FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file Nos.33-92120 AND 33-68730
---------------------
AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE TRUST
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-6691601
- - ------------------- ---------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
225 FRANKLIN STREET, BOSTON, MASSACHUSETTS 02110
---------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(617) 985-3000
------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS:
Not applicable.
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
FORM 10-Q
INDEX
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Aggressive Equity Fund
Statement of Assets and Liabilities................. 1
Statement of Operations............................. 2
Statement of Changes in Net Assets...................3
Per-Unit Data and Ratios.............................4
Balanced Fund
Statement of Assets and Liabilities................. 5
Statement of Operations............................. 6
Statement of Changes in Net Assets...................7
Per-Unit Data and Ratios.............................8
Growth Equity Fund
Statement of Assets and Liabilities................. 9
Statement of Operations............................ 10
Statement of Changes in Net Assets..................11
Per-Unit Data and Ratios............................12
Index Equity Fund
Statement of Assets and Liabilities................ 13
Statement of Operations............................ 14
Statement of Changes in Net Assets..................15
Per-Unit Data and Ratios............................16
Intermediate Bond Fund
Statement of Assets and Liabilities................ 17
Statement of Operations............................ 18
Statement of Changes in Net Assets..................19
Per-Unit Data and Ratios............................20
<PAGE>
International Equity Fund
Statement of Assets and Liabilities................ 21
Statement of Operations............................ 22
Statement of Changes in Net Assets..................23
Per-Unit Data and Ratios............................24
Stable Asset Return Fund
Statement of Assets and Liabilities................ 25
Statement of Operations............................ 26
Statement of Changes in Net Assets..................27
Per-Unit Data and Ratios............................28
Value Equity Fund
Statement of Assets and Liabilities................ 29
Statement of Operations............................ 30
Statement of Changes in Net Assets..................31
Per-Unit Data and Ratios............................32
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities................ 33
Statement of Operations............................ 34
Statement of Changes in Net Assets..................35
Per-Unit Data and Ratios............................36
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities................ 37
Statement of Operations............................ 38
Statement of Changes in Net Assets..................39
Per-Unit Data and Ratios............................40
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities................ 41
Statement of Operations............................ 42
Statement of Changes in Net Assets..................43
Per-Unit Data and Ratios............................44
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations...............45
PART II. OTHER INFORMATION
Item 1.Legal Proceedings..................................46
Item 2.Changes in Securities..............................46
Item 3.Defaults Upon Senior Securities....................46
Item 4.Submission of Matters to a Vote of Security Holders
Item 5.Other Information..................................46
Item 6.Exhibits and Reports on Form 8-K...................46
SIGNATURES.....................................................47
<PAGE> Page 1
ITEM 1. Financial Statements (Unaudited)
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------
ASSETS
Investments, at value (cost $183,343,453)............... $232,707,885
Cash.................................................... 3,685
Receivable for investments sold....................... 2,265,802
Receivable for fund units sold....................... 748,658
Dividends and interest receivable.................... 159,186
Other assets........................................... 240,193
------------
Total assets...................................... 236,125,409
------------
Liabilities
Payable for investments purchased....................... 2,395,657
Payable for fund units purchased........................ 0
Accrued expenses........................................ 541,566
Other liabilities....................................... 0
------------
Total liabilities.................................. 2,937,223
------------
Net Assets.............................................. $233,188,186
============
Net asset value, redemption price and offering price
per unit of beneficial interest
($233,188,186/6,471,034 units outstanding)............ $36.04
============
<PAGE> Page 2
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $369,398
Interest income.................................... 170,275
----------------
Total investment income....................... 539,673
Expenses:
Investment advisory fee............................ $252,684
State Street Bank & Trust Company - program fee 212,054
American Bar Retirement Association - program fee 31,169
Trustee, management and administration fees........ 44,853
Other expenses and taxes........................... 7,276
Amortization of Organization Expenses.............. 20,146
----------------
Total expenses................................ 568,182
----------------
Net investment income (loss)............................ (28,509)
----------------
Realized & Unrealized Gain (Loss) on Investments.
- - -------------------------------------------------
Net realized gain on investments sold................... 8,028,647
Unrealized appreciation of investments during the period 7,874,179
----------------
Net gain on investments......................... 15,902,826
----------------
Net increase in net assets resulting from operations $15,874,317
================
<PAGE> Page 3
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss).................. ($28,509)
Net realized gain on investments sold......... 8,028,647
Unrealized appreciation of investments during
the period.................................... 7,874,179
----------------
Net increase in net assets resulting from
operations.................................... 15,874,317
----------------
Participant transactions:
Proceeds from sales of units.................. 7,560,860
Cost of units redeemed........................ (4,800,598)
-----------------
Net increase in net assets resulting from
participant transactions...................... 2,760,262
----------------
Total increase in net assets........ 18,634,579
NET ASSETS:
Beginning of period........................... 214,553,607
End of period................................. $233,188,186
Number of units:
Outstanding-beginning of period............... 6,390,559
Sold..................................... 218,361
Redeemed................................. (137,886)
-----------------
Outstanding-end of period..................... 6,471,034
=================
<PAGE> Page 4
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period: For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.08
Expenses................................................ (0.09)
-----------------
Net investment income (loss)............................ (0.01)
Net realized and unrealized gain on investments......... 2.46
-----------------
Net increase in unit value.............................. 2.45
Net asset value at beginning of period.................. 33.59
-----------------
Net assets value at end of period....................... $36.04
================
Ratio of expenses to average assets*.................... 1.03%
Ratio of net investment income to average assets*...... (0.05%)
Portfolio turnover...................................... 25%
Number of units outstanding at end of period(in thousands) 6,471
- - ----------------------------------------
*Annualized
<PAGE> Page 5
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
-----------------------
ASSETS
Investments, at value (cost $267,784,162)............... $306,985,451
Cash.................................................... 1,879
