STATE STREET GLOBAL ADVISORS INDEX FUNDS SICAV

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

EY Ernst & Young Audit Tour First TSA 14444 92037 Paris La Défense Cedex, Tel.: +33 (0) 1 46 93 60 00 www.ey.com/fr 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 344 366 315 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 92400 Courbevoie Paris La Défense 1, France 2

EY II. Justification of assessments Pursuant to the provisions of Article L. 823-9 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 2015 3

State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Compliant with European standards French open-ended investment company (SICAV) RCS Nanterre: 432.354.496 Registered office: Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. I. GENERAL INFORMATION ABOUT THE SICAV Custodian: State Street Banque S.A. Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France. Management company: State Street Global Advisors France Défense Plaza, 23-25, rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex. Assignees: Accounting management: State Street Banque S.A. Défense Plaza, 23-25, rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex. Promotion Agent: State Street Global Advisors France Défense Plaza, 23-25, rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex. Statutory auditors: Ernst & Young Audit Represented by David Koestner Tour Ernst & Young, Faubourg de l Arche 92037 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2006. The SICAV and the asset management company signed a power of attorney agreement on 3 February 2006, which took effect as of 1 January 2006. On 28 November 2007, the SICAV and the financial management company signed an accounting services agreement, effective 28 November 2007. 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 FR0000018582 Accumulation per unit I USD FR0010587972 Accumulation per unit I EUR FR0011129527 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675230 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342377 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 300.000 USD equivalent to EUR 50 P USD FR0000018491 Accumulation per unit I USD FR0010587980 Accumulation USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0011129535 Accumulation per unit Currency of denomination Subscribers concerned Minimum original subscription amount subscription Minimum subsequent subscription amount EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675263 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342385 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 300.000 USD equivalent to EUR 50 SSgA Energy Index Equity Fund P USD FR0000018475 Accumulation per unit I USD FR0010588020 Accumulation per unit I EUR FR0011129543 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675271 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342443 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 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0000018590 Accumulation per unit I FR0010213108 Accumulation per unit B FR0011342435 Accumulation per unit P FR0010585364 Accumulation per unit I FR0010596692 Accumulation per unit B FR0011342484 Accumulation per unit P FR0010585372 Accumulation per unit I FR0010596700 Accumulation per unit B FR0011342542 Accumulation per unit EUR All investors One unit None EUR Institutional EUR 300.000 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 300.000 EUR 50 Euro All investors One unit None Euro Institutional EUR 300.000 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 300.000 EUR 50 Euro All investors One unit None Euro Institutional EUR 300.000 EUR 50 EUR Reserved for Institutional Investors who have entered into a management agreement, or an agreement that is viewed as EUR 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0000018228 Accumulation per unit I USD FR0010588061 Accumulation per unit I EUR FR0011129550 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675297 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342559 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 300.000 USD equivalent to EUR 50 SSgA Health Care Index Equity Fund P USD FR0000018673 Accumulation per unit I USD FR0010588087 Accumulation per unit I EUR FR0011129568 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675305 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342666 Accumulation per unit USD Reserved for Institutional Investors who have entered into a USD equivalent of EUR 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0000018459 Accumulation per unit I USD FR0010588095 Accumulation per unit I EUR FR0011129576 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675321 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342682 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 300.000 USD equivalent to EUR 50 SSgA Materials Index Equity Fund P USD FR0000018442 Accumulation per unit I USD FR0010588103 Accumulation per unit I EUR FR0011129584 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675347 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Sub-funds Shares ISIN code Distribution of income B FR0011342724 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 300.000 Minimum subsequent subscription amount USD equivalent to EUR 50 SSgA Technology Index Equity Fund P USD FR0000018624 Accumulation per unit I USD FR0010588137 Accumulation per unit I EUR FR0011129592 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675370 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342583 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 300.000 USD equivalent to EUR 50 SSgA Telecommunication Index Equity Fund P USD FR0000018616 Accumulation per unit I USD FR0010588145 Accumulation per unit I EUR FR0011129600 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675388 Accumulation per unit EUR Reserved for the sales network for institutional EUR 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0011342609 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 300.000 USD equivalent to EUR 50 SSgA Utilities Index Equity Fund P USD FR0000018467 Accumulation per unit I USD FR0010588129 Accumulation per unit I EUR FR0011129618 Accumulation per unit USD All investors One unit None USD Institutional USD equivalent of EUR 300.000 USD equivalent to EUR 50 EUR Institutional EUR 300.000 EUR 50 I NL EUR FR0011675404 Accumulation per unit EUR Reserved for the sales network for institutional investors in the Netherlands EUR 300.000 EUR 50 B FR0011342641 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 300.000 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2014-01 rescinding Regulation CRC 2003-02 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 FR0010585380 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 FR0000018434 SSgA Norway Index Equity Fund P NOK 7 6 FR0010588244 SSgA Norway Index Equity Fund I NOK 7 6 FR0000018475 SSgA Energy Index Equity Fund P 7 6 FR0010588020 SSgA Energy Index Equity Fund I 7 6 FR0000018616 SSgA Telecom Index Equity Fund P 6 5 FR0010588145 SSgA Telecom Index Equity Fund I 6 5 FR0011129550 SSgA Financials Index Equity Fund 7 6 FR0000018467 SSgA Utilities Index Equity Fund P 6 5 FR0010588129 SSgA Utilities Index Equity Fund I 6 5 FR0010585372 SSgA Europe Index Real Estate Fund P 7 6 FR0010596700 SSgA Europe Index Real Estate Fund I 7 6 FR0011342542 SSgA Europe Index Real Estate Fund B 7 6 - On 17/06/2014, the following classes of shares were launched: ISIN Share class Sub-fund FR0011675230 I NL EUR SSgA Consumer Discretionary Index Equity Fund FR0011675263 I NL EUR SSgA Consumer Staples Index Equity Fund FR0011675271 I NL EUR SSgA Energy Index Equity Fund FR0011675297 I NL EUR SSgA Financials Index Equity Fund FR0011675305 I NL EUR SSgA Health Care Index Equity Fund FR0011675347 I NL EUR SSgA Materials Index Equity Fund FR0011675370 I NL EUR SSgA Technology Index Equity Fund - On 23/06/2014, the following share class was launched: ISIN Share class Sub-fund FR0011342690 B EUR SSgA Italy Index Equity Fund - On 24 June 2014, the following classes of shares were launched: ISIN Share class Sub-fund FR0011342419 B EUR SSgA EMU Index Equity Fund FR0011342625 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 (FR0010588210) 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 FR0011675321 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 2011-19 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.00000.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: FR0012086403) was created. ISIN Share class Sub-fund FR0012086403 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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: FR0011341296 Share Class I: FR0010587956 Share Class P: FR0000018137 SSgA France Index Equity Fund Share Class B: FR0011342567 Share Class I: FR0010588178 Share Class P: FR0000018079 SSgA Germany Index Equity Fund Share Class B: FR0011342575 Share Class I: FR0010588186 Share Class P: FR0000018020 SSgA Italy Index Equity Fund Share Class B: FR0011342690 Share Class I: FR0010588210 Share Class P: FR0000017972 SSgA Netherlands Index Equity Fund Share Class B: FR0011342427 Share Class P: FR0000017915 SSgA Spain Index Equity Fund Share Class B: FR0011342492 Share Class I: FR0010588293 Share Class P: FR0000018376 Name of the Absorbing Sub-fund and share class ISIN code State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class P: LU1159238036 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class P: LU1159238036 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class P: LU1159238036 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class P: LU1159238036 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class P: LU1159238036 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class P: LU1159238036 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report SSgA EMU Index Equity Fund Share Class B: FR0011342419 Share Class I: FR0010212795 Share Class I EUR Distributing: FR0012086403 Share Class P: FR0000018087 SSgA Denmark Index Equity Fund Share Class B: FR0011342393 Share Class I: FR0010587998 Share Class P: FR0000018046 SSgA Norway Index Equity Fund Share Class B: FR0011342450 Share Class I NOK: FR0010588244 Share Class P EUR: FR0010482828 Share Class P NOK: FR0000018434 SSgA Sweden Index Equity Fund Share Class B: FR0011342526 Share Class I: FR0010588301 Share Class P: FR0000018335 SSgA Europe Index Equity Fund Share Class B: FR0011342500 Share Class I: FR0010204040 Share Class P: FR0000023194 SSgA Australia Index Equity Fund Share Class B: FR0011341262 Share Class I: FR0010587949 Share Class P: FR0000018111 SSgA Canada Index Equity Fund Share Class B: FR0011342369 State Street EMU Index Equity Fund Share Class B: LU1159238119 Share Class I: LU1159237905 Share Class I Distributing: LU1159238382 Share Class P: LU1159238036 State Street Europe Index Equity Fund Share Class B: LU1159236683 Share Class I: LU1159236337 Share Class P: LU1159236501 State Street Europe Index Equity Fund Share Class I: LU1159236683 Share Class I: LU1159236337 Share Class P: LU1159236501 Share Class P: LU1159236501 State Street Europe Index Equity Fund Share Class B: LU1159236683 Share Class I: LU1159236337 Share Class P: LU1159236501 State Street Europe Index Equity Fund Share Class B: LU1159236683 Share Class I: LU1159236337 Share Class P: LU1159236501 State Street Australia Index Equity Fund Share Class B: LU1159240362 Share Class I: LU1159240107 Share Class P: LU1159240289 State Street Canada Index Equity Fund Share Class B: LU1159237731 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Share Class I: FR0010587964 Share Class P: FR0000018095 SSgA Hong Kong Index Equity Fund Share Class B: FR0011342674 Share Class I: FR0010588194 Share Class P: FR0000017998 SSgA Japan Index Equity Fund Share Class B: FR0011342716 Share Class I EUR: FR0010482802 Share Class I JPY: FR0010213272 Share Class P JPY: FR0000017931 SSgA Singapore Index Equity Fund Share Class B: FR0011342476 Share Class I: FR0010588269 Share Class P: FR0000018426 SSgA Switzerland Index Equity Fund Share Class B: FR0011342534 Share Class I CHF: FR0010588319 Share Class P CHF: FR0000018293 Share Class P EUR: FR0010482844 SSgA UK Index Equity Fund Share Class B: FR0011342625 Share Class I EUR: FR0010482885 Share Class I GBP: FR0010208546 Share Class P GBP: FR0000018327 SSgA US Index Equity Fund Share Class B: FR0011342633 Share Class I EUR: FR0010489591 Share Class I: LU1159237574 Share Class P: LU1159237657 State Street Pacific Ex Japan Index Equity Fund Share Class B: LU1161085342 Share Class I: LU1161082836 Share Class P: LU1161083644 State Street Japan Index Equity Fund Share Class B: LU1159239869 Share Class I EUR: LU1159240016 Share Class I: LU1159239604 Share Class P: LU1159239786 State Street Pacific Ex Japan Index Equity Fund Share Class B: LU1161085342 Share Class I: LU1161082836 Share Class P: LU1161083644 State Street Switzerland Index Equity Fund Share Class B: LU1159239356 Share Class I: LU1159239190 Share Class P: LU1159239273 Share Class P EUR: LU1159239513 State Street UK Index Equity Fund Share Class B: LU1159238622 Share Class I EUR: LU1159238978 Share Class I: LU1159238465 Share Class P: LU1159238549 State Street US Index Equity Fund Share Class B: LU1159237061 Share Class I EUR: LU1159237228 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

State Street Global Advisors Index Funds [ SICAV] 2015 Annual Report Share Class I Hedged EUR: FR0010489609 Share Class I USD: FR0010208553 Share Class P USD: FR0000018285 SSgA Global Emerging Markets Index Equity Fund Share Class B: FR0011342591 Share Class I: FR0010588111 Share Class P: FR0000018236 SSgA World Index Equity Fund Share Class B: FR0011342658 Share Class I EUR: FR0010482901 Share Class I USD: FR0010208538 Share Class P Hedged EUR: FR0010730119 Share Class P USD: FR0000018277 SSgA World SRI Index Equity Fund Share Class B: FR0011342617 Share Class I: FR0010596718 Share Class P EUR: FR0010585380 Share Class I EUR Hedged: LU1159237491 Share Class I: LU1159236840 Share Class P: LU1159236923 State Street Global Emerging Markets Index Equity Fund Share Class B: LU1159236170 Share Class I: LU1159235958 Share Class P: LU1159236097 State Street World Index Equity Fund Share Class B: LU1159234985 Share Class I EUR: LU1159235107 Share Class I: LU1159234712 Share Class P EUR Hedged: LU1159235289 Share Class P: LU1159234803 State Street World SRI Index Equity Fund Share Class B: LU1159235529 Share Class I: LU1159235362 Share Class P EUR: LU1159235875 On 04. December 2015, the P share class of the SSgA Europe ex UK Index Real Estate Fund (FR0010585364) 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2017. 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 2012. 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 2015. 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 2016. 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 2015. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2011. 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 2010. 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 2015. 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 2012. As 2016 commences, the tightening of credit conditions presents a further constraint on the earnings of US public companies that borrow on debt markets. 2015 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 - 10.5% for the fourth quarter and -24.7% for 2015, with the index hitting a new 13-year low on 17 December. 2015 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2016. 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: www.ssga.com 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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

BALANCE SHEET ASSETS AS AT 31/12/2015 IN EUR 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 410,470,999.80 9,017,269,027.28 Shares and similar securities 389,726,050.06 8,098,352,506.72 Traded on a regulated or related market 389,692,157.67 8,096,572,216.39 Not traded on a regulated or related market 33,892.39 1,780,290.37 Bonds and similar securities 0.00 5,810.10 Traded on a regulated or related market 0.00 5,810.10 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 20,744,949.74 917,069,410.55 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 20,744,949.74 917,069,410.55 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 1,841,299.88 Traded on a regulated or related market 0.00 1,841,299.88 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 491,840.92 2,804,094,267.59 Forward foreign exchange transactions 0.00 2,790,387,813.43 Other 491,840.92 13,706,454.16 Financial accounts 1,599,202.63 147,553,493.01 Liquidities 1,599,202.63 147,553,493.01 Total assets 412,562,043.38 11,968,916,787.88 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

BALANCE SHEET LIABILITIES AS AT 31/12/2015 IN EUR 31/12/2015 31/12/2014 Equity Capital 348,379,837.76 8,621,609,046.71 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 55,551,821.90 321,660,057.79 Income for the year (a, b) 7,815,625.03 158,144,907.86 Total equity 411,747,284.70 9,101,414,012.38 (= Amount representing net assets) Financial instruments 0.00 2,433,699.98 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 2,433,699.98 Traded on a regulated or related market 0.00 2,433,699.98 Other transactions 0.00 0.00 Payables 612,212.97 2,861,227,891.25 Forward foreign exchange transactions 0.00 2,808,469,980.31 Other 612,212.97 52,757,910.94 Financial accounts 202,545.71 3,841,184.32 Bank overdrafts 202,545.71 3,841,184.32 Loans 0.00 0.00 Total liabilities 412,562,043.38 11,968,916,787.88 (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

OFF-BALANCE SHEET AS AT 31/12/2015 IN EUR 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Futures contracts INDEX SP 60 I F 03/15 PTH5 1,944,361.60 SP 60 I F 03/14 PTH4 0.00 OMX30 I F 01/15 QCF5 387,105.37 OMX30 I F 01/14 QCF4 0.00 SP 200 FU 03/15 XPH5 1,729,229.36 SP 200 FU 03/14 XPH4 0.00 AUSTRAN 03/14 AXH4 0.00 OBX IND F 01/15 OIF5 773,907.46 OBX IND F 01/14 OIF4 0.00 MSCI S IX 01/15 QZF5 380,778.95 MSCI S IX 01/14 QZF4 0.00 S+P5 EM F 03/15 ESH5 53,428,040.16 EURO ST50 03/15 VGH5 30,640,740.00 S+P5 EM F 03/14 ESH4 0.00 EURO ST50 03/14 VGH4 0.00 SW MK I F 03/15 SMH5 1,259,358.76 SW MK I F 03/14 SMH4 0.00 DAX IND F 03/14 GXH4 0.00 FT 100 IF 15/03 Z H5 9,413,311.00 FT 100 I F 03/14 ZH4 0.00 FT/MIB IF 03/15 STH5 190,690.00 TOP IND F 03/15 TPH5 873,145.28 TOP IND F 03/14 TPH4 0.00 HANG S I 01/15 HIF5 378,031.17 HANG S I 01/14 HIF4 0.00 O 20 C I 01/15 ZMOF5 54,176.21 O 20 C I 01/14 ZMOF4 0.00 MINIMSCI 03/15 MESH5 1,226,755.09 MINI MSCI 3/14 MESH4 0.00 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

C40 IN FU 01/15 CFF5 42,770.00 Total INDEX 102,722,400.41 Total Future contracts 102,722,400.41 Total Commitments on regulated or related markets 102,722,400.41 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 102,722,400.41 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

INCOME STATEMENT AS AT 31/12/2015 IN EUR 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 690.30 42,441.19 Income from shares and similar securities 12,029,554.08 188,805,975.79 Revenues from bonds and similar securities 109.29 131.96 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 115,186.83 4,622,097.62 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 12,145,540.48 193,470,646.59 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 2.41 Expenses for futures 0.00 0.00 Cost of debt 9,378.27 27,503.92 Other financial expenses 0.00 0.00 TOTAL (II) 9,378.27 27,506.33 Income from financial transactions (I - II) 12,136,162.21 193,443,140.24 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 2,408,252.39 33,248,813.99 Net income for the year (L. 214-17-1) (I - II + III - IV) 9,727,909.80 160,194,326.23 Accrued revenue for the year (V) -1,912,284.75-2,049,418.36 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 7,815,625.03 158,144,907.86 SICAV Sub-funds State Street Global Advisors Index Funds: CONSOLIDATED ANNUAL REPORT 31/12/2015

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

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

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

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

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 0.9205560158 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

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

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: FR0000018582. I USD shares: FR0010587972 I EUR shares : FR0011129527 I NL EUR shares: FR0011675230 B shares: FR0011342377 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 2,781,616.10 4,156,651.39 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 0.00 0.00 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. 10,441,954.7 21.724.450.09 d) The newly issued financial securities mentioned in paragraph 4 of section I of Article R. 214-11 of the French Monetary and Financial Code; 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 December 2015, is US$18,427. A payment of US$5,535.71 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 31.029.092.77. The income statement shows retained net income of USD 363.688.65. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 5.43 5.48-0.05 4.09 5.48-1.39 1 Month -2.27-2.25-0.02-2.38-2.25-0.12 3 Months 5.21 5.28-0.07 4.87 5.28-0.41 6 Months -1.42-1.43 0.02-2.06-1.43-0.62 1 Year 5.43 5.48-0.05 5.43 5.48-0.05 4.09 5.48-1.39 4.09 5.48-1.39 2 Years 9.54 9.63-0.09 4.67 4.71-0.04 6.79 9.63-2.84 3.34 4.71-1.37 3 Years 52.11 52.65-0.54 15.02 15.15-0.14 46.42 52.65-6.23 13.56 15.15-1.59 5 Years 79.79 80.76-0.98 12.45 12.57-0.12 68.74 80.76-12.03 11.03 12.57-1.54 10 Years 113.16 114.54-1.38 7.86 7.93-0.07 88.03 114.54-26.51 6.52 7.93-1.41 Since Incp (01/31/2000) 93.60 94.95-1.34 4.24 4.28-0.05 59.08 94.95-35.86 2.96 4.28-1.32 Std Dev (3 Year) 3.52 3.55-0.02 12.20 12.28-0.08 3.52 3.55-0.03 12.19 12.28-0.09 Std Dev (5 Year) 3.98 4.01-0.03 13.79 13.89-0.10 3.98 4.01-0.03 13.78 13.89-0.11 Std Dev (Incp) 5.11 5.07 0.04 17.70 17.57 0.13 5.11 5.07 0.03 17.69 17.57 0.12 Tracking Error (1 Year) 0.15 0.15 Tracking Error (3 Year) 0.13 0.13 Tracking Error (5 Year) 0.16 0.17 Tracking Error (Incp) 1.47 1.47 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000-16.676282-18.271020 1.594738-17.582376-18.271020 0.688644 Year 2001-10.956226-10.217431-0.738795-12.024755-10.217431-1.807324 Year 2002-22.273357-22.486786 0.213429-23.200998-22.486786-0.714212 Year 2003 35.195541 37.318552-2.123011 33.585428 37.318552-3.733124 Year 2004 14.997202 14.900214 0.096988 13.627094 14.900214-1.273120 Year 2005 1.301352 1.253014 0.048338 0.097233 1.253014-1.155781 Year 2006 22.521840 20.880029 1.641811 21.060950 20.880029 0.180921 Year 2007-3.186983-3.223986 0.037003-4.351799-3.223986-1.127813 Year 2008-43.382501-41.668459-1.714042-44.113644-41.668459-2.445185 Year 2009 41.503520 39.615824 1.887696 39.767398 39.615824 0.151574 Year 2010 24.761175 24.578399 0.182776 23.204939 24.578399-1.373460 Year 2011-4.693017-4.738583 0.045566-5.893246-4.738583-1.154663 Year 2012 24.020224 24.308677-0.288453 22.456303 24.308677-1.852374 Year 2013 38.856823 39.238465-0.381642 37.111258 39.238465-2.127207 Year 2014 3.899702 3.934453-0.034751 2.592210 3.934453-1.342243 Year 2015 5.429891 5.481693-0.051802 4.092467 5.481693-1.389226 (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

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 5.44 5.48-0.04 5.03 5.48-0.45 1 Month -2.26-2.25-0.01-2.30-2.25-0.04 3 Months 5.21 5.28-0.07 5.11 5.28-0.17 6 Months -1.41-1.43 0.03-1.60-1.43-0.17 1 Year 5.44 5.48-0.04 5.44 5.48-0.04 5.03 5.48-0.45 5.03 5.48-0.45 2 Years 9.57 9.63-0.06 4.68 4.71-0.03 8.74 9.63-0.89 4.28 4.71-0.43 3 Years 52.16 52.65-0.49 15.03 15.15-0.12 50.44 52.65-2.21 14.59 15.15-0.56 5 Years 79.81 80.76-0.96 12.45 12.57-0.12 76.46 80.76-4.31 12.03 12.57-0.54 10 Years Since Incp (02 273.14 269.73 3.40 21.24 21.08 0.16 263.84 269.73-5.90 20.79 21.08-0.28 Std Dev (3 Ye 3.52 3.55-0.02 12.20 12.28-0.08 3.52 3.55-0.02 12.20 12.28-0.08 Std Dev (5 Ye 3.98 4.01-0.03 13.79 13.89-0.10 3.98 4.01-0.03 13.79 13.89-0.10 Std Dev (Incp 4.73 4.72 0.01 16.40 16.37 0.03 4.73 4.72 0.01 16.39 16.37 0.02 Tracking Error (1 Year) 0.14 0.14 Tracking Error (3 Year) 0.12 0.13 Tracking Error (5 Year) 0.16 0.16 Tracking Error (Incp) 0.56 0.56 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 66.319571 64.183977 2.135594 65.826702 64.183977 1.642725 Year 2010 24.770378 24.578399 0.191979 24.340176 24.578399-0.238223 Year 2011-4.714675-4.738583 0.023908-5.070755-4.738583-0.332172 Year 2012 24.021402 24.308677-0.287275 23.557312 24.308677-0.751365 Year 2013 38.869182 39.238465-0.369283 38.351156 39.238465-0.887309 Year 2014 3.915826 3.934453-0.018627 3.527780 3.934453-0.406673 Year 2015 5.439301 5.481693-0.042392 5.034778 5.481693-0.446915 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

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 131595EUR-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 17.44 17.50-0.05 17.09 17.50-0.41 1 Month -4.98-4.97-0.01-5.00-4.97-0.04 3 Months 8.11 8.18-0.07 8.03 8.18-0.15 6 Months 1.12 1.10 0.03 0.97 1.10-0.13 1 Year 17.44 17.50-0.05 17.44 17.50-0.05 17.09 17.50-0.41 17.09 17.50-0.41 2 Years 3 Years 5 Years 10 Years Since Incp (06 36.61 36.71-0.10 22.52 22.58-0.06 35.98 36.71-0.73 22.15 22.58-0.43 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 4.41 4.44-0.03 15.28 15.37-0.09 4.41 4.44-0.03 15.27 15.37-0.09 Tracking Error (1 Year) 0.14 0.14 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.12 0.12 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 16.317185 16.350780-0.033595 16.130478 16.350780-0.220302 Year 2015 17.443400 17.498041-0.054641 17.092368 17.498041-0.405673 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

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 131595EUR-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 17.46 17.50-0.03 17.00 17.50-0.50 1 Month -4.98-4.97-0.01-5.01-4.97-0.04 3 Months 8.11 8.18-0.07 8.01 8.18-0.18 6 Months 1.13 1.10 0.03 0.93 1.10-0.17 1 Year 17.46 17.50-0.03 17.46 17.50-0.03 17.00 17.50-0.50 17.00 17.50-0.50 2 Years 39.03 39.07-0.04 17.92 17.94-0.02 37.92 39.07-1.14 17.45 17.94-0.49 3 Years 84.78 85.26-0.48 22.73 22.84-0.11 82.59 85.26-2.68 22.24 22.84-0.60 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) 104.19 104.78-0.59 20.33 20.42-0.09 101.07 104.78-3.71 19.85 20.42-0.57 Std Dev (3 Year) 3.63 3.66-0.02 12.59 12.68-0.09 3.63 3.66-0.03 12.59 12.68-0.09 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) 3.30 3.33-0.02 11.44 11.52-0.09 3.30 3.33-0.03 11.43 11.52-0.09 Tracking Error (1 Year) 0.15 0.16 Tracking Error (3 Year) 0.12 0.13 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.13 0.13 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 10.503403 10.534241-0.030838 10.126078 10.534241-0.408163 Year 2013 32.910121 33.221085-0.310964 32.381297 33.221085-0.839788 Year 2014 18.359205 18.355837 0.003368 17.888029 18.355837-0.467808 Year 2015 17.463773 17.498041-0.034268 16.996139 17.498041-0.501902 (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

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

BALANCE SHEET ASSETS AS AT 31/12/2015 IN USD 31/12/2015 31/12/2014 NET FIXED ASSETS 0.00 0.00 DEPOSITS 0.00 0.00 FINANCIAL INSTRUMENTS 30,923,292.96 37,429,016.40 SHARES AND SIMILAR SECURITIES 28,308,102.43 37,146,919.63 TRADED ON A REGULATED OR RELATED MARKET 28,308,102.43 37,146,919.63 NOT TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 BONDS AND SIMILAR SECURITIES 0.00 0.00 TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 NOT TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 DEBT SECURITIES 0.00 0.00 TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 NEGOTIABLE DEBT SECURITIES 0.00 0.00 OTHER DEBT SECURITIES 0.00 0.00 NOT TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 COLLECTIVE INVESTMENT UNDERTAKINGS 0.00 0.00 UNDERTAKING FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) AND GENERAL-PURPOSE ALTERNATIVE INVESTMENT FUND (AIF) INTENDED FOR RETAIL INVESTORS AND 0.00 0.00 EQUIVALENTS IN OTHER COUNTRIES OTHER FUNDS INTENDED FOR RETAIL INVESTORS AND EQUIVALENTS IN OTHER 0.00 0.00 EUROPEAN UNION MEMBER STATES GENERAL-PURPOSE PROFESSIONAL FUNDS AND EQUIVALENTS IN OTHER EUROPEAN UNION MEMBER STATES AND LISTED SECURITISATION 0.00 0.00 FUNDS OTHER PROFESSIONAL INVESTMENT FUNDS AND EQUIVALENTS IN OTHER EUROPEAN UNION MEMBER STATES AND UNLISTED SECURITISATION FUNDS 0.00 0.00 OTHER NON-EUROPEAN FUNDS 0.00 0.00 TEMPORARY SECURITIES TRANSACTIONS 2,615,190.53 282,096.77 CLAIMS REPRESENTING SECURITIES SUBJECT TO REPURCHASE OPTIONS 0.00 0.00 RECEIVABLES FOR SECURITIES LOANED 2,615,190.53 282,096.77 SECURITIES BORROWED 0.00 0.00 SECURITIES PLEDGED 0.00 0.00 OTHER TEMPORARY TRANSACTIONS 0.00 0.00 FORWARD FINANCIAL INSTRUMENTS 0.00 0.00 TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 OTHER TRANSACTIONS 0.00 0.00 OTHER FINANCIAL INSTRUMENTS 0.00 0.00 RECEIVABLES 27,242.74 97,721.03 FORWARD FOREIGN EXCHANGE TRANSACTIONS 0.00 0.00 OTHER 27,242.74 97,721.03 FINANCIAL ACCOUNTS 124,909.38 152,652.96 LIQUIDITIES 124,909.38 152,652.96 TOTAL ASSETS 31,075,445.08 37,679,390.39 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

BALANCE SHEET EQUITY AND LIABILITIES AS AT 31/12/2015 IN USD 31/12/2015 31/12/2014 EQUITIES CAPITAL 27,159,480.22 31,121,702.13 UNDISTRIBUTED PRIOR NET GAINS AND LOSSES (A) 0.00 0.00 RETAINED EARNINGS (A) 0.00 0.00 NET GAINS AND LOSSES FOR THE YEAR (A, B) 3,505,923.90 5,927,593.19 INCOME FOR THE YEAR (A, B) 363,688.65 407,063.20 TOTAL EQUITY 31,029,092.77 37,456,358.52 (= AMOUNT REPRESENTING NET ASSETS) FINANCIAL INSTRUMENTS 0.00 0.00 DISPOSALS OF FINANCIAL INSTRUMENTS 0.00 0.00 TEMPORARY SECURITIES TRANSACTIONS 0.00 0.00 PAYABLES RELATED TO PLEDGED SECURITIES 0.00 0.00 DEBTS REPRESENTING BORROWED SECURITIES 0.00 0.00 OTHER TEMPORARY TRANSACTIONS 0.00 0.00 FORWARD FINANCIAL INSTRUMENTS 0.00 0.00 TRADED ON A REGULATED OR RELATED MARKET 0.00 0.00 OTHER TRANSACTIONS 0.00 0.00 PAYABLES 45,245.59 59,376.12 FORWARD FOREIGN EXCHANGE TRANSACTIONS 0.00 0.00 OTHER 45,245.59 59,376.12 FINANCIAL ACCOUNTS 1,106.72 163,655.75 BANK OVERDRAFTS 1,106.72 163,655.75 LOANS 0.00 0.00 TOTAL LIABILITIES 31,075,445.08 37,679,390.39 (A) INCLUDING ACCRUALS (B) LESS INTERIM DIVIDENDS PAID DURING THE YEAR SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

OFF-BALANCE SHEET AS AT 31/12/2015 IN USD 31/12/2015 31/12/2014 HEDGING TRANSACTIONS COMMITMENTS ON REGULATED OR RELATED MARKETS TOTAL COMMITMENTS ON REGULATED OR RELATED MARKETS 0.00 0.00 OVER-THE-COUNTER COMMITMENTS TOTAL OVER-THE-COUNTER COMMITMENTS 0.00 0.00 OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS 0.00 0.00 TOTAL HEDGING TRANSACTIONS 0.00 0.00 OTHER TRANSACTIONS COMMITMENTS ON REGULATED OR RELATED MARKETS TOTAL COMMITMENTS ON REGULATED OR RELATED MARKETS 0.00 0.00 OVER-THE-COUNTER COMMITMENTS TOTAL OVER-THE-COUNTER COMMITMENTS 0.00 0.00 OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS 0.00 0.00 TOTAL OTHER TRANSACTIONS 0.00 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

INCOME STATEMENT AS AT 31/12/2015 IN USD 31/12/2015 31/12/2014 INCOME FROM FINANCIAL TRANSACTIONS INCOME FROM DEPOSITS AND FINANCIAL ACCOUNTS 10.97 10.12 INCOME FROM SHARES AND SIMILAR SECURITIES 564,463.14 669,979.37 REVENUES FROM BONDS AND SIMILAR SECURITIES 0.00 0.00 INCOME FROM DEBT SECURITIES 0.00 0.00 REVENUES FROM TEMPORARY PURCHASES AND SALES OF SECURITIES 12,917.08 10,621.97 EXPENSES FOR FUTURES 0.00 0.00 OTHER FINANCIAL REVENUES 0.00 0.00 TOTAL (I) 577,391.19 680,611.46 EXPENSES FOR FINANCIAL TRANSACTIONS EXPENSES FOR TEMPORARY SALES AND PURCHASES OF SECURITIES 0.00 0.00 EXPENSES FOR FUTURES 0.00 0.00 COST OF DEBT 285.25 142.71 OTHER FINANCIAL EXPENSES 0.00 0.00 TOTAL (II) 285.25 142.71 INCOME FROM FINANCIAL TRANSACTIONS (I - II) 577,105.94 680,468.75 OTHER INCOME (III) 0.00 0.00 MANAGEMENT FEES AND AMORTISATION ALLOWANCE (IV) 153,261.02 180,600.56 NET INCOME FOR THE YEAR (L. 214-17-1) (I - II + III - IV) 423,844.92 499,868.19 ACCRUED REVENUE FOR THE YEAR (V) -60,156.27-92,804.99 INTERIM DIVIDENDS PAID FOR THE YEAR (VI) 0.00 0.00 NET INCOME (I - II + III - IV +/- V - VI) 363,688.65 407,063.20 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 RESCINDING REGULATION CRC 2003-02 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

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 FR0000018582 P USD ACCUMULATION PER UNIT FR0010587972 I USD ACCUMULATION PER UNIT FR0011129527 I EUR ACCUMULATION PER UNIT FR0011675230 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

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 OPENING NET ASSETS 37,456,358.52 57,172,742.53 SUBSCRIPTIONS (INCLUDING ENTRY FEES) 20,387,163.63 36,961,037.63 REDEMPTIONS (INCLUDING EXIT FEES) -28,931,220.13-57,332,262.07 CAPITAL GAINS MADE ON DEPOSITS AND FINANCIAL INSTRUMENTS 5,390,910.92 8,459,665.99 CAPITAL LOSSES MADE ON DEPOSITS AND FINANCIAL INSTRUMENTS -346,964.81-285,609.00 REALISED CAPITAL GAINS ON FINANCIAL FUTURES 0.00 0.00 CAPITAL LOSSES ON FINANCIAL FUTURES 0.00 0.00 TRANSACTION FEES -54,217.09-88,499.88 FOREIGN EXCHANGE VARIANCES -668,452.53-1,455,281.16 CHANGES IN DEPOSIT AND FINANCIAL INSTRUMENT ESTIMATE VARIANCE -2,628,330.66-6,475,303.71 CURRENT YEAR ESTIMATE VARIANCE N: 6,001,838.30 8,630,168.96 PREVIOUS YEAR ESTIMATE VARIANCE N-1: 8,630,168.96 15,105,472.67 CHANGES IN FUTURES ESTIMATE VARIANCE 0.00 0.00 CURRENT YEAR ESTIMATE VARIANCE N: 0.00 0.00 PREVIOUS YEAR ESTIMATE VARIANCE N-1: 0.00 0.00 DISTRIBUTION OF ASSETS 0.00 0.00 DISTRIBUTION OF NET GAINS AND LOSSES FOR THE PREVIOUS YEAR 0.00 0.00 DISTRIBUTION OF INCOME FOR THE PREVIOUS YEAR 0.00 0.00 NET INCOME FOR THE YEAR BEFORE ACCRUALS 423,844.92 499,868.19 INTERIM PAYMENT(S) ON NET GAINS AND LOSSES MADE DURING THE CURRENT YEAR 0.00 0.00 INTERIM PAYMENTS ON INCOME MADE DURING THE CURRENT YEAR 0.00 0.00 OTHER ITEMS* 0.00 0.00 CLOSING NET ASSETS 31,029,092.77 37,456,358.52 * 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

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 0.00 0.00 DEBT SECURITIES TOTAL DEBT SECURITIES 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY DISPOSALS OF FINANCIAL INSTRUMENTS TOTAL DISPOSALS OF FINANCIAL INSTRUMENTS 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 OFF-BALANCE SHEET HEDGING TRANSACTIONS TOTAL HEDGING TRANSACTIONS 0.00 0.00 OTHER TRANSACTIONS TOTAL OTHER TRANSACTIONS 0.00 0.00 TOTAL OFF-BALANCE SHEET 0.00 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

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 124,909.38 0.40 LIABILITIES TEMPORARY SECURITIES TRANSACTIONS FINANCIAL ACCOUNTS 1,106.72 0.00 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 124,909.38 0.40 LIABILITIES TEMPORARY SECURITIES TRANSACTIONS FINANCIAL ACCOUNTS 1,106.72 0.00 OFF-BALANCE SHEET ITEMS HEDGING TRANSACTIONS OTHER TRANSACTIONS SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

ASSETS DEPOSITS 3.4. BREAKDOWN BY LISTING CURRENCY OR VALUATION OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS CURRENCY CURRENCY CURRENCY % % % 1 2 3 JPY JPY EUR EUR GBP GBP CURRENCY N SHARES AND SIMILAR SECURITIES 4,479,539.69 14.44 3,494,451.67 11.26 1,849,070.66 5.96 1,467,491.99 4.73 BONDS AND SIMILAR SECURITIES DEBT SECURITIES COLLECTIVE INVESTMENT UNDERTAKING TEMPORARY SECURITIES TRANSACTIONS 81,872.07 0.26 471,910.87 1.52 355,155.57 1.14 RECEIVABLES 6,144.65 0.02 3,040.88 0.01 FINANCIAL ACCOUNTS 14,945.44 0.05 690.10 0.00 14,217.55 0.05 LIABILITIES DISPOSALS OF FINANCIAL INSTRUMENTS TEMPORARY SECURITIES TRANSACTIONS PAYABLES 9,649.39 0.03 FINANCIAL ACCOUNTS 312.62 0.00 794.10 0.00 OFF-BALANCE SHEET ITEMS HEDGING TRANSACTIONS OTHER TRANSACTIONS % 3.5. BREAKDOWN BY CATEGORY OF RECEIVABLES AND PAYABLES 31/12/2015 RECEIVABLES COUPONS RECEIVABLE 26,764.15 OTHER RECEIVABLES 478.59 TOTAL RECEIVABLES 27,242.74 PAYABLES MANAGEMENT FEES -35,596.20 OTHER PAYABLES -9,649.39 TOTAL PAYABLES -45,245.59 TOTAL PAYABLES AND RECEIVABLES -18,002.85 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. EQUITIES CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 IN UNITS VALUE SHARES OR UNITS ISSUED DURING THE YEAR 4,581.0153 707,709.35 SHARES OR UNITS REDEEMED DURING THE YEAR -10,303.79-1,559,574.95 C2 IN UNITS VALUE SHARES OR UNITS ISSUED DURING THE YEAR 83,115.7139 13,736,850.10 SHARES OR UNITS REDEEMED DURING THE YEAR -134,754-22,493,657.62 C3 IN UNITS I UNIT IN EUR VALUE SHARES OR UNITS ISSUED DURING THE YEAR 26,082 4,289,566.66 SHARES OR UNITS REDEEMED DURING THE YEAR -17,008-2,881,931.96 C4 IN UNITS NL UNITS IN EUR VALUE SHARES OR UNITS ISSUED DURING THE YEAR 9,919 1,653,037.52 SHARES OR UNITS REDEEMED DURING THE YEAR -12,354-1,996,055.60 SUBSCRIPTION AND/OR REDEMPTION FEES C1 VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 1,479.04 AMOUNT OF SUBSCRIPTION FEES RECEIVED 705.48 AMOUNT OF REDEMPTION FEES RECEIVED 773.56 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 1,479.04 AMOUNT OF ENTRY FEES 705.48 AMOUNT OF EXIT FEES 773.56 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 24,841.14 AMOUNT OF SUBSCRIPTION FEES RECEIVED 13,840.09 AMOUNT OF REDEMPTION FEES RECEIVED 11,001.05 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 24,841.14 AMOUNT OF ENTRY FEES 13,840.09 AMOUNT OF EXIT FEES 11,001.05 C3 I UNIT IN EUR VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 5,729.39 AMOUNT OF SUBSCRIPTION FEES RECEIVED 4,285.56 AMOUNT OF REDEMPTION FEES RECEIVED 1,443.83 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 5,729.39 AMOUNT OF ENTRY FEES 4,285.56 AMOUNT OF EXIT FEES 1,443.83 C4 NL UNITS IN EUR VALUE AMOUNT OF SUBSCRIPTION AND/OR REDEMPTION FEES RECEIVED 2,656.46 AMOUNT OF SUBSCRIPTION FEES RECEIVED 1,654.90 AMOUNT OF REDEMPTION FEES RECEIVED 1,001.56 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 2,656.46 AMOUNT OF ENTRY FEES 1,654.90 AMOUNT OF EXIT FEES 1,001.56 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

3.7. MANAGEMENT FEES C1 31/12/2015 PERCENTAGE OF FIXED MANAGEMENT COSTS 1.28 FIXED MANAGEMENT COSTS 22,906.91 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 91,546.01 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 28,861.41 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 9,946.69 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

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 2,874,747.73 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 SUMS REMAINING TO BE APPROPRIATED RETAINED EARNINGS 0.00 0.00 NET INCOME 363,688.65 407,063.20 TOTAL 363,688.65 407,063.20 C1 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 RETAINED EARNINGS FOR THE YEAR 0.00 0.00 ACCUMULATION PER UNIT 4,835.89 8,349.74 TOTAL 4,835.89 8,349.74 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME 0.00 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 RETAINED EARNINGS FOR THE YEAR 0.00 0.00 ACCUMULATION PER UNIT 235,659.17 322,591.43 TOTAL 235,659.17 322,591.43 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME 0.00 0.00 C3 I UNIT IN EUR 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 RETAINED EARNINGS FOR THE YEAR 0.00 0.00 ACCUMULATION PER UNIT 78,860.59 58,009.60 TOTAL 78,860.59 58,009.60 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME 0.00 0.00 C4 NL UNITS IN EUR 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 RETAINED EARNINGS FOR THE YEAR 0.00 0.00 ACCUMULATION PER UNIT 44,333.00 18,112.43 TOTAL 44,333.00 18,112.43 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 TAX CREDITS ATTACHED TO THE DISTRIBUTION OF INCOME 0.00 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

TABLE OF APPROPRIATION OF DISTRIBUTABLE AMOUNTS RELATED TO NET GAINS AND LOSSES (6) APPROPRIATION OF NET GAINS AND NET LOSSES 31/12/2015 31/12/2014 SUMS REMAINING TO BE APPROPRIATED UNDISTRIBUTED PRIOR NET GAINS AND LOSSES 0.00 0.00 NET GAINS AND LOSSES FOR THE YEAR 3,505,923.90 5,927,593.19 INTERIM DIVIDENDS PAID ON GAINS AND LOSSES FOR THE YEAR 0.00 0.00 TOTAL 3,505,923.90 5,927,593.19 (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 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 UNDISTRIBUTED NET GAINS AND LOSSES 0.00 0.00 ACCUMULATION PER UNIT 179,878.25 404,131.72 TOTAL 179,878.25 404,131.72 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 (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 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 UNDISTRIBUTED NET GAINS AND LOSSES 0.00 0.00 ACCUMULATION PER UNIT 2,205,515.65 4,516,919.42 TOTAL 2,205,515.65 4,516,919.42 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

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 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 UNDISTRIBUTED NET GAINS AND LOSSES 0.00 0.00 ACCUMULATION PER UNIT 738,055.29 812,192.12 TOTAL 738,055.29 812,192.12 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 (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 31/12/2015 31/12/2014 APPROPRIATION DISTRIBUTION 0.00 0.00 UNDISTRIBUTED NET GAINS AND LOSSES 0.00 0.00 ACCUMULATION PER UNIT 382,474.71 194,349.93 TOTAL 382,474.71 194,349.93 INFORMATION RELATING TO SHARES OR UNITS ELIGIBLE FOR DISTRIBUTION NUMBER OF SHARES OR UNITS 0.00 0.00 DISTRIBUTION PER UNIT 0.00 0.00 (6) TO COMPLETE REGARDLESS OF THE MUTUAL FUND S DISTRIBUTION POLICY SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

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 1,109,334.83 12,839.9705 86.39 0.46 C2 23,881,511.62 269,676.0000 88.55 1.30 31/12/2012 C1 504,771.44 4,771.2259 105.79 0.56 C2 28,513,914.10 260,612.0000 109.41 1.48 C3 10,086,040.08 92,185.0000 109.41 1.44 31/12/2013 C1 2,618,513.98 18,051.8268 145.05 14.38 C2 35,191,465.17 232,472.0000 151.37 16.13 C3 19,362,763.38 127,914.0000 151.37 16.13 31/12/2014 C1 2,372,711.43 15,944.2577 148.81 25.86 C2 26,677,601.27 170,234.1657 156.71 28.42 C3 4,797,600.89 30,616.0000 156.70 28.41 C4 3,608,444.93 23,010.0000 156.82 9.22 31/12/2015 C1 1,583,401.59 10,221.4830 154.90 18.06 C2 19,521,405.88 118,595.8796 164.60 20.57 C3 6,532,638.04 39,690.0000 164.59 20.57 C4 3,391,647.26 20,575.0000 164.84 20.73 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

