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.

21 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Looking forward to 2016, in contrast to the beginning of 2015, the outlook for global growth is generally more subdued. This gloomy outlook has been significantly influenced by lower expectations regarding the pace of China s GDP growth. Indeed, the International Monetary Fund (IMF) has predicted that Chinese GDP growth will fall to 6.3% in 2016 following an estimated growth rate of 6.9% for 2015, which in itself was a disappointment relative to expectations at the beginning of the year. The IMF is also forecasting 2016 growth rates for both the US and global economy to be 0.3% lower than at the same point in the previous year. Unsurprisingly, given the results in 2015, growth forecasts for emerging markets outside China have also been challenged; Brazil and Russia, the second and fourth largest emerging markets by output, are still forecast to be in recession in In our tactical portfolios, we have a modest bias towards defensive assets over growth-oriented assets. Within equities, we favour non-us developed markets over their American counterparts on relative monetary policy support, favourable sentiment surrounding earnings and more attractive valuations. We continue to underweight emerging market equities given the slowdown in the relative growth rates of emerging market economies compared to developed markets and an unfavourable currency outlook. As regards fixed income, we anticipate that the government bond yield curve in the U.S. will flatten as the Fed cautiously continues to tighten its monetary policy. With long-term growth and inflation prospects muted, we also expect the long end of the curve to stay well rooted. However, whilst recognising the generally low level of rates globally and the potential risks of interest rate volatility, we have built a significant overweighting of cash to protect the portfolio from any unfavourable movements across the curve. Lastly, given the mostly supportive political backdrop, as well as near-record low default rates in high-yield bonds, we maintain a cautiously optimistic outlook on credit. Nonetheless, the steady rise in both investment grade and high-yield credit spreads does offer some cause for concern. III. REGULATORY INFORMATION Method of calculating the comprehensive risk ratio: Commitment calculation method. Exercise of shareholders rights: Over the past year, the fund management company did its best to participate in the shareholders meetings of the securities making up the portfolio, in accordance with the principles and procedures of its voting policy. The voting policy along with the report on the exercise of voting rights may be obtained at the company s registered office at the shareholder s written request. Procedure for selecting intermediaries: All transactions on behalf of the investment company are conducted with financial intermediaries accredited through a strict selection procedure. The selection procedure assesses transaction execution quality (best execution criterion), the quality of back office services, and the quality of research services. Through periodic risk committee meetings, the management company regularly analyses the quality of the selected counterparties (ratings, etc.). Fees, commissions and retrocessions: As the custodian, State Street Banque S.A. collected transaction fees. Over the past year, State Street Global Advisors France did not receive any trailer fee from the fund s custodian, State Street Banque S.A. Report on intermediation fees: The report on the intermediation fees is available on the website of the management company: Mutual funds managed by the SICAV s asset management company (or by entities in its Group) A list of the mutual funds managed by the SICAV s asset management company is attached in the Appendix. 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.

22 STATE STREET GLOBAL ADVISORS INDEX FUNDS CONSOLIDATED ANNUAL REPORT AS AT 31/12/2015

23 BALANCE SHEET ASSETS AS AT 31/12/2015 IN EUR 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 410,470, ,017,269, Shares and similar securities 389,726, ,098,352, Traded on a regulated or related market 389,692, ,096,572, Not traded on a regulated or related market 33, ,780, Bonds and similar securities , Traded on a regulated or related market , Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 20,744, ,069, Claims representing securities subject to repurchase options Receivables for securities loaned 20,744, ,069, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments ,841, Traded on a regulated or related market ,841, Other transactions Other financial instruments Receivables 491, ,804,094, Forward foreign exchange transactions ,790,387, Other 491, ,706, Financial accounts 1,599, ,553, Liquidities 1,599, ,553, Total assets 412,562, ,968,916, SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

24 BALANCE SHEET LIABILITIES AS AT 31/12/2015 IN EUR 31/12/ /12/2014 Equity Capital 348,379, ,621,609, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 55,551, ,660, Income for the year (a, b) 7,815, ,144, Total equity 411,747, ,101,414, (= Amount representing net assets) Financial instruments ,433, Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments ,433, Traded on a regulated or related market ,433, Other transactions Payables 612, ,861,227, Forward foreign exchange transactions ,808,469, Other 612, ,757, Financial accounts 202, ,841, Bank overdrafts 202, ,841, Loans Total liabilities 412,562, ,968,916, (a) Including accruals (b) Less interim dividends paid during the year SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

25 OFF-BALANCE SHEET AS AT 31/12/2015 IN EUR 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Futures contracts INDEX SP 60 I F 03/15 PTH5 1,944, SP 60 I F 03/14 PTH OMX30 I F 01/15 QCF5 387, OMX30 I F 01/14 QCF SP 200 FU 03/15 XPH5 1,729, SP 200 FU 03/14 XPH AUSTRAN 03/14 AXH OBX IND F 01/15 OIF5 773, OBX IND F 01/14 OIF MSCI S IX 01/15 QZF5 380, MSCI S IX 01/14 QZF S+P5 EM F 03/15 ESH5 53,428, EURO ST50 03/15 VGH5 30,640, S+P5 EM F 03/14 ESH EURO ST50 03/14 VGH SW MK I F 03/15 SMH5 1,259, SW MK I F 03/14 SMH DAX IND F 03/14 GXH FT 100 IF 15/03 Z H5 9,413, FT 100 I F 03/14 ZH FT/MIB IF 03/15 STH5 190, TOP IND F 03/15 TPH5 873, TOP IND F 03/14 TPH HANG S I 01/15 HIF5 378, HANG S I 01/14 HIF O 20 C I 01/15 ZMOF5 54, O 20 C I 01/14 ZMOF MINIMSCI 03/15 MESH5 1,226, MINI MSCI 3/14 MESH SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

26 C40 IN FU 01/15 CFF5 42, Total INDEX 102,722, Total Future contracts 102,722, Total Commitments on regulated or related markets 102,722, Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions ,722, SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

27 INCOME STATEMENT AS AT 31/12/2015 IN EUR 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts , Income from shares and similar securities 12,029, ,805, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 115, ,622, Expenses for futures Other financial revenues TOTAL (I) 12,145, ,470, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt 9, , Other financial expenses TOTAL (II) 9, , Income from financial transactions (I - II) 12,136, ,443, Other income (III) Management fees and amortisation allowance (IV) 2,408, ,248, Net income for the year (L ) (I - II + III - IV) 9,727, ,194, Accrued revenue for the year (V) -1,912, ,049, Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 7,815, ,144, SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

28 Notes Method used for account aggregation The balance sheet, the off-balance sheet items and the income statement of a SICAV with sub-funds are prepared by aggregation of the sub-funds. List of sub-funds SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

29 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

30 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

31 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

32 Exchange rate used in the consolidated financial statements The consolidated financial statements are presented in EUR. Exchange rate at 31/12/2015: USD 1 = EUR Significant event occurring during the financial year At 31/12/14, the SICAV was comprised of 35 sub-funds. At 31/12/15, the SICAV was comprised of the 13 sub-funds listed above. The following sub-funds are therefore no longer part of the SICAV: SSgA Australia Index Equity Fund SSgA Austria Index Equity Fund SSgA Canada Index Equity Fund SSgA Denmark Index Equity Fund SSgA EMU Index Equity Fund SSgA Europe Index Equity Fund SSgA France Index Equity Fund SSgA Germany Index Equity Fund SSgA Hong Kong Index Equity Fund SSgA Italy Index Equity Fund SSgA Japan Index Equity Fund SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

33 SSgA Global Emerging Markets Index Equity Fund SSgA Netherlands Index Equity Fund SSgA Norway Index Equity Fund SSgA Singapore Index Equity Fund SSgA Spain Index Equity Fund SSgA Sweden Index Equity Fund SSgA Switzerland Index Equity Fund SSgA UK Index Equity Fund SSgA US Index Equity Fund SSgA World Index Equity Fund SSgA World SRI Index Equity Fund SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

34 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report ISIN Code: P USD shares: FR I USD shares: FR I EUR shares : FR I NL EUR shares: FR B shares: FR Classification: International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Consumer Discretionary index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Consumer Discretionary net dividends reinvested. The index represents all international shares in the cyclical consumer goods sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method, which consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. Accordingly, the Fund may invest up to 35% of its assets in the securities of a single issuer. The portfolio is made up of at least 90% international securities from the cyclical consumer goods sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual 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.

35 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 2,781, ,156, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. 10,441, d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. 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.

36 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the listing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark regardless of the current or expected performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark as long as the security is part of the Benchmark, notwithstanding any foreseeable sudden or significant decline in the value of the security, even if the asset management company may take a different investment decision for other funds holding the security. The Fund s performance may therefore be below that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and by comparison to other indices) as well as the performance, volatility and risk of the Fund. Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if investment grade investments present a lower 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.

37 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk. The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - Derivative-related risk: The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

38 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$2,638,543 with collateral worth US$2,874,747. Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED DEUTSCHE BANK AG HSBC BANK PLC JP MORGAN SECURITIES PLC MERRILL LYNCH INTERNATIONAL MORGAN STANLEY & CO. INTERNATIONAL PLC. SOCIETE GENERALE SA UBS AG 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.

39 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 95.15% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request. 4.85% in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$18,427. A payment of US$5, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$12,891. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o o o The minimum subsequent subscription amount for P shares changed from EUR 50 to Nil ; A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. Since 1 April 2014, the Fund has been valued using the last known net asset value. On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o 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). 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.

40 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report o o 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. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.13 % I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.12 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.12 % I NL EUR shares B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.94% 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.

41 SSgA Consumer Discretionary Index Equity Fund [s ub- fund o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

42 01/06/2016 Fund Return History Report 01/06/2016 BCDIS.BCDIS-U As-of: 12/31/2015 SSgA Consumer Discretionary Index Equity Fund (C,P,USD) 16825USD-N PNA GROUP ALIAS - MSCI CONSUMER DISCRETIONARY ND (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

43 01/06/2016 Fund Return History Report 01/06/2016 IBCDIS.IBCDIS-U As-of: 12/31/2015 SSgA Consumer Discretionary Index Equity Fund (C,I,USD) 16825USD-N PNA GROUP ALIAS - MSCI CONSUMER DISCRETIONARY ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp ( Std Dev (3 Ye Std Dev (5 Ye Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

44 01/06/2016 Fund Return History Report 01/06/2016 EINLCDIS.EINLCDIS-U As-of: 12/31/2015 SSgA Consumer Discretionary Index Equity Fund - I NL Share C EUR-N MSCI World Consumer Discretionary Sector (EUR) (Net) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp ( Std Dev (3 Ye N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Ye N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

45 01/06/2016 Fund Return History Report 01/06/2016 EIBCDIS.EIBCDIS-U As-of: 12/31/2015 SSgA Consumer Discretionary Index Equity Fund I EUR share cl EUR-N MSCI World Consumer Discretionary Sector (EUR) (Net) (Std) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

46 SSGA CONSUMER DISCRETIONARY INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

47 BALANCE SHEET ASSETS AS AT 31/12/2015 IN USD 31/12/ /12/2014 NET FIXED ASSETS DEPOSITS FINANCIAL INSTRUMENTS 30,923, ,429, SHARES AND SIMILAR SECURITIES 28,308, ,146, TRADED ON A REGULATED OR RELATED MARKET 28,308, ,146, NOT TRADED ON A REGULATED OR RELATED MARKET BONDS AND SIMILAR SECURITIES TRADED ON A REGULATED OR RELATED MARKET NOT TRADED ON A REGULATED OR RELATED MARKET DEBT SECURITIES TRADED ON A REGULATED OR RELATED MARKET NEGOTIABLE DEBT SECURITIES OTHER DEBT SECURITIES NOT TRADED ON A REGULATED OR RELATED MARKET COLLECTIVE INVESTMENT UNDERTAKINGS UNDERTAKING FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) AND GENERAL-PURPOSE ALTERNATIVE INVESTMENT FUND (AIF) INTENDED FOR RETAIL INVESTORS AND EQUIVALENTS IN OTHER COUNTRIES OTHER FUNDS INTENDED FOR RETAIL INVESTORS AND EQUIVALENTS IN OTHER EUROPEAN UNION MEMBER STATES GENERAL-PURPOSE PROFESSIONAL FUNDS AND EQUIVALENTS IN OTHER EUROPEAN UNION MEMBER STATES AND LISTED SECURITISATION FUNDS OTHER PROFESSIONAL INVESTMENT FUNDS AND EQUIVALENTS IN OTHER EUROPEAN UNION MEMBER STATES AND UNLISTED SECURITISATION FUNDS OTHER NON-EUROPEAN FUNDS TEMPORARY SECURITIES TRANSACTIONS 2,615, , CLAIMS REPRESENTING SECURITIES SUBJECT TO REPURCHASE OPTIONS RECEIVABLES FOR SECURITIES LOANED 2,615, , SECURITIES BORROWED SECURITIES PLEDGED OTHER TEMPORARY TRANSACTIONS FORWARD FINANCIAL INSTRUMENTS TRADED ON A REGULATED OR RELATED MARKET OTHER TRANSACTIONS OTHER FINANCIAL INSTRUMENTS RECEIVABLES 27, , FORWARD FOREIGN EXCHANGE TRANSACTIONS OTHER 27, , FINANCIAL ACCOUNTS 124, , LIQUIDITIES 124, , TOTAL ASSETS 31,075, ,679, SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

48 BALANCE SHEET EQUITY AND LIABILITIES AS AT 31/12/2015 IN USD 31/12/ /12/2014 EQUITIES CAPITAL 27,159, ,121, UNDISTRIBUTED PRIOR NET GAINS AND LOSSES (A) RETAINED EARNINGS (A) NET GAINS AND LOSSES FOR THE YEAR (A, B) 3,505, ,927, INCOME FOR THE YEAR (A, B) 363, , TOTAL EQUITY 31,029, ,456, (= AMOUNT REPRESENTING NET ASSETS) FINANCIAL INSTRUMENTS DISPOSALS OF FINANCIAL INSTRUMENTS TEMPORARY SECURITIES TRANSACTIONS PAYABLES RELATED TO PLEDGED SECURITIES DEBTS REPRESENTING BORROWED SECURITIES OTHER TEMPORARY TRANSACTIONS FORWARD FINANCIAL INSTRUMENTS TRADED ON A REGULATED OR RELATED MARKET OTHER TRANSACTIONS PAYABLES 45, , FORWARD FOREIGN EXCHANGE TRANSACTIONS OTHER 45, , FINANCIAL ACCOUNTS 1, , BANK OVERDRAFTS 1, , LOANS TOTAL LIABILITIES 31,075, ,679, (A) INCLUDING ACCRUALS (B) LESS INTERIM DIVIDENDS PAID DURING THE YEAR SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

49 OFF-BALANCE SHEET AS AT 31/12/2015 IN USD 31/12/ /12/2014 HEDGING TRANSACTIONS COMMITMENTS ON REGULATED OR RELATED MARKETS TOTAL COMMITMENTS ON REGULATED OR RELATED MARKETS OVER-THE-COUNTER COMMITMENTS TOTAL OVER-THE-COUNTER COMMITMENTS OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS TOTAL HEDGING TRANSACTIONS OTHER TRANSACTIONS COMMITMENTS ON REGULATED OR RELATED MARKETS TOTAL COMMITMENTS ON REGULATED OR RELATED MARKETS OVER-THE-COUNTER COMMITMENTS TOTAL OVER-THE-COUNTER COMMITMENTS OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

50 INCOME STATEMENT AS AT 31/12/2015 IN USD 31/12/ /12/2014 INCOME FROM FINANCIAL TRANSACTIONS INCOME FROM DEPOSITS AND FINANCIAL ACCOUNTS INCOME FROM SHARES AND SIMILAR SECURITIES 564, , REVENUES FROM BONDS AND SIMILAR SECURITIES INCOME FROM DEBT SECURITIES REVENUES FROM TEMPORARY PURCHASES AND SALES OF SECURITIES 12, , EXPENSES FOR FUTURES OTHER FINANCIAL REVENUES TOTAL (I) 577, , EXPENSES FOR FINANCIAL TRANSACTIONS EXPENSES FOR TEMPORARY SALES AND PURCHASES OF SECURITIES EXPENSES FOR FUTURES COST OF DEBT OTHER FINANCIAL EXPENSES TOTAL (II) INCOME FROM FINANCIAL TRANSACTIONS (I - II) 577, , OTHER INCOME (III) MANAGEMENT FEES AND AMORTISATION ALLOWANCE (IV) 153, , NET INCOME FOR THE YEAR (L ) (I - II + III - IV) 423, , ACCRUED REVENUE FOR THE YEAR (V) -60, , INTERIM DIVIDENDS PAID FOR THE YEAR (VI) NET INCOME (I - II + III - IV +/- V - VI) 363, , SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

51 NOTES 1. ACCOUNTING RULES AND METHODS THE FUND IS COMPLIANT WITH THE ACCOUNTING RULES REQUIRED BY CURRENT REGULATIONS. THE ANNUAL FINANCIAL STATEMENTS ARE PRESENTED IN ACCORDANCE WITH THE PROVISIONS OF THE FRENCH ACCOUNTING STANDARDS REGULATION ANC RESCINDING REGULATION CRC AND ITS SUBSEQUENT AMENDMENTS. THE BASE CURRENCY FOR THE PORTFOLIO IS THE US DOLLAR (USD). DESCRIPTION AND JUSTIFICATION FOR ANY WAIVERS: - TO THE BASIC ASSUMPTIONS ON WHICH THE PREPARATION OF SUMMARY DOCUMENTS IS ORDINARILY FOUNDED - TO THE GENERAL RULES ON THE PREPARATION AND PRESENTATION OF SUMMARY DOCUMENTS AND, IN PARTICULAR, FOR THE WAIVER ON THE DURATION OF THE FINANCIAL PERIOD CHANGE OF METHOD OR REGULATION: NONE ACCOUNTING CHANGES NOTIFIED TO UNITHOLDERS: NONE CHANGES OF ESTIMATES AND CHANGES OF PROCEDURES (TO BE EXPLAINED IF APPLICABLE): NONE NATURE OF ERRORS CORRECTED DURING THE FINANCIAL YEAR: NONE RIGHTS AND CONDITIONS ATTACHED TO EACH UNIT CLASS: NONE METHOD OF VALUING DEPOSITS, FINANCIAL INSTRUMENTS AND FUTURES BY TYPE OF INSTRUMENT ASSETS ARE VALUED AS FOLLOWS WHEN CALCULATING NET ASSET VALUE: - LISTED FRENCH AND FOREIGN SECURITIES AT MARKET VALUE (CLOSING PRICE, THOMSON- REUTERS), - MUTUAL FUNDS AT THEIR LAST KNOWN NAV, - SECURITIES UNDER REPURCHASE AGREEMENTS AT CONTRACTUAL VALUE, - COMMITMENTS ON FUTURES AND OPTIONS MARKETS ARE VALUED AT SETTLEMENT PRICE, - FORWARD FOREIGN EXCHANGE TRANSACTIONS (HEDGES) AT MARKET PRICE, - MARKETABLE DEBT INSTRUMENTS ARE VALUED UNDER THE FOLLOWING METHODS:. GOVERNMENT BONDS (BTAN AND BTF) ARE VALUED ON AN ACTUARIAL BASIS BASED ON RATES PUBLISHED DAILY BY THE BANQUE DE FRANCE.. OTHER MARKETABLE DEBT SECURITIES ARE VALUED AT MARKET PRICE.. IN THE ABSENCE OF SIGNIFICANT TRANSACTIONS, MARKETABLE DEBT SECURITIES ARE VALUED ON AN ACTUARIAL BASIS, WITH THE REFERENCE RATE INCREASED BY A MARGIN REPRESENTING THE INTRINSIC CHARACTERISTICS OF THE ISSUER.. FOR MARKETABLE DEBT SECURITIES WITH MATURITIES OF UP TO THREE MONTHS, THE VALUATION METHODS MAY BE SIMPLIFIED IN ACCORDANCE WITH RULES DETERMINED BY THE AMF (FRENCH FINANCIAL MARKETS AUTHORITY). OFF-BALANCE SHEET COMMITMENTS RELATING TO TRANSACTIONS WITH FUTURES ARE VALUED BY MULTIPLYING THE NUMBER OF CONTRACTS BY THE FACE VALUE, BY THE PRICE AND BY THE CURRENCY. SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

52 OFF-BALANCE SHEET POSITIONS ARE CLASSIFIED AS HEDGING TRANSACTIONS OR OTHER TRANSACTIONS. SWAPS ARE PRESENTED AT NOMINAL VALUE. THE METHOD OF ACCOUNTING USED TO RECORD THE INCOME FROM DEPOSITS AND FIXED-INCOME FINANCIAL INSTRUMENTS: INTEREST ON FIXED INCOME SECURITIES IS RECORDED IN ACCORDANCE WITH THE EFFECTIVE INTEREST RATE METHOD. FEES PROCEDURE FOR RECORDING TRANSACTION FEES, IF ANY, BROKEN DOWN BY TYPE OF INSTRUMENT: PORTFOLIO INFLOWS ARE RECOGNISED AT ACQUISITION COST, EXCLUDING EXPENSES, AND OUTFLOWS ARE RECOGNISED AT COST PRICE, EXCLUDING EXPENSES. PROCEDURE FOR CALCULATING OPERATING AND MANAGEMENT FEES (FIXED FEES) AND OUTPERFORMANCE FEES (VARIABLE FEES), IF ANY, FOR EACH CLASS OF UNITS: MANAGEMENT FEES ARE COMPOSED OF FINANCIAL MANAGEMENT, CUSTODIAN, ACCOUNTING AND OTHER FEES (STATUTORY AUDITORS FEES, ETC.). THESE FEES DO NOT INCLUDE TRANSACTION FEES. FIXED MANAGEMENT FEES: THE MAXIMUM RATE FOR MANAGEMENT FEES AMOUNTS TO 1.30% OF NET ASSETS INCLUSIVE OF TAX FOR P UNITS, TO 0.40% OF NET ASSETS INCLUSIVE OF TAX FOR I USD AND I EUR UNITS, AND TO 0.30% OF NET ASSETS INCLUSIVE OF TAX FOR I NL UNITS (NET ASSETS AFTER DEDUCTION OF FCP UNITS OR SICAV SHARES). WITHIN THIS MAXIMUM, FINANCIAL MANAGEMENT FEES, INCLUDING DISTRIBUTOR REMUNERATION, ARE FIXED AT 1.20% INCLUSIVE OF TAX FOR P SHARES, AT 0.30% INCLUSIVE OF TAX FOR I SHARES, AND AT 0.20% FOR I NL EUR SHARES RESERVED FOR THE NETHERLANDS INSTITUTIONAL INVESTOR SALES NETWORK. VARIABLE MANAGEMENT FEES: NONE RETROCESSION OF MANAGEMENT FEES: NONE DISTRIBUTION POLICY PURE ACCUMULATION FUND: THE DISTRIBUTABLE SUMS ARE FULLY REINVESTED EACH YEAR. CONCORDANCE TABLE OF UNITS FUND NAME: SSGA CONSUMER DISCRETIONARY INDEX EQUITY FUND PORTFOLIO CODE: U481 ISIN CODE CATEGORY INDICATED ON THE PROSPECTUS/KIID APPROPRIATION OF EARNINGS FR P USD ACCUMULATION PER UNIT FR I USD ACCUMULATION PER UNIT FR I EUR ACCUMULATION PER UNIT FR I NL EUR ACCUMULATION PER UNIT UNITS PRESENTED IN THE INVENTORY C1 C2 C3 C4 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

53 2. CHANGE IN NET ASSETS 31/12/ /12/2014 OPENING NET ASSETS 37,456, ,172, SUBSCRIPTIONS (INCLUDING ENTRY FEES) 20,387, ,961, REDEMPTIONS (INCLUDING EXIT FEES) -28,931, ,332, CAPITAL GAINS MADE ON DEPOSITS AND FINANCIAL INSTRUMENTS 5,390, ,459, CAPITAL LOSSES MADE ON DEPOSITS AND FINANCIAL INSTRUMENTS -346, , REALISED CAPITAL GAINS ON FINANCIAL FUTURES CAPITAL LOSSES ON FINANCIAL FUTURES TRANSACTION FEES -54, , FOREIGN EXCHANGE VARIANCES -668, ,455, CHANGES IN DEPOSIT AND FINANCIAL INSTRUMENT ESTIMATE VARIANCE -2,628, ,475, CURRENT YEAR ESTIMATE VARIANCE N: 6,001, ,630, PREVIOUS YEAR ESTIMATE VARIANCE N-1: 8,630, ,105, CHANGES IN FUTURES ESTIMATE VARIANCE CURRENT YEAR ESTIMATE VARIANCE N: PREVIOUS YEAR ESTIMATE VARIANCE N-1: DISTRIBUTION OF ASSETS DISTRIBUTION OF NET GAINS AND LOSSES FOR THE PREVIOUS YEAR DISTRIBUTION OF INCOME FOR THE PREVIOUS YEAR NET INCOME FOR THE YEAR BEFORE ACCRUALS 423, , INTERIM PAYMENT(S) ON NET GAINS AND LOSSES MADE DURING THE CURRENT YEAR INTERIM PAYMENTS ON INCOME MADE DURING THE CURRENT YEAR OTHER ITEMS* CLOSING NET ASSETS 31,029, ,456, * THE CONTENT OF THIS LINE WILL BE SPECIFIED BY THE MUTUAL FUNDS (ASSETS RECEIVED ON MERGERS, PAYMENTS RECEIVED AS SECURITY ON CAPITAL AND/OR PERFORMANCE) SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

54 3. ADDITIONAL INFORMATION 3.1. BREAKDOWN BY LEGAL OR ECONOMIC TYPE OF THE INSTRUMENT AMOUNT % ASSETS BONDS AND SIMILAR SECURITIES TOTAL BONDS AND SIMILAR SECURITIES DEBT SECURITIES TOTAL DEBT SECURITIES TOTAL ASSETS LIABILITIES AND EQUITY DISPOSALS OF FINANCIAL INSTRUMENTS TOTAL DISPOSALS OF FINANCIAL INSTRUMENTS TOTAL LIABILITIES AND EQUITY OFF-BALANCE SHEET HEDGING TRANSACTIONS TOTAL HEDGING TRANSACTIONS OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS TOTAL OFF-BALANCE SHEET SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

55 ASSETS DEPOSITS 3.2. BREAKDOWN BY INTEREST RATE CATEGORY OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BONDS AND SIMILAR SECURITIES DEBT SECURITIES TEMPORARY SECURITIES TRANSACTIONS FIXED RATE % FLOATING RATE % ADJUSTABLE RATE % OTHER % FINANCIAL ACCOUNTS 124, LIABILITIES TEMPORARY SECURITIES TRANSACTIONS FINANCIAL ACCOUNTS 1, OFF-BALANCE SHEET ITEMS HEDGING TRANSACTIONS OTHER TRANSACTIONS 3.3. BREAKDOWN BY REMAINING TERM OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS ASSETS < 3 MONTHS % [3 MONTHS 1 YEAR] % [1-3 YEARS] % [3-5 YEARS] % > 5 YEARS % DEPOSITS BONDS AND SIMILAR SECURITIES DEBT SECURITIES TEMPORARY SECURITIES TRANSACTIONS FINANCIAL ACCOUNTS 124, LIABILITIES TEMPORARY SECURITIES TRANSACTIONS FINANCIAL ACCOUNTS 1, OFF-BALANCE SHEET ITEMS HEDGING TRANSACTIONS OTHER TRANSACTIONS SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

56 ASSETS DEPOSITS 3.4. BREAKDOWN BY LISTING CURRENCY OR VALUATION OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS CURRENCY CURRENCY CURRENCY % % % JPY JPY EUR EUR GBP GBP CURRENCY N SHARES AND SIMILAR SECURITIES 4,479, ,494, ,849, ,467, BONDS AND SIMILAR SECURITIES DEBT SECURITIES COLLECTIVE INVESTMENT UNDERTAKING TEMPORARY SECURITIES TRANSACTIONS 81, , , RECEIVABLES 6, , FINANCIAL ACCOUNTS 14, , LIABILITIES DISPOSALS OF FINANCIAL INSTRUMENTS TEMPORARY SECURITIES TRANSACTIONS PAYABLES 9, FINANCIAL ACCOUNTS OFF-BALANCE SHEET ITEMS HEDGING TRANSACTIONS OTHER TRANSACTIONS % 3.5. BREAKDOWN BY CATEGORY OF RECEIVABLES AND PAYABLES 31/12/2015 RECEIVABLES COUPONS RECEIVABLE 26, OTHER RECEIVABLES TOTAL RECEIVABLES 27, PAYABLES MANAGEMENT FEES -35, OTHER PAYABLES -9, TOTAL PAYABLES -45, TOTAL PAYABLES AND RECEIVABLES -18, SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

57 3.6. EQUITIES CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 IN UNITS VALUE SHARES OR UNITS ISSUED DURING THE YEAR 4, , SHARES OR UNITS REDEEMED DURING THE YEAR -10, ,559, C2 IN UNITS VALUE SHARES OR UNITS ISSUED DURING THE YEAR 83, ,736, SHARES OR UNITS REDEEMED DURING THE YEAR -134,754-22,493, C3 IN UNITS I UNIT IN EUR VALUE SHARES OR UNITS ISSUED DURING THE YEAR 26,082 4,289, SHARES OR UNITS REDEEMED DURING THE YEAR -17,008-2,881, C4 IN UNITS NL UNITS IN EUR VALUE SHARES OR UNITS ISSUED DURING THE YEAR 9,919 1,653, SHARES OR UNITS REDEEMED DURING THE YEAR -12,354-1,996, SUBSCRIPTION AND/OR REDEMPTION FEES C1 VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 1, AMOUNT OF SUBSCRIPTION FEES RECEIVED AMOUNT OF REDEMPTION FEES RECEIVED AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF SUBSCRIPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF ENTRY AND/OR EXIT FEES 1, AMOUNT OF ENTRY FEES AMOUNT OF EXIT FEES SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

58 C2 VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 24, AMOUNT OF SUBSCRIPTION FEES RECEIVED 13, AMOUNT OF REDEMPTION FEES RECEIVED 11, AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF SUBSCRIPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF ENTRY AND/OR EXIT FEES 24, AMOUNT OF ENTRY FEES 13, AMOUNT OF EXIT FEES 11, C3 I UNIT IN EUR VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 5, AMOUNT OF SUBSCRIPTION FEES RECEIVED 4, AMOUNT OF REDEMPTION FEES RECEIVED 1, AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF SUBSCRIPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF ENTRY AND/OR EXIT FEES 5, AMOUNT OF ENTRY FEES 4, AMOUNT OF EXIT FEES 1, C4 NL UNITS IN EUR VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 2, AMOUNT OF SUBSCRIPTION FEES RECEIVED 1, AMOUNT OF REDEMPTION FEES RECEIVED 1, AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF SUBSCRIPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF REDEMPTION FEES TRANSFERRED TO THIRD PARTIES 0.00 AMOUNT OF ENTRY AND/OR EXIT FEES 2, AMOUNT OF ENTRY FEES 1, AMOUNT OF EXIT FEES 1, SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

59 3.7. MANAGEMENT FEES C1 31/12/2015 PERCENTAGE OF FIXED MANAGEMENT COSTS 1.28 FIXED MANAGEMENT COSTS 22, PERCENTAGE OF VARIABLE MANAGEMENT COSTS 0.00 VARIABLE MANAGEMENT COSTS 0.00 RETROCESSIONS OF MANAGEMENT COSTS C2 31/12/2015 PERCENTAGE OF FIXED MANAGEMENT COSTS 0.39 FIXED MANAGEMENT COSTS 91, PERCENTAGE OF VARIABLE MANAGEMENT COSTS 0.00 VARIABLE MANAGEMENT COSTS 0.00 RETROCESSIONS OF MANAGEMENT COSTS C3 I UNIT IN EUR 31/12/2015 PERCENTAGE OF FIXED MANAGEMENT COSTS 0.39 FIXED MANAGEMENT COSTS 28, PERCENTAGE OF VARIABLE MANAGEMENT COSTS 0.00 VARIABLE MANAGEMENT COSTS 0.00 RETROCESSIONS OF MANAGEMENT COSTS C4 NL UNITS IN EUR 31/12/2015 PERCENTAGE OF FIXED MANAGEMENT COSTS 0.29 FIXED MANAGEMENT COSTS 9, PERCENTAGE OF VARIABLE MANAGEMENT COSTS 0.00 VARIABLE MANAGEMENT COSTS 0.00 RETROCESSIONS OF MANAGEMENT COSTS SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

60 3.8. COMMITMENTS GIVEN AND RECEIVED DESCRIPTION OF GUARANTEES RECEIVED BY THE MUTUAL FUND TYPE OF GUARANTEE GUARANTOR BENEFICIARY MATURITY METHODS NONE OTHER COMMITMENTS GIVEN AND/OR RECEIVED 3.9. OTHER INFORMATION CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 SECURITIES BOUGHT WITH A RESALE OPTION 0.00 SECURITIES RECEIVED UNDER REPURCHASE AGREEMENTS 0.00 SECURITIES BORROWED 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 FINANCIAL INSTRUMENTS GIVEN AS SECURITY AND KEPT IN THEIR ORIGINAL BUDGET LINE 0.00 FINANCIAL INSTRUMENTS RECEIVED AS SECURITY AND NOT RECORDED IN THE BALANCE SHEET 2,874, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 SHARES 0.00 BONDS 0.00 MARKETABLE DEBT SECURITIES 0.00 MUTUAL FUNDS 0.00 FORWARD FINANCIAL INSTRUMENTS 0.00 TOTAL GROUP SECURITIES 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

61 3.10. APPROPRIATION OF DISTRIBUTABLE AMOUNTS TOTAL INTERIM DIVIDEND PAYMENTS DATE INTERIM DIVIDENDS PAID FOR THE YEAR AMOUNT AMOUNT TAX CREDITS TAX CREDIT UNIT AMOUNT UNIT TOTAL UNIT INTERIM DIVIDENDS PAID ON GAINS AND LOSSES FOR THE YEAR DATE UNIT TOTAL AMOUNT AMOUNT PER UNIT TOTAL INTERIM DIVIDEND PAYMENTS 0 0 APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO INCOME (6) 31/12/ /12/2014 SUMS REMAINING TO BE APPROPRIATED RETAINED EARNINGS NET INCOME 363, , TOTAL 363, , C1 31/12/ /12/2014 APPROPRIATION DISTRIBUTION RETAINED EARNINGS FOR THE YEAR ACCUMULATION PER UNIT 4, , TOTAL 4, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

62 C2 31/12/ /12/2014 APPROPRIATION DISTRIBUTION RETAINED EARNINGS FOR THE YEAR ACCUMULATION PER UNIT 235, , TOTAL 235, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME C3 I UNIT IN EUR 31/12/ /12/2014 APPROPRIATION DISTRIBUTION RETAINED EARNINGS FOR THE YEAR ACCUMULATION PER UNIT 78, , TOTAL 78, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME C4 NL UNITS IN EUR 31/12/ /12/2014 APPROPRIATION DISTRIBUTION RETAINED EARNINGS FOR THE YEAR ACCUMULATION PER UNIT 44, , TOTAL 44, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

63 TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) APPROPRIATION OF NET GAINS AND NET LOSSES 31/12/ /12/2014 SUMS REMAINING TO BE APPROPRIATED UNDISTRIBUTED PRIOR NET GAINS AND LOSSES NET GAINS AND LOSSES FOR THE YEAR 3,505, ,927, INTERIM DIVIDENDS PAID ON GAINS AND LOSSES FOR THE YEAR TOTAL 3,505, ,927, (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) C1 APPROPRIATION OF NET GAINS AND NET LOSSES AND NET LOSSES 31/12/ /12/2014 APPROPRIATION DISTRIBUTION UNDISTRIBUTED NET GAINS AND LOSSES ACCUMULATION PER UNIT 179, , TOTAL 179, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) C2 APPROPRIATION OF AND NET LOSSES NET GAINS AND NET LOSSES 31/12/ /12/2014 APPROPRIATION DISTRIBUTION UNDISTRIBUTED NET GAINS AND LOSSES ACCUMULATION PER UNIT 2,205, ,516, TOTAL 2,205, ,516, INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