Receivable for investments sold......................... 7,718,842
Receivable for fund units sold.......................... 0
Dividends and interest receivable....................... 1,338,925
Other assets............................................ 287,526
----------------
Total assets...................................... 316,332,623
----------------
LIABILITIES
Payable for investments purchased....................... 40,821,639
Payable for fund units purchased........................ 39,773
Accrued expenses........................................ 366,932
Other liabilities....................................... 5,716
----------------
Total liabilities.................................. 41,234,060
----------------
Net Assets.............................................. $275,098,563
================
Net asset value, redemption price and offering price
per unit of beneficial interest
($275,098,563/8,334,802 units outstanding)........... $33.01
================
<PAGE> Page 6
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $791,686
Interest income.................................... 1,713,434
---------------
Total investment income....................... 2,505,120
Expenses:
Investment advisory fee........................... $255,523
State Street Bank & Trust Company - program fee... 260,138
American Bar Retirement Association - program fee.. 38,233
Trustee, management and administration fees........ 55,026
Other expenses and taxes........................... 13,158
Amortization of Organization Expenses.............. 23,062
----------------
Total expenses................................ 645,140
----------------
Net investment income................................... 1,859,980
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold................... 4,579,968
Unrealized appreciation of investments during the period 1,910,806
----------------
Net gain on investments............................ 6,490,774
----------------
Net increase in net assets resulting from operations $8,350,754
================
<PAGE> Page 7
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income......................... $1,859,980
Net realized gain on investments sold......... 4,579,968
Unrealized appreciation of investments during
the period.................................... 1,910,806
----------------
Net increase in net assets resulting from
operations.................................... 8,350,754
----------------
Participant transactions:
Proceeds from sale of units................... 6,751,368
Cost of units redeemed........................ (4,481,971)
-----------------
Net increase in net assets resulting from
participant transactions...................... 2,269,397
----------------
Total increase in net assets........ 10,620,151
NET ASSETS:
Beginning of period........................... 264,478,412
End of period................................. $275,098,563
Number of units:
Outstanding-beginning of period............... 8,264,600
Sold..................................... 206,949
Redeemed................................. (136,747)
-----------------
Outstanding-end of period..................... 8,334,802
=================
<PAGE> Page 8
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period: For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.30
Expenses................................................ (0.08)
-----------------
Net investment income................................... 0.22
Net realized and unrealized gain on investments......... 0.79
-----------------
Net increase in unit value.............................. 1.01
Net asset value at beginning of period.................. 32.00
-----------------
Net assets value at end of period....................... $33.01
=================
Ratio of expenses to average net assets*................ 0.95%
Ratio of net investment income to average assets*....... 2.75%
Portfolio turnover...................................... 69%
Number of units outstanding at end of period(in thousands) 8,335
- - ----------------------------------------
*Annualized
<PAGE> Page 9
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
-----------------------
ASSETS
Investments, at value (cost $526,107,881)............... $675,689,472
Cash.................................................... 25,407
Receivable for investments sold......................... 4,824,664
Receivable for fund units sold.......................... 49,567
Dividends and interest receivable....................... 1,182,184
Other assets........................................... 662,588
----------------
Total assets...................................... 682,433,882
----------------
Liabilities
Payable for investments purchased....................... 6,393,681
Payable for fund units purchased........................ 0
Accrued expenses........................................ 838,945
Other liabilities....................................... 10,182
----------------
Total liabilities.................................. 7,242,808
----------------
Net Assets.............................................. $675,191,074
================
Net asset value, redemption price and offering price per
unit of beneficial interest
( $675,191,074/2,777,538 units outstanding)........... $243.09
================
<PAGE> Page 10
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $4,907,679
Interest income.................................... 463,589
----------------
Total investment income....................... 5,371,268
Expenses:
Investment advisory fee........................... $509,322
State Street Bank & Trust Company - program fee 632,489
American Bar Retirement Association - program fee 92,958
Trustee, management and administration fees........ 133,777
Other expenses and taxes........................... 27,162
Amortization of Organization Expenses.............. 42,325
----------------
Total expenses................................ 1,438,033
----------------
Net investment income................................... 3,933,235
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold................... 22,699,846
Unrealized appreciation of investments during the period 11,750,876
----------------
Net gain on investments............................ 34,450,722
----------------
Net increase in net assets resulting from operations $38,383,957
================
<PAGE> Page 11
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income......................... $3,933,235
Net realized gain on investments sold......... 22,699,846
Unrealized appreciation of investments during
the period.................................... 11,750,876
----------------
Net increase in net assets resulting from
operations.................................... 38,383,957
----------------
Participant transactions:
Proceeds from sales of units.................. 10,511,470
Cost of units redeemed........................ (11,627,679)
-----------------
Net decrease in net asssets resulting from
participant transactions...................... (1,116,209)
-----------------
Total increase in net assets........ 37,267,748
NET ASSETS:
Beginning of period........................... 637,923,327
End of period................................. $675,191,074
Number of units:
Outstanding-beginning of period............... 2,781,981
Sold..................................... 44,301
Redeemed................................. (48,744)
-----------------
Outstanding-end of period..................... 2,777,538
=================
<PAGE> Page 12
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $1.94
Expenses................................................ (0.52)
-----------------
Net investment income................................... 1.42
Net realized and unrealized gain on investments......... $12.35
-----------------
Net increase in unit value.............................. 13.78
Net asset value at beginning of period.................. 229.31
-----------------
Net assets value at end of period....................... $243.09
=================
Ratio of expenses to average net assets*................ 0.87%
Ratio of net investment income to average assets*....... 2.39%
Portfolio turnover...................................... 23%
Number of units outstanding at end of period(in thousands) 2,778
- - -----------------------------------------
*Annualized
<PAGE> Page 13
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31 , 1996
-----------------------
ASSETS
Investments, at value (cost $53,152,264)................ $58,880,096