3.12. DETAILS OF DEPOSITS AND FINANCIAL INSTRUMENTS NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS ABC MART INC NPV 200 11,056.15 JPY 0.04 ACCOR EUR3 1,575 68,445.46 EUR 0.22 ADIDAS AG NPV 15 1,465.04 EUR 0.00 ADVANCE AUTO PARTS COM 506 76,158.06 USD 0.25 AISIN SEIKI CO JPY50 1,400 60,983.42 JPY 0.20 ALTICE NV COMMON STOCK 678 9,869.25 EUR 0.03 ALTICE NV COMMON STOCK 3,152 45,368.23 EUR 0.15 AMAZON COM INC COM 2,862 1,934,397.18 USD 6.23 ARAMARK COMMON STOCK USD.01 1,800 58,050.00 USD 0.19 ARISTOCRAT LEISURE NPV(POST RECONSTRUCTION) 3,285 24,402.62 AUD 0.08 ASICS CORP JPY50 100 2,098.18 JPY 0.01 AUTOLIV COM 89 11,104.53 USD 0.04 AUTONATION INC DEL COM 574 34,244.84 USD 0.11 AUTOZONE INC COM 222 164,704.02 USD 0.53 AXEL SPRINGER SE 444 24,762.17 EUR 0.08 BANDAI NAMCO HOLDINGS INC 1,400 29,839.98 JPY 0.10 BARRATT DEVEL ORD GBP0.10 6,683 61,659.30 GBP 0.20 BAYER MOTOREN WERK NON VTG PRF EUR1 423 35,570.27 EUR 0.11 BED BATH + BEYOND INC COM 1,271 61,325.75 USD 0.20 BENESSE CORP JPY50 600 17,407.21 JPY 0.06 BEST BUY CO INC COM STK USD0.10 2,382 72,531.90 USD 0.23 BMW AG 2,346 248,806.13 EUR 0.80 BORG WARNER INC COM 1,524 65,882.52 USD 0.21 BRIDGESTONE CORP JPY50 4,700 163,080.77 JPY 0.53 BURBERRY GROUP 3,347 58,949.00 GBP 0.19 CABLEVISION SYS CORP CABLEVISION NY GROUP COM 1,400 44,660.00 USD 0.14 CANADIAN TIRE LTD CL A 600 51,038.35 CAD 0.16 CARMAX INC COM 237 12,790.89 USD 0.04 CARNIVAL CORP PAIRED 1 COM CARN +1 TR SH BEN 2,899 157,937.52 USD 0.51 CARNIVAL PLC ORD USD1.66 1,347 76,750.69 GBP 0.25 CASIO COMPUTER CO JPY50 100 2,366.68 JPY 0.01 CBS CORP CLASS B 478 22,528.14 USD 0.07 CHARTER COMMUNICATION A COMMON STOCK 93 17,028.30 USD 0.05 CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01 221 106,046.85 USD 0.34 CHRISTIAN DIOR SE EUR2 379 64,535.18 EUR 0.21 COACH INC COM 2,100 68,733.00 USD 0.22 COMCAST CORP NEW CL A 18,012 1,016,417.16 USD 3.28 COMPAGNIE FINANCIERE RIC COMMON STOCK 3,716 267,652.57 CHF 0.86 COMPASS GROUP COMMON STOCK 12,177 210,877.87 GBP 0.68 CONTINENTAL AG ORD NPV 793 193,435.43 EUR 0.62 CROWN RESORTS LTD NPV 3,245 29,512.10 AUD 0.10 D R HORTON INC COM 2,238 71,683.14 USD 0.23 DAIHATSU MOTOR CO 100 1,364.15 JPY 0.00 DAIMLERCHRYSLER AG ORD NPV(REGD) 6,936 584,532.47 EUR 1.88 DARDEN RESTAURANTS 900 57,276.00 USD 0.18 DELPHI AUTOMOTIVE PLC COMMON STOCK USD.01 2,045 175,317.85 USD 0.57 DENSO CORP JPY50 3,500 169,275.54 JPY 0.55 DENTSU INC NPV 1,600 88,848.25 JPY 0.29 DICKS SPORTING GOODS INC OC COM 600 21,210.00 USD 0.07 DISCOVERY COMMUNICATIONS INC COM SER A 1,163 31,028.84 USD 0.10 DISCOVERY COMMUNICATIONS INC COM SER C 2,139 53,945.58 USD 0.17 DISH NETWORK CORP CL A 1,700 97,206.00 USD 0.31 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS DISNEY WALT CO DISNEY COM 1,730 181,788.40 USD 0.59 DIXONS CARPHONE PLC 7,623 56,175.73 GBP 0.18 DOLLAR GENERAL CORP 2,145 154,161.15 USD 0.50 DOLLAR TREE INC 1,575 121,621.50 USD 0.39 DOLLARAMA INC COMMON STOCK 900 51,794.25 CAD 0.17 DON QUIJOTE HOLDINGS CO LTD 1,000 35,537.64 JPY 0.11 DUFRY AG CHF5 (REGD) 4 479.51 CHF 0.00 ELECTROLUX AB 19 462.46 SEK 0.00 EUTELSAT COMMUNICATIONS 1,049 31,450.99 EUR 0.10 EXPEDIA INC W/I COMMON STOCK 712 88,501.60 USD 0.29 FAST RETAILING 400 141,784.79 JPY 0.46 FIAT INVESTMENTS NV COMMON STOCK EUR.01 63 884.20 EUR 0.00 FLIGHT CENTRE TRAVEL GROUP LTD 6 174.14 AUD 0.00 FOOT LOCKER INC COM 1,100 71,599.00 USD 0.23 FORD MTR CO DEL COM PAR USD0.01 26,722 376,512.98 USD 1.21 FUJI HEAVY INDS JPY50 4,200 175,513.54 JPY 0.57 GALAXY ENTERTAINMENT GROUP L COMMON STOCK HKD.1 18,000 56,786.25 HKD 0.18 GAMESTOP CORP NEW CL A 92 2,579.68 USD 0.01 GANNETT CO W/I COMMON STOCK 1,800 45,936.00 USD 0.15 GAP INC COM 1,670 41,249.00 USD 0.13 GARMIN LTD COM 820 30,479.40 USD 0.10 GENERAL MOTORS CO COMMON STOCK USD.01 10,284 349,758.84 USD 1.13 GENTING INTL PLC USD0.10 (CLOB LINE) 10,850 5,888.97 SGD 0.02 GENUINE PARTS CO COM 1,040 89,325.60 USD 0.29 GILDAN ACTIVEWEAR INC SUB VTG SHS CL A 1,500 42,481.57 CAD 0.14 GKN ORD GBP0.50 12,468 56,671.40 GBP 0.18 GOODYEAR TIRE AND RUBBER COM 2,098 68,541.66 USD 0.22 H AND R BLOCK INC 1,700 56,627.00 USD 0.18 HAKUHODO DY HLDGS NPV 1,600 17,543.54 JPY 0.06 HANESBRANDS INC COM 3,000 88,290.00 USD 0.28 HARLEY DAVIDSON INC COM 1,604 72,805.56 USD 0.23 HARMAN INTL INDS INC NEW COM 71 6,688.91 USD 0.02 HARVEY NORMAN HLDG NPV COM 4,491 13,658.24 AUD 0.04 HASBRO INC COM 900 60,624.00 USD 0.20 HENNES + MAURITZ SEK0.25 SER B 6,721 240,838.91 SEK 0.78 HERMES INTL NPV 201 68,069.46 EUR 0.22 HIKARI TSUSHIN INC JPY50 100 6,858.14 JPY 0.02 HILL (WILLIAM) ORD GBP0.10 6,437 37,569.16 GBP 0.12 HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01 3,800 81,320.00 USD 0.26 HOME DEPOT INC COM 9,233 1,221,064.25 USD 3.94 HONDA MOTOR CO JPY50 11,800 383,540.49 JPY 1.24 HUGO BOSS AG NAMENS AKTIEN O.N COMMON STOCK 423 35,198.08 EUR 0.11 HUSQVARNA AB CL.B 3,737 24,822.94 SEK 0.08 IIDA GROUP HOLDINGS CO LTD COMMON STOCK 1,000 18,787.15 JPY 0.06 INDITEX COMMON STOCK 7,766 267,343.36 EUR 0.86 INTERCONTINENTAL HOTELS GROUP COMMON STOCK 1,768 69,261.21 GBP 0.22 INTERPUBLIC GROUP COS INC COM 3,118 72,587.04 USD 0.23 ISETAN MITSUKOSHI NPV 2,640 34,806.44 JPY 0.11 ISUZU MOTORS 4,600 50,246.48 JPY 0.16 ITV 26,308 107,248.90 GBP 0.35 J FRONT RETAILING 2,000 29,361.16 JPY 0.09 JARDEN CORP COM 1,328 75,855.36 USD 0.24 JARDINE CYCLE + CARRIAGE LTD SGD1 1,110 27,267.46 SGD 0.09 JC DECAUX SA NPV 610 23,391.30 EUR 0.08 JOHNSON CTLS INC COM 4,842 191,210.58 USD 0.62 KABEL DEUTSCHLAND GMBH COMMON STOCK 181 22,444.21 EUR 0.07 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS KERING 527 90,423.23 EUR 0.29 KINGFISHER 17,851 86,690.37 GBP 0.28 KOHLS CORP COM 232 11,050.16 USD 0.04 KOITO MFG CO JPY50 800 33,318.10 JPY 0.11 L BRANDS INC COMMON STOCK 1,754 168,068.28 USD 0.54 LAGARDERE SCA EUR6.10(REGD) 693 20,709.69 EUR 0.07 LAS VEGAS SANDS CORP COM 2,757 120,866.88 USD 0.39 LEAR CORP COMMON STOCK 600 73,698.00 USD 0.24 LEGGETT + PLATT INC COM 1,000 42,020.00 USD 0.14 LENNAR CORP CL A 1,355 66,273.05 USD 0.21 LI FUNG 52,000 35,359.48 HKD 0.11 LIBERTY GLOBAL PLC COMMON STOCK 1,926 81,585.36 USD 0.26 LIBERTY GLOBAL PLC COMMON STOCK 4,399 179,347.23 USD 0.58 LIBERTY INTERACTIVE CORP QVC G 3,417 93,352.44 USD 0.30 LIBERTY MEDIA CORP C W/I COMMON STOCK 1,620 61,689.60 USD 0.20 LIBERTY SPINCO INC A COMMON STOCK USD.01 610 23,942.50 USD 0.08 LINAMAR CORP COMMON STOCK NPV 200 10,759.69 CAD 0.03 LKQ CORP COMMON STOCK USD.01 2,300 68,149.00 USD 0.22 LOWES COS INC USD0.50 6,707 510,000.28 USD 1.64 LULULEMON ATHLETICA INC COMMON STOCK USD.01 850 44,599.50 USD 0.14 LUXOTTICA GROUP EUR0.06 1,267 83,131.06 EUR 0.27 LVMH MOET HENNESSY VUITTON SE 1,996 314,180.12 EUR 1.01 MACYS INC COM 2,262 79,124.76 USD 0.26 MAGNA INTERNATIONAL INC COMMON SHARE 29 1,171.63 CAD 0.00 MARKS + SPENCER GP ORD GBP0.25 12,806 85,386.44 GBP 0.28 MARRIOTT INTL INC NEW CL A 1,494 100,157.76 USD 0.32 MARUI CO JPY50 1,900 31,241.53 JPY 0.10 MATTEL INC COM 2,604 70,750.68 USD 0.23 MAZDA MOTOR CORP JPY50 4,100 86,025.19 JPY 0.28 MCDONALDS CORP COM 6,802 803,588.28 USD 2.59 MCDONALDS HOLDINGS JAPAN 500 10,889.90 JPY 0.04 MERLIN ENTERTAINMENTS PLC WI COMMON STOCK GBP.01 4,979 33,425.92 GBP 0.11 MGM CHINA HOLDINGS LTD COMMON STOCK HKD1. 8,248 10,323.15 HKD 0.03 MGM RESORTS INTERNATIONAL 3,500 79,520.00 USD 0.26 MICHAEL KORS HOLDINGS LTD COMMON STOCK NPV 1,506 60,330.36 USD 0.19 MICHELIN(CGDE) EUR2(REGD) 1,304 124,513.44 EUR 0.40 MITSUBISHI MOTOR 4,600 39,386.51 JPY 0.13 MOHAWK INDS INC COM 427 80,869.53 USD 0.26 NETFLIX COM 2,965 339,136.70 USD 1.09 NEWELL RUBBERMAID INC COM 1,850 81,548.00 USD 0.26 NEWS CORP/NEW CL A W/I COMMON STOCK 2,871 38,356.56 USD 0.12 NEXT GROUP ORD GBP0.10 1,012 108,732.87 GBP 0.35 NGK SPARK PLUG CO JPY50 1,500 40,088.95 JPY 0.13 NHK SPRING CO JPY50 1,200 12,190.03 JPY 0.04 NIKE CL B 9,776 611,000.00 USD 1.97 NIKON CORP JPY50 2,200 29,718.61 JPY 0.10 NISSAN MOTOR CO JPY50 17,900 190,390.72 JPY 0.61 NITORI HOLDINGS CO LTD 600 51,024.57 JPY 0.16 NOK CORP JPY50 800 19,006.61 JPY 0.06 NOKIAN RENKAAT OYJ EUR0.20 697 25,061.70 EUR 0.08 NORDSTROM INC COM 1,050 52,300.50 USD 0.17 NORWEGIAN CRUISE LINE HOLDIN COMMON STOCK USD.001 1,058 61,998.80 USD 0.20 NUMERICABLE-SFR 891 32,424.43 EUR 0.10 O REILLY AUTOMOTIVE INC 717 181,702.14 USD 0.59 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS OMNICOM GROUP COM 255 19,293.30 USD 0.06 ORIENTAL LAND CO LTD JPY50 1,400 85,388.43 JPY 0.28 PANASONIC CORP. 16,300 168,088.04 JPY 0.54 PANDORA A/S 812 103,069.27 DKK 0.33 PEARSON ORD GBP0.25 5,595 60,691.90 GBP 0.20 PERSIMMON ORD GBP0.10 2,332 69,668.29 GBP 0.22 PEUGEOT SA EUR1 3,172 55,838.28 EUR 0.18 POLARIS INDS INC COM 500 42,975.00 USD 0.14 PORSCHE AG NON VTG PRF NPV 994 53,999.91 EUR 0.17 PRICELINE GROUP INC 367 467,906.65 USD 1.51 PROSIEBENSAT.1 MEDIA SE 1,473 74,829.61 EUR 0.24 PUBLICIS GROUPE SA EUR0.40 1,305 87,013.61 EUR 0.28 PULTE HOMES INC COM 2,500 44,550.00 USD 0.14 PVH CORP COMMON STOC 644 47,430.60 USD 0.15 RAKUTEN INC NPV 6,300 73,476.87 JPY 0.24 RALPH LAUREN CORP 387 43,142.76 USD 0.14 REA GROUP LTD COMMON STOCK 5 200.41 AUD 0.00 RELX NV 7,040 118,842.96 EUR 0.38 RELX PLC 7,845 138,401.22 GBP 0.45 RENAULT (REGIE NATIONALE) EUR3.81 1,347 135,540.49 EUR 0.44 RESTAURANT BRANDS INTERN W/I COMMON STOCK 1,309 48,766.88 CAD 0.16 RINNAI CORP JPY50 100 8,961.30 JPY 0.03 ROSS STORES INC COM 2,961 159,331.41 USD 0.51 ROYAL CARIBBEAN CRUISES LTD SHS 1,223 123,779.83 USD 0.40 RTL GROUP COMMON STOCK NPV 301 25,193.52 EUR 0.08 RYOHIN KEIKAKU CO JPY50 100 20,482.98 JPY 0.07 SANDS CHINA LTD 17,800 60,978.45 HKD 0.20 SANKYO CO NPV 200 7,523.17 JPY 0.02 SANRIO CO LTD COMMON STOCK 400 9,476.70 JPY 0.03 SCHIBSTED 369 12,181.36 NOK 0.04 SCHIBSTED ASA B COMMON STOCK 460 14,660.55 NOK 0.05 SCRIPPS NETWORKS INTERACTIVE I CL A 587 32,408.27 USD 0.10 SEGA SAMMY HOLDINGS INC ORD SHS 1,800 16,983.25 JPY 0.05 SEKISUI CHEMICAL JPY50 3,000 39,677.46 JPY 0.13 SEKISUI HOUSE JPY50 4,100 69,750.62 JPY 0.22 SES FDR FDR EACH REP 1 A NPV 2,315 64,315.62 EUR 0.21 SHANGRI LA ASIA LTD HKD1 1,334 1,303.00 HKD 0.00 SHAW COMMUNICATIONS CL B NV 1,806 30,943.51 CAD 0.10 SHIMAMURA CO JPY50 100 11,854.19 JPY 0.04 SHIMANO INC JPY50 500 77,559.34 JPY 0.25 SIGNET JEWELERS LTD ORD USD0.18 600 74,214.00 USD 0.24 SINGAPORE PRESS HD SGD0.20 12,250 34,021.33 SGD 0.11 SIRIUS XM HLDGS INC COMMON STOCK 19,100 77,737.00 USD 0.25 SJM HOLDINGS LTD COMMON STOCK HKD1.0 20,252 14,450.57 HKD 0.05 SKY PLC 7,478 122,558.40 GBP 0.39 SODEXHO ALLIANCE EUR4 636 62,276.54 EUR 0.20 SONY CORP NPV 8,900 222,102.35 JPY 0.72 SPORTS DIRECT INTL ORD GBP0.10 2,075 17,646.02 GBP 0.06 STANLEY ELECTRIC JPY50 400 8,884.83 JPY 0.03 STAPLES INC COM 4,793 45,389.71 USD 0.15 STARBUCKS CORP COM 10,703 642,501.09 USD 2.07 STARWOOD HOTELS + RESORTS INC COM 1,294 89,648.32 USD 0.29 SUMITOMO ELECTRIC INDUSTRIES 5,700 81,689.19 JPY 0.26 SUMITOMO RUBBER JPY50 1,500 19,714.04 JPY 0.06 SUZUKI MOTOR CORP JPY50 2,800 86,191.45 JPY 0.28 SWATCH GROUP CHF2.25(BR) 2 699.69 CHF 0.00 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS SWATCH GROUP NOM. 268 18,205.56 CHF 0.06 TABCORP HOLDINGS LIMITED 5,616 19,245.24 AUD 0.06 TAKASHIMAYA CO JPY50 2,000 18,188.62 JPY 0.06 TARGET CORP COM 4,362 316,724.82 USD 1.02 TATTERSALLS LTD NPV 12,622 40,315.14 AUD 0.13 TAYLOR WOODROW ORD GBP0.25 21,948 65,698.84 GBP 0.21 TECHTRONIC INDUSTR ORD HKD0.1 10,000 40,773.59 HKD 0.13 TELENET GRP HLDG NPV 263 14,219.13 EUR 0.05 TESLA MOTORS INC COMMON STOCK USD.001 697 167,286.97 USD 0.54 THOMSON CORP COM 2,711 102,286.57 CAD 0.33 TIFFANY + CO NEW COM 1,004 76,595.16 USD 0.25 TIME WARNER CABLE INC COM 2,042 378,974.78 USD 1.22 TIME WARNER INC WHEN ISSUED COMMON STOCK 5,894 381,164.98 USD 1.23 TJX COS INC NEW COM 4,859 344,551.69 USD 1.11 TOHO CO JPY500 1,000 27,931.34 JPY 0.09 TOLL BROS INC COM 1,303 43,389.90 USD 0.14 TOYODA GOSEI JPY50 500 11,505.05 JPY 0.04 TOYOTA INDUSTRIES JPY50 1,200 65,139.87 JPY 0.21 TOYOTA MOTOR CORP JPY50 19,700 1,226,265.51 JPY 3.95 TRACTOR SUPPLY COMPANY COMMON STOCK USD.008 925 79,087.50 USD 0.25 TRIPADVISOR INC W/I COMMON STOCK 870 74,167.50 USD 0.24 TUI AG COMMON STOCK NPV 1,135 20,257.83 GBP 0.07 TUI AG NPV (REGD) 2,150 39,202.12 EUR 0.13 TWENTY FIRST CENTURY CL A WI COMMON STOCK 8,643 234,743.88 USD 0.76 TWENTY FIRST CENTURY CL B WI COMMON STOCK 3,337 90,866.51 USD 0.29 ULTA SALON COSMETICS + FRAGR COMMON STOCK USD.01 417 77,145.00 USD 0.25 UNDER ARMOUR INC CLASS A COMMON STOCK USD.000333 302 24,344.22 USD 0.08 USS JPY50 1,700 25,861.43 JPY 0.08 V F CORP COM 2,438 151,765.50 USD 0.49 VALEO EUR3 563 87,181.71 EUR 0.28 VIACOM INC NEW CL B 2,522 103,805.52 USD 0.33 VIVENDI SA EUR5.5 8,359 180,336.38 EUR 0.58 VOLKSWAGEN AG ORD NPV 3 463.74 EUR 0.00 VOLKSWAGEN PRIV 13 1,888.80 EUR 0.01 WHIRLPOOL CORP COM 447 65,650.89 USD 0.21 WHITBREAD ORD GBP0.76797385 1,291 83,739.51 GBP 0.27 WOLTERS KLUWER EUR0.12 2,292 77,096.64 EUR 0.25 WPP 2012 PLC COMMON STOCK 9,594 221,009.79 GBP 0.71 WYNDHAM WORLDWIDE CORP COM 940 68,291.00 USD 0.22 WYNN MACAU LTD 7,200 8,416.91 HKD 0.03 WYNN RESORTS LTD COM 492 34,041.48 USD 0.11 YAMADA DENKI CO JPY50 5,700 24,781.58 JPY 0.08 YAMAHA CORP NPV 1,300 31,869.16 JPY 0.10 YAMAHA MOTOR CO JPY50 1,800 41,059.07 JPY 0.13 YOKOHAMA RUBBER CO JPY50 1,000 15,553.43 JPY 0.05 YUE YUEN INDL HLDG HKD0.25 6,500 22,099.67 HKD 0.07 YUM BRANDS INC COM 3,125 228,281.25 USD 0.74 ZALANDO SE COMMON STOCK 5 197.71 EUR 0.00 TOTAL SHARES & SIMILAR SECURITIES TRADED ON A REGULATED OR RELATED MARKET 28,308,102.43 91.23 TOTAL SHARES & SIMILAR SECURITIES TRADED ON A REGULATED OR RELATED MARKET 28,308,102.43 91.23 TOTAL SHARES AND SIMILAR SECURITIES 28,308,102.43 91.23 AUTOLIV COM 502 62,634.54 USD 0.20 CBS CORP CLASS B 2,706 127,533.78 USD 0.41 CARMAX INC COM 1,343 72,481.71 USD 0.23 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

NAME OF ISSUER NO. OR NOMINAL AMOUNT MARKET VALUE CURRENCY % NET ASSETS CHARTER COMMUNICATION A COMMON STOCK 527 96,493.70 USD 0.31 DISNEY WALT CO DISNEY COM 9,800 1,029,784.00 USD 3.33 GAMESTOP CORP NEW CL A 521 14,608.84 USD 0.05 ADIDAS AG NPV 1,455 142,108.73 EUR 0.46 HARMAN INTL INDS INC NEW COM 396 37,307.16 USD 0.12 KOHLS CORP COM 1,309 62,347.67 USD 0.20 VOLKSWAGEN AG ORD NPV 256 39,572.61 EUR 0.13 VOLKSWAGEN PRIV 1,275 185,248.10 EUR 0.60 MAGNA INTERNATIONAL INC COMMON SHARE 2,871 115,991.40 CAD 0.37 ASICS CORP JPY50 1,000 20,981.75 JPY 0.07 CASIO COMPUTER CO JPY50 1,300 30,766.87 JPY 0.10 REA GROUP LTD COMMON STOCK 486 19,479.80 AUD 0.06 DAIHATSU MOTOR CO 900 12,277.32 JPY 0.04 FLIGHT CENTRE TRAVEL GROUP LTD 505 14,656.52 AUD 0.05 GENTING INTL PLC USD0.10 (CLOB LINE) 32,550 17,666.91 SGD 0.06 RINNAI CORP JPY50 100 8,961.30 JPY 0.03 SHANGRI LA ASIA LTD HKD1 7,554 7,378.44 HKD 0.02 OMNICOM GROUP COM 1,441 109,026.06 USD 0.35 STANLEY ELECTRIC JPY50 400 8,884.83 JPY 0.03 SWATCH GROUP CHF2.25(BR) 206 72,068.22 CHF 0.23 SHAW COMMUNICATIONS CL B NV 1,294 22,171.05 CAD 0.07 UNDER ARMOUR INC CLASS A COMMON STOCK USD.000333 935 75,370.35 USD 0.24 WHIRLPOOL CORP COM 127 18,652.49 USD 0.06 FIAT INVESTMENTS NV COMMON STOCK EUR.01 6,184 86,792.42 EUR 0.28 DUFRY AG CHF5 (REGD) 339 40,638.85 CHF 0.13 ELECTROLUX AB 1,806 43,957.92 SEK 0.14 MGM CHINA HOLDINGS LTD COMMON STOCK HKD1. 916 1,146.46 HKD 0.00 ZALANDO SE COMMON STOCK 460 18,189.01 EUR 0.06 TOTAL SECURITIES LENDING TRANSACTIONS 2,615,178.81 8.43 PAYABLES ON RECEIVABLES FOR SECURITIES LOANED 0.00 0.00 INDEMNITIES ON RECEIVABLES FOR SECURITIES LOANED 11.72 0.00 TOTAL CONTRACTUAL SALE TRANSACTIONS 2,615,190.53 8.43 TOTAL CONTRACTUAL TRANSACTIONS 2,615,190.53 8.43 SSgA Consumer Discretionary Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018491 I shares: FR0010587980 I EUR shares : FR0011129535 I NL EUR shares: FR0011675263 B shares: FR0011342385 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 6,746,954.97 8,450,703.33 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 13,449,016.93 16,260,760.39 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$1,140.699 with collateral worth US$ 1,221,668.41. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 43.39% 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 2015 31 December 2015, amounted to US$7,506. A payment of US$2,255.86 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 40.015.443.75. The income statement shows retained net income of USD 597,443.94. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 6.43 6.35 0.08 5.08 6.35-1.27 1 Month 0.93 0.94-0.02 0.82 0.94-0.13 3 Months 6.13 6.16-0.03 5.79 6.16-0.38 6 Months 5.04 4.96 0.08 4.36 4.96-0.60 1 Year 6.43 6.35 0.08 6.43 6.35 0.08 5.08 6.35-1.27 5.08 6.35-1.27 2 Years 14.19 14.13 0.06 6.86 6.84 0.03 11.32 14.13-2.81 5.51 6.84-1.32 3 Years 38.27 38.42-0.15 11.41 11.46-0.04 33.10 38.42-5.32 10.01 11.46-1.45 5 Years 70.20 70.38-0.19 11.22 11.25-0.02 59.74 70.38-10.65 9.82 11.25-1.43 10 Years 159.16 154.75 4.41 9.99 9.80 0.19 128.63 154.75-26.11 8.62 9.80-1.18 Since Incp (01/31/2000) 312.98 275.12 37.86 9.32 8.66 0.66 239.40 275.12-35.72 7.98 8.66-0.68 Std Dev (3 Year) 3.16 3.17-0.01 10.94 10.96-0.02 3.16 3.17-0.01 10.93 10.96-0.03 Std Dev (5 Year) 3.03 3.04-0.01 10.49 10.53-0.04 3.03 3.04-0.01 10.48 10.53-0.05 Std Dev (Incp) 3.31 3.33-0.02 11.46 11.53-0.06 3.31 3.33-0.02 11.46 11.53-0.07 Tracking Error (1 Year) 0.12 0.13 Tracking Error (3 Year) 0.10 0.10 Tracking Error (5 Year) 0.12 0.12 Tracking Error (Incp) 0.83 0.83 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000 26.060154 20.165915 5.894239 24.691416 20.165915 4.525501 Year 2001-7.342525-8.383338 1.040813-8.453539-8.383338-0.070201 Year 2002-2.339960-3.224256 0.884296-3.504546-3.224256-0.280290 Year 2003 17.561589 16.840304 0.721285 16.161040 16.840304-0.679264 Year 2004 12.203789 11.811916 0.391873 10.866316 11.811916-0.945600 Year 2005 5.905717 5.793362 0.112355 4.646822 5.793362-1.146540 Year 2006 20.508498 20.146940 0.361558 19.071623 20.146940-1.075317 Year 2007 18.936247 18.313896 0.622351 17.506553 18.313896-0.807343 Year 2008-22.973905-23.299534 0.325629-23.944139-23.299534-0.644605 Year 2009 22.145011 21.673826 0.471185 20.630167 21.673826-1.043659 Year 2010 12.919657 12.703413 0.216244 11.500270 12.703413-1.203143 Year 2011 8.675964 8.583526 0.092438 7.308456 8.583526-1.275070 Year 2012 13.263616 13.358877-0.095261 11.835280 13.358877-1.523597 Year 2013 21.087049 21.280600-0.193551 19.564428 21.280600-1.716172 Year 2014 7.289570 7.314743-0.025173 5.940093 7.314743-1.374650 Year 2015 6.431337 6.354645 0.076692 5.081670 6.354645-1.272975 (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

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 6.44 6.35 0.08 6.03 6.35-0.32 1 Month 0.93 0.94-0.01 0.90 0.94-0.05 3 Months 6.13 6.16-0.03 6.03 6.16-0.14 6 Months 5.04 4.96 0.09 4.83 4.96-0.12 1 Year 6.44 6.35 0.08 6.44 6.35 0.08 6.03 6.35-0.32 6.03 6.35-0.32 2 Years 14.21 14.13 0.08 6.87 6.84 0.04 13.35 14.13-0.79 6.47 6.84-0.37 3 Years 38.30 38.42-0.12 11.42 11.46-0.03 36.75 38.42-1.68 11.00 11.46-0.45 5 Years 70.26 70.38-0.12 11.23 11.25-0.02 67.09 70.38-3.29 10.81 11.25-0.43 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/28/2009) 173.26 172.05 1.20 15.84 15.77 0.07 166.36 172.05-5.69 15.41 15.77-0.36 Std Dev (3 Year) 3.16 3.17-0.01 10.94 10.96-0.02 3.16 3.17-0.01 10.94 10.96-0.02 Std Dev (5 Year) 3.03 3.04-0.01 10.49 10.53-0.04 3.03 3.04-0.01 10.49 10.53-0.04 Std Dev (Incp) 3.21 3.21-0.01 11.11 11.13-0.02 3.21 3.21-0.01 11.11 11.13-0.02 Tracking Error (1 Year) 0.13 0.13 Tracking Error (3 Year) 0.10 0.10 Tracking Error (5 Year) 0.12 0.12 Tracking Error (Incp) 0.13 0.13 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 42.147336 41.673165 0.474171 41.712204 41.673165 0.039039 Year 2010 12.903165 12.703413 0.199752 12.489289 12.703413-0.214124 Year 2011 8.689994 8.583526 0.106468 8.284136 8.583526-0.299390 Year 2012 13.266809 13.358877-0.092068 12.842948 13.358877-0.515929 Year 2013 21.094750 21.280600-0.185850 20.642899 21.280600-0.637701 Year 2014 7.302277 7.314743-0.012466 6.901786 7.314743-0.412957 Year 2015 6.438425 6.354645 0.083780 6.030211 6.354645-0.324434 (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

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 131599EUR-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 18.58 18.47 0.11 18.23 18.47-0.24 1 Month -1.87-1.86-0.01-1.89-1.86-0.04 3 Months 9.06 9.09-0.03 8.98 9.09-0.11 6 Months 7.74 7.65 0.09 7.58 7.65-0.07 1 Year 18.58 18.47 0.11 18.58 18.47 0.11 18.23 18.47-0.24 18.23 18.47-0.24 2 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) 34.71 34.55 0.16 21.41 21.31 0.09 34.09 34.55-0.46 21.05 21.31-0.27 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) 3.93 3.95-0.02 13.63 13.69-0.05 3.93 3.95-0.02 13.63 13.69-0.06 Tracking Error (1 Year) 0.13 0.13 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.11 0.12 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 13.600204 13.571229 0.028975 13.417868 13.571229-0.153361 Year 2015 18.582298 18.470439 0.111859 18.227987 18.470439-0.242452 (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

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 131599EUR-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 18.58 18.47 0.11 18.11 18.47-0.36 1 Month -1.87-1.86-0.01-1.90-1.86-0.05 3 Months 9.06 9.09-0.03 8.95 9.09-0.14 6 Months 7.74 7.65 0.09 7.52 7.65-0.13 1 Year 18.58 18.47 0.11 18.58 18.47 0.11 18.11 18.47-0.36 18.11 18.47-0.36 2 Years 44.93 44.78 0.16 20.40 20.34 0.06 43.78 44.78-1.00 19.92 20.34-0.42 3 Years 67.97 68.00-0.03 18.88 18.89-0.01 65.97 68.00-2.03 18.41 18.89-0.48 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) 86.31 86.51-0.20 17.50 17.54-0.03 83.47 86.51-3.04 17.04 17.54-0.50 Std Dev (3 Year) 3.42 3.43-0.01 11.85 11.89-0.05 3.42 3.43-0.01 11.84 11.89-0.05 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) 3.22 3.24-0.01 11.17 11.22-0.05 3.22 3.24-0.02 11.16 11.22-0.06 Tracking Error (1 Year) 0.13 0.13 Tracking Error (3 Year) 0.10 0.10 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.11 0.11 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 10.923803 11.021276-0.097473 10.545145 11.021276-0.476131 Year 2013 15.892489 16.039292-0.146803 15.431243 16.039292-0.608049 Year 2014 22.220984 22.205157 0.015827 21.734680 22.205157-0.470477 Year 2015 18.581957 18.470439 0.111518 18.110035 18.470439-0.360404 (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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 39,769,292.38 42,680,836.12 Shares and similar securities 38,637,372.67 42,584,942.43 Traded on a regulated or related market 38,633,331.34 42,584,942.43 Not traded on a regulated or related market 4,041.33 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 1,131,919.71 95,893.69 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 1,131,919.71 95,893.69 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 73,635.24 71,767.31 Forward foreign exchange transactions 0.00 0.00 Other 73,635.24 71,767.31 Financial accounts 248,889.58 1,118,798.68 Liquidities 248,889.58 1,118,798.68 Total assets 40,091,817.20 43,871,402.11 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 36,811,612.40 38,169,463.31 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 2,606,387.41 4,187,407.99 Income for the year (a, b) 597,443.94 591,999.87 Total equity 40,015,443.75 42,948,871.17 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 76,373.45 922,530.94 Forward foreign exchange transactions 0.00 0.00 Other 76,373.45 922,530.94 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 40,091,817.20 43,871,402.11 (a) Including accruals (b) Less interim dividends paid during the year SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 11.82 9.05 Income from shares and similar securities 912,454.35 937,315.98 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 5,238.72 4,471.17 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 917,704.89 941,796.20 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 667.56 109.94 Other financial expenses 0.00 0.00 TOTAL (II) 667.56 109.94 Income from financial transactions (I - II) 917,037.33 941,686.26 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 281,629.07 281,751.24 Net income for the year (L. 214-17-1) (I - II + III - IV) 635,408.26 659,935.02 Accrued revenue for the year (V) -37,964.32-67,935.15 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 597,443.94 591,999.87 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018491 FR0010587980 FR0011129535 FR0011675263 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

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 42,948,871.17 60,593,634.15 Subscriptions (including entry fees) 26,910,674.90 32,944,907.44 Redemptions (including exit fees) -32,325,409.29-52,320,693.24 Capital gains made on deposits and financial instruments 3,880,517.92 5,184,324.63 Capital losses made on deposits and financial instruments -292,611.99-350,122.05 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -59,681.55-79,287.39 Foreign exchange variances -1,035,659.21-1,566,737.81 Changes in deposit and financial instrument estimate variance -646,666.46-2,117,089.58 Current year estimate variance N: 5,233,388.79 5,880,055.25 Previous year estimate variance N-1: 5,880,055.25 7,997,144.83 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 635,408.26 659,935.02 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 40,015,443.75 42,948,871.17 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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 248,889.58 0.62 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 248,889.58 0.62 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

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 5,215,230.74 13.03 4,872,047.93 12.18 2,997,453.60 7.49 3,918,791.08 9.79 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 109,122.57 0.27 151,131.88 0.38 21,917.81 0.05 549,760.05 1.37 Receivables 11,751.81 0.03 11,210.26 0.03 Financial accounts 5,085.04 0.01 73,463.43 0.18 7,402.99 0.02 48,365.94 0.12 Liabilities Disposals of financial instruments Temporary securities transactions Payables 8,188.64 0.02 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 73,380.70 Other receivables 254.54 Total receivables 73,635.24 Payables Management fees -68,184.81 Other payables -8,188.64 Total payables -76,373.45 Total payables and receivables -2,738.21 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 11,524.8701 3,730,203.14 Shares or units redeemed during the year -37,756.5485-12,203,166.46 C2 In units Value Shares or units issued during the year 54,945.3404 18,748,713.57 Shares or units redeemed during the year -52,912.164-18,213,829.72 C3 In units I UNIT in EUR Value Shares or units issued during the year 10,412 3,548,148.91 Shares or units redeemed during the year -2,446-851,375.73 C4 In units NL units IN EUR Value Shares or units issued during the year 2,577 883,609.28 Shares or units redeemed during the year -3,115-1,057,037.38 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 9,761.93 Amount of subscription fees received 3,725.43 Amount of redemption fees received 6,036.50 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 9,761.93 Amount of entry fees 3,725.43 Amount of exit fees 6,036.50 C2 Value Amount of subscription and/or redemption fees received 27,795.99 Amount of subscription fees received 18,745.80 Amount of redemption fees received 9,050.19 Amount of subscription and/or redemption fees transferred to third parties 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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 27,795.99 Amount of entry fees 18,745.80 Amount of exit fees 9,050.19 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 3,955.67 Amount of subscription fees received 3,529.71 Amount of redemption fees received 425.96 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 3,955.67 Amount of entry fees 3,529.71 Amount of exit fees 425.96 C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 1,411.48 Amount of subscription fees received 882.74 Amount of redemption fees received 528.74 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 1,411.48 Amount of entry fees 882.74 Amount of exit fees 528.74 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 174,608.66 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 79,318.74 Percentage of variable management costs 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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 20,276.40 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 7,425.27 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

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 1,221,668.41 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 597,443.94 591,999.87 Total 597,443.94 591,999.87 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 108,414.00 194,580.23 Total 108,414.00 194,580.23 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 349,737.49 333,062.53 Total 349,737.49 333,062.53 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 91,695.01 42,098.40 Total 91,695.01 42,098.40 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C4 NL units IN EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 47,597.44 22,258.71 Total 47,597.44 22,258.71 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 2,606,387.41 4,187,407.99 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 2,606,387.41 4,187,407.99 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 804,004.83 2,024,744.05 Total 804,004.83 2,024,744.05 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 1,295,655.48 1,830,753.50 Total 1,295,655.48 1,830,753.50 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 I UNIT in EUR Undistributed net gains and losses 0.00 0.00 Accumulation per unit 339,697.71 231,409.36 Total 339,697.71 231,409.36 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 NL units IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 167,029.39 100,501.08 Total 167,029.39 100,501.08 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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 46,781,580.58 210,995.5738 221.71 2.73 C2 26,546,639.01 116,718.5947 227.44 4.74 31/12/2012 C1 13,441,331.94 54,207.7067 247.95 3.24 C2 30,091,868.50 117,246.3418 256.65 5.54 C3 7,989,405.63 31,129.0000 256.65 5.17 31/12/2013 C1 13,059,380.18 44,050.1366 296.46 23.27 C2 36,967,887.06 119,390.2793 309.63 26.81 C3 10,566,366.91 34,124.0000 309.64 26.81 31/12/2014 C1 19,936,849.70 63,477.7482 314.07 34.95 C2 18,121,200.87 54,745.6438 331.00 39.51 C3 2,290,626.63 6,920.0000 331.01 39.52 C4 2,600,193.97 7,851.0000 331.19 15.63 31/12/2015 C1 12,292,575.31 37,246.0698 330.03 24.49 C2 19,927,560.09 56,778.8202 350.96 28.96 C3 5,224,650.16 14,886.0000 350.97 28.96 C4 2,570,658.19 7,313.0000 351.51 29.34 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets COLRUYT COMMON STOCK 900 46,385.55 EUR 0.12 AEON CO LTD JPY50 173 2,686.43 JPY 0.01 AJINOMOTO CO INC JPY50 5,972 142,951.70 JPY 0.36 ALIMENTATION COUCHE TARD CAN/CAD 5,082 222,842.59 CAD 0.56 ALTRIA GROUP INC COM 23,177 1,349,133.17 USD 3.37 ARCHER DANIELS MIDLAND CO COM 7,413 271,908.84 USD 0.68 ARYZTA AG CHF0.02 1,056 53,801.52 CHF 0.13 ASAHI GROUP HOLDING LTD 4,634 146,344.96 JPY 0.37 ASSOCIATED BRITISH FOODS PLC 4,379 215,692.09 GBP 0.54 BARRY CALLEBAUT AG CHF92.20 (REGD) 1 1,095.89 CHF 0.00 BEIERSDORF AG NPV 1,258 115,010.14 EUR 0.29 BRITISH AMERICAN TOBACCO ORD 0.25GBP 22,023 1,224,012.46 GBP 3.06 BROWN FORMAN 1,427 141,672.56 USD 0.35 BUNGE LIMITED SHS 1,695 115,734.60 USD 0.29 CALBEE INC COMMON STOCK 800 34,182.64 JPY 0.09 CAMPBELL SOUP CO COM 2,290 120,339.50 USD 0.30 CARLSBERG B DKK20 1,295 115,460.27 DKK 0.29 CARREFOUR EUR2.50 6,505 188,319.07 EUR 0.47 CASINO GUICH PERR EUR1.53 6 276.45 EUR 0.00 CHOCOLADEFABR.LINDT SPRUENGLI 1 74,544.52 CHF 0.19 CHURCH AND DWIGHT INC COM 372 31,575.36 USD 0.08 CLOROX CO COM 1,494 189,484.02 USD 0.47 COCA COLA AMATIL NPV(POST RECONSTRUCTION) 7,333 49,618.09 AUD 0.12 COCA COLA CO COM 48,934 2,102,204.64 USD 5.25 COCA COLA ENTERPRISES NEW 2,688 132,357.12 USD 0.33 COCA COLA HBC AG ORD SHS COMMON STOCK 2,426 51,774.06 GBP 0.13 COLGATE PALMOLIVE CO COM 10,168 677,392.16 USD 1.69 CONAGRA INC COM 5,230 220,496.80 USD 0.55 CONSTELLATION BRANDS INC CL A 2,092 297,984.48 USD 0.74 COSTCO WHSL CORP NEW COM 5,218 842,707.00 USD 2.11 CVS HEALTH CORP 13,091 1,279,907.07 USD 3.20 DELHAIZE GROUP NPV 1,234 120,362.97 EUR 0.30 DIA COMMON STOCK 729 4,311.18 EUR 0.01 DIAGEO ORD GBX28.935185 30,023 821,489.23 GBP 2.05 DR PEPPER SNAPPLE GROUP INC COM 2,141 199,541.20 USD 0.50 EDGEWELL PERSONAL CARE CO WI COMMON STOCK 668 52,351.16 USD 0.13 EMPIRE LTD CL A CAN/CAD 1,800 33,354.62 CAD 0.08 FAMILYMART CO JPY50 548 25,692.84 JPY 0.06 GENERAL MILLS 7,079 408,175.14 USD 1.02 GEORGE WESTON LTD COM 648 49,887.31 CAD 0.12 GOLDEN AGRI RESOUR USD0.10 96,120 23,036.24 SGD 0.06 GROUPE DANONE EUR0.25 (POST SUBDIVISION) 6,928 468,712.20 EUR 1.17 HEINEKEN HOLDING EUR1.6 1,177 90,778.83 EUR 0.23 HEINEKEN NV EUR1.60 2,790 238,734.30 EUR 0.60 HENKEL 1,258 121,105.03 EUR 0.30 HENKEL KGAA NON VTG PRF NPV 2,158 241,925.09 EUR 0.60 HERSHEY CO / THE COM 1,704 152,116.08 USD 0.38 HJ HEINZ HOLDING CORP COMMON STOCK USD.01 7,261 528,310.36 USD 1.32 HORMEL FOODS CORP COM 1,739 137,520.12 USD 0.34 ICA Gruppen AB 7 255.24 SEK 0.00 IMPERIAL TOBACCO ORD GBP0.10 11,260 595,198.81 GBP 1.49 INBEV NPV 9,498 1,180,342.29 EUR 2.95 JAPAN TOBACCO INC JPY50000 13,100 486,887.27 JPY 1.22 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets JEAN COUTU GROUP INC CLASS A COMMON STOCK NPV 700 9,025.44 CAD 0.02 JERONIMO MARTINS 2,553 33,266.03 EUR 0.08 KAO CORP JPY50 5,879 305,691.40 JPY 0.76 KELLOGG CO COM 3,189 230,469.03 USD 0.58 KERRY GROUP A ORD I0.10(DUBLIN LIST) 1,909 158,247.61 EUR 0.40 KEURIG GREEN MTN INC COMMON STOCK 1,350 121,473.00 USD 0.30 KIKKOMAN CORP JPY50 1,493 52,437.14 JPY 0.13 KIMBERLY CLARK CORP COM 4,308 548,408.40 USD 1.37 KIRIN BREWERY CO JPY50 9,865 135,106.11 JPY 0.34 KONINKLIJKE AHOLD NV COMMON STOCK 10,254 216,930.47 EUR 0.54 KOSE CORP JPY50 400 37,474.54 JPY 0.09 KROGER CO COM 11,246 470,420.18 USD 1.18 L OREAL 2,997 505,601.06 EUR 1.26 LAUDER ESTEE COS INC CL A 388 34,167.28 USD 0.09 LAWSON JPY50 797 65,259.99 JPY 0.16 LINDT + SPRUENGLI PTG CERT CHF10 11 68,735.40 CHF 0.17 LOBLAW COS LTD COM 2,761 129,873.48 CAD 0.32 MCCORMICK + CO INC COM NON VTG 1,352 115,677.12 USD 0.29 MEAD JOHNSON NUTRITION CO COM CL A 2,480 195,796.00 USD 0.49 MEIJI HOLDINGS CO NPV 1,400 116,962.47 JPY 0.29 METRO AG 21 674.33 EUR 0.00 METRO INC COMMON 3,000 83,667.31 CAD 0.21 MOLSON COORS BREWING CO CL B 1,845 173,282.40 USD 0.43 MONDELEZ INTERNATIONAL W/I COMMON STOCK 18,994 851,690.96 USD 2.13 MONSTER BEVERAGE CORP 1,694 252,338.24 USD 0.63 MORRISON(W)SUPRMKT ORD GBP0.10 227 495.82 GBP 0.00 NESTLE SA CHF1 (REGD 37,587 2,799,276.27 CHF 7.04 NH FOODS LTD 1,493 29,513.73 JPY 0.07 NISSHIN SEIFUN GRP JPY50 2,000 33,035.46 JPY 0.08 NISSIN FOOD PRODS JPY50 646 34,529.95 JPY 0.09 ORKLA ASA 10,040 79,513.51 NOK 0.20 PEPSICO INC COM 17,409 1,739,507.28 USD 4.35 PERNOD RICARD NPV 2,571 293,810.69 EUR 0.73 PHILIP MORRIS INTL ORD SHR COM 18,346 1,612,796.86 USD 4.03 PROCTER AND GAMBLE CO COM 32,090 2,548,266.90 USD 6.37 RECKITT BENCKISER 7,542 698,181.20 GBP 1.74 REMY COINTREAU SA EUR1.60 4 286.83 EUR 0.00 REYNOLDS AMERN INC COM 10,202 470,822.30 USD 1.18 RITE AID COM 11,500 90,160.00 USD 0.23 SABMILLER PLC ORD USD0.10 11,440 686,151.32 GBP 1.71 SAFEWAY PDC, LLC CVR COMMON STOCK 3,982 194.32 USD 0.00 SAINSBURY 160 610.29 GBP 0.00 SAPUTO INC /SHS 3,088 73,583.46 CAD 0.18 SEVEN + I HOLDINGS NPV 8,866 409,046.95 JPY 1.02 SHISEIDO CO JPY50 3,486 73,287.29 JPY 0.18 SMUCKER J M CO COM NEW 1,300 160,342.00 USD 0.40 SUNTORY BEVERAGE + FOOD LTD COMMON STOCK 1,000 44,224.62 JPY 0.11 SVENSKA CELLULOSA 7,155 209,203.33 SEK 0.52 SWEDISH MATCH NPV 2,241 79,798.47 SEK 0.20 SYSCO CORP COM 6,995 286,795.00 USD 0.72 TATE + LYLE GBP 0.25 5,527 48,794.30 GBP 0.12 TESCO ORD GBP0.05 100,327 221,060.86 GBP 0.55 TOYO SUISAN KAISHA JPY50 993 34,917.41 JPY 0.09 TREASURY WINE ESTATES 8,339 50,357.89 AUD 0.13 TYSON FOODS INC (DEL) CLS A COM 3,639 194,067.87 USD 0.48 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets UNI CHARM CORP JPY50 100 2,059.10 JPY 0.01 UNILEVER NV EUR0.16 19,441 846,967.81 EUR 2.12 UNILEVER PLC ORD GBP0.031111 15,111 651,770.30 GBP 1.63 WAL MART STORES INC COM 19,067 1,168,807.10 USD 2.92 WALGREENS BOOTS ALLIANCE COMMON STOCK 10,383 884,164.37 USD 2.21 WESFARMERS NPV 13,012 393,928.31 AUD 0.98 WH GROUP LTD COMMON STOCK USD.0001 58,987 32,956.12 HKD 0.08 WHITEWAVE FOODS CO COMMON STOCK USD.01 2,200 85,602.00 USD 0.21 WHOLE FOODS MKT INC COM 4,288 143,648.00 USD 0.36 WILMAR INTERL LTD SGD0.5 5,750 11,916.10 SGD 0.03 WOOLWORTHS LTD NPV 147 2,620.35 AUD 0.01 YAKULT HONSHA CO JPY50 896 44,392.21 JPY 0.11 YAMAZAKI BAKING CO JPY50 493 11,208.74 JPY 0.03 TOTAL Shares & similar securities traded on a regulated or related market 38,633,331.34 96.55 TOTAL Shares & similar securities traded on a regulated or related market 38,633,331.34 96.55 SAFEWAY CASA LEY CVR COMMON STOCK 3,982 4,041.33 USD 0.01 TOTAL Shares & similar securities not traded on a regulated market 4,041.33 0.01 TOTAL Shares & similar securities not traded on a regulated market 4,041.33 0.01 TOTAL Shares and similar securities 38,637,372.67 96.56 MORRISON(W)SUPRMKT ORD GBP0.10 22,420 48,970.74 GBP 0.12 CHURCH AND DWIGHT INC COM 1,258 106,779.04 USD 0.27 CASINO GUICH PERR EUR1.53 570 26,262.99 EUR 0.07 REMY COINTREAU SA EUR1.60 310 22,229.07 EUR 0.06 METRO AG 1,989 63,868.84 EUR 0.16 LAUDER ESTEE COS INC CL A 2,194 193,203.64 USD 0.48 BARRY CALLEBAUT AG CHF92.20 (REGD) 20 21,917.81 CHF 0.05 AEON CO LTD JPY50 7,600 118,016.55 JPY 0.29 SHISEIDO CO JPY50 900 18,920.99 JPY 0.05 UNI CHARM CORP JPY50 4,400 90,600.61 JPY 0.23 WOOLWORTHS LTD NPV 14,498 258,433.97 AUD 0.64 DIA COMMON STOCK 6,556 38,770.98 EUR 0.10 SAINSBURY 15,770 60,151.83 GBP 0.15 ICA Gruppen AB 769 28,039.63 SEK 0.07 WILMAR INTERL LTD SGD0.5 17,250 35,748.30 SGD 0.09 TOTAL Securities lending transactions 1,131,914.99 2.83 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 4.72 0.00 TOTAL Contractual sale transactions 1,131,919.71 2.83 TOTAL Contractual transactions 1,131,919.71 2.83 SSgA Consumer Staples Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018475 I Shares: FR0010588020 I EUR Shares: FR0011129543 I NL EUR shares: FR0011675271 B shares: FR0011342443 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 1,186,339.45 4,882,245.28 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 3,932,393.07 14,495,797.26 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$2,371.199.20 with collateral worth US$ 2,565,080.97. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 26.85% 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 2015 31 December 2015, is US$45,241. A payment of US$13,583.56 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 2014-01 rescinding Regulation CRC 2003-02 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 FR0000018475 SSgA Energy Index Equity Fund P 7 6 FR0010588020 SSgA Energy Index Equity Fund I 7 6 - 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. 2011-19 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.00000.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 25.351.635.83. The income statement shows retained net income of USD 758,354.39. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 -22.61-22.80 0.19-23.59-22.80-0.79 1 Month -9.53-9.58 0.06-9.63-9.58-0.04 3 Months -0.74-0.72-0.02-1.06-0.72-0.34 6 Months -18.52-18.67 0.15-19.05-18.67-0.38 1 Year -22.61-22.80 0.19-22.61-22.80 0.19-23.59-22.80-0.79-23.59-22.80-0.79 2 Years -31.61-31.75 0.15-17.31-17.40 0.09-33.33-31.75-1.57-18.36-17.40-0.96 3 Years -19.34-19.39 0.05-6.92-6.94 0.02-22.35-19.39-2.96-8.09-6.94-1.16 5 Years -17.52-17.75 0.22-3.78-3.83 0.05-22.59-17.75-4.85-4.99-3.83-1.16 10 Years 13.26 10.05 3.21 1.25 0.96 0.29-0.12 10.05-10.18-0.01 0.96-0.98 Since Incp (01/31/2000) 156.50 122.02 34.48 6.10 5.14 0.96 110.71 122.02-11.32 4.79 5.14-0.35 Std Dev (3 Year) 5.12 5.15-0.03 17.74 17.84-0.11 5.12 5.15-0.04 17.72 17.84-0.12 Std Dev (5 Year) 5.56 5.60-0.03 19.27 19.39-0.11 5.56 5.60-0.04 19.25 19.39-0.13 Std Dev (Incp) 5.91 5.82 0.09 20.46 20.15 0.31 5.90 5.82 0.09 20.45 20.15 0.30 Tracking Error (1 Year) 0.22 0.24 Tracking Error (3 Year) 0.16 0.17 Tracking Error (5 Year) 0.17 0.18 Tracking Error (Incp) 1.94 1.94 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000 26.481025 11.938877 14.542148 25.107076 11.938877 13.168199 Year 2001-6.585131-7.237382 0.652251-7.705181-7.237382-0.467799 Year 2002-7.525519-6.445459-1.080060-8.628752-6.445459-2.183293 Year 2003 25.500241 25.928105-0.427864 24.005311 25.928105-1.922794 Year 2004 28.084308 28.098097-0.013789 26.558641 28.098097-1.539456 Year 2005 28.943760 28.738048 0.205712 27.412613 28.738048-1.325435 Year 2006 19.359338 17.857349 1.501989 17.935645 17.857349 0.078296 Year 2007 30.231241 29.776605 0.454636 28.665696 29.776605-1.110909 Year 2008-37.576652-38.055341 0.478689-38.385731-38.055341-0.330390 Year 2009 26.461063 26.225345 0.235718 24.896749 26.225345-1.328596 Year 2010 11.911518 11.879505 0.032013 10.496863 11.879505-1.382642 Year 2011 0.136835 0.169108-0.032273-1.124156 0.169108-1.293264 Year 2012 2.111066 1.866251 0.244815 0.822630 1.866251-1.043621 Year 2013 17.940774 18.116638-0.175864 16.456914 18.116638-1.659724 Year 2014-11.630256-11.597988-0.032268-12.743316-11.597988-1.145328 Year 2015-22.606259-22.799882 0.193623-23.588229-22.799882-0.788347 (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