64 TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) C3 I UNIT IN EUR APPROPRIATION OF AND NET LOSSES NET GAINS AND NET LOSSES 31/12/ /12/2014 APPROPRIATION DISTRIBUTION UNDISTRIBUTED NET GAINS AND LOSSES ACCUMULATION PER UNIT 738, , TOTAL 738, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) C4 NL UNITS IN EUR APPROPRIATION OF AND NET LOSSES NET GAINS AND NET LOSSES 31/12/ /12/2014 APPROPRIATION DISTRIBUTION UNDISTRIBUTED NET GAINS AND LOSSES ACCUMULATION PER UNIT 382, , TOTAL 382, , INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS DISTRIBUTION PER UNIT (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

65 3.11. RESULTS AND OTHER ISSUER INFORMATION OVER THE LAST FIVE YEARS DATE UNIT NET ASSETS NUMBER VALUE DISTRIBUTION DISTRIBUTION ACCUMULATIO TAX OF NET GAINS OF INCOME N PER UNIT OF SHARES OR VALUE PER UNIT AND LOSSES PER UNIT CREDIT PER PER UNIT (INCLUDING UNIT UNIT UNITS UNIT (INCLUDING INTERIM UNIT INTERIM PAYMENTS) PAYMENTS) USD USD USD USD USD 30/12/2011 C1 1,109, , C2 23,881, , /12/2012 C1 504, , C2 28,513, , C3 10,086, , /12/2013 C1 2,618, , C2 35,191, , C3 19,362, , /12/2014 C1 2,372, , C2 26,677, , C3 4,797, , C4 3,608, , /12/2015 C1 1,583, , C2 19,521, , C3 6,532, , C4 3,391, , AS FROM THE FINANCIAL YEAR ENDED 31/12/12, THE ACCUMULATION PER UNIT ON DISTRIBUTABLE AMOUNTS IS COMPOSED OF THE ACCUMULATION PER UNIT ON INCOME AND THE ACCUMULATION PER UNIT ON NET REALISED GAINS AND LOSSES. SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

66 3.12. DETAILS OF DEPOSITS AND FINANCIAL INSTRUMENTS NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS ABC MART INC NPV , JPY 0.04 ACCOR EUR3 1,575 68, EUR 0.22 ADIDAS AG NPV 15 1, EUR 0.00 ADVANCE AUTO PARTS COM , USD 0.25 AISIN SEIKI CO JPY50 1,400 60, JPY 0.20 ALTICE NV COMMON STOCK 678 9, EUR 0.03 ALTICE NV COMMON STOCK 3,152 45, EUR 0.15 AMAZON COM INC COM 2,862 1,934, USD 6.23 ARAMARK COMMON STOCK USD.01 1,800 58, USD 0.19 ARISTOCRAT LEISURE NPV(POST RECONSTRUCTION) 3,285 24, AUD 0.08 ASICS CORP JPY , JPY 0.01 AUTOLIV COM 89 11, USD 0.04 AUTONATION INC DEL COM , USD 0.11 AUTOZONE INC COM , USD 0.53 AXEL SPRINGER SE , EUR 0.08 BANDAI NAMCO HOLDINGS INC 1,400 29, JPY 0.10 BARRATT DEVEL ORD GBP0.10 6,683 61, GBP 0.20 BAYER MOTOREN WERK NON VTG PRF EUR , EUR 0.11 BED BATH + BEYOND INC COM 1,271 61, USD 0.20 BENESSE CORP JPY , JPY 0.06 BEST BUY CO INC COM STK USD0.10 2,382 72, USD 0.23 BMW AG 2, , EUR 0.80 BORG WARNER INC COM 1,524 65, USD 0.21 BRIDGESTONE CORP JPY50 4, , JPY 0.53 BURBERRY GROUP 3,347 58, GBP 0.19 CABLEVISION SYS CORP CABLEVISION NY GROUP COM 1,400 44, USD 0.14 CANADIAN TIRE LTD CL A , CAD 0.16 CARMAX INC COM , USD 0.04 CARNIVAL CORP PAIRED 1 COM CARN +1 TR SH BEN 2, , USD 0.51 CARNIVAL PLC ORD USD1.66 1,347 76, GBP 0.25 CASIO COMPUTER CO JPY , JPY 0.01 CBS CORP CLASS B , USD 0.07 CHARTER COMMUNICATION A COMMON STOCK 93 17, USD 0.05 CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD , USD 0.34 CHRISTIAN DIOR SE EUR , EUR 0.21 COACH INC COM 2,100 68, USD 0.22 COMCAST CORP NEW CL A 18,012 1,016, USD 3.28 COMPAGNIE FINANCIERE RIC COMMON STOCK 3, , CHF 0.86 COMPASS GROUP COMMON STOCK 12, , GBP 0.68 CONTINENTAL AG ORD NPV , EUR 0.62 CROWN RESORTS LTD NPV 3,245 29, AUD 0.10 D R HORTON INC COM 2,238 71, USD 0.23 DAIHATSU MOTOR CO 100 1, JPY 0.00 DAIMLERCHRYSLER AG ORD NPV(REGD) 6, , EUR 1.88 DARDEN RESTAURANTS , USD 0.18 DELPHI AUTOMOTIVE PLC COMMON STOCK USD.01 2, , USD 0.57 DENSO CORP JPY50 3, , JPY 0.55 DENTSU INC NPV 1,600 88, JPY 0.29 DICKS SPORTING GOODS INC OC COM , USD 0.07 DISCOVERY COMMUNICATIONS INC COM SER A 1,163 31, USD 0.10 DISCOVERY COMMUNICATIONS INC COM SER C 2,139 53, USD 0.17 DISH NETWORK CORP CL A 1,700 97, USD 0.31 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

67 NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS DISNEY WALT CO DISNEY COM 1, , USD 0.59 DIXONS CARPHONE PLC 7,623 56, GBP 0.18 DOLLAR GENERAL CORP 2, , USD 0.50 DOLLAR TREE INC 1, , USD 0.39 DOLLARAMA INC COMMON STOCK , CAD 0.17 DON QUIJOTE HOLDINGS CO LTD 1,000 35, JPY 0.11 DUFRY AG CHF5 (REGD) CHF 0.00 ELECTROLUX AB SEK 0.00 EUTELSAT COMMUNICATIONS 1,049 31, EUR 0.10 EXPEDIA INC W/I COMMON STOCK , USD 0.29 FAST RETAILING , JPY 0.46 FIAT INVESTMENTS NV COMMON STOCK EUR EUR 0.00 FLIGHT CENTRE TRAVEL GROUP LTD AUD 0.00 FOOT LOCKER INC COM 1,100 71, USD 0.23 FORD MTR CO DEL COM PAR USD , , USD 1.21 FUJI HEAVY INDS JPY50 4, , JPY 0.57 GALAXY ENTERTAINMENT GROUP L COMMON STOCK HKD.1 18,000 56, HKD 0.18 GAMESTOP CORP NEW CL A 92 2, USD 0.01 GANNETT CO W/I COMMON STOCK 1,800 45, USD 0.15 GAP INC COM 1,670 41, USD 0.13 GARMIN LTD COM , USD 0.10 GENERAL MOTORS CO COMMON STOCK USD.01 10, , USD 1.13 GENTING INTL PLC USD0.10 (CLOB LINE) 10,850 5, SGD 0.02 GENUINE PARTS CO COM 1,040 89, USD 0.29 GILDAN ACTIVEWEAR INC SUB VTG SHS CL A 1,500 42, CAD 0.14 GKN ORD GBP ,468 56, GBP 0.18 GOODYEAR TIRE AND RUBBER COM 2,098 68, USD 0.22 H AND R BLOCK INC 1,700 56, USD 0.18 HAKUHODO DY HLDGS NPV 1,600 17, JPY 0.06 HANESBRANDS INC COM 3,000 88, USD 0.28 HARLEY DAVIDSON INC COM 1,604 72, USD 0.23 HARMAN INTL INDS INC NEW COM 71 6, USD 0.02 HARVEY NORMAN HLDG NPV COM 4,491 13, AUD 0.04 HASBRO INC COM , USD 0.20 HENNES + MAURITZ SEK0.25 SER B 6, , SEK 0.78 HERMES INTL NPV , EUR 0.22 HIKARI TSUSHIN INC JPY , JPY 0.02 HILL (WILLIAM) ORD GBP0.10 6,437 37, GBP 0.12 HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01 3,800 81, USD 0.26 HOME DEPOT INC COM 9,233 1,221, USD 3.94 HONDA MOTOR CO JPY50 11, , JPY 1.24 HUGO BOSS AG NAMENS AKTIEN O.N COMMON STOCK , EUR 0.11 HUSQVARNA AB CL.B 3,737 24, SEK 0.08 IIDA GROUP HOLDINGS CO LTD COMMON STOCK 1,000 18, JPY 0.06 INDITEX COMMON STOCK 7, , EUR 0.86 INTERCONTINENTAL HOTELS GROUP COMMON STOCK 1,768 69, GBP 0.22 INTERPUBLIC GROUP COS INC COM 3,118 72, USD 0.23 ISETAN MITSUKOSHI NPV 2,640 34, JPY 0.11 ISUZU MOTORS 4,600 50, JPY 0.16 ITV 26, , GBP 0.35 J FRONT RETAILING 2,000 29, JPY 0.09 JARDEN CORP COM 1,328 75, USD 0.24 JARDINE CYCLE + CARRIAGE LTD SGD1 1,110 27, SGD 0.09 JC DECAUX SA NPV , EUR 0.08 JOHNSON CTLS INC COM 4, , USD 0.62 KABEL DEUTSCHLAND GMBH COMMON STOCK , EUR 0.07 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

68 NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS KERING , EUR 0.29 KINGFISHER 17,851 86, GBP 0.28 KOHLS CORP COM , USD 0.04 KOITO MFG CO JPY , JPY 0.11 L BRANDS INC COMMON STOCK 1, , USD 0.54 LAGARDERE SCA EUR6.10(REGD) , EUR 0.07 LAS VEGAS SANDS CORP COM 2, , USD 0.39 LEAR CORP COMMON STOCK , USD 0.24 LEGGETT + PLATT INC COM 1,000 42, USD 0.14 LENNAR CORP CL A 1,355 66, USD 0.21 LI FUNG 52,000 35, HKD 0.11 LIBERTY GLOBAL PLC COMMON STOCK 1,926 81, USD 0.26 LIBERTY GLOBAL PLC COMMON STOCK 4, , USD 0.58 LIBERTY INTERACTIVE CORP QVC G 3,417 93, USD 0.30 LIBERTY MEDIA CORP C W/I COMMON STOCK 1,620 61, USD 0.20 LIBERTY SPINCO INC A COMMON STOCK USD , USD 0.08 LINAMAR CORP COMMON STOCK NPV , CAD 0.03 LKQ CORP COMMON STOCK USD.01 2,300 68, USD 0.22 LOWES COS INC USD0.50 6, , USD 1.64 LULULEMON ATHLETICA INC COMMON STOCK USD , USD 0.14 LUXOTTICA GROUP EUR0.06 1,267 83, EUR 0.27 LVMH MOET HENNESSY VUITTON SE 1, , EUR 1.01 MACYS INC COM 2,262 79, USD 0.26 MAGNA INTERNATIONAL INC COMMON SHARE 29 1, CAD 0.00 MARKS + SPENCER GP ORD GBP ,806 85, GBP 0.28 MARRIOTT INTL INC NEW CL A 1, , USD 0.32 MARUI CO JPY50 1,900 31, JPY 0.10 MATTEL INC COM 2,604 70, USD 0.23 MAZDA MOTOR CORP JPY50 4,100 86, JPY 0.28 MCDONALDS CORP COM 6, , USD 2.59 MCDONALDS HOLDINGS JAPAN , JPY 0.04 MERLIN ENTERTAINMENTS PLC WI COMMON STOCK GBP.01 4,979 33, GBP 0.11 MGM CHINA HOLDINGS LTD COMMON STOCK HKD1. 8,248 10, HKD 0.03 MGM RESORTS INTERNATIONAL 3,500 79, USD 0.26 MICHAEL KORS HOLDINGS LTD COMMON STOCK NPV 1,506 60, USD 0.19 MICHELIN(CGDE) EUR2(REGD) 1, , EUR 0.40 MITSUBISHI MOTOR 4,600 39, JPY 0.13 MOHAWK INDS INC COM , USD 0.26 NETFLIX COM 2, , USD 1.09 NEWELL RUBBERMAID INC COM 1,850 81, USD 0.26 NEWS CORP/NEW CL A W/I COMMON STOCK 2,871 38, USD 0.12 NEXT GROUP ORD GBP0.10 1, , GBP 0.35 NGK SPARK PLUG CO JPY50 1,500 40, JPY 0.13 NHK SPRING CO JPY50 1,200 12, JPY 0.04 NIKE CL B 9, , USD 1.97 NIKON CORP JPY50 2,200 29, JPY 0.10 NISSAN MOTOR CO JPY50 17, , JPY 0.61 NITORI HOLDINGS CO LTD , JPY 0.16 NOK CORP JPY , JPY 0.06 NOKIAN RENKAAT OYJ EUR , EUR 0.08 NORDSTROM INC COM 1,050 52, USD 0.17 NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK USD.001 1,058 61, USD 0.20 NUMERICABLE-SFR , EUR 0.10 O REILLY AUTOMOTIVE INC , USD 0.59 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

69 NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS OMNICOM GROUP COM , USD 0.06 ORIENTAL LAND CO LTD JPY50 1,400 85, JPY 0.28 PANASONIC CORP. 16, , JPY 0.54 PANDORA A/S , DKK 0.33 PEARSON ORD GBP0.25 5,595 60, GBP 0.20 PERSIMMON ORD GBP0.10 2,332 69, GBP 0.22 PEUGEOT SA EUR1 3,172 55, EUR 0.18 POLARIS INDS INC COM , USD 0.14 PORSCHE AG NON VTG PRF NPV , EUR 0.17 PRICELINE GROUP INC , USD 1.51 PROSIEBENSAT.1 MEDIA SE 1,473 74, EUR 0.24 PUBLICIS GROUPE SA EUR0.40 1,305 87, EUR 0.28 PULTE HOMES INC COM 2,500 44, USD 0.14 PVH CORP COMMON STOC , USD 0.15 RAKUTEN INC NPV 6,300 73, JPY 0.24 RALPH LAUREN CORP , USD 0.14 REA GROUP LTD COMMON STOCK AUD 0.00 RELX NV 7, , EUR 0.38 RELX PLC 7, , GBP 0.45 RENAULT (REGIE NATIONALE) EUR3.81 1, , EUR 0.44 RESTAURANT BRANDS INTERN W/I COMMON STOCK 1,309 48, CAD 0.16 RINNAI CORP JPY , JPY 0.03 ROSS STORES INC COM 2, , USD 0.51 ROYAL CARIBBEAN CRUISES LTD SHS 1, , USD 0.40 RTL GROUP COMMON STOCK NPV , EUR 0.08 RYOHIN KEIKAKU CO JPY , JPY 0.07 SANDS CHINA LTD 17,800 60, HKD 0.20 SANKYO CO NPV 200 7, JPY 0.02 SANRIO CO LTD COMMON STOCK 400 9, JPY 0.03 SCHIBSTED , NOK 0.04 SCHIBSTED ASA B COMMON STOCK , NOK 0.05 SCRIPPS NETWORKS INTERACTIVE I CL A , USD 0.10 SEGA SAMMY HOLDINGS INC ORD SHS 1,800 16, JPY 0.05 SEKISUI CHEMICAL JPY50 3,000 39, JPY 0.13 SEKISUI HOUSE JPY50 4,100 69, JPY 0.22 SES FDR FDR EACH REP 1 A NPV 2,315 64, EUR 0.21 SHANGRI LA ASIA LTD HKD1 1,334 1, HKD 0.00 SHAW COMMUNICATIONS CL B NV 1,806 30, CAD 0.10 SHIMAMURA CO JPY , JPY 0.04 SHIMANO INC JPY , JPY 0.25 SIGNET JEWELERS LTD ORD USD , USD 0.24 SINGAPORE PRESS HD SGD ,250 34, SGD 0.11 SIRIUS XM HLDGS INC COMMON STOCK 19,100 77, USD 0.25 SJM HOLDINGS LTD COMMON STOCK HKD1.0 20,252 14, HKD 0.05 SKY PLC 7, , GBP 0.39 SODEXHO ALLIANCE EUR , EUR 0.20 SONY CORP NPV 8, , JPY 0.72 SPORTS DIRECT INTL ORD GBP0.10 2,075 17, GBP 0.06 STANLEY ELECTRIC JPY , JPY 0.03 STAPLES INC COM 4,793 45, USD 0.15 STARBUCKS CORP COM 10, , USD 2.07 STARWOOD HOTELS + RESORTS INC COM 1,294 89, USD 0.29 SUMITOMO ELECTRIC INDUSTRIES 5,700 81, JPY 0.26 SUMITOMO RUBBER JPY50 1,500 19, JPY 0.06 SUZUKI MOTOR CORP JPY50 2,800 86, JPY 0.28 SWATCH GROUP CHF2.25(BR) CHF 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

70 NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS SWATCH GROUP NOM , CHF 0.06 TABCORP HOLDINGS LIMITED 5,616 19, AUD 0.06 TAKASHIMAYA CO JPY50 2,000 18, JPY 0.06 TARGET CORP COM 4, , USD 1.02 TATTERSALLS LTD NPV 12,622 40, AUD 0.13 TAYLOR WOODROW ORD GBP ,948 65, GBP 0.21 TECHTRONIC INDUSTR ORD HKD0.1 10,000 40, HKD 0.13 TELENET GRP HLDG NPV , EUR 0.05 TESLA MOTORS INC COMMON STOCK USD , USD 0.54 THOMSON CORP COM 2, , CAD 0.33 TIFFANY + CO NEW COM 1,004 76, USD 0.25 TIME WARNER CABLE INC COM 2, , USD 1.22 TIME WARNER INC WHEN ISSUED COMMON STOCK 5, , USD 1.23 TJX COS INC NEW COM 4, , USD 1.11 TOHO CO JPY500 1,000 27, JPY 0.09 TOLL BROS INC COM 1,303 43, USD 0.14 TOYODA GOSEI JPY , JPY 0.04 TOYOTA INDUSTRIES JPY50 1,200 65, JPY 0.21 TOYOTA MOTOR CORP JPY50 19,700 1,226, JPY 3.95 TRACTOR SUPPLY COMPANY COMMON STOCK USD , USD 0.25 TRIPADVISOR INC W/I COMMON STOCK , USD 0.24 TUI AG COMMON STOCK NPV 1,135 20, GBP 0.07 TUI AG NPV (REGD) 2,150 39, EUR 0.13 TWENTY FIRST CENTURY CL A WI COMMON STOCK 8, , USD 0.76 TWENTY FIRST CENTURY CL B WI COMMON STOCK 3,337 90, USD 0.29 ULTA SALON COSMETICS + FRAGR COMMON STOCK USD , USD 0.25 UNDER ARMOUR INC CLASS A COMMON STOCK USD , USD 0.08 USS JPY50 1,700 25, JPY 0.08 V F CORP COM 2, , USD 0.49 VALEO EUR , EUR 0.28 VIACOM INC NEW CL B 2, , USD 0.33 VIVENDI SA EUR5.5 8, , EUR 0.58 VOLKSWAGEN AG ORD NPV EUR 0.00 VOLKSWAGEN PRIV 13 1, EUR 0.01 WHIRLPOOL CORP COM , USD 0.21 WHITBREAD ORD GBP ,291 83, GBP 0.27 WOLTERS KLUWER EUR0.12 2,292 77, EUR 0.25 WPP 2012 PLC COMMON STOCK 9, , GBP 0.71 WYNDHAM WORLDWIDE CORP COM , USD 0.22 WYNN MACAU LTD 7,200 8, HKD 0.03 WYNN RESORTS LTD COM , USD 0.11 YAMADA DENKI CO JPY50 5,700 24, JPY 0.08 YAMAHA CORP NPV 1,300 31, JPY 0.10 YAMAHA MOTOR CO JPY50 1,800 41, JPY 0.13 YOKOHAMA RUBBER CO JPY50 1,000 15, JPY 0.05 YUE YUEN INDL HLDG HKD0.25 6,500 22, HKD 0.07 YUM BRANDS INC COM 3, , USD 0.74 ZALANDO SE COMMON STOCK EUR 0.00 TOTAL SHARES & SIMILAR SECURITIES TRADED ON A REGULATED OR RELATED MARKET 28,308, TOTAL SHARES & SIMILAR SECURITIES TRADED ON A REGULATED OR RELATED MARKET 28,308, TOTAL SHARES AND SIMILAR SECURITIES 28,308, AUTOLIV COM , USD 0.20 CBS CORP CLASS B 2, , USD 0.41 CARMAX INC COM 1,343 72, USD 0.23 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

71 NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS CHARTER COMMUNICATION A COMMON STOCK , USD 0.31 DISNEY WALT CO DISNEY COM 9,800 1,029, USD 3.33 GAMESTOP CORP NEW CL A , USD 0.05 ADIDAS AG NPV 1, , EUR 0.46 HARMAN INTL INDS INC NEW COM , USD 0.12 KOHLS CORP COM 1,309 62, USD 0.20 VOLKSWAGEN AG ORD NPV , EUR 0.13 VOLKSWAGEN PRIV 1, , EUR 0.60 MAGNA INTERNATIONAL INC COMMON SHARE 2, , CAD 0.37 ASICS CORP JPY50 1,000 20, JPY 0.07 CASIO COMPUTER CO JPY50 1,300 30, JPY 0.10 REA GROUP LTD COMMON STOCK , AUD 0.06 DAIHATSU MOTOR CO , JPY 0.04 FLIGHT CENTRE TRAVEL GROUP LTD , AUD 0.05 GENTING INTL PLC USD0.10 (CLOB LINE) 32,550 17, SGD 0.06 RINNAI CORP JPY , JPY 0.03 SHANGRI LA ASIA LTD HKD1 7,554 7, HKD 0.02 OMNICOM GROUP COM 1, , USD 0.35 STANLEY ELECTRIC JPY , JPY 0.03 SWATCH GROUP CHF2.25(BR) , CHF 0.23 SHAW COMMUNICATIONS CL B NV 1,294 22, CAD 0.07 UNDER ARMOUR INC CLASS A COMMON STOCK USD , USD 0.24 WHIRLPOOL CORP COM , USD 0.06 FIAT INVESTMENTS NV COMMON STOCK EUR.01 6,184 86, EUR 0.28 DUFRY AG CHF5 (REGD) , CHF 0.13 ELECTROLUX AB 1,806 43, SEK 0.14 MGM CHINA HOLDINGS LTD COMMON STOCK HKD , HKD 0.00 ZALANDO SE COMMON STOCK , EUR 0.06 TOTAL SECURITIES LENDING TRANSACTIONS 2,615, PAYABLES ON RECEIVABLES FOR SECURITIES LOANED INDEMNITIES ON RECEIVABLES FOR SECURITIES LOANED TOTAL CONTRACTUAL SALE TRANSACTIONS 2,615, TOTAL CONTRACTUAL TRANSACTIONS 2,615, SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

72 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR shares : FR I NL EUR shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to replicate the MSCI Consumer Staples index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Consumer Staples net dividends reinvested. The index represents all international shares in the non-cyclical consumer goods sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method, which consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international securities from the non-cyclical consumer goods sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. 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.

73 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 6,746, ,450, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 13,449, ,260, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10 % of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set 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.

74 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the listing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark regardless of the current or expected performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark as long as the security is part of the Benchmark, notwithstanding any foreseeable sudden or significant decline in the value of the security, even if the asset management company may take a different investment decision for other funds holding the security. The Fund s performance may therefore be below that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect the performance, volatility and risk of the Benchmark (in absolute terms and in comparison with other indices) as well as the performance, volatility and risk of the Fund. Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may incur a payment default risk. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if investment grade investments present a lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. 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.

75 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - Derivative-related risk: The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an 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.

76 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$1, with collateral worth US$ 1,221, Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED DEUTSCHE BANK AG HSBC BANK PLC JP MORGAN SECURITIES PLC MERRILL LYNCH INTERNATIONAL MORGAN STANLEY & CO. INTERNATIONAL PLC. UBS AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 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.

77 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report 56.61% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, amounted to US$7,506. A payment of US$2, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$5,250. Changes that occurred during the previous period: - On 24 January 2014: o o o o o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. Since 1 April 2014, the Fund has been valued using the last known net asset value. On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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: 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.

78 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Risk linked to securities lending has been clarified. The risk of conflicts of interests has also been clarified. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 597, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.24% I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.23 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.34 % I NL EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.85% B shares This section has been left blank because this class of shares were not issued as at 31/12/2015. 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.

79 SSgA Consumer Staples Index Equity Fund. [ sub- f u n d o f S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

80 01/06/2016 Fund Return History Report 01/06/2016 BCSTA.BCSTA-U As-of: 12/31/2015 SSgA Consumer Staples Index Equity Fund (C,P,USD) 16826USD-N PNA GROUP ALIAS - MSCI CONSUMER STAPLES ND (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

81 01/06/2016 Fund Return History Report 01/06/2016 IBCSTA.IBCSTA-U As-of: 12/31/2015 SSgA Consumer Staples Index Equity Fund (C,I,USD) 16826USD-N PNA GROUP ALIAS - MSCI CONSUMER STAPLES ND (FCUSTOM) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/28/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

82 01/06/2016 Fund Return History Report 01/06/2016 EINLCSTA.EINLCSTA-U As-of: 12/31/2015 SSgA Consumer Staples Index Equity Fund - I NL Share Class EUR-N MSCI World Consumer Staples Sector (EUR) (Net) (Std) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

83 01/06/2016 Fund Return History Report 01/06/2016 EIBCSTA.EIBCSTA-U As-of: 12/31/2015 SSgA Consumer Staples Index Equity Fund I EUR share class EUR-N MSCI World Consumer Staples Sector (EUR) (Net) (Std) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

84 SSGA CONSUMER STAPLES INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

85 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 39,769, ,680, Shares and similar securities 38,637, ,584, Traded on a regulated or related market 38,633, ,584, Not traded on a regulated or related market 4, Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 1,131, , Claims representing securities subject to repurchase options Receivables for securities loaned 1,131, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 73, , Forward foreign exchange transactions Other 73, , Financial accounts 248, ,118, Liquidities 248, ,118, Total assets 40,091, ,871, SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

86 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 36,811, ,169, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 2,606, ,187, Income for the year (a, b) 597, , Total equity 40,015, ,948, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 76, , Forward foreign exchange transactions Other 76, , Financial accounts Bank overdrafts Loans Total liabilities 40,091, ,871, (a) Including accruals (b) Less interim dividends paid during the year SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

87 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

88 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 912, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 5, , Expenses for futures Other financial revenues TOTAL (I) 917, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 917, , Other income (III) Management fees and amortisation allowance (IV) 281, , Net income for the year (L ) (I - II + III - IV) 635, , Accrued revenue for the year (V) -37, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 597, , SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

89 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the American dollar. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

90 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P USD units, to 0,40% of net assets inclusive of tax for I USD and I EUR units, and to 0,30% of net assets inclusive of tax for I NL EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I EUR shares, and at 0.20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code FR FR FR FR Concordance table of units Category indicated on the prospectus/kiid P USD I USD I EUR I NL EUR SSgA Consumer Staples Index Equity Fund U482 Appropriation of earnings Accumulation per unit C1 Accumulation per unit C2 Accumulation per unit C3 Accumulation per unit C4 Units presented in the inventory SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

91 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 42,948, ,593, Subscriptions (including entry fees) 26,910, ,944, Redemptions (including exit fees) -32,325, ,320, Capital gains made on deposits and financial instruments 3,880, ,184, Capital losses made on deposits and financial instruments -292, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -59, , Foreign exchange variances -1,035, ,566, Changes in deposit and financial instrument estimate variance -646, ,117, Current year estimate variance N: 5,233, ,880, Previous year estimate variance N-1: 5,880, ,997, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 635, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 40,015, ,948, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

92 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

93 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 248, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 248, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

94 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % GBP GBP EUR EUR CHF CHF Shares and similar securities 5,215, ,872, ,997, ,918, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 109, , , , Receivables 11, , Financial accounts 5, , , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 8, Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 73, Other receivables Total receivables 73, Payables Management fees -68, Other payables -8, Total payables -76, Total payables and receivables -2, SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

95 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 11, ,730, Shares or units redeemed during the year -37, ,203, C2 In units Value Shares or units issued during the year 54, ,748, Shares or units redeemed during the year -52, ,213, C3 In units I UNIT in EUR Value Shares or units issued during the year 10,412 3,548, Shares or units redeemed during the year -2, , C4 In units NL units IN EUR Value Shares or units issued during the year 2, , Shares or units redeemed during the year -3,115-1,057, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 9, Amount of subscription fees received 3, Amount of redemption fees received 6, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 9, Amount of entry fees 3, Amount of exit fees 6, C2 Value Amount of subscription and/or redemption fees received 27, Amount of subscription fees received 18, Amount of redemption fees received 9, Amount of subscription and/or redemption fees transferred to third parties 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

96 C2 Value Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 27, Amount of entry fees 18, Amount of exit fees 9, C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 3, Amount of subscription fees received 3, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 3, Amount of entry fees 3, Amount of exit fees C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees Amount of exit fees Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 174, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 79, Percentage of variable management costs 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

97 C2 31/12/2015 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 20, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 NL units IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 7, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

98 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 1,221, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

99 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 597, , Total 597, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 108, , Total 108, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 349, , Total 349, , Information relating to shares or units eligible for distribution Number of shares or units SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

100 C2 31/12/ /12/2014 Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 91, , Total 91, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C4 NL units IN EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 47, , Total 47, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

101 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 2,606, ,187, Interim dividends paid on gains and losses for the year Total 2,606, ,187, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 804, ,024, Total 804, ,024, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 1,295, ,830, Total 1,295, ,830, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

102 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Undistributed net gains and losses Accumulation per unit 339, , Total 339, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 NL units IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 167, , Total 167, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

103 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 46,781, , C2 26,546, , /12/2012 C1 13,441, , C2 30,091, , C3 7,989, , /12/2013 C1 13,059, , C2 36,967, , C3 10,566, , /12/2014 C1 19,936, , C2 18,121, , C3 2,290, , C4 2,600, , /12/2015 C1 12,292, , C2 19,927, , C3 5,224, , C4 2,570, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

104 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets COLRUYT COMMON STOCK , EUR 0.12 AEON CO LTD JPY , JPY 0.01 AJINOMOTO CO INC JPY50 5, , JPY 0.36 ALIMENTATION COUCHE TARD CAN/CAD 5, , CAD 0.56 ALTRIA GROUP INC COM 23,177 1,349, USD 3.37 ARCHER DANIELS MIDLAND CO COM 7, , USD 0.68 ARYZTA AG CHF0.02 1,056 53, CHF 0.13 ASAHI GROUP HOLDING LTD 4, , JPY 0.37 ASSOCIATED BRITISH FOODS PLC 4, , GBP 0.54 BARRY CALLEBAUT AG CHF92.20 (REGD) 1 1, CHF 0.00 BEIERSDORF AG NPV 1, , EUR 0.29 BRITISH AMERICAN TOBACCO ORD 0.25GBP 22,023 1,224, GBP 3.06 BROWN FORMAN 1, , USD 0.35 BUNGE LIMITED SHS 1, , USD 0.29 CALBEE INC COMMON STOCK , JPY 0.09 CAMPBELL SOUP CO COM 2, , USD 0.30 CARLSBERG B DKK20 1, , DKK 0.29 CARREFOUR EUR2.50 6, , EUR 0.47 CASINO GUICH PERR EUR EUR 0.00 CHOCOLADEFABR.LINDT SPRUENGLI 1 74, CHF 0.19 CHURCH AND DWIGHT INC COM , USD 0.08 CLOROX CO COM 1, , USD 0.47 COCA COLA AMATIL NPV(POST RECONSTRUCTION) 7,333 49, AUD 0.12 COCA COLA CO COM 48,934 2,102, USD 5.25 COCA COLA ENTERPRISES NEW 2, , USD 0.33 COCA COLA HBC AG ORD SHS COMMON STOCK 2,426 51, GBP 0.13 COLGATE PALMOLIVE CO COM 10, , USD 1.69 CONAGRA INC COM 5, , USD 0.55 CONSTELLATION BRANDS INC CL A 2, , USD 0.74 COSTCO WHSL CORP NEW COM 5, , USD 2.11 CVS HEALTH CORP 13,091 1,279, USD 3.20 DELHAIZE GROUP NPV 1, , EUR 0.30 DIA COMMON STOCK 729 4, EUR 0.01 DIAGEO ORD GBX , , GBP 2.05 DR PEPPER SNAPPLE GROUP INC COM 2, , USD 0.50 EDGEWELL PERSONAL CARE CO WI COMMON STOCK , USD 0.13 EMPIRE LTD CL A CAN/CAD 1,800 33, CAD 0.08 FAMILYMART CO JPY , JPY 0.06 GENERAL MILLS 7, , USD 1.02 GEORGE WESTON LTD COM , CAD 0.12 GOLDEN AGRI RESOUR USD ,120 23, SGD 0.06 GROUPE DANONE EUR0.25 (POST SUBDIVISION) 6, , EUR 1.17 HEINEKEN HOLDING EUR1.6 1,177 90, EUR 0.23 HEINEKEN NV EUR1.60 2, , EUR 0.60 HENKEL 1, , EUR 0.30 HENKEL KGAA NON VTG PRF NPV 2, , EUR 0.60 HERSHEY CO / THE COM 1, , USD 0.38 HJ HEINZ HOLDING CORP COMMON STOCK USD.01 7, , USD 1.32 HORMEL FOODS CORP COM 1, , USD 0.34 ICA Gruppen AB SEK 0.00 IMPERIAL TOBACCO ORD GBP , , GBP 1.49 INBEV NPV 9,498 1,180, EUR 2.95 JAPAN TOBACCO INC JPY , , JPY 1.22 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

105 Name of issuer No. or nominal amount Market value Currency % Net Assets JEAN COUTU GROUP INC CLASS A COMMON STOCK NPV 700 9, CAD 0.02 JERONIMO MARTINS 2,553 33, EUR 0.08 KAO CORP JPY50 5, , JPY 0.76 KELLOGG CO COM 3, , USD 0.58 KERRY GROUP A ORD I0.10(DUBLIN LIST) 1, , EUR 0.40 KEURIG GREEN MTN INC COMMON STOCK 1, , USD 0.30 KIKKOMAN CORP JPY50 1,493 52, JPY 0.13 KIMBERLY CLARK CORP COM 4, , USD 1.37 KIRIN BREWERY CO JPY50 9, , JPY 0.34 KONINKLIJKE AHOLD NV COMMON STOCK 10, , EUR 0.54 KOSE CORP JPY , JPY 0.09 KROGER CO COM 11, , USD 1.18 L OREAL 2, , EUR 1.26 LAUDER ESTEE COS INC CL A , USD 0.09 LAWSON JPY , JPY 0.16 LINDT + SPRUENGLI PTG CERT CHF , CHF 0.17 LOBLAW COS LTD COM 2, , CAD 0.32 MCCORMICK + CO INC COM NON VTG 1, , USD 0.29 MEAD JOHNSON NUTRITION CO COM CL A 2, , USD 0.49 MEIJI HOLDINGS CO NPV 1, , JPY 0.29 METRO AG EUR 0.00 METRO INC COMMON 3,000 83, CAD 0.21 MOLSON COORS BREWING CO CL B 1, , USD 0.43 MONDELEZ INTERNATIONAL W/I COMMON STOCK 18, , USD 2.13 MONSTER BEVERAGE CORP 1, , USD 0.63 MORRISON(W)SUPRMKT ORD GBP GBP 0.00 NESTLE SA CHF1 (REGD 37,587 2,799, CHF 7.04 NH FOODS LTD 1,493 29, JPY 0.07 NISSHIN SEIFUN GRP JPY50 2,000 33, JPY 0.08 NISSIN FOOD PRODS JPY , JPY 0.09 ORKLA ASA 10,040 79, NOK 0.20 PEPSICO INC COM 17,409 1,739, USD 4.35 PERNOD RICARD NPV 2, , EUR 0.73 PHILIP MORRIS INTL ORD SHR COM 18,346 1,612, USD 4.03 PROCTER AND GAMBLE CO COM 32,090 2,548, USD 6.37 RECKITT BENCKISER 7, , GBP 1.74 REMY COINTREAU SA EUR EUR 0.00 REYNOLDS AMERN INC COM 10, , USD 1.18 RITE AID COM 11,500 90, USD 0.23 SABMILLER PLC ORD USD , , GBP 1.71 SAFEWAY PDC, LLC CVR COMMON STOCK 3, USD 0.00 SAINSBURY GBP 0.00 SAPUTO INC /SHS 3,088 73, CAD 0.18 SEVEN + I HOLDINGS NPV 8, , JPY 1.02 SHISEIDO CO JPY50 3,486 73, JPY 0.18 SMUCKER J M CO COM NEW 1, , USD 0.40 SUNTORY BEVERAGE + FOOD LTD COMMON STOCK 1,000 44, JPY 0.11 SVENSKA CELLULOSA 7, , SEK 0.52 SWEDISH MATCH NPV 2,241 79, SEK 0.20 SYSCO CORP COM 6, , USD 0.72 TATE + LYLE GBP ,527 48, GBP 0.12 TESCO ORD GBP , , GBP 0.55 TOYO SUISAN KAISHA JPY , JPY 0.09 TREASURY WINE ESTATES 8,339 50, AUD 0.13 TYSON FOODS INC (DEL) CLS A COM 3, , USD 0.48 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

106 Name of issuer No. or nominal amount Market value Currency % Net Assets UNI CHARM CORP JPY , JPY 0.01 UNILEVER NV EUR , , EUR 2.12 UNILEVER PLC ORD GBP , , GBP 1.63 WAL MART STORES INC COM 19,067 1,168, USD 2.92 WALGREENS BOOTS ALLIANCE COMMON STOCK 10, , USD 2.21 WESFARMERS NPV 13, , AUD 0.98 WH GROUP LTD COMMON STOCK USD ,987 32, HKD 0.08 WHITEWAVE FOODS CO COMMON STOCK USD.01 2,200 85, USD 0.21 WHOLE FOODS MKT INC COM 4, , USD 0.36 WILMAR INTERL LTD SGD0.5 5,750 11, SGD 0.03 WOOLWORTHS LTD NPV 147 2, AUD 0.01 YAKULT HONSHA CO JPY , JPY 0.11 YAMAZAKI BAKING CO JPY , JPY 0.03 TOTAL Shares & similar securities traded on a regulated or related market 38,633, TOTAL Shares & similar securities traded on a regulated or related market 38,633, SAFEWAY CASA LEY CVR COMMON STOCK 3,982 4, USD 0.01 TOTAL Shares & similar securities not traded on a regulated market 4, TOTAL Shares & similar securities not traded on a regulated market 4, TOTAL Shares and similar securities 38,637, MORRISON(W)SUPRMKT ORD GBP ,420 48, GBP 0.12 CHURCH AND DWIGHT INC COM 1, , USD 0.27 CASINO GUICH PERR EUR , EUR 0.07 REMY COINTREAU SA EUR , EUR 0.06 METRO AG 1,989 63, EUR 0.16 LAUDER ESTEE COS INC CL A 2, , USD 0.48 BARRY CALLEBAUT AG CHF92.20 (REGD) 20 21, CHF 0.05 AEON CO LTD JPY50 7, , JPY 0.29 SHISEIDO CO JPY , JPY 0.05 UNI CHARM CORP JPY50 4,400 90, JPY 0.23 WOOLWORTHS LTD NPV 14, , AUD 0.64 DIA COMMON STOCK 6,556 38, EUR 0.10 SAINSBURY 15,770 60, GBP 0.15 ICA Gruppen AB , SEK 0.07 WILMAR INTERL LTD SGD0.5 17,250 35, SGD 0.09 TOTAL Securities lending transactions 1,131, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 1,131, TOTAL Contractual transactions 1,131, SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

107 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I Shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Energy Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Energy with net dividends reinvested. This index represents all international equities in the energy sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international equities from the energy sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign 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.