Cash.................................................... 91,332
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 129,353
Dividends and interest receivable....................... 0
Other assets............................................ 49,472
---------------
Total assets....................................... 59,150,253
---------------
LIABILITIES
Payable for investments purchased....................... 142,383
Payable for fund units purchased........................ 165,147
Accrued expenses........................................ 36,704
Other liabilities....................................... 0
---------------
Total liabilities.................................. 344,234
---------------
NET ASSETS.............................................. $58,806,019
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
( $58,806,019/4,006,177 units outstanding)............. $14.68
===============
<PAGE> Page 14
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $53,412
Interest income.................................... 0
---------------
Total investment income....................... 53,412
Expenses:
Investment Advisory Fee............................ $0
State Street Bank & Trust Company - program fee... 51,814
American Bar Retirement Association - program fee. 7,615
Trustee, management and administration fees........ 26,134
Other expenses and taxes........................... 5,976
Amortization of Organization expenses........... 1,405
----------------
Total expenses................................ 92,944
----------------
Net investment income (loss)............................ (39,532)
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold.............. 309,188
Unrealized appreciation of investments during the period 2,486,806
---------------
Net gain on investments......................... 2,795,994
---------------
Net increase in net assets resulting from operations $2,756,462
===============
<PAGE> Page 15
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income(loss)................... ($39,532)
Net realized gain on investments sold......... 309,188
Unrealized appreciation of investments during
the period.................................... 2,486,806
----------------
Net increase in net assets resulting from
operations.................................... 2,756,462
----------------
Participant transactions:
Proceeds from sales of units.................. 10,784,200
Cost of units redeemed........................ (2,662,717)
----------------
Net increase in net assets resulting from
participant transactions 8,121,483
----------------
Total increase in net assets........ 10,877,945
Net Assets:
Beginning of period........................... 47,928,074
End of period................................. $58,806,019
Number of units:
Outstanding-beginning of period............... 3,437,843
Sold..................................... 753,385
Redeemed................................. (185,051)
----------------
Outstanding-end of period..................... 4,006,177
================
<PAGE> Page 16
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1996
to March 31, 1996
-----------------------
Investment income....................................... $0.01
Expenses................................................ (0.02)
----------------
Net investment income (loss)............................ (0.01)
Net realized and unrealized gain on investments......... 0.75
----------------
Net increase in unit value.............................. 0.74
Net asset value at beginning of period.................. 13.94
----------------
Net assets value at end of period....................... $14.68
================
Ratio of expenses to average net assets*................ 0.69%
Ratio of net investment income (loss) to average assets* (0.29%)
Portfolio turnover**.................................... 5%
Number of units outstanding at end of period(in thousands) 4,006
- - -----------------------------------------
*Annualized
**Reflects purchases and sales of units of the collective investment funds
in which the Fund invests, rather than the turnover of the underlying
portfolio of such collective investment funds.
<PAGE> Page 17
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
---------------------------
ASSETS
Investments, at value (cost $45,219,163)................ $44,276,612
Cash.................................................... 0
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 308,214
Dividends and interest receivable....................... 82,607
Other assets........................................... 37,016
----------------
Total assets...................................... 44,704,449
----------------
LIABILITIES
Payable for investments purchased....................... 308,214
Payable for fund units purchased........................ 0
Accrued expenses........................................ 27,333
Other liabilities....................................... 0
----------------
Total liabilities.................................. 335,547
----------------
NET ASSETS.............................................. $44,368,902
================
Net asset value, redemption price and offering price
per unit of beneficial interest
($44,368,902/4,353,562 units outstanding)............... $10.19
================
<PAGE> Page 18
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $227,111
Interest income.................................... 0
----------------
Total investment income....................... 227,111
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company - program fee... 39,396
American Bar Retirement Association - program fee. 5,790
Trustee, management and administration fees........ 693
Other expenses and tax............................. 7,874
Amortization of Organization Expenses.............. 1,045
----------------
Total expenses................................ 54,798
----------------
Net investment income................................... 172,313
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized loss on investments sold................... (81)
Unrealized depreciation of investments during the period (1,774,453)
-----------------
Net loss on investments............................ (1,774,534)
-----------------
Net decrease in net assets resulting from operations ($1,602,221)
=================
<PAGE> Page 19
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income......................... $172,313
Net realized loss on investments sold......... (81)
Unrealized depreciation of investments during
the period.................................... (1,774,453)
-----------------
Net decrease in net assets resulting from
operations.................................... (1,602,221)
-----------------
Participant transactions:
Proceeds from sales of units.................. 10,121,921
Cost of units redeemed........................ (610,001)
-----------------
Net increase in net assets resulting from
participant transactions...................... 9,511,920
-----------------
Total increase in net assets........ 7,909,699
Net Assets:
Beginning of period........................... 36,459,203
End of period................................. $44,368,902
Number of units:
Outstanding-beginning of period............... 3,447,358
Sold..................................... 965,229
Redeemed................................. (59,025)
-----------------
Outstanding-end of period..................... 4,353,562
=================
<PAGE> Page 20
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.06
Expenses................................................ -0.01
-----------------
Net investment income................................... 0.05
Net realized and unrealized loss on investments......... -0.44
-----------------
Net decrease in unit value.............................. -0.39
Net asset value at beginning of period.................. 10.58
-----------------
Net asset value at end of period....................... $10.19
=================
Ratio of expenses to average net assets*................ 0.53%
Ratio of net investment income to average assets*....... 1.68%
Portfolio turnover**.................................... 1%
Number of units outstanding at end of period(in thousands) 4,119
- - ----------------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment
companies in which the Fund invests, rather than turnover of the underlying
portfolio of such registered investment companies.