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 -22.60-22.80 0.20-22.90-22.80-0.10 1 Month -9.53-9.58 0.06-9.56-9.58 0.03 3 Months -0.74-0.72-0.01-0.84-0.72-0.11 6 Months -18.52-18.67 0.15-18.68-18.67-0.01 1 Year -22.60-22.80 0.20-22.60-22.80 0.20-22.90-22.80-0.10-22.90-22.80-0.10 2 Years -31.60-31.75 0.16-17.31-17.40 0.09-32.11-31.75-0.36-17.62-17.40-0.22 3 Years -19.32-19.39 0.07-6.91-6.94 0.03-20.23-19.39-0.84-7.26-6.94-0.32 5 Years -17.49-17.75 0.25-3.77-3.83 0.06-19.03-17.75-1.28-4.13-3.83-0.30 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (01/31/2009) 21.20 20.59 0.61 2.82 2.75 0.08 18.11 20.59-2.48 2.44 2.75-0.31 Std Dev (3 Year) 5.12 5.15-0.03 17.74 17.84-0.11 5.12 5.15-0.03 17.73 17.84-0.11 Std Dev (5 Year) 5.56 5.60-0.03 19.27 19.39-0.11 5.56 5.60-0.03 19.27 19.39-0.12 Std Dev (Incp) 5.89 5.91-0.02 20.41 20.49-0.08 5.89 5.91-0.02 20.40 20.49-0.08 Tracking Error (1 Year) 0.22 0.23 Tracking Error (3 Year) 0.16 0.16 Tracking Error (5 Year) 0.17 0.17 Tracking Error (Incp) 0.18 0.18 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 31.269780 31.044018 0.225762 30.826778 31.044018-0.217240 Year 2010 11.905306 11.879505 0.025801 11.495606 11.879505-0.383899 Year 2011 0.144175 0.169108-0.024933-0.230041 0.169108-0.399149 Year 2012 2.117315 1.866251 0.251064 1.734956 1.866251-0.131295 Year 2013 17.951042 18.116638-0.165596 17.510682 18.116638-0.605956 Year 2014-11.624283-11.597988-0.026295-11.954597-11.597988-0.356609 Year 2015-22.600574-22.799882 0.199308-22.896542-22.799882-0.096660 (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

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 113347EUR-N MSCI WORLD ENERGY SECTOR Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date -13.77-14.01 0.23-14.03-14.01-0.02 1 Month -12.04-12.09 0.05-12.06-12.09 0.03 3 Months 2.00 2.02-0.02 1.92 2.02-0.10 6 Months -16.42-16.58 0.16-16.55-16.58 0.03 1 Year -13.77-14.01 0.23-13.77-14.01 0.23-14.03-14.01-0.02-14.03-14.01-0.02 2 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) -24.30-24.53 0.23-16.58-16.75 0.17-24.65-24.53-0.11-16.83-16.75-0.08 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) 5.66 5.70-0.04 19.60 19.75-0.14 5.66 5.70-0.04 19.60 19.75-0.15 Tracking Error (1 Year) 0.22 0.23 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.20 0.20 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014-12.211562-12.243780 0.032218-12.352849-12.243780-0.109069 Year 2015-13.770802-14.005336 0.234534-14.028951-14.005336-0.023615 (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

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 113347EUR-N MSCI World Energy Sector (EUR) (Net) (HKREEB) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date -13.77-14.01 0.24-14.11-14.01-0.11 1 Month -12.04-12.09 0.05-12.07-12.09 0.02 3 Months 1.99 2.02-0.02 1.89 2.02-0.12 6 Months -16.42-16.58 0.16-16.59-16.58-0.01 1 Year -13.77-14.01 0.24-13.77-14.01 0.24-14.11-14.01-0.11-14.11-14.01-0.11 2 Years -13.19-13.43 0.24-6.83-6.96 0.13-13.88-13.43-0.45-7.20-6.96-0.24 3 Years -2.01-2.17 0.16-0.67-0.73 0.05-3.17-2.17-1.01-1.07-0.73-0.34 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) -6.70-7.13 0.44-1.78-1.90 0.12-8.12-7.13-0.99-2.17-1.90-0.27 Std Dev (3 Year) 4.72 4.75-0.03 16.34 16.44-0.11 4.72 4.75-0.03 16.33 16.44-0.11 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) 4.39 4.42-0.03 15.22 15.33-0.11 4.39 4.42-0.03 15.22 15.33-0.11 Tracking Error (1 Year) 0.22 0.23 Tracking Error (3 Year) 0.16 0.16 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.17 0.18 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012-4.783444-5.075744 0.292300-5.108776-5.075744-0.033032 Year 2013 12.882765 13.012065-0.129300 12.433253 13.012065-0.578812 Year 2014 0.671264 0.668197 0.003067 0.270141 0.668197-0.398056 Year 2015-13.769895-14.005336 0.235441-14.113762-14.005336-0.108426 (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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 25,273,144.35 48,405,879.95 Shares and similar securities 22,938,921.44 40,648,590.70 Traded on a regulated or related market 22,938,921.44 40,648,590.70 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 2,334,222.91 7,757,289.25 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 2,334,222.91 7,757,289.25 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 28,390.65 41,184.96 Forward foreign exchange transactions 0.00 0.00 Other 28,390.65 41,184.96 Financial accounts 98,183.90 373,128.05 Liquidities 98,183.90 373,128.05 Total assets 25,399,718.90 48,820,192.96 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 27,191,999.53 47,505,378.23 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) -2,598,718.09 112,537.89 Income for the year (a, b) 758,354.39 1,125,964.57 Total equity 25,351,635.83 48,743,880.69 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 48,083.07 76,312.27 Forward foreign exchange transactions 0.00 0.00 Other 48,083.07 76,312.27 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 25,399,718.90 48,820,192.96 (a) Including accruals (b) Less interim dividends paid during the year SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 69.29 37.33 Income from shares and similar securities 1,147,138.47 1,069,376.95 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 31,720.63 34,895.94 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 1,178,928.39 1,104,310.22 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 598.52 545.84 Other financial expenses 0.00 0.00 TOTAL (II) 598.52 545.84 Income from financial transactions (I - II) 1,178,329.87 1,103,764.38 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 205,280.96 230,142.13 Net income for the year (L. 214-17-1) (I - II + III - IV) 973,048.91 873,622.25 Accrued revenue for the year (V) -214,694.52 252,342.32 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 758,354.39 1,125,964.57 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018475 P Accumulation per unit FR0010588020 I USD Accumulation per unit FR0011129543 I EUR Accumulation per unit FR0011675271 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

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 48,743,880.69 35,137,851.92 Subscriptions (including entry fees) 10,628,474.95 58,175,920.71 Redemptions (including exit fees) -25,865,722.58-39,007,433.28 Capital gains made on deposits and financial instruments 826,511.43 1,708,982.24 Capital losses made on deposits and financial instruments -2,770,310.15-1,115,432.48 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -32,930.14-108,878.78 Foreign exchange variances -1,661,290.07-1,774,658.17 Changes in deposit and financial instrument estimate variance -5,490,027.21-5,146,093.72 Current year estimate variance N: -7,629,849.04-2,139,821.83 Previous year estimate variance N-1: -2,139,821.83 3,006,271.89 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 973,048.91 873,622.25 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 25,351,635.83 48,743,880.69 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

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 98,183.90 0.39 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 98,183.90 0.39 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

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 3,738,190.60 14.75 1,355,474.27 5.35 2,197,153.35 8.67 1,069,358.67 4.22 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 42,469.24 0.17 1,089,088.22 4.30 82,503.93 0.33 58,896.69 0.23 Receivables 1,061.64 0.00 7,804.64 0.03 797.33 0.00 Financial accounts 933.14 0.00 4,613.13 0.02 10,041.27 0.04 17,893.73 0.07 Liabilities Disposals of financial instruments Temporary securities transactions Payables 6,352.68 0.03 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 26,583.81 Other receivables 1,806.84 Total receivables 28,390.65 Payables Management fees -41,730.39 Other payables -6,352.68 Total payables -48,083.07 Total payables and receivables -19,692.42 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 16,126.8086 4,050,752.19 Shares or units redeemed during the year -8,993.8017-2,174,884.20 C2 In units Value Shares or units issued during the year 13,724 3,659,050.16 Shares or units redeemed during the year -82,780-22,295,556.01 C3 In units I EUR UNIT Value Shares or units issued during the year 7,132.4326 1,874,640.36 Shares or units redeemed during the year -1,593.1549-384,368.65 C4 In units NL unit IN EUR Value Shares or units issued during the year 3,879 1,044,032.24 Shares or units redeemed during the year -3,861-1,010,913.72 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5,130.80 Amount of subscription fees received 4,049.82 Amount of redemption fees received 1,080.98 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 5,130.80 Amount of entry fees 4,049.82 Amount of exit fees 1,080.98 C2 Value Amount of subscription and/or redemption fees received 14,928.74 Amount of subscription fees received 3,652.76 Amount of redemption fees received 11,275.98 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 14,928.74 Amount of entry fees 3,652.76 Amount of exit fees 11,275.98 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 2,064.05 Amount of subscription fees received 1,871.94 Amount of redemption fees received 192.11 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 2,064.05 Amount of entry fees 1,871.94 Amount of exit fees 192.11 C4 NL Unit IN EUR Value Amount of subscription and/or redemption fees received 1,543.32 Amount of subscription fees received 1,041.30 Amount of redemption fees received 502.02 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 1,543.32 Amount of entry fees 1,041.30 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

C4 NL Unit IN EUR Value Amount of exit fees 502.02 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 86,285.96 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 85,562.72 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 23,801.65 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 9,630.63 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

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

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 2,565,080.97 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 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 0 0 0 0 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) 31/12/2015 31/12/2014 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 758,354.39 1,125,964.57 Total 758,354.39 1,125,964.57 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 126,299.61 85,661.75 Total 126,299.61 85,661.75 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 361,121.41 852,587.74 Total 361,121.41 852,587.74 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 176,100.15 140,047.54 Total 176,100.15 140,047.54 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 31/12/2015 31/12/2014 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

C4 NL Unit IN EUR Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 94,833.22 47,667.54 Total 94,833.22 47,667.54 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year -2,598,718.09 112,537.89 Interim dividends paid on gains and losses for the year 0.00 0.00 Total -2,598,718.09 112,537.89 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -599,601.58 17,845.89 Total -599,601.58 17,845.89 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -1,148,276.32 101,362.69 Total -1,148,276.32 101,362.69 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -559,950.67 16,658.65 Total -559,950.67 16,658.65 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 NL Unit IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -290,889.52-23,329.34 Total -290,889.52-23,329.34 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

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 19,091,346.35 74,078.4270 257.71 2.40 C2 33,378,020.55 126,162.2900 264.56 4.91 31/12/2012 C1 7,293,301.15 28,069.4857 259.83 3.11 C2 25,171,002.10 93,519.8734 269.15 5.62 C3 15,870,536.43 58,968.3061 269.13 4.83 31/12/2013 C1 7,518,605.52 24,847.3692 302.59 2.99 C2 13,952,008.53 44,112.4067 316.28 5.74 C3 13,667,237.87 43,214.5587 316.26 5.74 31/12/2014 C1 5,752,765.17 21,787.9617 264.03 4.74 C2 33,768,414.68 121,264.0009 278.47 7.86 C3 5,547,100.87 19,919.1951 278.48 7.86 C4 3,675,599.97 13,193.0000 278.60 1.84 31/12/2015 C1 5,834,897.97 28,920.9686 201.75-16.37 C2 11,209,702.37 52,208.0009 214.71-15.08 C3 5,466,328.85 25,458.4728 214.71-15.08 C4 2,840,706.64 13,211.0000 215.02-14.84 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

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 19 422.66 CAD 0.00 AMEC FOSTER WHEELER PLC 4,867 30,765.94 GBP 0.12 ANADARKO PETE CORP COM 6,574 319,364.92 USD 1.26 ANTERO RESOURCES CORP COMMON STOCK USD.01 1,203 26,225.40 USD 0.10 APACHE CORP COM 4,932 219,326.04 USD 0.87 ARC ENERGY TR TR UNI 43 516.96 CAD 0.00 BAKER HUGHES INC COM 5,481 252,948.15 USD 1.00 BG GROUP ORD GBP0.10 43,752 635,165.60 GBP 2.51 BP PLC ORD USDO.25 235,189 1,227,080.62 GBP 4.84 CABOT OIL + GAS CORP COM 5,300 93,757.00 USD 0.37 CALTEX AUSTRALIA NPV 3,441 94,384.67 AUD 0.37 CAMECO CORP COM 5,000 61,443.86 CAD 0.24 CAMERON INTL CORP COM 2,472 156,230.40 USD 0.62 CANADIAN NATURAL RES LTD COM 1,100 24,013.00 USD 0.09 CENOVUS ENERGY INC 1,300 16,406.00 USD 0.06 CENOVUS ENERGY INC COMMON STOCK 9,550 120,314.05 CAD 0.47 CHENIERE ENERGY INC COM NEW 2,900 108,025.00 USD 0.43 CHESAPEAKE ENERGY CORP COM 1,005 4,522.50 USD 0.02 CHEVRON CORP COM 24,104 2,168,395.84 USD 8.55 CIMAREX ENERGY CO COM 1,220 109,043.60 USD 0.43 COLUMBIA PIPELINE GROUP W/I COMMON STOCK 4,000 80,000.00 USD 0.32 CONCHO RES INC COM 1,600 148,576.00 USD 0.59 CONOCOPHILLIPS COM 15,810 738,168.90 USD 2.91 CONTINENTAL RES INC OK COM 1,340 30,793.20 USD 0.12 CORE LABORATORIES 86 9,351.64 USD 0.04 CRESCENT PT ENERGY CORP COMMON STOCK 67 777.53 CAD 0.00 DELEK GROUP ILS1 61 12,229.62 ILS 0.05 DEVON ENERGY CORPORATION NEW COM 5,140 164,480.00 USD 0.65 ENBRIDGE INC COM 10,900 360,960.15 CAD 1.42 ENCANA CORP COM 10,850 54,911.08 CAD 0.22 ENERGEN CORP COM 934 38,284.66 USD 0.15 ENI 32,329 484,642.10 EUR 1.91 ENSCO PLC CL A COMMON STOCK USD.1 2,950 45,400.50 USD 0.18 EOG RESOURCES INC COM 7,000 495,530.00 USD 1.95 EQUITABLE RESSOURCES 2,050 106,866.50 USD 0.42 EXXON MOBIL CORP COM 53,419 4,164,011.05 USD 16.46 FMC TECHNOLOGIES INC COM 3,000 87,030.00 USD 0.34 GALP ENERGIA EUR1 4,787 55,745.27 EUR 0.22 HALLIBURTON CO COM 11,042 375,869.68 USD 1.48 HELMERICH AND PAYNE INC COM 1,350 72,292.50 USD 0.29 HESS CORP COM 3,400 164,832.00 USD 0.65 HOLLYFRONTIER CORP COMMON STOCK 2,270 90,550.30 USD 0.36 HUSKY ENERGY INC COM 1,512 15,576.37 CAD 0.06 IDEMITSU KOSAN 1,200 19,332.48 JPY 0.08 IMPERIAL OIL LTD COM NEW 800 26,016.00 USD 0.10 INPEX HOLDINGS INC COM STK JPY1 12,300 121,215.77 JPY 0.48 INTER PIPELINE LTD COMMON STOCK NPV 4,600 73,549.77 CAD 0.29 JX HOLDINGS 29,100 122,984.67 JPY 0.49 KEYERA FACS INCOME F 2,100 60,865.05 CAD 0.24 KINDER MORGAN INC COMMON STOCK USD.01 24,186 360,855.12 USD 1.42 KONINKLIJKE VOPAK 1,005 43,308.99 EUR 0.17 LUNDIN PETROLEUM 29 421.73 SEK 0.00 MARATHON OIL CORP COM 8,898 112,025.82 USD 0.44 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets MARATHON PETE CORP 6,766 350,749.44 USD 1.38 MEG ENERGY CORP COMMON STOCK 2,200 12,702.00 CAD 0.05 MURPHY OIL CORP COM 2,300 51,635.00 USD 0.20 NATIONAL OILWELL VARCO INC COM 5,014 167,918.86 USD 0.66 NESTE OYJ 18 540.26 EUR 0.00 NOBLE ENERGY INC COM 5,600 184,408.00 USD 0.73 OCCIDENTAL PETE CORP COM 9,820 663,930.20 USD 2.62 OCEANEERING INTL INC COM 1,300 48,776.00 USD 0.19 OIL SEARCH LTD PGK0.10 17,624 85,912.18 AUD 0.34 OMV AG NPV(VAR) 1,816 51,547.19 EUR 0.20 ONEOK INC NEW COM 2,900 71,514.00 USD 0.28 ORIGIN ENERGY NPV 22,062 75,442.86 AUD 0.30 PEMBINA PIPELINE CORP COMMON STOCK NPV 44 955.03 CAD 0.00 PETROFAC 37 434.08 GBP 0.00 PEYTO EXPLORATION + DEV CORP COMMON STOCK NPV 933 16,704.46 CAD 0.07 PHILLIPS 66 COMMON STOCK 6,850 560,330.00 USD 2.21 PIONEER NAT RES CO COM 1,897 237,845.86 USD 0.94 PLAINS GP HOLDINGS LP CL A COMMON STOCK 2,700 25,515.00 USD 0.10 PRAIRIESKY ROYALTY LTD COMMON STOCK 20 315.61 CAD 0.00 RANGE RES CORP COM 2,300 56,603.00 USD 0.22 REPSOL SA COMMON STOCK 620 6,815.88 EUR 0.03 ROYAL DUTCH SHELL A 50,371 1,132,890.50 GBP 4.47 ROYAL DUTCH SHELL B 31,302 711,853.86 GBP 2.81 Repsol SA 13,656 150,125.27 EUR 0.59 SAIPEM 37 301.05 EUR 0.00 SANTOS LTD NPV 21,205 56,775.57 AUD 0.22 SCHLUMBERGER LTD COM 2,610 182,047.50 USD 0.72 SEVEN GENERATIONS ENERGY A COMMON STOCK 1,900 18,438.20 CAD 0.07 SHOWA SHELL SEKIYU JPY50 100 821.31 JPY 0.00 SOUTHWESTERN ENERGY CO COM 713 5,069.43 USD 0.02 SPECTRA ENERGY CORP COM 8,490 203,250.60 USD 0.80 STATOIL ASA NOK2.50 14,155 197,819.35 NOK 0.78 SUNCOR ENERGY INC 19,946 512,911.21 CAD 2.02 TECHNIP NPV 1,316 65,381.42 EUR 0.26 TENARIS S.A. USD1 5,625 66,848.19 EUR 0.26 TESORO CORP COM 1,530 161,216.10 USD 0.64 TONEN GEN SEKIYU JPY50 3,409 28,962.12 JPY 0.11 TOTAL SA 28,374 1,271,897.73 EUR 5.02 TOURMALINE OIL CORP COMMON STOCK 2,700 43,442.64 CAD 0.17 TRANSOCEAN LTD COMMON STOCK CHF15.0 4,763 59,477.27 CHF 0.23 VALERO ENERGY CORP COM 6,448 455,938.08 USD 1.80 VERESEN INC COMMON STOCK NPV 41 261.51 CAD 0.00 VERMILION ENERGY INC COMMON STOCK 15 406.13 CAD 0.00 WEATHERFORD INTL LTD ORD SHS 10,004 83,933.56 USD 0.33 WHITING PETE CORP NEW COM 2,850 26,904.00 USD 0.11 WILLIAMS COS INC COM 9,026 231,968.20 USD 0.92 WOODSIDE PETROLEUM NPV 9,264 193,579.07 AUD 0.76 TOTAL Shares & similar securities traded on a regulated or related market 22,938,921.44 90.48 TOTAL Shares & similar securities traded on a regulated or related market 22,938,921.44 90.48 TOTAL Shares and similar securities 22,938,921.44 90.48 ARC ENERGY TR TR UNI 4,257 51,179.39 CAD 0.20 ALTAGAS LTD COMMON STOCK NPV 1,881 41,842.94 CAD 0.17 ANTERO RESOURCES CORP COMMON STOCK USD.01 97 2,114.60 USD 0.01 CANADIAN NATURAL RES LTD COM 12,750 277,382.83 CAD 1.09 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets CHESAPEAKE ENERGY CORP COM 5,695 25,627.50 USD 0.10 CRESCENT PT ENERGY CORP COMMON STOCK 6,633 76,975.04 CAD 0.30 HUSKY ENERGY INC COM 3,344 34,449.33 CAD 0.14 IMPERIAL OIL LTD COM NEW 3,064 99,436.91 CAD 0.39 SAIPEM 3,655 29,738.49 EUR 0.12 SHOWA SHELL SEKIYU JPY50 2,100 17,247.60 JPY 0.07 PEMBINA PIPELINE CORP COMMON STOCK NPV 4,356 94,547.51 CAD 0.37 PEYTO EXPLORATION + DEV CORP COMMON STOCK NPV 1,267 22,684.40 CAD 0.09 LUNDIN PETROLEUM 2,864 41,649.09 SEK 0.16 PRAIRIESKY ROYALTY LTD COMMON STOCK 1,980 31,245.01 CAD 0.12 SCHLUMBERGER LTD COM 13,651 952,157.25 USD 3.76 SOUTHWESTERN ENERGY CO COM 4,037 28,703.07 USD 0.11 TRANSCANADA CORP COM 9,014 293,247.84 CAD 1.16 VERESEN INC COMMON STOCK NPV 4,059 25,889.74 CAD 0.10 VERMILION ENERGY INC COMMON STOCK 1,485 40,207.28 CAD 0.16 NESTE OYJ 1,758 52,765.44 EUR 0.21 PETROFAC 3,620 42,469.24 GBP 0.17 CORE LABORATORIES 484 52,630.16 USD 0.21 TOTAL Securities lending transactions 2,334,190.66 9.21 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 32.25 0.00 TOTAL Contractual sale transactions 2,334,222.91 9.21 TOTAL Contractual transactions 2,334,222.91 9.21 SSGA Energy Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018590 I Shares: FR0010213108 B shares: FR0011342435 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 9,571,405.06 56,413,269.39 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 141,892.44 235,032.49 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$2,062.033 with collateral worth US$ 2,207,270.15. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 35.84% 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 2015 31 December 2015, is US$12,925. A payment of US$3,879.81 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 22.332.558.91. The income statement shows retained net income of EUR 461.111.58. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 18.03 17.10 0.93 16.54 17.10-0.56 1 Month -1.67-1.68 0.01-1.78-1.68-0.09 3 Months 4.26 4.25 0.01 3.92 4.25-0.32 6 Months 9.33 9.20 0.13 8.62 9.20-0.58 1 Year 18.03 17.10 0.93 18.03 17.10 0.93 16.54 17.10-0.56 16.54 17.10-0.56 2 Years 41.89 39.60 2.29 19.13 18.17 0.97 38.33 39.60-1.27 17.63 18.17-0.54 3 Years 52.55 47.70 4.84 15.13 13.89 1.23 46.85 47.70-0.85 13.67 13.89-0.22 5 Years 65.26 56.98 8.27 10.57 9.44 1.13 55.10 56.98-1.88 9.18 9.44-0.26 10 Years 54.61 41.38 13.22 4.45 3.52 0.93 36.34 41.38-5.04 3.15 3.52-0.38 Since Incp (11/30/1999) 264.46 270.45-5.99 8.37 8.48-0.11 198.79 270.45-71.65 7.04 8.48-1.44 Std Dev (3 Year) 4.19 4.19 0.01 14.53 14.51 0.02 4.19 4.19 0.00 14.52 14.51 0.01 Std Dev (5 Year) 4.32 4.32 0.00 14.97 14.98 0.00 4.32 4.32 0.00 14.96 14.98-0.02 Std Dev (Incp) 4.99 5.04-0.05 17.30 17.46-0.16 4.99 5.04-0.05 17.29 17.46-0.17 Tracking Error (1 Year) 0.22 0.22 Tracking Error (3 Year) 0.47 0.47 Tracking Error (5 Year) 0.55 0.55 Tracking Error (Incp) 1.54 1.54 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 1999 3.074960 3.369366-0.294406 2.972800 3.369366-0.396566 Year 2000-4.091507-0.704581-3.386926-5.235061-0.704581-4.530480 Year 2001 3.139058 6.127511-2.988453 1.912919 6.127511-4.214592 Year 2002 12.626226 14.755321-2.129095 11.272958 14.755321-3.482363 Year 2003 19.720043 19.854890-0.134847 18.293537 19.854890-1.561353 Year 2004 34.476649 35.825772-1.349123 32.875239 35.825772-2.950533 Year 2005 27.508359 28.759070-1.250711 25.993601 28.759070-2.765469 Year 2006 49.821549 50.772878-0.951329 48.036941 50.772878-2.735937 Year 2007-26.890742-27.425647 0.534905-27.764749-27.425647-0.339102 Year 2008-49.558384-50.708021 1.149637-50.224058-50.708021 0.483963 Year 2009 49.192093 47.861131 1.330962 47.370176 47.861131-0.490955 Year 2010 13.495444 12.926537 0.568907 12.064480 12.926537-0.862057 Year 2011-16.317171-16.775104 0.457933-17.372432-16.775104-0.597328 Year 2012 29.456528 27.707754 1.748774 27.823590 27.707754 0.115836 Year 2013 7.512069 5.804438 1.707631 6.159801 5.804438 0.355363 Year 2014 20.210779 19.210378 1.000401 18.699077 19.210378-0.511301 Year 2015 18.032925 17.103161 0.929764 16.538359 17.103161-0.564802 (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

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 18.04 17.10 0.93 17.59 17.10 0.48 1 Month -1.67-1.68 0.01-1.71-1.68-0.02 3 Months 4.26 4.25 0.01 4.15 4.25-0.09 6 Months 9.33 9.20 0.13 9.12 9.20-0.09 1 Year 18.04 17.10 0.93 18.04 17.10 0.93 17.59 17.10 0.48 17.59 17.10 0.48 2 Years 41.91 39.60 2.31 19.14 18.17 0.97 40.84 39.60 1.24 18.69 18.17 0.52 3 Years 52.59 47.70 4.89 15.14 13.89 1.24 50.88 47.70 3.18 14.71 13.89 0.81 5 Years 65.32 56.98 8.34 10.58 9.44 1.14 62.25 56.98 5.26 10.16 9.44 0.72 10 Years 54.73 41.38 13.35 4.46 3.52 0.94 49.47 41.38 8.09 4.10 3.52 0.58 Since Incp (11/30/1999) 264.86 270.45-5.58 8.38 8.48-0.10 229.33 270.45-41.11 7.69 8.48-0.79 Std Dev (3 Year) 4.19 4.19 0.01 14.53 14.51 0.02 4.19 4.19 0.01 14.52 14.51 0.02 Std Dev (5 Year) 4.32 4.32 0.00 14.97 14.98 0.00 4.32 4.32 0.00 14.97 14.98-0.01 Std Dev (Incp) 4.99 5.04-0.05 17.30 17.46-0.16 4.99 5.04-0.05 17.29 17.46-0.17 Tracking Error (1 Year) 0.22 0.23 Tracking Error (3 Year) 0.47 0.47 Tracking Error (5 Year) 0.56 0.56 Tracking Error (Incp) 1.54 1.58 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 1999 3.080062 3.369366-0.289304 2.965484 3.369366-0.403882 Year 2000-4.100292-0.704581-3.395711-5.231350-0.704581-4.526769 Year 2001 3.155101 6.127511-2.972410 1.913113 6.127511-4.214398 Year 2002 12.615531 14.755321-2.139790 11.272976 14.755321-3.482345 Year 2003 19.714020 19.854890-0.140870 18.293647 19.854890-1.561243 Year 2004 34.475935 35.825772-1.349837 32.875288 35.825772-2.950484 Year 2005 27.550546 28.759070-1.208524 26.675611 28.759070-2.083459 Year 2006 49.809212 50.772878-0.963666 49.450598 50.772878-1.322280 Year 2007-26.844644-27.425647 0.581003-27.020403-27.425647 0.405244 Year 2008-49.584197-50.708021 1.123824-49.765334-50.708021 0.942687 Year 2009 49.235572 47.861131 1.374441 48.695232 47.861131 0.834101 Year 2010 13.505315 12.926537 0.578778 13.080923 12.926537 0.154386 Year 2011-16.317590-16.775104 0.457514-16.630742-16.775104 0.144362 Year 2012 29.470540 27.707754 1.762786 28.985924 27.707754 1.278170 Year 2013 7.528282 5.804438 1.723844 7.126949 5.804438 1.322511 Year 2014 20.224099 19.210378 1.013721 19.775468 19.210378 0.565090 Year 2015 18.037058 17.103161 0.933897 17.586614 17.103161 0.483453 (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

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 18.08 17.10 0.98 17.96 17.10 0.86 1 Month -1.67-1.68 0.01-1.68-1.68 0.00 3 Months 4.26 4.25 0.01 4.23 4.25-0.01 6 Months 9.34 9.20 0.14 9.29 9.20 0.08 1 Year 18.08 17.10 0.98 18.08 17.10 0.98 17.96 17.10 0.86 17.96 17.10 0.86 2 Years 41.99 39.60 2.39 19.18 18.17 1.01 41.71 39.60 2.11 19.06 18.17 0.89 3 Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (08/12/2013) 47.20 43.87 3.33 17.60 16.48 1.12 46.85 43.87 2.98 17.48 16.48 1.01 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) 4.26 4.25 0.01 14.76 14.72 0.04 4.26 4.25 0.01 14.76 14.72 0.04 Tracking Error (1 Year) 0.24 0.23 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.41 0.40 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2013 3.668432 3.059776 0.608656 3.628460 3.059776 0.568684 Year 2014 20.252071 19.210378 1.041693 20.132082 19.210378 0.921704 Year 2015 18.079357 17.103161 0.976196 17.961484 17.103161 0.858323 (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

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

Balance sheet assets as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 22,228,889.87 57,964,106.43 Shares and similar securities 20,342,942.81 43,833,281.31 Traded on a regulated or related market 20,342,942.81 43,833,281.31 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 1,885,947.06 14,130,825.12 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 1,885,947.06 14,130,825.12 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 32,277.36 1,949.35 Forward foreign exchange transactions 0.00 0.00 Other 32,277.36 1,949.35 Financial accounts 122,983.82 246,364.68 Liquidities 122,983.82 246,364.68 Total assets 22,384,151.05 58,212,420.46 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Balance sheet liabilities as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Equities Capital 11,551,436.62 57,565,887.67 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 10,320,010.71-975,648.15 Income for the year (a, b) 461,111.58 1,564,081.51 Total equity 22,332,558.91 58,154,321.03 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 51,592.14 58,099.43 Forward foreign exchange transactions 0.00 0.00 Other 51,592.14 58,099.43 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 22,384,151.05 58,212,420.46 (a) Including accruals (b) Less interim dividends paid during the year SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet items as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 36.58 0.00 Income from shares and similar securities 780,584.80 1,584,667.43 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 7,976.62 12,696.09 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 788,598.00 1,597,363.52 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 1,179.13 453.46 Other financial expenses 0.00 0.00 TOTAL (II) 1,179.13 453.46 Income from financial transactions (I - II) 787,418.87 1,596,910.06 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 200,833.17 183,167.26 Net income for the year (L. 214-17-1) (I - II + III - IV) 586,585.70 1,413,742.80 Accrued revenue for the year (V) -125,474.12 150,338.71 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 461,111.58 1,564,081.51 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018590 P Accumulation per unit C1 FR0010213108 I Accumulation per unit C2 FR0011342435 B Accumulation per unit C3 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 58,154,321.03 42,880,398.38 Subscriptions (including entry fees) 8,961,020.25 16,421,968.85 Redemptions (including exit fees) -56,355,841.21-9,769,597.34 Capital gains made on deposits and financial instruments 14,915,521.29 1,986,612.63 Capital losses made on deposits and financial instruments -2,212,368.02-2,776,119.31 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -48,799.06-51,505.46 Foreign exchange variances -56.09-7.40 Changes in deposit and financial instrument estimate variance -1,667,824.98 8,048,827.88 Current year estimate variance N: 2,886,218.55 4,554,043.53 Previous year estimate variance N-1: 4,554,043.53-3,494,784.35 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 586,585.70 1,413,742.80 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 22,332,558.91 58,154,321.03 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 122,983.82 0.55 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 122,983.82 0.55 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

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 7.41 0.00 Receivables 277.31 0.00 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 32,000.05 Other receivables 277.31 Total receivables 32,277.36 Payables Management fees -46,957.64 Other payables -4,634.50 Total payables -51,592.14 Total payables and receivables -19,314.78 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 8,971.5664 2,793,252.23 Shares or units redeemed during the year -20,432.925-6,232,841.25 C2 In units Value Shares or units issued during the year 8,702.6616 2,827,768.09 Shares or units redeemed during the year -10,383.9753-3,467,215.32 C3 In units Value Shares or units issued during the year 10,055.7329 3,339,999.93 Shares or units redeemed during the year -133,048.5947-46,655,784.64 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5,926.51 Amount of subscription fees received 2,785.80 Amount of redemption fees received 3,140.71 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 5,926.51 Amount of entry fees 2,785.80 Amount of exit fees 3,140.71 C2 Value Amount of subscription and/or redemption fees received 4,541.03 Amount of subscription fees received 2,827.44 Amount of redemption fees received 1,713.59 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 4,541.03 Amount of entry fees 2,827.44 Amount of exit fees 1,713.59 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

C3 Value Amount of subscription and/or redemption fees received 26,676.22 Amount of subscription fees received 3,336.66 Amount of redemption fees received 23,339.56 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 26,676.22 Amount of entry fees 3,336.66 Amount of exit fees 23,339.56 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 154,079.87 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 37,449.99 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 9,303.31 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

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 2,030,074.70 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 461,111.58 1,564,081.51 Total 461,111.58 1,564,081.51 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 177,471.32 234,739.59 Total 177,471.32 234,739.59 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 249,465.58 243,621.67 Total 249,465.58 243,621.67 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 34,174.68 1,085,720.25 Total 34,174.68 1,085,720.25 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 10,320,010.71-975,648.15 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 10,320,010.71-975,648.15 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 5,117,673.52-211,300.94 Total 5,117,673.52-211,300.94 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 4,634,873.67-151,677.85 Total 4,634,873.67-151,677.85 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 567,463.52-612,669.36 Total 567,463.52-612,669.36 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy 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 10,398,884.94 63,518.5056 163.71 4.89 C2 22,151,747.08 127,266.6975 174.05 6.96 31/12/2012 C1 10,434,329.60 49,861.4921 209.26 8.70 C2 32,021,213.39 142,632.0680 224.50 11.06 31/12/2013 C1 8,931,499.37 40,203.8846 222.15 1.61 C2 3,271,930.49 13,604.2486 240.50 3.81 C3 30,676,968.52 127,416.4573 240.76-2.95 31/12/2014 C1 12,492,547.55 47,374.2228 263.69 0.49 C2 9,041,218.09 31,386.0304 288.06 2.93 C3 36,620,555.39 126,611.6608 289.23 3.74 31/12/2015 C1 11,036,025.30 35,912.8642 307.30 147.44 C2 10,061,848.18 29,704.7167 338.72 164.42 C3 1,234,685.43 3,618.7990 341.18 166.24 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

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 73,019.70 EUR 0.33 ADO PROPERTIES SA COMMON STOCK 4,147 109,895.50 EUR 0.49 AEDIFICA 2,753 166,721.68 EUR 0.75 AFFINE (EX IMMOBAI NPV 1,056 17,265.60 EUR 0.08 ALSTRIA OFFICE AG NPV (BR) 4,133 50,897.90 EUR 0.23 ALTAREA NPV 425 78,200.00 EUR 0.35 ANF IMMOBILIER 2,061 42,868.80 EUR 0.19 ATRIUM EUROPEAN REAL ESTATE 34,204 122,108.28 EUR 0.55 AXIARE PATRIMONIO SOCIMI SA 11,417 150,704.40 EUR 0.67 BEFIMMO NPV SICAF IMMO COM 3,339 183,645.00 EUR 0.82 BENI STABILI SPA 18,948 12,884.64 EUR 0.06 BENI STABILI SPA EUR0.1 189,507 132,370.64 EUR 0.59 BUWOG GEMEINNUETZIGE WOHNUNG COMMON STOCK 9,978 199,609.89 EUR 0.89 CA IMMOBILIEN ANLA NPV 14,698 247,367.34 EUR 1.11 COFINIMMO SA NPV 1,881 185,109.21 EUR 0.83 CONWERT IMMOBILIEN INVEST 12,553 176,244.12 EUR 0.79 DEUTSCHE EUROSHOP NPV 88 3,560.48 EUR 0.02 DEUTSCHE WOHNEN AG NPV (BR) 66,945 1,714,796.18 EUR 7.68 DIC ASSET AG COMMON STOCK 8,620 80,347.02 EUR 0.36 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 9,364 372,640.38 EUR 1.67 FONCIERE DE PARIS SIIC 1,887 209,041.86 EUR 0.94 FONCIERE DES MURS 1,594 42,241.00 EUR 0.19 FONCIERE DES REGIO EUR2 8,617 710,902.50 EUR 3.18 GECINA EUR7.5 7,124 798,600.40 EUR 3.58 GRAND CITY PROPERTIES COMMON STOCK EUR.1 438 9,368.82 EUR 0.04 GREEN REIT PLC COMMON STOCK 131,866 210,062.54 EUR 0.94 GRIVALIA PROPERTIES REIC 8,165 60,176.05 EUR 0.27 HAMBORNER AG NPV 1,255 12,065.57 EUR 0.05 HIBERNIA REIT PLC REIT EUR.1 133,721 188,279.17 EUR 0.84 HISPANIA ACTIVOS INMOBILIARI COMMON STOCK 15,996 209,547.60 EUR 0.94 ICADE EMGP NPV 6,986 432,433.40 EUR 1.94 IMMOBILIARE GRANDE DISTRIBUZO EUR1 8,310 7,366.82 EUR 0.03 IMMOFINANZ AG NPV 42,267 88,802.97 EUR 0.40 INMOBILIARIA COLONIAL SA COMMON STOCK 393,952 252,917.18 EUR 1.13 INTERVEST OFFICES & WAREHOUSES 1,558 37,968.46 EUR 0.17 IRISH RESIDENTIAL PROPERTIES COMMON STOCK EUR.1 73,985 86,562.45 EUR 0.39 KIINT S CITYCON EUR1.35 75,067 180,160.80 EUR 0.81 KLEPIERRE EUR4 37,546 1,539,010.54 EUR 6.89 LAMDA DEVELOPMENT EUR0.3 7,558 30,534.32 EUR 0.14 LAR ESPANA REAL ESTATE SOCIM REIT 12,565 118,864.90 EUR 0.53 LEG IMMOBILIEN AG COMMON STOCK 12,462 940,881.00 EUR 4.21 MERCIALYS EUR1 3,670 68,390.45 EUR 0.31 MERLIN PROPERTIES SOCIMI SA REIT EUR1.0 60,769 701,578.11 EUR 3.14 NEXITY EUR5 6,941 283,227.51 EUR 1.27 NSI NV 27,108 107,754.30 EUR 0.48 PATRIZIA IMMOBILIEN 7,194 194,238.00 EUR 0.87 PRELIOS SPA COMMON STOCK 51,693 14,629.12 EUR 0.07 REALIA BUSINESS 39,274 29,848.24 EUR 0.13 REALIA BUSINESS SA COMMON STOCK 19,637 14,924.12 EUR 0.07 RETAIL ESTATES NPV 1,096 86,584.00 EUR 0.39 S IMMO AG 11,279 92,487.80 EUR 0.41 SPONDA OYJ EUR1 41,606 163,261.94 EUR 0.73 TAG TEGERNSEE IMMOBILIEN 1,376 15,824.00 EUR 0.07 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets TECHNOPOLIS OJY NPV 15,894 59,284.62 EUR 0.27 TLG IMMOBILIEN AG COMMON STOCK 10,854 188,099.82 EUR 0.84 UNIBAIL RODAMCO 19,460 4,561,424.00 EUR 20.42 VASTNED RETAIL 3,729 157,923.15 EUR 0.71 VIB VERMOEGEN 5,224 89,304.28 EUR 0.40 VONOVIA SE 87,843 2,507,917.65 EUR 11.23 WAREHOUSES DE PAUW SCA WDP NPV 2,651 215,367.24 EUR 0.96 WCM BETEILIGUNGS + GRUND AG COMMON STOCK 19,011 50,550.25 EUR 0.23 WERELDHAVE BELGIUM NPV 406 44,660.00 EUR 0.20 WERELDHAVE NV EUR10 7,923 409,619.10 EUR 1.83 TOTAL Shares & similar securities traded on a regulated or related market 20,342,942.81 91.10 TOTAL Shares & similar securities traded on a regulated or related market 20,342,942.81 91.10 IMMOEAST ANSPR NACHB 329,041 0.00 EUR 0.00 IMMOFINANZ ANSPR NACHB 370,885 0.00 EUR 0.00 TOTAL Shares & similar securities not traded on a regulated market 0.00 0.00 TOTAL Shares & similar securities not traded on a regulated market 0.00 0.00 TOTAL Shares and similar securities 20,342,942.81 91.10 BEFIMMO NPV SICAF IMMO COM 718 39,490.00 EUR 0.18 COFINIMMO SA NPV 2,095 206,168.95 EUR 0.92 DEUTSCHE EUROSHOP NPV 8,698 351,921.08 EUR 1.58 IMMOFINANZ AG NPV 134,666 282,933.27 EUR 1.27 TAG TEGERNSEE IMMOBILIEN 23,086 265,489.00 EUR 1.19 HAMBORNER AG NPV 11,379 109,397.71 EUR 0.49 IMMOBILIARE GRANDE DISTRIBUZO EUR1 57,148 50,661.70 EUR 0.23 ALSTRIA OFFICE AG NPV (BR) 16,627 204,761.51 EUR 0.92 GRAND CITY PROPERTIES COMMON STOCK EUR.1 17,537 375,116.43 EUR 1.66 TOTAL Securities lending transactions 1,885,939.65 8.44 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 7.41 0.00 TOTAL Contractual sale transactions 1,885,947.06 8.44 TOTAL Contractual transactions 1,885,947.06 8.44 SSGA EMU Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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: FR0010585364 I Shares: FR0010596692 B shares: FR0011342484 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 19,950,788.06 62,027,821.31 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 1,818,490.73 3,529,742.10 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$9,647.222 with collateral worth US$ 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 22.17% 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 2015 31 December 2015, is US$41,450. A payment of US$12,440.65 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 29.010. 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 (FR0010585364) 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 EUR131,853,838.17. The income statement shows retained net income of EUR 3,224,476.23. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 16.90 15.98 0.92 16.46 15.98 0.48 1 Month -1.99-2.01 0.02-2.02-2.01-0.01 3 Months 4.04 4.03 0.01 3.94 4.03-0.09 6 Months 9.62 9.52 0.10 9.40 9.52-0.11 1 Year 16.90 15.98 0.92 16.90 15.98 0.92 16.46 15.98 0.48 16.46 15.98 0.48 2 Years 43.09 41.14 1.95 19.63 18.81 0.82 42.01 41.14 0.88 19.18 18.81 0.37 3 Years 51.08 46.33 4.74 14.76 13.54 1.21 49.38 46.33 3.05 14.32 13.54 0.78 5 Years 68.74 59.94 8.80 11.03 9.85 1.18 65.60 59.94 5.65 10.62 9.85 0.77 10 Years 104.25 86.41 17.84 7.40 6.43 0.98 97.58 86.41 11.17 7.05 6.43 0.62 Since Incp (08/31/2002) 344.81 306.34 38.47 11.84 11.09 0.76 327.68 306.34 21.34 11.52 11.09 0.43 Std Dev (3 Year) 4.27 4.28-0.01 14.79 14.83-0.04 4.27 4.28-0.01 14.79 14.83-0.05 Std Dev (5 Year) 4.16 4.17-0.01 14.41 14.45-0.03 4.16 4.17-0.01 14.41 14.45-0.04 Std Dev (Incp) 5.08 5.11-0.03 17.60 17.69-0.09 5.08 5.11-0.03 17.60 17.69-0.09 Tracking Error (1 Year) 0.26 0.27 Tracking Error (3 Year) 0.51 0.51 Tracking Error (5 Year) 0.57 0.57 Tracking Error (Incp) 0.62 0.62 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2002 2.749075 3.114788-0.365713 2.677640 3.114788-0.437148 Year 2003 19.925277 20.621779-0.696502 19.689246 20.621779-0.932533 Year 2004 40.164046 38.320743 1.843303 39.918251 38.320743 1.597508 Year 2005 26.091702 26.702633-0.610931 25.881638 26.702633-0.820995 Year 2006 51.192775 50.930000 0.262775 50.914735 50.930000-0.015265 Year 2007-22.753607-23.009002 0.255395-22.902643-23.009002 0.106359 Year 2008-39.477333-40.427598 0.950265-39.673607-40.427598 0.753991 Year 2009 40.688297 39.659899 1.028398 40.176541 39.659899 0.516642 Year 2010 21.719703 20.551262 1.168441 21.267055 20.551262 0.715793 Year 2011-11.802240-12.571839 0.769599-12.132179-12.571839 0.439660 Year 2012 26.638084 25.018885 1.619199 26.164040 25.018885 1.145155 Year 2013 5.582187 3.681886 1.900301 5.188077 3.681886 1.506191 Year 2014 22.401909 21.691224 0.710685 21.945213 21.691224 0.253989 Year 2015 16.901186 15.978994 0.922192 16.455031 15.978994 0.476037 (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