108 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 1,186, ,882, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 3,932, ,495, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivatives is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: 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.

109 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to risks on the equity markets. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction costs or other expenses. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark regardless of the current or expected performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark as long as the security is part of the Benchmark, notwithstanding any foreseeable sudden or significant decline in the value of the security, even if the asset management company may take a different investment decision for other funds holding the security. The Fund s performance may therefore be below that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and by comparison to other indices) as well as the performance, volatility and risk of the Fund. Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if investment grade investments present a lower 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.

110 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - Derivative-related risk:: The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

111 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$2, with collateral worth US$ 2,565, Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED CITIGROUP GLOBAL MARKETS LIMITED CREDIT SUISSE SECURITIES (EUROPE) LIMITED DEUTSCHE BANK AG GOLDMAN SACHS INTERNATIONAL HSBC BANK PLC JP MORGAN SECURITIES PLC MORGAN STANLEY & CO. INTERNATIONAL PLC. SOCIETE GENERALE SA UBS AG 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.

112 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 73.15% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$45,241. A payment of US$13, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$31,657. Changes that occurred during the previous period: - On 24 January 2014: o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. o o A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 12 June 2014, the risk categories of the Fund s share classes were changed: ISIN Share class Former SRRI FR SSgA Energy Index Equity Fund P 7 6 FR SSgA Energy Index Equity Fund I On 17/06/2014, the I NL EUR unit was launched. New SRRI - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o FATCA compliance: The Fund clarifies that it complies with the FATCA law following the declaration of its status as a French financial institution. 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.

113 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report o The Fund has been registered with the IRS and its global interim identification number (GIIN) is 4LA4WP SP.250. o o o 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. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 758, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.16 % I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.16 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.16 % I NL EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) 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.

114 SSgA Energy Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Prospectus Actual 1.00 % 0.16% B shares This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

115 01/06/2016 Fund Return History Report 01/06/2016 BENER.BENER-U As-of: 12/31/2015 SSgA Energy Index Equity Fund (C,P,USD) 16827USD-N PNA GROUP ALIAS - MSCI ENERGY ND (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

116 01/06/2016 Fund Return History Report 01/06/2016 IBENER.IBENER-U As-of: 12/31/2015 SSgA Energy Index Equity Fund (C,I,USD) 16827USD-N PNA GROUP ALIAS - MSCI ENERGY ND (FCUSTOM) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (01/31/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

117 01/06/2016 Fund Return History Report 01/07/2016 EINLENER.EINLENER-U As-of: 12/31/2015 SSgA Energy Index Equity Fund - I NL Share Class EUR-N MSCI WORLD ENERGY SECTOR Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

118 01/06/2016 Fund Return History Report 01/06/2016 EIBENER.EIBENER-U As-of: 12/31/2015 SSgA Energy Index Equity Fund I EUR share class EUR-N MSCI World Energy Sector (EUR) (Net) (HKREEB) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

119 SSGA ENERGY INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

120 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 25,273, ,405, Shares and similar securities 22,938, ,648, Traded on a regulated or related market 22,938, ,648, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 2,334, ,757, Claims representing securities subject to repurchase options Receivables for securities loaned 2,334, ,757, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 28, , Forward foreign exchange transactions Other 28, , Financial accounts 98, , Liquidities 98, , Total assets 25,399, ,820, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

121 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 27,191, ,505, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) -2,598, , Income for the year (a, b) 758, ,125, Total equity 25,351, ,743, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 48, , Forward foreign exchange transactions Other 48, , Financial accounts Bank overdrafts Loans Total liabilities 25,399, ,820, (a) Including accruals (b) Less interim dividends paid during the year SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

122 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

123 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 1,147, ,069, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 31, , Expenses for futures Other financial revenues TOTAL (I) 1,178, ,104, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 1,178, ,103, Other income (III) Management fees and amortisation allowance (IV) 205, , Net income for the year (L ) (I - II + III - IV) 973, , Accrued revenue for the year (V) -214, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 758, ,125, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

124 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the US dollar (USD). Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents, in particular on the waiver on the duration of the financial period None Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and forward financial instruments by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

125 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1.30% of net assets inclusive of tax for P units, to 0.40% of net assets inclusive of tax for I USD and I EUR units, and to 0.30% of net assets inclusive of tax for I NL EUR units (net assets after deducting FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares, reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Concordance table of units Fund Name: U483 Portfolio code: SSgA Energy Index Equity Fund ISIN code Category indicated on the prospectus/kiid Appropriation of earnings FR P Accumulation per unit FR I USD Accumulation per unit FR I EUR Accumulation per unit FR I NL EUR Accumulation per unit Units presented in the inventory C1 C2 C3 C4 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

126 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 48,743, ,137, Subscriptions (including entry fees) 10,628, ,175, Redemptions (including exit fees) -25,865, ,007, Capital gains made on deposits and financial instruments 826, ,708, Capital losses made on deposits and financial instruments -2,770, ,115, Realised capital gains on financial futures Capital losses on financial futures Transaction fees -32, , Foreign exchange variances -1,661, ,774, Changes in deposit and financial instrument estimate variance -5,490, ,146, Current year estimate variance N: -7,629, ,139, Previous year estimate variance N-1: -2,139, ,006, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 973, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 25,351, ,743, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

127 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

128 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Temporary securities transactions Fixed rate % Floating rate % Adjustable rate % Other % Financial accounts 98, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 98, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

129 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % GBP GBP CAD CAD EUR EUR Shares and similar securities 3,738, ,355, ,197, ,069, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 42, ,089, , , Receivables 1, , Financial accounts , , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 6, Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 26, Other receivables 1, Total receivables 28, Payables Management fees -41, Other payables -6, Total payables -48, Total payables and receivables -19, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

130 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 16, ,050, Shares or units redeemed during the year -8, ,174, C2 In units Value Shares or units issued during the year 13,724 3,659, Shares or units redeemed during the year -82,780-22,295, C3 In units I EUR UNIT Value Shares or units issued during the year 7, ,874, Shares or units redeemed during the year -1, , C4 In units NL unit IN EUR Value Shares or units issued during the year 3,879 1,044, Shares or units redeemed during the year -3,861-1,010, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

131 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5, Amount of subscription fees received 4, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 5, Amount of entry fees 4, Amount of exit fees 1, C2 Value Amount of subscription and/or redemption fees received 14, Amount of subscription fees received 3, Amount of redemption fees received 11, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 14, Amount of entry fees 3, Amount of exit fees 11, C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 2, Amount of subscription fees received 1, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 2, Amount of entry fees 1, Amount of exit fees C4 NL Unit IN EUR Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received 1, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees 1, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

132 C4 NL Unit IN EUR Value Amount of exit fees Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 86, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 85, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 23, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 NL Unit IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 9, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

133 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

134 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 2,565, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

135 Sums remaining to be appropriated Retained earnings Net income 758, ,125, Total 758, ,125, C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 126, , Total 126, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 361, , Total 361, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 176, , Total 176, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income /12/ /12/2014 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

136 C4 NL Unit IN EUR Appropriation Distribution Retained earnings for the year Accumulation per unit 94, , Total 94, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year -2,598, , Interim dividends paid on gains and losses for the year Total -2,598, , (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit -599, , Total -599, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

137 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit -1,148, , Total -1,148, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit -559, , Total -559, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 NL Unit IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit -290, , Total -290, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

138 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 19,091, , C2 33,378, , /12/2012 C1 7,293, , C2 25,171, , C3 15,870, , /12/2013 C1 7,518, , C2 13,952, , C3 13,667, , /12/2014 C1 5,752, , C2 33,768, , C3 5,547, , C4 3,675, , /12/2015 C1 5,834, , C2 11,209, , C3 5,466, , C4 2,840, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

139 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ALTAGAS LTD COMMON STOCK NPV CAD 0.00 AMEC FOSTER WHEELER PLC 4,867 30, GBP 0.12 ANADARKO PETE CORP COM 6, , USD 1.26 ANTERO RESOURCES CORP COMMON STOCK USD.01 1,203 26, USD 0.10 APACHE CORP COM 4, , USD 0.87 ARC ENERGY TR TR UNI CAD 0.00 BAKER HUGHES INC COM 5, , USD 1.00 BG GROUP ORD GBP , , GBP 2.51 BP PLC ORD USDO ,189 1,227, GBP 4.84 CABOT OIL + GAS CORP COM 5,300 93, USD 0.37 CALTEX AUSTRALIA NPV 3,441 94, AUD 0.37 CAMECO CORP COM 5,000 61, CAD 0.24 CAMERON INTL CORP COM 2, , USD 0.62 CANADIAN NATURAL RES LTD COM 1,100 24, USD 0.09 CENOVUS ENERGY INC 1,300 16, USD 0.06 CENOVUS ENERGY INC COMMON STOCK 9, , CAD 0.47 CHENIERE ENERGY INC COM NEW 2, , USD 0.43 CHESAPEAKE ENERGY CORP COM 1,005 4, USD 0.02 CHEVRON CORP COM 24,104 2,168, USD 8.55 CIMAREX ENERGY CO COM 1, , USD 0.43 COLUMBIA PIPELINE GROUP W/I COMMON STOCK 4,000 80, USD 0.32 CONCHO RES INC COM 1, , USD 0.59 CONOCOPHILLIPS COM 15, , USD 2.91 CONTINENTAL RES INC OK COM 1,340 30, USD 0.12 CORE LABORATORIES 86 9, USD 0.04 CRESCENT PT ENERGY CORP COMMON STOCK CAD 0.00 DELEK GROUP ILS , ILS 0.05 DEVON ENERGY CORPORATION NEW COM 5, , USD 0.65 ENBRIDGE INC COM 10, , CAD 1.42 ENCANA CORP COM 10,850 54, CAD 0.22 ENERGEN CORP COM , USD 0.15 ENI 32, , EUR 1.91 ENSCO PLC CL A COMMON STOCK USD.1 2,950 45, USD 0.18 EOG RESOURCES INC COM 7, , USD 1.95 EQUITABLE RESSOURCES 2, , USD 0.42 EXXON MOBIL CORP COM 53,419 4,164, USD FMC TECHNOLOGIES INC COM 3,000 87, USD 0.34 GALP ENERGIA EUR1 4,787 55, EUR 0.22 HALLIBURTON CO COM 11, , USD 1.48 HELMERICH AND PAYNE INC COM 1,350 72, USD 0.29 HESS CORP COM 3, , USD 0.65 HOLLYFRONTIER CORP COMMON STOCK 2,270 90, USD 0.36 HUSKY ENERGY INC COM 1,512 15, CAD 0.06 IDEMITSU KOSAN 1,200 19, JPY 0.08 IMPERIAL OIL LTD COM NEW , USD 0.10 INPEX HOLDINGS INC COM STK JPY1 12, , JPY 0.48 INTER PIPELINE LTD COMMON STOCK NPV 4,600 73, CAD 0.29 JX HOLDINGS 29, , JPY 0.49 KEYERA FACS INCOME F 2,100 60, CAD 0.24 KINDER MORGAN INC COMMON STOCK USD.01 24, , USD 1.42 KONINKLIJKE VOPAK 1,005 43, EUR 0.17 LUNDIN PETROLEUM SEK 0.00 MARATHON OIL CORP COM 8, , USD 0.44 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

140 Name of issuer No. or nominal amount Market value Currency % Net Assets MARATHON PETE CORP 6, , USD 1.38 MEG ENERGY CORP COMMON STOCK 2,200 12, CAD 0.05 MURPHY OIL CORP COM 2,300 51, USD 0.20 NATIONAL OILWELL VARCO INC COM 5, , USD 0.66 NESTE OYJ EUR 0.00 NOBLE ENERGY INC COM 5, , USD 0.73 OCCIDENTAL PETE CORP COM 9, , USD 2.62 OCEANEERING INTL INC COM 1,300 48, USD 0.19 OIL SEARCH LTD PGK ,624 85, AUD 0.34 OMV AG NPV(VAR) 1,816 51, EUR 0.20 ONEOK INC NEW COM 2,900 71, USD 0.28 ORIGIN ENERGY NPV 22,062 75, AUD 0.30 PEMBINA PIPELINE CORP COMMON STOCK NPV CAD 0.00 PETROFAC GBP 0.00 PEYTO EXPLORATION + DEV CORP COMMON STOCK NPV , CAD 0.07 PHILLIPS 66 COMMON STOCK 6, , USD 2.21 PIONEER NAT RES CO COM 1, , USD 0.94 PLAINS GP HOLDINGS LP CL A COMMON STOCK 2,700 25, USD 0.10 PRAIRIESKY ROYALTY LTD COMMON STOCK CAD 0.00 RANGE RES CORP COM 2,300 56, USD 0.22 REPSOL SA COMMON STOCK 620 6, EUR 0.03 ROYAL DUTCH SHELL A 50,371 1,132, GBP 4.47 ROYAL DUTCH SHELL B 31, , GBP 2.81 Repsol SA 13, , EUR 0.59 SAIPEM EUR 0.00 SANTOS LTD NPV 21,205 56, AUD 0.22 SCHLUMBERGER LTD COM 2, , USD 0.72 SEVEN GENERATIONS ENERGY A COMMON STOCK 1,900 18, CAD 0.07 SHOWA SHELL SEKIYU JPY JPY 0.00 SOUTHWESTERN ENERGY CO COM 713 5, USD 0.02 SPECTRA ENERGY CORP COM 8, , USD 0.80 STATOIL ASA NOK , , NOK 0.78 SUNCOR ENERGY INC 19, , CAD 2.02 TECHNIP NPV 1,316 65, EUR 0.26 TENARIS S.A. USD1 5,625 66, EUR 0.26 TESORO CORP COM 1, , USD 0.64 TONEN GEN SEKIYU JPY50 3,409 28, JPY 0.11 TOTAL SA 28,374 1,271, EUR 5.02 TOURMALINE OIL CORP COMMON STOCK 2,700 43, CAD 0.17 TRANSOCEAN LTD COMMON STOCK CHF15.0 4,763 59, CHF 0.23 VALERO ENERGY CORP COM 6, , USD 1.80 VERESEN INC COMMON STOCK NPV CAD 0.00 VERMILION ENERGY INC COMMON STOCK CAD 0.00 WEATHERFORD INTL LTD ORD SHS 10,004 83, USD 0.33 WHITING PETE CORP NEW COM 2,850 26, USD 0.11 WILLIAMS COS INC COM 9, , USD 0.92 WOODSIDE PETROLEUM NPV 9, , AUD 0.76 TOTAL Shares & similar securities traded on a regulated or related market 22,938, TOTAL Shares & similar securities traded on a regulated or related market 22,938, TOTAL Shares and similar securities 22,938, ARC ENERGY TR TR UNI 4,257 51, CAD 0.20 ALTAGAS LTD COMMON STOCK NPV 1,881 41, CAD 0.17 ANTERO RESOURCES CORP COMMON STOCK USD , USD 0.01 CANADIAN NATURAL RES LTD COM 12, , CAD 1.09 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

141 Name of issuer No. or nominal amount Market value Currency % Net Assets CHESAPEAKE ENERGY CORP COM 5,695 25, USD 0.10 CRESCENT PT ENERGY CORP COMMON STOCK 6,633 76, CAD 0.30 HUSKY ENERGY INC COM 3,344 34, CAD 0.14 IMPERIAL OIL LTD COM NEW 3,064 99, CAD 0.39 SAIPEM 3,655 29, EUR 0.12 SHOWA SHELL SEKIYU JPY50 2,100 17, JPY 0.07 PEMBINA PIPELINE CORP COMMON STOCK NPV 4,356 94, CAD 0.37 PEYTO EXPLORATION + DEV CORP COMMON STOCK NPV 1,267 22, CAD 0.09 LUNDIN PETROLEUM 2,864 41, SEK 0.16 PRAIRIESKY ROYALTY LTD COMMON STOCK 1,980 31, CAD 0.12 SCHLUMBERGER LTD COM 13, , USD 3.76 SOUTHWESTERN ENERGY CO COM 4,037 28, USD 0.11 TRANSCANADA CORP COM 9, , CAD 1.16 VERESEN INC COMMON STOCK NPV 4,059 25, CAD 0.10 VERMILION ENERGY INC COMMON STOCK 1,485 40, CAD 0.16 NESTE OYJ 1,758 52, EUR 0.21 PETROFAC 3,620 42, GBP 0.17 CORE LABORATORIES , USD 0.21 TOTAL Securities lending transactions 2,334, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 2,334, TOTAL Contractual transactions 2,334, SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

142 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report ISIN Code: P shares: FR I Shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the S&P/Citigroup BMI Eurozone Property index ( the Index ) as closely as possible. The Fund aims to achieve a tracking error of less than 1%. Citigroup Index LLC does not promote nor provide and guarantee nor assume any liability of any kind whatsoever with respect to the index or the Fund. Benchmark index: S&P/Citigroup BMI Eurozone Property net dividends reinvested. The index represents all eurozone equities in the real estate sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. This Fund is eligible for use in a PEA ( Plan d Epargne en Actions French equity savings plan), and may therefore benefit from the special tax rules applicable thereto. Proportion of investment of assets in PEA-eligible securities or rights: In accordance with its prospectus, a minimum of 90% of the Fund has been permanently invested in shares in the eurozone belonging to the real estate sector, and PEA-eligible securities. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. 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.

143 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report The portfolio is made up of at least 90% international securities from the real estate sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 9,571, ,413, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 141, , e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. 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.

144 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the listing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark regardless of the current or expected performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark as long as the security is part of the Benchmark, notwithstanding any foreseeable sudden or significant decline in the value of the security, even if the asset management company may take a different investment decision for other funds holding the security. The Fund s performance may therefore be below that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect the performance, volatility and risk of the Benchmark (in absolute terms and in comparison with other indices) as well as the performance, volatility and risk of the Fund. Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may incur a payment default risk. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or 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.

145 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if investment grade investments present a lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk. The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. Derivative-related risk: The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially 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.

146 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$2, with collateral worth US$ 2,207, Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED DEUTSCHE BANK AG MERRILL LYNCH INTERNATIONAL UBS AG 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.

147 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 64.16% in shares admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in government securities issued by G10 countries with long-term ratings equal to or higher than A- (S&P) or A3 (Moody s). Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$12,925. A payment of US$3, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue net of direct and indirect operating expenses owed to the Fund was EUR 9,045. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum amount of subsequent subscriptions for P shares changed from EUR 50 to Nil ; Since 1 April, the Fund has been valued using the last known net asset value. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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 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.

148 SSgA EMU Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d ssicav] 2015 Annual Report Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of EUR The income statement shows retained net income of EUR Tracking error: P EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.61 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.61 % B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.61 % Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

149 01/06/2016 Fund Return History Report 01/06/2016 BREST.BREST-U As-of: 12/31/2015 SSgA EMU Index Real Estate Fund (C,P,EUR) 16824EUR-N PNA GROUP ALIAS - CITIGROUP BMI PROPERTY EUROZONE (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (11/30/1999) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

150 01/06/2016 Fund Return History Report 01/07/2016 IBREST.IBREST-U As-of: 12/31/2015 SSgA EMU Index Real Estate Fund I (C,I,EUR) 16824EUR-N S&P/ Citigroup BMI Eurozone Property mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (11/30/1999) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

151 01/06/2016 Fund Return History Report 01/06/2016 BRESTB.BRESTB-U As-of: 12/31/2015 SSgA EMU Index Real Estate Equity - B Share Class 16824EUR-N PNA GROUP ALIAS - CITIGROUP BMI PROPERTY EUROZONE (FCUSTOM) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (08/12/2013) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

152 SSGA EMU INDEX REAL ESTATE FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

153 Balance sheet assets as at 31/12/2015 in EUR 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 22,228, ,964, Shares and similar securities 20,342, ,833, Traded on a regulated or related market 20,342, ,833, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 1,885, ,130, Claims representing securities subject to repurchase options Receivables for securities loaned 1,885, ,130, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 32, , Forward foreign exchange transactions Other 32, , Financial accounts 122, , Liquidities 122, , Total assets 22,384, ,212, SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

154 Balance sheet liabilities as at 31/12/2015 in EUR 31/12/ /12/2014 Equities Capital 11,551, ,565, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 10,320, , Income for the year (a, b) 461, ,564, Total equity 22,332, ,154, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 51, , Forward foreign exchange transactions Other 51, , Financial accounts Bank overdrafts Loans Total liabilities 22,384, ,212, (a) Including accruals (b) Less interim dividends paid during the year SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

155 Off-balance sheet items as at 31/12/2015 in EUR 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

156 Income statement as at 31/12/2015 in EUR 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 780, ,584, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 7, , Expenses for futures Other financial revenues TOTAL (I) 788, ,597, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt 1, Other financial expenses TOTAL (II) 1, Income from financial transactions (I - II) 787, ,596, Other income (III) Management fees and amortisation allowance (IV) 200, , Net income for the year (L ) (I - II + III - IV) 586, ,413, Accrued revenue for the year (V) -125, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 461, ,564, SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

157 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the Euro. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and forward financial instruments by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

158 The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P units, to 0,40% of net assets inclusive of tax for I units, and to 0,10% of net assets inclusive of tax for B units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, and at 0,30% inclusive of tax for I shares. The management fees payable by holders of B Class Shares are determined by the terms and conditions of the applicable qualified agreement. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: Concordance table of units SSgA EMU Index Real Estate Fund U494 ISIN code Category indicated on the prospectus/kiid Appropriation of earnings Units presented in the inventory FR P Accumulation per unit C1 FR I Accumulation per unit C2 FR B Accumulation per unit C3 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

159 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 58,154, ,880, Subscriptions (including entry fees) 8,961, ,421, Redemptions (including exit fees) -56,355, ,769, Capital gains made on deposits and financial instruments 14,915, ,986, Capital losses made on deposits and financial instruments -2,212, ,776, Realised capital gains on financial futures Capital losses on financial futures Transaction fees -48, , Foreign exchange variances Changes in deposit and financial instrument estimate variance -1,667, ,048, Current year estimate variance N: 2,886, ,554, Previous year estimate variance N-1: 4,554, ,494, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 586, ,413, Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 22,332, ,154, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

160 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

161 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 122, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 122, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

162 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Shares and similar securities Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions Receivables Financial accounts 0.23 Liabilities Disposals of financial instruments Temporary securities transactions Payables Financial accounts Off-balance sheet items Hedging transactions Other transactions Currency 1 % Currency 2 % Currency 3 % Currency N % USD USD 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Deferred settlement sales 32, Other receivables Total receivables 32, Payables Management fees -46, Other payables -4, Total payables -51, Total payables and receivables -19, SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

163 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 8, ,793, Shares or units redeemed during the year -20, ,232, C2 In units Value Shares or units issued during the year 8, ,827, Shares or units redeemed during the year -10, ,467, C3 In units Value Shares or units issued during the year 10, ,339, Shares or units redeemed during the year -133, ,655, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5, Amount of subscription fees received 2, Amount of redemption fees received 3, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 5, Amount of entry fees 2, Amount of exit fees 3, C2 Value Amount of subscription and/or redemption fees received 4, Amount of subscription fees received 2, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 4, Amount of entry fees 2, Amount of exit fees 1, SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

164 C3 Value Amount of subscription and/or redemption fees received 26, Amount of subscription fees received 3, Amount of redemption fees received 23, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 26, Amount of entry fees 3, Amount of exit fees 23, Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 154, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 37, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 31/12/2015 Percentage of fixed management costs 0.09 Fixed management costs 9, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

165 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 2,030, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

166 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 461, ,564, Total 461, ,564, C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 177, , Total 177, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

167 C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 249, , Total 249, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 34, ,085, Total 34, ,085, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

168 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 10,320, , Interim dividends paid on gains and losses for the year Total 10,320, , (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 5,117, , Total 5,117, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 4,634, , Total 4,634, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

169 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 567, , Total 567, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) 30/12/2011 C1 10,398, , C2 22,151, , /12/2012 C1 10,434, , C2 32,021, , /12/2013 C1 8,931, , C2 3,271, , C3 30,676, , /12/2014 C1 12,492, , C2 9,041, , C3 36,620, , /12/2015 C1 11,036, , C2 10,061, , C3 1,234, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

170 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ADLER REAL ESTATE AG COMMON STOCK 5,135 73, EUR 0.33 ADO PROPERTIES SA COMMON STOCK 4, , EUR 0.49 AEDIFICA 2, , EUR 0.75 AFFINE (EX IMMOBAI NPV 1,056 17, EUR 0.08 ALSTRIA OFFICE AG NPV (BR) 4,133 50, EUR 0.23 ALTAREA NPV , EUR 0.35 ANF IMMOBILIER 2,061 42, EUR 0.19 ATRIUM EUROPEAN REAL ESTATE 34, , EUR 0.55 AXIARE PATRIMONIO SOCIMI SA 11, , EUR 0.67 BEFIMMO NPV SICAF IMMO COM 3, , EUR 0.82 BENI STABILI SPA 18,948 12, EUR 0.06 BENI STABILI SPA EUR , , EUR 0.59 BUWOG GEMEINNUETZIGE WOHNUNG COMMON STOCK 9, , EUR 0.89 CA IMMOBILIEN ANLA NPV 14, , EUR 1.11 COFINIMMO SA NPV 1, , EUR 0.83 CONWERT IMMOBILIEN INVEST 12, , EUR 0.79 DEUTSCHE EUROSHOP NPV 88 3, EUR 0.02 DEUTSCHE WOHNEN AG NPV (BR) 66,945 1,714, EUR 7.68 DIC ASSET AG COMMON STOCK 8,620 80, EUR 0.36 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 9, , EUR 1.67 FONCIERE DE PARIS SIIC 1, , EUR 0.94 FONCIERE DES MURS 1,594 42, EUR 0.19 FONCIERE DES REGIO EUR2 8, , EUR 3.18 GECINA EUR7.5 7, , EUR 3.58 GRAND CITY PROPERTIES COMMON STOCK EUR , EUR 0.04 GREEN REIT PLC COMMON STOCK 131, , EUR 0.94 GRIVALIA PROPERTIES REIC 8,165 60, EUR 0.27 HAMBORNER AG NPV 1,255 12, EUR 0.05 HIBERNIA REIT PLC REIT EUR.1 133, , EUR 0.84 HISPANIA ACTIVOS INMOBILIARI COMMON STOCK 15, , EUR 0.94 ICADE EMGP NPV 6, , EUR 1.94 IMMOBILIARE GRANDE DISTRIBUZO EUR1 8,310 7, EUR 0.03 IMMOFINANZ AG NPV 42,267 88, EUR 0.40 INMOBILIARIA COLONIAL SA COMMON STOCK 393, , EUR 1.13 INTERVEST OFFICES & WAREHOUSES 1,558 37, EUR 0.17 IRISH RESIDENTIAL PROPERTIES COMMON STOCK EUR.1 73,985 86, EUR 0.39 KIINT S CITYCON EUR , , EUR 0.81 KLEPIERRE EUR4 37,546 1,539, EUR 6.89 LAMDA DEVELOPMENT EUR0.3 7,558 30, EUR 0.14 LAR ESPANA REAL ESTATE SOCIM REIT 12, , EUR 0.53 LEG IMMOBILIEN AG COMMON STOCK 12, , EUR 4.21 MERCIALYS EUR1 3,670 68, EUR 0.31 MERLIN PROPERTIES SOCIMI SA REIT EUR1.0 60, , EUR 3.14 NEXITY EUR5 6, , EUR 1.27 NSI NV 27, , EUR 0.48 PATRIZIA IMMOBILIEN 7, , EUR 0.87 PRELIOS SPA COMMON STOCK 51,693 14, EUR 0.07 REALIA BUSINESS 39,274 29, EUR 0.13 REALIA BUSINESS SA COMMON STOCK 19,637 14, EUR 0.07 RETAIL ESTATES NPV 1,096 86, EUR 0.39 S IMMO AG 11,279 92, EUR 0.41 SPONDA OYJ EUR1 41, , EUR 0.73 TAG TEGERNSEE IMMOBILIEN 1,376 15, EUR 0.07 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

171 Name of issuer No. or nominal amount Market value Currency % Net Assets TECHNOPOLIS OJY NPV 15,894 59, EUR 0.27 TLG IMMOBILIEN AG COMMON STOCK 10, , EUR 0.84 UNIBAIL RODAMCO 19,460 4,561, EUR VASTNED RETAIL 3, , EUR 0.71 VIB VERMOEGEN 5,224 89, EUR 0.40 VONOVIA SE 87,843 2,507, EUR WAREHOUSES DE PAUW SCA WDP NPV 2, , EUR 0.96 WCM BETEILIGUNGS + GRUND AG COMMON STOCK 19,011 50, EUR 0.23 WERELDHAVE BELGIUM NPV , EUR 0.20 WERELDHAVE NV EUR10 7, , EUR 1.83 TOTAL Shares & similar securities traded on a regulated or related market 20,342, TOTAL Shares & similar securities traded on a regulated or related market 20,342, IMMOEAST ANSPR NACHB 329, EUR 0.00 IMMOFINANZ ANSPR NACHB 370, EUR 0.00 TOTAL Shares & similar securities not traded on a regulated market TOTAL Shares & similar securities not traded on a regulated market TOTAL Shares and similar securities 20,342, BEFIMMO NPV SICAF IMMO COM , EUR 0.18 COFINIMMO SA NPV 2, , EUR 0.92 DEUTSCHE EUROSHOP NPV 8, , EUR 1.58 IMMOFINANZ AG NPV 134, , EUR 1.27 TAG TEGERNSEE IMMOBILIEN 23, , EUR 1.19 HAMBORNER AG NPV 11, , EUR 0.49 IMMOBILIARE GRANDE DISTRIBUZO EUR1 57,148 50, EUR 0.23 ALSTRIA OFFICE AG NPV (BR) 16, , EUR 0.92 GRAND CITY PROPERTIES COMMON STOCK EUR.1 17, , EUR 1.66 TOTAL Securities lending transactions 1,885, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 1,885, TOTAL Contractual transactions 1,885, SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

172 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report ISIN Code: P shares: FR I Shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the EPRA Europe ex UK Liquid 40 Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. The Index is provided by FTSE International Limited ( FTSE ). FTSE and EPRA do not promote nor give any guarantees nor assume any liability whatsoever with respect to the SSgA Europe ex UK Index Real Estate Fund. For further information on the Index, please consult the prospectus. Benchmark index: EPRA Europe ex UK Liquide 40 with net dividends reinvested. This index represents all European and international equities outside the UK in the listed real estate sector. The index is calculated by EPRA (European Public Real Estate Association). The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. Between 90% and 100% of the portfolio is made up of European and international equities from outside the UK in the listed real estate sector and listed real estate funds ( REITs ). 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.