<PAGE> Page 21
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (cost $18,212,938)................ $19,036,491
Cash.................................................... 0
Receivable for investments sold....................... 0
Receivable for fund units sold....................... 8,731
Dividends and interest receivable.................... 0
Other assets........................................... 14,501
---------------
Total assets...................................... 19,059,723
---------------
Liabilities
Payable for investments purchased....................... 8,731
Payable for fund units purchased........................ 0
Accrued expenses........................................ 9,838
Other liabilities....................................... 0
---------------
Total liabilities.................................. 18,569
---------------
Net Assets.............................................. $19,041,154
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($19,041,154/1,172,550 units outstanding)............... $16.24
===============
<PAGE> Page 22
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
------------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
-----------------
Total investment income....................... 0
Expenses:
Investment Advisory Fee............................ $0
State Street Bank & Trust Company - program fee... $14,634
American Bar Retirement Association - program fee. 2,326
Trustee, management and administration fees........ 3,125
Other expenses and taxes........................... 1,960
Amortization of Organization expenses............ 501
-----------------
Total expenses................................ 22,546
-----------------
Net investment income (loss)............................ (22,546)
-----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 28,505
Unrealized appreciation of investments during the period 813,854
-----------------
Net gain on investments......................... 842,359
-----------------
Net increase in net assets resulting from operations $819,813
=================
<PAGE> Page 23
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
------------------
Increase in Net Assets From:
Operations:
Net investment income(loss)................... ($22,546)
Net realized gain on investments sold......... 28,505
Unrealized appreciation of investments during
the period.................................... 813,854
----------------
Net increase in net assets resulting from
operations.................................... 819,813
----------------
Participant transactions:
Proceeds from sales of units.................. 8,582,886
Cost of units redeemed........................ (1,210,860)
----------------
Net increase in net assets resulting from
participant transactions...................... 7,372,026
----------------
Total increase in net assets........ 8,191,839
Net Assets:
Beginning of period........................... 10,849,315
End of period................................. $19,041,154
Number of units:
Outstanding-beginning of period............... 705,954
Sold..................................... 542,819
Redeemed................................. (76,223)
----------------
Outstanding-end of period..................... 1,172,550
================
<PAGE> Page 24
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1996
to March 31, 1996
-------------------
Investment income....................................... $0.00
Expenses................................................ (0.02)
Net investment income (loss)............................ (0.02)
Net realized and unrealized gain on investments......... 0.89
Net increase in unit value.............................. 0.87
Net asset value at beginning of period.................. 15.37
Net assets value at end of period....................... $16.24
Ratio of expenses to average net assets*................ 0.59%
Ratio of net investment income (loss) to average assets* (0.59%)
Portfolio turnover**.................................... 6%
Number of units outstanding at end of period(in thousands) 1,173
- - ----------------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment
company in which the Fund invests, rather than the turnover of the underlying
portfolio of such registered investment company.
<PAGE> Page 25
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (Cost $600,950,427)............... $600,950,427
Interest Receivable .................................... 8,976,587
Receivable for fund units sold.......................... 0
Other assets............................................ 604,888
---------------
Total Assets...................................... 610,531,902
---------------
Liabilities
Payable for units redeemed.............................. 676,698
Accrued expenses........................................ 499,011
---------------
Total Liabilities.................................. 1,175,709
---------------
Net Assets............................................. $609,356,193
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($609,356,193/609,356,193 units outstanding)............ $1.00
===============
<PAGE> Page 26
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Interest income........................................ $8,976,587
---------------
Expenses:
State Street Bank & Trust Company - program fee... 594,225
American Bar Retirement Association - program fee. 87,337
Trustee, management and administration fees..... 308,964
Other expenses and taxes........................... 17,612
Amortization of Organization expenses.............. 32,680
---------------
Total Expenses............................... 1,040,817
---------------
Net investment income................................... $7,935,770
---------------
<PAGE> Page 27
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income and net increase in net
assets resulting from operations.............. $7,935,770
----------------
Distributions from net investment income...... (7,935,770)
----------------
Participant transactions:
Proceeds from sale of units................... 17,235,302
Units issued in connection with reinvestment
of net investment income...................... 7,935,770
Cost of units redeemed........................ (46,066,267)
----------------
Net decrease in net assets resulting from
participant transactions...................... (20,895,195)
----------------
Total decrease in net assets........ (20,895,195)
----------------
Net Assets:
Beginning of period........................... 630,251,388
End of period................................. $609,356,193
================
<PAGE> Page 28
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.015
Expenses................................................ (0.002)
----------------
Net investment income................................... 0.013
Reinvestment of net investment income............... (0.013)
----------------
Net decrease in unit value.............................. 0.000
Net asset value at beginning of period.................. 1.00
----------------
Net asset value at end of period........................ $1.00
================
Ratio of expenses to average net assets*................ 0.67%
Ratio of net investment income to average assets*....... 5.14%
Number of units outstanding at end of period(in thousands) 609,356
- - ----------------------------------------
* Annualized
<PAGE> Page 29
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (cost $29,373,934)................ $31,427,027
Cash.................................................... 123
Receivable for investments sold....................... 0
Receivable for fund units sold....................... 139,713
Dividends and interest receivable.................... 76,460
Other assets........................................... 24,277
----------------
Total assets...................................... 31,667,600
----------------
Liabilities
Payable for investments purchased....................... 1,033,863
Payable for fund units purchased........................ 0
Accrued expenses........................................ 35,706
Other liabilities....................................... 0
----------------
Total liabilities.................................. 1,069,569
----------------
Net Assets.............................................. $30,598,031
================
Net asset value, redemption price and offering price per
unit of beneficial interest
( $30,598,031/2,254,609 units outstanding)............ $13.57
================
<PAGE> Page 30
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
----------------------
Investment income
Dividend income.................................... $126,378
Interest income.................................... 63,375
----------------
Total investment income....................... 189,753
Expenses:
Investment advisory fee........................... $27,646
State Street Bank & Trust Company - program fee.. 24,895
American Bar Retirement Association - program fee.. 3,659
Trustee, management and administration fees........ 5,262
Other expenses and taxes......................... 3,897
Amortization of Organization Expenses............ 639
----------------
Total expenses................................ 65,998
----------------
Net investment income................................... 123,755
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 63,149