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

Balance sheet assets as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 131,673,068.37 150,706,157.14 Shares and similar securities 122,854,770.57 116,916,960.84 Traded on a regulated or related market 122,854,770.57 116,916,960.84 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 8,818,297.80 33,789,196.30 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 8,818,297.80 33,789,196.30 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 1,354.65 4,366.21 Forward foreign exchange transactions 0.00 0.00 Other 1,354.65 4,366.21 Financial accounts 315,624.40 475,740.98 Liquidities 315,624.40 475,740.98 Total assets 131,990,047.42 151,186,264.33 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Balance sheet liabilities as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Equities Capital 113,802,851.52 143,538,374.04 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 14,826,510.42 3,778,251.42 Income for the year (a, b) 3,224,476.23 3,727,075.68 Total equity 131,853,838.17 151,043,701.14 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 136,209.25 142,563.19 Forward foreign exchange transactions 0.00 0.00 Other 136,209.25 142,563.19 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 131,990,047.42 151,186,264.33 (a) Including accruals (b) Less interim dividends paid during the year SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet items as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 378.86 0.00 Income from shares and similar securities 4,634,013.58 4,107,288.22 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 25,434.99 45,100.79 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 4,659,827.43 4,152,389.01 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 3,696.79 120.15 Other financial expenses 0.00 0.00 TOTAL (II) 3,696.79 120.15 Income from financial transactions (I - II) 4,656,130.64 4,152,268.86 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 590,486.94 529,763.58 Net income for the year (L. 214-17-1) (I - II + III - IV) 4,065,643.70 3,622,505.28 Accrued revenue for the year (V) -841,167.47 104,570.40 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 3,224,476.23 3,727,075.68 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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 2015. 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

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 FR0010596692 I Accumulation per unit C1 FR0010585364 P Accumulation per unit C2 Units presented in the inventory SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 151,043,701.14 116,945,461.88 Subscriptions (including entry fees) 18,047,007.63 33,128,363.03 Redemptions (including exit fees) -61,092,401.28-25,466,011.05 Capital gains made on deposits and financial instruments 17,574,688.89 4,279,842.25 Capital losses made on deposits and financial instruments -356,065.59-338,226.12 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -51,754.08-60,683.63 Foreign exchange variances 1,638,054.59-602,422.73 Changes in deposit and financial instrument estimate variance 984,963.17 19,534,872.23 Current year estimate variance N: 26,921,652.75 25,936,689.58 Previous year estimate variance N-1: 25,936,689.58 6,401,817.35 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 4,065,643.70 3,622,505.28 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 131,853,838.17 151,043,701.14 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 315,624.40 0.24 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 315,624.40 0.24 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 Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 10,728,000.42 8.14 11,291,069.62 8.56 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 2,225,238.47 1.69 37.80 0.00 Receivables 1,354.65 0.00 Financial accounts 164.66 0.00 33,521.73 0.03 6,911.55 0.01 920.32 0.00 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 1,354.65 Total receivables 1,354.65 Payables Management fees -132,889.85 Other payables -3,319.40 Total payables -136,209.25 Total payables and receivables -134,854.60 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 42,367.138 17,763,368.50 Shares or units redeemed during the year -147,680.2631-61,092,401.28 C2 In units P SHARE CLASS Value Shares or units issued during the year 682.8261 283,639.13 Shares or units redeemed during the year 0 0 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 39,346.29 Amount of subscription fees received 8,884.28 Amount of redemption fees received 30,462.01 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 39,346.29 Amount of entry fees 8,884.28 Amount of exit fees 30,462.01 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

3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 590,217.07 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 269.87 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

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 9,472,337.73 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 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 0 0 0 0 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

Appropriation of distributable amounts related to income (6) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 3,224,476.23 3,727,075.68 Total 3,224,476.23 3,727,075.68 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 3,224,659.02 3,727,075.68 Total 3,224,659.02 3,727,075.68 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 Retained earnings for the year 0.00 Accumulation per unit -182.79 Total -182.79 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

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 14,826,510.42 3,778,251.42 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 14,826,510.42 3,778,251.42 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 14,825,555.35 3,778,251.42 Total 14,825,555.35 3,778,251.42 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 Undistributed net gains and losses 0.00 Accumulation per unit 955.07 Total 955.07 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

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 56,392,622.98 252,465.5450 223.36 8.10 31/12/2012 C1 100,172,382.98 355,462.0084 281.80 12.17 31/12/2013 C1 116,945,461.88 394,518.5059 296.42 8.73 31/12/2014 C1 151,043,701.14 417,859.0239 361.47 17.95 31/12/2015 C1 131,566,597.33 312,545.8988 420.95 57.74 C2 287,240.84 682.8261 420.66 1.13 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

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 3,326 182,930.00 EUR 0.14 CA IMMOBILIEN ANLA NPV 92,781 1,561,504.23 EUR 1.18 CASTELLUM AB 203,859 2,686,763.30 SEK 2.04 COFINIMMO SA NPV 10,895 1,072,176.95 EUR 0.81 CONWERT IMMOBILIEN INVEST 62,231 873,723.24 EUR 0.66 DEUTSCHE EUROSHOP NPV 570 23,062.20 EUR 0.02 DEUTSCHE WOHNEN AG NPV (BR) 418,672 10,724,283.28 EUR 8.13 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 56,915 2,264,932.43 EUR 1.72 FABEGE AB NPV (POST SPLIT) 124,161 1,899,396.29 SEK 1.44 FONCIERE DES REGIO EUR2 44,480 3,669,600.00 EUR 2.78 GECINA EUR7.5 46,610 5,224,981.00 EUR 3.96 HEMFOSA FASTIGHETER COMMON STOCK 100,072 1,029,878.96 SEK 0.78 HUFVUDSTADEN AB SER A SEK5 81,949 1,072,889.73 SEK 0.81 ICADE EMGP NPV 43,896 2,717,162.40 EUR 2.06 INMOBILIARIA COLONIAL SA COMMON STOCK 2,648,847 1,700,559.77 EUR 1.29 KLEPIERRE EUR4 255,139 10,458,147.61 EUR 7.93 KUNGSLEDEN NPV 98,183 648,610.42 SEK 0.49 LEG IMMOBILIEN AG COMMON STOCK 78,016 5,890,208.00 EUR 4.47 MERCIALYS EUR1 52,516 978,635.66 EUR 0.74 MERLIN PROPERTIES SOCIMI SA REIT EUR1.0 401,539 4,635,767.76 EUR 3.52 MOBIMO HLDG AG 7,813 1,600,105.85 CHF 1.21 PSP SWISS PROPERTY CHF10.50(REGD)(POST SUBD) 49,467 4,003,215.01 CHF 3.04 SWISS PRIME SITE CHF31.50 (REG) 78,788 5,687,748.76 CHF 4.31 TAG TEGERNSEE IMMOBILIEN 1,499 17,238.50 EUR 0.01 UNIBAIL RODAMCO 122,406 28,691,966.40 EUR 21.78 VASTNED RETAIL 24,156 1,023,006.60 EUR 0.78 VONOVIA SE 579,258 16,537,815.90 EUR 12.54 WALLENSTAM B COMMON STOCK 245,712 1,824,431.35 SEK 1.38 WERELDHAVE NV EUR10 50,058 2,587,998.60 EUR 1.96 WIHLBORGS FAST AB NPV 83,871 1,566,030.37 SEK 1.19 TOTAL Shares & similar securities traded on a regulated or related market 122,854,770.57 93.17 TOTAL Shares & similar securities traded on a regulated or related market 122,854,770.57 93.17 TOTAL Shares and similar securities 122,854,770.57 93.17 BEFIMMO NPV SICAF IMMO COM 18,024 991,320.00 EUR 0.75 COFINIMMO SA NPV 14,177 1,395,158.57 EUR 1.06 HUFVUDSTADEN AB SER A SEK5 55,873 731,498.47 SEK 0.55 DEUTSCHE EUROSHOP NPV 56,428 2,283,076.88 EUR 1.73 TAG TEGERNSEE IMMOBILIEN 148,332 1,705,818.00 EUR 1.29 CONWERT IMMOBILIEN INVEST 15,502 217,648.08 EUR 0.17 KUNGSLEDEN NPV 132,768 877,083.69 SEK 0.67 FABEGE AB NPV (POST SPLIT) 40,310 616,656.31 SEK 0.47 TOTAL Securities lending transactions 8,818,260.00 6.69 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 37.80 0.00 TOTAL Contractual sale transactions 8,818,297.80 6.69 TOTAL Contractual transactions 8,818,297.80 6.69 SSgA Europe ex UK Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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: FR0010585372 I Shares: FR0010596700 B shares: FR0011342542 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 15,066,024.23 17,810,957.37 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 503,234.01 460,350.55 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$3,560.058 with collateral worth US$ 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 19.60% 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 2015 31 December 2015, amounted to US$9,769. A payment of US$2,933.90 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 2014-01 rescinding Regulation CRC 2003-02 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 FR0010585372 SSgA Europe Index Real Estate Fund P 7 6 FR0010596700 SSgA Europe Index Real Estate Fund I 7 6 FR0011342542 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 39.186.975.91 The income statement shows retained net income of EUR 937.690.84. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 16.09 15.65 0.44 15.65 15.65 0.00 1 Month -4.11-4.13 0.02-4.14-4.13-0.01 3 Months 1.41 1.43-0.02 1.30 1.43-0.13 6 Months 5.34 5.27 0.07 5.13 5.27-0.14 1 Year 16.09 15.65 0.44 16.09 15.65 0.44 15.65 15.65 0.00 15.65 15.65 0.00 2 Years 45.81 45.24 0.57 20.77 20.53 0.24 44.71 45.24-0.53 20.31 20.53-0.22 3 Years 58.94 57.09 1.85 16.71 16.26 0.46 57.15 57.09 0.07 16.27 16.26 0.02 5 Years 85.40 81.60 3.80 13.14 12.68 0.47 81.94 81.60 0.34 12.72 12.68 0.04 10 Years 54.98 47.17 7.81 4.48 3.94 0.54 49.89 47.17 2.72 4.13 3.94 0.19 Since Incp (08/31/2002) 217.09 201.70 15.39 9.04 8.63 0.41 204.84 201.70 3.14 8.72 8.63 0.08 Std Dev (3 Year) 4.12 4.14-0.03 14.26 14.35-0.09 4.11 4.14-0.03 14.25 14.35-0.09 Std Dev (5 Year) 4.10 4.12-0.02 14.21 14.28-0.06 4.10 4.12-0.02 14.21 14.28-0.06 Std Dev (Incp) 5.24 5.29-0.05 18.14 18.31-0.17 5.24 5.29-0.05 18.14 18.31-0.17 Tracking Error (1 Year) 0.20 0.21 Tracking Error (3 Year) 0.33 0.33 Tracking Error (5 Year) 0.35 0.36 Tracking Error (Incp) 0.67 0.66 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2002-2.845655-3.152203 0.306548-2.904607-3.152203 0.247596 Year 2003 19.738521 20.366018-0.627497 19.523460 20.366018-0.842558 Year 2004 42.365000 41.867586 0.497414 42.109423 41.867586 0.241837 Year 2005 23.537284 23.956485-0.419201 23.316030 23.956485-0.640455 Year 2006 52.225345 52.303494-0.078149 51.951892 52.303494-0.351602 Year 2007-33.181050-33.500503 0.319453-33.302553-33.500503 0.197950 Year 2008-48.386295-49.033039 0.646744-48.571005-49.033039 0.462034 Year 2009 35.964137 34.582049 1.382088 35.467743 34.582049 0.885694 Year 2010 17.114625 16.656413 0.458212 16.678495 16.656413 0.022082 Year 2011-9.753715-10.002886 0.249171-10.091241-10.002886-0.088355 Year 2012 29.250380 28.453123 0.797257 28.766660 28.453123 0.313537 Year 2013 9.007777 8.157979 0.849798 8.600851 8.157979 0.442872 Year 2014 25.596880 25.584663 0.012217 25.128205 25.584663-0.456458 Year 2015 16.092527 15.650438 0.442089 15.647232 15.650438-0.003206 (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

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 16.08 15.65 0.43 14.61 15.65-1.04 1 Month -4.11-4.13 0.02-4.21-4.13-0.08 3 Months 1.40 1.43-0.03 1.07 1.43-0.36 6 Months 5.33 5.27 0.06 4.65 5.27-0.62 1 Year 16.08 15.65 0.43 16.08 15.65 0.43 14.61 15.65-1.04 14.61 15.65-1.04 2 Years 45.78 45.24 0.54 20.76 20.53 0.23 42.13 45.24-3.11 19.23 20.53-1.30 3 Years 58.93 57.09 1.84 16.71 16.26 0.45 52.99 57.09-4.10 15.24 16.26-1.02 5 Years 85.35 81.60 3.75 13.14 12.68 0.46 73.95 81.60-7.65 11.71 12.68-0.97 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (04/30/2008) 54.99 48.73 6.25 5.88 5.31 0.57 40.73 48.73-8.01 4.56 5.31-0.76 Std Dev (3 Year) 4.12 4.14-0.02 14.26 14.35-0.09 4.11 4.14-0.03 14.25 14.35-0.10 Std Dev (5 Year) 4.10 4.12-0.02 14.22 14.28-0.06 4.10 4.12-0.02 14.20 14.28-0.07 Std Dev (Incp) 5.87 5.93-0.06 20.33 20.54-0.21 5.86 5.93-0.07 20.31 20.54-0.23 Tracking Error (1 Year) 0.20 0.21 Tracking Error (3 Year) 0.32 0.33 Tracking Error (5 Year) 0.35 0.35 Tracking Error (Incp) 0.80 0.80 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2008-47.463983-47.832977 0.368994-47.884198-47.832977-0.051221 Year 2009 35.923160 34.582049 1.341111 34.249492 34.582049-0.332557 Year 2010 17.099101 16.656413 0.442688 15.628604 16.656413-1.027809 Year 2011-9.760402-10.002886 0.242484-10.897756-10.002886-0.894870 Year 2012 29.239811 28.453123 0.786688 27.609852 28.453123-0.843271 Year 2013 9.014790 8.157979 0.856811 7.643382 8.157979-0.514597 Year 2014 25.586000 25.584663 0.001337 24.006724 25.584663-1.577939 Year 2015 16.083029 15.650438 0.432591 14.610803 15.650438-1.039635 (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

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 16.11 15.65 0.46 16.00 15.65 0.35 1 Month -4.11-4.13 0.02-4.11-4.13 0.01 3 Months 1.40 1.43-0.03 1.38 1.43-0.05 6 Months 5.34 5.27 0.07 5.29 5.27 0.02 1 Year 16.11 15.65 0.46 16.11 15.65 0.46 16.00 15.65 0.35 16.00 15.65 0.35 2 Years 45.86 45.24 0.63 20.79 20.53 0.26 45.57 45.24 0.33 20.67 20.53 0.14 3 Years 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (04/12/2013) 54.86 52.97 1.89 17.45 16.92 0.53 54.44 52.97 1.47 17.34 16.92 0.41 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) 4.16 4.20-0.03 14.42 14.54-0.11 4.16 4.20-0.03 14.42 14.54-0.12 Tracking Error (1 Year) 0.20 0.20 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.33 0.33 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2013 6.167710 5.323495 0.844215 6.091942 5.323495 0.768447 Year 2014 25.624061 25.584663 0.039398 25.498712 25.584663-0.085951 Year 2015 16.111898 15.650438 0.461460 15.995976 15.650438 0.345538 (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

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

Balance sheet assets as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 38,968,998.70 36,413,236.70 Shares and similar securities 35,735,403.68 29,725,314.84 Traded on a regulated or related market 35,735,403.68 29,725,314.84 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 3,233,595.02 6,687,921.86 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 3,233,595.02 6,687,921.86 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 25,264.75 24,879.55 Forward foreign exchange transactions 0.00 0.00 Other 25,264.75 24,879.55 Financial accounts 222,584.62 368,846.02 Liquidities 222,584.62 368,846.02 Total assets 39,216,848.07 36,806,962.27 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Balance sheet liabilities as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Equities Capital 32,770,745.63 34,517,907.60 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 5,478,539.44 1,410,494.86 Income for the year (a, b) 937,690.84 845,882.35 Total equity 39,186,975.91 36,774,284.81 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 29,872.16 32,677.46 Forward foreign exchange transactions 0.00 0.00 Other 29,872.16 32,677.46 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 39,216,848.07 36,806,962.27 (a) Including accruals (b) Less interim dividends paid during the year SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet items as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in EUR 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 78.69 20.72 Income from shares and similar securities 1,036,408.73 817,305.79 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 6,166.58 5,475.00 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 1,042,654.00 822,801.51 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 787.97 29.22 Other financial expenses 0.00 0.00 TOTAL (II) 787.97 29.22 Income from financial transactions (I - II) 1,041,866.03 822,772.29 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 103,733.07 100,098.38 Net income for the year (L. 214-17-1) (I - II + III - IV) 938,132.96 722,673.91 Accrued revenue for the year (V) -442.12 123,208.44 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 937,690.84 845,882.35 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0010596700 I Accumulation per unit C1 FR0010585372 P Accumulation per unit C2 FR0011342542 B Accumulation per unit C3 Units presented in the inventory SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 36,774,284.81 24,192,898.03 Subscriptions (including entry fees) 16,583,310.05 19,048,456.94 Redemptions (including exit fees) -19,389,352.76-13,027,657.62 Capital gains made on deposits and financial instruments 4,664,360.22 1,282,991.36 Capital losses made on deposits and financial instruments -35,497.82-63,452.64 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -72,412.33-57,642.61 Foreign exchange variances 726,214.67 571,595.35 Changes in deposit and financial instrument estimate variance -1,002,063.89 4,104,422.09 Current year estimate variance N: 6,133,238.01 7,135,301.90 Previous year estimate variance N-1: 7,135,301.90 3,030,879.81 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 938,132.96 722,673.91 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 39,186,975.91 36,774,284.81 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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 222,584.62 0.57 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 222,584.62 0.57 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

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 12,651,441.47 32.28 2,114,009.22 5.39 2,175,867.48 5.55 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 887,015.05 2.26 359,933.22 0.92 26.83 0.00 Receivables 24,406.58 0.06 858.17 0.00 Financial accounts 24,252.67 0.06 5,786.06 0.01 6,270.65 0.02 1,425.69 0.00 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 24,406.58 Other receivables 858.17 Total receivables 25,264.75 Payables Management fees -25,804.86 Other payables -4,067.30 Total payables -29,872.16 Total payables and receivables -4,607.41 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 2,266.1317 679,500.40 Shares or units redeemed during the year -32,961.4633-9,808,243.92 C2 In units Value Shares or units issued during the year 1,697.1156 473,909.22 Shares or units redeemed during the year -572.628-163,109.01 C3 In units Value Shares or units issued during the year 52,583.3509 15,429,900.43 Shares or units redeemed during the year -33,536.5817-9,417,999.83 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 6,209.60 Amount of subscription fees received 1,357.79 Amount of redemption fees received 4,851.81 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 6,209.60 Amount of entry fees 1,357.79 Amount of exit fees 4,851.81 C2 Value Amount of subscription and/or redemption fees received 641.27 Amount of subscription fees received 559.37 Amount of redemption fees received 81.90 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 641.27 Amount of entry fees 559.37 Amount of exit fees 81.90 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

C3 Value Amount of subscription and/or redemption fees received 35,509.52 Amount of subscription fees received 30,798.12 Amount of redemption fees received 4,711.40 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 35,509.52 Amount of entry fees 30,798.12 Amount of exit fees 4,711.40 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 62,191.33 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 23,703.91 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 17,837.83 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

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 3,474,372.42 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 937,690.84 845,882.35 Total 937,690.84 845,882.35 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 331,797.33 458,385.48 Total 331,797.33 458,385.48 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 28,387.32 21,766.17 Total 28,387.32 21,766.17 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 577,506.19 365,730.70 Total 577,506.19 365,730.70 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 5,478,539.44 1,410,494.86 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 5,478,539.44 1,410,494.86 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 2,045,545.75 789,573.00 Total 2,045,545.75 789,573.00 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 290,659.22 58,782.31 Total 290,659.22 58,782.31 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 3,142,334.47 562,139.55 Total 3,142,334.47 562,139.55 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy 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 21,439,849.20 145,047.9603 147.81 5.02 C2 1,764,460.59 12,345.2753 142.92 3.46 31/12/2012 C1 28,209,273.25 148,211.8803 190.33 7.12 C2 2,263,830.78 12,412.1859 182.38 5.38 31/12/2013 C1 21,240,935.33 102,760.0842 206.70 17.84 C2 70,061.45 356.8559 196.32 15.33 C3 2,881,901.25 14,553.9354 198.01 13.53 31/12/2014 C1 20,578,707.95 79,564.9942 258.64 15.68 C2 1,526,244.25 6,269.1491 243.45 12.84 C3 14,669,332.61 59,030.6829 248.50 15.71 31/12/2015 C1 14,617,719.80 48,869.6626 299.11 48.63 C2 2,063,035.64 7,393.6367 279.02 43.14 C3 22,506,220.47 78,077.4521 288.25 47.63 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

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 604 33,220.00 EUR 0.08 BRITISH LAND CO ORD GBP0.25 247,059 2,634,670.29 GBP 6.72 CA IMMOBILIEN ANLA NPV 17,206 289,576.98 EUR 0.74 CAPITAL AND COUNTIES PROPERTIES PLC 175,658 1,050,063.29 GBP 2.68 CASTELLUM AB 39,482 520,353.72 SEK 1.33 COFINIMMO SA NPV 415 40,840.15 EUR 0.10 CONWERT IMMOBILIEN INVEST 12,872 180,722.88 EUR 0.46 DERWENT LONDON PLC ORD GBP0.05 23,854 1,188,411.75 GBP 3.03 DEUTSCHE EUROSHOP NPV 110 4,450.60 EUR 0.01 DEUTSCHE WOHNEN AG NPV (BR) 81,283 2,082,064.05 EUR 5.31 EUROCOMMERCIAL PROP CVA EUR0.5 REP 10 SHS) 10,856 432,014.52 EUR 1.10 FABEGE AB NPV (POST SPLIT) 31,609 483,549.72 SEK 1.23 FONCIERE DES REGIO EUR2 1,650 136,125.00 EUR 0.35 GECINA EUR7.5 9,066 1,016,298.60 EUR 2.59 GREAT PORTLAND EST ORD GBP0.125 83,175 934,385.73 GBP 2.38 HAMMERSON PLC ORD GBP0.25 189,370 1,541,577.91 GBP 3.93 HEMFOSA FASTIGHETER COMMON STOCK 18,242 187,735.35 SEK 0.48 HUFVUDSTADEN AB SER A SEK5 26,797 350,830.71 SEK 0.90 ICADE EMGP NPV 8,497 525,964.30 EUR 1.34 INMOBILIARIA COLONIAL SA COMMON STOCK 495,428 318,064.78 EUR 0.81 INTU PROPERTIES PLC 20,049 86,310.94 GBP 0.22 KLEPIERRE EUR4 49,532 2,030,316.68 EUR 5.18 KUNGSLEDEN NPV 437 2,886.88 SEK 0.01 LAND SECS GP ORD GBP.10 189,723 3,029,699.08 GBP 7.73 LEG IMMOBILIEN AG COMMON STOCK 15,171 1,145,410.50 EUR 2.92 LONDONMETRIC PROPERTY PLC 141,263 314,322.39 GBP 0.80 MERCIALYS EUR1 10,154 189,219.79 EUR 0.48 MERLIN PROPERTIES SOCIMI SA REIT EUR1.0 77,515 894,910.68 EUR 2.28 MOBIMO HLDG AG 1,479 302,899.85 CHF 0.77 PSP SWISS PROPERTY CHF10.50(REGD)(POST SUBD) 9,476 766,864.08 CHF 1.96 SEGRO PLC COMMON STOCK 179,300 1,044,588.83 GBP 2.67 SHAFTESBURY ORD GBP0.25 66,686 827,411.26 GBP 2.11 SWISS PRIME SITE CHF31.50 (REG) 15,322 1,106,103.55 CHF 2.82 TAG TEGERNSEE IMMOBILIEN 1,315 15,122.50 EUR 0.04 UNIBAIL RODAMCO 23,735 5,563,484.00 EUR 14.24 VASTNED RETAIL 4,403 186,467.05 EUR 0.48 VONOVIA SE 112,381 3,208,477.55 EUR 8.19 WALLENSTAM B COMMON STOCK 36,672 272,292.55 SEK 0.69 WERELDHAVE NV EUR10 9,697 501,334.90 EUR 1.28 WIHLBORGS FAST AB NPV 15,872 296,360.29 SEK 0.76 TOTAL Shares & similar securities traded on a regulated or related market 35,735,403.68 91.20 TOTAL Shares & similar securities traded on a regulated or related market 35,735,403.68 91.20 TOTAL Shares and similar securities 35,735,403.68 91.20 INTU PROPERTIES PLC 206,043 887,015.05 GBP 2.26 BEFIMMO NPV SICAF IMMO COM 3,519 193,545.00 EUR 0.49 COFINIMMO SA NPV 4,444 437,334.04 EUR 1.12 DEUTSCHE EUROSHOP NPV 10,876 440,042.96 EUR 1.12 TAG TEGERNSEE IMMOBILIEN 27,453 315,709.50 EUR 0.81 CONWERT IMMOBILIEN INVEST 2,348 32,965.92 EUR 0.08 FONCIERE DES REGIO EUR2 6,873 567,022.50 EUR 1.45 WALLENSTAM B COMMON STOCK 10,000 74,250.80 SEK 0.19 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets KUNGSLEDEN NPV 43,245 285,682.42 SEK 0.73 TOTAL Securities lending transactions 3,233,568.19 8.25 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 26.83 0.00 TOTAL Contractual sale transactions 3,233,595.02 8.25 TOTAL Contractual transactions 3,233,595.02 8.25 SSgA Europe Index Real Estate Fund: ANNUAL REPORT 31/12/2015

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: FR0000018228 I Shares: FR0010588061 I EUR Shares: FR0011129550 I NL EUR shares: FR0011675297 B shares: FR0011342559 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 3,046,368.70 5,994,540.27 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 8,435,404.00 16,003,541.11 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$21.013 with collateral worth US$ 22.092. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 December 2015, is US$11,300. A payment of US$3,390.13 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$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 2014-01 rescinding Regulation CRC 2003-02 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 FR0011129550 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 27,543,060.54. The income statement shows retained net income of USD 533,861.41. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 -2.95-3.37 0.42-4.18-3.37-0.81 1 Month -1.80-1.77-0.03-1.91-1.77-0.14 3 Months 4.23 4.23 0.00 3.89 4.23-0.34 6 Months -5.32-5.63 0.31-5.93-5.63-0.30 1 Year -2.95-3.37 0.42-2.95-3.37 0.42-4.18-3.37-0.81-4.18-3.37-0.81 2 Years 0.09-0.31 0.40 0.04-0.16 0.20-2.42-0.31-2.11-1.22-0.16-1.06 3 Years 27.23 26.93 0.30 8.37 8.28 0.08 22.48 26.93-4.46 7.00 8.28-1.28 5 Years 33.70 33.84-0.13 5.98 6.00-0.02 25.48 33.84-8.35 4.65 6.00-1.36 10 Years 2.04-4.30 6.35 0.20-0.44 0.64-10.04-4.30-5.73-1.05-0.44-0.61 Since Incp (01/31/2000) 52.93 42.83 10.09 2.71 2.27 0.44 25.60 42.83-17.24 1.44 2.27-0.82 Std Dev (3 Year) 3.42 3.43-0.01 11.84 11.88-0.04 3.42 3.43-0.01 11.83 11.88-0.05 Std Dev (5 Year) 4.63 4.64-0.02 16.03 16.09-0.06 4.62 4.64-0.02 16.02 16.09-0.07 Std Dev (Incp) 5.95 5.94 0.01 20.61 20.57 0.04 5.95 5.94 0.01 20.60 20.57 0.03 Tracking Error (1 Year) 0.26 0.26 Tracking Error (3 Year) 0.19 0.19 Tracking Error (5 Year) 0.21 0.21 Tracking Error (Incp) 1.21 1.21 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000 16.595784 18.297298-1.701514 15.329508 18.297298-2.967790 Year 2001-15.878458-16.870120 0.991662-16.887828-16.870120-0.017708 Year 2002-15.265316-16.371090 1.105774-16.276371-16.371090 0.094719 Year 2003 37.368642 38.813614-1.444972 35.733194 38.813614-3.080420 Year 2004 17.740211 17.402178 0.338033 16.337274 17.402178-1.064904 Year 2005 11.491693 11.364346 0.127347 10.166958 11.364346-1.197388 Year 2006 24.446877 23.703188 0.743689 22.963166 23.703188-0.740022 Year 2007-7.773038-8.288479 0.515441-8.882985-8.288479-0.594506 Year 2008-53.599733-54.036755 0.437022-54.208505-54.036755-0.171750 Year 2009 36.864984 31.077194 5.787790 35.174255 31.077194 4.097061 Year 2010 4.708768 4.609507 0.099261 3.378730 4.609507-1.230777 Year 2011-18.583423-18.490866-0.092557-19.609815-18.490866-1.118949 Year 2012 29.073426 29.356795-0.283369 27.445584 29.356795-1.911211 Year 2013 27.118677 27.330164-0.211487 25.520220 27.330164-1.809944 Year 2014 3.135343 3.168060-0.032717 1.837660 3.168060-1.330400 Year 2015-2.953366-3.371697 0.418331-4.184904-3.371697-0.813207 (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

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 -2.93-3.37 0.44-3.31-3.37 0.06 1 Month -1.80-1.77-0.03-1.83-1.77-0.06 3 Months 4.23 4.23 0.00 4.13 4.23-0.10 6 Months -5.32-5.63 0.32-5.50-5.63 0.13 1 Year -2.93-3.37 0.44-2.93-3.37 0.44-3.31-3.37 0.06-3.31-3.37 0.06 2 Years 0.11-0.31 0.42 0.06-0.16 0.21-0.64-0.31-0.33-0.32-0.16-0.17 3 Years 27.27 26.93 0.33 8.38 8.28 0.09 25.83 26.93-1.10 7.97 8.28-0.31 5 Years 33.75 33.84-0.08 5.99 6.00-0.01 31.26 33.84-2.58 5.59 6.00-0.41 10 Years Since Incp (02/28/2009) 178.01 168.57 9.44 16.13 15.55 0.59 170.99 168.57 2.42 15.70 15.55 0.15 Std Dev (3 Year) 3.42 3.43-0.01 11.84 11.88-0.04 3.42 3.43-0.01 11.84 11.88-0.05 Std Dev (5 Year) 4.63 4.64-0.02 16.03 16.09-0.06 4.63 4.64-0.02 16.03 16.09-0.06 Std Dev (Incp) 6.06 5.94 0.12 20.99 20.59 0.41 6.06 5.94 0.12 20.99 20.59 0.40 Tracking Error (1 Year) 0.26 0.26 Tracking Error (3 Year) 0.19 0.19 Tracking Error (5 Year) 0.21 0.21 Tracking Error (Incp) 1.49 1.48 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 98.526121 91.826454 6.699667 97.917517 91.826454 6.091063 Year 2010 4.697468 4.609507 0.087961 4.311946 4.609507-0.297561 Year 2011-18.583870-18.490866-0.093004-18.888449-18.490866-0.397583 Year 2012 29.085879 29.356795-0.270916 28.602780 29.356795-0.754015 Year 2013 27.123949 27.330164-0.206215 26.649602 27.330164-0.680562 Year 2014 3.139789 3.168060-0.028271 2.754697 3.168060-0.413363 Year 2015-2.934816-3.371697 0.436881-3.307350-3.371697 0.064347 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

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 131600EUR-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 8.14 7.64 0.50 7.81 7.64 0.18 1 Month -4.52-4.50-0.03-4.55-4.50-0.05 3 Months 7.10 7.10 0.00 7.02 7.10-0.08 6 Months -2.88-3.21 0.33-3.03-3.21 0.18 1 Year 8.14 7.64 0.50 8.14 7.64 0.50 7.81 7.64 0.18 7.81 7.64 0.18 2 Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) 20.23 19.75 0.48 12.74 12.45 0.29 19.68 19.75-0.07 12.41 12.45-0.04 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) 3.93 3.93 0.00 13.62 13.63-0.01 3.93 3.93 0.00 13.61 13.63-0.01 Tracking Error (1 Year) 0.27 0.27 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.24 0.24 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 11.179846 11.252764-0.072918 11.001369 11.252764-0.251395 Year 2015 8.137593 7.636084 0.501509 7.814289 7.636084 0.178205 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

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 131600EUR-N MSCI WORLD FINCLS SECTOR(EUR)(NET)(Std) Period Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Fund Bnch Diff Year to Date 8.13 7.64 0.49 7.70 7.64 0.06 1 Month -4.53-4.50-0.03-4.56-4.50-0.07 3 Months 7.11 7.10 0.00 7.00 7.10-0.10 6 Months -2.88-3.21 0.32-3.08-3.21 0.13 1 Year 8.13 7.64 0.49 8.13 7.64 0.49 7.70 7.64 0.06 7.70 7.64 0.06 2 Years 27.02 26.45 0.57 12.71 12.46 0.25 26.01 26.45-0.44 12.26 12.46-0.20 3 Years 54.55 54.06 0.50 15.63 15.51 0.12 52.71 54.06-1.34 15.17 15.51-0.34 5 Years 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/21/2012) 74.52 74.12 0.39 15.53 15.46 0.07 71.85 74.12-2.27 15.07 15.46-0.39 Std Dev (3 Year) 3.24 3.24 0.00 11.21 11.23-0.01 3.24 3.24-0.01 11.21 11.23-0.02 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) 3.13 3.14-0.01 10.85 10.88-0.03 3.13 3.14-0.01 10.85 10.88-0.04 Tracking Error (1 Year) 0.26 0.26 Tracking Error (3 Year) 0.19 0.19 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.20 0.20 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 12.919044 13.026161-0.107117 12.533408 13.026161-0.492753 Year 2013 21.671744 21.827417-0.155673 21.187500 21.827417-0.639917 Year 2014 17.476360 17.483102-0.006742 17.008767 17.483102-0.474335 Year 2015 8.126319 7.636084 0.490235 7.695698 7.636084 0.059614 (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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 27,461,982.74 39,158,852.95 Shares and similar securities 27,441,720.00 38,882,504.82 Traded on a regulated or related market 27,431,864.02 38,854,734.88 Not traded on a regulated or related market 9,855.98 27,769.94 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 20,262.74 276,348.13 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 20,262.74 276,348.13 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 154,966.03 370,065.99 Forward foreign exchange transactions 0.00 0.00 Other 154,966.03 370,065.99 Financial accounts 77,259.54 43,706.21 Liquidities 77,259.54 43,706.21 Total assets 27,694,208.31 39,572,625.15 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 24,684,730.62 35,454,336.48 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 2,324,468.51 3,225,881.86 Income for the year (a, b) 533,861.41 691,705.34 Total equity 27,543,060.54 39,371,923.68 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 44,511.33 64,008.33 Forward foreign exchange transactions 0.00 0.00 Other 44,511.33 64,008.33 Financial accounts 106,636.44 136,693.14 Bank overdrafts 106,636.44 136,693.14 Loans 0.00 0.00 Total liabilities 27,694,208.31 39,572,625.15 (a) Including accruals (b) Less interim dividends paid during the year SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 4.35 9.09 Income from shares and similar securities 714,196.98 1,035,798.31 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 7,738.27 22,672.57 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 721,939.60 1,058,479.97 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 225.77 669.79 Other financial expenses 0.00 0.00 TOTAL (II) 225.77 669.79 Income from financial transactions (I - II) 721,713.83 1,057,810.18 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 140,856.13 191,962.81 Net income for the year (L. 214-17-1) (I - II + III - IV) 580,857.70 865,847.37 Accrued revenue for the year (V) -46,996.29-174,142.03 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 533,861.41 691,705.34 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018228 P USD Accumulation per unit C1 FR0010588061 I USD Accumulation per unit C2 FR0011129550 I EUR Accumulation per unit C3 FR0011675297 I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 39,371,923.68 44,437,220.34 Subscriptions (including entry fees) 14,562,641.09 46,692,824.59 Redemptions (including exit fees) -25,740,813.69-52,780,613.46 Capital gains made on deposits and financial instruments 4,272,796.44 4,663,015.24 Capital losses made on deposits and financial instruments -289,091.25-314,969.57 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -57,331.90-97,535.19 Foreign exchange variances -1,307,504.89-2,076,252.45 Changes in deposit and financial instrument estimate variance -3,850,416.64-2,017,613.19 Current year estimate variance N: 2,907,938.44 6,758,355.08 Previous year estimate variance N-1: 6,758,355.08 8,775,968.27 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 580,857.70 865,847.37 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 27,543,060.54 39,371,923.68 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 77,259.54 0.28 Liabilities Temporary securities transactions Financial accounts 106,636.44 0.39 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 77,259.54 0.28 Liabilities Temporary securities transactions Financial accounts 106,636.44 0.39 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

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 3,452,165.40 12.53 2,311,447.45 8.39 2,316,324.52 8.41 6,463,562.54 23.47 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 14,496.19 0.05 5,766.15 0.02 Receivables 62,699.76 0.23 721.06 0.00 69,175.45 0.25 Financial accounts 345.26 0.00 399.37 0.00 8,839.80 0.03 Liabilities Disposals of financial instruments Temporary securities transactions Payables 9,601.81 0.03 Financial accounts 60,950.43 0.22 45,686.01 0.17 Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 34,620.31 Deferred settlement sales 120,203.24 Other receivables 142.48 Total receivables 154,966.03 Payables Management fees -34,909.52 Other payables -9,601.81 Total payables -44,511.33 Total payables and receivables 110,454.70 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 9,698.1819 1,242,509.43 Shares or units redeemed during the year -4,645.5165-611,665.25 C2 In units Value Shares or units issued during the year 68,260.8921 9,349,064.95 Shares or units redeemed during the year -155,204.5676-21,608,340.74 C3 In units I UNIT in EUR Value Shares or units issued during the year 27,771 3,798,760.57 Shares or units redeemed during the year -10,932-1,471,206.01 C4 In units I NL UNITS IN EUR Value Shares or units issued during the year 1,243 172,306.14 Shares or units redeemed during the year -15,018-2,049,601.69 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 1,574.65 Amount of subscription fees received 1,261.41 Amount of redemption fees received 313.24 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 1,574.65 Amount of entry fees 1,261.41 Amount of exit fees 313.24 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 Value Amount of subscription and/or redemption fees received 20,101.14 Amount of subscription fees received 9,241.44 Amount of redemption fees received 10,859.70 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 20,101.14 Amount of entry fees 9,241.44 Amount of exit fees 10,859.70 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 4,453.50 Amount of subscription fees received 3,738.82 Amount of redemption fees received 714.68 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 4,453.50 Amount of entry fees 3,738.82 Amount of exit fees 714.68 C4 I NL UNITS IN EUR Value Amount of subscription and/or redemption fees received 1,238.37 Amount of subscription fees received 171.07 Amount of redemption fees received 1,067.30 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 1,238.37 Amount of entry fees 171.07 Amount of exit fees 1,067.30 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 29,591.66 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 73,255.97 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 34,829.95 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 3,178.55 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