173 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Up to 10% of the Fund s assets are invested in shares or units of French or foreign mutual funds (international equities or other mutual funds) that may or may not comply with Directive 2009/65/EC. These limited investments are made for the purpose of adjusting the Fund s exposure. The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or over the counter, especially index futures, up to a maximum of 10% of the assets in order to make minor adjustments to the Fund s exposure. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index through purchases and sales of equity index futures. The Fund manager carefully manages the Fund s cash position using short-term instruments with high quality signatures. No more than 10% of the portfolio may be invested in debt securities and money market instruments. The manager may also invest up to 10% of the Fund s assets in money market funds. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 19,950, ,027, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 1,818, ,529, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: - Strategy for the use of derivatives: The Fund may also include, on an ancillary basis, derivative products on shares and equity indices. These products are used to build, to a limited extent, a synthetic exposure to the index and adjust the Fund s exposure to 100%: it is neither over-exposed nor under-invested. Within the limits stipulated by regulations, the Fund may invest up to 10% of the assets in these financial instruments. 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.

174 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index through purchases and sales of equity index futures. - Active markets: French and foreign regulated/otc markets - Type of instruments used: On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. Risk related to the changes in the index: The performance of the Fund is directly related to the changes in the EPRA Europe ex UK Liquid 40 index representative of all European excluding the United Kingdom and international equities from the real estate sector, where an unfavourable change in the index could lead to capital losses, since the capital initially invested is not guaranteed. A maximum of 90% of the Fund is exposed to equity market risks. As a result, its value may fall should markets decline. The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. Currency risk: There is a currency risk since the Fund holds securities denominated in a currency or several currencies other than the euro. Fluctuations of these currencies against the euro could lower the Fund s net asset value. The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. Performance risk: There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The Fund thus can bear costs that are not included in the calculation of the index (transaction costs); moreover, the Fund cannot always build the desired portfolio on account of exceptional circumstances due to market conditions (suspension or interruption of listing, market failure, etc.). The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the 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.

175 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. Credit risk: Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals. Thus, in the event of a default by these parties, the Fund will incur a capital loss. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers 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.

176 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$9, with collateral worth US$ 10,289,800. Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED CITIGROUP GLOBAL MARKETS LIMITED DEUTSCHE BANK AG MERRILL LYNCH INTERNATIONAL SOCIETE GENERALE SA UBS AG 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.

177 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 77.83% in shares admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in government securities issued by G10 countries with long-term ratings equal to or higher than A- (S&P) or A3 (Moody s). Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$41,450. A payment of US$12, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to EUR Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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 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.

178 SSgA Europe ex UK Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report The risk of conflicts of interests has also been clarified. Changes that occurred during the review period: 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 Year-end financial statements: Below are the annual financial statements for the sub-fund s twelve-month-long eighth year. The balance sheet at 31 December 2015 shows net assets of EUR131,853, The income statement shows retained net income of EUR 3,224, Tracking error: I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Detailed memorandum Actual 1.00 % 0.65 % P EUR shares This section has been left blank because this new share class was less than one year old as at 31/12/2015. B shares This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

179 01/06/2016 Fund Return History Report 01/06/2016 IBREEXUK.IBREEXUK-U As-of: 12/31/2015 SSgA Europe ex UK Index Real Estate Fund (C,I,EUR) 17124EUR-N PNA GROUP ALIAS - EPRA EUROPE EX UK CUSTOMIZED (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (08/31/2002) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

180 SSGA EUROPE EX UK INDEX REAL ESTATE FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

181 Balance sheet assets as at 31/12/2015 in EUR 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 131,673, ,706, Shares and similar securities 122,854, ,916, Traded on a regulated or related market 122,854, ,916, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 8,818, ,789, Claims representing securities subject to repurchase options Receivables for securities loaned 8,818, ,789, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 1, , Forward foreign exchange transactions Other 1, , Financial accounts 315, , Liquidities 315, , Total assets 131,990, ,186, SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

182 Balance sheet liabilities as at 31/12/2015 in EUR 31/12/ /12/2014 Equities Capital 113,802, ,538, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 14,826, ,778, Income for the year (a, b) 3,224, ,727, Total equity 131,853, ,043, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 136, , Forward foreign exchange transactions Other 136, , Financial accounts Bank overdrafts Loans Total liabilities 131,990, ,186, (a) Including accruals (b) Less interim dividends paid during the year SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

183 Off-balance sheet items as at 31/12/2015 in EUR 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

184 Income statement as at 31/12/2015 in EUR 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 4,634, ,107, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 25, , Expenses for futures Other financial revenues TOTAL (I) 4,659, ,152, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt 3, Other financial expenses TOTAL (II) 3, Income from financial transactions (I - II) 4,656, ,152, Other income (III) Management fees and amortisation allowance (IV) 590, , Net income for the year (L ) (I - II + III - IV) 4,065, ,622, Accrued revenue for the year (V) -841, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 3,224, ,727, SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

185 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the EURO. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Significant event occurring during the financial year: launch of C2 (P EUR) unit on 7 December Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

186 The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P units and 0,40% inclusive of tax for I units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, and at 0,30% inclusive of tax for I shares. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Europe ex UK Index Real Estate Fund U4E7 Appropriation of earnings FR I Accumulation per unit C1 FR P Accumulation per unit C2 Units presented in the inventory SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

187 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 151,043, ,945, Subscriptions (including entry fees) 18,047, ,128, Redemptions (including exit fees) -61,092, ,466, Capital gains made on deposits and financial instruments 17,574, ,279, Capital losses made on deposits and financial instruments -356, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -51, , Foreign exchange variances 1,638, , Changes in deposit and financial instrument estimate variance 984, ,534, Current year estimate variance N: 26,921, ,936, Previous year estimate variance N-1: 25,936, ,401, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 4,065, ,622, Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 131,853, ,043, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

188 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

189 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 315, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 315, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

190 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % SEK SEK CHF CHF NOK NOK Shares and similar securities 10,728, ,291, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 2,225, Receivables 1, Financial accounts , , Liabilities Disposals of financial instruments Temporary securities transactions Payables Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables Receivables 31/12/2015 Other receivables 1, Total receivables 1, Payables Management fees -132, Other payables -3, Total payables -136, Total payables and receivables -134, SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

191 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 42, ,763, Shares or units redeemed during the year -147, ,092, C2 In units P SHARE CLASS Value Shares or units issued during the year , Shares or units redeemed during the year 0 0 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 39, Amount of subscription fees received 8, Amount of redemption fees received 30, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 39, Amount of entry fees 8, Amount of exit fees 30, C2 Value Amount of subscription and/or redemption fees received 0.00 Amount of subscription fees received 0.00 Amount of redemption fees received 0.00 Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 0.00 Amount of entry fees 0.00 Amount of exit fees 0.00 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

192 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 590, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 1.39 Fixed management costs Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

193 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 9,472, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

194 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 3,224, ,727, Total 3,224, ,727, C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 3,224, ,727, Total 3,224, ,727, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution 0.00 Retained earnings for the year 0.00 Accumulation per unit Total Information relating to shares or units eligible for distribution Number of shares or units 0.00 Distribution per unit 0.00 Tax credits attached to the distribution of income 0.00 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

195 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 14,826, ,778, Interim dividends paid on gains and losses for the year Total 14,826, ,778, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 14,825, ,778, Total 14,825, ,778, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution 0.00 Undistributed net gains and losses 0.00 Accumulation per unit Total Information relating to shares or units eligible for distribution Number of shares or units 0.00 Distribution per unit 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

196 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) 30/12/2011 C1 56,392, , /12/2012 C1 100,172, , /12/2013 C1 116,945, , /12/2014 C1 151,043, , /12/2015 C1 131,566, , C2 287, As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

197 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets BEFIMMO NPV SICAF IMMO COM 3, , EUR 0.14 CA IMMOBILIEN ANLA NPV 92,781 1,561, EUR 1.18 CASTELLUM AB 203,859 2,686, SEK 2.04 COFINIMMO SA NPV 10,895 1,072, EUR 0.81 CONWERT IMMOBILIEN INVEST 62, , EUR 0.66 DEUTSCHE EUROSHOP NPV , EUR 0.02 DEUTSCHE WOHNEN AG NPV (BR) 418,672 10,724, EUR 8.13 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 56,915 2,264, EUR 1.72 FABEGE AB NPV (POST SPLIT) 124,161 1,899, SEK 1.44 FONCIERE DES REGIO EUR2 44,480 3,669, EUR 2.78 GECINA EUR7.5 46,610 5,224, EUR 3.96 HEMFOSA FASTIGHETER COMMON STOCK 100,072 1,029, SEK 0.78 HUFVUDSTADEN AB SER A SEK5 81,949 1,072, SEK 0.81 ICADE EMGP NPV 43,896 2,717, EUR 2.06 INMOBILIARIA COLONIAL SA COMMON STOCK 2,648,847 1,700, EUR 1.29 KLEPIERRE EUR4 255,139 10,458, EUR 7.93 KUNGSLEDEN NPV 98, , SEK 0.49 LEG IMMOBILIEN AG COMMON STOCK 78,016 5,890, EUR 4.47 MERCIALYS EUR1 52, , EUR 0.74 MERLIN PROPERTIES SOCIMI SA REIT EUR ,539 4,635, EUR 3.52 MOBIMO HLDG AG 7,813 1,600, CHF 1.21 PSP SWISS PROPERTY CHF10.50(REGD)(POST SUBD) 49,467 4,003, CHF 3.04 SWISS PRIME SITE CHF31.50 (REG) 78,788 5,687, CHF 4.31 TAG TEGERNSEE IMMOBILIEN 1,499 17, EUR 0.01 UNIBAIL RODAMCO 122,406 28,691, EUR VASTNED RETAIL 24,156 1,023, EUR 0.78 VONOVIA SE 579,258 16,537, EUR WALLENSTAM B COMMON STOCK 245,712 1,824, SEK 1.38 WERELDHAVE NV EUR10 50,058 2,587, EUR 1.96 WIHLBORGS FAST AB NPV 83,871 1,566, SEK 1.19 TOTAL Shares & similar securities traded on a regulated or related market 122,854, TOTAL Shares & similar securities traded on a regulated or related market 122,854, TOTAL Shares and similar securities 122,854, BEFIMMO NPV SICAF IMMO COM 18, , EUR 0.75 COFINIMMO SA NPV 14,177 1,395, EUR 1.06 HUFVUDSTADEN AB SER A SEK5 55, , SEK 0.55 DEUTSCHE EUROSHOP NPV 56,428 2,283, EUR 1.73 TAG TEGERNSEE IMMOBILIEN 148,332 1,705, EUR 1.29 CONWERT IMMOBILIEN INVEST 15, , EUR 0.17 KUNGSLEDEN NPV 132, , SEK 0.67 FABEGE AB NPV (POST SPLIT) 40, , SEK 0.47 TOTAL Securities lending transactions 8,818, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 8,818, TOTAL Contractual transactions 8,818, SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

198 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report ISIN Code: P shares: FR I Shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the EPRA Europe Liquid 40 Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. The Index is provided by FTSE International Limited ( FTSE ). FTSE and EPRA do not promote nor give any guarantees nor assume any liability whatsoever with respect to the SSgA Europe Index Real Estate Fund. For further information on the Index, please consult the prospectus. Benchmark index: EPRA Europe Liquide 40 with net dividends reinvested. This index represents all European and international equities in the listed real estate sector. The index is calculated by EPRA (European Public Real Estate Association). The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. 90% to 100% of the portfolio is made up of European and international equities in the listed real estate sector and listed real estate funds ( REITS ). 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.

199 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Up to 10% of the Fund s assets are invested in shares or units of French or foreign mutual funds (international equities or other mutual funds) that may or may not comply with Directive 2009/65/EC. These limited investments are made for the purpose of adjusting the Fund s exposure. The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or over the counter, especially index futures, up to a maximum of 10% of the assets in order to make minor adjustments to the Fund s exposure. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index through purchases and sales of equity index futures. The Fund manager carefully manages the Fund s cash position using short-term instruments with high quality signatures. No more than 10% of the portfolio may be invested in debt securities and money market instruments. The manager may also invest up to 10% of the Fund s assets in money market funds. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 15,066, ,810, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 503, , e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: - Strategy for the use of derivatives: The Fund may also include, on an ancillary basis, derivative products on shares and equity indices. These products are used to build, to a limited extent, a synthetic exposure to the index and adjust the Fund s exposure to 100%: it is neither over-exposed nor under-invested. Within the limits stipulated by regulations, the Fund may invest up to 10% of the assets in these financial instruments. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index through purchases and sales of equity index futures. 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.

200 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report - Active markets: French and foreign regulated/otc markets - Type of instruments used: On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. Risk related to the changes in the index: The performance of the Fund is directly related to the changes in the EPRA Europe Liquid 40 Index representative of all European and international equities from the real estate sector, where an unfavourable change in the index could lead to capital losses, since the capital initially invested is not guaranteed. A maximum of 90% of the Fund is exposed to equity market risks. As a result, its value may fall should markets decline. The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. Currency risk: There is a currency risk since the Fund holds securities denominated in a currency or several currencies other than the euro. Fluctuations of these currencies against the euro could lower the Fund s net asset value. The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. Performance risk: There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The Fund thus can bear costs that are not included in the calculation of the index (transaction costs); moreover, the Fund cannot always build the desired portfolio on account of exceptional circumstances due to market conditions (suspension or interruption of listing, market failure, etc.). The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the 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.

201 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. Credit risk: Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals. Thus, in the event of a default by these parties, the Fund will incur a capital loss. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers 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.

202 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$3, with collateral worth US$ 3,774,211. Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED DEUTSCHE BANK AG MERRILL LYNCH INTERNATIONAL UBS AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: 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.

203 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report At 31 December, the collateral was held according to the following ratio: 80.40% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in government securities issued by G10 countries with long-term ratings equal to or higher than A- (S&P) or A3 (Moody s). Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, amounted to US$9,769. A payment of US$2, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to EUR 6,835. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 12 June 2014, the risk categories of the Fund s share classes were changed: ISIN Share class Former SRRI 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 7 6 New SRRI - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o 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. 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.

204 SSgA Europe Index Real Estate Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report 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). o Financial collateral: we clarified that the levels of financial collateral required depend on the type of instrument. o Risk profile: Risk linked to securities lending has been clarified. The risk of conflicts of interests has also been clarified. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the sub-fund s twelve-month-long eighth year. The balance sheet at 31 December 2015 shows net assets of EUR The income statement shows retained net income of EUR Tracking error: P EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.57% I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.56 % B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.55% Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

205 01/06/2016 Fund Return History Report 01/06/2016 IBREE.IBREE-U As-of: 12/31/2015 SSgA Europe Index Real Estate Fund (C,I,EUR) 17664EUR-N PNA GROUP ALIAS - FTSE EPRA/NAREIT EUR LIQUID 40 mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (08/31/2002) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

206 01/06/2016 Fund Return History Report 01/06/2016 PBREE.PBREE-U As-of: 12/31/2015 SSgA Europe Index Real Estate Fund (C,P,EUR) 17664EUR-N PNA GROUP ALIAS - FTSE EPRA/NAREIT EUR LIQUID 40 Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (04/30/2008) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

207 01/06/2016 Fund Return History Report 01/06/2016 BREEB.BREEB-U As-of: 12/31/2015 SSgA Europe Index Real Estate Fund - B Share Class 17664EUR-N PNA GROUP ALIAS - FTSE EPRA/NAREIT EUR LIQUID 40 Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (04/12/2013) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

208 SSGA EUROPE INDEX REAL ESTATE FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

209 Balance sheet assets as at 31/12/2015 in EUR 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 38,968, ,413, Shares and similar securities 35,735, ,725, Traded on a regulated or related market 35,735, ,725, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 3,233, ,687, Claims representing securities subject to repurchase options Receivables for securities loaned 3,233, ,687, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 25, , Forward foreign exchange transactions Other 25, , Financial accounts 222, , Liquidities 222, , Total assets 39,216, ,806, SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

210 Balance sheet liabilities as at 31/12/2015 in EUR 31/12/ /12/2014 Equities Capital 32,770, ,517, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 5,478, ,410, Income for the year (a, b) 937, , Total equity 39,186, ,774, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 29, , Forward foreign exchange transactions Other 29, , Financial accounts Bank overdrafts Loans Total liabilities 39,216, ,806, (a) Including accruals (b) Less interim dividends paid during the year SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

211 Off-balance sheet items as at 31/12/2015 in EUR 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

212 Income statement as at 31/12/2015 in EUR 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 1,036, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 6, , Expenses for futures Other financial revenues TOTAL (I) 1,042, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 1,041, , Other income (III) Management fees and amortisation allowance (IV) 103, , Net income for the year (L ) (I - II + III - IV) 938, , Accrued revenue for the year (V) , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 937, , SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

213 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is EUR. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

214 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P units, to 0,40% of net assets inclusive of tax for I units, and to 0,10% of net assets inclusive of tax for B units (net assets after deducting FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, and at 0,30% inclusive of tax for I shares. The management fees payable by holders of B Class Shares are determined by the terms and conditions of the applicable qualified agreement. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Europe Index Real Estate Fund U4E6 Appropriation of earnings FR I Accumulation per unit C1 FR P Accumulation per unit C2 FR B Accumulation per unit C3 Units presented in the inventory SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

215 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 36,774, ,192, Subscriptions (including entry fees) 16,583, ,048, Redemptions (including exit fees) -19,389, ,027, Capital gains made on deposits and financial instruments 4,664, ,282, Capital losses made on deposits and financial instruments -35, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -72, , Foreign exchange variances 726, , Changes in deposit and financial instrument estimate variance -1,002, ,104, Current year estimate variance N: 6,133, ,135, Previous year estimate variance N-1: 7,135, ,030, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 938, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 39,186, ,774, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

216 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

217 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 222, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 222, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

218 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % GBP GBP SEK SEK CHF CHF Shares and similar securities 12,651, ,114, ,175, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 887, , Receivables 24, Financial accounts 24, , , , Liabilities Disposals of financial instruments Temporary securities transactions Payables Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 24, Other receivables Total receivables 25, Payables Management fees -25, Other payables -4, Total payables -29, Total payables and receivables -4, SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

219 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 2, , Shares or units redeemed during the year -32, ,808, C2 In units Value Shares or units issued during the year 1, , Shares or units redeemed during the year , C3 In units Value Shares or units issued during the year 52, ,429, Shares or units redeemed during the year -33, ,417, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 6, Amount of subscription fees received 1, Amount of redemption fees received 4, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 6, Amount of entry fees 1, Amount of exit fees 4, C2 Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

220 C3 Value Amount of subscription and/or redemption fees received 35, Amount of subscription fees received 30, Amount of redemption fees received 4, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 35, Amount of entry fees 30, Amount of exit fees 4, Management fees C1 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 62, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 23, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 31/12/2015 Percentage of fixed management costs 0.09 Fixed management costs 17, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

221 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 3,474, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

222 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 937, , Total 937, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 331, , Total 331, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 28, , Total 28, , Information relating to shares or units eligible for distribution Number of shares or units SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

223 C2 31/12/ /12/2014 Distribution per unit Tax credits attached to the distribution of income C3 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 577, , Total 577, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

224 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 5,478, ,410, Interim dividends paid on gains and losses for the year Total 5,478, ,410, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 2,045, , Total 2,045, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 290, , Total 290, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

225 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 3,142, , Total 3,142, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) 30/12/2011 C1 21,439, , C2 1,764, , /12/2012 C1 28,209, , C2 2,263, , /12/2013 C1 21,240, , C2 70, C3 2,881, , /12/2014 C1 20,578, , C2 1,526, , C3 14,669, , /12/2015 C1 14,617, , C2 2,063, , C3 22,506, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

226 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets BEFIMMO NPV SICAF IMMO COM , EUR 0.08 BRITISH LAND CO ORD GBP ,059 2,634, GBP 6.72 CA IMMOBILIEN ANLA NPV 17, , EUR 0.74 CAPITAL AND COUNTIES PROPERTIES PLC 175,658 1,050, GBP 2.68 CASTELLUM AB 39, , SEK 1.33 COFINIMMO SA NPV , EUR 0.10 CONWERT IMMOBILIEN INVEST 12, , EUR 0.46 DERWENT LONDON PLC ORD GBP ,854 1,188, GBP 3.03 DEUTSCHE EUROSHOP NPV 110 4, EUR 0.01 DEUTSCHE WOHNEN AG NPV (BR) 81,283 2,082, EUR 5.31 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 10, , EUR 1.10 FABEGE AB NPV (POST SPLIT) 31, , SEK 1.23 FONCIERE DES REGIO EUR2 1, , EUR 0.35 GECINA EUR7.5 9,066 1,016, EUR 2.59 GREAT PORTLAND EST ORD GBP , , GBP 2.38 HAMMERSON PLC ORD GBP ,370 1,541, GBP 3.93 HEMFOSA FASTIGHETER COMMON STOCK 18, , SEK 0.48 HUFVUDSTADEN AB SER A SEK5 26, , SEK 0.90 ICADE EMGP NPV 8, , EUR 1.34 INMOBILIARIA COLONIAL SA COMMON STOCK 495, , EUR 0.81 INTU PROPERTIES PLC 20,049 86, GBP 0.22 KLEPIERRE EUR4 49,532 2,030, EUR 5.18 KUNGSLEDEN NPV 437 2, SEK 0.01 LAND SECS GP ORD GBP ,723 3,029, GBP 7.73 LEG IMMOBILIEN AG COMMON STOCK 15,171 1,145, EUR 2.92 LONDONMETRIC PROPERTY PLC 141, , GBP 0.80 MERCIALYS EUR1 10, , EUR 0.48 MERLIN PROPERTIES SOCIMI SA REIT EUR1.0 77, , EUR 2.28 MOBIMO HLDG AG 1, , CHF 0.77 PSP SWISS PROPERTY CHF10.50(REGD)(POST SUBD) 9, , CHF 1.96 SEGRO PLC COMMON STOCK 179,300 1,044, GBP 2.67 SHAFTESBURY ORD GBP , , GBP 2.11 SWISS PRIME SITE CHF31.50 (REG) 15,322 1,106, CHF 2.82 TAG TEGERNSEE IMMOBILIEN 1,315 15, EUR 0.04 UNIBAIL RODAMCO 23,735 5,563, EUR VASTNED RETAIL 4, , EUR 0.48 VONOVIA SE 112,381 3,208, EUR 8.19 WALLENSTAM B COMMON STOCK 36, , SEK 0.69 WERELDHAVE NV EUR10 9, , EUR 1.28 WIHLBORGS FAST AB NPV 15, , SEK 0.76 TOTAL Shares & similar securities traded on a regulated or related market 35,735, TOTAL Shares & similar securities traded on a regulated or related market 35,735, TOTAL Shares and similar securities 35,735, INTU PROPERTIES PLC 206, , GBP 2.26 BEFIMMO NPV SICAF IMMO COM 3, , EUR 0.49 COFINIMMO SA NPV 4, , EUR 1.12 DEUTSCHE EUROSHOP NPV 10, , EUR 1.12 TAG TEGERNSEE IMMOBILIEN 27, , EUR 0.81 CONWERT IMMOBILIEN INVEST 2,348 32, EUR 0.08 FONCIERE DES REGIO EUR2 6, , EUR 1.45 WALLENSTAM B COMMON STOCK 10,000 74, SEK 0.19 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

227 Name of issuer No. or nominal amount Market value Currency % Net Assets KUNGSLEDEN NPV 43, , SEK 0.73 TOTAL Securities lending transactions 3,233, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 3,233, TOTAL Contractual transactions 3,233, SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

228 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I Shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification: International Equities. Management objective: SSgA Financials Index Equity Fund is an index-based mutual fund that tracks an index. The Fund s objective is to track the performance of the MSCI (Morgan Stanley Capital International) Financials Index, whether up or down. The aim of the management strategy is to ensure that the tracking error between the change in net asset value and that of the benchmark (measured by the tracking error) is as small as possible and lower than 1%. Benchmark index: MSCI Financials with net dividends reinvested. This index represents all international equities in the financial sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international equities from the financial sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the 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.

229 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. At the end of the financial year, the portfolio of this SICAV, included herewith, included assets of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 3,046, ,994, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 8,435, ,003, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set 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.

230 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present 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.

231 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

232 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$ with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: CITIGROUP GLOBAL MARKETS LIMITED DEUTSCHE BANK AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 96.87% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request. 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.

233 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report 3.13% in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$11,300. A payment of US$3, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$7,910. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares changed from EUR 50 to Nil ; A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 12 June 2014, the risk categories of the Fund s share classes were changed: ISIN Share class Former SRRI FR SSgA Financials Index Equity Fund 7 6 New SRRI - On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o 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). 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.

234 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report o o 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. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD 27,543, The income statement shows retained net income of USD 533, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.39 % I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.38 % I EUR Shares: Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.46 % I NL EUR shares: Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.44% B shares: 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.

235 SSgA Financials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

236 01/06/2016 Fund Return History Report 01/06/2016 BFINA.BFINA-U As-of: 12/31/2015 SSgA Financials Index Equity Fund (C,P,USD) 16831USD-N PNA GROUP ALIAS - MSCI FINANCIALS ND (FCUSTOM) mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

237 01/06/2016 Fund Return History Report 01/06/2016 IBFINA.IBFINA-U As-of: 12/31/2015 SSgA Financials Index Equity Fund (C,I,USD) 16831USD-N PNA GROUP ALIAS - MSCI FINANCIALS ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (02/28/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

238 01/06/2016 Fund Return History Report 01/06/2016 EINLFINA.EINLFINA-U As-of: 12/31/2015 SSgA Financials Index Equity Fund - I NL Share Class EUR-N MSCI WORLD FINCLS SECTOR(EUR)(NET)(Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

239 01/06/2016 Fund Return History Report 01/06/2016 EIBFINA.EIBFINA-U As-of: 12/31/2015 SSgA Financials Index Equity Fund I EUR share class EUR-N MSCI WORLD FINCLS SECTOR(EUR)(NET)(Std) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

240 SSGA FINANCIALS INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

241 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 27,461, ,158, Shares and similar securities 27,441, ,882, Traded on a regulated or related market 27,431, ,854, Not traded on a regulated or related market 9, , Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 20, , Claims representing securities subject to repurchase options Receivables for securities loaned 20, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 154, , Forward foreign exchange transactions Other 154, , Financial accounts 77, , Liquidities 77, , Total assets 27,694, ,572, SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

242 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 24,684, ,454, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 2,324, ,225, Income for the year (a, b) 533, , Total equity 27,543, ,371, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 44, , Forward foreign exchange transactions Other 44, , Financial accounts 106, , Bank overdrafts 106, , Loans Total liabilities 27,694, ,572, (a) Including accruals (b) Less interim dividends paid during the year SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

243 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

244 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 714, ,035, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 7, , Expenses for futures Other financial revenues TOTAL (I) 721, ,058, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 721, ,057, Other income (III) Management fees and amortisation allowance (IV) 140, , Net income for the year (L ) (I - II + III - IV) 580, , Accrued revenue for the year (V) -46, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 533, , SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

245 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the US dollar. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

246 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P USD units, to 0,40% of net assets inclusive of tax for I USD and I EUR units (net assets after deduction of FCP units or SICAV shares), and to 0,30% of net assets inclusive of tax for I NL EUR units. Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Financials Index Equity Fund U4A1 Appropriation of earnings FR P USD Accumulation per unit C1 FR I USD Accumulation per unit C2 FR I EUR Accumulation per unit C3 FR I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

247 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 39,371, ,437, Subscriptions (including entry fees) 14,562, ,692, Redemptions (including exit fees) -25,740, ,780, Capital gains made on deposits and financial instruments 4,272, ,663, Capital losses made on deposits and financial instruments -289, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -57, , Foreign exchange variances -1,307, ,076, Changes in deposit and financial instrument estimate variance -3,850, ,017, Current year estimate variance N: 2,907, ,758, Previous year estimate variance N-1: 6,758, ,775, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 580, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 27,543, ,371, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

248 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

249 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 77, Liabilities Temporary securities transactions Financial accounts 106, Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 77, Liabilities Temporary securities transactions Financial accounts 106, Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

250 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % EUR EUR JPY JPY GBP GBP Shares and similar securities 3,452, ,311, ,316, ,463, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 14, , Receivables 62, , Financial accounts , Liabilities Disposals of financial instruments Temporary securities transactions Payables 9, Financial accounts 60, , Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 34, Deferred settlement sales 120, Other receivables Total receivables 154, Payables Management fees -34, Other payables -9, Total payables -44, Total payables and receivables 110, SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

251 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 9, ,242, Shares or units redeemed during the year -4, , C2 In units Value Shares or units issued during the year 68, ,349, Shares or units redeemed during the year -155, ,608, C3 In units I UNIT in EUR Value Shares or units issued during the year 27,771 3,798, Shares or units redeemed during the year -10,932-1,471, C4 In units I NL UNITS IN EUR Value Shares or units issued during the year 1, , Shares or units redeemed during the year -15,018-2,049, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received 1, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees 1, Amount of exit fees SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

252 C2 Value Amount of subscription and/or redemption fees received 20, Amount of subscription fees received 9, Amount of redemption fees received 10, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 20, Amount of entry fees 9, Amount of exit fees 10, C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 4, Amount of subscription fees received 3, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 4, Amount of entry fees 3, Amount of exit fees C4 I NL UNITS IN EUR Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees Amount of exit fees 1, SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

253 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 29, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 73, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 34, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 I NL UNITS IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 3, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

254 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 22, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 114, Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 114, SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

255 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 533, , Total 533, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 33, , Total 33, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

256 C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 312, , Total 312, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 173, , Total 173, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C4 I NL UNITS IN EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 14, , Total 14, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

257 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 2,324, ,225, Interim dividends paid on gains and losses for the year Total 2,324, ,225, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 254, , Total 254, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 1,292, ,346, Total 1,292, ,346, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

258 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 719, , Total 719, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 I NL UNITS IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 57, , Total 57, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

259 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 1,858, , C2 16,088, , /12/2012 C1 2,280, , C2 22,164, , C3 17,984, , /12/2013 C1 2,998, , C2 19,200, , C3 22,237, , /12/2014 C1 2,468, , C2 27,790, , C3 6,514, , C4 2,597, , /12/2015 C1 2,996, , C2 15,330, , C3 8,533, , C4 683, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

260 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ING CDA INC COM , CAD I GROUP ORD 3,674 26, GBP 0.09 ABERDEEN ASSET MANAGEMENT 4,478 19, GBP 0.07 ACE LIMITED SHS 1, , USD 0.54 ACOM CO JPY50 3,000 14, JPY 0.05 ADMIRAL GROUP ORD GBP ,148 28, GBP 0.10 AEGON NV EUR0.12 8,605 48, EUR 0.18 AEON FINANCIAL SERVICE CO LTD 200 4, JPY 0.02 AEON MALL CO , JPY 0.04 AFFILIATED MANAGERS GROUP INC COM , USD 0.13 AFLAC INC COM 1, , USD 0.38 AGEAS SA/NV COMMON STOCK , EUR 0.11 ALLEGHANY CORP DEL COM 62 29, USD 0.11 ALLIANZ SE NPV(REGD)(VINKULIERT) 1, , EUR 1.21 ALLSTATE CORP COM 1, , USD 0.36 ALLY FINANCIAL INC COMMON STOCK USD.1 1,800 33, USD 0.12 AMERICAN CAPITAL AGENCY CORP 1,342 23, USD 0.08 AMERICAN EXPRESS CO COM 3, , USD 0.92 AMERICAN INTL GROUP INC COMMON STOCK 5, , USD 1.19 AMERICAN TOWER REIT REIT 1, , USD 0.59 AMERIPRISE FINL INC COM , USD 0.31 AMP LIMITED NPV 12,383 52, AUD 0.19 ANNALY CAPITAL MANAGEMENT 4,501 42, USD 0.15 AON PLC COMMON STOCK 1, , USD 0.39 AOZORA BANK LTD JPY50 7,000 24, JPY 0.09 ARCH CAP GROUP LTD SHS , USD 0.12 ARTHUR J GALLAGHER + CO COMMON STOCK USD , USD 0.10 ASCENDAS REAL ESTA NPV (REIT) 11,000 17, SGD 0.06 ASIA GROUP LTD 49, , HKD 1.07 ASSIC GENERALI EUR1.00 5,057 92, EUR 0.34 ASSURANT INC COM , USD 0.09 ASX LIMITED NPV , AUD 0.08 AUST + NZ BANK GRP NPV 11, , AUD 0.87 AVALONBAY CMNTYS INC COM , USD 0.38 AVIVA PLC ORD GBP , , GBP 0.44 AXA 7, , EUR 0.79 AXIS CAPITAL HOLDINGS LTD SHS , USD 0.07 BALOISE HLDGS CHF0.1 REGD , CHF 0.08 BANCA MONTE DEI PASCHI DI SI COMMON STOCK 8,767 11, EUR 0.04 BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK EUR , EUR 0.02 BANCO COMERCIAL PORTUGUES 1, EUR 0.00 BANCO DE BILBAO VIZCAYA 26, , EUR 0.70 BANCO POPOLARE SCARL COMMON STOCK 2,008 27, EUR 0.10 BANCO POPULAR ESPANOL COMMON STOCK 6,961 23, EUR 0.08 BANK AMER CORP COM 42, , USD 2.60 BANK HAPOALIM B.M ILS1 3,645 18, ILS 0.07 BANK MONTREAL QUE COM 2, , CAD 0.53 BANK N S HALIFAX COM 5, , CAD 0.75 BANK NEW YORK MELLON CORP COM 4, , USD 0.70 BANK OF EAST ASIA HKD ,510 16, HKD 0.06 BANK OF KYOTO JPY50 1,000 9, JPY 0.03 BANK OF QUEENSLAND NPV 2,231 22, AUD 0.08 BANK OF YOKOHAMA JPY50 5,000 31, JPY 0.11 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

261 Name of issuer No. or nominal amount Market value Currency % Net Assets BANKIA SA COMMON STOCK 16,507 19, EUR 0.07 BANKINTER SA 2,581 18, EUR 0.07 BARCLAYS ORD GBP , , GBP 0.80 BB+T CORP COM 3, , USD 0.42 BCO DE SABADELL NEW EUR0.125 POST SPLIT 20 20,735 36, EUR 0.13 BCO ESPIR SANTO PTES1000(REGD) 21, EUR 0.00 BCO SANT CENT HISP EURO.50(REGD) 59, , EUR 1.07 BENDIGO BANK LTD NPV 1,521 13, AUD 0.05 BERKLEY W R CORP COM , USD 0.05 BERKSHIRE HATHAWAY INC 4, , USD 2.35 BGP HOLDINGS PLC POST SPIN SHARES 26, EUR 0.00 BK LEUMI LE ISRAEL ORD ILS1 7,292 25, ILS 0.09 BK OF IRELAND 104,938 38, EUR 0.14 BLACKROCK INC COM , USD 0.64 BNP PARIBAS EUR2 4, , EUR 0.90 BOC HONG KONG HOLDINGS LTD HKD5 17,500 53, HKD 0.19 BOSTON PPTYS INC COM , USD 0.28 BRITISH LAND CO ORD GBP0.25 3,929 45, GBP 0.17 BRIXMOR PROPERTY GROUP INC REIT USD , USD 0.06 BROOKFIELD ASSET MGMT INC VOTING SHS CL A 3, , CAD 0.38 CAIXABANK SA 11,957 41, EUR 0.15 CAMDEN PPTY TR COM , USD 0.12 CAPITAL ONE FINL CORP COM 2, , USD 0.57 CAPITALAND COMMERCIAL TRUST 6,000 5, SGD 0.02 CAPITALAND MALL TRUST 16,000 21, SGD 0.08 CAPITALAND SGD1 8,500 20, SGD 0.07 CBRE GROUP INC COMMON STOCK USD.01 1,193 41, USD 0.15 CDN IMPERIAL BK OF COMMERCE COM 1, , CAD 0.41 CHIBA BANK JPY50 2,000 14, JPY 0.05 CHUBB CORP COM , USD 0.46 CHUGOKU BANK JPY50 1,000 13, JPY 0.05 CI FINL CORP COM 1,200 26, CAD 0.10 CINCINNATI FINL CORP COM , USD 0.13 CIT GROUP INC , USD 0.10 CITIGROUP INC COMMON STOCK RTS 12, , USD 2.34 CITIZENS FINANCIAL GROUP COMMON STOCK USD.01 2,400 62, USD 0.23 CITY DEVELOPMENTS SGD ,000 16, SGD 0.06 CK PROPERTY LTD COMMON STOCK 12,000 78, HKD 0.28 CME GROUP INC COM 1, , USD 0.41 CMNWLTH BK OF AUST NPV 6, , AUD 1.57 CNP ASSURANCES EUR4 1,279 17, EUR 0.06 COMERICA INC COM , USD 0.14 COMMERZBANK AG COMMON STOCK 3,651 37, EUR 0.14 CREDIT AGRICOLE SA EUR3 3,692 43, EUR 0.16 CREDIT SAISON CO JPY50 1,000 19, JPY 0.07 CREDIT SUISSE GRP CHF3 (REGD) 7, , CHF 0.59 CROWN CASTLE REIT COMMON STOCK 1, , USD 0.40 DAI ICHI LIFE INSURANCE 4,200 71, JPY 0.26 DAITO TRUST CONST JPY , JPY 0.08 DAIWA HOUSE INDS JPY50 2,600 75, JPY 0.27 DAIWA SECURITIES GROUP INC NPV 6,000 37, JPY 0.13 DANSKE BANK A/S DKK10 2,980 80, DKK 0.29 DBS GROUP HLDGS SGD1 7,326 86, SGD 0.31 DEUTSCHE BANK AG ORD NPV (REGD) 5, , EUR 0.49 DEUTSCHE BOERSE AG NPV , EUR 0.26 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