Unrealized appreciation of investments during
the period......................................... 1,036,703
-----------------
Net gain on investments......................... 1,099,852
-----------------
Net increase in net assets resulting from operations $1,223,607
=================
<PAGE> Page 31
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income......................... $123,755
Net realized gain on investments sold......... 63,149
Unrealized appreciation of investments during
the period.................................... 1,036,703
----------------
Net increase in net assets resulting from
operations.................................... 1,223,607
----------------
Participant transactions:
Proceeds from sales of units.................. 9,836,587
Cost of units redeemed........................ (1,080,113)
-----------------
Net increase in net assets resulting from
participant transactions...................... 8,756,474
------------------
Total increase in net assets........ 9,980,081
Net Assets:
Beginning of period........................... 20,617,950
End of period................................. $30,598,031
Number of units:
Outstanding-beginning of period............... 1,594,367
Sold..................................... 740,455
Redeemed................................. (80,213)
-----------------
Outstanding-end of period..................... 2,254,609
=================
<PAGE> Page 32
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.10
Expenses................................................ (0.03)
-----------------
Net investment income................................... 0.07
Net realized and unrealized gain on investments......... 0.57
-----------------
Net increase in unit value.............................. 0.64
Net asset value at beginning of period.................. 12.93
-----------------
Net assets value at end of period....................... $13.57
=================
Ratio of expenses to average net assets*................ 1.02%
Ratio of net investment income to average assets*....... 1.91%
Portfolio turnover...................................... 39%
Number of units outstanding at end of period(in thousands) 2,255
- - ----------------------------------------
*Annualized
<PAGE> Page 33
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (cost $7,979,655)................. $8,200,096
Cash.................................................... 0
Receivable for investments sold......................... 49,644
Receivable for fund units sold.......................... 4,299
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 8,254,039
---------------
Liabilities
Payable for investments purchased....................... 53,943
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 1,037
Other liabilities....................................... 0
---------------
Total liabilities.................................. 54,980
---------------
Net Assets.............................................. $8,199,059
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($8,199,059/776,172 units outstanding)................. $10.56
===============
<PAGE> Page 34
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
----------------------
Investment income:
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes......................... 0
Amortization of Organization expenses............ 1,771
----------------
Total expenses................................ 1,771
----------------
Net investment income (loss)............................ (1,771)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 38,100
Unrealized appreciation of investments during the period 22,262
----------------
Net gain on investment............................. 60,362
----------------
Net increase in net assets resulting from operations $58,591
================
<PAGE> Page 35
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($1,771)
Net realized gain on investments sold......... 38,100
Unrealized appreciation of investments during
the period.................................... 22,262
----------------
Net increase in net assets resulting from
operations.................................... 58,591
----------------
Participant transactions:
Proceeds from sales of units.................. 3,285,538
Cost of units redeemed........................ (517,150)
----------------
Net increase in net assets resulting from
participant transactions...................... 2,768,388
----------------
Total increase in net assets........ 2,826,979
Net Assets:
Beginning of period........................... 5,372,080
End of period................................. $8,199,059
Number of units:
Outstanding-beginning of period............... 513,200
Sold..................................... 312,089
Redeemed................................. (49,117)
----------------
Outstanding-end of period..................... 776,172
================
<PAGE> Page 36
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.00
Expenses................................................ 0.00
---------------
Net investment income................................... 0.00
Net realized and unrealized gain on investments......... 0.09
---------------
Net increase in unit value.............................. 0.09
Net asset value at beginning of period.................. 10.47
---------------
Net asset value at end of period........................ $10.56
===============
Ratio of expenses to average net assets*................ 0.10%
Ratio of net investment income (loss) to average assets* (0.10%)
Portfolio turnover**.................................... 9.44%
Number of units outstanding at end of period(in thousands) 776
- - ----------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the
Portfolio invests, rather than the portfolio turnover of such underlying Funds.
<PAGE> Page 37
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (cost $21,139,307)................ $21,975,614
Cash.................................................... 0
Receivable for investments sold......................... 159,558
Receivable for fund units sold.......................... 30,008
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 22,165,180
---------------
Liabilities
Payable for investments purchased....................... 189,566
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 2,731
Other liabilities....................................... 0
---------------
Total liabilities.................................. 192,297
---------------
Net Assets.............................................. $21,972,883
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($21,972,883/2,037,568 units outstanding).............. $10.78
===============
<PAGE> Page 38
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes........................ 0
Amortization of Organization expenses............ 4,536
----------------
Total expenses................................ 4,536
----------------
Net investment income (loss)............................ (4,536)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 57,796
Unrealized appreciation of investments during the period 284,584
----------------
Net gain on investments............................ 342,380
----------------
Net increase in net assets resulting from operations $337,843
================
<PAGE> Page 39
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($4,536)
Net realized gain on investments sold......... 57,796
Unrealized appreciation of investments during
the period.................................... 284,584
----------------
Net increase in net assets resulting from
operations.................................... 337,843
----------------
Participant transactions:
Proceeds from sale of units................... 9,630,259
Cost of units redeemed........................ (374,207)
----------------
Net increase in net assets resulting from
participant transactions...................... 9,256,053
----------------
Total increase in net assets........ 9,593,896
Net Assets:
Beginning of period........................... 12,378,987
End of period................................. $21,972,883
Number of units:
Outstanding-beginning of period............... 1,173,969
Sold..................................... 898,961
Redeemed................................. (35,362)
----------------
Outstanding-end of period..................... 2,037,568
================
<PAGE> Page 40
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.00
Expenses................................................ 0.00
---------------
Net investment income................................... 0.00
Net realized and unrealized gain on investments......... 0.24
---------------
Net increase in unit value.............................. 0.24
Net asset value at beginning of period.................. 10.54
---------------
Net asset value at end of period........................ $10.78
===============
Ratio of expenses to average net assets*................ 0.10%
Ratio of net investment income (loss) to average assets* (0.10%)
Portfolio turnover**.................................... 4.34%
Number of units outstanding at end of period(in thousands) 2,038
- - -----------------------------------------
*Annualized
**Reflects the purchases and sales of units of the Funds in which the
Portfolio invests, rather than the turnover of such underlying Funds.