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 22,092.28 FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE PORTFOLIO 31/12/2015 Shares 114,404.64 Bonds 0.00 Marketable debt securities 0.00 Mutual Funds 0.00 Forward financial instruments 0.00 Total group securities 114,404.64 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 533,861.41 691,705.34 Total 533,861.41 691,705.34 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 33,297.41 24,687.65 Total 33,297.41 24,687.65 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 312,177.28 523,311.35 Total 312,177.28 523,311.35 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 173,778.09 122,680.73 Total 173,778.09 122,680.73 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C4 I NL UNITS IN EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 14,608.63 21,025.61 Total 14,608.63 21,025.61 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 2,324,468.51 3,225,881.86 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 2,324,468.51 3,225,881.86 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 254,156.74 209,419.49 Total 254,156.74 209,419.49 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 1,292,977.79 2,346,464.98 Total 1,292,977.79 2,346,464.98 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 719,757.88 549,957.07 Total 719,757.88 549,957.07 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 I NL UNITS IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 57,576.10 120,040.32 Total 57,576.10 120,040.32 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 1,858,273.78 23,245.6025 79.94 1.34 C2 16,088,288.61 196,145.9974 82.02 2.23 31/12/2012 C1 2,280,048.07 22,378.5461 101.88 1.41 C2 22,164,142.97 210,118.3860 105.48 2.30 C3 17,984,981.85 170,503.0000 105.48 2.14 31/12/2013 C1 2,998,985.02 23,450.7736 127.88 11.43 C2 19,200,559.35 143,718.1923 133.59 12.97 C3 22,237,675.97 166,454.0000 133.59 12.97 31/12/2014 C1 2,468,850.12 18,957.3913 130.23 12.34 C2 27,790,509.71 202,438.5650 137.27 14.17 C3 6,514,659.02 47,458.0000 137.27 14.16 C4 2,597,904.83 18,913.0000 137.36 7.45 31/12/2015 C1 2,996,197.16 24,010.0567 124.78 11.96 C2 15,330,091.75 115,494.8895 132.73 13.89 C3 8,533,678.93 64,297.0000 132.72 13.89 C4 683,092.70 5,138.0000 132.94 14.04 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ING CDA INC COM 400 25,536.45 CAD 0.09 3I GROUP ORD 3,674 26,078.25 GBP 0.09 ABERDEEN ASSET MANAGEMENT 4,478 19,100.09 GBP 0.07 ACE LIMITED SHS 1,280 149,568.00 USD 0.54 ACOM CO JPY50 3,000 14,314.81 JPY 0.05 ADMIRAL GROUP ORD GBP0.001 1,148 28,069.92 GBP 0.10 AEGON NV EUR0.12 8,605 48,888.01 EUR 0.18 AEON FINANCIAL SERVICE CO LTD 200 4,532.19 JPY 0.02 AEON MALL CO 700 12,126.86 JPY 0.04 AFFILIATED MANAGERS GROUP INC COM 226 36,105.76 USD 0.13 AFLAC INC COM 1,757 105,244.30 USD 0.38 AGEAS SA/NV COMMON STOCK 646 30,034.89 EUR 0.11 ALLEGHANY CORP DEL COM 62 29,631.66 USD 0.11 ALLIANZ SE NPV(REGD)(VINKULIERT) 1,881 334,186.67 EUR 1.21 ALLSTATE CORP COM 1,618 100,461.62 USD 0.36 ALLY FINANCIAL INC COMMON STOCK USD.1 1,800 33,552.00 USD 0.12 AMERICAN CAPITAL AGENCY CORP 1,342 23,270.28 USD 0.08 AMERICAN EXPRESS CO COM 3,641 253,231.55 USD 0.92 AMERICAN INTL GROUP INC COMMON STOCK 5,276 326,953.72 USD 1.19 AMERICAN TOWER REIT REIT 1,684 163,263.80 USD 0.59 AMERIPRISE FINL INC COM 801 85,242.42 USD 0.31 AMP LIMITED NPV 12,383 52,525.46 AUD 0.19 ANNALY CAPITAL MANAGEMENT 4,501 42,219.38 USD 0.15 AON PLC COMMON STOCK 1,164 107,332.44 USD 0.39 AOZORA BANK LTD JPY50 7,000 24,614.49 JPY 0.09 ARCH CAP GROUP LTD SHS 469 32,712.75 USD 0.12 ARTHUR J GALLAGHER + CO COMMON STOCK USD1. 700 28,658.00 USD 0.10 ASCENDAS REAL ESTA NPV (REIT) 11,000 17,678.54 SGD 0.06 ASIA GROUP LTD 49,000 294,627.88 HKD 1.07 ASSIC GENERALI EUR1.00 5,057 92,948.65 EUR 0.34 ASSURANT INC COM 307 24,725.78 USD 0.09 ASX LIMITED NPV 697 21,532.19 AUD 0.08 AUST + NZ BANK GRP NPV 11,755 238,874.06 AUD 0.87 AVALONBAY CMNTYS INC COM 570 104,954.10 USD 0.38 AVIVA PLC ORD GBP0.25 15,795 120,121.89 GBP 0.44 AXA 7,964 218,272.13 EUR 0.79 AXIS CAPITAL HOLDINGS LTD SHS 323 18,159.06 USD 0.07 BALOISE HLDGS CHF0.1 REGD 169 21,542.59 CHF 0.08 BANCA MONTE DEI PASCHI DI SI COMMON STOCK 8,767 11,733.06 EUR 0.04 BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK EUR.49 784 5,793.41 EUR 0.02 BANCO COMERCIAL PORTUGUES 1,436 76.28 EUR 0.00 BANCO DE BILBAO VIZCAYA 26,165 191,542.87 EUR 0.70 BANCO POPOLARE SCARL COMMON STOCK 2,008 27,942.33 EUR 0.10 BANCO POPULAR ESPANOL COMMON STOCK 6,961 23,010.35 EUR 0.08 BANK AMER CORP COM 42,472 714,803.76 USD 2.60 BANK HAPOALIM B.M ILS1 3,645 18,828.97 ILS 0.07 BANK MONTREAL QUE COM 2,600 146,146.39 CAD 0.53 BANK N S HALIFAX COM 5,100 205,494.60 CAD 0.75 BANK NEW YORK MELLON CORP COM 4,662 192,167.64 USD 0.70 BANK OF EAST ASIA HKD 2.50 4,510 16,788.59 HKD 0.06 BANK OF KYOTO JPY50 1,000 9,393.57 JPY 0.03 BANK OF QUEENSLAND NPV 2,231 22,627.56 AUD 0.08 BANK OF YOKOHAMA JPY50 5,000 31,011.27 JPY 0.11 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets BANKIA SA COMMON STOCK 16,507 19,258.49 EUR 0.07 BANKINTER SA 2,581 18,347.67 EUR 0.07 BARCLAYS ORD GBP0.25 68,570 221,224.25 GBP 0.80 BB+T CORP COM 3,036 114,791.16 USD 0.42 BCO DE SABADELL NEW EUR0.125 POST SPLIT 20 20,735 36,827.45 EUR 0.13 BCO ESPIR SANTO PTES1000(REGD) 21,537 0.00 EUR 0.00 BCO SANT CENT HISP EURO.50(REGD) 59,465 294,432.35 EUR 1.07 BENDIGO BANK LTD NPV 1,521 13,224.30 AUD 0.05 BERKLEY W R CORP COM 260 14,235.00 USD 0.05 BERKSHIRE HATHAWAY INC 4,898 646,731.92 USD 2.35 BGP HOLDINGS PLC POST SPIN SHARES 26,852 0.00 EUR 0.00 BK LEUMI LE ISRAEL ORD ILS1 7,292 25,299.58 ILS 0.09 BK OF IRELAND 104,938 38,530.02 EUR 0.14 BLACKROCK INC COM 515 175,367.80 USD 0.64 BNP PARIBAS EUR2 4,349 246,751.17 EUR 0.90 BOC HONG KONG HOLDINGS LTD HKD5 17,500 53,515.33 HKD 0.19 BOSTON PPTYS INC COM 603 76,906.62 USD 0.28 BRITISH LAND CO ORD GBP0.25 3,929 45,515.30 GBP 0.17 BRIXMOR PROPERTY GROUP INC REIT USD.01 600 15,492.00 USD 0.06 BROOKFIELD ASSET MGMT INC VOTING SHS CL A 3,357 105,489.81 CAD 0.38 CAIXABANK SA 11,957 41,746.29 EUR 0.15 CAMDEN PPTY TR COM 418 32,085.68 USD 0.12 CAPITAL ONE FINL CORP COM 2,180 157,352.40 USD 0.57 CAPITALAND COMMERCIAL TRUST 6,000 5,709.58 SGD 0.02 CAPITALAND MALL TRUST 16,000 21,766.88 SGD 0.08 CAPITALAND SGD1 8,500 20,071.63 SGD 0.07 CBRE GROUP INC COMMON STOCK USD.01 1,193 41,253.94 USD 0.15 CDN IMPERIAL BK OF COMMERCE COM 1,700 111,601.77 CAD 0.41 CHIBA BANK JPY50 2,000 14,364.69 JPY 0.05 CHUBB CORP COM 959 127,201.76 USD 0.46 CHUGOKU BANK JPY50 1,000 13,500.15 JPY 0.05 CI FINL CORP COM 1,200 26,434.90 CAD 0.10 CINCINNATI FINL CORP COM 600 35,502.00 USD 0.13 CIT GROUP INC 702 27,869.40 USD 0.10 CITIGROUP INC COMMON STOCK RTS 12,440 643,770.00 USD 2.34 CITIZENS FINANCIAL GROUP COMMON STOCK USD.01 2,400 62,856.00 USD 0.23 CITY DEVELOPMENTS SGD 0.50 3,000 16,177.14 SGD 0.06 CK PROPERTY LTD COMMON STOCK 12,000 78,037.55 HKD 0.28 CME GROUP INC COM 1,254 113,612.40 USD 0.41 CMNWLTH BK OF AUST NPV 6,959 433,052.69 AUD 1.57 CNP ASSURANCES EUR4 1,279 17,283.86 EUR 0.06 COMERICA INC COM 914 38,232.62 USD 0.14 COMMERZBANK AG COMMON STOCK 3,651 37,963.33 EUR 0.14 CREDIT AGRICOLE SA EUR3 3,692 43,635.54 EUR 0.16 CREDIT SAISON CO JPY50 1,000 19,959.27 JPY 0.07 CREDIT SUISSE GRP CHF3 (REGD) 7,466 161,773.73 CHF 0.59 CROWN CASTLE REIT COMMON STOCK 1,276 110,310.20 USD 0.40 DAI ICHI LIFE INSURANCE 4,200 71,050.34 JPY 0.26 DAITO TRUST CONST JPY50 200 23,292.74 JPY 0.08 DAIWA HOUSE INDS JPY50 2,600 75,712.21 JPY 0.27 DAIWA SECURITIES GROUP INC NPV 6,000 37,148.68 JPY 0.13 DANSKE BANK A/S DKK10 2,980 80,336.69 DKK 0.29 DBS GROUP HLDGS SGD1 7,326 86,187.09 SGD 0.31 DEUTSCHE BANK AG ORD NPV (REGD) 5,463 133,673.65 EUR 0.49 DEUTSCHE BOERSE AG NPV 810 71,615.31 EUR 0.26 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets DEUTSCHE WOHNEN AG NPV (BR) 1,369 38,093.22 EUR 0.14 DEXUS PROPERTY GROUP 3,169 17,292.55 AUD 0.06 DIGITAL RLTY TR INC COM 617 46,657.54 USD 0.17 DIRECT LINE INSURANCE GROUP COMMON STOCK 5,162 31,002.62 GBP 0.11 DISCOVER FINANCIAL SERVICES 1,755 94,103.10 USD 0.34 DNB ASA 3,990 49,495.35 NOK 0.18 DUKE RLTY CORP COM NEW 1,023 21,503.46 USD 0.08 E TRADE FINANCIAL CORP COMMON STOCK USD.01 1,200 35,568.00 USD 0.13 EATON VANCE CORP COM 391 12,680.13 USD 0.05 EQUINIX INC COMMON STOCK 208 62,899.20 USD 0.23 EQUITY RESIDENTIAL SH BEN INT 1,488 121,405.92 USD 0.44 ERSTE BANK DER OST NPV 1,052 33,037.99 EUR 0.12 ESSEX PROPERTY TRUST INC REIT USD.0001 290 69,428.90 USD 0.25 EURAZEO NPV 108 7,449.85 EUR 0.03 EVEREST REINSURANCE GROUP LTD SHS 164 30,026.76 USD 0.11 EXTRA SPACE STORAGE INC REIT USD.01 500 44,105.00 USD 0.16 FAIRFAX FINL HLDGS LTD SUB VTG 100 47,291.25 CAD 0.17 FEDERAL RLTY INVT TR SH BEN INT NEW 267 39,008.70 USD 0.14 FIFTH THIRD BANCORP COM STK 3,120 62,712.00 USD 0.23 FIRST PACIFIC CO USD0.01 12,000 7,958.59 HKD 0.03 FIRST REPUBLIC BANK/SAN FRAN COMMON STOCK USD.01 529 34,945.74 USD 0.13 FNF GROUP W/I COMMON STOCK 1,249 43,302.83 USD 0.16 FONCIERE DES REGIO EUR2 29 2,598.97 EUR 0.01 FRANKLIN RES INC COM 1,741 64,103.62 USD 0.23 FUKUOKA FINANCIAL NPV 4,000 20,117.21 JPY 0.07 GECINA EUR7.5 122 14,856.46 EUR 0.05 GENERAL GROWTH PROPERTIES REIT USD.01 2,067 56,243.07 USD 0.20 GJENSIDIGE FORSIKRING ASA COMMON STOCK NOK2. 1,294 20,773.88 NOK 0.08 GLOBAL LOGISTIC PROPERTIES 11,000 16,670.56 SGD 0.06 GOLDMAN SACHS GROUP INC COM 1,576 284,042.48 USD 1.03 GOODMAN GROUP 6,709 30,605.59 AUD 0.11 GPE BRUXELLES LAM NPV (NEW) 393 33,653.78 EUR 0.12 GPT GROUP NPV (UNITS) 6,474 22,515.21 AUD 0.08 GREAT WEST LIFECO INC COM 1,100 27,344.14 CAD 0.10 GUNMA BANK JPY50 1,000 5,877.22 JPY 0.02 H+R REAL ESTATE INV REIT UTS REIT NPV 800 11,547.27 CAD 0.04 HACHIJUNI BANK JPY50 1,000 6,193.11 JPY 0.02 HAMMERSON PLC ORD GBP0.25 2,896 25,609.59 GBP 0.09 HANG LUNG PROP HKD1 11,000 25,037.05 HKD 0.09 HANG SENG BANK HKD5 3,500 66,611.91 HKD 0.24 HANNOVER RUECKVERSICHERUNG SE 220 25,248.87 EUR 0.09 HARGREAVES LANSDOWN PLC ORDGBP0.004 (WI) 940 20,864.39 GBP 0.08 HARTFORD FINANCIAL SERVICES GROUP 1,828 79,444.88 USD 0.29 HCP INC 1,692 64,702.08 USD 0.23 HENDERSON LAND DEV HKD2 5,095 31,226.96 HKD 0.11 HIROSHIMA BANK JPY50 1,000 5,760.84 JPY 0.02 HOKUHOKU FINANCIAL GROUP INC NPV 9,000 18,554.39 JPY 0.07 HONG KONG EXCHANGE HKD1 4,673 119,687.32 HKD 0.43 HOST HOTELS + RESORTS INC COM 3,478 53,352.52 USD 0.19 HSBC HLDGS ORD USD0.50(UK REG) 80,752 638,164.91 GBP 2.32 HUNTINGTON BANCSHARES INC COM 3,600 39,816.00 USD 0.14 HYSAN DEVELOPMENT HKD5 1,107 4,535.06 HKD 0.02 ICADE EMGP NPV 238 16,003.59 EUR 0.06 ICAP ORD GBP0.10 1,234 9,266.42 GBP 0.03 IGM FINL INC COM 400 10,176.57 CAD 0.04 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets INDUSTRIAL ALLIANCE CAN/CAD 200 6,353.88 CAD 0.02 INDUSTRIVARDEN AB C SHS COMMON STOCK NPV 438 7,538.48 SEK 0.03 ING GROEP NV 15,761 213,158.62 EUR 0.77 INSURANCE AUST GRP NPV 8,874 35,897.95 AUD 0.13 INTERCONTINENTAL EXCHANGE INC 491 125,823.66 USD 0.46 INTESA SANPAOL RSP DI RISP EUR0.52 (NON CNV) 4,796 14,764.84 EUR 0.05 INTESA SANPAOLO 50,985 171,028.90 EUR 0.62 INTU PROPERTIES PLC 1,985 9,282.90 GBP 0.03 INVESCO LTD COM 1,819 60,900.12 USD 0.22 INVESTEC ORD GBP0.0002 3,372 23,825.31 GBP 0.09 INVESTOR AB SEK6.25 B 1,758 65,185.33 SEK 0.24 IRISH BANK RESOLUTION CORP LTD 24,383 0.00 EUR 0.00 IRON MTN INC NEW REIT 1,100 29,711.00 USD 0.11 ISTITUTO FINANZIARIO IND.ORD. 584 26,701.86 EUR 0.10 IYO BANK 600 5,905.48 JPY 0.02 JAPAN EXCHANGE GROUP INC COMMON STOCK 2,100 33,343.03 JPY 0.12 JAPAN POST BANK CO LTD COMMON STOCK 1,900 27,640.39 JPY 0.10 JAPAN POST HOLDINGS CO LTD COMMON STOCK 2,100 32,557.47 JPY 0.12 JAPAN PRIME REALITY REIT 6 20,599.36 JPY 0.07 JAPAN REAL ESTATE REIT 4 19,518.68 JPY 0.07 JAPAN RETAIL FUND JAPAN RETAIL FUND INV REIT 13 25,093.31 JPY 0.09 JONES LANG LASALLE INC COMMON STOCK USD.01 200 31,972.00 USD 0.12 JOYO BANK JPY50 1,000 4,779.92 JPY 0.02 JPMORGAN CHASE + CO COM 15,062 994,543.86 USD 3.61 JULIUS BAER HLDGS CHF0.05 938 45,596.91 CHF 0.17 KBC GROUP NV NPV 874 54,753.41 EUR 0.20 KERRY PROPERTIES HKD1 4,500 12,280.46 HKD 0.04 KEYCORP NEW COM 3,227 42,564.13 USD 0.15 KIMCO RLTY CORP COM 1,915 50,670.90 USD 0.18 KINNEVIK INV AB SER B SEK0.1 1,044 32,444.70 SEK 0.12 KLEPIERRE EUR4 732 32,594.08 EUR 0.12 LAND SECS GP ORD GBP.10 3,298 57,211.05 GBP 0.21 LEGAL + GENERAL GP ORD GBP0.025 23,922 94,419.33 GBP 0.34 LEGG MASON INC COM 366 14,358.18 USD 0.05 LENDLEASE GROUP 2,455 25,471.03 AUD 0.09 LEUCADIA NATL CORP COM 1,532 26,641.48 USD 0.10 LIBERTY PROPERTY SH BEN INT SUPP 875 27,168.75 USD 0.10 LINCOLN NATL CORP IN COM 1,083 54,431.58 USD 0.20 LINK REAL ESTATE INVESTMENT TRUST 9,415 56,367.68 HKD 0.20 LLOYDS TSB GROUP ORD GBP0.25 234,481 252,522.22 GBP 0.92 LOEWS CORP COM 989 37,977.60 USD 0.14 LONDON STOCK EXCHANGE GROUP ORD GBP0.06918604 1,178 47,641.15 GBP 0.17 M + T BK CORP COM 578 70,042.04 USD 0.25 MACERICH CO COM 515 41,555.35 USD 0.15 MACQUARIE GP LTD 1,168 70,338.20 AUD 0.26 MANULIFE FINL CORP COM 8,100 120,939.65 CAD 0.44 MAPFRE SA EUR0.10 2,441 6,130.63 EUR 0.02 MARKEL CORP COMMON STOCK 50 44,167.50 USD 0.16 MARSH + MCLENNAN COS INC COM 2,062 114,337.90 USD 0.42 MCGRAW HILL FINANCIAL INC 1,186 116,915.88 USD 0.42 MEDIBANK PRIVATE LTD COMMON STOCK 16,455 25,740.19 AUD 0.09 MEDIOBANCA SPA EUR0.5 1,944 18,763.05 EUR 0.07 METLIFE INC COM 3,844 185,319.24 USD 0.67 MILLEA HOLDINGS INC 2,900 113,594.09 JPY 0.41 MIRVAC GROUP STAPLED SECS 14,071 20,270.55 AUD 0.07 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets MITSUBISHI ESTATE JPY50 5,000 104,887.99 JPY 0.38 MITSUBISHI UFJ FIN GROUP NPV 53,000 333,565.84 JPY 1.21 MITSUBISHI UFJ LEASE & FINANCE 3,500 18,271.75 JPY 0.07 MITSUI FUDOSAN CO JPY50 3,000 76,212.65 JPY 0.28 MIZUHO FINL GB NPV 94,300 190,881.18 JPY 0.69 MOODYS CORP COM 706 70,840.04 USD 0.26 MORGAN STANLEY 6,177 196,490.37 USD 0.71 MS AND AD INSURANCE GROUP HOLDINGS. INC. 2,300 68,257.21 JPY 0.25 MUENCHENER RUCKVERS AG NPV(REGD) 657 131,713.17 EUR 0.48 NASDAQ INC 582 33,854.94 USD 0.12 NATIONAL BK CDA MONTREAL QUE COM 1,294 37,551.04 CAD 0.14 NATIXIS EUR1.6 (POST SUBDIV) 5,223 29,599.93 EUR 0.11 NATL AUSTRALIA BK NPV 10,592 232,734.27 AUD 0.84 NAVIENT CORP W/D COMMON STOCK 2,117 24,239.65 USD 0.09 NEW WORLD DEVEL CO HKD1 28,614 28,281.29 HKD 0.10 NEW YORK CMNTY BANCORP INC COM 1,843 30,077.76 USD 0.11 NIPPON BUILDING FD REIT 7 33,575.80 JPY 0.12 NIPPON PROLOGIS REIT INC REIT 10 18,163.68 JPY 0.07 NN GROUP NV COMMON STOCK 1,016 35,924.81 EUR 0.13 NOMURA HOLDINGS JPY50 15,600 88,066.51 JPY 0.32 NOMURA REAL ESTATE HOLDINGS 400 7,498.23 JPY 0.03 NOMURA REAL ESTATE MASTER FU REIT 12 14,903.36 JPY 0.05 NORDEA BANK AB ORD EUR0.39632 11,932 132,049.55 SEK 0.48 NORTHERN TRUST CORP COM 937 67,548.33 USD 0.25 NTT URBAN DEVELOPM NPV 1,000 9,726.09 JPY 0.04 OLD MUTUAL COMMON STOCK 20,670 54,500.90 GBP 0.20 ONEX CORP SUB VTG 300 18,318.69 CAD 0.07 ORIX CORP JPY50 5,200 74,156.04 JPY 0.27 OVERSEAS CHINESE BK SGD0.5 13,366 82,909.27 SGD 0.30 PARGESA HLDGS SA CHF20(BR)(POST SUBD) 242 15,351.45 CHF 0.06 PARTNERRE LTD COM 179 25,013.46 USD 0.09 PARTNERS GROUP HLG CHF0.01 (REGD) 61 22,013.96 CHF 0.08 PEOPLES UTD FINL INC COM 1,355 21,883.25 USD 0.08 PLUM CREEK TIMBER CO INC COM 870 41,516.40 USD 0.15 PNC FINL SVCS GROUP INC COM 2,081 198,340.11 USD 0.72 POWER CORP CDA COM 1,700 35,417.87 CAD 0.13 POWER FINL CORP COM 900 20,610.15 CAD 0.07 PRICE T ROWE GROUP INC COM 1,115 79,711.35 USD 0.29 PRINCIPAL FINANCIAL GROUP COM 1,225 55,100.50 USD 0.20 PROGRESSIVE CORP OHIO COM 2,296 73,012.80 USD 0.27 PROLOGIS INC 1,988 85,324.96 USD 0.31 PROVIDENT FINANCIAL 647 32,107.04 GBP 0.12 PRUDENTIAL FINL INC COM 1,799 146,456.59 USD 0.53 PRUDENTIAL PLC 10,380 234,220.75 GBP 0.85 PUBLIC STORAGE COM 624 154,564.80 USD 0.56 QBE INS GROUP NPV 5,567 50,994.39 AUD 0.19 RAIFFEISEN BANK INTERNATIONAL 157 2,320.33 EUR 0.01 RAYMOND JAMES FINANCIAL INC COM 486 28,173.42 USD 0.10 REALOGY HOLDINGS CORP COMMON STOCK USD.01 800 29,336.00 USD 0.11 REALTY INCOME CORP REIT USD1. 1,040 53,695.20 USD 0.19 REGENCY CTRS CORP COM 431 29,359.72 USD 0.11 REGIONS FINL CORP NEW COM 5,658 54,316.80 USD 0.20 RENAISSANCERE HOLDINGS LTD SHS 164 18,563.16 USD 0.07 RESONA HOLDINGS INC NPV 8,200 40,299.60 JPY 0.15 RIOCAN REAL ESTATE INVT TR UNIT 1,000 17,054.54 CAD 0.06 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets ROYAL BANK OF SCOTLAND GROUP COMMON STOCK 13,571 60,404.82 GBP 0.22 ROYAL BK CDA MONTREAL QUE COM 6,170 329,360.30 CAD 1.20 RSA INSURANCE GROUP PLC COMMON STOCK 5,208 32,737.30 GBP 0.12 SAINT JAMES S PLACE 2,676 39,755.71 GBP 0.14 SAMPO OYJ SER A NPV 1,681 85,825.30 EUR 0.31 SBI HOLDINGS INC NPV 1,500 16,472.01 JPY 0.06 SCENTRE GROUP REIT NPV 22,308 68,006.45 AUD 0.25 SCHRODERS 572 25,088.91 GBP 0.09 SCHWAB CHARLES CORP NEW COM STK 4,940 162,674.20 USD 0.59 SCOR SA 511 19,156.48 EUR 0.07 SEGRO PLC COMMON STOCK 2,471 15,638.22 GBP 0.06 SEI INVESTMENTS CO COM 528 27,667.20 USD 0.10 SEVEN BANK NPV 1,500 6,646.16 JPY 0.02 SHINSEI BANK NPV 12,000 22,345.07 JPY 0.08 SHIZUOKA BANK JPY50 3,000 29,477.54 JPY 0.11 SHOEI CO LTD/CHIYODA KU COMMON STOCK 1,900 16,884.33 JPY 0.06 SIGNATURE BANK COMMON STOCK USD.01 200 30,674.00 USD 0.11 SIMON PPTY GROUP INC NEW COM 1,247 242,466.68 USD 0.88 SINGAPORE EXCHANGE SGD0.01 3,000 16,282.87 SGD 0.06 SINO LAND CO HKD1.00 9,474 13,886.84 HKD 0.05 SKAND ENSKILDA BKN 5,942 63,010.39 SEK 0.23 SL GREEN RLTY CORP COM 394 44,514.12 USD 0.16 SOC GENERALE EUR1.25 2,853 131,933.54 EUR 0.48 SOMPO JAPAN NIPPONKOA HOLDINGS 1,400 46,680.25 JPY 0.17 SONY FINANCIAL 1,200 21,736.57 JPY 0.08 STANDARD CHARTERED ORD USD0.50 12,629 104,922.78 GBP 0.38 STANDARD LIFE PLC COMMON STOCK 8,188 47,028.50 GBP 0.17 STATE STREET CORPORATION COM 1,724 114,404.64 USD 0.42 STOCKLAND NPV 9,053 27,005.47 AUD 0.10 SUMITOMO MITSUI GR NPV 5,100 195,274.96 JPY 0.71 SUMITOMO MITSUI TRUST HOLDING INC 11,000 42,154.71 JPY 0.15 SUMITOMO RLTY+DEV JPY50 1,000 28,887.32 JPY 0.10 SUN HUNG KAI PROPS HKD0.50 7,302 88,188.01 HKD 0.32 SUN LIFE FINL INC COM 2,245 69,738.42 CAD 0.25 SUNCORP METWAY 4,932 43,562.94 AUD 0.16 SUNTEC REIT NPV (REIT) 6,000 6,555.44 SGD 0.02 SUNTRUST BKS INC COM 2,053 87,950.52 USD 0.32 SURUGA BANK JPY50 1,000 20,890.31 JPY 0.08 SVENSKA HANDELSBANKEN COMMON STOCK 6,486 86,858.62 SEK 0.32 SWEDBANK AB 3,401 75,478.36 SEK 0.27 SWIRE PACIFIC CL A 2,500 28,128.61 HKD 0.10 SWISS LIFE HOLDING CHF46(REGD) 121 32,794.09 CHF 0.12 SWISS PRIME SITE CHF31.50 (REG) 328 25,721.95 CHF 0.09 SWISS RE LTD COMMON STOCK 1,383 135,604.14 CHF 0.49 SYNCHRONY FINANCIAL COMMON STOCK USD.001 3,400 103,394.00 USD 0.38 TD AMERITRADE HLDG CORP COM 1,072 37,209.12 USD 0.14 TD HOLDINGS INC 3,000 40,126.36 JPY 0.15 TOKYO TATEMONO CO JPY50 1,400 15,397.15 JPY 0.06 TOKYU FUDOSAN HOLDINGS CORP COMMON STOCK 3,000 19,003.28 JPY 0.07 TORCHMARK INC COM 641 36,639.56 USD 0.13 TORONTO DOMINION BK ONT COM NEW 7,630 297,933.37 CAD 1.08 TRAVELERS COS INC COM 1,234 139,269.24 USD 0.51 TRYG A/S COMMON STOCK 190 3,800.12 DKK 0.01 UBS GROUP AG W/I COMMON STOCK 14,790 288,408.75 CHF 1.05 UDR INC COM 1,264 47,488.48 USD 0.17 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets UNIBAIL RODAMCO 398 101,342.23 EUR 0.37 UNICREDIT SPA AZIONI COMMON STOCK 18,505 103,223.68 EUR 0.37 UNIONE DI BANCHE ITALIANE SCPA 4,588 30,900.46 EUR 0.11 UNITED O SEAS BANK SGD1 5,501 76,039.32 SGD 0.28 UNITED URBAN INVESTMENT CORP REIT 15 20,449.73 JPY 0.07 UNUM GROUP COM 797 26,532.13 USD 0.10 UOL GROUP LTD SGD1 1,000 4,398.49 SGD 0.02 US BANCORP DEL COM NEW 7,245 309,144.15 USD 1.12 UnipolSai SpA 6,860 17,586.76 EUR 0.06 VENTAS INC COM 1,406 79,340.58 USD 0.29 VEREIT INC REIT 3,516 27,846.72 USD 0.10 VICINITY CENTRES REIT 12,606 25,680.93 AUD 0.09 VONOVIA SE 1,632 50,614.63 EUR 0.18 VORNADO RLTY TR COM 720 71,971.20 USD 0.26 VOYA FINANCIAL INC COMMON STOCK USD.01 909 33,551.19 USD 0.12 WELLS FARGO + CO NEW COM 19,866 1,079,915.76 USD 3.95 WELLTOWER INC REIT 1,456 99,051.68 USD 0.36 WENDEL EUR4 157 18,692.18 EUR 0.07 WESTFIELD CORP MISC. 8,267 57,201.03 AUD 0.21 WESTPAC BKG CORP NPV 13,758 335,933.01 AUD 1.22 WEYERHAEUSER CO COM 2,041 61,189.18 USD 0.22 WHARF(HLDGS) HKD1 6,500 36,063.98 HKD 0.13 WHEELOCK + CO HKD0.50 4,000 16,851.36 HKD 0.06 WILLIS GROUP HOLDINGS 799 38,807.43 USD 0.14 XL GROUP PLC 1,126 44,116.68 USD 0.16 ZURICH INSURANCE GROUP AG 596 153,850.61 CHF 0.56 TOTAL Shares & similar securities traded on a regulated or related market 27,431,864.02 99.60 TOTAL Shares & similar securities traded on a regulated or related market 27,431,864.02 99.60 ASCENDAS REAL ESTATE INVT RTS RTS EXP. 13JAN2016 413 17.47 SGD 0.00 IMMOEAST ANSPR NACHB 1,839 0.00 EUR 0.00 SWIRE PROPERTIES LTD 3,404 9,838.51 HKD 0.04 UBI BANCA RIGHTS 4,588 0.00 EUR 0.00 TOTAL Shares & similar securities not traded on a regulated market 9,855.98 0.04 TOTAL Shares & similar securities not traded on a regulated market 9,855.98 0.04 TOTAL Shares and similar securities 27,441,720.00 99.64 INTU PROPERTIES PLC 1,233 5,766.15 GBP 0.02 BANCO COMERCIAL PORTUGUES 142,131 7,550.01 EUR 0.03 RAIFFEISEN BANK INTERNATIONAL 470 6,946.18 EUR 0.02 TOTAL Securities lending transactions 20,262.34 0.07 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 0.40 0.00 TOTAL Contractual sale transactions 20,262.74 0.07 TOTAL Contractual transactions 20,262.74 0.07 SSgA Financials Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018673 I shares: FR0010588087 I EUR Shares: FR0011129568 I NL EUR shares: FR0011675305 B shares: FR0011342666 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 5,405,988.06 10,894,239.95 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 15,788,122.54 30,766,777.63 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$549,371 with collateral worth US$ 588.156. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 10.36% 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 2015 31 December 2015, is US$7,954. A payment of US$2,389.17 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 46,223,626.09. The income statement shows retained net income of USD 387,067.91. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 6.56 6.60-0.03 5.21 6.60-1.38 1 Month 1.52 1.52 0.00 1.41 1.52-0.11 3 Months 6.87 6.98-0.10 6.52 6.98-0.45 6 Months -3.08-3.04-0.04-3.71-3.04-0.67 1 Year 6.56 6.60-0.03 6.56 6.60-0.03 5.21 6.60-1.38 5.21 6.60-1.38 2 Years 25.89 25.89 0.00 12.21 12.21 0.00 22.73 25.89-3.16 10.79 12.21-1.42 3 Years 71.30 71.54-0.24 19.67 19.72-0.06 64.90 71.54-6.64 18.16 19.72-1.57 5 Years 120.53 120.68-0.15 17.14 17.16-0.02 106.98 120.68-13.70 15.66 17.16-1.49 10 Years 147.52 142.15 5.38 9.49 9.25 0.24 118.36 142.15-23.79 8.12 9.25-1.12 Since Incp (11/30/1999) 206.39 179.63 26.76 7.21 6.60 0.61 151.26 179.63-28.37 5.90 6.60-0.71 Std Dev (3 Year) 3.24 3.25-0.01 11.23 11.28-0.05 3.24 3.25-0.02 11.22 11.28-0.06 Std Dev (5 Year) 3.18 3.19-0.01 11.02 11.06-0.05 3.18 3.19-0.02 11.01 11.06-0.06 Std Dev (Incp) 3.62 3.65-0.03 12.52 12.64-0.12 3.61 3.65-0.04 12.51 12.64-0.13 Tracking Error (1 Year) 0.15 0.16 Tracking Error (3 Year) 0.12 0.12 Tracking Error (5 Year) 0.12 0.12 Tracking Error (Incp) 0.82 0.83 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 1999-5.695300-7.194386 1.499086-5.792600-7.194386 1.401786 Year 2000 31.365588 26.629936 4.735652 29.806078 26.629936 3.176142 Year 2001-13.128184-13.238039 0.109855-14.169573-13.238039-0.931534 Year 2002-17.465559-17.977322 0.511763-18.450497-17.977322-0.473175 Year 2003 20.151028 19.502986 0.648042 18.719098 19.502986-0.783888 Year 2004 6.126037 6.000390 0.125647 4.860750 6.000390-1.139640 Year 2005 9.288469 9.003731 0.284738 7.989484 9.003731-1.014247 Year 2006 10.884785 10.466837 0.417948 9.562035 10.466837-0.904802 Year 2007 4.425161 3.933407 0.491754 3.169373 3.933407-0.764034 Year 2008-20.976961-21.503073 0.526112-21.966586-21.503073-0.463513 Year 2009 19.236385 18.886921 0.349464 17.754698 18.886921-1.132223 Year 2010 2.873818 2.408029 0.465789 1.570769 2.408029-0.837260 Year 2011 9.540823 9.455297 0.085526 8.162421 9.455297-1.292876 Year 2012 17.530619 17.536242-0.005623 16.048628 17.536242-1.487614 Year 2013 36.069356 36.265492-0.196136 34.358941 36.265492-1.906551 Year 2014 18.133474 18.095359 0.038115 16.647869 18.095359-1.447490 Year 2015 6.564353 6.597039-0.032686 5.212712 6.597039-1.384327 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

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 6.58 6.60-0.02 6.17 6.60-0.43 1 Month 1.52 1.52 0.00 1.48 1.52-0.04 3 Months 6.87 6.98-0.10 6.77 6.98-0.21 6 Months -3.07-3.04-0.04-3.27-3.04-0.23 1 Year 6.58 6.60-0.02 6.58 6.60-0.02 6.17 6.60-0.43 6.17 6.60-0.43 2 Years 25.91 25.89 0.03 12.22 12.21 0.01 24.96 25.89-0.92 11.80 12.21-0.41 3 Years 71.35 71.54-0.19 19.68 19.72-0.04 69.42 71.54-2.12 19.23 19.72-0.50 5 Years 120.61 120.68-0.08 17.15 17.16-0.01 116.50 120.68-4.19 16.71 17.16-0.45 10 Years mark total returns] [view summary] (Cumulative - Gross of Fees) (Annualized - Gross of Fees) Since Incp (02/28/2009) 219.21 216.84 2.36 18.50 18.38 0.13 211.15 216.84-5.69 18.06 18.38-0.31 Std Dev (3 Year) 3.24 3.25-0.01 11.23 11.28-0.05 3.24 3.25-0.01 11.23 11.28-0.05 Std Dev (5 Year) 3.18 3.19-0.01 11.02 11.06-0.05 3.18 3.19-0.01 11.02 11.06-0.05 Std Dev (Incp) 3.38 3.40-0.01 11.72 11.77-0.05 3.38 3.40-0.02 11.72 11.77-0.05 Tracking Error (1 Year) 0.16 0.16 Tracking Error (3 Year) 0.12 0.12 Tracking Error (5 Year) 0.12 0.12 Tracking Error (Incp) 0.19 0.19 TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 40.668790 40.197019 0.471771 40.238485 40.197019 0.041466 Year 2010 2.862181 2.408029 0.454152 2.484161 2.408029 0.076132 Year 2011 9.551739 9.455297 0.096442 9.142671 9.455297-0.312626 Year 2012 17.521269 17.536242-0.014973 17.081532 17.536242-0.454710 Year 2013 36.083667 36.265492-0.181825 35.576066 36.265492-0.689426 Year 2014 18.145942 18.095359 0.050583 17.705057 18.095359-0.390302 Year 2015 6.575567 6.597039-0.021472 6.166733 6.597039-0.430306 (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

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 18.73 18.74-0.01 18.26 18.74-0.48 1 Month -1.30-1.30 0.00-1.33-1.30-0.04 3 Months 9.82 9.93-0.11 9.71 9.93-0.22 6 Months -0.58-0.55-0.03-0.78-0.55-0.23 1 Year 18.73 18.74-0.01 18.73 18.74-0.01 18.26 18.74-0.48 18.26 18.74-0.48 2 Years 59.78 59.68 0.09 26.42 26.39 0.04 58.51 59.68-1.18 25.92 26.39-0.47 3 Years 108.09 108.19-0.10 27.69 27.71-0.02 105.61 108.19-2.58 27.18 27.71-0.53 5 Years 10 Years Since Incp (02/17/2012) 134.38 134.46-0.08 24.63 24.64-0.01 130.80 134.46-3.67 24.13 24.64-0.51 Std Dev (3 Year) 3.78 3.79-0.01 13.08 13.11-0.04 3.77 3.79-0.01 13.07 13.11-0.04 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) 3.49 3.50-0.01 12.10 12.13-0.03 3.49 3.50-0.01 12.09 12.13-0.03 Tracking Error (1 Year) 0.16 0.16 Tracking Error (3 Year) 0.12 0.12 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.11 0.11 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 12.633738 12.619020 0.014718 12.246821 12.619020-0.372199 Year 2013 30.236994 30.376591-0.139597 29.718842 30.376591-0.657749 Year 2014 34.573922 34.481634 0.092288 34.038561 34.481634-0.443073 Year 2015 18.728143 18.740447-0.012304 18.255539 18.740447-0.484908 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

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 155917EUR-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 18.50 18.74-0.24 18.15 18.74-0.59 1 Month -1.31-1.30-0.01-1.33-1.30-0.04 3 Months 9.81 9.93-0.11 9.73 9.93-0.20 6 Months -0.59-0.55-0.04-0.74-0.55-0.19 1 Year 18.50 18.74-0.24 18.50 18.74-0.24 18.15 18.74-0.59 18.15 18.74-0.59 2 Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) 43.72 43.96-0.24 26.63 26.77-0.14 43.06 43.96-0.90 26.26 26.77-0.52 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) 4.64 4.63 0.00 16.06 16.06 0.01 4.64 4.63 0.00 16.06 16.06 0.00 Tracking Error (1 Year) 0.28 0.28 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.23 0.23 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 21.278965 21.236699 0.042266 21.084331 21.236699-0.152368 Year 2015 18.502435 18.740447-0.238012 18.148271 18.740447-0.592176 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 46,173,323.34 63,789,401.37 Shares and similar securities 45,626,065.88 60,805,109.77 Traded on a regulated or related market 45,626,065.88 60,805,109.77 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 547,257.46 2,984,291.60 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 547,257.46 2,984,291.60 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 47,691.12 94,566.85 Forward foreign exchange transactions 0.00 0.00 Other 47,691.12 94,566.85 Financial accounts 105,797.76 2,339,257.20 Liquidities 105,797.76 2,339,257.20 Total assets 46,326,812.22 66,223,225.42 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 37,257,427.44 50,716,589.81 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 8,579,130.74 12,966,263.13 Income for the year (a, b) 387,067.91 601,168.90 Total equity 46,223,626.09 64,284,021.84 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 73,621.07 1,938,024.60 Forward foreign exchange transactions 0.00 0.00 Other 73,621.07 1,938,024.60 Financial accounts 29,565.06 1,178.98 Bank overdrafts 29,565.06 1,178.98 Loans 0.00 0.00 Total liabilities 46,326,812.22 66,223,225.42 (a) Including accruals (b) Less interim dividends paid during the year SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 16.61 43.43 Income from shares and similar securities 777,850.57 1,172,290.75 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 5,531.73 7,978.36 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 783,398.91 1,180,312.54 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 1,033.21 1,639.18 Other financial expenses 0.00 0.00 TOTAL (II) 1,033.21 1,639.18 Income from financial transactions (I - II) 782,365.70 1,178,673.36 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 311,170.66 363,951.85 Net income for the year (L. 214-17-1) (I - II + III - IV) 471,195.04 814,721.51 Accrued revenue for the year (V) -84,127.13-213,552.61 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 387,067.91 601,168.90 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018673 P USD Accumulation per unit C1 FR0010588087 I USD Accumulation per unit C2 FR0011129568 I EUR Accumulation per unit C3 FR0011675305 I NL EUR Accumulation per unit C4 Units presented in the inventory SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 64,284,021.84 64,907,098.78 Subscriptions (including entry fees) 28,108,052.87 74,568,245.14 Redemptions (including exit fees) -50,310,491.91-87,178,566.58 Capital gains made on deposits and financial instruments 11,978,538.10 16,147,606.92 Capital losses made on deposits and financial instruments -244,974.31-234,225.67 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -62,695.00-103,713.87 Foreign exchange variances -734,265.61-2,172,795.61 Changes in deposit and financial instrument estimate variance -7,265,754.93-2,464,348.78 Current year estimate variance N: 9,576,334.37 16,842,089.30 Previous year estimate variance N-1: 16,842,089.30 19,306,438.08 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 471,195.04 814,721.51 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 46,223,626.09 64,284,021.84 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

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 105,797.76 0.23 Liabilities Temporary securities transactions Financial accounts 29,565.06 0.06 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 105,797.76 0.23 Liabilities Temporary securities transactions Financial accounts 29,565.06 0.06 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

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 4,477,965.07 9.69 3,362,862.79 7.28 2,549,508.93 5.52 5,147,014.98 11.14 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 69,185.94 0.15 212,025.16 0.46 Receivables 15,561.33 0.03 2,254.45 0.00 Financial accounts 273.66 0.00 4,360.94 0.01 13,647.00 0.03 Liabilities Disposals of financial instruments Temporary securities transactions Payables 5,621.61 0.01 Financial accounts 29,565.06 0.06 Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 47,607.36 Other receivables 83.76 Total receivables 47,691.12 Payables Management fees -67,999.46 Other payables -5,621.61 Total payables -73,621.07 Total payables and receivables -25,929.95 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 11,909.0462 3,052,016.34 Shares or units redeemed during the year -19,332.8876-4,954,441.43 C2 In units Value Shares or units issued during the year 63,987.901 17,259,870.18 Shares or units redeemed during the year -150,264.7006-40,460,987.16 C3 In units Value Shares or units issued during the year 22,484 5,943,159.00 Shares or units redeemed during the year -9,312-2,463,890.06 C4 In units NL units IN EUR Value Shares or units issued during the year 6,946 1,853,007.35 Shares or units redeemed during the year -9,195-2,431,173.26 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 5,534.93 Amount of subscription fees received 3,052.80 Amount of redemption fees received 2,482.13 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 5,534.93 Amount of entry fees 3,052.80 Amount of exit fees 2,482.13 C2 Value Amount of subscription and/or redemption fees received 37,623.24 Amount of subscription fees received 17,340.19 Amount of redemption fees received 20,283.05 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

C2 Value Amount of redemption fees transferred to third parties 0.00 Amount of entry and/or exit fees 37,623.24 Amount of entry fees 17,340.19 Amount of exit fees 20,283.05 C3 Value Amount of subscription and/or redemption fees received 7,213.67 Amount of subscription fees received 5,969.49 Amount of redemption fees received 1,244.18 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 7,213.67 Amount of entry fees 5,969.49 Amount of exit fees 1,244.18 C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 3,066.08 Amount of subscription fees received 1,851.15 Amount of redemption fees received 1,214.93 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 3,066.08 Amount of entry fees 1,851.15 Amount of exit fees 1,214.93 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 145,432.66 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 107,402.42 Percentage of variable management costs 0.00 Variable management costs 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 Retrocessions of management costs C3 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 45,798.02 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 12,537.56 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

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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 387,067.91 601,168.90 Total 387,067.91 601,168.90 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 10,641.05 32,091.92 Total 10,641.05 32,091.92 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 210,926.73 465,416.94 Total 210,926.73 465,416.94 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 116,048.99 84,192.21 Total 116,048.99 84,192.21 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C4 NL units IN EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 49,451.14 19,467.83 Total 49,451.14 19,467.83 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 8,579,130.74 12,966,263.13 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 8,579,130.74 12,966,263.13 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 1,799,376.48 2,288,657.62 Total 1,799,376.48 2,288,657.62 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 3,844,927.33 8,576,995.77 Total 3,844,927.33 8,576,995.77 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 2,115,428.46 1,551,451.41 Total 2,115,428.46 1,551,451.41 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 NL units IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 819,398.47 549,158.33 Total 819,398.47 549,158.33 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