262 Name of issuer No. or nominal amount Market value Currency % Net Assets DEUTSCHE WOHNEN AG NPV (BR) 1,369 38, EUR 0.14 DEXUS PROPERTY GROUP 3,169 17, AUD 0.06 DIGITAL RLTY TR INC COM , USD 0.17 DIRECT LINE INSURANCE GROUP COMMON STOCK 5,162 31, GBP 0.11 DISCOVER FINANCIAL SERVICES 1,755 94, USD 0.34 DNB ASA 3,990 49, NOK 0.18 DUKE RLTY CORP COM NEW 1,023 21, USD 0.08 E TRADE FINANCIAL CORP COMMON STOCK USD.01 1,200 35, USD 0.13 EATON VANCE CORP COM , USD 0.05 EQUINIX INC COMMON STOCK , USD 0.23 EQUITY RESIDENTIAL SH BEN INT 1, , USD 0.44 ERSTE BANK DER OST NPV 1,052 33, EUR 0.12 ESSEX PROPERTY TRUST INC REIT USD , USD 0.25 EURAZEO NPV 108 7, EUR 0.03 EVEREST REINSURANCE GROUP LTD SHS , USD 0.11 EXTRA SPACE STORAGE INC REIT USD , USD 0.16 FAIRFAX FINL HLDGS LTD SUB VTG , CAD 0.17 FEDERAL RLTY INVT TR SH BEN INT NEW , USD 0.14 FIFTH THIRD BANCORP COM STK 3,120 62, USD 0.23 FIRST PACIFIC CO USD ,000 7, HKD 0.03 FIRST REPUBLIC BANK/SAN FRAN COMMON STOCK USD , USD 0.13 FNF GROUP W/I COMMON STOCK 1,249 43, USD 0.16 FONCIERE DES REGIO EUR2 29 2, EUR 0.01 FRANKLIN RES INC COM 1,741 64, USD 0.23 FUKUOKA FINANCIAL NPV 4,000 20, JPY 0.07 GECINA EUR , EUR 0.05 GENERAL GROWTH PROPERTIES REIT USD.01 2,067 56, USD 0.20 GJENSIDIGE FORSIKRING ASA COMMON STOCK NOK2. 1,294 20, NOK 0.08 GLOBAL LOGISTIC PROPERTIES 11,000 16, SGD 0.06 GOLDMAN SACHS GROUP INC COM 1, , USD 1.03 GOODMAN GROUP 6,709 30, AUD 0.11 GPE BRUXELLES LAM NPV (NEW) , EUR 0.12 GPT GROUP NPV (UNITS) 6,474 22, AUD 0.08 GREAT WEST LIFECO INC COM 1,100 27, CAD 0.10 GUNMA BANK JPY50 1,000 5, JPY 0.02 H+R REAL ESTATE INV REIT UTS REIT NPV , CAD 0.04 HACHIJUNI BANK JPY50 1,000 6, JPY 0.02 HAMMERSON PLC ORD GBP0.25 2,896 25, GBP 0.09 HANG LUNG PROP HKD1 11,000 25, HKD 0.09 HANG SENG BANK HKD5 3,500 66, HKD 0.24 HANNOVER RUECKVERSICHERUNG SE , EUR 0.09 HARGREAVES LANSDOWN PLC ORDGBP0.004 (WI) , GBP 0.08 HARTFORD FINANCIAL SERVICES GROUP 1,828 79, USD 0.29 HCP INC 1,692 64, USD 0.23 HENDERSON LAND DEV HKD2 5,095 31, HKD 0.11 HIROSHIMA BANK JPY50 1,000 5, JPY 0.02 HOKUHOKU FINANCIAL GROUP INC NPV 9,000 18, JPY 0.07 HONG KONG EXCHANGE HKD1 4, , HKD 0.43 HOST HOTELS + RESORTS INC COM 3,478 53, USD 0.19 HSBC HLDGS ORD USD0.50(UK REG) 80, , GBP 2.32 HUNTINGTON BANCSHARES INC COM 3,600 39, USD 0.14 HYSAN DEVELOPMENT HKD5 1,107 4, HKD 0.02 ICADE EMGP NPV , EUR 0.06 ICAP ORD GBP0.10 1,234 9, GBP 0.03 IGM FINL INC COM , CAD 0.04 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

263 Name of issuer No. or nominal amount Market value Currency % Net Assets INDUSTRIAL ALLIANCE CAN/CAD 200 6, CAD 0.02 INDUSTRIVARDEN AB C SHS COMMON STOCK NPV 438 7, SEK 0.03 ING GROEP NV 15, , EUR 0.77 INSURANCE AUST GRP NPV 8,874 35, AUD 0.13 INTERCONTINENTAL EXCHANGE INC , USD 0.46 INTESA SANPAOL RSP DI RISP EUR0.52 (NON CNV) 4,796 14, EUR 0.05 INTESA SANPAOLO 50, , EUR 0.62 INTU PROPERTIES PLC 1,985 9, GBP 0.03 INVESCO LTD COM 1,819 60, USD 0.22 INVESTEC ORD GBP ,372 23, GBP 0.09 INVESTOR AB SEK6.25 B 1,758 65, SEK 0.24 IRISH BANK RESOLUTION CORP LTD 24, EUR 0.00 IRON MTN INC NEW REIT 1,100 29, USD 0.11 ISTITUTO FINANZIARIO IND.ORD , EUR 0.10 IYO BANK 600 5, JPY 0.02 JAPAN EXCHANGE GROUP INC COMMON STOCK 2,100 33, JPY 0.12 JAPAN POST BANK CO LTD COMMON STOCK 1,900 27, JPY 0.10 JAPAN POST HOLDINGS CO LTD COMMON STOCK 2,100 32, JPY 0.12 JAPAN PRIME REALITY REIT 6 20, JPY 0.07 JAPAN REAL ESTATE REIT 4 19, JPY 0.07 JAPAN RETAIL FUND JAPAN RETAIL FUND INV REIT 13 25, JPY 0.09 JONES LANG LASALLE INC COMMON STOCK USD , USD 0.12 JOYO BANK JPY50 1,000 4, JPY 0.02 JPMORGAN CHASE + CO COM 15, , USD 3.61 JULIUS BAER HLDGS CHF , CHF 0.17 KBC GROUP NV NPV , EUR 0.20 KERRY PROPERTIES HKD1 4,500 12, HKD 0.04 KEYCORP NEW COM 3,227 42, USD 0.15 KIMCO RLTY CORP COM 1,915 50, USD 0.18 KINNEVIK INV AB SER B SEK0.1 1,044 32, SEK 0.12 KLEPIERRE EUR , EUR 0.12 LAND SECS GP ORD GBP.10 3,298 57, GBP 0.21 LEGAL + GENERAL GP ORD GBP ,922 94, GBP 0.34 LEGG MASON INC COM , USD 0.05 LENDLEASE GROUP 2,455 25, AUD 0.09 LEUCADIA NATL CORP COM 1,532 26, USD 0.10 LIBERTY PROPERTY SH BEN INT SUPP , USD 0.10 LINCOLN NATL CORP IN COM 1,083 54, USD 0.20 LINK REAL ESTATE INVESTMENT TRUST 9,415 56, HKD 0.20 LLOYDS TSB GROUP ORD GBP , , GBP 0.92 LOEWS CORP COM , USD 0.14 LONDON STOCK EXCHANGE GROUP ORD GBP ,178 47, GBP 0.17 M + T BK CORP COM , USD 0.25 MACERICH CO COM , USD 0.15 MACQUARIE GP LTD 1,168 70, AUD 0.26 MANULIFE FINL CORP COM 8, , CAD 0.44 MAPFRE SA EUR0.10 2,441 6, EUR 0.02 MARKEL CORP COMMON STOCK 50 44, USD 0.16 MARSH + MCLENNAN COS INC COM 2, , USD 0.42 MCGRAW HILL FINANCIAL INC 1, , USD 0.42 MEDIBANK PRIVATE LTD COMMON STOCK 16,455 25, AUD 0.09 MEDIOBANCA SPA EUR0.5 1,944 18, EUR 0.07 METLIFE INC COM 3, , USD 0.67 MILLEA HOLDINGS INC 2, , JPY 0.41 MIRVAC GROUP STAPLED SECS 14,071 20, AUD 0.07 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

264 Name of issuer No. or nominal amount Market value Currency % Net Assets MITSUBISHI ESTATE JPY50 5, , JPY 0.38 MITSUBISHI UFJ FIN GROUP NPV 53, , JPY 1.21 MITSUBISHI UFJ LEASE & FINANCE 3,500 18, JPY 0.07 MITSUI FUDOSAN CO JPY50 3,000 76, JPY 0.28 MIZUHO FINL GB NPV 94, , JPY 0.69 MOODYS CORP COM , USD 0.26 MORGAN STANLEY 6, , USD 0.71 MS AND AD INSURANCE GROUP HOLDINGS. INC. 2,300 68, JPY 0.25 MUENCHENER RUCKVERS AG NPV(REGD) , EUR 0.48 NASDAQ INC , USD 0.12 NATIONAL BK CDA MONTREAL QUE COM 1,294 37, CAD 0.14 NATIXIS EUR1.6 (POST SUBDIV) 5,223 29, EUR 0.11 NATL AUSTRALIA BK NPV 10, , AUD 0.84 NAVIENT CORP W/D COMMON STOCK 2,117 24, USD 0.09 NEW WORLD DEVEL CO HKD1 28,614 28, HKD 0.10 NEW YORK CMNTY BANCORP INC COM 1,843 30, USD 0.11 NIPPON BUILDING FD REIT 7 33, JPY 0.12 NIPPON PROLOGIS REIT INC REIT 10 18, JPY 0.07 NN GROUP NV COMMON STOCK 1,016 35, EUR 0.13 NOMURA HOLDINGS JPY50 15,600 88, JPY 0.32 NOMURA REAL ESTATE HOLDINGS 400 7, JPY 0.03 NOMURA REAL ESTATE MASTER FU REIT 12 14, JPY 0.05 NORDEA BANK AB ORD EUR , , SEK 0.48 NORTHERN TRUST CORP COM , USD 0.25 NTT URBAN DEVELOPM NPV 1,000 9, JPY 0.04 OLD MUTUAL COMMON STOCK 20,670 54, GBP 0.20 ONEX CORP SUB VTG , CAD 0.07 ORIX CORP JPY50 5,200 74, JPY 0.27 OVERSEAS CHINESE BK SGD0.5 13,366 82, SGD 0.30 PARGESA HLDGS SA CHF20(BR)(POST SUBD) , CHF 0.06 PARTNERRE LTD COM , USD 0.09 PARTNERS GROUP HLG CHF0.01 (REGD) 61 22, CHF 0.08 PEOPLES UTD FINL INC COM 1,355 21, USD 0.08 PLUM CREEK TIMBER CO INC COM , USD 0.15 PNC FINL SVCS GROUP INC COM 2, , USD 0.72 POWER CORP CDA COM 1,700 35, CAD 0.13 POWER FINL CORP COM , CAD 0.07 PRICE T ROWE GROUP INC COM 1,115 79, USD 0.29 PRINCIPAL FINANCIAL GROUP COM 1,225 55, USD 0.20 PROGRESSIVE CORP OHIO COM 2,296 73, USD 0.27 PROLOGIS INC 1,988 85, USD 0.31 PROVIDENT FINANCIAL , GBP 0.12 PRUDENTIAL FINL INC COM 1, , USD 0.53 PRUDENTIAL PLC 10, , GBP 0.85 PUBLIC STORAGE COM , USD 0.56 QBE INS GROUP NPV 5,567 50, AUD 0.19 RAIFFEISEN BANK INTERNATIONAL 157 2, EUR 0.01 RAYMOND JAMES FINANCIAL INC COM , USD 0.10 REALOGY HOLDINGS CORP COMMON STOCK USD , USD 0.11 REALTY INCOME CORP REIT USD1. 1,040 53, USD 0.19 REGENCY CTRS CORP COM , USD 0.11 REGIONS FINL CORP NEW COM 5,658 54, USD 0.20 RENAISSANCERE HOLDINGS LTD SHS , USD 0.07 RESONA HOLDINGS INC NPV 8,200 40, JPY 0.15 RIOCAN REAL ESTATE INVT TR UNIT 1,000 17, CAD 0.06 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

265 Name of issuer No. or nominal amount Market value Currency % Net Assets ROYAL BANK OF SCOTLAND GROUP COMMON STOCK 13,571 60, GBP 0.22 ROYAL BK CDA MONTREAL QUE COM 6, , CAD 1.20 RSA INSURANCE GROUP PLC COMMON STOCK 5,208 32, GBP 0.12 SAINT JAMES S PLACE 2,676 39, GBP 0.14 SAMPO OYJ SER A NPV 1,681 85, EUR 0.31 SBI HOLDINGS INC NPV 1,500 16, JPY 0.06 SCENTRE GROUP REIT NPV 22,308 68, AUD 0.25 SCHRODERS , GBP 0.09 SCHWAB CHARLES CORP NEW COM STK 4, , USD 0.59 SCOR SA , EUR 0.07 SEGRO PLC COMMON STOCK 2,471 15, GBP 0.06 SEI INVESTMENTS CO COM , USD 0.10 SEVEN BANK NPV 1,500 6, JPY 0.02 SHINSEI BANK NPV 12,000 22, JPY 0.08 SHIZUOKA BANK JPY50 3,000 29, JPY 0.11 SHOEI CO LTD/CHIYODA KU COMMON STOCK 1,900 16, JPY 0.06 SIGNATURE BANK COMMON STOCK USD , USD 0.11 SIMON PPTY GROUP INC NEW COM 1, , USD 0.88 SINGAPORE EXCHANGE SGD0.01 3,000 16, SGD 0.06 SINO LAND CO HKD1.00 9,474 13, HKD 0.05 SKAND ENSKILDA BKN 5,942 63, SEK 0.23 SL GREEN RLTY CORP COM , USD 0.16 SOC GENERALE EUR1.25 2, , EUR 0.48 SOMPO JAPAN NIPPONKOA HOLDINGS 1,400 46, JPY 0.17 SONY FINANCIAL 1,200 21, JPY 0.08 STANDARD CHARTERED ORD USD , , GBP 0.38 STANDARD LIFE PLC COMMON STOCK 8,188 47, GBP 0.17 STATE STREET CORPORATION COM 1, , USD 0.42 STOCKLAND NPV 9,053 27, AUD 0.10 SUMITOMO MITSUI GR NPV 5, , JPY 0.71 SUMITOMO MITSUI TRUST HOLDING INC 11,000 42, JPY 0.15 SUMITOMO RLTY+DEV JPY50 1,000 28, JPY 0.10 SUN HUNG KAI PROPS HKD0.50 7,302 88, HKD 0.32 SUN LIFE FINL INC COM 2,245 69, CAD 0.25 SUNCORP METWAY 4,932 43, AUD 0.16 SUNTEC REIT NPV (REIT) 6,000 6, SGD 0.02 SUNTRUST BKS INC COM 2,053 87, USD 0.32 SURUGA BANK JPY50 1,000 20, JPY 0.08 SVENSKA HANDELSBANKEN COMMON STOCK 6,486 86, SEK 0.32 SWEDBANK AB 3,401 75, SEK 0.27 SWIRE PACIFIC CL A 2,500 28, HKD 0.10 SWISS LIFE HOLDING CHF46(REGD) , CHF 0.12 SWISS PRIME SITE CHF31.50 (REG) , CHF 0.09 SWISS RE LTD COMMON STOCK 1, , CHF 0.49 SYNCHRONY FINANCIAL COMMON STOCK USD.001 3, , USD 0.38 TD AMERITRADE HLDG CORP COM 1,072 37, USD 0.14 TD HOLDINGS INC 3,000 40, JPY 0.15 TOKYO TATEMONO CO JPY50 1,400 15, JPY 0.06 TOKYU FUDOSAN HOLDINGS CORP COMMON STOCK 3,000 19, JPY 0.07 TORCHMARK INC COM , USD 0.13 TORONTO DOMINION BK ONT COM NEW 7, , CAD 1.08 TRAVELERS COS INC COM 1, , USD 0.51 TRYG A/S COMMON STOCK 190 3, DKK 0.01 UBS GROUP AG W/I COMMON STOCK 14, , CHF 1.05 UDR INC COM 1,264 47, USD 0.17 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

266 Name of issuer No. or nominal amount Market value Currency % Net Assets UNIBAIL RODAMCO , EUR 0.37 UNICREDIT SPA AZIONI COMMON STOCK 18, , EUR 0.37 UNIONE DI BANCHE ITALIANE SCPA 4,588 30, EUR 0.11 UNITED O SEAS BANK SGD1 5,501 76, SGD 0.28 UNITED URBAN INVESTMENT CORP REIT 15 20, JPY 0.07 UNUM GROUP COM , USD 0.10 UOL GROUP LTD SGD1 1,000 4, SGD 0.02 US BANCORP DEL COM NEW 7, , USD 1.12 UnipolSai SpA 6,860 17, EUR 0.06 VENTAS INC COM 1,406 79, USD 0.29 VEREIT INC REIT 3,516 27, USD 0.10 VICINITY CENTRES REIT 12,606 25, AUD 0.09 VONOVIA SE 1,632 50, EUR 0.18 VORNADO RLTY TR COM , USD 0.26 VOYA FINANCIAL INC COMMON STOCK USD , USD 0.12 WELLS FARGO + CO NEW COM 19,866 1,079, USD 3.95 WELLTOWER INC REIT 1,456 99, USD 0.36 WENDEL EUR , EUR 0.07 WESTFIELD CORP MISC. 8,267 57, AUD 0.21 WESTPAC BKG CORP NPV 13, , AUD 1.22 WEYERHAEUSER CO COM 2,041 61, USD 0.22 WHARF(HLDGS) HKD1 6,500 36, HKD 0.13 WHEELOCK + CO HKD0.50 4,000 16, HKD 0.06 WILLIS GROUP HOLDINGS , USD 0.14 XL GROUP PLC 1,126 44, USD 0.16 ZURICH INSURANCE GROUP AG , CHF 0.56 TOTAL Shares & similar securities traded on a regulated or related market 27,431, TOTAL Shares & similar securities traded on a regulated or related market 27,431, ASCENDAS REAL ESTATE INVT RTS RTS EXP. 13JAN SGD 0.00 IMMOEAST ANSPR NACHB 1, EUR 0.00 SWIRE PROPERTIES LTD 3,404 9, HKD 0.04 UBI BANCA RIGHTS 4, EUR 0.00 TOTAL Shares & similar securities not traded on a regulated market 9, TOTAL Shares & similar securities not traded on a regulated market 9, TOTAL Shares and similar securities 27,441, INTU PROPERTIES PLC 1,233 5, GBP 0.02 BANCO COMERCIAL PORTUGUES 142,131 7, EUR 0.03 RAIFFEISEN BANK INTERNATIONAL 470 6, EUR 0.02 TOTAL Securities lending transactions 20, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 20, TOTAL Contractual transactions 20, SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

267 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Health Care Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Health Care with net dividends reinvested. This index represents all international equities in the health care sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international equities from the health care sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign 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.

268 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 5,405, ,894, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 15,788, ,766, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set 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.

269 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the listing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present 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.

270 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

271 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$549,371 with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED CITIGROUP GLOBAL MARKETS LIMITED DEUTSCHE BANK AG MORGAN STANLEY & CO. INTERNATIONAL PLC. UBS AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 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.

272 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report 89.64% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$7,954. A payment of US$2, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$5,565. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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 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.

273 SSgA Health Care Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD 46,223, The income statement shows retained net income of USD 387, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.35% I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.35 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.43 % I NL EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.27% B shares This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

274 01/06/2016 Fund Return History Report 01/06/2016 BHCARE.BHCARE-U As-of: 12/31/2015 SSgA Health Care Index Equity Fund (C,P,USD) 16821USD-N PNA GROUP ALIAS - MSCI HEALTH CARE ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (11/30/1999) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

275 01/06/2016 Fund Return History Report 01/06/2016 IBHCARE.IBHCARE-U As-of: 12/31/2015 SSgA Health Care Index Equity Fund (C,I,USD) 16821USD-N PNA GROUP ALIAS - MSCI HEALTH CARE ND (FCUSTOM) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/28/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year (Cumulative - Net of Fees) (Annualized - Net of Fees) Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

276 01/06/2016 Fund Return History Report 01/06/2016 EIBHCARE.EIBHCARE-U As-of: 12/31/2015 SSGA HEALTH CARE INDEX EQUITY FUND I shares EUR 16821EUR-N PNA GROUP ALIAS - MSCI HEALTH CARE ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years Since Incp (02/17/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

277 01/06/2016 Fund Return History Report 01/06/2016 EINLHCAR.EINLHCAR-U As-of: 12/31/2015 SSgA Healthcare Index Equity Fund - I NL Share Class EUR-N MSCI World Healthcare Sector Index (EUR) (NET) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

278 SSGA HEALTH CARE INDEX EQUITY FUND GENERAL SICAV 31/12/ INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

279 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 46,173, ,789, Shares and similar securities 45,626, ,805, Traded on a regulated or related market 45,626, ,805, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 547, ,984, Claims representing securities subject to repurchase options Receivables for securities loaned 547, ,984, Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 47, , Forward foreign exchange transactions Other 47, , Financial accounts 105, ,339, Liquidities 105, ,339, Total assets 46,326, ,223, SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

280 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 37,257, ,716, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 8,579, ,966, Income for the year (a, b) 387, , Total equity 46,223, ,284, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 73, ,938, Forward foreign exchange transactions Other 73, ,938, Financial accounts 29, , Bank overdrafts 29, , Loans Total liabilities 46,326, ,223, (a) Including accruals (b) Less interim dividends paid during the year SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

281 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

282 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 777, ,172, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 5, , Expenses for futures Other financial revenues TOTAL (I) 783, ,180, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt 1, , Other financial expenses TOTAL (II) 1, , Income from financial transactions (I - II) 782, ,178, Other income (III) Management fees and amortisation allowance (IV) 311, , Net income for the year (L ) (I - II + III - IV) 471, , Accrued revenue for the year (V) -84, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 387, , SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

283 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the US dollar (USD). Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and forward financial instruments by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

284 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P USD units, to 0,40% of net assets inclusive of tax for I USD and I EUR units, and to 0,30% of net assets inclusive of tax for I NL EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Health Care Index Equity Fund U491 Appropriation of earnings FR P USD Accumulation per unit C1 FR I USD Accumulation per unit C2 FR I EUR Accumulation per unit C3 FR I NL EUR Accumulation per unit C4 Units presented in the inventory SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

285 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 64,284, ,907, Subscriptions (including entry fees) 28,108, ,568, Redemptions (including exit fees) -50,310, ,178, Capital gains made on deposits and financial instruments 11,978, ,147, Capital losses made on deposits and financial instruments -244, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -62, , Foreign exchange variances -734, ,172, Changes in deposit and financial instrument estimate variance -7,265, ,464, Current year estimate variance N: 9,576, ,842, Previous year estimate variance N-1: 16,842, ,306, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 471, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 46,223, ,284, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

286 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

287 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 105, Liabilities Temporary securities transactions Financial accounts 29, Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 105, Liabilities Temporary securities transactions Financial accounts 29, Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

288 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % CHF CHF EUR EUR GBP GBP Shares and similar securities 4,477, ,362, ,549, ,147, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 69, , Receivables 15, , Financial accounts , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 5, Financial accounts 29, Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 47, Other receivables Total receivables 47, Payables Management fees -67, Other payables -5, Total payables -73, Total payables and receivables -25, SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

289 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 11, ,052, Shares or units redeemed during the year -19, ,954, C2 In units Value Shares or units issued during the year 63, ,259, Shares or units redeemed during the year -150, ,460, C3 In units Value Shares or units issued during the year 22,484 5,943, Shares or units redeemed during the year -9,312-2,463, C4 In units NL units IN EUR Value Shares or units issued during the year 6,946 1,853, Shares or units redeemed during the year -9,195-2,431, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5, Amount of subscription fees received 3, Amount of redemption fees received 2, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 5, Amount of entry fees 3, Amount of exit fees 2, C2 Value Amount of subscription and/or redemption fees received 37, Amount of subscription fees received 17, Amount of redemption fees received 20, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

290 C2 Value Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 37, Amount of entry fees 17, Amount of exit fees 20, C3 Value Amount of subscription and/or redemption fees received 7, Amount of subscription fees received 5, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 7, Amount of entry fees 5, Amount of exit fees 1, C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 3, Amount of subscription fees received 1, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 3, Amount of entry fees 1, Amount of exit fees 1, Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 145, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 107, Percentage of variable management costs 0.00 Variable management costs 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

291 C2 31/12/2015 Retrocessions of management costs C3 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 45, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 NL units IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 12, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

292 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 586,156.0 FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

293 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 387, , Total 387, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 10, , Total 10, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

294 C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 210, , Total 210, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 116, , Total 116, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C4 NL units IN EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 49, , Total 49, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

295 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 8,579, ,966, Interim dividends paid on gains and losses for the year Total 8,579, ,966, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 1,799, ,288, Total 1,799, ,288, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 3,844, ,576, Total 3,844, ,576, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

296 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 2,115, ,551, Total 2,115, ,551, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 NL units IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 819, , Total 819, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

297 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 37,745, , C2 53,218, , /12/2012 C1 8,512, , C2 71,235, , C3 14,210, , /12/2013 C1 7,838, , C2 43,695, , C3 13,373, , /12/2014 C1 10,936, , C2 41,166, , C3 7,446, , C4 4,733, , /12/2015 C1 9,648, , C2 20,741, , C3 11,411, , C4 4,422, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

298 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ABBOTT LABS COM 15, , USD 1.52 ABBVIE INC WHEN ISSUED COMMON STOCK 17,466 1,034, USD 2.24 ACTELION 1, , CHF 0.35 AETNA INC COM 3, , USD 0.87 AGILENT TECHNOLOGIES INC COM 3, , USD 0.32 ALEXION PHARMACEUTICALS INC COM 2, , USD 1.00 ALFRESA HOLDINGS C NPV 1,192 23, JPY 0.05 ALKERMES PLC COMMON STOCK USD.01 1, , USD 0.27 ALLERGAN PLC COMMON STOCK 4,163 1,300, USD 2.81 ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD , USD 0.18 AMERISOURCEBERGEN CORP COM 2, , USD 0.47 AMGEN INC COM 8,017 1,301, USD 2.82 ANTHEM INC COMMON STOCK 2, , USD 0.82 ASTELLAS PHARMA INC NPV 21, , JPY 0.68 ASTRAZENECA 13, , GBP 1.96 BARD C R INC COM , USD 0.33 BAXALTA INC W/I COMMON STOCK USD.01 5, , USD 0.48 BAXTER INTL INC COM 6, , USD 0.50 BAYER AG ORD NPV 8,735 1,098, EUR 2.38 BECTON DICKINSON + CO COM 2, , USD 0.73 BIOGEN INC 2, , USD 1.65 BIOMARIN PHARMACEUTICAL INC COMMON STOCK USD.001 1, , USD 0.41 BOSTON SCIENTIFIC CORP COM 13, , USD 0.56 BRISTOL MYERS SQUIBB CO COM 17,620 1,212, USD 2.62 CARDINAL HEALTH INC COM 3, , USD 0.66 CELGENE CORP COM 8, , USD 2.16 CENTENE CORP DEL COM 1,126 74, USD 0.16 CERNER CORP COM 3, , USD 0.45 CHUGAI PHARM CO JPY50 2,394 84, JPY 0.18 CIGNA CORP COM 2, , USD 0.87 COCHLEAR LIMITED , AUD 0.10 COLOPLAST COMMON STOCK 1,153 93, DKK 0.20 COOPER COS INC COM NEW , USD 0.17 CSL ORD NPV 4, , AUD 0.80 DAIICHI SANKYO COM NPV 157 3, JPY 0.01 DAVITA HEALTHCARE PARTNERS INC 1, , USD 0.26 DENTSPLY INTL INC NEW 1,433 87, USD 0.19 EDWARDS LIFESCIENCES CORP COM 2, , USD 0.40 EISAI CO JPY50 2, , JPY 0.40 ENDO HEALTH SOLUTIONS INC COMMON STOCK 2, , USD 0.29 ENVISION HEALTHCARE HOLDINGS COMMON STOCK USD.01 2,400 62, USD 0.13 ESSILOR INTL EUR0.35 2, , EUR 0.58 EXPRESS SCRIPTS HLDG CO COMMON STOCK 7, , USD 1.34 FRESENIUS AG DEM5 4, , EUR 0.63 FRESENIUS MEDICAL CARE AG+CO NPV 2, , EUR 0.44 GALENICA AG 1 1, CHF 0.00 GETINGE AB SER B SEK SEK 0.00 GILEAD SCIENCES INC COM 15,464 1,564, USD 3.39 GLAXOSMITHKLINE ORD GBP ,976 1,051, GBP 2.28 GRIFOLA SA EUR0.5 1,646 76, EUR 0.16 HCA HOLDINGS INC COMMON STOCK USD.01 3, , USD 0.50 HEALTHSCOPE LTD COMMON STOCK NPV 15,029 29, AUD 0.06 HISAMITSU PHARM CO JPY , JPY 0.06 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

299 Name of issuer No. or nominal amount Market value Currency % Net Assets HOLOGIC INC 2,239 86, USD 0.19 HOYA CORP NPV 4, , JPY 0.38 HUMANA INC COM 1, , USD 0.61 ILLUMINA INC 1, , USD 0.62 IMS HEALTH HOLDINGS INC COMMON STOCK USD.01 1,900 48, USD 0.10 INCYTE CORP COMMON STOCK USD.001 1, , USD 0.38 INTUITIVE SURGICAL INC COM NEW , USD 0.48 IONIS PHARMACEUTICALS INC COMMON STOCK , USD 0.03 JAZZ PHARMACEUTICALS PLC COMMON STOCK USD , USD 0.20 JOHNSON + JOHNSON COM 29,218 3,001, USD 6.49 KYOWA HAKKO KOGYO JPY50 2,523 40, JPY 0.09 LABORATORY CORP AMER HLDGS COM NEW 1, , USD 0.30 LILLY ELI + CO COM 10, , USD 1.92 LONZA GROUP AG CHF1 REGD , CHF 0.20 M3 INC COMMON STOCK 1,871 39, JPY 0.08 MALLINCKRODT PLC W/I COMMON STOCK 1, , USD 0.22 MCKESSON CORP COM 2, , USD 1.04 MEDICEO PALTAC HOLDINGS NPV 1,346 23, JPY 0.05 MEDIVATION INC COMMON STOCK USD.01 1,531 74, USD 0.16 MEDNAX INC COM 1,100 78, USD 0.17 MEDTRONIC HOLDINGS LIMITED COMMON STOCK 14,961 1,150, USD 2.49 MERCK + CO INC NEW COMMON STCOK 29,821 1,575, USD 3.41 MERCK KGAA ORD NPV 1, , EUR 0.29 METTLER TOLEDO INTL INC COM , USD 0.23 MIRACA HOLDINGS INC JPY , JPY 0.05 MYLAN NV COMMON STOCK 4, , USD 0.50 NOVARTIS AG CHF0.50 REGD 24,121 2,091, CHF 4.52 NOVO NORDISK AS COMMON STOCK 20,701 1,205, DKK 2.61 OLYMPUS CORP NPV 2, , JPY 0.25 ONO PHARMACEUTICAL , JPY 0.32 ORION CORPORATION SER B NPV , EUR 0.07 OTSUKA HOLDINGS CO LTD COMMON STOCK 4, , JPY 0.32 PATTERSON COS INC COM , USD 0.08 PERRIGO CO LTD COMMON STOCK 1, , USD 0.47 PFIZER INC COM 65,392 2,110, USD 4.57 PHONAK CHF , CHF 0.15 QIAGEN NV EUR0.01 2,703 73, EUR 0.16 QUEST DIAGNOSTICS INC COM 1, , USD 0.24 QUINTILES TRANSNATIONAL HOLD COMMON STOCK USD , USD 0.14 RAMSAY HEALTH CARE NPV 1,623 80, AUD 0.17 REGENERON PHARMACEUTICALS COMMON STOCK USD , USD 0.96 RESMED INC COMMON STOCK USD.004 1,573 84, USD 0.18 ROCHE HOLDINGS AG GENUSSCHEINE NPV 7,447 2,056, CHF 4.45 RYMAN HEALTHCARE LTD COMMON STOCK 2,855 16, NZD 0.04 SANOFI 12,471 1,064, EUR 2.30 SANTEN PHARM CO JPY50 3,579 59, JPY 0.13 SCHEIN HENRY INC COM , USD 0.05 SHIONOGI + CO JPY50 3, , JPY 0.32 SHIRE LTD ORD GBP , , GBP 0.92 SMITH AND NEPHEW 9, , GBP 0.35 SONIC HEALTHCARE LTD NPV 4,164 54, AUD 0.12 ST JUDE MED INC COM 2, , USD 0.38 STRYKER CORP COM 3, , USD 0.71 SUMITOMO DAINIPPON PHARMA CO L 1,007 11, JPY 0.03 SUZUKEN CO LTD JPY , JPY 0.06 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

300 Name of issuer No. or nominal amount Market value Currency % Net Assets SYSMEX CORP 1,526 99, JPY 0.21 TAISHO PHARMACEUTICAL HLDGS CO COMMON STOCK 100 7, JPY 0.02 TAKEDA PHARMACEUTICAL CO LTD JPY50 8, , JPY 0.91 TANABE SEIYAKU CO JPY50 2,642 46, JPY 0.10 TERUMO CORP JPY50 3,170 99, JPY 0.22 TEVA PHARMA IND ILS0.1 (POST CONS) 9, , ILS 1.29 THERMO FISHER SCIENTIFIC INC COM 4, , USD 1.29 UCB NPV 1, , EUR 0.27 UNITED THERAPEUTICS CORP DEL COM 75 11, USD 0.03 UNITEDHEALTH GROUP INC COM 10,075 1,185, USD 2.56 UNIVERSAL HEALTH SVCS INC CL B , USD 0.23 VALEANT PHARMACEUTICALS INTL COMMON STOCK 3, , CAD 0.76 VARIAN MED SYS INC COM , USD 0.16 VERTEX PHARMACEUTICALS INC COM 2, , USD 0.71 WATERS , USD 0.28 WILLIAM DEMANT HOLDING , DKK 0.08 ZIMMER BIOMET HOLDINGS INC 1, , USD 0.42 ZOETIS INC COMMON STOCK USD.01 5, , USD 0.54 TOTAL Shares & similar securities traded on a regulated or related market 45,626, TOTAL Shares & similar securities traded on a regulated or related market 45,626, TOTAL Shares and similar securities 45,626, IONIS PHARMACEUTICALS INC COMMON STOCK 1,193 73, USD 0.16 GALENICA AG 44 69, CHF 0.15 GETINGE AB SER B SEK0.50 2,037 53, SEK 0.12 SCHEIN HENRY INC COM , USD 0.27 UNITED THERAPEUTICS CORP DEL COM , USD 0.14 DAIICHI SANKYO COM NPV 6, , JPY 0.31 TAISHO PHARMACEUTICAL HLDGS CO COMMON STOCK , JPY 0.03 TOTAL Securities lending transactions 547, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 547, TOTAL Contractual transactions 547, SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

301 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Industrials Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Industrials with net dividends reinvested. This index represents all international equities in the industrial sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international shares from the industrial sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign 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.