<PAGE> Page 41
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1996
----------------------
Assets
Investments, at value (cost $13,939,996)................ $14,877,441
Cash.................................................... 0
Receivable for investments sold......................... 84,628
Receivable for fund units sold.......................... 75,163
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 15,037,232
---------------
Liabilities
Payable for investments purchased....................... 159,790
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 2,006
Other liabilities....................................... 0
---------------
Total liabilities.................................. 161,796
---------------
Net Assets.............................................. $14,875,436
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($14,875,436/1,350,171 units outstanding).............. $11.02
===============
<PAGE> Page 42
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes......................... 0
Amortization of Organization expenses............ 3,170
----------------
Total expenses................................ 3,170
----------------
Net investment income (loss)............................ (3,170)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 50,232
Unrealized appreciation of investments during the period 458,809
----------------
Net gain on investments............................ 509,041
----------------
Net increase in net assets resulting from operations $505,871
================
<PAGE> Page 43
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1996
to March 31, 1996
-----------------
Increase in Net Assets From:
Operations:
Net investment income(loss)................... ($3,170)
Net realized gain on investments sold......... 50,232
Unrealized appreciation of investments during
the period.................................... 458,809
----------------
Net increase in net assets resulting from
operations.................................... 505,871
----------------
Participant transactions:
Proceeds from sales of units.................. 4,748,320
Cost of units redeemed........................ (378,215)
----------------
Net increase in net assets resulting from
participant transactions...................... 4,370,105
----------------
Total increase in net assets........ 4,875,976
Net Assets:
Beginning of period........................... 9,999,460
End of period................................. $14,875,436
Number of units:
Outstanding-beginning of period............... 946,103
Sold..................................... 439,044
Redeemed................................. (34,976)
----------------
Outstanding-end of period..................... 1,350,171
================
<PAGE> Page 44
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1996
to March 31, 1996
-----------------
Investment income....................................... $0.00
Expenses................................................ 0.00
----------------
Net investment income................................... 0.00
Net realized and unrealized gain on investments......... 0.45
----------------
Net increase in unit value.............................. 0.45
Net asset value at beginning of period.................. 10.57
----------------
Net asset value at end of period........................ $11.02
================
Ratio of expenses to average net assets*............. 0.07%
Ratio of net investment income (loss) to average assets* (0.07%)
Portfolio turnover**.................................... 3.59%
Number of units outstanding at end of period(in thousands) 1,350
- - ------------------------------------------
*Annualized
**Reflects the purchases and sales of units of the Funds in which the
Portfolio invests, rather than the turnover of such underlying Funds.
<PAGE> Page 45
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and
convertible debt instruments and non-equity securities, including
investment grade bonds, debentures and high quality money market
instruments of the same types as those in which the Stable Asset Return
Fund may invest, when deemed appropriate by State Street in light of
economic and market conditions. The Aggressive Equity Fund seeks to
achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by the broad measures of the
domestic stock market. For the quarter ended March 31, 1996 the
Aggressive Equity Fund experienced a total return net of expenses
(including a trust management fee, a program expense fee, investment
advisory fees, organizational fees and maintenance fees, collectively
"Expenses") of 7.3%. The Standard & Poors 500 Composite Stock Price
Index, an unmanaged index that emphasizes large-capitalization companies
(the "S&P 500 Index"), produced a return of 5.4% for the same period. The
S&P 500 Index does not include any allowance for the fees that an
investor would pay for investing in the stocks that comprise the index.
The first quarter of 1996 was the fifth consecutive quarter of strong
positive equity returns, despite an up-tick in long-term interest rates
and a correspondingly weak bond market. Record mutual fund inflows have
helped support the equity market, as has the continuing boom in mergers
and restructurings.
The most heavily weighted sectors in the Aggressive Equity Fund are
computers and office equipment, banks, technology and consumer goods.
Weaker areas in terms of return in the portfolio included business
services, technology and finance-related holdings.
BALANCED FUND
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities (including bonds,
notes, debentures and equipment trust certificates) and money market
instruments. The Balanced Fund seeks to achieve, over an extended period
of time, total returns comparable to or superior to an appropriate
combination of broad measures of the domestic stock and bond markets.
For the quarter ended March 31, 1996, the Balanced Fund experienced a
total return, net of Expenses, of 3.1%. For the same period, the S&P 500
Index produced a return of 5.4% and the Lehman Brothers Aggregate Bond
Index, (the "LB Bond Index") a broad measure of the domestic bond market,
experienced a return of -1.8%.
In the first quarter of 1996, the U.S. equity market continued to
perform well. However, last year's torrid pace has slowed while daily
volatility increased significantly. Apparent strength of the economy
reduced the chances of the Federal Reserve cutting interest rates
further, leading to bond weakness that persisted through the quarter.
Some of the most heavily weighted industry sectors in the equity
portion of the portfolio were consumer goods, technology and healthcare.
The fixed income segment was heavily invested in U.S. Treasuries,
mortgage-related issues and long-term corporate bonds.
GROWTH EQUITY FUND
The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The
Growth Equity Fund seeks to achieve long-term growth of capital through
increases in the value of the securities it holds and to realize income
principally from dividends on such securities. The Growth Equity Fund
seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the
domestic stock market. For the quarter ended March 31, 1996, the Growth
Equity Fund experienced a total return, net of Expenses, of 6.0%. The S&P
500 Index produced a return of 5.4% for the same period.
The first quarter showed continued strength in the equity markets,
with growth, mid-cap and small-cap indices all returning between 5% and
6.2% for the period.
Some of the most heavily weighted industry sectors in the Growth
Equity Fund were consumer durables, technology and healthcare. Weaker
areas in terms of return were communication services, utilities and
consumer non-durables.
INDEX EQUITY FUND
The Index Equity Fund invests in common stocks of U.S. companies that
are included in the Russell 3000 Index (the "Russell Index"), with the
overall objective of achieving long-term growth of capital. The Russell
Index represents approximately 98% of the U.S. equity market based on the
market capitalization of the companies in the Russell Index. The Index
Equity Fund invests in common stocks included in the Russell Index by
fully replicating the S&P 500 Index and the next largest 1,500 companies
and by using sampling techniques to track the performance of the
remaining 1,000 companies.
The fund produced a total return, net of Expenses, for the first
quarter of 1996 of 5.3%. By comparison, the Russell Index produced a
return of 5.5% for the first quarter of 1996.