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 37,745,878.27 288,577.7051 130.79 1.11 C2 53,218,275.50 396,600.5069 134.18 2.30 31/12/2012 C1 8,512,502.80 56,081.7447 151.78 1.34 C2 71,235,703.40 453,423.8077 157.10 2.71 C3 14,210,884.77 90,462.0000 157.09 2.32 31/12/2013 C1 7,838,440.56 38,435.2440 203.93 34.73 C2 43,695,633.22 205,148.0289 212.99 37.80 C3 13,373,025.00 62,791.0000 212.97 37.80 31/12/2014 C1 10,936,927.16 45,975.8226 237.88 50.46 C2 41,166,986.53 164,202.8186 250.70 55.06 C3 7,446,949.98 29,706.0000 250.68 55.05 C4 4,733,158.17 18,866.0000 250.88 30.13 31/12/2015 C1 9,648,946.78 38,551.9812 250.28 46.94 C2 20,741,192.80 77,926.0190 266.16 52.04 C3 11,411,420.71 42,878.0000 266.13 52.03 C4 4,422,065.80 16,617.0000 266.11 52.28 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets ABBOTT LABS COM 15,646 702,661.86 USD 1.52 ABBVIE INC WHEN ISSUED COMMON STOCK 17,466 1,034,685.84 USD 2.24 ACTELION 1,170 163,166.78 CHF 0.35 AETNA INC COM 3,737 404,044.44 USD 0.87 AGILENT TECHNOLOGIES INC COM 3,575 149,470.75 USD 0.32 ALEXION PHARMACEUTICALS INC COM 2,431 463,713.25 USD 1.00 ALFRESA HOLDINGS C NPV 1,192 23,831.08 JPY 0.05 ALKERMES PLC COMMON STOCK USD.01 1,556 123,515.28 USD 0.27 ALLERGAN PLC COMMON STOCK 4,163 1,300,937.50 USD 2.81 ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 900 84,726.00 USD 0.18 AMERISOURCEBERGEN CORP COM 2,094 217,168.74 USD 0.47 AMGEN INC COM 8,017 1,301,399.61 USD 2.82 ANTHEM INC COMMON STOCK 2,731 380,810.64 USD 0.82 ASTELLAS PHARMA INC NPV 21,861 314,662.49 JPY 0.68 ASTRAZENECA 13,322 906,431.73 GBP 1.96 BARD C R INC COM 795 150,604.80 USD 0.33 BAXALTA INC W/I COMMON STOCK USD.01 5,689 222,041.67 USD 0.48 BAXTER INTL INC COM 6,074 231,723.10 USD 0.50 BAYER AG ORD NPV 8,735 1,098,806.57 EUR 2.38 BECTON DICKINSON + CO COM 2,192 337,765.28 USD 0.73 BIOGEN INC 2,497 764,955.95 USD 1.65 BIOMARIN PHARMACEUTICAL INC COMMON STOCK USD.001 1,789 187,415.64 USD 0.41 BOSTON SCIENTIFIC CORP COM 13,953 257,293.32 USD 0.56 BRISTOL MYERS SQUIBB CO COM 17,620 1,212,079.80 USD 2.62 CARDINAL HEALTH INC COM 3,407 304,142.89 USD 0.66 CELGENE CORP COM 8,335 998,199.60 USD 2.16 CENTENE CORP DEL COM 1,126 74,102.06 USD 0.16 CERNER CORP COM 3,457 208,007.69 USD 0.45 CHUGAI PHARM CO JPY50 2,394 84,380.57 JPY 0.18 CIGNA CORP COM 2,757 403,431.81 USD 0.87 COCHLEAR LIMITED 667 46,384.01 AUD 0.10 COLOPLAST COMMON STOCK 1,153 93,484.84 DKK 0.20 COOPER COS INC COM NEW 578 77,567.60 USD 0.17 CSL ORD NPV 4,824 369,617.34 AUD 0.80 DAIICHI SANKYO COM NPV 157 3,276.52 JPY 0.01 DAVITA HEALTHCARE PARTNERS INC 1,755 122,341.05 USD 0.26 DENTSPLY INTL INC NEW 1,433 87,198.05 USD 0.19 EDWARDS LIFESCIENCES CORP COM 2,334 184,339.32 USD 0.40 EISAI CO JPY50 2,768 185,530.45 JPY 0.40 ENDO HEALTH SOLUTIONS INC COMMON STOCK 2,198 134,561.56 USD 0.29 ENVISION HEALTHCARE HOLDINGS COMMON STOCK USD.01 2,400 62,328.00 USD 0.13 ESSILOR INTL EUR0.35 2,133 266,579.81 EUR 0.58 EXPRESS SCRIPTS HLDG CO COMMON STOCK 7,088 619,562.08 USD 1.34 FRESENIUS AG DEM5 4,060 290,952.64 EUR 0.63 FRESENIUS MEDICAL CARE AG+CO NPV 2,395 202,229.25 EUR 0.44 GALENICA AG 1 1,572.41 CHF 0.00 GETINGE AB SER B SEK0.50 21 554.23 SEK 0.00 GILEAD SCIENCES INC COM 15,464 1,564,802.16 USD 3.39 GLAXOSMITHKLINE ORD GBP0.25 51,976 1,051,783.18 GBP 2.28 GRIFOLA SA EUR0.5 1,646 76,224.56 EUR 0.16 HCA HOLDINGS INC COMMON STOCK USD.01 3,391 229,333.33 USD 0.50 HEALTHSCOPE LTD COMMON STOCK NPV 15,029 29,086.21 AUD 0.06 HISAMITSU PHARM CO JPY50 600 25,437.47 JPY 0.06 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets HOLOGIC INC 2,239 86,626.91 USD 0.19 HOYA CORP NPV 4,200 173,907.49 JPY 0.38 HUMANA INC COM 1,571 280,439.21 USD 0.61 ILLUMINA INC 1,490 285,998.05 USD 0.62 IMS HEALTH HOLDINGS INC COMMON STOCK USD.01 1,900 48,393.00 USD 0.10 INCYTE CORP COMMON STOCK USD.001 1,637 177,532.65 USD 0.38 INTUITIVE SURGICAL INC COM NEW 404 220,648.64 USD 0.48 IONIS PHARMACEUTICALS INC COMMON STOCK 211 13,067.23 USD 0.03 JAZZ PHARMACEUTICALS PLC COMMON STOCK USD.0001 650 91,364.00 USD 0.20 JOHNSON + JOHNSON COM 29,218 3,001,272.96 USD 6.49 KYOWA HAKKO KOGYO JPY50 2,523 40,164.14 JPY 0.09 LABORATORY CORP AMER HLDGS COM NEW 1,111 137,364.04 USD 0.30 LILLY ELI + CO COM 10,515 885,993.90 USD 1.92 LONZA GROUP AG CHF1 REGD 581 94,665.24 CHF 0.20 M3 INC COMMON STOCK 1,871 39,225.76 JPY 0.08 MALLINCKRODT PLC W/I COMMON STOCK 1,362 101,646.06 USD 0.22 MCKESSON CORP COM 2,426 478,479.98 USD 1.04 MEDICEO PALTAC HOLDINGS NPV 1,346 23,206.32 JPY 0.05 MEDIVATION INC COMMON STOCK USD.01 1,531 74,008.54 USD 0.16 MEDNAX INC COM 1,100 78,826.00 USD 0.17 MEDTRONIC HOLDINGS LIMITED COMMON STOCK 14,961 1,150,800.12 USD 2.49 MERCK + CO INC NEW COMMON STCOK 29,821 1,575,145.22 USD 3.41 MERCK KGAA ORD NPV 1,377 133,981.95 EUR 0.29 METTLER TOLEDO INTL INC COM 312 105,808.56 USD 0.23 MIRACA HOLDINGS INC JPY50 508 22,592.79 JPY 0.05 MYLAN NV COMMON STOCK 4,248 229,689.36 USD 0.50 NOVARTIS AG CHF0.50 REGD 24,121 2,091,584.84 CHF 4.52 NOVO NORDISK AS COMMON STOCK 20,701 1,205,034.37 DKK 2.61 OLYMPUS CORP NPV 2,902 115,795.34 JPY 0.25 ONO PHARMACEUTICAL 821 148,031.85 JPY 0.32 ORION CORPORATION SER B NPV 943 32,749.46 EUR 0.07 OTSUKA HOLDINGS CO LTD COMMON STOCK 4,151 148,966.03 JPY 0.32 PATTERSON COS INC COM 834 37,705.14 USD 0.08 PERRIGO CO LTD COMMON STOCK 1,489 215,458.30 USD 0.47 PFIZER INC COM 65,392 2,110,853.76 USD 4.57 PHONAK CHF0.05 556 70,707.20 CHF 0.15 QIAGEN NV EUR0.01 2,703 73,744.40 EUR 0.16 QUEST DIAGNOSTICS INC COM 1,560 110,978.40 USD 0.24 QUINTILES TRANSNATIONAL HOLD COMMON STOCK USD.01 958 65,776.28 USD 0.14 RAMSAY HEALTH CARE NPV 1,623 80,226.80 AUD 0.17 REGENERON PHARMACEUTICALS COMMON STOCK USD.001 821 445,696.27 USD 0.96 RESMED INC COMMON STOCK USD.004 1,573 84,454.37 USD 0.18 ROCHE HOLDINGS AG GENUSSCHEINE NPV 7,447 2,056,268.60 CHF 4.45 RYMAN HEALTHCARE LTD COMMON STOCK 2,855 16,613.17 NZD 0.04 SANOFI 12,471 1,064,813.64 EUR 2.30 SANTEN PHARM CO JPY50 3,579 59,682.24 JPY 0.13 SCHEIN HENRY INC COM 141 22,304.79 USD 0.05 SHIONOGI + CO JPY50 3,255 148,902.83 JPY 0.32 SHIRE LTD ORD GBP 0.05 6,174 427,496.40 GBP 0.92 SMITH AND NEPHEW 9,200 163,797.62 GBP 0.35 SONIC HEALTHCARE LTD NPV 4,164 54,139.06 AUD 0.12 ST JUDE MED INC COM 2,827 174,623.79 USD 0.38 STRYKER CORP COM 3,532 328,264.08 USD 0.71 SUMITOMO DAINIPPON PHARMA CO L 1,007 11,979.03 JPY 0.03 SUZUKEN CO LTD JPY50 684 26,297.85 JPY 0.06 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets SYSMEX CORP 1,526 99,327.33 JPY 0.21 TAISHO PHARMACEUTICAL HLDGS CO COMMON STOCK 100 7,132.47 JPY 0.02 TAKEDA PHARMACEUTICAL CO LTD JPY50 8,305 418,719.22 JPY 0.91 TANABE SEIYAKU CO JPY50 2,642 46,033.77 JPY 0.10 TERUMO CORP JPY50 3,170 99,610.13 JPY 0.22 TEVA PHARMA IND ILS0.1 (POST CONS) 9,130 597,161.10 ILS 1.29 THERMO FISHER SCIENTIFIC INC COM 4,211 597,330.35 USD 1.29 UCB NPV 1,358 122,780.51 EUR 0.27 UNITED THERAPEUTICS CORP DEL COM 75 11,745.75 USD 0.03 UNITEDHEALTH GROUP INC COM 10,075 1,185,223.00 USD 2.56 UNIVERSAL HEALTH SVCS INC CL B 879 105,031.71 USD 0.23 VALEANT PHARMACEUTICALS INTL COMMON STOCK 3,483 352,444.03 CAD 0.76 VARIAN MED SYS INC COM 893 72,154.40 USD 0.16 VERTEX PHARMACEUTICALS INC COM 2,614 328,919.62 USD 0.71 WATERS 952 128,120.16 USD 0.28 WILLIAM DEMANT HOLDING 372 35,576.65 DKK 0.08 ZIMMER BIOMET HOLDINGS INC 1,876 192,458.84 USD 0.42 ZOETIS INC COMMON STOCK USD.01 5,250 251,580.00 USD 0.54 TOTAL Shares & similar securities traded on a regulated or related market 45,626,065.88 98.72 TOTAL Shares & similar securities traded on a regulated or related market 45,626,065.88 98.72 TOTAL Shares and similar securities 45,626,065.88 98.72 IONIS PHARMACEUTICALS INC COMMON STOCK 1,193 73,882.49 USD 0.16 GALENICA AG 44 69,185.94 CHF 0.15 GETINGE AB SER B SEK0.50 2,037 53,760.47 SEK 0.12 SCHEIN HENRY INC COM 794 125,602.86 USD 0.27 UNITED THERAPEUTICS CORP DEL COM 425 66,559.25 USD 0.14 DAIICHI SANKYO COM NPV 6,900 143,999.76 JPY 0.31 TAISHO PHARMACEUTICAL HLDGS CO COMMON STOCK 200 14,264.93 JPY 0.03 TOTAL Securities lending transactions 547,255.70 1.18 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 1.76 0.00 TOTAL Contractual sale transactions 547,257.46 1.18 TOTAL Contractual transactions 547,257.46 1.18 SSGA Health Care Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018459 I shares: FR0010588095 I EUR Shares: FR0011129576 I NL EUR shares: FR0011675321 B shares: FR0011342682 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 218,379.03 1,787,440.25 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 2,596,642.00 7,812,782.71 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$2.220 with collateral worth US$ 2.232. 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. 100.00% 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 December 2015, is US$3,685. A payment of US$1,105.85 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 18.621.315.35. The income statement shows retained net income of USD 260,086.72. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 -2.14-2.06-0.08-3.38-2.06-1.32 1 Month -2.53-2.54 0.01-2.64-2.54-0.10 3 Months 6.72 6.74-0.01 6.38 6.74-0.36 6 Months -2.98-3.02 0.04-3.61-3.02-0.59 1 Year -2.14-2.06-0.08-2.14-2.06-0.08-3.38-2.06-1.32-3.38-2.06-1.32 2 Years -1.79-1.65-0.14-0.90-0.83-0.07-4.26-1.65-2.60-2.15-0.83-1.32 3 Years 29.29 29.92-0.63 8.95 9.12-0.18 24.46 29.92-5.46 7.57 9.12-1.55 5 Years 37.34 38.38-1.03 6.55 6.71-0.16 28.90 38.38-9.48 5.21 6.71-1.50 10 Years 72.06 68.24 3.82 5.58 5.34 0.24 51.75 68.24-16.49 4.26 5.34-1.08 Since Incp (01 117.10 114.95 2.14 4.99 4.93 0.07 78.36 114.95-36.60 3.70 4.93-1.22 Std Dev (3 Ye 3.29 3.31-0.02 11.41 11.46-0.05 3.29 3.31-0.02 11.40 11.46-0.06 Std Dev (5 Ye 4.00 4.02-0.02 13.86 13.94-0.08 4.00 4.02-0.03 13.85 13.94-0.09 Std Dev (Incp 5.08 5.09 0.00 17.61 17.62-0.01 5.08 5.09-0.01 17.60 17.62-0.02 Tracking Error (1 Year) 0.11 0.11 Tracking Error (3 Year) 0.13 0.13 Tracking Error (5 Year) 0.22 0.22 Tracking Error (Incp) 1.67 1.67 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000 5.147187 6.137785-0.990598 4.004866 6.137785-2.132919 Year 2001-15.910293-15.781566-0.128727-16.919353-15.781566-1.137787 Year 2002-22.246201-22.478083 0.231882-23.174474-22.478083-0.696391 Year 2003 38.073505 38.102934-0.029429 36.429558 38.102934-1.673376 Year 2004 19.016088 19.285286-0.269198 17.597601 19.285286-1.687685 Year 2005 11.684798 11.924767-0.239969 10.357830 11.924767-1.566937 Year 2006 19.437549 18.547011 0.890538 18.012999 18.547011-0.534012 Year 2007 16.337274 15.278499 1.058775 14.938778 15.278499-0.339721 Year 2008-41.543505-43.075308 1.531803-42.300073-43.075308 0.775235 Year 2009 24.989023 26.705007-1.715984 23.438370 26.705007-3.266637 Year 2010 23.401490 23.349173 0.052317 21.856395 23.349173-1.492778 Year 2011-8.200506-8.196519-0.003987-9.356725-8.196519-1.160206 Year 2012 15.718516 16.017748-0.299232 14.258881 16.017748-1.758867 Year 2013 31.645904 32.104279-0.458375 29.990708 32.104279-2.113571 Year 2014 0.355623 0.415473-0.059850-0.907241 0.415473-1.322714 Year 2015-2.139534-2.060463-0.079071-3.379203-2.060463-1.318740 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

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 -2.14-2.06-0.08-2.51-2.06-0.45 1 Month -2.53-2.54 0.01-2.57-2.54-0.02 3 Months 6.72 6.74-0.01 6.61 6.74-0.12 6 Months -2.98-3.02 0.04-3.17-3.02-0.15 1 Year -2.14-2.06-0.08-2.14-2.06-0.08-2.51-2.06-0.45-2.51-2.06-0.45 2 Years -1.78-1.65-0.12-0.89-0.83-0.06-2.52-1.65-0.86-1.27-0.83-0.44 3 Years 29.32 29.92-0.60 8.95 9.12-0.17 27.86 29.92-2.06 8.54 9.12-0.58 5 Years 37.40 38.38-0.97 6.56 6.71-0.15 34.85 38.38-3.53 6.16 6.71-0.55 10 Years Since Incp (02/28/2009) 180.23 182.37-2.14 16.27 16.40-0.13 173.17 182.37-9.20 15.84 16.40-0.56 Std Dev (3 Year) 3.29 3.31-0.02 11.41 11.46-0.05 3.29 3.31-0.02 11.41 11.46-0.06 Std Dev (5 Year) 4.00 4.02-0.02 13.86 13.94-0.09 4.00 4.02-0.03 13.85 13.94-0.09 Std Dev (Incp) 4.84 4.85-0.02 16.75 16.81-0.06 4.83 4.85-0.02 16.75 16.81-0.06 Tracking Error (1 Year) 0.10 0.10 Tracking Error (3 Year) 0.13 0.13 Tracking Error (5 Year) 0.22 0.22 Tracking Error (Incp) 0.30 0.30 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 65.255243 65.433435-0.178192 64.749263 65.433435-0.684172 Year 2010 23.411045 23.349173 0.061872 22.963295 23.349173-0.385878 Year 2011-8.189804-8.196519 0.006715-8.532945-8.196519-0.336426 Year 2012 15.732083 16.017748-0.285665 15.298894 16.017748-0.718854 Year 2013 31.654467 32.104279-0.449812 31.163272 32.104279-0.941007 Year 2014 0.369532 0.415473-0.045941-0.005263 0.415473-0.420736 Year 2015-2.137175-2.060463-0.076712-2.510791-2.060463-0.450328 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

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 131449EUR-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 9.03 9.10-0.06 8.71 9.10-0.39 1 Month -5.23-5.25 0.01-5.26-5.25-0.01 3 Months 9.67 9.68-0.01 9.59 9.68-0.09 6 Months -0.48-0.53 0.04-0.63-0.53-0.11 1 Year 9.03 9.10-0.06 9.03 9.10-0.06 8.71 9.10-0.39 8.71 9.10-0.39 2 Years 3 Years 5 Years 10 Years Since Incp (06/26/2014) 19.58 19.71-0.14 12.53 12.62-0.09 19.03 19.71-0.68 12.20 12.62-0.42 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) 4.21 4.22-0.01 14.57 14.61-0.03 4.21 4.22-0.01 14.57 14.61-0.04 Tracking Error (1 Year) 0.10 0.10 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.10 0.11 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 9.668482 9.731403-0.062921 9.499582 9.731403-0.231821 Year 2015 9.033198 9.096693-0.063495 8.707275 9.096693-0.389418 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

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 131449EUR-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 9.03 9.10-0.06 8.60 9.10-0.50 1 Month -5.23-5.25 0.01-5.27-5.25-0.02 3 Months 9.67 9.68-0.01 9.56 9.68-0.12 6 Months -0.48-0.53 0.05-0.68-0.53-0.15 1 Year 9.03 9.10-0.06 9.03 9.10-0.06 8.60 9.10-0.50 8.60 9.10-0.50 2 Years 24.68 24.75-0.07 11.67 11.70-0.03 23.69 24.75-1.06 11.22 11.70-0.48 3 Years 57.10 57.68-0.58 16.26 16.40-0.14 55.23 57.68-2.45 15.80 16.40-0.61 5 Years 10 Years Since Incp (02 64.20 64.91-0.71 13.68 13.80-0.13 61.69 64.91-3.22 13.23 13.80-0.58 Std Dev (3 Ye 3.47 3.49-0.01 12.04 12.08-0.05 3.47 3.49-0.01 12.03 12.08-0.05 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 3.16 3.18-0.01 10.95 11.00-0.05 3.16 3.18-0.02 10.95 11.00-0.06 Tracking Error (1 Year) 0.11 0.11 Tracking Error (3 Year) 0.13 0.13 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.13 0.14 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 4.521989 4.584646-0.062657 4.162716 4.584646-0.421930 Year 2013 25.999819 26.395211-0.395392 25.498407 26.395211-0.896804 Year 2014 14.353377 14.348581 0.004796 13.898158 14.348581-0.450423 Year 2015 9.031731 9.096693-0.064962 8.597631 9.096693-0.499062 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 18,589,475.72 26,130,987.26 Shares and similar securities 18,587,259.85 26,115,177.76 Traded on a regulated or related market 18,564,339.85 26,075,043.76 Not traded on a regulated or related market 22,920.00 40,134.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 2,215.87 15,809.50 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 2,215.87 15,809.50 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 110,274.14 205,497.89 Forward foreign exchange transactions 0.00 0.00 Other 110,274.14 205,497.89 Financial accounts 41,455.59 97,535.16 Liquidities 41,455.59 97,535.16 Total assets 18,741,205.45 26,434,020.31 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 17,646,682.68 22,229,684.75 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 714,545.95 3,717,611.26 Income for the year (a, b) 260,086.72 313,121.13 Total equity 18,621,315.35 26,260,417.14 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 37,172.92 60,254.10 Forward foreign exchange transactions 0.00 0.00 Other 37,172.92 60,254.10 Financial accounts 82,717.18 113,349.07 Bank overdrafts 82,717.18 113,349.07 Loans 0.00 0.00 Total liabilities 18,741,205.45 26,434,020.31 (a) Including accruals (b) Less interim dividends paid during the year SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 4.49 7.30 Income from shares and similar securities 443,049.25 709,359.91 Revenues from bonds and similar securities 118.72 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 2,581.08 4,470.18 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 445,753.54 713,837.39 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 176.06 393.90 Other financial expenses 0.00 0.00 TOTAL (II) 176.06 393.90 Income from financial transactions (I - II) 445,577.48 713,443.49 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 124,790.01 180,463.52 Net income for the year (L. 214-17-1) (I - II + III - IV) 320,787.47 532,979.97 Accrued revenue for the year (V) -60,700.75-219,858.84 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 260,086.72 313,121.13 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018459 P USD Accumulation per unit C1 FR0010588095 I USD Accumulation per unit C2 FR0011129576 I EUR Accumulation per unit C3 FR0011675321 I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 26,260,417.14 42,539,318.35 Subscriptions (including entry fees) 4,664,980.63 29,009,077.43 Redemptions (including exit fees) -11,839,379.81-45,190,313.31 Capital gains made on deposits and financial instruments 1,699,938.72 5,989,500.54 Capital losses made on deposits and financial instruments -250,269.29-311,230.37 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -29,284.31-102,962.28 Foreign exchange variances -631,700.12-1,529,865.38 Changes in deposit and financial instrument estimate variance -1,574,175.08-4,676,087.81 Current year estimate variance N: 1,806,541.46 3,380,716.54 Previous year estimate variance N-1: 3,380,716.54 8,056,804.35 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 320,787.47 532,979.97 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 18,621,315.35 26,260,417.14 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 41,455.59 0.22 Liabilities Temporary securities transactions Financial accounts 82,717.18 0.44 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 41,455.59 0.22 Liabilities Temporary securities transactions Financial accounts 82,717.18 0.44 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

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 2,862,030.27 15.37 2,711,032.41 14.56 864,483.23 4.64 2,365,924.94 12.71 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 2,215.46 0.01 Receivables 85,913.69 0.46 2,491.20 0.01 2,983.94 0.02 Financial accounts 488.56 0.00 1,671.51 0.01 20,953.29 0.11 Liabilities Disposals of financial instruments Temporary securities transactions Payables 9,081.79 0.05 Financial accounts 82,717.18 0.44 Off-balance sheet items Hedging transactions Other transactions 3.5. Breakdown by category of receivables and payables 31/12/2015 Receivables Coupons receivable 24,270.31 Deferred settlement sales 85,875.23 Other receivables 128.60 Total receivables 110,274.14 Payables Management fees -28,091.13 Other payables -9,081.79 Total payables -37,172.92 Total payables and receivables 73,101.22 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 2,846.9108 513,463.30 Shares or units redeemed during the year -7,432.0099-1,346,931.83 C2 In units Value Shares or units issued during the year 9,813 1,902,702.19 Shares or units redeemed during the year -42,333-8,136,487.53 C3 In units I EUR unit Value Shares or units issued during the year 10,382 1,969,783.59 Shares or units redeemed during the year -5,605-1,051,961.34 C4 In units I NL EUR SHARES Units Value Shares or units issued during the year 1,477 279,031.55 Shares or units redeemed during the year -6,902-1,303,999.11 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 1,188.46 Amount of subscription fees received 513.65 Amount of redemption fees received 674.81 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 1,188.46 Amount of entry fees 513.65 Amount of exit fees 674.81 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 Value Amount of subscription and/or redemption fees received 6,020.73 Amount of subscription fees received 1,911.64 Amount of redemption fees received 4,109.09 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 6,020.73 Amount of entry fees 1,911.64 Amount of exit fees 4,109.09 C3 I EUR unit Value Amount of subscription and/or redemption fees received 2,507.25 Amount of subscription fees received 1,984.60 Amount of redemption fees received 522.65 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 2,507.25 Amount of entry fees 1,984.60 Amount of exit fees 522.65 C4 I NL EUR SHARES units Value Amount of subscription and/or redemption fees received 931.09 Amount of subscription fees received 277.65 Amount of redemption fees received 653.44 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 931.09 Amount of entry fees 277.65 Amount of exit fees 653.44 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 54,347.93 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

C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 40,615.73 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 21,003.43 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 8,822.92 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

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 2,331.72 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 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 0 0 0 0 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

Appropriation of distributable amounts related to income (6) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 260,086.72 313,121.13 Total 260,086.72 313,121.13 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 23,958.56 28,177.66 Total 23,958.56 28,177.66 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 113,836.65 204,248.78 Total 113,836.65 204,248.78 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I EUR unit 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 75,455.76 60,455.02 Total 75,455.76 60,455.02 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

C4 I NL EUR SHARES units 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 46,835.75 20,239.67 Total 46,835.75 20,239.67 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 714,545.95 3,717,611.26 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 714,545.95 3,717,611.26 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 143,211.15 745,728.42 Total 143,211.15 745,728.42 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 278,843.49 2,166,476.13 Total 278,843.49 2,166,476.13 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C3 I unit "Eur" Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 184,829.63 641,256.65 Total 184,829.63 641,256.65 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 I NL EUR SHARES units Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 107,661.68 164,150.06 Total 107,661.68 164,150.06 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2,912,344.48 23,782.9562 122.45 1.36 C2 7,598,455.13 60,479.9910 125.63 2.60 31/12/2012 C1 2,416,656.98 17,271.9222 139.91 1.29 C2 16,027,982.32 110,649.5428 144.85 2.55 C3 13,842,520.99 95,573.0000 144.83 2.36 31/12/2013 C1 4,626,788.72 25,439.8990 181.87 17.89 C2 24,005,440.15 126,348.0000 189.99 20.09 C3 13,907,089.48 73,207.0000 189.96 20.09 31/12/2014 C1 4,673,932.44 25,933.3538 180.22 29.83 C2 13,638,602.32 71,788.0000 189.98 33.01 C3 4,037,417.00 21,249.0000 190.00 33.01 C4 3,910,465.38 20,569.0000 190.11 8.96 31/12/2015 C1 3,717,435.10 21,348.2547 174.13 7.82 C2 7,273,215.37 39,268.0000 185.21 9.99 C3 4,820,981.05 26,026.0000 185.23 9.99 C4 2,809,683.83 15,144.0000 185.53 10.19 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets 3M CO COM 3,320 500,124.80 USD 2.69 A P MOLLER MAERSK SER B DKK1000 37 48,338.47 DKK 0.26 A P MOLLER MAERSK SER A DKK1000 19 24,545.88 DKK 0.13 ABB LTD 11,916 213,794.87 CHF 1.15 ABERTIS INFRAESTRUCTURAS SA EUR3 2,644 41,388.07 EUR 0.22 ACS ACTIVIDADES CO EURO.5 1,114 32,691.88 EUR 0.18 ACUITY BRANDS INC 250 58,450.00 USD 0.31 ADECCO SA CHF1(REGD) 875 60,226.51 CHF 0.32 ADP PROMESSES EUR3 195 22,708.02 EUR 0.12 ADT CORP/THE WHEN ISSUE COMMON STOCK USD.01 774 25,526.52 USD 0.14 AENA SA COMMON STOCK 416 47,630.34 EUR 0.26 AERCAP HOLDINGS NV COMMON STOCK EUR.01 408 17,609.28 USD 0.09 AGCO CORP COM 350 15,886.50 USD 0.09 AGGREKOB PLC COMMON STOCK 1,719 23,156.61 GBP 0.12 AIRBUS GROUP SE 3,204 215,791.32 EUR 1.16 ALFA LAVAL AB ORD SEK10 1,915 35,208.09 SEK 0.19 ALSTOM EUR14 1,360 41,610.07 EUR 0.22 AMADA HOLDINGS CO LTD 1,517 14,678.82 JPY 0.08 AMERCO COM 30 11,685.00 USD 0.06 AMERICAN AIRLINES GROUP INC COMMON STOCK 800 33,880.00 USD 0.18 AMETEK INC NEW COM 1,300 69,667.00 USD 0.37 ANA HOLDINGS INC 5,000 14,547.57 JPY 0.08 ANDRITZ AG NPV BR (POST SPLIT) 481 23,539.09 EUR 0.13 ASAHI GLASS CO JPY50 5,751 33,274.00 JPY 0.18 ASCIANO GROUP NPV(STAPLED) 3,521 22,389.94 AUD 0.12 ASHTEAD GROUP 2,583 42,599.78 GBP 0.23 ASSA COMMON STOCK 5,236 110,550.74 SEK 0.59 ATLANTIA EUR1 2,368 63,022.78 EUR 0.34 ATLAS COPCO AB COMMON STOCK 3,548 87,704.80 SEK 0.47 ATLAS COPCO AB COMMON STOCK 2,099 48,624.67 SEK 0.26 AUCKLAND INTL AIRPORT LTD COMMON STOCK NPV 6,094 23,988.21 NZD 0.13 AURIZON HOLDINGS LTD COMMON STOCK 10,853 34,585.92 AUD 0.19 B/E AEROSPACE INC COMMON STOCK USD.01 700 29,659.00 USD 0.16 BABCOCK INTL GROUP 1,304 19,526.49 GBP 0.10 BAE SYSTEMS ORD GBP0.025 16,588 122,143.20 GBP 0.66 BIC EUR3.82 186 30,641.16 EUR 0.16 BOEING CO COM 3,433 496,377.47 USD 2.67 BOLLORE COMMON STOCK 25 114.88 EUR 0.00 BOLLORE INVMT EUR16 5,538 25,850.45 EUR 0.14 BOMBADIER INC CL B 9,821 9,474.04 CAD 0.05 BOSKALIS WESTMNSTR CVA EUR0.80 (POST SUBD) 387 15,819.58 EUR 0.08 BOUYGUES EUR1 1,129 44,819.99 EUR 0.24 BRAMBLES LTD NPV 8,297 69,844.12 AUD 0.38 BRENNTAG AG 787 41,275.45 EUR 0.22 BUNZL 1,806 50,174.37 GBP 0.27 BUREAU VERITAS EUR0.12 1,664 33,241.82 EUR 0.18 C H ROBINSON WORLDWIDE 800 49,616.00 USD 0.27 CAE INC COM 1,749 19,327.39 CAD 0.10 CANADIAN NATL RY CO COM 4,384 244,121.37 CAD 1.31 CANADIAN PAC RY LTD COM 831 105,727.08 CAD 0.57 CAPITA PLC 3,383 60,231.23 GBP 0.32 CATERPILLAR INC COM 3,122 212,171.12 USD 1.14 CATHAY PACIFIC AIR HKD0.20 6,963 12,057.04 HKD 0.06 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets CENTRAL JPAN RLWY JPY50000 800 143,646.88 JPY 0.77 CHICAGO BRIDGE + IRON NY SHR NY REG SHRS EUR.01 500 19,495.00 USD 0.10 CIE DE ST GOBAIN EUR4 2,584 111,858.92 EUR 0.60 CIMIC GROUP LIMITED COMMON STOCK 835 14,762.78 AUD 0.08 CINTAS CORP COM 466 42,429.30 USD 0.23 CINTRA CONCES INFR EUR0.2 2,286 51,788.84 EUR 0.28 CK HUTCHISON HOLDINGS LTD COMMON STOCK HKD1.0 14,466 195,241.44 HKD 1.05 CNH INDUSTRIAL NV COMMON STOCK 4,789 32,982.52 EUR 0.18 COBHAM ORD GBP0.025 5,701 23,795.62 GBP 0.13 COMFORTDELGRO CORP SGD0.25 14,000 30,098.64 SGD 0.16 CSX CORP COM 5,126 133,019.70 USD 0.71 CUMMINS INC COM 920 80,969.20 USD 0.43 DAI NIPPON PRINTNG JPY50 2,340 23,439.88 JPY 0.13 DAIKIN INDUSTRIES JPY50 1,311 97,004.96 JPY 0.52 DANAHER CORP COM 3,358 311,891.04 USD 1.67 DEERE + CO COM 1,725 131,565.75 USD 0.71 DELTA AIR LINES 1,150 58,293.50 USD 0.31 DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) 1,413 22,356.43 EUR 0.12 DEUTSCHE POST AG NPV REGD 5,337 150,476.27 EUR 0.81 DOVER CORP COM 930 57,018.30 USD 0.31 DSV DKK1 (POST SUBDIVISION) 1,021 40,380.54 DKK 0.22 DUN + BRADSTREET CORP DEL NEW COM 149 15,485.57 USD 0.08 EAST JAPAN RAILWAY JPY50000 1,800 171,328.83 JPY 0.92 EASYJET GBP0.27285714 1,034 26,516.89 GBP 0.14 EATON CORP PLC COMMON STOCK USD.01 2,500 130,100.00 USD 0.70 EDENRED 1,180 22,368.00 EUR 0.12 EMERSON ELEC CO COM 3,436 164,343.88 USD 0.88 EQUIFAX INC COM 636 70,831.32 USD 0.38 EXPEDITORS INTL WA INC COM 1,136 51,233.60 USD 0.28 EXPERIAN GROUP ORD GBP0 5,046 89,318.84 GBP 0.48 FANUC CORPORATION 998 174,885.42 JPY 0.94 FASTENAL CO 1,360 55,515.20 USD 0.30 FEDERAL EXPRESS CORP. 1,470 219,015.30 USD 1.18 FINMECCANICA SPA EUR 4.40 2,456 34,416.59 EUR 0.18 FINNING INTL INC COM NEW 1,324 17,804.91 CAD 0.10 FLOWSERVE CORP COM 700 29,456.00 USD 0.16 FLUOR CORP 742 35,037.24 USD 0.19 FORTUNE BRANDS HOME + SECURI COMMON STOCK 800 44,400.00 USD 0.24 FRAPORT AG NPV 166 10,628.40 EUR 0.06 FUJI ELECTRIC HOLDINGS CO LTD 3,084 13,100.50 JPY 0.07 G4S PLC 7,604 25,272.11 GBP 0.14 GEA GROUP AG NPV 916 37,214.90 EUR 0.20 GEBERIT NEW ORD CHF0.10 REGD POST SUBD 201 68,311.03 CHF 0.37 GENERAL DYNAMICS CORP COM 1,424 195,600.64 USD 1.05 GENERAL ELEC CO COM 50,840 1,583,666.00 USD 8.50 GRAINGER W W INC COM 350 70,906.50 USD 0.38 GROUPE EUROTUNNEL SE 2,847 35,442.30 EUR 0.19 HANKYU HANSHIN HLD NPV 7,000 45,912.14 JPY 0.25 HERTZ GLOBAL HLDGS INC COM 2,400 34,152.00 USD 0.18 HINO MOTORS JPY50 1,700 19,911.88 JPY 0.11 HITACHI CONST MACH JPY50 800 12,622.30 JPY 0.07 HONEYWELL INTL INC COM 4,003 414,590.71 USD 2.23 HUNT J B TRANS SVCS INC COM 500 36,680.00 USD 0.20 HUTCHISON PORT HOLDINGS 32,000 16,960.00 USD 0.09 IHS INC COM CL A 360 42,634.80 USD 0.23 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets ILLINOIS TOOL WKS INC COM 1,852 171,643.36 USD 0.92 IMI COMMON STOCK 1,248 15,846.11 GBP 0.09 INGERSOLL RAND COMPANY LIMITED CL A 1,450 80,170.50 USD 0.43 INTERNATIONAL CONSOLIDATED A COMMON STOCK EUR.5 4,055 36,450.94 EUR 0.20 INTERTEK GROUP PLC 914 37,408.90 GBP 0.20 ISHIKAWAJIMA HAR JPY50 7,748 21,705.61 JPY 0.12 ISS A/S COMMON STOCK DKK1.0 885 32,038.76 DKK 0.17 ITOCHU CORP JPY50 8,993 107,800.88 JPY 0.58 JACOBS ENGR GROUP INC COM 700 29,365.00 USD 0.16 JAPAN AIRLINES CO LTD COMMON STOCK 400 14,484.39 JPY 0.08 JAPAN AIRPORT TERM JPY50 200 9,011.18 JPY 0.05 JGC CORP JPY50 1,000 15,486.93 JPY 0.08 JTEKT CORPORATION NPV 1,300 21,667.57 JPY 0.12 KAJIMA CORP JPY50 5,306 31,934.36 JPY 0.17 KAMIGUMI CO JPY50 1,000 8,711.92 JPY 0.05 KANSAS CITY SOUTHERN COM NEW 660 49,282.20 USD 0.26 KAWASAKI HEAVY IND JPY50 6,588 24,753.95 JPY 0.13 KEIHAN ELECTRIC RAILWAY CO COMMON STOCK 3,000 20,275.16 JPY 0.11 KEIKYU CORP 3,163 26,372.58 JPY 0.14 KEIO CORP JPY50 3,021 26,368.93 JPY 0.14 KEISEI ELEC RAILWY JPY50 1,000 12,884.99 JPY 0.07 KEPPEL CORP NPV 8,398 38,536.81 SGD 0.21 KINTETSU GROUP HOLDINGS CO LTD 11,229 46,019.35 JPY 0.25 KOMATSU NPV 5,370 88,923.40 JPY 0.48 KONE CORPORATION NPV ORD B 1,944 82,717.92 EUR 0.44 KONINKLIJKE PHILIPS NV 5,236 134,006.14 EUR 0.72 KUBOTA CORPORATION 5,324 83,558.86 JPY 0.45 KUEHNE + NAGEL AG CHF1(REGD)(POST SUBD) 262 36,067.08 CHF 0.19 KURITA WATER INDS JPY50 602 12,716.09 JPY 0.07 L 3 COMMUNICATIONS HLDG CORP COM 400 47,804.00 USD 0.26 LEGRAND SA EUR4 1,476 83,696.37 EUR 0.45 LIXIL Group Corporation 1,518 34,071.24 JPY 0.18 LOCKHEED MARTIN CORP COM 1,521 330,285.15 USD 1.77 MABUCHI MOTOR CO JPY50 200 11,039.53 JPY 0.06 MAKITA CORP JPY50 700 40,907.77 JPY 0.22 MAN AG ORD NPV 234 23,563.80 EUR 0.13 MANPOWERGROUP 481 40,543.49 USD 0.22 MARUBENI CORP JPY50 9,311 48,383.61 JPY 0.26 MASCO CORP COM 2,020 57,166.00 USD 0.31 MEGGITT ORD GBP0.05 4,993 27,573.89 GBP 0.15 METSO OYJ FIM50 718 16,145.24 EUR 0.09 MINEBEA CO JPY50 2,000 17,440.46 JPY 0.09 MITSUBISHI CORP JPY50 7,676 129,406.28 JPY 0.69 MITSUBISHI ELEC CP JPY50 10,280 109,598.08 JPY 0.59 MITSUBISHI HVY IND JPY50 17,101 75,813.32 JPY 0.41 MITSUI + CO JPY50 9,707 116,642.17 JPY 0.63 MITSUI OSK LINES JPY50 7,876 20,100.02 JPY 0.11 MTR CORP HKD1 8,365 41,446.61 HKD 0.22 NABTESCO CORP 700 14,419.55 JPY 0.08 NAGOYA RAILROAD 5,000 20,990.07 JPY 0.11 NEW MELROSE INDUSTRIES PLC COMMON STOCK 4,679 20,060.86 GBP 0.11 NGK INSULATORS JPY50 1,000 22,893.72 JPY 0.12 NIDEC CORPORATION JPY50 1,100 80,807.19 JPY 0.43 NIELSEN HOLDINGS PLC COMMON STOCK EUR.07 1,840 85,744.00 USD 0.46 NIPPON EXPRESS CO JPY50 5,653 26,879.89 JPY 0.14 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets NIPPON YUSEN KK JPY50 11,040 27,073.45 JPY 0.15 NOBLE GROUP HKD0.25 31,971 9,014.37 SGD 0.05 NORFOLK SOUTHN CORP COM 1,710 144,648.90 USD 0.78 NORTHROP GRUMMAN CORP COM 896 169,173.76 USD 0.91 NSK JPY50 2,257 24,878.69 JPY 0.13 NWS HOLDINGS LTD HKD1 9,808 14,680.14 HKD 0.08 OBAYASHI CORP JPY50 3,204 29,804.03 JPY 0.16 ODAKYU ELEC RLWY JPY50 3,374 36,714.46 JPY 0.20 OSRAM LICHT AG COMMON STOCK 589 24,819.03 EUR 0.13 PACCAR INC COM 1,944 92,145.60 USD 0.49 PARK 24 CO JPY50 700 17,043.93 JPY 0.09 PARKER HANNIFIN CORP COM 680 65,946.40 USD 0.35 PENTAIR PLC COMMON STOCK 979 48,489.87 USD 0.26 PRECISION CASTPARTS CORP COM 740 171,687.40 USD 0.92 PRYSMIAN CAB + SYS NPV 1,267 27,884.69 EUR 0.15 QANTAS AIRWAYS NPV 1,427 4,246.42 AUD 0.02 QUANTA SERVICES INC COM 1,200 24,300.00 USD 0.13 RANDSTAD HLDGS NV EUR0.10 734 45,871.21 EUR 0.25 RAYTHEON CO COM NEW 1,568 195,263.04 USD 1.05 RECRUIT HOLDINGS CO LTD COMMON STOCK 1,000 29,593.92 JPY 0.16 REPUBLIC SERVICES 1,284 56,483.16 USD 0.30 REXEL PROMESSES 1,867 24,905.34 EUR 0.13 ROBERT HALF INTL INC COM 839 39,550.46 USD 0.21 ROCKWELL AUTOMATION INC COM 700 71,827.00 USD 0.39 ROCKWELL COLLINS INC COM 720 66,456.00 USD 0.36 ROLLS ROYCE HLDGS PLC COMMON STOCK 9,698 82,186.95 GBP 0.44 ROPER TECNOLOGIES INC 500 94,895.00 USD 0.51 ROYAL MAIL PLC W/I COMMON STOCK GBP..01 4,872 31,881.82 GBP 0.17 RYANAIR HLDGS COMMON STOCK 832 13,566.06 EUR 0.07 SAFRAN SA 1,635 112,551.49 EUR 0.60 SANDVIK AB NPV (POST SPLIT) 6,124 53,790.09 SEK 0.29 SCHINDLER HLDG AG CHF0.1(REGD)(POSTSUBD) 136 22,960.75 CHF 0.12 SCHINDLER HLDG AG PTG CERT CHF0.10(POST SUBD) 232 38,936.57 CHF 0.21 SCHNEIDER ELECTRIC SE 2,793 159,468.93 EUR 0.86 SCHNEIDER ELECTRIC SA COMMON STOCK EUR4.0 220 12,613.68 EUR 0.07 SECOM CO JPY50 1,032 70,690.22 JPY 0.38 SEEK LIMITED NPV 2,271 25,412.59 AUD 0.14 SEMBCORP INDUSTRIE SGD0.25 (POST REORG) 6,305 13,555.14 SGD 0.07 SEMBCORP MARINE SGD0.10 599 738.90 SGD 0.00 SENSATA TECHNOLOGIES HOLDING COMMON STOCK USD.01 900 41,454.00 USD 0.22 SER B SEK1 1,875 28,912.57 SEK 0.16 SGS SA CHF20(REGD) 32 61,090.14 CHF 0.33 SHIMIZU CORP JPY50 3,000 24,689.31 JPY 0.13 SIEMENS AG NPV (REGD) 4,334 423,157.22 EUR 2.27 SINGAPORE AIRLINES 2,920 23,052.60 SGD 0.12 SINGAPORE TECH ENG SGD0.10 7,354 15,603.03 SGD 0.08 SKANSKA AB SER B SEK3 1,942 37,961.95 SEK 0.20 SKF AB SER B NPV 2,075 33,768.69 SEK 0.18 SMC CORP NPV 252 66,553.39 JPY 0.36 SMITHS GROUP ORD GBP0.375 2,476 34,284.69 GBP 0.18 SNAP ON INC COM 300 51,429.00 USD 0.28 SNC LAVALIN GROUP INC COM 815 24,126.02 CAD 0.13 SOUTHWEST AIRLS CO COM 1,006 43,318.36 USD 0.23 STANLEY BLACK & DECKER 800 85,384.00 USD 0.46 STERICYCLE INC COM 400 48,240.00 USD 0.26 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets SUMITOMO CORP JPY50 5,962 61,481.04 JPY 0.33 SUMITOMO HEAVY IND JPY50 3,040 13,848.62 JPY 0.07 SYDNEY AIRPORT MISC. NPV 5,355 24,740.51 AUD 0.13 TAISEI CORP JPY50 5,939 39,496.24 JPY 0.21 TEXTRON INC COM 1,616 67,888.16 USD 0.36 THALES EUR3 591 44,362.43 EUR 0.24 THK CO JPY50 600 11,262.31 JPY 0.06 TNT EXPRESS NV 2,541 21,502.65 EUR 0.12 TOBU RAILWAY CO JPY50 5,114 25,422.27 JPY 0.14 TOKYU CORP JPY50 6,087 48,576.59 JPY 0.26 TOPPAN PRINTING CO JPY50 3,161 29,404.04 JPY 0.16 TOSHIBA CORP JPY50 22,000 45,702.65 JPY 0.25 TOTO JPY50 700 24,934.54 JPY 0.13 TOWERS WATSON + CO CL A COMMON STOCK USD.01 350 44,961.00 USD 0.24 TOYOTA TSUSHO CORP JPY50 1,200 28,420.14 JPY 0.15 TRANSDIGM GROUP INC COM 310 70,819.50 USD 0.38 TRANSURBAN GROUP COMMON STOCK 634 4,663.54 AUD 0.03 TRANSURBAN GROUP RIGHT 633 193.43 AUD 0.00 TRANSURBAN GROUP STAPLED UNITS NPV 9,903 75,437.78 AUD 0.41 TRAVIS PERKINS ORD GBP0.10 1,217 35,389.18 GBP 0.19 TYCO INTERNATIONAL PLC COMMON STOCK 2,498 79,661.22 USD 0.43 UNION PAC CORP COM 4,740 370,668.00 USD 1.99 UNITED PARCEL SVC INC CL B 3,811 366,732.53 USD 1.97 UNITED RENTALS INC COM 600 43,524.00 USD 0.23 UNITED TECHNOLOGIES CORP COM 4,644 446,149.08 USD 2.40 VERISK ANALYTICS INC CLASS A 880 67,654.40 USD 0.36 VESTAS WIND SYSTEMS DKK1 1,157 81,480.92 DKK 0.44 VINCI EUR2.50 (POST SUBDIVISION) 2,526 162,279.79 EUR 0.87 VOLVO AB SER B NPV (POST SPLIT) 8,626 80,933.43 SEK 0.43 WABCO HOLDINGS INC 300 30,678.00 USD 0.16 WABTEC CORP COMMON STOCK USD.01 580 41,249.60 USD 0.22 WARTSILA B EUR3.5 769 35,210.62 EUR 0.19 WASTE MGMT INC DEL COM 2,326 124,138.62 USD 0.67 WEIR GROUP ORD 0.125 1,241 18,290.46 GBP 0.10 WEST JAPAN RAILWAY JPY50000 900 62,800.62 JPY 0.34 WOLSELEY PLC COMMON STOCK 1,449 78,825.23 GBP 0.42 XYLEM INC W/I COMMON STOCK 1,044 38,106.00 USD 0.20 YAMATO HOLDINGS CO LTD NPV 1,738 37,217.58 JPY 0.20 YANGZIJIANG SHIPBUILDING 7,000 5,427.62 SGD 0.03 ZARDOYA OTIS EUR0.1 804 9,415.09 EUR 0.05 ZODIAC NPV 1,138 27,165.70 EUR 0.15 TOTAL Shares & similar securities traded on a regulated or related market 18,564,339.85 99.70 TOTAL Shares & similar securities traded on a regulated or related market 18,564,339.85 99.70 UNITED CONTINENTAL HOLDINGS 400 22,920.00 USD 0.12 TOTAL Shares & similar securities not traded on a regulated market 22,920.00 0.12 TOTAL Shares & similar securities not traded on a regulated market 22,920.00 0.12 TOTAL Shares and similar securities 18,587,259.85 99.82 SEMBCORP MARINE SGD0.10 1,796 2,215.46 SGD 0.01 TOTAL Securities lending transactions 2,215.46 0.01 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 0.41 0.00 TOTAL Contractual sale transactions 2,215.87 0.01 TOTAL Contractual transactions 2,215.87 0.01 SSgA Industrials Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018442 I shares: FR0010588103 I EUR shares : FR0011129584 I NL EUR shares: FR0011675347 B shares: FR0011342724 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 2,687,044.33 5,117,386.65 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 4,345,718.40 9,534,882.04 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$60.327 with collateral worth US$ 63.713. 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. 100.00% 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 December 2015, is US$76,563. A payment of US$22,969.47 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 13.748.342.06. The income statement shows retained net income of USD 275.645.04. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 -15.21-15.26 0.05-16.29-15.26-1.03 1 Month -4.09-4.07-0.02-4.20-4.07-0.13 3 Months 4.22 4.28-0.06 3.88 4.28-0.40 6 Months -16.13-16.14 0.01-16.67-16.14-0.53 1 Year -15.21-15.26 0.05-15.21-15.26 0.05-16.29-15.26-1.03-16.29-15.26-1.03 2 Years -19.65-19.54-0.11-10.37-10.31-0.06-21.67-19.54-2.12-11.50-10.31-1.19 3 Years -17.00-16.78-0.22-6.03-5.94-0.08-20.10-16.78-3.32-7.21-5.94-1.27 5 Years -26.13-25.75-0.38-5.88-5.78-0.10-30.67-25.75-4.92-7.07-5.78-1.28 10 Years 23.95 24.46-0.51 2.17 2.21-0.04 9.30 24.46-15.16 0.89 2.21-1.32 Since Incp (01/31/2000) 113.22 116.77-3.55 4.87 4.98-0.11 75.14 116.77-41.63 3.58 4.98-1.40 Std Dev (3 Year) 4.35 4.38-0.02 15.08 15.16-0.08 4.35 4.38-0.03 15.07 15.16-0.09 Std Dev (5 Year) 5.39 5.42-0.02 18.68 18.77-0.09 5.39 5.42-0.03 18.67 18.77-0.10 Std Dev (Incp) 6.31 6.33-0.02 21.86 21.94-0.08 6.31 6.33-0.03 21.85 21.94-0.09 Tracking Error (1 Year) 0.18 0.19 Tracking Error (3 Year) 0.14 0.15 Tracking Error (5 Year) 0.18 0.18 Tracking Error (Incp) 1.32 1.33 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000-4.458359-5.392069 0.933710-5.496482-5.392069-0.104413 Year 2001-5.920348-5.042699-0.877649-7.048706-5.042699-2.006007 Year 2002-5.360913-4.630315-0.730598-6.489982-4.630315-1.859667 Year 2003 43.499055 44.898691-1.399636 41.790989 44.898691-3.107702 Year 2004 18.304474 17.654489 0.649985 16.894659 17.654489-0.759830 Year 2005 19.117440 19.245423-0.127983 17.702388 19.245423-1.543035 Year 2006 30.552591 28.653859 1.898732 28.995903 28.653859 0.342044 Year 2007 33.422786 33.209214 0.213572 31.819187 33.209214-1.390027 Year 2008-50.632141-50.064841-0.567300-51.287853-50.064841-1.223012 Year 2009 61.007013 61.515807-0.508794 59.051724 61.515807-2.464083 Year 2010 21.190812 21.269106-0.078294 19.667054 21.269106-1.602052 Year 2011-19.959260-19.838845-0.120415-20.968133-19.838845-1.129288 Year 2012 11.191673 11.300970-0.109297 9.788671 11.300970-1.512299 Year 2013 3.299266 3.434133-0.134867 1.999441 3.434133-1.434692 Year 2014-5.236239-5.057956-0.178283-6.429061-5.057956-1.371105 Year 2015-15.209115-15.257135 0.048020-16.285770-15.257135-1.028635 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