302 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 218, ,787, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 2,596, ,812, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set 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.

303 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. 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.

304 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an 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.

305 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$2.220 with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: JP MORGAN SECURITIES PLC Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 0.00% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. 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.

306 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$3,685. A payment of US$1, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$2,579. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares changed from EUR 50 to Nil ; A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 25/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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. Changes that occurred during the review period: None 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.

307 SSgA Industrials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 260, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.14 % I USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.14 % I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.19 % I NL EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.87% B shares This section has been left blank because shares of this class were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

308 01/06/2016 Fund Return History Report 01/06/2016 BINDUS.BINDUS-U As-of: 12/31/2015 SSgA Industrials Index Equity Fund (C,P,USD) 16829USD-N PNA GROUP ALIAS - MSCI INDUSTRIALS ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp ( Std Dev (3 Ye Std Dev (5 Ye Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

309 01/06/2016 Fund Return History Report 01/06/2016 IBINDUS.IBINDUS-U As-of: 12/31/2015 SSgA Industrials Index Equity Fund (C,I,USD) 16829USD-N PNA GROUP ALIAS - MSCI INDUSTRIALS ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (02/28/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

310 01/06/2016 Fund Return History Report 01/07/2016 EINLINDU.EINLINDU-U As-of: 12/31/2015 SSgA Industrials Index Equity Fund - I NL Share Class EUR-N MSCI WORLD INDUSTRIALS SECTOR (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp (06/26/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

311 01/06/2016 Fund Return History Report 01/06/2016 EIBINDUS.EIBINDUS-U As-of: 12/31/2015 SSGA INDUSTRIALS INDEX EQUITY FUND I shares EUR EUR-N MSCI World Industrials Sector (EUR) (NET) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years Since Incp ( Std Dev (3 Ye Std Dev (5 Ye N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

312 SSGA INDUSTRIALS INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

313 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 18,589, ,130, Shares and similar securities 18,587, ,115, Traded on a regulated or related market 18,564, ,075, Not traded on a regulated or related market 22, , Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 2, , Claims representing securities subject to repurchase options Receivables for securities loaned 2, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 110, , Forward foreign exchange transactions Other 110, , Financial accounts 41, , Liquidities 41, , Total assets 18,741, ,434, SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

314 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 17,646, ,229, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 714, ,717, Income for the year (a, b) 260, , Total equity 18,621, ,260, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 37, , Forward foreign exchange transactions Other 37, , Financial accounts 82, , Bank overdrafts 82, , Loans Total liabilities 18,741, ,434, (a) Including accruals (b) Less interim dividends paid during the year SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

315 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

316 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 443, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 2, , Expenses for futures Other financial revenues TOTAL (I) 445, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 445, , Other income (III) Management fees and amortisation allowance (IV) 124, , Net income for the year (L ) (I - II + III - IV) 320, , Accrued revenue for the year (V) -60, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 260, , SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

317 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the American dollar. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. Accounting method used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

318 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% inclusive of tax for P units, to 0,40% inclusive of tax for I USD and I EUR units, and to 0,30% of net assets inclusive of tax for I NL EUR units (after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Industrials Index Equity Fund U4A2 Appropriation of earnings FR P USD Accumulation per unit C1 FR I USD Accumulation per unit C2 FR I EUR Accumulation per unit C3 FR I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

319 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 26,260, ,539, Subscriptions (including entry fees) 4,664, ,009, Redemptions (including exit fees) -11,839, ,190, Capital gains made on deposits and financial instruments 1,699, ,989, Capital losses made on deposits and financial instruments -250, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -29, , Foreign exchange variances -631, ,529, Changes in deposit and financial instrument estimate variance -1,574, ,676, Current year estimate variance N: 1,806, ,380, Previous year estimate variance N-1: 3,380, ,056, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 320, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 18,621, ,260, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

320 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

321 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 41, Liabilities Temporary securities transactions Financial accounts 82, Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 41, Liabilities Temporary securities transactions Financial accounts 82, Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

322 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % JPY JPY EUR EUR GBP GBP Shares and similar securities 2,862, ,711, , ,365, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 2, Receivables 85, , , Financial accounts , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 9, Financial accounts 82, Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 24, Deferred settlement sales 85, Other receivables Total receivables 110, Payables Management fees -28, Other payables -9, Total payables -37, Total payables and receivables 73, SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

323 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 2, , Shares or units redeemed during the year -7, ,346, C2 In units Value Shares or units issued during the year 9,813 1,902, Shares or units redeemed during the year -42,333-8,136, C3 In units I EUR unit Value Shares or units issued during the year 10,382 1,969, Shares or units redeemed during the year -5,605-1,051, C4 In units I NL EUR SHARES Units Value Shares or units issued during the year 1, , Shares or units redeemed during the year -6,902-1,303, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees Amount of exit fees SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

324 C2 Value Amount of subscription and/or redemption fees received 6, Amount of subscription fees received 1, Amount of redemption fees received 4, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 6, Amount of entry fees 1, Amount of exit fees 4, C3 I EUR unit Value Amount of subscription and/or redemption fees received 2, Amount of subscription fees received 1, Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 2, Amount of entry fees 1, Amount of exit fees C4 I NL EUR SHARES units Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 54, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

325 C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 40, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 I EUR unit 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 21, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 I NL EUR SHARES units 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 8, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

326 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 2, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

327 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 260, , Total 260, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 23, , Total 23, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 113, , Total 113, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I EUR unit 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 75, , Total 75, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

328 C4 I NL EUR SHARES units 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 46, , Total 46, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 714, ,717, Interim dividends paid on gains and losses for the year Total 714, ,717, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 143, , Total 143, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

329 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 278, ,166, Total 278, ,166, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I unit "Eur" Appropriation Distribution Undistributed net gains and losses Accumulation per unit 184, , Total 184, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 I NL EUR SHARES units Appropriation Distribution Undistributed net gains and losses Accumulation per unit 107, , Total 107, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

330 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 2,912, , C2 7,598, , /12/2012 C1 2,416, , C2 16,027, , C3 13,842, , /12/2013 C1 4,626, , C2 24,005, , C3 13,907, , /12/2014 C1 4,673, , C2 13,638, , C3 4,037, , C4 3,910, , /12/2015 C1 3,717, , C2 7,273, , C3 4,820, , C4 2,809, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

331 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets 3M CO COM 3, , USD 2.69 A P MOLLER MAERSK SER B DKK , DKK 0.26 A P MOLLER MAERSK SER A DKK , DKK 0.13 ABB LTD 11, , CHF 1.15 ABERTIS INFRAESTRUCTURAS SA EUR3 2,644 41, EUR 0.22 ACS ACTIVIDADES CO EURO.5 1,114 32, EUR 0.18 ACUITY BRANDS INC , USD 0.31 ADECCO SA CHF1(REGD) , CHF 0.32 ADP PROMESSES EUR , EUR 0.12 ADT CORP/THE WHEN ISSUE COMMON STOCK USD , USD 0.14 AENA SA COMMON STOCK , EUR 0.26 AERCAP HOLDINGS NV COMMON STOCK EUR , USD 0.09 AGCO CORP COM , USD 0.09 AGGREKOB PLC COMMON STOCK 1,719 23, GBP 0.12 AIRBUS GROUP SE 3, , EUR 1.16 ALFA LAVAL AB ORD SEK10 1,915 35, SEK 0.19 ALSTOM EUR14 1,360 41, EUR 0.22 AMADA HOLDINGS CO LTD 1,517 14, JPY 0.08 AMERCO COM 30 11, USD 0.06 AMERICAN AIRLINES GROUP INC COMMON STOCK , USD 0.18 AMETEK INC NEW COM 1,300 69, USD 0.37 ANA HOLDINGS INC 5,000 14, JPY 0.08 ANDRITZ AG NPV BR (POST SPLIT) , EUR 0.13 ASAHI GLASS CO JPY50 5,751 33, JPY 0.18 ASCIANO GROUP NPV(STAPLED) 3,521 22, AUD 0.12 ASHTEAD GROUP 2,583 42, GBP 0.23 ASSA COMMON STOCK 5, , SEK 0.59 ATLANTIA EUR1 2,368 63, EUR 0.34 ATLAS COPCO AB COMMON STOCK 3,548 87, SEK 0.47 ATLAS COPCO AB COMMON STOCK 2,099 48, SEK 0.26 AUCKLAND INTL AIRPORT LTD COMMON STOCK NPV 6,094 23, NZD 0.13 AURIZON HOLDINGS LTD COMMON STOCK 10,853 34, AUD 0.19 B/E AEROSPACE INC COMMON STOCK USD , USD 0.16 BABCOCK INTL GROUP 1,304 19, GBP 0.10 BAE SYSTEMS ORD GBP , , GBP 0.66 BIC EUR , EUR 0.16 BOEING CO COM 3, , USD 2.67 BOLLORE COMMON STOCK EUR 0.00 BOLLORE INVMT EUR16 5,538 25, EUR 0.14 BOMBADIER INC CL B 9,821 9, CAD 0.05 BOSKALIS WESTMNSTR CVA EUR0.80 (POST SUBD) , EUR 0.08 BOUYGUES EUR1 1,129 44, EUR 0.24 BRAMBLES LTD NPV 8,297 69, AUD 0.38 BRENNTAG AG , EUR 0.22 BUNZL 1,806 50, GBP 0.27 BUREAU VERITAS EUR0.12 1,664 33, EUR 0.18 C H ROBINSON WORLDWIDE , USD 0.27 CAE INC COM 1,749 19, CAD 0.10 CANADIAN NATL RY CO COM 4, , CAD 1.31 CANADIAN PAC RY LTD COM , CAD 0.57 CAPITA PLC 3,383 60, GBP 0.32 CATERPILLAR INC COM 3, , USD 1.14 CATHAY PACIFIC AIR HKD0.20 6,963 12, HKD 0.06 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

332 Name of issuer No. or nominal amount Market value Currency % Net Assets CENTRAL JPAN RLWY JPY , JPY 0.77 CHICAGO BRIDGE + IRON NY SHR NY REG SHRS EUR , USD 0.10 CIE DE ST GOBAIN EUR4 2, , EUR 0.60 CIMIC GROUP LIMITED COMMON STOCK , AUD 0.08 CINTAS CORP COM , USD 0.23 CINTRA CONCES INFR EUR0.2 2,286 51, EUR 0.28 CK HUTCHISON HOLDINGS LTD COMMON STOCK HKD1.0 14, , HKD 1.05 CNH INDUSTRIAL NV COMMON STOCK 4,789 32, EUR 0.18 COBHAM ORD GBP ,701 23, GBP 0.13 COMFORTDELGRO CORP SGD ,000 30, SGD 0.16 CSX CORP COM 5, , USD 0.71 CUMMINS INC COM , USD 0.43 DAI NIPPON PRINTNG JPY50 2,340 23, JPY 0.13 DAIKIN INDUSTRIES JPY50 1,311 97, JPY 0.52 DANAHER CORP COM 3, , USD 1.67 DEERE + CO COM 1, , USD 0.71 DELTA AIR LINES 1,150 58, USD 0.31 DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) 1,413 22, EUR 0.12 DEUTSCHE POST AG NPV REGD 5, , EUR 0.81 DOVER CORP COM , USD 0.31 DSV DKK1 (POST SUBDIVISION) 1,021 40, DKK 0.22 DUN + BRADSTREET CORP DEL NEW COM , USD 0.08 EAST JAPAN RAILWAY JPY , , JPY 0.92 EASYJET GBP ,034 26, GBP 0.14 EATON CORP PLC COMMON STOCK USD.01 2, , USD 0.70 EDENRED 1,180 22, EUR 0.12 EMERSON ELEC CO COM 3, , USD 0.88 EQUIFAX INC COM , USD 0.38 EXPEDITORS INTL WA INC COM 1,136 51, USD 0.28 EXPERIAN GROUP ORD GBP0 5,046 89, GBP 0.48 FANUC CORPORATION , JPY 0.94 FASTENAL CO 1,360 55, USD 0.30 FEDERAL EXPRESS CORP. 1, , USD 1.18 FINMECCANICA SPA EUR ,456 34, EUR 0.18 FINNING INTL INC COM NEW 1,324 17, CAD 0.10 FLOWSERVE CORP COM , USD 0.16 FLUOR CORP , USD 0.19 FORTUNE BRANDS HOME + SECURI COMMON STOCK , USD 0.24 FRAPORT AG NPV , EUR 0.06 FUJI ELECTRIC HOLDINGS CO LTD 3,084 13, JPY 0.07 G4S PLC 7,604 25, GBP 0.14 GEA GROUP AG NPV , EUR 0.20 GEBERIT NEW ORD CHF0.10 REGD POST SUBD , CHF 0.37 GENERAL DYNAMICS CORP COM 1, , USD 1.05 GENERAL ELEC CO COM 50,840 1,583, USD 8.50 GRAINGER W W INC COM , USD 0.38 GROUPE EUROTUNNEL SE 2,847 35, EUR 0.19 HANKYU HANSHIN HLD NPV 7,000 45, JPY 0.25 HERTZ GLOBAL HLDGS INC COM 2,400 34, USD 0.18 HINO MOTORS JPY50 1,700 19, JPY 0.11 HITACHI CONST MACH JPY , JPY 0.07 HONEYWELL INTL INC COM 4, , USD 2.23 HUNT J B TRANS SVCS INC COM , USD 0.20 HUTCHISON PORT HOLDINGS 32,000 16, USD 0.09 IHS INC COM CL A , USD 0.23 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

333 Name of issuer No. or nominal amount Market value Currency % Net Assets ILLINOIS TOOL WKS INC COM 1, , USD 0.92 IMI COMMON STOCK 1,248 15, GBP 0.09 INGERSOLL RAND COMPANY LIMITED CL A 1,450 80, USD 0.43 INTERNATIONAL CONSOLIDATED A COMMON STOCK EUR.5 4,055 36, EUR 0.20 INTERTEK GROUP PLC , GBP 0.20 ISHIKAWAJIMA HAR JPY50 7,748 21, JPY 0.12 ISS A/S COMMON STOCK DKK , DKK 0.17 ITOCHU CORP JPY50 8, , JPY 0.58 JACOBS ENGR GROUP INC COM , USD 0.16 JAPAN AIRLINES CO LTD COMMON STOCK , JPY 0.08 JAPAN AIRPORT TERM JPY , JPY 0.05 JGC CORP JPY50 1,000 15, JPY 0.08 JTEKT CORPORATION NPV 1,300 21, JPY 0.12 KAJIMA CORP JPY50 5,306 31, JPY 0.17 KAMIGUMI CO JPY50 1,000 8, JPY 0.05 KANSAS CITY SOUTHERN COM NEW , USD 0.26 KAWASAKI HEAVY IND JPY50 6,588 24, JPY 0.13 KEIHAN ELECTRIC RAILWAY CO COMMON STOCK 3,000 20, JPY 0.11 KEIKYU CORP 3,163 26, JPY 0.14 KEIO CORP JPY50 3,021 26, JPY 0.14 KEISEI ELEC RAILWY JPY50 1,000 12, JPY 0.07 KEPPEL CORP NPV 8,398 38, SGD 0.21 KINTETSU GROUP HOLDINGS CO LTD 11,229 46, JPY 0.25 KOMATSU NPV 5,370 88, JPY 0.48 KONE CORPORATION NPV ORD B 1,944 82, EUR 0.44 KONINKLIJKE PHILIPS NV 5, , EUR 0.72 KUBOTA CORPORATION 5,324 83, JPY 0.45 KUEHNE + NAGEL AG CHF1(REGD)(POST SUBD) , CHF 0.19 KURITA WATER INDS JPY , JPY 0.07 L 3 COMMUNICATIONS HLDG CORP COM , USD 0.26 LEGRAND SA EUR4 1,476 83, EUR 0.45 LIXIL Group Corporation 1,518 34, JPY 0.18 LOCKHEED MARTIN CORP COM 1, , USD 1.77 MABUCHI MOTOR CO JPY , JPY 0.06 MAKITA CORP JPY , JPY 0.22 MAN AG ORD NPV , EUR 0.13 MANPOWERGROUP , USD 0.22 MARUBENI CORP JPY50 9,311 48, JPY 0.26 MASCO CORP COM 2,020 57, USD 0.31 MEGGITT ORD GBP0.05 4,993 27, GBP 0.15 METSO OYJ FIM , EUR 0.09 MINEBEA CO JPY50 2,000 17, JPY 0.09 MITSUBISHI CORP JPY50 7, , JPY 0.69 MITSUBISHI ELEC CP JPY50 10, , JPY 0.59 MITSUBISHI HVY IND JPY50 17,101 75, JPY 0.41 MITSUI + CO JPY50 9, , JPY 0.63 MITSUI OSK LINES JPY50 7,876 20, JPY 0.11 MTR CORP HKD1 8,365 41, HKD 0.22 NABTESCO CORP , JPY 0.08 NAGOYA RAILROAD 5,000 20, JPY 0.11 NEW MELROSE INDUSTRIES PLC COMMON STOCK 4,679 20, GBP 0.11 NGK INSULATORS JPY50 1,000 22, JPY 0.12 NIDEC CORPORATION JPY50 1,100 80, JPY 0.43 NIELSEN HOLDINGS PLC COMMON STOCK EUR.07 1,840 85, USD 0.46 NIPPON EXPRESS CO JPY50 5,653 26, JPY 0.14 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

334 Name of issuer No. or nominal amount Market value Currency % Net Assets NIPPON YUSEN KK JPY50 11,040 27, JPY 0.15 NOBLE GROUP HKD ,971 9, SGD 0.05 NORFOLK SOUTHN CORP COM 1, , USD 0.78 NORTHROP GRUMMAN CORP COM , USD 0.91 NSK JPY50 2,257 24, JPY 0.13 NWS HOLDINGS LTD HKD1 9,808 14, HKD 0.08 OBAYASHI CORP JPY50 3,204 29, JPY 0.16 ODAKYU ELEC RLWY JPY50 3,374 36, JPY 0.20 OSRAM LICHT AG COMMON STOCK , EUR 0.13 PACCAR INC COM 1,944 92, USD 0.49 PARK 24 CO JPY , JPY 0.09 PARKER HANNIFIN CORP COM , USD 0.35 PENTAIR PLC COMMON STOCK , USD 0.26 PRECISION CASTPARTS CORP COM , USD 0.92 PRYSMIAN CAB + SYS NPV 1,267 27, EUR 0.15 QANTAS AIRWAYS NPV 1,427 4, AUD 0.02 QUANTA SERVICES INC COM 1,200 24, USD 0.13 RANDSTAD HLDGS NV EUR , EUR 0.25 RAYTHEON CO COM NEW 1, , USD 1.05 RECRUIT HOLDINGS CO LTD COMMON STOCK 1,000 29, JPY 0.16 REPUBLIC SERVICES 1,284 56, USD 0.30 REXEL PROMESSES 1,867 24, EUR 0.13 ROBERT HALF INTL INC COM , USD 0.21 ROCKWELL AUTOMATION INC COM , USD 0.39 ROCKWELL COLLINS INC COM , USD 0.36 ROLLS ROYCE HLDGS PLC COMMON STOCK 9,698 82, GBP 0.44 ROPER TECNOLOGIES INC , USD 0.51 ROYAL MAIL PLC W/I COMMON STOCK GBP..01 4,872 31, GBP 0.17 RYANAIR HLDGS COMMON STOCK , EUR 0.07 SAFRAN SA 1, , EUR 0.60 SANDVIK AB NPV (POST SPLIT) 6,124 53, SEK 0.29 SCHINDLER HLDG AG CHF0.1(REGD)(POSTSUBD) , CHF 0.12 SCHINDLER HLDG AG PTG CERT CHF0.10(POST SUBD) , CHF 0.21 SCHNEIDER ELECTRIC SE 2, , EUR 0.86 SCHNEIDER ELECTRIC SA COMMON STOCK EUR , EUR 0.07 SECOM CO JPY50 1,032 70, JPY 0.38 SEEK LIMITED NPV 2,271 25, AUD 0.14 SEMBCORP INDUSTRIE SGD0.25 (POST REORG) 6,305 13, SGD 0.07 SEMBCORP MARINE SGD SGD 0.00 SENSATA TECHNOLOGIES HOLDING COMMON STOCK USD , USD 0.22 SER B SEK1 1,875 28, SEK 0.16 SGS SA CHF20(REGD) 32 61, CHF 0.33 SHIMIZU CORP JPY50 3,000 24, JPY 0.13 SIEMENS AG NPV (REGD) 4, , EUR 2.27 SINGAPORE AIRLINES 2,920 23, SGD 0.12 SINGAPORE TECH ENG SGD0.10 7,354 15, SGD 0.08 SKANSKA AB SER B SEK3 1,942 37, SEK 0.20 SKF AB SER B NPV 2,075 33, SEK 0.18 SMC CORP NPV , JPY 0.36 SMITHS GROUP ORD GBP ,476 34, GBP 0.18 SNAP ON INC COM , USD 0.28 SNC LAVALIN GROUP INC COM , CAD 0.13 SOUTHWEST AIRLS CO COM 1,006 43, USD 0.23 STANLEY BLACK & DECKER , USD 0.46 STERICYCLE INC COM , USD 0.26 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

335 Name of issuer No. or nominal amount Market value Currency % Net Assets SUMITOMO CORP JPY50 5,962 61, JPY 0.33 SUMITOMO HEAVY IND JPY50 3,040 13, JPY 0.07 SYDNEY AIRPORT MISC. NPV 5,355 24, AUD 0.13 TAISEI CORP JPY50 5,939 39, JPY 0.21 TEXTRON INC COM 1,616 67, USD 0.36 THALES EUR , EUR 0.24 THK CO JPY , JPY 0.06 TNT EXPRESS NV 2,541 21, EUR 0.12 TOBU RAILWAY CO JPY50 5,114 25, JPY 0.14 TOKYU CORP JPY50 6,087 48, JPY 0.26 TOPPAN PRINTING CO JPY50 3,161 29, JPY 0.16 TOSHIBA CORP JPY50 22,000 45, JPY 0.25 TOTO JPY , JPY 0.13 TOWERS WATSON + CO CL A COMMON STOCK USD , USD 0.24 TOYOTA TSUSHO CORP JPY50 1,200 28, JPY 0.15 TRANSDIGM GROUP INC COM , USD 0.38 TRANSURBAN GROUP COMMON STOCK 634 4, AUD 0.03 TRANSURBAN GROUP RIGHT AUD 0.00 TRANSURBAN GROUP STAPLED UNITS NPV 9,903 75, AUD 0.41 TRAVIS PERKINS ORD GBP0.10 1,217 35, GBP 0.19 TYCO INTERNATIONAL PLC COMMON STOCK 2,498 79, USD 0.43 UNION PAC CORP COM 4, , USD 1.99 UNITED PARCEL SVC INC CL B 3, , USD 1.97 UNITED RENTALS INC COM , USD 0.23 UNITED TECHNOLOGIES CORP COM 4, , USD 2.40 VERISK ANALYTICS INC CLASS A , USD 0.36 VESTAS WIND SYSTEMS DKK1 1,157 81, DKK 0.44 VINCI EUR2.50 (POST SUBDIVISION) 2, , EUR 0.87 VOLVO AB SER B NPV (POST SPLIT) 8,626 80, SEK 0.43 WABCO HOLDINGS INC , USD 0.16 WABTEC CORP COMMON STOCK USD , USD 0.22 WARTSILA B EUR , EUR 0.19 WASTE MGMT INC DEL COM 2, , USD 0.67 WEIR GROUP ORD ,241 18, GBP 0.10 WEST JAPAN RAILWAY JPY , JPY 0.34 WOLSELEY PLC COMMON STOCK 1,449 78, GBP 0.42 XYLEM INC W/I COMMON STOCK 1,044 38, USD 0.20 YAMATO HOLDINGS CO LTD NPV 1,738 37, JPY 0.20 YANGZIJIANG SHIPBUILDING 7,000 5, SGD 0.03 ZARDOYA OTIS EUR , EUR 0.05 ZODIAC NPV 1,138 27, EUR 0.15 TOTAL Shares & similar securities traded on a regulated or related market 18,564, TOTAL Shares & similar securities traded on a regulated or related market 18,564, UNITED CONTINENTAL HOLDINGS , USD 0.12 TOTAL Shares & similar securities not traded on a regulated market 22, TOTAL Shares & similar securities not traded on a regulated market 22, TOTAL Shares and similar securities 18,587, SEMBCORP MARINE SGD0.10 1,796 2, SGD 0.01 TOTAL Securities lending transactions 2, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 2, TOTAL Contractual transactions 2, SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

336 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR shares : FR I NL EUR shares: FR B shares: FR Classification : International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Materials Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Materials with net dividends reinvested. This index represents all international equities in the materials sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method, which consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of a single issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international securities from the materials sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual 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.

337 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 2,687, ,117, b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 4,345, ,534, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. 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.

338 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if 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.

339 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report "Investment grade" investments presenta lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

340 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$ with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: JP MORGAN SECURITIES PLC Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 00.00% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. 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.

341 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$76,563. A payment of US$22, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$53,594. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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. Changes that occurred during the review period: 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.

342 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report None Events that occurred between the financial year end and the date that this report was drawn up: None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.35 % I USD shares I EUR shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.44 % I NL EUR shares B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.34 % Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.17% This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: 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.

343 SSgA Materials Index Equity Fund. [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

344 01/06/2016 Fund Return History Report 01/06/2016 BMATE.BMATE-U As-of: 12/31/2015 SSgA Materials Index Equity Fund (C,P,USD) 16830USD-N PNA GROUP ALIAS - MSCI MATERIALS ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

345 01/06/2016 Fund Return History Report 01/06/2016 IBMATE.IBMATE-U As-of: 12/31/2015 SSgA Materials Index Equity Fund (C,I,USD) 16830USD-N PNA GROUP ALIAS - MSCI MATERIALS ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (02/28/2009) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

346 01/06/2016 Fund Return History Report 01/06/2016 EINLMATE.EINLMATE-U As-of: 12/31/2015 SSgA Materials Index Equity Fund - I NL Share Class EUR-N MSCI WORLD MATERIALS SECTOR (EUR) (NET) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

347 01/06/2016 Fund Return History Report 01/06/2016 EIBMATE.EIBMATE-U As-of: 12/31/2015 SSgA Materials Index Equity Fund I EUR share class EUR-N MSCI WORLD MATERIALS SECTOR (EUR) (NET) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

348 SSGA MATERIALS INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

349 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 13,676, ,622, Shares and similar securities 13,616, ,521, Traded on a regulated or related market 13,616, ,521, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 59, , Claims representing securities subject to repurchase options Receivables for securities loaned 59, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 9, , Forward foreign exchange transactions Other 9, , Financial accounts 90, , Liquidities 90, , Total assets 13,776, ,745, SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

350 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 15,350, ,103, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) -1,877, , Income for the year (a, b) 275, , Total equity 13,748, ,634, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 28, , Forward foreign exchange transactions Other 28, , Financial accounts , Bank overdrafts , Loans Total liabilities 13,776, ,745, (a) Including accruals (b) Less interim dividends paid during the year SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

351 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

352 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 548, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 4, , Expenses for futures Other financial revenues TOTAL (I) 552, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 552, , Other income (III) Management fees and amortisation allowance (IV) 132, , Net income for the year (L ) (I - II + III - IV) 420, , Accrued revenue for the year (V) -144, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 275, , SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

353 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the American dollar. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

354 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P units, to 0,40% of net assets inclusive of tax for I (USD and EUR) units, and to 0,30% of net assets inclusive of tax for I NL EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares, reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Net realised capital gains are recorded under retained earnings. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Materials Index Equity Fund U4A4 Appropriation of earnings FR P USD Accumulation per unit C1 FR I USD Accumulation per unit C2 FR I EUR Accumulation per unit C3 FR I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

355 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 25,634, ,404, Subscriptions (including entry fees) 9,091, ,888, Redemptions (including exit fees) -17,014, ,737, Capital gains made on deposits and financial instruments 1,428, ,087, Capital losses made on deposits and financial instruments -2,226, ,479, Realised capital gains on financial futures Capital losses on financial futures Transaction fees -44, , Foreign exchange variances -1,411, ,936, Changes in deposit and financial instrument estimate variance -2,130, , Current year estimate variance N: -2,067, , Previous year estimate variance N-1: 63, , Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 420, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 13,748, ,634, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

356 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

357 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 90, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 90, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

358 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % EUR EUR JPY JPY GBP GBP Shares and similar securities 2,644, ,529, ,181, ,058, Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 37, , Receivables , Financial accounts 33, , , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 8, Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 9, Other receivables Total receivables 9, Payables Management fees -20, Other payables -8, Total payables -28, Total payables and receivables -18, SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

359 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 4, ,018, Shares or units redeemed during the year -21, ,936, C2 In units Value Shares or units issued during the year 2, , Shares or units redeemed during the year -26,087-5,554, C3 In units I UNIT in EUR Value Shares or units issued during the year 30, ,616, Shares or units redeemed during the year -32, ,131, C4 In units I NL Units IN EUR Value Shares or units issued during the year 4, , Shares or units redeemed during the year -6,898-1,392, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 2, Amount of subscription fees received 1, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 2, Amount of entry fees 1, Amount of exit fees 1, SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

360 C2 Value Amount of subscription and/or redemption fees received 3, Amount of subscription fees received Amount of redemption fees received 2, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 3, Amount of entry fees Amount of exit fees 2, C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 9, Amount of subscription fees received 6, Amount of redemption fees received 2, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 9, Amount of entry fees 6, Amount of exit fees 2, C4 I NL Units in EUR Value Amount of subscription and/or redemption fees received 1, Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 1, Amount of entry fees Amount of exit fees Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 62, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

361 C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 21, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 42, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 I NL Units IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 5, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

362 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 63, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

363 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 275, , Total 275, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 28, , Total 28, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

364 C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 75, , Total 75, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 137, , Total 137, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C4 I NL Units IN EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 34, , Total 34, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

365 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year -1,877, , Interim dividends paid on gains and losses for the year Total -1,877, , (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit -340, , Total -340, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit -472, , Total -472, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

366 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit -859, , Total -859, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 I NL Units IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit -204, , Total -204, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

367 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 6,385, , C2 9,003, , /12/2012 C1 6,943, , C2 10,461, , C3 8,968, , /12/2013 C1 5,447, , C2 9,322, , C3 9,634, , /12/2014 C1 6,284, , C2 9,141, , C3 7,851, , C4 2,357, , /12/2015 C1 2,487, , C2 3,464, , C3 6,299, , C4 1,496, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

368 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets AGNICO EAGLE MINES LTD COM 2,200 57, CAD 0.42 AGRIUM INC COM 1, , CAD 0.84 AIR LIQUIDE SA 3, , EUR 2.71 AIR PRODS + CHEMS INC COM 1, , USD 1.86 AIR WATER 1,000 16, JPY 0.12 AIRGAS INC COM , USD 0.61 AKZO NOBEL NV EUR2 2, , EUR 1.17 ALBEMARLE CORP COM 1,050 58, USD 0.43 ALCOA INC COM 12, , USD 0.91 ALUMINA LIMITED NPV 26,473 22, AUD 0.16 AMCOR LIMITED NPV 11, , AUD 0.79 ANGLO AMERICAN PLC 13,355 58, GBP 0.43 ANTOFAGASTA ORD GBP0.05 4,020 27, GBP 0.20 ARCELORMITTAL EUR 0.00 ARKEMA EUR , EUR 0.34 ASAHI KASEI CORP JPY50 12,000 82, JPY 0.60 ASHLAND INC NEW COM , USD 0.45 AVERY DENNISON CORP COM , USD 0.40 AXALTA COATING SYSTEMS LTD COMMON STOCK USD1.0 1,400 37, USD 0.27 BALL CORP COM 1,300 94, USD 0.69 BARRICK GOLD CORP COM 11,550 85, CAD 0.62 BASF SE NAMENS AKTIEN 8, , EUR 4.88 BHP BILLITON LTD NPV 30, , AUD 2.92 BHP BILLITON PLC 20, , GBP 1.68 BOLIDEN AB 2,806 47, SEK 0.35 BORAL LIMITED NEW 8,209 35, AUD 0.26 CCL INDUSTRIES INC CL B COMMON STOCK , CAD 0.35 CELANESE CORP DE COM SER A 1, , USD 0.73 CF INDS HLDGS INC COM 2,250 91, USD 0.67 CHRISTIAN HANSEN HOLDING A/S , DKK 0.44 CRH GBP 0.01 CRH 7, , EUR 1.69 CRODA INTERNATIONAL 1,274 57, GBP 0.42 CROWN HLDGS INC COM 1,360 68, USD 0.50 DAICEL CORP 2,600 39, JPY 0.29 DOW CHEM CO COM 10, , USD 4.05 DU PONT E I DE NEMOURS + CO COM 8, , USD 4.29 EASTMAN CHEMICAL 1,380 93, USD 0.68 ECOLAB INC COM 2, , USD 2.08 ELDORADO GOLD CORP COM 7,500 22, CAD 0.16 EMS CHEMIE HOLDING 84 37, CHF 0.27 EVONIK INDUSTRIES AG COMMON STOCK 1,437 47, EUR 0.35 FIRST QUANTUM MINERALS LTD COM 7,405 27, CAD 0.20 FLETCHER BUILDING NPV 7,025 35, NZD 0.26 FMC CORP COM NEW 1,200 46, USD 0.34 FORTESCUE METALS AUD 0.00 FRANCO NEVADA CORP COM 1,500 68, CAD 0.50 FRESNILLO PLC ORD USD0.50 2,306 24, GBP 0.18 FUCHS PETRO AG OEL NON VTG PRF NPV , EUR 0.24 Freeport McMoRan Inc 9,688 65, USD 0.48 GIVAUDAN AG CHF , CHF 1.17 GLENCORE XSTRATA PLC 116, , GBP 1.13 GOLDCORP INC NEW COM 8,258 95, CAD 0.69 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