INTERMEDIATE BOND FUND
The Intermediate Bond Fund's investment objective is to achieve a
total return from current income and capital appreciation by investing
primarily in a diversified portfolio of fixed-income securities. A
portion of the Intermediate Bond Fund (approximately two-thirds) will be
actively managed, investing in fixed income securities with a portfolio
duration generally from 3 to 6 years. The other portion of the Bond Fund
- - -- the index portion -- will be invested to replicate the LB Bond Index,
which is composed of approximately 5,000 issues of fixed-income
securities, including U.S. Government Obligations and investment grade
corporate bonds, each with an outstanding market value of at least $25
million and remaining maturity of greater than one year.
Until the Intermediate Bond Fund reaches its minimum level of
contributions to be invested in both the actively managed and index
portion of the fund ($75 million and $200 million respectively),
two-thirds of all contributions will be invested in the PIMCO Total
Return Fund and the remaining one-third will be invested in the
Stagecoach Inc. Bond Index Fund.
For the quarter ended March 31, 1996, the Intermediate Bond Fund
experienced a total return, net of Expenses, of -3.6%. As a comparison,
the LB Bond Index produced a return for the first quarter of 1996 of
- - -1.8%. The bond market weakness reflects improving employment, vehicle
sales, and housing, along with inflation fears.
INTERNATIONAL EQUITY FUND
The International Equity Fund's investment objective is to seek
long-term growth of capital through investing primarily in common stocks
of established non-U.S. companies. The Fund intends to diversify
investments broadly among countries of the Far East and Europe, as well
as in South Africa, Australia, Canada and other areas. The International
Equity Fund will seek to achieve, over an extended period of time, total
returns comparable to or superior to broad measures of the international
(non-U.S.) stock market.
Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street has
determined to be $25 million, all contributions will be invested in the
T. Rowe Price International Stock Fund.
For the quarter ended March 31, 1996, the International Equity Fund
experienced a total return, net of Expenses, of 5.6%. For the first
quarter of 1996, the total return of Morgan Stanley EAFE (Europe,
Australia, Far East) Index was 2.6%. The non-U.S. equity market
performance was hampered by the strengthening dollar.
STABLE ASSET RETURN FUND
The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, funding agreements issued by insurance
companies, banks or other financial institutions or investment contracts
or longer-term certificates of deposit issued by domestic and foreign
banks or trust companies. The Stable Asset Return Fund also invests in
high quality money market instruments including obligations of the United
States government, notes, bonds and similar debt instruments of
corporations, commercial paper, certificates of deposit and time
deposits, bankers' acceptances, variable and indexed interest notes and
repurchase agreements.
For the quarter ended March 31, 1996, the Stable Asset Fund produced
an average yield, net of Expenses, of 5.26%. As a standard of
performance measurement, the Donoghue Money Market Fund "Tier One"
average for the first quarter of 1996 was 4.91%.
VALUE EQUITY FUND
The Value Equity Fund seeks to outperform, over extended periods of
time, broad measures of the domestic stock market. The Value Equity Fund
invests primarily in common stocks of companies that State Street and its
investment advisor consider undervalued.
For the quarter ended March 31, 1996, the Value Equity Fund
experienced a total return, net of Expenses, of 5.06%. The S&P 500 Index
produced a return of 5.4% for the first quarter. Equity markets continued
to deliver strong returns in the first quarter of 1996 as investors
reacted positively to signs that corporate earnings could rise more
rapidly than had previously been anticipated.
The most heavily weighted industry sectors in the Value Equity Fund
were finance, energy and consumer cyclical equities. Weaker areas in
terms of return in the portfolio were finance and technology related
holdings.
STRUCTURED PORTFOLIO SERVICE
The Portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive
portfolio allocations. Funds in the Conservative Portfolio are allocated
as follows: Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%;
Value Equity Fund, 7%; Growth Equity Fund, 7%; Index Equity Fund, 14%;
and International Equity Fund, 7%. Funds in the Moderate Portfolio
are allocated as follows: Stable Asset Return Fund, 10%; Intermediate
Bond Fund, 30%; Value Equity Fund, 11%; Growth Equity Fund, 11%; Index
Equity Fund, 23%; and International Equity Fund, 15%. Funds in the
Aggressive Portfolio are allocated as follows: Intermediate Bond Fund,
15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity
Fund, 30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%
For the quarter ended March 31, 1996, the Structured Portfolio Service
experienced a total return net of Expenses, of .95% for the Conservative
Portfolio, 2.24% for the Moderate Portfolio, and 4.14% for the Aggressive
Portfolio.
