous year. Consider, for example, the themes facing investors today and contrast them with those of twelve months ago. Firstly, the monetary policies of the United States, the eurozone and Japan are widely expected to diverge further in the coming year. And, secondly, the recent decline in commodity prices should benefit consumers of such commodities and penalise their producers. With regard to monetary policy divergence, the only difference between the end of 2014 and today is that the much anticipated divergence finally commenced with the Federal Reserve (Fed) raising interest rates on 16 December. As far as the decline in input prices is concerned, in 2014, crude oil* prices and the broader commodity complex** declined by 46% and 17% respectively over the year, compared to declines of 30% and 25% respectively in Both of these themes undoubtedly had significant implications for investors in 2015, with policy divergence resulting in large differentials in outcomes for US-based investors in international markets, with and without currency risk, while the continued decline in commodity prices had decidedly negative consequences for investors in natural resources and the global inflation outlook. The combination of lower energy prices and a strong US dollar proved particularly toxic for emerging markets and US corporate profits. *WTI First Contract **Bloomberg Commodity Total Return index After a sharp sell-off in the third quarter of 2015 linked to global growth fears emanating from emerging markets, most notably from China, that plunged most stock exchanges into the red for the year, global equities rebounded in October, although this recovery was not sustained in November and December as the fourth quarter drew to a close. Over the quarter, the MSCI World Index posted a return of 5.5%* which, although solid, was The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.

20 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report insufficient to offset the losses incurred at the start of 2015, leaving the index down 0.9%* for 2015, and thus representing the weakest year for global equities in developed countries since Leading the developed market regional indices for the quarter was the MSCI Pacific Index, which was up by 9.0%* and achieved a positive return for the whole of 2015 of 3.0%*. US investors in European equities faced a large headwind in the form of the strong US Dollar that saw a local return of 4.9% in 2015 for the MSCI Europe Index, reduced to - 2.8%* once currency effects had been taken into account. As underwhelming as returns in developed markets were for 2015, they were quite stellar compared to the performance on emerging markets, with the MSCI Emerging Markets Index posting a return of 0.7%* for the fourth quarter and -14.9%* for 2015 as a whole. *All in US dollars Investors in US markets also found positive returns hard to come by in 2015 with a YTD return for the S&P 500 Total Return Index of 1.38%, including strong fourth quarter returns of 7.0%. This mediocre result in 2015 was due, in part, to the difficulties encountered by US companies in turning a profit, as evidenced by the decline in year-on-year earnings on the S&P 500 Index for both the second and third quarters and the potential for more of the same in the final quarter of the year. This decline in earnings stems mostly from the energy sector, where a 60% fall in oil prices at the end of September corresponded to an almost identical drop in equity sector earnings. Excluding the energy sector, S&P 500 Index aggregate earnings growth remained positive, though it was still relatively weak given the impact on multinationals of the stronger US dollar and moderate global growth. Looking forward, it is expected some of these restraining factors will dissipate: the US dollar should remain below its peak reached in March 2015 and the main effects of lower energy prices should support earnings growth once the decline in oil prices stabilises. Positive returns were also hard to come by in fixed income markets in the fourth quarter, as rises in government rates and credit spreads resulted in negative outcomes across major benchmark indices. With expectations rising through the quarter that the Fed would raise the Federal Funds rate at the FOMC meeting on 16 December, most of the movement in rates along the US Treasury curve took place on the front end of the curve, with the 2-year US Treasury bill yield rising by 41 basis points to exceed 1.0% for the first time since In contrast, yields from 30-year US Treasury bills increased by just 4 basis points over the quarter to just above 3.0%, resulting in a flattening of the US Treasury bill curve. One interpretation of the flattening curve is a longer-term view that inflation and growth rates are likely to stay relatively subdued, in line with the results observed since the end of the last recession. Further support for long-term bonds and global fixed income issues in general is provided by the ECB s substantial quantitative easing programme, providing for 60 billion in monthly purchases of European bonds, which was launched in March 2015 and extended to March 2017 on 6 December. In US credit markets, the fourth quarter punctuated an unsettlingly steady rise in both investment grade and speculative grade credit spreads throughout In the speculative US high yield universe, the increase in spreads was largely attributable to the impact of the sharp fall in global oil prices on the energy sector, which accounts for more than 15% of the Barclays US High Yield Index. For the fourth quarter, spreads for the Barclays US High Yield Index increased by 30 basis points and were up nearly 180 basis points over the year, reaching their highest levels since the spring of 2012 in early December. Evidence that credit conditions in the US tightened throughout 2015 for reasons beyond energy prices is supported by the parallel rise in investmentgrade loans, with spreads for the Barclays U.S. Long Credit Index widening from 184 basis points to 231 basis points at the end of the year, approaching levels not reached since July As 2016 commences, the tightening of credit conditions presents a further constraint on the earnings of US public companies that borrow on debt markets was difficult for investors in real assets and the outlook for the beginning of 2016 looks equally challenging. For investors in industrial goods and energy, concerns regarding growth emanating from emerging markets and China remains a disadvantage. Returns for the Bloomberg Commodities Total Return Index were % for the fourth quarter and -24.7% for 2015, with the index hitting a new 13-year low on 17 December was a turbulent year for investors in US REITs, with the Dow Jones Select REIT losing up to 8.5% over the period as at 4 September, but ending the year up 4.5%. In TIPS, despite the resumption of weakness in commodities to close out the year, the inflation outlook stabilised somewhat in the final quarter of 2015, bringing the five-year rate of return up to 1.28% at the end of 2015, a level that was almost unchanged from 1.2% at the start the year. In between those two bookend data points, five-year rates of return rose to 1.75% in the second quarter of 2015 following a temporary stabilisation in energy prices, before falling to as low as 1.0% on 28 September. The annual report, as certified by the Statutory Auditor, will be available within eight weeks at the most from the financial year end (Article L of the French Monetary and Financial Code). SICAV shareholders and the general public may obtain a detailed inventory of its assets from the administrative head office of State Street Global Advisors France located at: Défense Plaza, rue Delarivière-Lefoullon, Paris La Défense Cedex, France.