369 Name of issuer No. or nominal amount Market value Currency % Net Assets HEIDELBERGCEMENT NPV 1, , EUR 0.84 HITACHI CHEMICAL JPY , JPY 0.11 HITACHI METALS JPY50 2,100 26, JPY 0.19 ICL ISRAEL CHEM ILS1 5,031 20, ILS 0.15 ILUKA RESOURCES NPV 4,375 19, AUD 0.14 IMERYS EUR , EUR 0.19 INCITEC PIVOT NPV 15,149 43, AUD 0.32 INTERNATIONAL PAPER CO COM 3, , USD 1.07 INTRNTNL FLAVRS + FRAGRNCS INC COM , USD 0.69 JAMES HARDIE INDS PLC EUR0.5 4,669 59, AUD 0.43 JFE HOLDING INC NPV 4,800 76, JPY 0.56 JOHNSON MATTHEY COMMON STOCK 2,030 79, GBP 0.58 JSR CORP JPY50 1,700 26, JPY 0.20 K S AKTIENGESELLSCHAFT NAMENS 1,730 44, EUR 0.32 KANEKA CORP JPY50 2,000 21, JPY 0.15 KANSAI PAINT CO JPY50 2,000 30, JPY 0.22 KINROSS GOLD CORP COM 10,388 18, CAD 0.14 KOBE STEEL JPY50 32,000 35, JPY 0.26 KONINKLIJKE DSM NV EUR1.5 1,810 90, EUR 0.66 KURARAY CO JPY50 3,500 42, JPY 0.31 LAFARGEHOLCIM LTD 4, , CHF 1.51 LANXESS AG NPV , EUR 0.32 LINDE AG NPV 1, , EUR 1.92 LYONDELLBASELL INDU CL A COMMON STOCK 3, , USD 2.40 MARTIN MARIETTA MATLS INC COM , USD 0.55 MARUICHI STL TUBE JPY , JPY 0.09 METHANEX CORP COM , CAD 0.22 MITSUBISHI CHEM HL NPV 13,400 86, JPY 0.63 MITSUBISHI GAS CHM JPY50 4,000 20, JPY 0.15 MITSUBISHI MATERL JPY50 12,000 38, JPY 0.28 MITSUI CHEMICALS I JPY50 7,000 31, JPY 0.23 MONDI PLC 3,631 71, GBP 0.52 MONSANTO CO NEW COM 4, , USD 3.20 MOSAIC CO/THE WI COMMON STOCK 3,200 88, USD 0.64 NEWCREST MINING NPV 7,223 68, AUD 0.50 NEWMONT MNG CORP COM 5,300 95, USD 0.69 NIPPON PAINT HOLDINGS CO LTD 1,600 39, JPY 0.29 NIPPON STEEL SUMITOMO METAL CORP JPY50 7, , JPY 1.08 NITTO DENKO CORP JPY50 1, , JPY 0.86 NORSK HYDRO ASA NOK ,815 51, NOK 0.38 NOVOZYMES AS B SHS SER B DKK10 2, , DKK 0.82 NUCOR CORP COM 3, , USD 0.89 OCI NV COMMON STOCK EUR , EUR 0.16 OJI HOLDING CORP. 7,000 28, JPY 0.21 ORICA LTD NPV 3,821 43, AUD 0.31 PACKAGING CORP AMER COM 1,000 63, USD 0.46 POTASH CORP SASK INC COM 8, , CAD 1.01 PPG INDS INC COM 2, , USD 1.84 PRAXAIR INC COM 2, , USD 2.05 RANDGOLD RESOURCES , GBP 0.39 REXAM COMMON STOCK 6,525 58, GBP 0.42 RIO TINTO LIMITED NPV 4, , AUD 0.97 RIO TINTO ORD GBP0.10(REGD) 12, , GBP 2.61 SEALED AIR CORP NEW COM 1,900 84, USD 0.62 SHERWIN WILLIAMS CO COM , USD 1.44 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

370 Name of issuer No. or nominal amount Market value Currency % Net Assets SHIN ETSU CHEM CO JPY50 4, , JPY 1.60 SIKA LTD CHF28.20(BR) 21 75, CHF 0.55 SILVER WHEATON CORP COM 4,100 50, CAD 0.37 SOLVAY NPV , EUR 0.56 SOUTH32 LTD COMMON STOCK NPV 7,382 5, GBP 0.04 SOUTH32 LTD COMMON STOCK NPV 40,300 31, AUD 0.23 STORA ENSO OYJ NPV SER R 5,649 51, EUR 0.37 SUMITOMO CHEMICAL JPY50 14,000 81, JPY 0.59 SUMITOMO METAL MNG JPY50 5,000 61, JPY 0.45 SYMRISE AG 1,218 81, EUR 0.59 SYNGENTA AG CHF2.30(REGD) , CHF 2.59 TAIHEIYO CEMENT JPY50 10,000 29, JPY 0.21 TAIYO NIPPON SANSO 1,100 10, JPY 0.07 TECK COMINCO LTD CL B SUB VTG 6,110 23, CAD 0.17 TEIJIN LTD 8,000 27, JPY 0.20 THYSSENKRUPP AG NPV 3,626 72, EUR 0.53 TORAY INDS INC MPV 14, , JPY 0.96 TOYO SEIKAN GROUP HOLDINGS LTD 1,700 31, JPY 0.23 TURQUOISE HILL RES LTD COMMON STOCK 9,650 24, CAD 0.18 UMICORE NPV 1,029 43, EUR 0.31 UPM KYMMENE OY NPV 5, , EUR 0.73 VOESTALPINE AG NPV 1,234 37, EUR 0.28 VULCAN MATLS CO COM 1, , USD 0.84 WEST FRASER TIMBER , CAD 0.19 WESTLAKE CHEM CORP COM , USD 0.20 WESTROCK CO WHEN ISSUED COMMON STOCK 2, , USD 0.85 YAMANA GOLD INC COM 9,598 17, CAD 0.13 YARA INTERNATIONAL NOK1.70 1,766 76, NOK 0.56 TOTAL Shares & similar securities traded on a regulated or related market 13,616, TOTAL Shares & similar securities traded on a regulated or related market 13,616, TOTAL Shares and similar securities 13,616, FORTESCUE METALS 16,114 21, AUD 0.16 ARCELORMITTAL 8,840 37, EUR 0.27 TOTAL Securities lending transactions 59, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 59, TOTAL Contractual transactions 59, SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

371 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification: International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Technology Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Information Technology with net dividends reinvested. This index represents all international equities in the technology sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of securities included in the index. The portfolio is made up of at least 90% international securities from the technology sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and 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.

372 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 922, ,771,801.6 b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 13,500, ,032, e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set 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.

373 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the listing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may incur a payment default risk. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments present a lower credit risk compared to lower- 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.

374 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar 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.

375 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. The attention of investors is also drawn to the fact that NASDAQ s new market is a regulated market designed to accommodate companies which, by reason of their specific features, may expose the investor to risk. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31. December 2015 the position in loaned securities was US$ with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: BARCLAYS CAPITAL SECURITIES LIMITED CITIGROUP GLOBAL MARKETS LIMITED DEUTSCHE BANK AG JP MORGAN SECURITIES PLC MERRILL LYNCH INTERNATIONAL 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.

376 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report UBS AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 98.15% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request. 1.85% in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, is US$16,167. A payment of US$4, was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$11,312. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 17/06/2014, the I NL EUR unit was launched. - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o 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). 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.

377 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report o o 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. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 234, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.14 % I USD shares I EUR shares I NL EUR shares B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.14 % Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.16 % Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.64% This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: 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.

378 SSgA Technology Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

379 01/06/2016 Fund Return History Report 01/06/2016 BTECH.BTECH-U As-of: 12/31/2015 SSgA Technology Index Equity Fund (C,P,USD) 16822USD-N PNA GROUP ALIAS - MSCI INFORMATION TECHNOLOGY ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp ( Std Dev (3 Ye Std Dev (5 Ye Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

380 01/06/2016 Fund Return History Report 01/06/2016 IBTECH.IBTECH-U As-of: 12/31/2015 SSgA Technology Index Equity Fund (C,I,USD) 16822USD-N PNA GROUP ALIAS - MSCI INFORMATION TECHNOLOGY ND (FCUSTOM) (Résultat Brut cumulé) (Résultat Brut annualisé) (Résultat Net cumulé) (Résultat Net annualisé) Période Fonds Indice de référence Différence Fonds Indice de référence Différence Fonds Indice de référence Différence Fonds Indice de référence Différence Depuis le début de l'année Mois Mois Mois An Ans Ans Ans Ans Depuis le lancement (30/04/2001) Ecart-type (3 Ans) Ecart-type (5 Ans) Ecart-type (Depuis le lancement) Ecart de suivi (1 An) Ecart de suivi (3 Ans) Ecart de suivi (5 Ans) Ecart de suivi (Depuis le lancement) [Rendement de l'indice de référence] [vue globale] PERIODE PERIODE FONDS-BRUT INDICE DE REFERENCE DIFFERENCE-BRUT FONDS-NET INDICE DE REFERENCE DIFFERENCE-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

381 01/06/2016 Fund Return History Report 01/06/2016 EINLTECH.EINLTECH-U As-of: 12/31/2015 SSgA Technology Index Equity Fund - I NL Share Class EUR-N MSCI World IT Sector Index (EUR) (Net) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) Std Dev (3 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

382 01/06/2016 Fund Return History Report 01/06/2016 EIBTECH.EIBTECH-U As-of: 12/31/2015 SSgA Technology Index Equity Fund I EUR share class EUR-N MSCI World IT Sector Index (EUR) (Net) (Std) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years Since Incp (02/21/2012) Std Dev (3 Year) Std Dev (5 Year) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

383 SSGA TECHNOLOGY INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

384 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 32,181, ,963, Shares and similar securities 31,517, ,818, Traded on a regulated or related market 31,517, ,818, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 663, , Claims representing securities subject to repurchase options Receivables for securities loaned 663, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 12, , Forward foreign exchange transactions Other 12, , Financial accounts 193, , Liquidities 193, , Total assets 32,388, ,502, SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

385 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 18,307, ,574, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 13,799, ,982, Income for the year (a, b) 234, , Total equity 32,341, ,367, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 47, , Forward foreign exchange transactions Other 47, , Financial accounts Bank overdrafts Loans Total liabilities 32,388, ,502, (a) Including accruals (b) Less interim dividends paid during the year SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

386 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

387 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 870, ,703, Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities 11, , Expenses for futures Other financial revenues TOTAL (I) 882, ,721, Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 881, ,720, Other income (III) Management fees and amortisation allowance (IV) 268, , Net income for the year (L ) (I - II + III - IV) 613, ,241, Accrued revenue for the year (V) -379, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 234, , SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

388 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the US dollar (USD). Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and forward financial instruments by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

389 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1.30% of net assets inclusive of tax for P USD units, to 0.40% of net assets inclusive of tax for I USD and I EUR units, and to 0.30% of net assets inclusive of tax for I NL EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1.20% inclusive of tax for P shares, at 0.30% inclusive of tax for I shares, and at 0.20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Concordance table of units Fund Name: SSgA Technology Index Equity Fund Portfolio code: U492 ISIN code Category indicated on the prospectus/kiid Appropriation of earnings Units presented in the inventory FR P USD Accumulation per C1 unit FR I USD Accumulation per C2 unit FR I EURO Accumulation per C3 unit FR I NL EURO Accumulation per unit C4 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

390 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 157,367, ,528, Subscriptions (including entry fees) 29,018, ,036, Redemptions (including exit fees) -160,158, ,087, Capital gains made on deposits and financial instruments 32,308, ,944, Capital losses made on deposits and financial instruments -6,242, ,602, Realised capital gains on financial futures Capital losses on financial futures Transaction fees -67, , Foreign exchange variances -815, ,822, Changes in deposit and financial instrument estimate variance -19,681, ,200, Current year estimate variance N: 4,212, ,894, Previous year estimate variance N-1: 23,894, ,693, Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 613, ,241, Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 32,341, ,367, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

391 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

392 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 193, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 193, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

393 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % JPY JPY EUR EUR SEK SEK Shares and similar securities 2,079, ,718, , , Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 24, , , Receivables 5, Financial accounts , , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 7, Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 12, Other receivables Total receivables 12, Payables Management fees -39, Other payables -7, Total payables -47, Total payables and receivables -34, SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

394 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 34, ,226, Shares or units redeemed during the year -34, ,252, C2 In units Value Shares or units issued during the year 118, ,013, Shares or units redeemed during the year -307,478-30,625, C3 In units I UNIT in EUR Value Shares or units issued during the year 51,769 5,157, Shares or units redeemed during the year -36,555-3,734, C4 In units NL units IN EUR Value Shares or units issued during the year 87,265 8,620, Shares or units redeemed during the year -1,216, ,545, SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 4, Amount of subscription fees received 3, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 4, Amount of entry fees 3, Amount of exit fees 1, C2 Value Amount of subscription and/or redemption fees received 27, Amount of subscription fees received 11, Amount of redemption fees received 15, Amount of subscription and/or redemption fees transferred to third parties 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

395 C2 Value Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 27, Amount of entry fees 11, Amount of exit fees 15, C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 6, Amount of subscription fees received 5, Amount of redemption fees received 1, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 6, Amount of entry fees 5, Amount of exit fees 1, C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 71, Amount of subscription fees received 8, Amount of redemption fees received 63, Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 71, Amount of entry fees 8, Amount of exit fees 63, Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 43, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 75, Percentage of variable management costs 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

396 C2 31/12/2015 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 29, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C4 NL units IN EUR 31/12/2015 Percentage of fixed management costs 0.29 Fixed management costs 119, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

397 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 726, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

398 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 234, , Total 234, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit -2, Total -2, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 122, , Total 122, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 63, , Total 63, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

399 C4 NL units IN EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 51, , Total 51, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 13,799, ,982, Interim dividends paid on gains and losses for the year Total 13,799, ,982, (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 1,452, , Total 1,452, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

400 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 6,515, ,272, Total 6,515, ,272, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 3,368, , Total 3,368, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C4 NL units IN EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 2,462, ,346, Total 2,462, ,346, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

401 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 1,468, , C2 11,059, , /12/2012 C1 2,340, , C2 7,202, , C3 10,871, , /12/2013 C1 2,612, , C2 13,549, , C3 18,366, , /12/2014 C1 3,302, , C2 32,936, , C3 6,090, , C4 115,037, ,186, /12/2015 C1 3,386, , C2 15,276, , C3 7,898, , C4 5,778, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

402 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ACCENTURE PLC IRELAND COMMON STOCK 4, , USD 1.44 ACTIVISION BLIZZARD INC COM 3, , USD 0.43 ADOBE SYS INC COM 3, , USD 1.02 AKAMAI TECHNOLOGIES INC COM 1,110 58, USD 0.18 ALLIANCE DATA SYSTEMS CORP COM , USD 0.37 ALPHABET INC/CA CL A COMMON STOCK 2,025 1,575, USD 4.87 ALPHABET INC/CA CL C COMMON STOCK 2,162 1,640, USD 5.07 ALPS ELECTRIC CO JPY50 1,400 38, JPY 0.12 AMADEUS IT HOLDING SA A SHS COMMON STOCK 3, , EUR 0.44 AMPHENOL CORP NEW CL A 2, , USD 0.36 ANALOG DEVICES INC COM 2, , USD 0.39 ANSYS INC COM 84 7, USD 0.02 APPLE INC COM NPV 39,881 4,197, USD APPLIED MATERIALS INC COM 8, , USD 0.48 ARM HOLDINGS 9, , GBP 0.45 ARROW ELECTRS INC COM , USD 0.11 ASM PACIFIC TECH HKD , HKD 0.01 ASML HOLDING NV ORDSHS COMMON STOCK 2, , EUR 0.68 ATOS SE , EUR 0.17 AUTO TRADER GROUP PLC COMMON STOCK GBP1.5 6,698 43, GBP 0.14 AUTODESK INCORPORATED COM STK NPV 1,526 92, USD 0.29 AUTOMATIC DATA PROCESSING INC COM 3, , USD 0.86 AVAGO TECHNOLOGIES LTD COMMON STOCK 1, , USD 0.83 AVNET INC COM , USD 0.12 BLACKBERRY LTD COMMON STOCK 3,386 31, CAD 0.10 BROADCOM CORP CL A 3, , USD 0.70 BROTHER INDUSTRIES JPY50 1,591 18, JPY 0.06 CA INC COM 2,490 71, USD 0.22 CANON INC NPV 7, , JPY 0.72 CAP GEMINI EUR8 1, , EUR 0.36 CDK GLOBAL INC W/I COMMON STOCK , USD 0.12 CDW CORP/DE COMMON STOCK USD.01 1,200 50, USD 0.16 CGI GROUPE INC CL A SUB VTG 1,388 55, CAD 0.17 CHECK POINT SOFTWARE COM , USD 0.15 CISCO SYS INC COM 35, , USD 2.98 CITIZEN HOLDINGS CO LTD NPV JPY 0.00 CITRIX SYS INC COM 1,039 78, USD 0.24 COGNIZANT TECHNOLOGY SOLUTIONS CL A 4, , USD 0.80 COMPUTERSHARE REG NPV(POST REC) AUD 0.00 CONSTELLATION SOFTWARE INC COMMON STOCK , CAD 0.15 CORNING INC COM 8, , USD 0.48 DASSAULT SYSTEMES EUR , EUR 0.24 EBAY INC COM 7, , USD 0.66 ELECTRONIC ARTS INC COM 2, , USD 0.44 EMC CORP COM 13, , USD 1.08 ERICSSON(LM)TEL SEK1 SER B 21, , SEK 0.65 F5 NETWORKS INC 69 6, USD 0.02 FACEBOOK INC A COMMON STOCK 14,993 1,569, USD 4.85 FIDELITY NATL INFORMATION SVC COM 1, , USD 0.35 FIREEYE INC COMMON STOCK USD ,015 21, USD 0.07 FISERV INC COM , USD 0.07 FLEETCOR TECHNOLOGIES INC COMMON STOCK USD , USD 0.22 FLEXTRONICS INTERNATIONAL LTD SHS 3,905 43, USD 0.14 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

403 Name of issuer No. or nominal amount Market value Currency % Net Assets FLIR SYS INC COM , USD 0.08 FORTINET INC COMMON STOCK USD.001 1,200 37, USD 0.12 FUJI FILM HLD CORP NPV 3, , JPY 0.40 FUJITSU JPY50 13,526 68, JPY 0.21 GARTNER INC COM , USD 0.17 GEMALTO COMMON STOCK EUR , EUR 0.13 GLOBAL PAYMENTS 1,000 64, USD 0.20 GUNGHO ONLINE ENTERTAINMENT COMMON STOCK 2,720 7, JPY 0.02 HAMAMATSU PHOTONICS KK COMMON STOCK , JPY 0.08 HARRIS CORP DEL COM , USD 0.25 HEWLETT PACKARD CO W/I COMMON STOCK USD.01 13, , USD 0.48 HEWLETT PACKARD ENTERPRIS WI COMMON STOCK USD.01 13, , USD 0.62 HEXAGON AB SER B NPV (POST SPLIT) SEK 0.00 HIROSE ELECTRIC JPY , JPY 0.08 HITACHI HIGH TECH JPY , JPY 0.04 HITACHI JPY50 34, , JPY 0.61 INFINEON TECHNOLOGIES AG ORD NPV 7, , EUR 0.35 INGENICO GROUP , EUR 0.17 INTEL CORP COM 33,185 1,143, USD 3.53 INTERNATIONAL BUSINESS MACHS COM 6, , USD 2.76 INTUIT COM 1, , USD 0.55 ITOCHU TECHNO SOLUTIONS CORP NPV 324 6, JPY 0.02 JUNIPER NETWORKS INC COM 2,626 72, USD 0.22 KAKAKU.COM INC COMMON STOCK 381 7, JPY 0.02 KEYENCE CORP JPY , JPY 0.53 KLA TENCOR CORP COM 1,056 73, USD 0.23 KONAMI HOLDINGS CORPORATION , JPY 0.05 KONICA MINOLTA INC 3,106 31, JPY 0.10 KYOCERA CORP JPY50 2, , JPY 0.36 LAM RESH CORP COM 1,022 81, USD 0.25 LINEAR TECHNOLOGY CORP COM 1,503 63, USD 0.20 LINKEDIN CORP A COMMON STOCK , USD 0.57 MARVELL TECHNOLOGY GROUP LTD SHS 3,792 33, USD 0.10 MASTERCARD -A- 6, , USD 2.09 MAXIM INTEGRATED PRODS INC COM 1,822 69, USD 0.21 MICROCHIP TECHNOLOGY INC COM , USD 0.04 MICRON TECHNOLOGY INC COM 8, , USD 0.36 MICROSOFT CORP COM 53,117 2,946, USD 9.11 MIXI INC COMMON STOCK 253 9, JPY 0.03 MOBILEYE NV COMMON STOCK , USD 0.09 MOTOROLA INC-NEW W/I 1,095 74, USD 0.23 MURATA MFG CO JPY50 1, , JPY 0.62 NEC CORP JPY50 16,788 53, JPY 0.17 NETAPP INC COM 1,946 51, USD 0.16 NETSUITE INC COMMON STOCK USD , USD 0.06 NEXON CO LTD COMMON STOCK , JPY 0.04 NICE SYSTEMS ILS , ILS 0.07 NINTENDO CO JPY , JPY 0.35 NIPPON ELEC GLASS JPY50 2,685 13, JPY 0.04 NOKIA OYJ COMMON STOCK EUR.06 9,949 71, EUR 0.22 NOKIA OYJ EUR , , EUR 0.59 NOMURA RESEARCH INC NPV , JPY 0.10 NTT DATA CORP JPY , JPY 0.13 NUANCE COMMUNICATIONS INC COM 1,733 34, USD 0.11 NVIDIA CORP COM 3, , USD 0.38 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

404 Name of issuer No. or nominal amount Market value Currency % Net Assets NXP SEMICONDUCTORS NV COMMON STOCK , USD 0.25 OBIC JPY , JPY 0.10 OMRON CORP JPY50 1,379 46, JPY 0.14 OPEN TEXT CORP COM , CAD 0.12 ORACLE 24, , USD 2.73 ORACLE CORP JAPAN JPY , JPY 0.04 OTSUKA CORPORATION JPY , JPY 0.05 PALO ALTO NETWORKS INC COMMON STOCK USD , USD 0.29 PAYCHEX INC COM 2, , USD 0.37 PAYPAL HOLDINGS INC W/I COMMON STOCK USD , , USD 0.84 QORVO INC COMMON STOCK 1,236 62, USD 0.19 QUALCOMM INC COM 11, , USD 1.73 RED HAT INC COM 1, , USD 0.32 RICOH CO JPY50 4,257 44, JPY 0.14 ROHM CO JPY , JPY 0.10 SABRE CORP COMMON STOCK USD.01 1,100 30, USD 0.10 SAGE GROUP COMMON STOCK 6,774 60, GBP 0.19 SALESFORCE COM INC COM 4, , USD 1.07 SANDISK CORP COM 1, , USD 0.33 SAP SE 7, , EUR 1.73 SEAGATE TECHNOLOGY PLC 1,923 70, USD 0.22 SEIKO EPSON CORP NPV 1,752 27, JPY 0.08 SERVICENOW INC COMMON STOCK USD , USD 0.06 SHIMADZU CORP JPY50 1,598 27, JPY 0.08 SKYWORKS SOLUTIONS 1, , USD 0.33 SPLUNK INC COMMON STOCK USD , USD 0.02 STMICROELECTRONICS 4,299 28, EUR 0.09 SYMANTEC 4,450 93, USD 0.29 SYNOPSYS INC COM 1,051 47, USD 0.15 TABLEAU SOFTWARE INC CL A COMMON STOCK USD , USD 0.12 TDK CORP NPV50 1,030 66, JPY 0.21 TE CONNECTIVITY LTD COMMON STOCK CHF1.55 2, , USD 0.57 TERADATA 1,032 27, USD 0.08 TEXAS INSTRS INC COM 7, , USD 1.24 TOKYO ELECTRON JPY50 1,357 82, JPY 0.26 TOTAL SYS SVCS INC COM 1,128 56, USD 0.17 TREND MICRO INC JPY , JPY 0.09 TRIMBLE NAVIGATION LTD COM 1,747 37, USD 0.12 TWITTER INC COMMON STOCK USD ,835 88, USD 0.27 UTD INTERNET AG NPV(REGD) , EUR 0.14 VANTIV INC CL A COMMON STOCK USD , USD 0.02 VERISIGN INC COM , USD 0.21 VISA INC COM CL A 13,615 1,055, USD 3.26 VMWARE INC CL A COM 86 4, USD 0.02 WESTERN DIGITAL CORP COM 1,559 93, USD 0.29 WESTERN UN CO COM 476 8, USD 0.03 WORKDAY INC CLASS A COMMON STOCK USD , USD 0.03 XEROX CORP COM 6,691 71, USD 0.22 XILINX INC 1,730 81, USD 0.25 YAHOO INC COM 6, , USD 0.65 YAHOO JAPAN CORP JPY ,603 39, JPY 0.12 YASKAWA ELEC CORP JPY50 1,532 21, JPY 0.07 YOKOGAWA ELECTRIC JPY50 1,449 17, JPY 0.05 ZILLOW GROUP INC C W/I COMMON STOCK , USD 0.05 TOTAL Shares & similar securities traded on a regulated or related market 31,517, SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

405 Name of issuer No. or nominal amount Market value Currency % Net Assets TOTAL Shares & similar securities traded on a regulated or related market 31,517, TOTAL Shares and similar securities 31,517, ANSYS INC COM , USD 0.14 F5 NETWORKS INC , USD 0.12 FISERV INC COM 1, , USD 0.38 MICROCHIP TECHNOLOGY INC COM 1,152 53, USD 0.17 ASM PACIFIC TECH HKD0.10 1,378 10, HKD 0.03 COMPUTERSHARE REG NPV(POST REC) 3,157 26, AUD 0.08 CITIZEN HOLDINGS CO LTD NPV 1,700 12, JPY 0.04 KAKAKU.COM INC COMMON STOCK , JPY 0.04 SERVICENOW INC COMMON STOCK USD , USD 0.20 SPLUNK INC COMMON STOCK USD , USD 0.12 VANTIV INC CL A COMMON STOCK USD , USD 0.12 VMWARE INC CL A COM , USD 0.09 WESTERN UN CO COM 2,692 48, USD 0.15 WORKDAY INC CLASS A COMMON STOCK USD , USD 0.19 HEXAGON AB SER B NPV (POST SPLIT) 1,582 59, SEK 0.18 TOTAL Securities lending transactions 663, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 663, TOTAL Contractual transactions 663, SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

406 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification: International Equities. Management objective: The Fund s objective is to track the MSCI Telecommunication Services Index ( the Index ) as much as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Telecommunication Services with net dividends reinvested. This index represents all international equities in the Telecommunications sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method that consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international securities from the telecommunications sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. 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.

407 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report The Fund invests up to 10% of its assets in shares or units of mutual funds. It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 160, , b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 333, , e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. 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.

408 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the 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.

409 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments present a lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers 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.

410 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31. December 2015 the position in loaned securities was US$20,339 with collateral worth US$ Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. At 31 December 2015, the active counterparties were: MERRILL LYNCH INTERNATIONAL UBS AG Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 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.

411 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report 12.05% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request % in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, amounted to US$ A payment of US$ was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, amounted to US$399. Changes that occurred during the previous period: - On 24 January 2014: o o o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 12 June 2014, the risk categories of the Fund s share classes were changed: ISIN Share class Former SRRI FR SSgA Telecommunication Index Equity Fund P 6 5 FR SSgA Telecommunication Index Equity Fund I 6 5 New SRRI - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o 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. 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.

412 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report 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). o Financial collateral: we clarified that the levels of financial collateral required depend on the type of instrument. o Risk profile: Risk linked to securities lending has been clarified. The risk of conflicts of interests has also been clarified. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 38, Tracking error: P USD shares: Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.64 % I USD shares: I EUR Shares: Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.63% I NL EUR shares This section has been left blank because this class of shares were not issued as at 31/12/2015. B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.63% This section has been left blank because this class of shares were not issued as at 31/12/2015. 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.

413 SSgA Telecommunication Index Equity Fund [ sub- f u n d o f t h e S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s S I C A V] 2015 Annual Report Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

414 01/06/2016 Fund Return History Report 01/06/2016 IBTELE.IBTELE-U As-of: 12/31/2015 SSgA Telecommunication Index Equity Fund (C,I,USD) 16823USD-N PNA GROUP ALIAS - MSCI TELECOMMUNICATION SERVICES ND (FCUSTO (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (12/31/2008) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

415 04/01/2016 Fund Return History Report 04/01/2016 EIBTELE.EIBTELE-U As-of: 12/31/2015 I SSgA Telecommunication Index Equity Funds I Euro EUR-N MSCI WORLD TELECOMM SVCS SECTOR (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years 10 Years Std Dev (3 Ye Std Dev (5 Ye N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) N/A N/A Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

416 01/06/2016 Fund Return History Report 01/06/2016 BTELE.BTELE-U As-of: 12/31/2015 SSgA Telecommunication Index Equity Fund (C,P,USD) 16823USD-N PNA GROUP ALIAS - MSCI TELECOMMUNICATION SERVICES ND (FCUSTO (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (11/30/1999) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

417 SSGA TELECOMMUNICATION INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

418 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 1,305, ,235, Shares and similar securities 1,285, , Traded on a regulated or related market 1,285, , Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions 20, , Claims representing securities subject to repurchase options Receivables for securities loaned 20, , Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 2, , Forward foreign exchange transactions Other 2, , Financial accounts 24, , Liquidities 24, , Total assets 1,332, ,259, SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

419 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 1,260, ,026, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 11, , Income for the year (a, b) 38, , Total equity 1,311, ,242, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 21, , Forward foreign exchange transactions Other 21, , Financial accounts , Bank overdrafts , Loans Total liabilities 1,332, ,259, (a) Including accruals (b) Less interim dividends paid during the year SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

420 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

421 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 42, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities , Expenses for futures Other financial revenues TOTAL (I) 43, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 42, , Other income (III) Management fees and amortisation allowance (IV) 11, , Net income for the year (L ) (I - II + III - IV) 31, , Accrued revenue for the year (V) 7, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 38, , SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

422 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the US dollar (USD). Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and forward financial instruments by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

423 The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P USD units, and to 0,40% of net assets inclusive of tax for I USD and EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees, including distributor remuneration, are fixed at 1,20% inclusive of tax for P shares, and at 0,30% inclusive of tax for I shares. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code FR FR FR Concordance table of units Category indicated on the prospectus/kiid P USD I USD I EUR SSgA Telecommunication Index Equity Fund U493 Appropriation of earnings Accumulation per unit C1 Accumulation per unit C2 Accumulation per unit C3 Units presented in the inventory SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

424 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 1,242, ,308, Subscriptions (including entry fees) 462, ,519, Redemptions (including exit fees) -417, ,223, Capital gains made on deposits and financial instruments 68, , Capital losses made on deposits and financial instruments -11, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -8, , Foreign exchange variances -45, , Changes in deposit and financial instrument estimate variance -10, , Current year estimate variance N: 117, , Previous year estimate variance N-1: 127, , Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 31, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 1,311, ,242, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

425 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

426 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 24, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 24, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

427 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % EUR EUR JPY JPY GBP GBP Shares and similar securities 214, , , , Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 17, Receivables 1, Financial accounts , , Liabilities Disposals of financial instruments Temporary securities transactions Payables 2, , Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 2, Other receivables Total receivables 2, Payables Deferred settlement purchases -16, Management fees -2, Other payables -2, Total payables -21, Total payables and receivables -18, SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

428 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 1, , Shares or units redeemed during the year -1, , C2 In units CAPI C2 PT I Value Shares or units issued during the year , Shares or units redeemed during the year -2, , C3 In units I UNIT in EUR Value Shares or units issued during the year 3, , Shares or units redeemed during the year 0 0 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees C2 CAPI C2 PT I Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

429 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received 0.00 Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 10, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 CAPI C2 PT I 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C3 I UNIT in EUR 31/12/2015 Percentage of fixed management costs 0.41 Fixed management costs Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

430 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 21, FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 0.00 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

431 3.10. Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 38, , Total 38, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 21, , Total 21, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

432 31/12/ /12/2014 C2 CAPI C2 PT I Appropriation Distribution Retained earnings for the year Accumulation per unit 4, , Total 4, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C3 I UNIT in EUR 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 12, Total 12, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

433 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 11, , Interim dividends paid on gains and losses for the year Total 11, , (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 7, , Total 7, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 CAPI C2 PT I Appropriation Distribution Undistributed net gains and losses Accumulation per unit 1, , Total 1, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

434 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C3 I UNIT in EUR Appropriation Distribution Undistributed net gains and losses Accumulation per unit 3, Total 3, Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

435 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 24,981, , C2 34,620, , /12/2012 C1 1,064, , C2 4,099, , /12/2013 C1 1,322, , C2 3,235, , C3 3,750, , /12/2014 C1 874, , C2 360, , C3 6, /12/2015 C1 805, , C2 140, , C3 365, , As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

436 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets AT+T INC COM 7, , USD BCE INC COM NEW 173 6, CAD 0.51 BEZEQ ISRAEL TELECOM 2,324 5, ILS 0.39 BT GROUP ORD GBP ,109 70, GBP 5.36 CENTURYLYNK INC , USD 1.28 DEUTSCHE TELEKOM NPV(REGD) 3,798 68, EUR 5.25 ELISA CORPORATION SER A EUR , EUR 0.49 FRONTIER COMMUNICATIONS CORP COM 1,399 6, USD 0.50 HKT TRUST AND HKT LTD UNIT 3,000 3, HKD 0.29 ILIAD NPV 31 7, EUR 0.57 INMARSAT ORD EUR , GBP 0.69 KDDI CORP 2,147 56, JPY 4.29 KONINKLIJKE KPN NV EUR0.24 3,799 14, EUR 1.10 LEVEL 3 COMMUNICATIONS INC COMMON STOCK , USD 1.48 MILLICOM INTL CELL SDR EACH REP 1 USD , SEK 0.29 NIPPON TEL+TEL CP JPY , JPY 2.96 NTT DOCOMO 1,665 34, JPY 2.62 ORANGE EUR4 2,343 39, EUR 3.01 PCCW LIMITED HKD0.25 4,155 2, HKD 0.19 PROXIMUS 183 5, EUR 0.45 ROGERS COMMUNICATIONS INC CL B , CAD 1.12 SBA COMMUNCATIONS CORP COM , USD 1.21 SINGAPORE TELECOMM NPV(POST RE ORGANIZATION) 9,371 24, SGD 1.85 SOFTBANK GROUP CORP 1,150 58, JPY 4.48 SP TELEMEDIA LTD NPV 355 2, AUD 0.19 SPARK NEW ZEALAND LTD 1,831 4, NZD 0.32 SPRINT CORP W/I COMMON STOCK USD USD 0.03 STARHUB LTD NPV SGD 0.02 SWISSCOM AG CHF1 (REGD) 31 15, CHF 1.19 T MOBILE US INC COMMON STOCK , USD 1.01 TDC A/S COMMON STOCK DKK , DKK 0.37 TELE2 AB COMMON STOCK 314 3, SEK 0.24 TELECOM ITALIA DI RISP EUR.55 7,197 7, EUR 0.57 TELECOM ITALIA EUR EUR 0.01 TELEFONICA DEUTSCHLAND HOLDI COMMON STOCK 722 3, EUR 0.29 TELEFONICA SA EUR 1 5,423 60, EUR 4.60 TELENOR , NOK 1.14 TELIASONERA AB SEK3.2 3,080 15, SEK 1.18 TELSTRA CORP NPV 5,063 20, AUD 1.58 TELUS CORP 202 5, CAD 0.42 VERIZON COMMUNICATIONS COM USD 500 4, , USD VODAFONE GROUP PLC COMMON STOCK 31, , GBP 7.94 TOTAL Shares & similar securities traded on a regulated or related market 1,285, TOTAL Shares & similar securities traded on a regulated or related market 1,285, TOTAL Shares and similar securities 1,285, TELECOM ITALIA EUR.55 13,454 17, EUR 1.31 SPRINT CORP W/I COMMON STOCK USD , USD 0.18 STARHUB LTD NPV SGD 0.05 TOTAL Securities lending transactions 20, PAYABLES ON Receivables for securities loaned INDEMNITIES ON Receivables for securities loaned TOTAL Contractual sale transactions 20, SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

437 Name of issuer No. or nominal amount Market value Currency % Net Assets TOTAL Contractual transactions 20, SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

438 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report ISIN Code: P shares: FR I shares: FR I EUR Shares: FR I NL EUR shares: FR B shares: FR Classification: International Equities. Management objective: The Fund s objective is to track the performance of the MSCI Utilities index ( the Index ) as closely as possible. The Fund aims to achieve a tracking error of less than 1%. It is possible that the MSCI data cannot be replicated or used for another purpose. MSCI gives no guarantee with respect to the present report, which it has neither prepared nor approved, and accepts no liability in this regard. Benchmark index: MSCI Utilities with net dividends reinvested. This index is representative of all international equities belonging to the utilities sector. The asset management company and the custodian are available to provide investors with information concerning the benchmark index, the performance of which is shown in periodical documents and the annual report. Details on the benchmark index can be found in the prospectus. Equity risk exposure: 90% minimum. Method of calculating the comprehensive risk ratio: Commitment calculation method. Recommended minimum investment period: More than five years. Subscribers concerned: Class P shares: All investors. Class I shares: Institutional investors. Class B shares: 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 affiliates. Class I NL EUR shares: Reserved for the Netherlands institutional investor sales network. Appropriation of earnings: Accumulation. Tax mode: Accumulation fund. Environmental, social and governance quality criteria: Pursuant to Article L of the French Monetary and Financial Code, the Fund s investment process is independent from the criteria for compliance with social, environmental and governance quality objectives. Investment strategy: The fund manager uses the investment method or methods he considers best suited to attaining the investment objectives. The management strategy aims to use the pure physical tracking method, which consists of purchasing all the securities that make up the benchmark index in proportion to their respective weightings. The structure of the portfolio is therefore very close to that of the benchmark. In specifically defined circumstances, the Fund may purchase securities that are not included in the index. As an index-based mutual fund, the Fund may make use of the exemptions specified by Article R of the French Monetary and Financial Code, relating to the investment limits in financial instruments of a single issuer. The Fund may invest up to 20% of its assets in shares or debt securities of the same issuer, and this limit can be raised to 35% for a single issuer when it is deemed justified by exceptional market conditions, in particular on regulated markets in which certain securities or money market instruments are predominant. Depending on regulatory constraints or market constraints, the Fund may be required to use an optimisation strategy to build a representative portfolio. Consequently, the Fund will generally only hold a subset of the securities included in the index. The portfolio is made up of at least 90% international securities from the community services sector. The portfolio may contain up to 10% of negotiable debt securities and money market instruments. The Fund invests up to 10% of its assets in shares or units of mutual 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.