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 -15.20-15.26 0.06-15.53-15.26-0.27 1 Month -4.09-4.07-0.02-4.12-4.07-0.05 3 Months 4.23 4.28-0.05 4.12 4.28-0.16 6 Months -16.13-16.14 0.01-16.30-16.14-0.16 1 Year -15.20-15.26 0.06-15.20-15.26 0.06-15.53-15.26-0.27-15.53-15.26-0.27 2 Years -19.64-19.54-0.09-10.36-10.31-0.05-20.24-19.54-0.70-10.70-10.31-0.39 3 Years -16.98-16.78-0.20-6.02-5.94-0.08-17.92-16.78-1.14-6.37-5.94-0.43 5 Years -26.11-25.75-0.36-5.87-5.78-0.09-27.49-25.75-1.73-6.23-5.78-0.44 10 Years Since Incp (02/28/2009) 67.83 69.14-1.31 7.87 7.99-0.12 63.60 69.14-5.54 7.47 7.99-0.52 Std Dev (3 Year) 4.35 4.38-0.02 15.08 15.16-0.08 4.35 4.38-0.02 15.08 15.16-0.08 Std Dev (5 Year) 5.39 5.42-0.02 18.68 18.77-0.09 5.39 5.42-0.03 18.68 18.77-0.09 Std Dev (Incp) 6.32 6.33-0.02 21.88 21.94-0.05 6.32 6.33-0.02 21.88 21.94-0.06 Tracking Error (1 Year) 0.19 0.19 Tracking Error (3 Year) 0.14 0.14 Tracking Error (5 Year) 0.18 0.18 Tracking Error (Incp) 0.25 0.25 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 87.417448 87.849601-0.432153 86.843758 87.849601-1.005843 Year 2010 21.190883 21.269106-0.078223 20.749280 21.269106-0.519826 Year 2011-19.963169-19.838845-0.124324-20.262530-19.838845-0.423685 Year 2012 11.206571 11.300970-0.094399 10.790183 11.300970-0.510787 Year 2013 3.303462 3.434133-0.130671 2.917736 3.434133-0.516397 Year 2014-5.228547-5.057956-0.170591-5.582535-5.057956-0.524579 Year 2015-15.201897-15.257135 0.055238-15.527547-15.257135-0.270412 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

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 131601EUR-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 -5.53-5.60 0.07-5.82-5.60-0.21 1 Month -6.75-6.73-0.02-6.78-6.73-0.05 3 Months 7.10 7.16-0.06 7.02 7.16-0.14 6 Months -13.98-13.98 0.01-14.11-13.98-0.12 1 Year -5.53-5.60 0.07-5.53-5.60 0.07-5.82-5.60-0.21-5.82-5.60-0.21 2 Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) -4.61-4.60-0.01-3.02-3.02-0.01-5.05-4.60-0.45-3.31-3.02-0.30 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) 5.32 5.34-0.02 18.42 18.50-0.08 5.32 5.34-0.02 18.42 18.50-0.08 Tracking Error (1 Year) 0.19 0.19 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.17 0.17 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 0.981499 1.065685-0.084186 0.819255 1.065685-0.246430 Year 2015-5.534449-5.603329 0.068880-5.817081-5.603329-0.213752 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

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 131601EUR-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 -5.54-5.60 0.06-5.92-5.60-0.31 1 Month -6.75-6.73-0.02-6.78-6.73-0.05 3 Months 7.10 7.16-0.06 6.99 7.16-0.17 6 Months -13.97-13.98 0.01-14.15-13.98-0.16 1 Year -5.54-5.60 0.06-5.54-5.60 0.06-5.92-5.60-0.31-5.92-5.60-0.31 2 Years 1.97 2.06-0.08 0.98 1.02-0.04 1.16 2.06-0.89 0.58 1.02-0.44 3 Years 0.82 1.00-0.18 0.27 0.33-0.06-0.38 1.00-1.38-0.13 0.33-0.46 5 Years 10 Years Since Incp (02/21/2012) -1.23-1.01-0.22-0.32-0.26-0.06-2.74-1.01-1.73-0.72-0.26-0.45 Std Dev (3 Year) 4.32 4.34-0.02 14.98 15.04-0.06 4.32 4.34-0.02 14.97 15.04-0.06 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) 4.04 4.05-0.01 13.98 14.03-0.05 4.03 4.05-0.02 13.97 14.03-0.06 Tracking Error (1 Year) 0.19 0.19 Tracking Error (3 Year) 0.14 0.14 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.15 0.15 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012-2.035849-1.992080-0.043769-2.370602-1.992080-0.378522 Year 2013-1.132013-1.035915-0.096098-1.525766-1.035915-0.489851 Year 2014 7.953825 8.115690-0.161865 7.523965 8.115690-0.591725 Year 2015-5.538914-5.603329 0.064415-5.915335-5.603329-0.312006 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 13,676,174.42 25,622,834.92 Shares and similar securities 13,616,823.83 25,521,237.88 Traded on a regulated or related market 13,616,823.83 25,521,237.88 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 59,350.59 101,597.04 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 59,350.59 101,597.04 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 9,942.26 60,060.78 Forward foreign exchange transactions 0.00 0.00 Other 9,942.26 60,060.78 Financial accounts 90,772.21 62,896.32 Liquidities 90,772.21 62,896.32 Total assets 13,776,888.89 25,745,792.02 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 15,350,382.29 25,103,913.83 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) -1,877,685.27 144,949.05 Income for the year (a, b) 275,645.04 385,348.29 Total equity 13,748,342.06 25,634,211.17 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 28,546.83 59,364.66 Forward foreign exchange transactions 0.00 0.00 Other 28,546.83 59,364.66 Financial accounts 0.00 52,216.19 Bank overdrafts 0.00 52,216.19 Loans 0.00 0.00 Total liabilities 13,776,888.89 25,745,792.02 (a) Including accruals (b) Less interim dividends paid during the year SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 34.59 31.43 Income from shares and similar securities 548,173.94 543,894.51 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 4,584.46 8,451.80 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 552,792.99 552,377.74 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 184.09 621.16 Other financial expenses 0.00 0.00 TOTAL (II) 184.09 621.16 Income from financial transactions (I - II) 552,608.90 551,756.58 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 132,023.60 158,666.56 Net income for the year (L. 214-17-1) (I - II + III - IV) 420,585.30 393,090.02 Accrued revenue for the year (V) -144,940.26-7,741.73 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 275,645.04 385,348.29 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018442 P USD Accumulation per unit C1 FR0010588103 I USD Accumulation per unit C2 FR0011129584 I EUR Accumulation per unit C3 FR0011675347 I NL EUR Accumulation per unit C4 Units presented in the inventory SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 25,634,211.17 24,404,460.86 Subscriptions (including entry fees) 9,091,750.97 34,888,533.73 Redemptions (including exit fees) -17,014,355.29-31,737,144.77 Capital gains made on deposits and financial instruments 1,428,499.92 2,087,301.17 Capital losses made on deposits and financial instruments -2,226,225.83-1,479,734.59 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -44,666.03-90,574.97 Foreign exchange variances -1,411,279.85-1,936,587.37 Changes in deposit and financial instrument estimate variance -2,130,178.30-895,132.91 Current year estimate variance N: -2,067,061.90 63,116.40 Previous year estimate variance N-1: 63,116.40 958,249.31 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 420,585.30 393,090.02 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 13,748,342.06 25,634,211.17 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 90,772.21 0.66 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 90,772.21 0.66 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

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 2,644,577.90 19.24 1,529,028.89 11.12 1,181,671.79 8.60 3,058,500.79 22.25 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 37,422.47 0.27 21,924.03 0.16 Receivables 576.08 0.00 1,021.70 0.01 Financial accounts 33,983.37 0.25 1,150.65 0.01 5,240.86 0.04 10,399.34 0.08 Liabilities Disposals of financial instruments Temporary securities transactions Payables 8,237.52 0.06 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 9,789.76 Other receivables 152.50 Total receivables 9,942.26 Payables Management fees -20,309.31 Other payables -8,237.52 Total payables -28,546.83 Total payables and receivables -18,604.57 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 4,876.039 1,018,007.69 Shares or units redeemed during the year -21,050.4889-3,936,019.87 C2 In units Value Shares or units issued during the year 2,735 570,196.50 Shares or units redeemed during the year -26,087-5,554,050.33 C3 In units I UNIT in EUR Value Shares or units issued during the year 30,531.3274 6,616,970.87 Shares or units redeemed during the year -32,354.3291-6,131,868.06 C4 In units I NL Units IN EUR Value Shares or units issued during the year 4,178 886,575.91 Shares or units redeemed during the year -6,898-1,392,417.03 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 2,991.48 Amount of subscription fees received 1,015.45 Amount of redemption fees received 1,976.03 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 2,991.48 Amount of entry fees 1,015.45 Amount of exit fees 1,976.03 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 Value Amount of subscription and/or redemption fees received 3,354.54 Amount of subscription fees received 568.84 Amount of redemption fees received 2,785.70 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 3,354.54 Amount of entry fees 568.84 Amount of exit fees 2,785.70 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 9,641.53 Amount of subscription fees received 6,670.12 Amount of redemption fees received 2,971.41 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 9,641.53 Amount of entry fees 6,670.12 Amount of exit fees 2,971.41 C4 I NL Units in EUR Value Amount of subscription and/or redemption fees received 1,583.29 Amount of subscription fees received 890.41 Amount of redemption fees received 692.88 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 1,583.29 Amount of entry fees 890.41 Amount of exit fees 692.88 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 62,125.41 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

C2 31/12/2015 Percentage of fixed management costs 0.39 Fixed management costs 21,404.37 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 42,547.77 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 5,946.05 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

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 63,713.36 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 275,645.04 385,348.29 Total 275,645.04 385,348.29 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 28,742.35 55,361.76 Total 28,742.35 55,361.76 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 75,441.54 168,076.00 Total 75,441.54 168,076.00 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 137,181.42 144,360.68 Total 137,181.42 144,360.68 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C4 I NL Units IN EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 34,279.73 17,549.85 Total 34,279.73 17,549.85 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year -1,877,685.27 144,949.05 Interim dividends paid on gains and losses for the year 0.00 0.00 Total -1,877,685.27 144,949.05 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -340,594.89 36,736.15 Total -340,594.89 36,736.15 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -472,922.13 53,052.15 Total -472,922.13 53,052.15 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -859,945.48 45,544.64 Total -859,945.48 45,544.64 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 I NL Units IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit -204,222.77 9,616.11 Total -204,222.77 9,616.11 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

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 6,385,680.38 32,674.7523 195.43 1.53 C2 9,003,674.28 44,913.6097 200.46 3.67 31/12/2012 C1 6,943,634.34 32,360.9448 214.56 2.06 C2 10,461,878.39 47,106.0000 222.09 4.02 C3 8,968,441.07 40,384.0147 222.07 3.94 31/12/2013 C1 5,447,898.13 24,892.6805 218.85-3.84 C2 9,322,293.20 40,784.0000 228.57-2.05 C3 9,634,269.53 42,151.4342 228.56-2.05 31/12/2014 C1 6,284,084.44 30,685.9793 204.78 2.99 C2 9,141,268.45 42,356.0000 215.81 5.21 C3 7,851,566.20 36,381.0317 215.81 5.21 C4 2,357,292.08 10,917.0000 215.92 2.48 31/12/2015 C1 2,487,779.47 14,511.5294 171.43-21.49 C2 3,464,430.18 19,004.0000 182.30-20.92 C3 6,299,601.00 34,558.0300 182.29-20.92 C4 1,496,531.41 8,197.0000 182.57-20.73 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

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 57,602.44 CAD 0.42 AGRIUM INC COM 1,300 115,739.78 CAD 0.84 AIR LIQUIDE SA 3,307 372,351.65 EUR 2.71 AIR PRODS + CHEMS INC COM 1,970 256,316.70 USD 1.86 AIR WATER 1,000 16,260.03 JPY 0.12 AIRGAS INC COM 610 84,375.20 USD 0.61 AKZO NOBEL NV EUR2 2,403 161,008.17 EUR 1.17 ALBEMARLE CORP COM 1,050 58,810.50 USD 0.43 ALCOA INC COM 12,624 124,598.88 USD 0.91 ALUMINA LIMITED NPV 26,473 22,246.45 AUD 0.16 AMCOR LIMITED NPV 11,138 108,913.55 AUD 0.79 ANGLO AMERICAN PLC 13,355 58,941.48 GBP 0.43 ANTOFAGASTA ORD GBP0.05 4,020 27,805.42 GBP 0.20 ARCELORMITTAL 90 381.00 EUR 0.00 ARKEMA EUR10 670 47,009.96 EUR 0.34 ASAHI KASEI CORP JPY50 12,000 82,088.21 JPY 0.60 ASHLAND INC NEW COM 600 61,620.00 USD 0.45 AVERY DENNISON CORP COM 870 54,514.20 USD 0.40 AXALTA COATING SYSTEMS LTD COMMON STOCK USD1.0 1,400 37,310.00 USD 0.27 BALL CORP COM 1,300 94,549.00 USD 0.69 BARRICK GOLD CORP COM 11,550 85,144.55 CAD 0.62 BASF SE NAMENS AKTIEN 8,857 680,422.52 EUR 4.88 BHP BILLITON LTD NPV 30,877 401,228.69 AUD 2.92 BHP BILLITON PLC 20,615 230,913.73 GBP 1.68 BOLIDEN AB 2,806 47,562.20 SEK 0.35 BORAL LIMITED NEW 8,209 35,298.25 AUD 0.26 CCL INDUSTRIES INC CL B COMMON STOCK 300 48,457.50 CAD 0.35 CELANESE CORP DE COM SER A 1,500 100,995.00 USD 0.73 CF INDS HLDGS INC COM 2,250 91,822.50 USD 0.67 CHRISTIAN HANSEN HOLDING A/S 962 60,452.44 DKK 0.44 CRH 27 784.34 GBP 0.01 CRH 7,993 231,830.65 EUR 1.69 CRODA INTERNATIONAL 1,274 57,119.11 GBP 0.42 CROWN HLDGS INC COM 1,360 68,952.00 USD 0.50 DAICEL CORP 2,600 39,206.95 JPY 0.29 DOW CHEM CO COM 10,806 556,292.88 USD 4.05 DU PONT E I DE NEMOURS + CO COM 8,849 589,343.40 USD 4.29 EASTMAN CHEMICAL 1,380 93,163.80 USD 0.68 ECOLAB INC COM 2,500 285,950.00 USD 2.08 ELDORADO GOLD CORP COM 7,500 22,137.07 CAD 0.16 EMS CHEMIE HOLDING 84 37,006.53 CHF 0.27 EVONIK INDUSTRIES AG COMMON STOCK 1,437 47,790.42 EUR 0.35 FIRST QUANTUM MINERALS LTD COM 7,405 27,614.03 CAD 0.20 FLETCHER BUILDING NPV 7,025 35,347.71 NZD 0.26 FMC CORP COM NEW 1,200 46,956.00 USD 0.34 FORTESCUE METALS 163 221.77 AUD 0.00 FRANCO NEVADA CORP COM 1,500 68,354.94 CAD 0.50 FRESNILLO PLC ORD USD0.50 2,306 24,062.76 GBP 0.18 FUCHS PETRO AG OEL NON VTG PRF NPV 709 33,503.12 EUR 0.24 Freeport McMoRan Inc 9,688 65,587.76 USD 0.48 GIVAUDAN AG CHF10 88 160,261.72 CHF 1.17 GLENCORE XSTRATA PLC 116,521 155,385.19 GBP 1.13 GOLDCORP INC NEW COM 8,258 95,060.10 CAD 0.69 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets HEIDELBERGCEMENT NPV 1,406 115,497.28 EUR 0.84 HITACHI CHEMICAL JPY50 900 14,484.39 JPY 0.11 HITACHI METALS JPY50 2,100 26,272.91 JPY 0.19 ICL ISRAEL CHEM ILS1 5,031 20,441.80 ILS 0.15 ILUKA RESOURCES NPV 4,375 19,512.55 AUD 0.14 IMERYS EUR2 380 26,592.19 EUR 0.19 INCITEC PIVOT NPV 15,149 43,647.02 AUD 0.32 INTERNATIONAL PAPER CO COM 3,891 146,690.70 USD 1.07 INTRNTNL FLAVRS + FRAGRNCS INC COM 790 94,515.60 USD 0.69 JAMES HARDIE INDS PLC EUR0.5 4,669 59,346.10 AUD 0.43 JFE HOLDING INC NPV 4,800 76,611.67 JPY 0.56 JOHNSON MATTHEY COMMON STOCK 2,030 79,495.11 GBP 0.58 JSR CORP JPY50 1,700 26,836.53 JPY 0.20 K S AKTIENGESELLSCHAFT NAMENS 1,730 44,389.04 EUR 0.32 KANEKA CORP JPY50 2,000 21,031.63 JPY 0.15 KANSAI PAINT CO JPY50 2,000 30,674.59 JPY 0.22 KINROSS GOLD CORP COM 10,388 18,770.71 CAD 0.14 KOBE STEEL JPY50 32,000 35,379.69 JPY 0.26 KONINKLIJKE DSM NV EUR1.5 1,810 90,995.87 EUR 0.66 KURARAY CO JPY50 3,500 42,828.05 JPY 0.31 LAFARGEHOLCIM LTD 4,137 207,880.60 CHF 1.51 LANXESS AG NPV 938 43,488.76 EUR 0.32 LINDE AG NPV 1,814 263,856.40 EUR 1.92 LYONDELLBASELL INDU CL A COMMON STOCK 3,800 330,220.00 USD 2.40 MARTIN MARIETTA MATLS INC COM 550 75,119.00 USD 0.55 MARUICHI STL TUBE JPY50 400 11,937.32 JPY 0.09 METHANEX CORP COM 900 29,609.67 CAD 0.22 MITSUBISHI CHEM HL NPV 13,400 86,251.47 JPY 0.63 MITSUBISHI GAS CHM JPY50 4,000 20,682.49 JPY 0.15 MITSUBISHI MATERL JPY50 12,000 38,305.83 JPY 0.28 MITSUI CHEMICALS I JPY50 7,000 31,539.14 JPY 0.23 MONDI PLC 3,631 71,389.59 GBP 0.52 MONSANTO CO NEW COM 4,460 439,399.20 USD 3.20 MOSAIC CO/THE WI COMMON STOCK 3,200 88,288.00 USD 0.64 NEWCREST MINING NPV 7,223 68,160.54 AUD 0.50 NEWMONT MNG CORP COM 5,300 95,347.00 USD 0.69 NIPPON PAINT HOLDINGS CO LTD 1,600 39,343.28 JPY 0.29 NIPPON STEEL SUMITOMO METAL CORP JPY50 7,400 148,621.32 JPY 1.08 NITTO DENKO CORP JPY50 1,600 118,535.28 JPY 0.86 NORSK HYDRO ASA NOK3.6666 13,815 51,708.45 NOK 0.38 NOVOZYMES AS B SHS SER B DKK10 2,347 112,946.47 DKK 0.82 NUCOR CORP COM 3,040 122,512.00 USD 0.89 OCI NV COMMON STOCK EUR1. 890 22,043.20 EUR 0.16 OJI HOLDING CORP. 7,000 28,455.05 JPY 0.21 ORICA LTD NPV 3,821 43,090.76 AUD 0.31 PACKAGING CORP AMER COM 1,000 63,050.00 USD 0.46 POTASH CORP SASK INC COM 8,100 138,200.08 CAD 1.01 PPG INDS INC COM 2,560 252,979.20 USD 1.84 PRAXAIR INC COM 2,750 281,600.00 USD 2.05 RANDGOLD RESOURCES 875 53,428.85 GBP 0.39 REXAM COMMON STOCK 6,525 58,133.93 GBP 0.42 RIO TINTO LIMITED NPV 4,103 133,469.37 AUD 0.97 RIO TINTO ORD GBP0.10(REGD) 12,288 358,500.31 GBP 2.61 SEALED AIR CORP NEW COM 1,900 84,740.00 USD 0.62 SHERWIN WILLIAMS CO COM 760 197,296.00 USD 1.44 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets SHIN ETSU CHEM CO JPY50 4,000 220,025.78 JPY 1.60 SIKA LTD CHF28.20(BR) 21 75,943.10 CHF 0.55 SILVER WHEATON CORP COM 4,100 50,767.67 CAD 0.37 SOLVAY NPV 723 77,306.42 EUR 0.56 SOUTH32 LTD COMMON STOCK NPV 7,382 5,711.97 GBP 0.04 SOUTH32 LTD COMMON STOCK NPV 40,300 31,226.99 AUD 0.23 STORA ENSO OYJ NPV SER R 5,649 51,485.31 EUR 0.37 SUMITOMO CHEMICAL JPY50 14,000 81,582.78 JPY 0.59 SUMITOMO METAL MNG JPY50 5,000 61,494.66 JPY 0.45 SYMRISE AG 1,218 81,146.54 EUR 0.59 SYNGENTA AG CHF2.30(REGD) 910 356,631.87 CHF 2.59 TAIHEIYO CEMENT JPY50 10,000 29,427.66 JPY 0.21 TAIYO NIPPON SANSO 1,100 10,076.89 JPY 0.07 TECK COMINCO LTD CL B SUB VTG 6,110 23,488.61 CAD 0.17 TEIJIN LTD 8,000 27,598.82 JPY 0.20 THYSSENKRUPP AG NPV 3,626 72,239.86 EUR 0.53 TORAY INDS INC MPV 14,000 131,510.05 JPY 0.96 TOYO SEIKAN GROUP HOLDINGS LTD 1,700 31,966.42 JPY 0.23 TURQUOISE HILL RES LTD COMMON STOCK 9,650 24,384.25 CAD 0.18 UMICORE NPV 1,029 43,219.85 EUR 0.31 UPM KYMMENE OY NPV 5,344 100,023.38 EUR 0.73 VOESTALPINE AG NPV 1,234 37,996.31 EUR 0.28 VULCAN MATLS CO COM 1,220 115,863.40 USD 0.84 WEST FRASER TIMBER 700 26,471.61 CAD 0.19 WESTLAKE CHEM CORP COM 500 27,160.00 USD 0.20 WESTROCK CO WHEN ISSUED COMMON STOCK 2,567 117,106.54 USD 0.85 YAMANA GOLD INC COM 9,598 17,757.79 CAD 0.13 YARA INTERNATIONAL NOK1.70 1,766 76,395.06 NOK 0.56 TOTAL Shares & similar securities traded on a regulated or related market 13,616,823.83 99.05 TOTAL Shares & similar securities traded on a regulated or related market 13,616,823.83 99.05 TOTAL Shares and similar securities 13,616,823.83 99.05 FORTESCUE METALS 16,114 21,924.03 AUD 0.16 ARCELORMITTAL 8,840 37,422.47 EUR 0.27 TOTAL Securities lending transactions 59,346.50 0.43 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 4.09 0.00 TOTAL Contractual sale transactions 59,350.59 0.43 TOTAL Contractual transactions 59,350.59 0.43 SSgA Materials Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018624 I shares: FR0010588137 I EUR Shares: FR0011129592 I NL EUR shares: FR0011675370 B shares: FR0011342583 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 922,607.58 9,771,801.6 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 13,500,944.55 135,032,516.16 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$670.712 with collateral worth US$ 726.006. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 December 2015, is US$16,167. A payment of US$4,854.85 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 2014-01 rescinding Regulation CRC 2003-02 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 32.341.132.21. The income statement shows retained net income of USD 234,033.60. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 4.81 4.76 0.05 3.48 4.76-1.28 1 Month -2.30-2.29-0.01-2.41-2.29-0.12 3 Months 8.72 8.85-0.13 8.37 8.85-0.48 6 Months 3.22 3.26-0.04 2.55 3.26-0.71 1 Year 4.81 4.76 0.05 4.81 4.76 0.05 3.48 4.76-1.28 3.48 4.76-1.28 2 Years 21.73 21.59 0.14 10.34 10.27 0.07 18.68 21.59-2.91 8.94 10.27-1.33 3 Years 56.39 56.51-0.12 16.09 16.12-0.03 50.55 56.51-5.96 14.62 16.12-1.49 5 Years 72.52 72.91-0.40 11.53 11.58-0.05 61.92 72.91-11.00 10.12 11.58-1.46 10 Years 106.70 105.52 1.18 7.53 7.47 0.06 82.32 105.52-23.19 6.19 7.47-1.28 Since Incp (11 6.66 2.14 4.52 0.40 0.13 0.27-12.54 2.14-14.69-0.83 0.13-0.96 Std Dev (3 Ye 3.31 3.33-0.02 11.47 11.55-0.07 3.31 3.33-0.02 11.46 11.55-0.08 Std Dev (5 Ye 3.84 3.87-0.03 13.32 13.42-0.11 3.84 3.87-0.03 13.30 13.42-0.12 Std Dev (Incp 7.27 7.24 0.02 25.17 25.10 0.08 7.26 7.24 0.02 25.15 25.10 0.05 Tracking Error (1 Year) 0.12 0.13 Tracking Error (3 Year) 0.12 0.12 Tracking Error (5 Year) 0.18 0.19 Tracking Error (Incp) 1.33 1.33 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 1999 25.154700 23.872898 1.281802 25.027600 23.872898 1.154702 Year 2000-39.900695-41.718285 1.817590-40.615859-41.718285 1.102426 Year 2001-30.961412-29.561323-1.400089-31.790643-29.561323-2.229320 Year 2002-38.286818-38.639241 0.352423-39.023933-38.639241-0.384692 Year 2003 49.413071 48.284278 1.128793 47.634547 48.284278-0.649731 Year 2004 2.735939 2.483598 0.252341 1.511392 2.483598-0.972206 Year 2005 4.899700 4.811089 0.088611 3.652927 4.811089-1.158162 Year 2006 8.902729 9.307063-0.404334 7.604028 9.307063-1.703035 Year 2007 14.837503 15.086095-0.248592 13.456781 15.086095-1.629314 Year 2008-43.622547-43.877773 0.255226-44.352046-43.877773-0.474273 Year 2009 53.204401 52.358990 0.845411 51.339160 52.358990-1.019830 Year 2010 10.918684 10.494688 0.423996 9.519374 10.494688-0.975314 Year 2011-2.394591-2.488603 0.094012-3.623065-2.488603-1.134462 Year 2012 13.020747 13.301320-0.280573 11.595482 13.301320-1.705838 Year 2013 28.469453 28.721235-0.251782 26.854341 28.721235-1.866894 Year 2014 16.146993 16.061116 0.085877 14.686448 16.061116-1.374668 Year 2015 4.807874 4.761362 0.046512 3.478639 4.761362-1.282723 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

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 4.82 4.76 0.06 4.42 4.76-0.35 1 Mois -2.30-2.29-0.01-2.34-2.29-0.05 3 Mois 8.71 8.85-0.13 8.61 8.85-0.24 6 Mois 3.23 3.26-0.03 3.02 3.26-0.24 1 An 4.82 4.76 0.06 4.82 4.76 0.06 4.42 4.76-0.35 4.42 4.76-0.35 2 Ans 21.76 21.59 0.18 10.35 10.27 0.08 20.85 21.59-0.74 9.94 10.27-0.34 3 Ans 56.44 56.51-0.07 16.10 16.12-0.02 54.68 56.51-1.83 15.66 16.12-0.46 5 Ans 72.59 72.91-0.32 11.54 11.58-0.04 69.38 72.91-3.54 11.12 11.58-0.46 10 Ans Depuis le lancement (30/04/2001) 222.67 220.79 1.88 18.69 18.59 0.10 214.54 220.79-6.25 18.25 18.59-0.34 Ecart-type (3 Ans) 3.31 3.33-0.02 11.47 11.55-0.08 3.31 3.33-0.02 11.47 11.55-0.08 Ecart-type (5 Ans) 3.84 3.87-0.03 13.31 13.42-0.11 3.84 3.87-0.03 13.31 13.42-0.11 Ecart-type (Depuis le lancement) 4.60 4.63-0.03 15.94 16.02-0.09 4.60 4.63-0.03 15.93 16.02-0.09 Ecart de suivi (1 An) 0.13 0.13 Ecart de suivi (3 Ans) 0.12 0.12 Ecart de suivi (5 Ans) 0.18 0.18 Ecart de suivi (Depuis le lancement) 0.21 0.21 [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 2009 68.692440 67.901862 0.790578 68.178993 67.901862 0.277131 Year 2010 10.826352 10.494688 0.331664 10.421286 10.494688-0.073402 Year 2011-2.396498-2.488603 0.092105-2.761044-2.488603-0.272441 Year 2012 13.037008 13.301320-0.264312 12.614008 13.301320-0.687312 Year 2013 28.474397 28.721235-0.246838 27.995110 28.721235-0.726125 Year 2014 16.168920 16.061116 0.107804 15.735435 16.061116-0.325681 Year 2015 4.817143 4.761362 0.055781 4.415102 4.761362-0.346260 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

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 113352EUR-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 16.91 16.70 0.21 16.56 16.70-0.14 1 Month -5.01-5.00-0.01-5.03-5.00-0.03 3 Months 11.71 11.85-0.13 11.63 11.85-0.22 6 Months 5.89 5.91-0.03 5.73 5.91-0.19 1 Year 16.91 16.70 0.21 16.91 16.70 0.21 16.56 16.70-0.14 16.56 16.70-0.14 2 Years 3 Years 5 Years 10 Years Since Incp (06/18/2014) 42.33 42.07 0.26 25.84 25.69 0.15 41.68 42.07-0.39 25.46 25.69-0.23 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) 4.61 4.63-0.02 15.96 16.02-0.06 4.61 4.63-0.02 15.96 16.02-0.07 Tracking Error (1 Year) 0.19 0.19 Tracking Error (3 Year) N/A N/A Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.16 0.16 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2014 21.748502 21.746214 0.002288 21.553162 21.746214-0.193052 Year 2015 16.907872 16.695651 0.212221 16.558523 16.695651-0.137128 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

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 113352EUR-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 16.76 16.70 0.06 16.29 16.70-0.40 1 Month -5.01-5.00-0.01-5.05-5.00-0.04 3 Months 11.71 11.85-0.14 11.60 11.85-0.25 6 Months 5.87 5.91-0.04 5.66 5.91-0.25 1 Year 16.76 16.70 0.06 16.76 16.70 0.06 16.29 16.70-0.40 16.29 16.70-0.40 2 Years 54.48 54.23 0.25 24.31 24.21 0.10 53.26 54.23-0.97 23.82 24.21-0.39 3 Years 89.91 89.95-0.04 23.85 23.86-0.01 87.65 89.95-2.30 23.36 23.86-0.50 5 Years 10 Years Since Incp (02/21/2012) 90.64 90.81-0.17 18.21 18.23-0.03 87.73 90.81-3.08 17.73 18.23-0.50 Std Dev (3 Year) 3.72 3.74-0.02 12.89 12.96-0.07 3.72 3.74-0.02 12.88 12.96-0.07 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) 3.63 3.64-0.02 12.56 12.62-0.06 3.62 3.64-0.02 12.56 12.62-0.07 Tracking Error (1 Year) 0.13 0.13 Tracking Error (3 Year) 0.12 0.12 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 0.16 0.16 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2012 0.383070 0.453035-0.069965 0.040306 0.453035-0.412729 Year 2013 22.930737 23.158371-0.227634 22.441579 23.158371-0.716792 Year 2014 32.313109 32.165128 0.147981 31.786772 32.165128-0.378356 Year 2015 16.756856 16.695651 0.061205 16.292135 16.695651-0.403516 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 32,181,667.70 156,963,631.23 Shares and similar securities 31,517,759.20 156,818,915.09 Traded on a regulated or related market 31,517,759.20 156,818,915.09 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 663,908.50 144,716.14 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 663,908.50 144,716.14 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 12,804.85 68,662.31 Forward foreign exchange transactions 0.00 0.00 Other 12,804.85 68,662.31 Financial accounts 193,793.35 469,861.57 Liquidities 193,793.35 469,861.57 Total assets 32,388,265.90 157,502,155.11 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 18,307,900.29 152,574,873.40 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 13,799,198.32 3,982,711.35 Income for the year (a, b) 234,033.60 810,020.62 Total equity 32,341,132.21 157,367,605.37 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 47,133.69 134,549.74 Forward foreign exchange transactions 0.00 0.00 Other 47,133.69 134,549.74 Financial accounts 0.00 0.00 Bank overdrafts 0.00 0.00 Loans 0.00 0.00 Total liabilities 32,388,265.90 157,502,155.11 (a) Including accruals (b) Less interim dividends paid during the year SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 59.59 39.53 Income from shares and similar securities 870,758.10 1,703,050.71 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 11,332.47 18,686.78 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 882,150.16 1,721,777.02 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 360.22 832.82 Other financial expenses 0.00 0.00 TOTAL (II) 360.22 832.82 Income from financial transactions (I - II) 881,789.94 1,720,944.20 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 268,315.30 479,339.56 Net income for the year (L. 214-17-1) (I - II + III - IV) 613,474.64 1,241,604.64 Accrued revenue for the year (V) -379,441.04-431,584.02 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 234,033.60 810,020.62 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018624 P USD Accumulation per C1 unit FR0010588137 I USD Accumulation per C2 unit FR0011129592 I EURO Accumulation per C3 unit FR0011675370 I NL EURO Accumulation per unit C4 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 157,367,605.37 34,528,676.55 Subscriptions (including entry fees) 29,018,423.07 300,036,340.06 Redemptions (including exit fees) -160,158,465.77-197,087,944.88 Capital gains made on deposits and financial instruments 32,308,241.13 5,944,027.63 Capital losses made on deposits and financial instruments -6,242,971.80-1,602,651.17 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -67,247.98-71,342.36 Foreign exchange variances -815,958.83-2,822,048.14 Changes in deposit and financial instrument estimate variance -19,681,967.62 17,200,943.04 Current year estimate variance N: 4,212,219.08 23,894,186.70 Previous year estimate variance N-1: 23,894,186.70 6,693,243.66 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 613,474.64 1,241,604.64 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 32,341,132.21 157,367,605.37 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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 193,793.35 0.60 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 193,793.35 0.60 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

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 2,079,608.22 6.43 1,718,016.66 5.31 211,760.75 0.65 447,039.16 1.38 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 24,291.95 0.08 59,072.21 0.18 37,518.71 0.12 Receivables 5,358.21 0.02 Financial accounts 390.62 0.00 5,243.01 0.02 6,769.23 0.02 3,324.12 0.01 Liabilities Disposals of financial instruments Temporary securities transactions Payables 7,943.46 0.02 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 12,715.83 Other receivables 89.02 Total receivables 12,804.85 Payables Management fees -39,190.23 Other payables -7,943.46 Total payables -47,133.69 Total payables and receivables -34,328.84 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 34,244.6052 3,226,273.66 Shares or units redeemed during the year -34,565.4481-3,252,813.90 C2 In units Value Shares or units issued during the year 118,672.3037 12,013,951.80 Shares or units redeemed during the year -307,478-30,625,376.16 C3 In units I UNIT in EUR Value Shares or units issued during the year 51,769 5,157,534.58 Shares or units redeemed during the year -36,555-3,734,782.37 C4 In units NL units IN EUR Value Shares or units issued during the year 87,265 8,620,663.03 Shares or units redeemed during the year -1,216,476-122,545,493.34 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 4,921.29 Amount of subscription fees received 3,211.21 Amount of redemption fees received 1,710.08 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 4,921.29 Amount of entry fees 3,211.21 Amount of exit fees 1,710.08 C2 Value Amount of subscription and/or redemption fees received 27,199.57 Amount of subscription fees received 11,825.67 Amount of redemption fees received 15,373.90 Amount of subscription and/or redemption fees transferred to third parties 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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 27,199.57 Amount of entry fees 11,825.67 Amount of exit fees 15,373.90 C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 6,995.88 Amount of subscription fees received 5,090.70 Amount of redemption fees received 1,905.18 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 6,995.88 Amount of entry fees 5,090.70 Amount of exit fees 1,905.18 C4 NL units IN EUR Value Amount of subscription and/or redemption fees received 71,797.47 Amount of subscription fees received 8,520.52 Amount of redemption fees received 63,276.95 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 71,797.47 Amount of entry fees 8,520.52 Amount of exit fees 63,276.95 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 43,611.07 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 75,482.11 Percentage of variable management costs 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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 29,784.27 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 119,437.85 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

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 726,006.16 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 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 0 0 0 0 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

Appropriation of distributable amounts related to income (6) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 234,033.60 810,020.62 Total 234,033.60 810,020.62 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit -2,893.14-457.16 Total -2,893.14-457.16 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 122,037.68 268,261.54 Total 122,037.68 268,261.54 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 63,098.93 49,601.13 Total 63,098.93 49,601.13 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

C4 NL units IN EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 51,790.13 492,615.11 Total 51,790.13 492,615.11 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 13,799,198.32 3,982,711.35 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 13,799,198.32 3,982,711.35 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 1,452,602.60 128,286.89 Total 1,452,602.60 128,286.89 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 6,515,467.31 1,272,994.94 Total 6,515,467.31 1,272,994.94 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 3,368,796.36 235,352.88 Total 3,368,796.36 235,352.88 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C4 NL units IN EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 2,462,332.05 2,346,076.64 Total 2,462,332.05 2,346,076.64 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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 1,468,347.04 25,915.0214 56.66-0.04 C2 11,059,637.26 190,294.5840 58.11 0.48 31/12/2012 C1 2,340,937.51 37,020.3133 63.23-0.03 C2 7,202,252.55 110,043.0078 65.44 0.54 C3 10,871,546.47 166,112.0000 65.44 0.49 31/12/2013 C1 2,612,937.98 32,576.1416 80.21 2.82 C2 13,549,229.58 161,747.0000 83.76 3.58 C3 18,366,508.99 219,265.0000 83.76 3.58 31/12/2014 C1 3,302,524.92 35,897.4553 91.99 3.56 C2 32,936,248.76 339,729.6847 96.94 4.52 C3 6,090,833.04 62,840.0000 96.92 4.52 C4 115,037,998.65 1,186,161.0000 96.98 2.38 31/12/2015 C1 3,386,605.24 35,576.6124 95.19 40.75 C2 15,276,910.23 150,923.9884 101.22 43.97 C3 7,898,792.34 78,054.0000 101.19 43.95 C4 5,778,824.40 56,950.0000 101.47 44.13 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