439 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report It may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. The SICAV s portfolio may include units or shares of mutual funds managed by State Street or financial instruments in which the Group has a special interest. However, at the end of the financial year, this SICAV portfolio did not include any asset of this type. Changes in the securities portfolio during the period: Securities portfolio items Changes (amount) Purchases Sales a) Eligible financial securities and money market instruments admitted for trading on a regulated market pursuant to Article L of the French Monetary and Financial Code 18, , b) Eligible financial securities and money market instruments admitted for trading on another regulated market, that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union, or in another country that is a party to the European Economic Area agreement c) Eligible financial securities and money market instruments admitted for official listing on a securities exchange in a thirdparty country or traded on another market in a third-party country that is regulated, operates regularly, is recognised and open to the public, provided that this securities exchange or market is not contained in a list prepared by the French Financial Markets Authority (AMF) or that the choice of that exchange or market is allowed by law or by the Articles of Association of the undertaking for collective investment in transferrable securities. d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R of the French Monetary and Financial Code; 169, , e) Other assets: These are the assets mentioned in Part II of Article R of the French Monetary and Financial Code Financial derivatives: The Fund may also, to a limited extent, include equity derivatives and equity index derivatives. Indeed, within the regulatory limits, the Fund may deal in forward financial instruments that are traded on French and foreign regulated markets or on over-the-counter markets, especially index futures, up to a maximum of 10% of the assets. Type of instruments used: - On a limited basis, listed derivative instruments, particularly futures contracts on equity indices or equity futures contracts. - On an exceptional basis, unlisted derivative instruments such as equity index swaps, share swaps, or listed or unlisted monetary, bond or interest rate derivative assets. In all circumstances, the purpose of dealing in derivative instruments is to help ensure that the performance of the Fund is very similar to that of the benchmark index. 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.

440 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Risk profile: Your money will be invested primarily in financial instruments selected by the management company. These instruments will be exposed to market fluctuations and contingencies. Investors must be aware of the risks set out below. Furthermore, the following explanations do not represent a comprehensive list of all the risk factors associated with purchasing shares in the Fund, and investors are invited to make up their own minds about whether it is appropriate to invest. They are also encouraged to seek independent advice before buying any shares in the Fund. The Fund s risk profile is fundamentally identical to, or as close as possible to, that of the tracked index. The Fund is primarily exposed to equity market risks. As a result, its value can increase or decrease according to changes in the markets, and the investor may incur capital losses. Even if the general economic conditions do not change, the Fund's net asset value could decline if the industries, sectors or companies in which the Fund invests do not perform well or are negatively affected. In addition, there is the likelihood of the following specific risks: - There is no guarantee that the Fund s management objectives will be achieved. In practice, no asset or financial instrument allows the benchmark index to be automatically tracked. The changes made to the Fund s assets and the changing weightings of the benchmark index may bring about various transaction or friction costs. Furthermore, the total return generated by investments in the securities comprising the index shall be reduced because of certain costs and expenses that are not included in the calculation of the index. In addition, the Fund may not be able to fully replicate the performance of the index, in particular due to the temporary unavailability of certain securities comprising the index or exceptional circumstances that may distort the weightings of the index. Furthermore, in the event of a suspension or temporary interruption of the pricing of the securities comprising the index or in the event of market disruption, it may prove impossible to rebalance the portfolio of securities comprising the Fund for an unspecified period. The value of the Fund s shares and their income may increase or decrease to reflect changes in the value of the securities in which the Fund invests. - The Fund is exposed to liquidity risk. Some investments and/or types of investment are subject to restrictions when they are sold, may be traded on the over-the-counter market or in limited volumes, or may not benefit from an active trading market. Non-liquid investments may be traded at a lower price with respect to comparable investments that are more liquid, and may be subject to large fluctuations in their market value. It may be hard for the Fund to assign an exact value to illiquid securities. The Fund may also be unable to sell illiquid securities quickly, or sell them at the best time, or sell them at prices close to their value as determined by the Fund. Illiquid securities may also incur registration fees and other transaction fees that are higher than those that apply to liquid securities. - The Fund s investments are managed with the objective of matching the performance of the Benchmark Index. Consequently, the Fund is subject to a tracking error risk, which is the risk that the performance of the Fund s investments fails to match that of the benchmark index. Although the Fund aims to be fully invested at all times, it may from time to time have to hold a portion of its assets as cash. The capacity of the Fund to obtain a substantial correlation between the performance of the Fund and the Benchmark Index may be affected by changes in stock markets, changes in the composition of the Benchmark, cash inflows and outflows to and from the Fund, as well as applicable charges and commissions. The Fund will strive to track the performance of the Benchmark, regardless of the current or predicted performance of the Benchmark or of the securities that comprise it. In addition, the Fund will generally not sell a security included in the Benchmark for as long as that security is part of the Benchmark, notwithstanding any sudden or substantial drop, or any substantial foreseeable drop, in the value of the security, even if the asset management company is able to make a different investment decision for other mutual funds holding that security. The performance of the Fund may thus be less favourable than that of a portfolio managed using an active investment strategy. The structure and the composition of the Benchmark will affect its performance, volatility and risk (in absolute terms and in comparison to other indices) as well as the performance, volatility and risk of the Fund. - Investors must also be aware that the Fund will be exposed to a credit risk on the parties with which it deals and may, in addition, incur the risk of payment default. It is possible that (i) the ability of an issuer to honour its obligations substantially declines in periods in which the Fund holds securities of said issuer, (ii) said issuer defaults on its obligations, or (iii) an issuer s obligations on a security held by the Fund are limited or restructured. Any real or perceived degradation of an issuer s ability to honour its obligations will probably have a negative effect on the value of the issuer's securities and on the net asset value of the Fund. The rating assigned to an investment does not necessarily reflect the 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.

441 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report current financial situation of the issuer or an evaluation of the volatility or liquidity of an investment. Even if "Investment grade" investments present a lower credit risk compared to lower-rated investments, they can present certain common risks, including the possibility that their issuers are not able to make on-time interest and principal payments and thereby default on payments. - Risk linked to securities lending: The Fund may participate in a securities lending programme implemented by State Street Bank and Trust Company. When the Fund becomes involved in securities lending transactions, it becomes exposed to the counterparty s credit risk, because the borrower may be unable to meet its obligations under the loan, could become insolvent or could default or refuse to fulfil its obligations concerning the return of the loaned or equivalent securities. Should this happen, the Fund might be exposed to delays in the return of securities and suffer a capital loss. This could lead to a fall in the Fund s net asset value. The Fund may hedge its exposure to counterparty risk by requiring that the counterparty provide collateral in the form of securities such as shares or debt securities. In the event of a counterparty default and non-recovery of the securities corresponding to those loaned, the Fund may suffer a loss equal to the negative difference between the value of the securities received as collateral and the market value of the substitute securities. Such a negative difference can be explained by poor valuation of the assets received as collateral, unfavourable stock market fluctuations, lack of liquidity on the markets where the securities received as collateral are traded or a downgrading of the credit rating of the counterparty concerned. Participation in a securities lending programme implemented by State Street Bank and Trust Company might lead to less favourable financial results compared with another securities lending program available on the market or a situation in which the Fund lends its securities outside the programme. Pursuant to the provisions of the securities lending agreement in question, the designated lending agent may retain a portion of the income from the securities lending to cover the fees and costs linked to this securities lending activity, including the delivery of the loaned securities, management of guarantees and management of the compensation linked to the securities lending; all fees will be paid at normal commercial interest rates. - French and eurozone investors will be exposed to a currency exchange risk The Fund is exposed to currency risk via the acquisition of or exposure to securities denominated in a currency other than the Fund s base currency. Fluctuations in the values of these currencies against the Fund s base currency may have a positive or negative effect on the Fund s investments that are denominated in such currencies. Although it is not required to do so, the Fund may invest in foreign exchange contracts, or other currency-related transactions (including derivative transactions), in order to manage exposure to different currencies. These contracts (i) may reduce or eliminate all or part of the profit that the Fund may make as a result of favourable currency fluctuations and (ii) cannot guarantee to protect the Fund against unfavourable fluctuations. - The use of derivatives by the Fund may give rise to risks which differ from those associated with investments in financial securities and other more conventional investments. These risks include, among others, risks of illiquidity, valuation, volatility, market, credit, counterparty, leverage effect, management or other risks linked to commodities related to such products, as well as the risk of losing more than the initial investment. Risk of conflicts of interest: Companies affiliated to the Asset Management Company may offer services to the Fund, such as securities lending management services, custodian services, administration and registrar services, valuation or paying agent services. The Fund may enter into repurchase agreements and derivative transactions with companies affiliated to the Asset Management Company. The Fund may invest in mutual funds for which the Asset Management Company is the promotion agent or which are affiliated to it or are affiliated to any entity of the State Street group. In this case, the Fund will pay a proportional share of the fees of these underlying mutual funds. In addition, they can pay the fees to the Asset Management Company or its affiliated companies, which may have the effect of increasing the expenses paid by the Fund. There is no guarantee that the rates at which the Fund pays its fees and expenses to the Asset Management Company or to its affiliated companies, or the conditions under which it concludes transactions with entities of the State Street group, or under which it invests in the said mutual funds are the most favourable on the market in general or are as favourable as the rates that the entities in question propose to their clients. There will be no independent review of the fees or expenses paid to these entities nor of the services that they deliver. Due to its financial interest, the Asset Management Company may be encouraged to conclude transactions or make arrangements on behalf of the Fund with the affiliated companies under certain circumstances. The conclusion of transactions with the Management Company or its Affiliated companies or their intermediary, or the use of their services, will be made in accordance with the applicable regulatory requirements. The Management Company and its affiliated companies provide investment consultancy advice to other customers and may make investment decisions on their own account and on behalf of third parties, especially other funds, which may differ from the decisions that will be taken by the Asset Management Company for the Fund. In particular, the Asset Management Company may provide asset allocation advice to other customers 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.

442 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report comprising an investment recommendation or divestment for a fund and might not make the same recommendation to all customers invested in the same fund or in similar funds. Other conflicts of interest may arise, for example, when clients of the Asset Management Company invest in different portions of the capital structure of an issuer, meaning that one or more clients hold senior bonds of an issuer while other clients hold subordinated bonds of the same issuer; this may also be the case when clients invest in different tranches of the same structured financial instrument. Under these circumstances, decisions to trigger a case of failure or relative to the terms of an arrangement may generate conflicts of interest. During investment decisions that may raise a conflict of interest, the Asset Management Company will endeavour to act fairly and justly, in accordance with its conflict of interest policy, towards the fund concerned and towards other customers. Subject to the foregoing, (i) the asset management company and its affiliated companies may invest their own assets and on behalf of clients in various senior securities, equal or lower or hold different or opposing interests to the securities held by the Fund and (ii) the asset management company may occasionally (subject to applicable law) simultaneously seek to buy (or sell) investments for the Fund and sell (or buy) the same investments for accounts, funds or structured products for which it acts as asset manager; during the period under consideration or in the future, or for its clients or affiliates, and may carry out crossed transactions under these circumstances. Furthermore, the asset management company and its affiliates may buy or sell fund securities, if allowed by the applicable law. These other relations may also cause the applicability of the restrictions provided by the law of financial securities to the Fund s transactions on these instruments and created potential conflicts of interest for the asset management company. The asset management company, as part of its other professional activities, may acquire material non-public confidential information that may prevent it from buying or selling the securities for itself or its clients (including the Fund) or from using such information for the benefit of its clients or for its own benefit. - The Fund is exposed to the risk that geopolitical events may disrupt the securities markets, and lead to a deterioration in global economies and markets. War, terrorism, and related geopolitical events have resulted and may result in the future in increased short-term market volatility, and could have damaging long-term effects on the global economy and on markets in general. These events, as well as other changes in economic and political conditions, could also be harmful to individual issuers or groups of linked issuers, to securities markets, interest rates, credit ratings, inflation, investor sentiments, as well as to other factors affecting the value of the investment portfolio. The continuing uncertainty surrounding the euro and European Monetary Union ( EMU ) has led to significant volatility in currencies and in financial markets in general. Any partial or total unravelling of the EMU, or any persistent uncertainty regarding its status may have a significant detrimental effect on the money and financial markets, as well as on the value of the Fund s investments. Temporary sale of securities: During the financial year, the Fund loaned securities from its portfolio. The revenues resulting from temporary sales of securities are received in full by the Fund, minus any direct or indirect operating expenses generated by such transactions. Exposure obtained through effective portfolio management techniques: As at 31 December 2015 the position in loaned securities was US$0.00 with collateral worth US$0.00. Identity of the counterparty (parties) to these effective portfolio management techniques: The lending agent is State Street Bank GMBH. Type and amount of the financial guarantees received by the Fund in order to minimise its counterparty risk: At 31 December, the collateral was held according to the following ratio: 0.00% in equities admitted for official listing on an OECD country stock exchange. A list of eligible indices can be obtained upon request. 0.00% in Government securities issued by G10 countries with A- (S&P) A3 (Moody s) or higher long-term credit rating. 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.

443 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Revenues resulting from effective portfolio management techniques for the entire period under consideration, as well as the direct and indirect operational expenses incurred: The total gross revenue for the period under consideration: 1 1 January December 2015, amounted to US$185. A payment of US$55.44 was made to State Street Bank GmbH acting as lending agent (direct and indirect operating expenses). The revenue, net of direct and indirect operating expenses owed to the Fund, was US$130. Changes that occurred during the previous period: - On 24 January 2014: o Changes reflecting compliance with new regulations: the Fund s regulatory documentation has been brought into line with the regulations applicable to the ESMA Guidelines on exchange-traded 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. o o The minimum subsequent subscription amount for P shares was changed from EUR 50 to Nil. A new class of institutional shares I NL EUR reserved for the Netherlands institutional investor sales network was created. - Since 1 April 2014, the Fund has been valued using the last known net asset value. - On 12 June 2014, the risk categories of the Fund s share classes were changed: ISIN Share class Former SRRI FR SSgA Utilities Index Equity Fund P 6 5 FR SSgA Utilities Index Equity Fund I 6 5 New SRRI - On 1 November 2014: o Amendment of the Fund s compliance statement according to AMF instruction no by clarifying that the Mutual fund is governed by European Directive 2009/65/EC. o o o o o 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: 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.

444 SSgA Utilities Index Equity Fund [ sub- f u n d o f t h e S I C A V S t a t e S t r e e t G l o b a l A d v i s o r s I n d e x F u n d s] 2015 Annual Report Risk linked to securities lending has been clarified. The risk of conflicts of interests has also been clarified. Changes that occurred during the review period: None Events that occurred between the financial year end and the date that this report was drawn up : None Year-end financial statements: Below are the annual financial statements for the SICAV s twelve-month-long sixteenth year. The balance sheet at 31 December 2015 shows net assets of USD The income statement shows retained net income of USD 18, Tracking error: P USD shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.29 % I USD shares I EUR shares This section has been left blank because the unit has been dormant since October I NL EUR shares This section has been left blank because this class of shares were not issued as at 31/12/2015. B shares Annual tracking error (Tracking Error: Weekly basis on Friday) Prospectus Actual 1.00 % 0.29 % This section has been left blank because this class of shares were not issued as at 31/12/2015. Annual performance spread: The Fund aims to replicate its benchmark index as closely as possible. As such, the effect of selecting securities is intended to be marginal. The two main sources of potential variations in performance are the potential differences in taxation between the Fund and the Fund s benchmark, as well as in the income generated by securities lending, should there be any. 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.

445 01/13/2016 Fund Return History Report 01/13/2016 BUTIL.BUTIL-U As-of: 12/31/2015 SSgA Utilities Index Equity Fund (C,P,USD) 16828USD-N MSCI WORLD UTILITIES SECTOR (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp (01/31/2000) Std Dev (3 Year) Std Dev (5 Year) Std Dev (Incp) Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

446 01/06/2016 Fund Return History Report 01/06/2016 IBUTIL.IBUTIL-U As-of: 12/31/2015 SSgA Utilities Index Equity Fund (C,I,USD) 16828USD-N PNA GROUP ALIAS - MSCI UTILITIES ND (FCUSTOM) (Cumulative - Gross of Fees) (Annualized - Gross of Fees) (Cumulative - Net of Fees) (Annualized - Net of Fees) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date Month Months Months Year Years Years Years Years Since Incp ( Std Dev (3 Ye Std Dev (5 Ye Std Dev (Incp Tracking Error (1 Year) Tracking Error (3 Year) Tracking Error (5 Year) Tracking Error (Incp) iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year Year Year Year Year Year Year Les Performances passées constituent une information et ne préjugent pas de l'évolution future ( * ) La première valeur liquidative prise en compte correspond à la première fin de mois suivant l'investissement complet du portefeuille en accord avec la politique de gestion Past performance is for information only and is no indication of future performance ( * ) The first net asset value taken into account corresponds to the first month end following the full investment of the portfolio in accordance with the management policy

447 SSGA UTILITIES INDEX EQUITY FUND GENERAL SICAV INTERNATIONAL EQUITIES ANNUAL REPORT AS AT 31/12/2015

448 Balance sheet assets as at 31/12/2015 in USD 31/12/ /12/2014 Net fixed assets Deposits Financial instruments 1,024, ,804, Shares and similar securities 1,024, ,804, Traded on a regulated or related market 1,024, ,804, Not traded on a regulated or related market Bonds and similar securities Traded on a regulated or related market Not traded on a regulated or related market Debt securities Traded on a regulated or related market Negotiable debt securities Other debt securities Not traded on a regulated or related market Collective investment undertakings Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds Other non-european funds Temporary securities transactions Claims representing securities subject to repurchase options Receivables for securities loaned Securities borrowed Securities pledged Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Other financial instruments Receivables 2, , Forward foreign exchange transactions Other 2, , Financial accounts 13, , Liquidities 13, , Total assets 1,041, ,822, SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

449 Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/ /12/2014 Equities Capital 1,003, ,699, Undistributed prior net gains and losses (a) Retained earnings (a) Net gains and losses for the year (a, b) 12, , Income for the year (a, b) 18, , Total equity 1,034, ,813, (= Amount representing net assets) Financial instruments Disposals of financial instruments Temporary securities transactions Payables related to pledged securities Debts representing borrowed securities Other temporary transactions Forward financial instruments Traded on a regulated or related market Other transactions Payables 6, , Forward foreign exchange transactions Other 6, , Financial accounts , Bank overdrafts , Loans Total liabilities 1,041, ,822, (a) Including accruals (b) Less interim dividends paid during the year SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

450 Off-balance sheet as at 31/12/2015 in USD 31/12/ /12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Hedging transactions Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets Over-the-counter commitments Total Over-the-counter commitments Other transactions Total Other transactions Total Other transactions SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

451 Income statement as at 31/12/2015 in USD 31/12/ /12/2014 Income from financial transactions Income from deposits and financial accounts Income from shares and similar securities 39, , Revenues from bonds and similar securities Income from debt securities Revenues from temporary purchases and sales of securities Expenses for futures Other financial revenues TOTAL (I) 39, , Expenses for financial transactions Expenses for temporary sales and purchases of securities Expenses for futures Cost of debt Other financial expenses TOTAL (II) Income from financial transactions (I - II) 38, , Other income (III) Management fees and amortisation allowance (IV) 14, , Net income for the year (L ) (I - II + III - IV) 24, , Accrued revenue for the year (V) -5, , Interim dividends paid for the year (VI) Net income (I - II + III - IV +/- V - VI) 18, , SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

452 Notes 1. ACCOUNTING RULES AND METHODS The fund is compliant with the accounting rules required by current regulations. The annual financial statements are presented in accordance with the provisions of the French accounting standards Regulation ANC rescinding Regulation CRC and its subsequent amendments. The base currency for the portfolio is the American dollar. Description and justification for any waivers: - to the basic assumptions on which the preparation of summary documents is ordinarily founded - to the general rules on the preparation and presentation of summary documents and, in particular, for the waiver on the duration of the financial period Change of method or regulation: None Accounting changes notified to unitholders: None Changes of estimates and changes of procedures (to be explained if applicable): None Nature of errors corrected during the financial year: None Rights and conditions attached to each unit class: None Method of valuing deposits, financial instruments and futures by type of instrument Assets are valued as follows when calculating net asset value: - listed French and foreign securities at market value (closing price, Thomson-Reuters), - mutual funds at their last known NAV, - securities under repurchase agreements at contractual value, - commitments on futures and options markets are valued at settlement price, - forward foreign exchange transactions (hedges) at market price, - marketable debt instruments are valued under the following methods:. government bonds (BTAN and BTF) are valued on an actuarial basis based on rates published daily by the Banque de France.. other marketable debt securities are valued at market price.. in the absence of significant transactions, marketable debt securities are valued on an actuarial basis, with the reference rate increased by a margin representing the intrinsic characteristics of the issuer.. for marketable debt securities with maturities of up to three months, the valuation methods may be simplified in accordance with rules determined by the AMF (French Financial Markets Authority). Off-balance sheet commitments relating to transactions with futures are valued by multiplying the number of contracts by the face value, by the price and by the currency. Off-balance sheet positions are classified as Hedging transactions or Other transactions. Swaps are presented at nominal value. The method of accounting used to record the income from deposits and fixed-income financial instruments: Interest on fixed income securities is recorded in accordance with the effective interest rate method. SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

453 Fees Procedure for recording transaction fees, if any, broken down by type of instrument: Portfolio inflows are recognised at acquisition cost, excluding expenses, and outflows are recognised at cost price, excluding expenses. Procedure for calculating operating and management fees (fixed fees) and outperformance fees (variable fees), if any, for each class of units: Management fees are composed of financial management, custodian, accounting and other fees (statutory auditors fees, etc.). These fees do not include transaction fees. Fixed management fees: The maximum rate for management fees amounts to 1,30% of net assets inclusive of tax for P units, to 0,40% of net assets inclusive of tax for I (USD and EUR) units, and to 0,30% of net assets inclusive of tax for I NL EUR units (net assets after deduction of FCP units or SICAV shares). Within this maximum, financial management fees including the compensation of distributors are fixed at 1,20% inclusive of tax for P shares, at 0,30% inclusive of tax for I shares, and at 0,20% inclusive of tax for I NL EUR shares reserved for the Netherlands institutional investor sales network. Variable management fees: None Retrocession of management fees: None Distribution policy Pure accumulation fund: The distributable sums are fully reinvested each year. Fund Name: Portfolio code: ISIN code Concordance table of units Category indicated on the prospectus/kiid SSgA Utilities Index Equity Fund U4A3 Appropriation of earnings FR P Accumulation per unit C1 FR I Accumulation per unit C2 Units presented in the inventory SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

454 2. CHANGE IN NET ASSETS 31/12/ /12/2014 Opening net assets 1,813, ,031, Subscriptions (including entry fees) 218, ,646, Redemptions (including exit fees) -866, ,114, Capital gains made on deposits and financial instruments 122, , Capital losses made on deposits and financial instruments -42, , Realised capital gains on financial futures Capital losses on financial futures Transaction fees -9, , Foreign exchange variances -45, , Changes in deposit and financial instrument estimate variance -179, , Current year estimate variance N: 67, , Previous year estimate variance N-1: 246, , Changes in futures estimate variance Current year estimate variance N: Previous year estimate variance N-1: Distribution of assets Distribution of net gains and losses for the previous year Distribution of income for the previous year Net income for the year before accruals 24, , Interim payment(s) on net gains and losses made during the current year Interim payments on income made during the current year Other items* Closing net assets 1,034, ,813, * The content of this line will be specified by the mutual funds (assets received on mergers, payments received as security on capital and/or performance) SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

455 3. ADDITIONAL INFORMATION 3.1. Breakdown by legal or economic type of the instrument Amount % ASSETS Bonds and similar securities TOTAL Bonds and similar securities Debt securities TOTAL Debt securities TOTAL ASSETS LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments TOTAL LIABILITIES AND EQUITY Off-Balance Sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions TOTAL Off-balance sheet SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

456 Assets Deposits Bonds and similar securities Debt securities 3.2. Breakdown by interest rate category of assets, liabilities and offbalance sheet items Fixed rate % Floating rate % Adjustable rate % Other % Temporary securities transactions Financial accounts 13, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.3. Breakdown by remaining term of assets, liabilities and off-balance sheet items < 3 months % Assets Deposits Bonds and similar securities Debt securities Temporary securities transactions Financial accounts 13, Liabilities Temporary securities transactions Financial accounts Off-balance sheet items Hedging transactions Other transactions [3 months 1 year] % [1-3 years] % [3-5 years] % > 5 years % SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

457 Assets Deposits 3.4. Breakdown by listing currency or valuation of assets, liabilities and off-balance sheet items Currency 1 % Currency 2 % Currency 3 % Currency N % EUR EUR GBP GBP JPY JPY Shares and similar securities 207, , , , Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions Receivables 1, Financial accounts , Liabilities Disposals of financial instruments Temporary securities transactions Payables 3, Financial accounts Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 2, Other receivables 3.59 Total receivables 2, Payables Management fees -3, Other payables -3, Total payables -6, Total payables and receivables -3, SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

458 3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year , Shares or units redeemed during the year -2, , C2 In units Value Shares or units issued during the year , Shares or units redeemed during the year -1, , SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees C2 Value Amount of subscription and/or redemption fees received Amount of subscription fees received Amount of redemption fees received Amount of subscription and/or redemption fees transferred to third parties 0.00 Amount of subscription fees transferred to third parties 0.00 Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees Amount of entry fees Amount of exit fees SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

459 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 13, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 1, Percentage of variable management costs 0.00 Variable management costs 0.00 Retrocessions of management costs 3.8. Commitments given and received Description of guarantees received by the Mutual Fund Type of guarantee Guarantor Beneficiary Maturity Methods NONE Other commitments given and/or received SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

460 3.9. Other information CURRENT VALUE OF FINANCIAL INSTRUMENTS SUBJECT TO A TEMPORARY ACQUISITION 31/12/2015 Securities bought with a resale option 0.00 Securities received under repurchase agreements 0.00 Securities borrowed 0.00 CURRENT VALUE OF FINANCIAL INSTRUMENTS THAT MAKE UP GUARANTEE DEPOSITS 31/12/2015 Financial instruments given as security and kept in their original budget line 0.00 Financial instruments received as security and not recorded in the balance sheet 0.00 FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 0.00 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities Appropriation of distributable amounts Date Unit Interim dividends paid for the year Amount Amount Tax credits Tax credit amount unit total unit Total interim dividend payments Interim dividends paid on gains and losses for the year Date Unit Total amount Amount per unit Total interim dividend payments 0 0 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

461 Appropriation of distributable amounts related to income (6) 31/12/ /12/2014 Sums remaining to be appropriated Retained earnings Net income 18, , Total 18, , C1 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 16, , Total 16, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income C2 31/12/ /12/2014 Appropriation Distribution Retained earnings for the year Accumulation per unit 2, , Total 2, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit Tax credits attached to the distribution of income SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

462 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/ /12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses Net gains and losses for the year 12, , Interim dividends paid on gains and losses for the year Total 12, , (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C1 Appropriation Distribution Undistributed net gains and losses Accumulation per unit 11, , Total 11, , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/ /12/2014 C2 Appropriation Distribution Undistributed net gains and losses Accumulation per unit , Total , Information relating to shares or units eligible for distribution Number of shares or units Distribution per unit (6) To complete regardless of the mutual fund s distribution policy SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

463 3.11. Results and other issuer information over the last five years Number Value Distribution Distribution of Tax Accumulation per unit of shares or value per unit of net gains income per unit credit per unit unit units unit and losses per (including unit unit interim Date Unit Net assets (including payments) interim payments) USD USD USD USD USD 30/12/2011 C1 4,562, , C2 25,089, , /12/2012 C1 1,386, , C2 275, , /12/2013 C1 1,446, , C2 585, , /12/2014 C1 1,438, , C2 375, , /12/2015 C1 956, , C2 78, As from the financial year ended 31/12/12, the accumulation per unit on distributable amounts is composed of the accumulation per unit on income and the accumulation per unit on net realised gains and losses. SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

464 3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets AES CORP COM 684 6, USD 0.63 AGL ENERGY LTD COMMON STOCK NPV 614 8, AUD 0.78 AGL RES INC COM 100 6, USD 0.62 ALLIANT ENERGY CORP COM 115 7, USD 0.69 AMEREN CORP COM , USD 1.14 AMERICAN ELEC PWR INC COM , USD 2.66 AMERICAN WATER WORKS COM , USD 1.13 APA GROUP 1,384 8, AUD 0.84 ATCO LTD CL 1 NON VTG 100 2, CAD 0.25 AUSNET SERVICES COMMON STOCK 1,460 1, AUD 0.15 CALPINE CORP COM NEW 211 3, USD 0.30 CENTERPOINT ENERGY INC COM 334 6, USD 0.59 CENTRICA ORD GBP ,571 14, GBP 1.42 CHEUNG KONG INFRAS HKD , HKD 0.60 CHUBU ELEC POWER JPY , JPY 0.80 CHUGOKU ELEC POWER JPY , JPY 0.51 CLP HOLDINGS HKD5 2,000 16, HKD 1.64 CMS ENERGY CORP COM , USD 1.08 CONSOLIDATED EDISON INC COM , USD 1.97 CONTACT ENERGY NPV 603 1, NZD 0.19 DOMINION RES INC VA NEW COM , USD 4.03 DTE ENERGY CO COM , USD 1.28 DUET GROUP NPV UNITS 2,586 4, AUD 0.41 DUKE ENERGY CORP COMMON STOCK , USD 4.73 E ON SE NPV 1,965 19, EUR 1.84 EDF 297 4, EUR 0.42 EDISON INTL COM , USD 2.02 EDP - ENERGIAS DE PORTUGAL 2,488 8, EUR 0.87 ELEC POWER DEV NPV 100 3, JPY 0.35 ENAGAS SA EUR , EUR 0.64 ENDESA S.A. EUR , EUR 0.74 ENEL GREEN POWER SPA COMMON STOCK 1,963 4, EUR 0.39 ENEL SPA 6,844 28, EUR 2.80 ENGIE 1,445 25, EUR 2.48 ENTERGY CORP NEW COM , USD 1.31 EVERSOURCE ENERGY COMMON STOCK , USD 1.54 EXELON CORP COM , USD 2.28 FIRSTENERGY CORP COM , USD 1.45 FORTIS INC CAN/CAD 287 7, CAD 0.75 FORTUM OYJ EUR , EUR 0.64 GAS NATURAL SDG EUR , EUR 0.70 HOKURIKU ELEC PWR JPY , JPY 0.29 HONGKONG+CHINA GAS HKD0.25 7,615 14, HKD 1.44 IBERDROLA SA EUR0.75 5,352 38, EUR 3.68 KANSAI ELEC POWER JPY , JPY 0.89 KYUSHU ELEC POWER JPY , JPY 0.53 MERIDIAN ENER PARTLY PAID SH COMMON STOCK NPV 1,212 1, NZD 0.19 MIGHTY RIVER POWER COMMON STOCK NZD 0.05 NATIONAL GRID ORD GBP ,844 53, GBP 5.11 NEXTERA ENERGY INC , USD 4.54 NRG ENERGY INC 425 5, USD 0.48 OGE ENERGY CORP COM 219 5, USD 0.56 OSAKA GAS CO JPY50 2,000 7, JPY 0.70 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

465 Name of issuer No. or nominal amount Market value Currency % Net Assets PEPCO HLDGS INC COM 312 8, USD 0.78 PG+E CORP COM , USD 2.47 PINNACLE WEST CAP CORP COM 93 5, USD 0.58 POWER ASSETS HOLDING LTD 1,500 13, HKD 1.33 PPL CORP COM , USD 2.16 PUBLIC SVC ENTERPRISE GROUP COM , USD 1.76 RED ELECTRICA DE ESPANA EUR2 99 8, EUR 0.80 RWE AG (NEU) NPV 517 6, EUR 0.64 SCANA CORP NEW COM 118 7, USD 0.69 SEMPRA ENERGY COM , USD 2.11 SEVERN TRENT ORD GBP , GBP 0.65 SHIKOKU ELEC POWER JPY , JPY 0.31 SNAM SPA 2,005 10, EUR 1.02 SOUTHERN CO COM , USD 4.13 SSE PLC , GBP 2.11 SUEZ ENVIRONNEMENT EUR , EUR 0.65 TERNA SPA 1,617 8, EUR 0.81 TOHOKU ELEC POWER JPY , JPY 0.61 TOKYO ELECRIC POWER Co Inc 1,495 8, JPY 0.84 TOKYO GAS CO JPY50 2,609 12, JPY 1.20 UNITED UTILITIES G ORD GBP , GBP 0.98 VEOLIA ENVIRONNEMENT EUR , EUR 0.95 WEC ENERGY GROUP INC COMMON STOCK , USD 1.48 XCEL ENERGY INC COM , USD 1.85 TOTAL Shares & similar securities traded on a regulated or related market 1,024, TOTAL Shares & similar securities traded on a regulated or related market 1,024, TOTAL Shares and similar securities 1,024, SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

466 State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report APPENDIX: list of mutual funds managed by State Street Global Advisors France Structure of the mutual fund State Street Global Advisors Index Funds Umbrella SICAV Fund Name SSgA Consumer Discretionary Index Equity Fund SSgA Consumer Staples Index Equity Fund SSgA Energy Index Equity Fund SSgA Financials Index Equity Fund SSgA Industrials Index Equity Fund SSgA Materials Index Equity Fund SSgA EMU Index Real Estate Fund SSgA Technology Index Equity Fund SSgA Telecommunication Index Equity Fund SSgA Utilities Index Equity Fund SSgA Health Care Index Equity Fund SSgA Europe ex UK Index Real Estate Fund SSgA Europe Index Real Estate 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.