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 4,455 465,547.50 USD 1.44 ACTIVISION BLIZZARD INC COM 3,576 138,426.96 USD 0.43 ADOBE SYS INC COM 3,521 330,762.74 USD 1.02 AKAMAI TECHNOLOGIES INC COM 1,110 58,419.30 USD 0.18 ALLIANCE DATA SYSTEMS CORP COM 429 118,648.53 USD 0.37 ALPHABET INC/CA CL A COMMON STOCK 2,025 1,575,470.25 USD 4.87 ALPHABET INC/CA CL C COMMON STOCK 2,162 1,640,698.56 USD 5.07 ALPS ELECTRIC CO JPY50 1,400 38,580.16 JPY 0.12 AMADEUS IT HOLDING SA A SHS COMMON STOCK 3,186 140,808.82 EUR 0.44 AMPHENOL CORP NEW CL A 2,260 118,039.80 USD 0.36 ANALOG DEVICES INC COM 2,286 126,461.52 USD 0.39 ANSYS INC COM 84 7,770.00 USD 0.02 APPLE INC COM NPV 39,881 4,197,874.06 USD 13.02 APPLIED MATERIALS INC COM 8,305 155,054.35 USD 0.48 ARM HOLDINGS 9,439 144,542.10 GBP 0.45 ARROW ELECTRS INC COM 654 35,433.72 USD 0.11 ASM PACIFIC TECH HKD0.10 243 1,909.48 HKD 0.01 ASML HOLDING NV ORDSHS COMMON STOCK 2,470 221,494.94 EUR 0.68 ATOS SE 670 56,369.74 EUR 0.17 AUTO TRADER GROUP PLC COMMON STOCK GBP1.5 6,698 43,830.96 GBP 0.14 AUTODESK INCORPORATED COM STK NPV 1,526 92,979.18 USD 0.29 AUTOMATIC DATA PROCESSING INC COM 3,287 278,474.64 USD 0.86 AVAGO TECHNOLOGIES LTD COMMON STOCK 1,853 268,962.95 USD 0.83 AVNET INC COM 924 39,584.16 USD 0.12 BLACKBERRY LTD COMMON STOCK 3,386 31,298.74 CAD 0.10 BROADCOM CORP CL A 3,924 226,885.68 USD 0.70 BROTHER INDUSTRIES JPY50 1,591 18,542.60 JPY 0.06 CA INC COM 2,490 71,114.40 USD 0.22 CANON INC NPV 7,620 232,790.24 JPY 0.72 CAP GEMINI EUR8 1,253 116,513.06 EUR 0.36 CDK GLOBAL INC W/I COMMON STOCK 800 37,976.00 USD 0.12 CDW CORP/DE COMMON STOCK USD.01 1,200 50,448.00 USD 0.16 CGI GROUPE INC CL A SUB VTG 1,388 55,357.21 CAD 0.17 CHECK POINT SOFTWARE COM 587 47,770.06 USD 0.15 CISCO SYS INC COM 35,475 963,323.63 USD 2.98 CITIZEN HOLDINGS CO LTD NPV 83 603.03 JPY 0.00 CITRIX SYS INC COM 1,039 78,600.35 USD 0.24 COGNIZANT TECHNOLOGY SOLUTIONS CL A 4,298 257,965.96 USD 0.80 COMPUTERSHARE REG NPV(POST REC) 32 270.54 AUD 0.00 CONSTELLATION SOFTWARE INC COMMON STOCK 116 48,174.63 CAD 0.15 CORNING INC COM 8,498 155,343.44 USD 0.48 DASSAULT SYSTEMES EUR1 956 76,610.35 EUR 0.24 EBAY INC COM 7,774 213,629.52 USD 0.66 ELECTRONIC ARTS INC COM 2,086 143,349.92 USD 0.44 EMC CORP COM 13,638 350,223.84 USD 1.08 ERICSSON(LM)TEL SEK1 SER B 21,631 211,163.31 SEK 0.65 F5 NETWORKS INC 69 6,690.24 USD 0.02 FACEBOOK INC A COMMON STOCK 14,993 1,569,167.38 USD 4.85 FIDELITY NATL INFORMATION SVC COM 1,869 113,261.40 USD 0.35 FIREEYE INC COMMON STOCK USD.0001 1,015 21,051.10 USD 0.07 FISERV INC COM 244 22,316.24 USD 0.07 FLEETCOR TECHNOLOGIES INC COMMON STOCK USD.001 505 72,179.65 USD 0.22 FLEXTRONICS INTERNATIONAL LTD SHS 3,905 43,775.05 USD 0.14 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets FLIR SYS INC COM 950 26,666.50 USD 0.08 FORTINET INC COMMON STOCK USD.001 1,200 37,404.00 USD 0.12 FUJI FILM HLD CORP NPV 3,082 130,151.39 JPY 0.40 FUJITSU JPY50 13,526 68,239.99 JPY 0.21 GARTNER INC COM 600 54,420.00 USD 0.17 GEMALTO COMMON STOCK EUR1. 718 43,108.58 EUR 0.13 GLOBAL PAYMENTS 1,000 64,510.00 USD 0.20 GUNGHO ONLINE ENTERTAINMENT COMMON STOCK 2,720 7,439.05 JPY 0.02 HAMAMATSU PHOTONICS KK COMMON STOCK 960 26,614.57 JPY 0.08 HARRIS CORP DEL COM 928 80,643.20 USD 0.25 HEWLETT PACKARD CO W/I COMMON STOCK USD.01 13,171 155,944.64 USD 0.48 HEWLETT PACKARD ENTERPRIS WI COMMON STOCK USD.01 13,171 200,199.20 USD 0.62 HEXAGON AB SER B NPV (POST SPLIT) 16 597.44 SEK 0.00 HIROSE ELECTRIC JPY50 202 24,785.07 JPY 0.08 HITACHI HIGH TECH JPY50 418 11,432.06 JPY 0.04 HITACHI JPY50 34,164 196,387.28 JPY 0.61 INFINEON TECHNOLOGIES AG ORD NPV 7,669 112,507.93 EUR 0.35 INGENICO GROUP 442 55,936.85 EUR 0.17 INTEL CORP COM 33,185 1,143,223.25 USD 3.53 INTERNATIONAL BUSINESS MACHS COM 6,489 893,016.18 USD 2.76 INTUIT COM 1,836 177,174.00 USD 0.55 ITOCHU TECHNO SOLUTIONS CORP NPV 324 6,523.36 JPY 0.02 JUNIPER NETWORKS INC COM 2,626 72,477.60 USD 0.22 KAKAKU.COM INC COMMON STOCK 381 7,582.31 JPY 0.02 KEYENCE CORP JPY50 308 171,749.79 JPY 0.53 KLA TENCOR CORP COM 1,056 73,233.60 USD 0.23 KONAMI HOLDINGS CORPORATION 678 16,277.19 JPY 0.05 KONICA MINOLTA INC 3,106 31,551.87 JPY 0.10 KYOCERA CORP JPY50 2,465 115,857.77 JPY 0.36 LAM RESH CORP COM 1,022 81,167.24 USD 0.25 LINEAR TECHNOLOGY CORP COM 1,503 63,832.41 USD 0.20 LINKEDIN CORP A COMMON STOCK 825 185,691.00 USD 0.57 MARVELL TECHNOLOGY GROUP LTD SHS 3,792 33,445.44 USD 0.10 MASTERCARD -A- 6,952 676,846.72 USD 2.09 MAXIM INTEGRATED PRODS INC COM 1,822 69,236.00 USD 0.21 MICROCHIP TECHNOLOGY INC COM 257 11,960.78 USD 0.04 MICRON TECHNOLOGY INC COM 8,247 116,777.52 USD 0.36 MICROSOFT CORP COM 53,117 2,946,931.16 USD 9.11 MIXI INC COMMON STOCK 253 9,569.39 JPY 0.03 MOBILEYE NV COMMON STOCK 716 30,272.48 USD 0.09 MOTOROLA INC-NEW W/I 1,095 74,952.75 USD 0.23 MURATA MFG CO JPY50 1,377 201,121.34 JPY 0.62 NEC CORP JPY50 16,788 53,729.42 JPY 0.17 NETAPP INC COM 1,946 51,627.38 USD 0.16 NETSUITE INC COMMON STOCK USD.01 233 19,716.46 USD 0.06 NEXON CO LTD COMMON STOCK 871 14,329.02 JPY 0.04 NICE SYSTEMS ILS1 383 22,097.75 ILS 0.07 NINTENDO CO JPY50 817 113,793.89 JPY 0.35 NIPPON ELEC GLASS JPY50 2,685 13,682.24 JPY 0.04 NOKIA OYJ COMMON STOCK EUR.06 9,949 71,222.08 EUR 0.22 NOKIA OYJ EUR0.06 26,528 190,050.53 EUR 0.59 NOMURA RESEARCH INC NPV 800 31,056.99 JPY 0.10 NTT DATA CORP JPY5000 851 41,596.74 JPY 0.13 NUANCE COMMUNICATIONS INC COM 1,733 34,469.37 USD 0.11 NVIDIA CORP COM 3,753 123,698.88 USD 0.38 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets NXP SEMICONDUCTORS NV COMMON STOCK 961 80,964.25 USD 0.25 OBIC JPY50 600 32,121.04 JPY 0.10 OMRON CORP JPY50 1,379 46,599.07 JPY 0.14 OPEN TEXT CORP COM 823 39,305.22 CAD 0.12 ORACLE 24,189 883,624.17 USD 2.73 ORACLE CORP JAPAN JPY50 257 12,070.74 JPY 0.04 OTSUKA CORPORATION JPY50 320 15,854.36 JPY 0.05 PALO ALTO NETWORKS INC COMMON STOCK USD.0001 525 92,473.50 USD 0.29 PAYCHEX INC COM 2,270 120,060.30 USD 0.37 PAYPAL HOLDINGS INC W/I COMMON STOCK USD.0001 7,542 273,020.40 USD 0.84 QORVO INC COMMON STOCK 1,236 62,912.40 USD 0.19 QUALCOMM INC COM 11,203 559,981.96 USD 1.73 RED HAT INC COM 1,243 102,932.83 USD 0.32 RICOH CO JPY50 4,257 44,270.40 JPY 0.14 ROHM CO JPY50 650 33,392.91 JPY 0.10 SABRE CORP COMMON STOCK USD.01 1,100 30,767.00 USD 0.10 SAGE GROUP COMMON STOCK 6,774 60,252.53 GBP 0.19 SALESFORCE COM INC COM 4,415 346,136.00 USD 1.07 SANDISK CORP COM 1,415 107,525.85 USD 0.33 SAP SE 7,008 558,626.56 EUR 1.73 SEAGATE TECHNOLOGY PLC 1,923 70,497.18 USD 0.22 SEIKO EPSON CORP NPV 1,752 27,235.05 JPY 0.08 SERVICENOW INC COMMON STOCK USD.001 235 20,341.60 USD 0.06 SHIMADZU CORP JPY50 1,598 27,165.80 JPY 0.08 SKYWORKS SOLUTIONS 1,400 107,562.00 USD 0.33 SPLUNK INC COMMON STOCK USD.001 120 7,057.20 USD 0.02 STMICROELECTRONICS 4,299 28,865.29 EUR 0.09 SYMANTEC 4,450 93,450.00 USD 0.29 SYNOPSYS INC COM 1,051 47,936.11 USD 0.15 TABLEAU SOFTWARE INC CL A COMMON STOCK USD.0001 400 37,688.00 USD 0.12 TDK CORP NPV50 1,030 66,957.07 JPY 0.21 TE CONNECTIVITY LTD COMMON STOCK CHF1.55 2,862 184,913.82 USD 0.57 TERADATA 1,032 27,265.44 USD 0.08 TEXAS INSTRS INC COM 7,334 401,976.54 USD 1.24 TOKYO ELECTRON JPY50 1,357 82,596.57 JPY 0.26 TOTAL SYS SVCS INC COM 1,128 56,174.40 USD 0.17 TREND MICRO INC JPY50 710 29,097.64 JPY 0.09 TRIMBLE NAVIGATION LTD COM 1,747 37,473.15 USD 0.12 TWITTER INC COMMON STOCK USD.000005 3,835 88,741.90 USD 0.27 UTD INTERNET AG NPV(REGD) 830 45,901.93 EUR 0.14 VANTIV INC CL A COMMON STOCK USD.00001 148 7,018.16 USD 0.02 VERISIGN INC COM 776 67,791.36 USD 0.21 VISA INC COM CL A 13,615 1,055,843.25 USD 3.26 VMWARE INC CL A COM 86 4,865.02 USD 0.02 WESTERN DIGITAL CORP COM 1,559 93,617.95 USD 0.29 WESTERN UN CO COM 476 8,525.16 USD 0.03 WORKDAY INC CLASS A COMMON STOCK USD.001 134 10,677.12 USD 0.03 XEROX CORP COM 6,691 71,125.33 USD 0.22 XILINX INC 1,730 81,258.10 USD 0.25 YAHOO INC COM 6,328 210,469.28 USD 0.65 YAHOO JAPAN CORP JPY50000 9,603 39,435.41 JPY 0.12 YASKAWA ELEC CORP JPY50 1,532 21,178.90 JPY 0.07 YOKOGAWA ELECTRIC JPY50 1,449 17,646.50 JPY 0.05 ZILLOW GROUP INC C W/I COMMON STOCK 658 15,449.84 USD 0.05 TOTAL Shares & similar securities traded on a regulated or related market 31,517,759.20 97.46 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets TOTAL Shares & similar securities traded on a regulated or related market 31,517,759.20 97.46 TOTAL Shares and similar securities 31,517,759.20 97.46 ANSYS INC COM 476 44,030.00 USD 0.14 F5 NETWORKS INC 387 37,523.52 USD 0.12 FISERV INC COM 1,379 126,123.34 USD 0.38 MICROCHIP TECHNOLOGY INC COM 1,152 53,614.08 USD 0.17 ASM PACIFIC TECH HKD0.10 1,378 10,828.25 HKD 0.03 COMPUTERSHARE REG NPV(POST REC) 3,157 26,690.46 AUD 0.08 CITIZEN HOLDINGS CO LTD NPV 1,700 12,351.30 JPY 0.04 KAKAKU.COM INC COMMON STOCK 600 11,940.65 JPY 0.04 SERVICENOW INC COMMON STOCK USD.001 765 66,218.40 USD 0.20 SPLUNK INC COMMON STOCK USD.001 680 39,990.80 USD 0.12 VANTIV INC CL A COMMON STOCK USD.00001 838 39,737.96 USD 0.12 VMWARE INC CL A COM 486 27,493.02 USD 0.09 WESTERN UN CO COM 2,692 48,213.72 USD 0.15 WORKDAY INC CLASS A COMMON STOCK USD.001 754 60,078.72 USD 0.19 HEXAGON AB SER B NPV (POST SPLIT) 1,582 59,072.21 SEK 0.18 TOTAL Securities lending transactions 663,906.43 2.05 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 2.07 0.00 TOTAL Contractual sale transactions 663,908.50 2.05 TOTAL Contractual transactions 663,908.50 2.05 SSgA Technology Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018616 I shares: FR0010588145 I EUR Shares: FR0011129600 I NL EUR shares: FR0011675388 B shares: FR0011342609 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 160,916.07 162,132.75 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 333,444.11 268,388.44 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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$20,339 with collateral worth US$ 21.493. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 87.95% 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 2015 31 December 2015, amounted to US$571.00. A payment of US$172.48 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 2014-01 rescinding Regulation CRC 2003-02 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 FR0000018616 SSgA Telecommunication Index Equity Fund P 6 5 FR0010588145 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 1.311.157.69. The income statement shows retained net income of USD 38,926.90. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2.34 2.53-0.19 1.94 2.53-0.59 1 Month -0.44-0.33-0.10-0.47-0.33-0.13 3 Months 6.10 6.32-0.23 5.99 6.32-0.33 6 Months -2.99-2.51-0.48-3.18-2.51-0.67 1 Year 2.34 2.53-0.19 2.34 2.53-0.19 1.94 2.53-0.59 1.94 2.53-0.59 2 Years -0.25 0.57-0.82-0.13 0.29-0.41-1.01 0.57-1.58-0.51 0.29-0.79 3 Years 29.99 31.99-2.00 9.14 9.70-0.56 28.52 31.99-3.46 8.73 9.70-0.97 5 Years 39.22 41.51-2.29 6.84 7.19-0.35 36.62 41.51-4.88 6.44 7.19-0.75 10 Years Since Incp (12/31/2008) 75.00 77.25-2.25 8.33 8.52-0.20 70.49 77.25-6.77 7.92 8.52-0.60 Std Dev (3 Year) 3.67 3.66 0.02 12.73 12.67 0.06 3.67 3.66 0.02 12.72 12.67 0.06 Std Dev (5 Year) 3.47 3.46 0.01 12.02 11.98 0.03 3.47 3.46 0.01 12.01 11.98 0.03 Std Dev (Incp) 4.00 4.00 0.00 13.85 13.86-0.02 4.00 4.00-0.01 13.85 13.86-0.02 Tracking Error (1 Year) 0.59 0.59 Tracking Error (3 Year) 0.43 0.43 Tracking Error (5 Year) 0.37 0.37 Tracking Error (Incp) 0.35 0.35 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 13.997227 13.674799 0.322428 13.579120 13.674799-0.095679 Year 2010 10.269906 10.191538 0.078368 9.866624 10.191538-0.324914 Year 2011 0.874139 0.780064 0.094075 0.497294 0.780064-0.282770 Year 2012 6.175360 6.384958-0.209598 5.777907 6.384958-0.607051 Year 2013 30.315472 31.235867-0.920395 29.829389 31.235867-1.406478 Year 2014-2.529182-1.909743-0.619439-2.893175-1.909743-0.983432 Year 2015 2.335159 2.529173-0.194014 1.942595 2.529173-0.586578 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

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 131602EUR-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 13.97 14.21-0.24 13.51 14.21-0.70 1 Month -3.20-3.10-0.10-3.24-3.10-0.14 3 Months 9.02 9.26-0.24 8.91 9.26-0.35 6 Months -0.51-0.01-0.50-0.71-0.01-0.70 1 Year 13.97 14.21-0.24 13.97 14.21-0.24 13.51 14.21-0.70 13.51 14.21-0.70 2 Years 22.50 27.57-5.07 10.69 12.96-2.27 21.53 27.57-6.05 10.25 12.96-2.71 3 Years 22.99 60.19-37.20 7.15 17.02-9.87 21.53 60.19-38.66 6.72 17.02-10.30 5 Years 10 Years Std Dev (3 Ye 2.91 3.40-0.49 10.07 11.76-1.69 2.91 3.40-0.49 10.07 11.76-1.70 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 14.73 3.34 11.38 51.01 11.58 39.44 14.72 3.34 11.38 50.99 11.58 39.41 Tracking Error (1 Year) 0.57 0.57 Tracking Error (3 Year) 6.82 6.82 Tracking Error (5 Year) N/A N/A Tracking Error (Incp) 51.87 51.85 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2013 0.399726 25.564327-25.164601 0.000000 25.564327-25.564327 Year 2014 7.487173 11.700732-4.213559 7.059315 11.700732-4.641417 Year 2015 13.966460 14.209174-0.242714 13.512811 14.209174-0.696363 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

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 2.32 2.53-0.21 1.03 2.53-1.50 1 Month -0.44-0.33-0.10-0.54-0.33-0.21 3 Months 6.10 6.32-0.23 5.75 6.32-0.57 6 Months -3.00-2.51-0.49-3.63-2.51-1.11 1 Year 2.32 2.53-0.21 2.32 2.53-0.21 1.03 2.53-1.50 1.03 2.53-1.50 2 Years -0.29 0.57-0.86-0.15 0.29-0.43-2.79 0.57-3.36-1.41 0.29-1.69 3 Years 29.90 31.99-2.09 9.12 9.70-0.58 25.04 31.99-6.94 7.74 9.70-1.96 5 Years 39.17 41.51-2.34 6.83 7.19-0.36 30.61 41.51-10.90 5.49 7.19-1.70 10 Years 98.77 90.31 8.46 7.11 6.65 0.47 75.32 90.31-14.98 5.78 6.65-0.87 Since Incp (11/30/1999) -2.27-14.28 12.01-0.14-0.95 0.81-19.87-14.28-5.59-1.37-0.95-0.41 Std Dev (3 Year) 3.67 3.66 0.01 12.72 12.67 0.05 3.67 3.66 0.01 12.71 12.67 0.04 Std Dev (5 Year) 3.47 3.46 0.01 12.01 11.98 0.02 3.46 3.46 0.00 12.00 11.98 0.01 Std Dev (Incp) 5.36 5.35 0.01 18.56 18.54 0.03 5.35 5.35 0.00 18.55 18.54 0.01 Tracking Error (1 Year) 0.58 0.58 Tracking Error (3 Year) 0.44 0.44 Tracking Error (5 Year) 0.37 0.37 Tracking Error (Incp) 1.75 1.75 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 1999 11.775600 9.219992 2.555608 11.661500 9.219992 2.441508 Year 2000-36.923230-41.122552 4.199322-37.673787-41.122552 3.448765 Year 2001-24.611216-25.540533 0.929317-25.515379-25.540533 0.025154 Year 2002-29.606819-28.980831-0.625988-30.447781-28.980831-1.466950 Year 2003 24.961269 25.211563-0.250294 23.472667 25.211563-1.738896 Year 2004 16.788723 17.379182-0.590459 15.397307 17.379182-1.981875 Year 2005-9.959054-9.876218-0.082836-11.030039-9.876218-1.153821 Year 2006 33.950154 31.878970 2.071184 32.353465 31.878970 0.474495 Year 2007 22.518242 21.471764 1.046478 21.045388 21.471764-0.426376 Year 2008-30.762244-32.978173 2.215929-31.640006-32.978173 1.338167 Year 2009 13.965564 13.674799 0.290765 12.543363 13.674799-1.131436 Year 2010 10.296543 10.191538 0.105005 8.906554 10.191538-1.284984 Year 2011 0.912843 0.780064 0.132779-0.357515 0.780064-1.137579 Year 2012 6.168116 6.384958-0.216842 4.828823 6.384958-1.556135 Year 2013 30.274192 31.235867-0.961675 28.636623 31.235867-2.599244 Year 2014-2.554170-1.909743-0.644427-3.780488-1.909743-1.870745 Year 2015 2.323314 2.529173-0.205859 1.025464 2.529173-1.503709 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 1,305,744.66 1,235,721.63 Shares and similar securities 1,285,509.52 903,037.42 Traded on a regulated or related market 1,285,509.52 903,037.42 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 20,235.14 332,684.21 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 20,235.14 332,684.21 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 2,614.33 14,700.74 Forward foreign exchange transactions 0.00 0.00 Other 2,614.33 14,700.74 Financial accounts 24,238.74 8,630.13 Liquidities 24,238.74 8,630.13 Total assets 1,332,597.73 1,259,052.50 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 1,260,321.09 1,026,517.03 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 11,909.70 187,563.65 Income for the year (a, b) 38,926.90 28,415.75 Total equity 1,311,157.69 1,242,496.43 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 21,440.04 6,720.81 Forward foreign exchange transactions 0.00 0.00 Other 21,440.04 6,720.81 Financial accounts 0.00 9,835.26 Bank overdrafts 0.00 9,835.26 Loans 0.00 0.00 Total liabilities 1,332,597.73 1,259,052.50 (a) Including accruals (b) Less interim dividends paid during the year SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 0.06 1.09 Income from shares and similar securities 42,787.96 84,407.61 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 418.67 1,911.22 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 43,206.69 86,319.92 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 288.13 927.53 Other financial expenses 0.00 0.00 TOTAL (II) 288.13 927.53 Income from financial transactions (I - II) 42,918.56 85,392.39 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 11,882.79 23,961.61 Net income for the year (L. 214-17-1) (I - II + III - IV) 31,035.77 61,430.78 Accrued revenue for the year (V) 7,891.13-33,015.03 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 38,926.90 28,415.75 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018616 FR0010588145 FR0011129600 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

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 1,242,496.43 8,308,709.38 Subscriptions (including entry fees) 462,023.59 4,519,337.98 Redemptions (including exit fees) -417,806.44-11,223,207.02 Capital gains made on deposits and financial instruments 68,345.33 989,874.87 Capital losses made on deposits and financial instruments -11,346.63-341,549.40 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00-0.01 Transaction fees -8,211.91-33,238.86 Foreign exchange variances -45,191.55-184,616.40 Changes in deposit and financial instrument estimate variance -10,186.90-854,244.89 Current year estimate variance N: 117,107.86 127,294.76 Previous year estimate variance N-1: 127,294.76 981,539.65 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 31,035.77 61,430.78 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 1,311,157.69 1,242,496.43 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

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 24,238.74 1.85 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 24,238.74 1.85 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

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 214,256.44 16.34 188,114.66 14.35 183,387.64 13.99 148,008.91 11.29 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions 17,172.72 1.31 691.14 0.05 Receivables 1,885.98 0.14 617.10 0.05 Financial accounts 97.88 0.01 1,597.10 0.12 124.60 0.01 8,222.35 0.63 Liabilities Disposals of financial instruments Temporary securities transactions Payables 2,437.33 0.19 6,597.59 0.50 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 2,585.03 Other receivables 29.30 Total receivables 2,614.33 Payables Deferred settlement purchases -16,242.41 Management fees -2,760.30 Other payables -2,437.33 Total payables -21,440.04 Total payables and receivables -18,825.71 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 1,087.042 97,208.42 Shares or units redeemed during the year -1,980.8123-177,282.35 C2 In units CAPI C2 PT I Value Shares or units issued during the year 139 13,072.95 Shares or units redeemed during the year -2,569-240,524.09 C3 In units I UNIT in EUR Value Shares or units issued during the year 3,775 351,742.22 Shares or units redeemed during the year 0 0 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 186.04 Amount of subscription fees received 97.58 Amount of redemption fees received 88.46 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 186.04 Amount of entry fees 97.58 Amount of exit fees 88.46 C2 CAPI C2 PT I Value Amount of subscription and/or redemption fees received 134.87 Amount of subscription fees received 12.51 Amount of redemption fees received 122.36 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 134.87 Amount of entry fees 12.51 Amount of exit fees 122.36 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

C3 I UNIT in EUR Value Amount of subscription and/or redemption fees received 335.23 Amount of subscription fees received 335.23 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 335.23 Amount of entry fees 335.23 Amount of exit fees 0.00 3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 10,781.16 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 965.31 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 136.32 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

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 21,493.20 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

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 0 0 0 0 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) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 38,926.90 28,415.75 Total 38,926.90 28,415.75 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 21,157.27 17,710.26 Total 21,157.27 17,710.26 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

31/12/2015 31/12/2014 C2 CAPI C2 PT I Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 4,970.87 10,596.61 Total 4,970.87 10,596.61 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C3 I UNIT in EUR 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 12,798.76 108.88 Total 12,798.76 108.88 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 11,909.70 187,563.65 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 11,909.70 187,563.65 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 7,337.50 132,918.75 Total 7,337.50 132,918.75 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 CAPI C2 PT I Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 1,273.11 54,504.96 Total 1,273.11 54,504.96 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net and net losses gains and net losses 31/12/2015 31/12/2014 C3 I UNIT in EUR Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 3,299.09 139.94 Total 3,299.09 139.94 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

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 24,981,188.02 373,427.0683 66.89 2.81 C2 34,620,310.24 503,810.3659 68.71 3.51 31/12/2012 C1 1,064,170.76 15,175.0022 70.12 2.31 C2 4,099,310.84 56,395.0000 72.68 3.03 31/12/2013 C1 1,322,827.25 14,664.8297 90.20 6.55 C2 3,235,068.74 34,284.0000 94.36 7.56 C3 3,750,813.39 39,249.0000 95.56 1.82 31/12/2014 C1 874,565.31 10,076.0904 86.79 14.94 C2 360,953.01 3,939.0000 91.63 16.52 C3 6,978.11 75.0000 93.04 3.31 31/12/2015 C1 805,158.36 9,182.3201 87.68 3.09 C2 140,967.36 1,509.0000 93.41 4.13 C3 365,031.97 3,850.0000 94.81 4.17 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets AT+T INC COM 7,379 253,911.39 USD 19.37 BCE INC COM NEW 173 6,658.10 CAD 0.51 BEZEQ ISRAEL TELECOM 2,324 5,118.58 ILS 0.39 BT GROUP ORD GBP0.05 10,109 70,279.21 GBP 5.36 CENTURYLYNK INC 667 16,781.72 USD 1.28 DEUTSCHE TELEKOM NPV(REGD) 3,798 68,859.06 EUR 5.25 ELISA CORPORATION SER A EUR0.5 171 6,462.50 EUR 0.49 FRONTIER COMMUNICATIONS CORP COM 1,399 6,533.33 USD 0.50 HKT TRUST AND HKT LTD UNIT 3,000 3,832.20 HKD 0.29 ILIAD NPV 31 7,408.57 EUR 0.57 INMARSAT ORD EUR0.000667 536 8,982.10 GBP 0.69 KDDI CORP 2,147 56,291.94 JPY 4.29 KONINKLIJKE KPN NV EUR0.24 3,799 14,410.98 EUR 1.10 LEVEL 3 COMMUNICATIONS INC COMMON STOCK 358 19,460.88 USD 1.48 MILLICOM INTL CELL SDR EACH REP 1 USD 1.50 67 3,866.34 SEK 0.29 NIPPON TEL+TEL CP JPY50000 964 38,753.93 JPY 2.96 NTT DOCOMO 1,665 34,380.98 JPY 2.62 ORANGE EUR4 2,343 39,412.44 EUR 3.01 PCCW LIMITED HKD0.25 4,155 2,439.35 HKD 0.19 PROXIMUS 183 5,963.79 EUR 0.45 ROGERS COMMUNICATIONS INC CL B 429 14,737.80 CAD 1.12 SBA COMMUNCATIONS CORP COM 151 15,865.57 USD 1.21 SINGAPORE TELECOMM NPV(POST RE ORGANIZATION) 9,371 24,242.14 SGD 1.85 SOFTBANK GROUP CORP 1,150 58,687.81 JPY 4.48 SP TELEMEDIA LTD NPV 355 2,554.47 AUD 0.19 SPARK NEW ZEALAND LTD 1,831 4,136.47 NZD 0.32 SPRINT CORP W/I COMMON STOCK USD.01 116 419.92 USD 0.03 STARHUB LTD NPV 88 229.51 SGD 0.02 SWISSCOM AG CHF1 (REGD) 31 15,577.23 CHF 1.19 T MOBILE US INC COMMON STOCK 339 13,261.68 USD 1.01 TDC A/S COMMON STOCK DKK1. 980 4,905.86 DKK 0.37 TELE2 AB COMMON STOCK 314 3,156.54 SEK 0.24 TELECOM ITALIA DI RISP EUR.55 7,197 7,435.02 EUR 0.57 TELECOM ITALIA EUR.55 136 173.59 EUR 0.01 TELEFONICA DEUTSCHLAND HOLDI COMMON STOCK 722 3,836.05 EUR 0.29 TELEFONICA SA EUR 1 5,423 60,294.44 EUR 4.60 TELENOR 890 14,911.47 NOK 1.14 TELIASONERA AB SEK3.2 3,080 15,413.54 SEK 1.18 TELSTRA CORP NPV 5,063 20,665.51 AUD 1.58 TELUS CORP 202 5,563.80 CAD 0.42 VERIZON COMMUNICATIONS COM USD 500 4,879 225,507.38 USD 17.20 VODAFONE GROUP PLC COMMON STOCK 31,968 104,126.33 GBP 7.94 TOTAL Shares & similar securities traded on a regulated or related market 1,285,509.52 98.05 TOTAL Shares & similar securities traded on a regulated or related market 1,285,509.52 98.05 TOTAL Shares and similar securities 1,285,509.52 98.05 TELECOM ITALIA EUR.55 13,454 17,172.72 EUR 1.31 SPRINT CORP W/I COMMON STOCK USD.01 655 2,371.10 USD 0.18 STARHUB LTD NPV 265 691.14 SGD 0.05 TOTAL Securities lending transactions 20,234.96 1.54 PAYABLES ON Receivables for securities loaned 0.00 0.00 INDEMNITIES ON Receivables for securities loaned 0.18 0.00 TOTAL Contractual sale transactions 20,235.14 1.54 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets TOTAL Contractual transactions 20,235.14 1.54 SSgA Telecommunication Index Equity Fund: ANNUAL REPORT 31/12/2015

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: FR0000018467 I shares: FR0010588129 I EUR Shares: FR0011129618 I NL EUR shares: FR0011675404 B shares: FR0011342641 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.533-22-1 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.214-22 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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. 422-1 of the French Monetary and Financial Code 18,004.93 225,897.03 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 0.00 0.00 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. 214-11 of the French Monetary and Financial Code; 169,695.34 598,402.79 0.00 0.00 e) Other assets: These are the assets mentioned in Part II of Article R. 214-11 of the French Monetary and Financial Code 0.00 0.00 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 2015 31 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 2014-01 rescinding Regulation CRC 2003-02 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 FR0000018467 SSgA Utilities Index Equity Fund P 6 5 FR0010588129 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. 2011-19 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.00000.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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 1.034.774.02. The income statement shows retained net income of USD 18,737.33. 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 2012. 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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.

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 -7.32-6.61-0.71-8.49-6.61-1.89 1 Month 1.28 1.51-0.24 1.17 1.51-0.35 3 Months 1.04 1.33-0.29 0.71 1.33-0.62 6 Months 0.78 1.39-0.61 0.13 1.39-1.26 1 Year -7.32-6.61-0.71-7.32-6.61-0.71-8.49-6.61-1.89-8.49-6.61-1.89 2 Years 5.69 7.65-1.96 2.81 3.76-0.95 3.04 7.65-4.61 1.51 3.76-2.25 3 Years 18.27 21.23-2.96 5.76 6.63-0.88 13.85 21.23-7.38 4.42 6.63-2.21 5 Years 16.23 19.38-3.16 3.05 3.61-0.55 9.08 19.38-10.30 1.75 3.61-1.85 10 Years 49.68 46.28 3.40 4.12 3.88 0.24 32.00 46.28-14.28 2.82 3.88-1.06 Since Incp (01/31/2000) 141.26 116.03 25.23 5.69 4.96 0.73 98.20 116.03-17.83 4.39 4.96-0.57 Std Dev (3 Year) 3.31 3.36-0.05 11.46 11.64-0.18 3.30 3.36-0.06 11.45 11.64-0.19 Std Dev (5 Year) 3.08 3.12-0.04 10.66 10.81-0.15 3.07 3.12-0.05 10.65 10.81-0.16 Std Dev (Incp) 3.90 3.92-0.03 13.50 13.59-0.09 3.90 3.92-0.03 13.50 13.59-0.10 Tracking Error (1 Year) 0.32 0.33 Tracking Error (3 Year) 0.35 0.35 Tracking Error (5 Year) 0.33 0.33 Tracking Error (Incp) 1.06 1.06 [benchmark total returns] [view summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2000 25.480982 21.975267 3.505715 24.118590 21.975267 2.143323 Year 2001-22.169769-22.435103 0.265334-23.103615-22.435103-0.668512 Year 2002-13.981099-16.091357 2.110258-15.006821-16.091357 1.084536 Year 2003 30.008617 28.165708 1.842909 28.460304 28.165708 0.294596 Year 2004 29.823927 28.375651 1.448276 28.277586 28.375651-0.098065 Year 2005 13.676579 13.065180 0.611399 12.325790 13.065180-0.739390 Year 2006 35.974454 35.798824 0.175630 34.353946 35.798824-1.444878 Year 2007 23.001199 21.517405 1.483794 21.523261 21.517405 0.005856 Year 2008-27.234697-29.400153 2.165456-28.158196-29.400153 1.241957 Year 2009 7.012087 6.222154 0.789933 5.669927 6.222154-0.552227 Year 2010-1.117289-0.990448-0.126841-2.373392-0.990448-1.382944 Year 2011-3.196592-3.282884 0.086292-4.415656-3.282884-1.132772 Year 2012 1.523219 1.823443-0.300224 0.242229 1.823443-1.581214 Year 2013 11.901832 12.610910-0.709078 10.494218 12.610910-2.116692 Year 2014 14.035070 15.265101-1.230031 12.600885 15.265101-2.664216 Year 2015-7.320389-6.606070-0.714319-8.494798-6.606070-1.888728 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

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 -7.31-6.61-0.71-7.67-6.61-1.06 1 Month 1.28 1.51-0.23 1.25 1.51-0.27 3 Months 1.04 1.33-0.28 0.94 1.33-0.39 6 Months 0.79 1.39-0.61 0.59 1.39-0.81 1 Year -7.31-6.61-0.71-7.31-6.61-0.71-7.67-6.61-1.06-7.67-6.61-1.06 2 Years 5.70 7.65-1.95 2.81 3.76-0.94 4.90 7.65-2.75 2.42 3.76-1.33 3 Years 18.29 21.23-2.94 5.76 6.63-0.87 16.96 21.23-4.27 5.36 6.63-1.27 5 Years 16.30 19.38-3.09 3.07 3.61-0.54 14.13 19.38-5.25 2.68 3.61-0.93 10 Years Since Incp (02 48.75 51.63-2.88 5.98 6.28-0.30 45.00 51.63-6.64 5.59 6.28-0.69 Std Dev (3 Ye 3.31 3.36-0.05 11.46 11.64-0.18 3.31 3.36-0.05 11.46 11.64-0.19 Std Dev (5 Ye 3.08 3.12-0.04 10.66 10.81-0.15 3.08 3.12-0.04 10.65 10.81-0.16 Std Dev (Incp 3.43 3.45-0.02 11.90 11.96-0.06 3.43 3.45-0.02 11.89 11.96-0.06 Tracking Error (1 Year) 0.32 0.32 Tracking Error (3 Year) 0.35 0.35 Tracking Error (5 Year) 0.33 0.33 Tracking Error (Incp) 0.41 0.41 iew summary] TAG PERIOD FUND-GRS BENCHMARK DIFF-GRS FUND-NET BENCHMARK DIFF-NET Year 2009 29.364729 28.284095 1.080634 28.966040 28.284095 0.681945 Year 2010-1.125846-0.990448-0.135398-1.490225-0.990448-0.499777 Year 2011-3.195152-3.282884 0.087732-3.556905-3.282884-0.274021 Year 2012 1.560905 1.823443-0.262538 1.180638 1.823443-0.642805 Year 2013 11.908524 12.610910-0.702386 11.490804 12.610910-1.120106 Year 2014 14.041352 15.265101-1.223749 13.615749 15.265101-1.649352 Year 2015-7.313713-6.606070-0.707643-7.667676-6.606070-1.061606 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

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

Balance sheet assets as at 31/12/2015 in USD 31/12/2015 31/12/2014 Net fixed assets 0.00 0.00 Deposits 0.00 0.00 Financial instruments 1,024,828.30 1,804,622.52 Shares and similar securities 1,024,828.30 1,804,622.52 Traded on a regulated or related market 1,024,828.30 1,804,622.52 Not traded on a regulated or related market 0.00 0.00 Bonds and similar securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Debt securities 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Negotiable debt securities 0.00 0.00 Other debt securities 0.00 0.00 Not traded on a regulated or related market 0.00 0.00 Collective investment undertakings 0.00 0.00 Undertaking for Collective Investment in Transferable Securities (UCITS) and general-purpose Alternative Investment Fund (AIF) intended for retail investors 0.00 0.00 and equivalents in other countries Other Funds intended for retail investors and equivalents in other European Union Member States 0.00 0.00 General-purpose professional Funds and equivalents in other European Union Member States and listed securitisation funds 0.00 0.00 Other professional investment Funds and equivalents in other European Union Member States and unlisted securitisation funds 0.00 0.00 Other non-european funds 0.00 0.00 Temporary securities transactions 0.00 0.00 Claims representing securities subject to repurchase options 0.00 0.00 Receivables for securities loaned 0.00 0.00 Securities borrowed 0.00 0.00 Securities pledged 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Other financial instruments 0.00 0.00 Receivables 2,745.88 8,447.04 Forward foreign exchange transactions 0.00 0.00 Other 2,745.88 8,447.04 Financial accounts 13,660.01 8,992.36 Liquidities 13,660.01 8,992.36 Total assets 1,041,234.19 1,822,061.92 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

Balance sheet equity and liabilities as at 31/12/2015 in USD 31/12/2015 31/12/2014 Equities Capital 1,003,257.03 1,699,549.88 Undistributed prior net gains and losses (a) 0.00 0.00 Retained earnings (a) 0.00 0.00 Net gains and losses for the year (a, b) 12,779.66 80,269.65 Income for the year (a, b) 18,737.33 33,254.42 Total equity 1,034,774.02 1,813,073.95 (= Amount representing net assets) Financial instruments 0.00 0.00 Disposals of financial instruments 0.00 0.00 Temporary securities transactions 0.00 0.00 Payables related to pledged securities 0.00 0.00 Debts representing borrowed securities 0.00 0.00 Other temporary transactions 0.00 0.00 Forward financial instruments 0.00 0.00 Traded on a regulated or related market 0.00 0.00 Other transactions 0.00 0.00 Payables 6,460.17 7,861.58 Forward foreign exchange transactions 0.00 0.00 Other 6,460.17 7,861.58 Financial accounts 0.00 1,126.39 Bank overdrafts 0.00 1,126.39 Loans 0.00 0.00 Total liabilities 1,041,234.19 1,822,061.92 (a) Including accruals (b) Less interim dividends paid during the year SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

Off-balance sheet as at 31/12/2015 in USD 31/12/2015 31/12/2014 Hedging transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Hedging transactions 0.00 0.00 Other transactions Commitments on regulated or related markets Total Commitments on regulated or related markets 0.00 0.00 Over-the-counter commitments Total Over-the-counter commitments 0.00 0.00 Other transactions Total Other transactions 0.00 0.00 Total Other transactions 0.00 0.00 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

Income statement as at 31/12/2015 in USD 31/12/2015 31/12/2014 Income from financial transactions Income from deposits and financial accounts 1.33 0.80 Income from shares and similar securities 39,102.81 73,320.84 Revenues from bonds and similar securities 0.00 0.00 Income from debt securities 0.00 0.00 Revenues from temporary purchases and sales of securities 70.54 921.84 Expenses for futures 0.00 0.00 Other financial revenues 0.00 0.00 TOTAL (I) 39,174.68 74,243.48 Expenses for financial transactions Expenses for temporary sales and purchases of securities 0.00 0.00 Expenses for futures 0.00 0.00 Cost of debt 216.12 273.99 Other financial expenses 0.00 0.00 TOTAL (II) 216.12 273.99 Income from financial transactions (I - II) 38,958.56 73,969.49 Other income (III) 0.00 0.00 Management fees and amortisation allowance (IV) 14,578.79 23,110.43 Net income for the year (L. 214-17-1) (I - II + III - IV) 24,379.77 50,859.06 Accrued revenue for the year (V) -5,642.44-17,604.64 Interim dividends paid for the year (VI) 0.00 0.00 Net income (I - II + III - IV +/- V - VI) 18,737.33 33,254.42 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

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 2014-01 rescinding Regulation CRC 2003-02 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

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 FR0000018467 P Accumulation per unit C1 FR0010588129 I Accumulation per unit C2 Units presented in the inventory SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

2. CHANGE IN NET ASSETS 31/12/2015 31/12/2014 Opening net assets 1,813,073.95 2,031,417.00 Subscriptions (including entry fees) 218,931.12 1,646,632.12 Redemptions (including exit fees) -866,246.76-2,114,699.91 Capital gains made on deposits and financial instruments 122,199.75 201,672.99 Capital losses made on deposits and financial instruments -42,053.58-46,472.85 Realised capital gains on financial futures 0.00 0.00 Capital losses on financial futures 0.00 0.00 Transaction fees -9,923.93-26,528.40 Foreign exchange variances -45,743.00-89,137.76 Changes in deposit and financial instrument estimate variance -179,843.30 159,331.70 Current year estimate variance N: 67,099.21 246,942.51 Previous year estimate variance N-1: 246,942.51 87,610.81 Changes in futures estimate variance 0.00 0.00 Current year estimate variance N: 0.00 0.00 Previous year estimate variance N-1: 0.00 0.00 Distribution of assets 0.00 0.00 Distribution of net gains and losses for the previous year 0.00 0.00 Distribution of income for the previous year 0.00 0.00 Net income for the year before accruals 24,379.77 50,859.06 Interim payment(s) on net gains and losses made during the current year 0.00 0.00 Interim payments on income made during the current year 0.00 0.00 Other items* 0.00 0.00 Closing net assets 1,034,774.02 1,813,073.95 * 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

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 0.00 0.00 Debt securities TOTAL Debt securities 0.00 0.00 TOTAL ASSETS 0.00 0.00 LIABILITIES AND EQUITY Disposals of financial instruments TOTAL Disposals of financial instruments 0.00 0.00 TOTAL LIABILITIES AND EQUITY 0.00 0.00 Off-Balance Sheet Hedging transactions TOTAL Hedging transactions 0.00 0.00 Other transactions TOTAL Other transactions 0.00 0.00 TOTAL Off-balance sheet 0.00 0.00 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

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 13,660.01 1.32 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 13,660.01 1.32 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

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 207,484.51 20.05 106,533.25 10.30 72,699.99 7.03 89,385.58 8.64 Bonds and similar securities Debt securities Collective investment undertaking Temporary securities transactions Receivables 1,216.47 0.12 294.88 0.03 Financial accounts 149.84 0.01 55.36 0.01 581.44 0.06 3,376.92 0.33 Liabilities Disposals of financial instruments Temporary securities transactions Payables 3,167.87 0.31 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 2,742.29 Other receivables 3.59 Total receivables 2,745.88 Payables Management fees -3,292.30 Other payables -3,167.87 Total payables -6,460.17 Total payables and receivables -3,714.29 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

3.6. Equities CHANGES IN SUBSCRIPTIONS AND REDEMPTIONS C1 In units Value Shares or units issued during the year 905.7493 190,386.82 Shares or units redeemed during the year -2,720.9611-563,443.81 C2 In units Value Shares or units issued during the year 129 28,544.30 Shares or units redeemed during the year -1,403-302,802.95 SUBSCRIPTION AND/OR REDEMPTION FEES C1 Value Amount of subscription and/or redemption fees received 475.95 Amount of subscription fees received 190.78 Amount of redemption fees received 285.17 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 475.95 Amount of entry fees 190.78 Amount of exit fees 285.17 C2 Value Amount of subscription and/or redemption fees received 179.05 Amount of subscription fees received 28.65 Amount of redemption fees received 150.40 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 179.05 Amount of entry fees 28.65 Amount of exit fees 150.40 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

3.7. Management fees C1 31/12/2015 Percentage of fixed management costs 1.29 Fixed management costs 13,573.80 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 1,004.99 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

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 0.00 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 0 0 0 0 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

Appropriation of distributable amounts related to income (6) 31/12/2015 31/12/2014 Sums remaining to be appropriated Retained earnings 0.00 0.00 Net income 18,737.33 33,254.42 Total 18,737.33 33,254.42 C1 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 16,662.49 23,831.79 Total 16,662.49 23,831.79 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 C2 31/12/2015 31/12/2014 Appropriation Distribution 0.00 0.00 Retained earnings for the year 0.00 0.00 Accumulation per unit 2,074.84 9,422.63 Total 2,074.84 9,422.63 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 Tax credits attached to the distribution of income 0.00 0.00 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

Table of appropriation of distributable amounts related to net gains and losses (6) Appropriation of net gains and net losses 31/12/2015 31/12/2014 Sums remaining to be appropriated Undistributed prior net gains and losses 0.00 0.00 Net gains and losses for the year 12,779.66 80,269.65 Interim dividends paid on gains and losses for the year 0.00 0.00 Total 12,779.66 80,269.65 (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 31/12/2015 31/12/2014 C1 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 11,828.89 63,715.27 Total 11,828.89 63,715.27 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (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 31/12/2015 31/12/2014 C2 Appropriation Distribution 0.00 0.00 Undistributed net gains and losses 0.00 0.00 Accumulation per unit 950.77 16,554.38 Total 950.77 16,554.38 Information relating to shares or units eligible for distribution Number of shares or units 0.00 0.00 Distribution per unit 0.00 0.00 (6) To complete regardless of the mutual fund s distribution policy SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

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 4,562,482.00 26,312.4218 173.39 5.42 C2 25,089,547.68 141,048.0002 177.87 7.17 31/12/2012 C1 1,386,396.38 7,976.2031 173.81 4.41 C2 275,896.56 1,533.0000 179.97 6.15 31/12/2013 C1 1,446,102.07 7,529.4287 192.05 3.60 C2 585,314.93 2,917.0000 200.65 5.50 31/12/2014 C1 1,438,060.86 6,649.7637 216.25 13.16 C2 375,013.09 1,645.0000 227.97 15.78 31/12/2015 C1 956,680.34 4,834.5519 197.88 5.88 C2 78,093.68 371.0000 210.49 8.15 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

3.12. Details of deposits and financial instruments Name of issuer No. or nominal amount Market value Currency % Net Assets AES CORP COM 684 6,545.88 USD 0.63 AGL ENERGY LTD COMMON STOCK NPV 614 8,076.85 AUD 0.78 AGL RES INC COM 100 6,381.00 USD 0.62 ALLIANT ENERGY CORP COM 115 7,181.75 USD 0.69 AMEREN CORP COM 273 11,801.79 USD 1.14 AMERICAN ELEC PWR INC COM 472 27,503.44 USD 2.66 AMERICAN WATER WORKS COM 195 11,651.25 USD 1.13 APA GROUP 1,384 8,740.40 AUD 0.84 ATCO LTD CL 1 NON VTG 100 2,570.06 CAD 0.25 AUSNET SERVICES COMMON STOCK 1,460 1,577.45 AUD 0.15 CALPINE CORP COM NEW 211 3,053.17 USD 0.30 CENTERPOINT ENERGY INC COM 334 6,132.24 USD 0.59 CENTRICA ORD GBP0.0617284 4,571 14,693.31 GBP 1.42 CHEUNG KONG INFRAS HKD1 672 6,225.66 HKD 0.60 CHUBU ELEC POWER JPY500 600 8,292.12 JPY 0.80 CHUGOKU ELEC POWER JPY500 400 5,320.25 JPY 0.51 CLP HOLDINGS HKD5 2,000 16,993.30 HKD 1.64 CMS ENERGY CORP COM 311 11,220.88 USD 1.08 CONSOLIDATED EDISON INC COM 317 20,373.59 USD 1.97 CONTACT ENERGY NPV 603 1,956.70 NZD 0.19 DOMINION RES INC VA NEW COM 616 41,666.24 USD 4.03 DTE ENERGY CO COM 165 13,231.35 USD 1.28 DUET GROUP NPV UNITS 2,586 4,289.82 AUD 0.41 DUKE ENERGY CORP COMMON STOCK 686 48,973.54 USD 4.73 E ON SE NPV 1,965 19,063.93 EUR 1.84 EDF 297 4,379.72 EUR 0.42 EDISON INTL COM 353 20,901.13 USD 2.02 EDP - ENERGIAS DE PORTUGAL 2,488 8,975.72 EUR 0.87 ELEC POWER DEV NPV 100 3,595.33 JPY 0.35 ENAGAS SA EUR1.5 234 6,609.05 EUR 0.64 ENDESA S.A. EUR1.2 381 7,667.14 EUR 0.74 ENEL GREEN POWER SPA COMMON STOCK 1,963 4,015.32 EUR 0.39 ENEL SPA 6,844 28,935.61 EUR 2.80 ENGIE 1,445 25,625.42 EUR 2.48 ENTERGY CORP NEW COM 198 13,535.28 USD 1.31 EVERSOURCE ENERGY COMMON STOCK 312 15,933.84 USD 1.54 EXELON CORP COM 848 23,548.96 USD 2.28 FIRSTENERGY CORP COM 474 15,040.02 USD 1.45 FORTIS INC CAN/CAD 287 7,729.38 CAD 0.75 FORTUM OYJ EUR3.40 440 6,653.37 EUR 0.64 GAS NATURAL SDG EUR1 352 7,194.43 EUR 0.70 HOKURIKU ELEC PWR JPY500 200 2,984.33 JPY 0.29 HONGKONG+CHINA GAS HKD0.25 7,615 14,935.00 HKD 1.44 IBERDROLA SA EUR0.75 5,352 38,080.90 EUR 3.68 KANSAI ELEC POWER JPY500 755 9,160.17 JPY 0.89 KYUSHU ELEC POWER JPY500 500 5,515.61 JPY 0.53 MERIDIAN ENER PARTLY PAID SH COMMON STOCK NPV 1,212 1,983.02 NZD 0.19 MIGHTY RIVER POWER COMMON STOCK 267 508.14 NZD 0.05 NATIONAL GRID ORD GBP0.11395 3,844 53,113.81 GBP 5.11 NEXTERA ENERGY INC 452 46,958.28 USD 4.54 NRG ENERGY INC 425 5,002.25 USD 0.48 OGE ENERGY CORP COM 219 5,757.51 USD 0.56 OSAKA GAS CO JPY50 2,000 7,288.75 JPY 0.70 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

Name of issuer No. or nominal amount Market value Currency % Net Assets PEPCO HLDGS INC COM 312 8,115.12 USD 0.78 PG+E CORP COM 480 25,531.20 USD 2.47 PINNACLE WEST CAP CORP COM 93 5,996.64 USD 0.58 POWER ASSETS HOLDING LTD 1,500 13,799.80 HKD 1.33 PPL CORP COM 654 22,321.02 USD 2.16 PUBLIC SVC ENTERPRISE GROUP COM 471 18,222.99 USD 1.76 RED ELECTRICA DE ESPANA EUR2 99 8,292.69 EUR 0.80 RWE AG (NEU) NPV 517 6,576.54 EUR 0.64 SCANA CORP NEW COM 118 7,137.82 USD 0.69 SEMPRA ENERGY COM 232 21,810.32 USD 2.11 SEVERN TRENT ORD GBP0.9789 209 6,705.91 GBP 0.65 SHIKOKU ELEC POWER JPY500 200 3,158.90 JPY 0.31 SNAM SPA 2,005 10,519.89 EUR 1.02 SOUTHERN CO COM 914 42,766.06 USD 4.13 SSE PLC 970 21,844.79 GBP 2.11 SUEZ ENVIRONNEMENT EUR4 359 6,731.08 EUR 0.65 TERNA SPA 1,617 8,354.14 EUR 0.81 TOHOKU ELEC POWER JPY500 500 6,317.80 JPY 0.61 TOKYO ELECRIC POWER Co Inc 1,495 8,687.02 JPY 0.84 TOKYO GAS CO JPY50 2,609 12,379.71 JPY 1.20 UNITED UTILITIES G ORD GBP0 738 10,175.43 GBP 0.98 VEOLIA ENVIRONNEMENT EUR5.00 413 9,809.56 EUR 0.95 WEC ENERGY GROUP INC COMMON STOCK 298 15,290.38 USD 1.48 XCEL ENERGY INC COM 533 19,140.03 USD 1.85 TOTAL Shares & similar securities traded on a regulated or related market 1,024,828.30 99.03 TOTAL Shares & similar securities traded on a regulated or related market 1,024,828.30 99.03 TOTAL Shares and similar securities 1,024,828.30 99.03 SSgA Utilities Index Equity Fund: ANNUAL REPORT 31/12/2015

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.214-17 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, 23-25 rue Delarivière-Lefoullon, 92064 Paris La Défense Cedex, France.