<PAGE> Page 46
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit No. Description
27.1 Financial Data Schedule-
Aggresive Equity Fund
27.2 Financial Data Schedule-
Balanced Fund
27.3 Financial Data Schedule-
Growth Equity Fund
27.4 Financial Data Schedule-
Index Equity Fund
27.5 Financial Data Schedule-
Intermediate Bond Fund
27.6 Financial Data Schedule-
International Fund
27.7 Financial Data Schedule-
Stable Asset Return Fund
27.8 Financial Data Schedule-
Value Equity Fund
27.9 Financial Data Schedule-
Structured Portfolio Service
Conservative Portfolio
27.10 Financial Data Schedule-
Structured Portfolio Service
Moderate Portfolio
27.11 Financial Data Schedule-
Structured Portfolio Service
Aggressive Portfolio
b. Reports on Form 8-K
<PAGE> Page 47
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
May 15, 1996 By: /S/ NANCY P. ANTIN
------------------------------
Nancy P. Antin
Vice President and Chief Financial Officer
May 15, 1996 By: /S/ JEREMIAH K. HOLLY
-----------------------------
Jeremiah K. Holly
Treasurer and Chief Accounting Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 183,343,453
<INVESTMENTS-AT-VALUE> 232,707,885
<RECEIVABLES> 3,173,646
<ASSETS-OTHER> 240,193
<OTHER-ITEMS-ASSETS> 3,685
<TOTAL-ASSETS> 236,125,409
<PAYABLE-FOR-SECURITIES> 2,395,657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,566
<TOTAL-LIABILITIES> 2,937,223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 233,188,186
<DIVIDEND-INCOME> 369,398
<INTEREST-INCOME> 170,275
<OTHER-INCOME> 0
<EXPENSES-NET> 568,182
<NET-INVESTMENT-INCOME> (28,509)
<REALIZED-GAINS-CURRENT> 8,028,647
<APPREC-INCREASE-CURRENT> 7,874,179
<NET-CHANGE-FROM-OPS> 15,874,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,361
<NUMBER-OF-SHARES-REDEEMED> (137,886)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,634,579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 33.59
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 36.04
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 267,784,162
<INVESTMENTS-AT-VALUE> 306,985,451
<RECEIVABLES> 9,057,767
<ASSETS-OTHER> 287,526
<OTHER-ITEMS-ASSETS> 1,879
<TOTAL-ASSETS> 316,332,623
<PAYABLE-FOR-SECURITIES> 40,821,639
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 412,421
<TOTAL-LIABILITIES> 41,234,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 275,098,563
<DIVIDEND-INCOME> 791,686
<INTEREST-INCOME> 1,713,434
<OTHER-INCOME> 0
<EXPENSES-NET> 645,140
<NET-INVESTMENT-INCOME> 1,859,980
<REALIZED-GAINS-CURRENT> 4,579,968
<APPREC-INCREASE-CURRENT> 1,910,806
<NET-CHANGE-FROM-OPS> 8,350,754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,949
<NUMBER-OF-SHARES-REDEEMED> (136,747)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,620,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 32.00
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.01
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 526,107,881
<INVESTMENTS-AT-VALUE> 675,689,472
<RECEIVABLES> 6,056,415
<ASSETS-OTHER> 662,588
<OTHER-ITEMS-ASSETS> 25,407
<TOTAL-ASSETS> 682,433,882
<PAYABLE-FOR-SECURITIES> 6,393,681
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 849,127
<TOTAL-LIABILITIES> 7,242,808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 675,191,074
<DIVIDEND-INCOME> 4,907,679
<INTEREST-INCOME> 463,589
<OTHER-INCOME> 0
<EXPENSES-NET> 1,438,033
<NET-INVESTMENT-INCOME> 3,933,235
<REALIZED-GAINS-CURRENT> 22,699,846
<APPREC-INCREASE-CURRENT> 11,750,876
<NET-CHANGE-FROM-OPS> 38,383,957
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,301
<NUMBER-OF-SHARES-REDEEMED> (48,744)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,267,748
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 229.31
<PER-SHARE-NII> 1.42
<PER-SHARE-GAIN-APPREC> 12.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 243.09
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 53,152,264
<INVESTMENTS-AT-VALUE> 58,880,096
<RECEIVABLES> 129,353
<ASSETS-OTHER> 49,472
<OTHER-ITEMS-ASSETS> 91,332
<TOTAL-ASSETS> 59,150,253
<PAYABLE-FOR-SECURITIES> 142,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,851
<TOTAL-LIABILITIES> 344,234
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58,806,019
<DIVIDEND-INCOME> 53,412
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 92,944
<NET-INVESTMENT-INCOME> (39,532)
<REALIZED-GAINS-CURRENT> 309,188
<APPREC-INCREASE-CURRENT> 2,486,806
<NET-CHANGE-FROM-OPS> 2,756,462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 753,385
<NUMBER-OF-SHARES-REDEEMED> (185,051)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,877,945
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 13.94
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.75
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.68
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 49,219,163
<INVESTMENTS-AT-VALUE> 44,276,612
<RECEIVABLES> 390,821
<ASSETS-OTHER> 37,016
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,704,449
<PAYABLE-FOR-SECURITIES> 308,214
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 27,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 44,368,902
<DIVIDEND-INCOME> 227,111
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 54,798
<NET-INVESTMENT-INCOME> 172,313
<REALIZED-GAINS-CURRENT> (81)
<APPREC-INCREASE-CURRENT> (1,774,453)
<NET-CHANGE-FROM-OPS> (1,602,221)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 965,229
<NUMBER-OF-SHARES-REDEEMED> (59,025)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,909,699
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.58
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 18,212,938
<INVESTMENTS-AT-VALUE> 19,036,491
<RECEIVABLES> 8,731
<ASSETS-OTHER> 14,501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,059,723
<PAYABLE-FOR-SECURITIES> 8,731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,838
<TOTAL-LIABILITIES> 18,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 19,041,154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 22,546
<NET-INVESTMENT-INCOME> (22,546)
<REALIZED-GAINS-CURRENT> 28,505
<APPREC-INCREASE-CURRENT> 813,854
<NET-CHANGE-FROM-OPS> 819,813
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 542,819
<NUMBER-OF-SHARES-REDEEMED> (76,223)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,191,839
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 15.37
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.89
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.24
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 600,950,427
<INVESTMENTS-AT-VALUE> 600,950,427
<RECEIVABLES> 8,976,587
<ASSETS-OTHER> 604,888
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 610,531,902
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,175,709
<TOTAL-LIABILITIES> 1,175,709
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 609,356,193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,976,587
<OTHER-INCOME> 0
<EXPENSES-NET> 1,040,817
<NET-INVESTMENT-INCOME> 7,935,770
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,935,770
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,235,302
<NUMBER-OF-SHARES-REDEEMED> (46,066,267)
<SHARES-REINVESTED> 7,935,770
<NET-CHANGE-IN-ASSETS> (20,895,195)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.013
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.013
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 29,373,934
<INVESTMENTS-AT-VALUE> 31,427,027
<RECEIVABLES> 216,173
<ASSETS-OTHER> 24,277
<OTHER-ITEMS-ASSETS> 123
<TOTAL-ASSETS> 31,667,600
<PAYABLE-FOR-SECURITIES> 1,033,863
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,706
<TOTAL-LIABILITIES> 1,069,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 30,598,031
<DIVIDEND-INCOME> 126,378
<INTEREST-INCOME> 63,375
<OTHER-INCOME> 0
<EXPENSES-NET> 65,998
<NET-INVESTMENT-INCOME> 123,755
<REALIZED-GAINS-CURRENT> 63,149
<APPREC-INCREASE-CURRENT> 1,036,703
<NET-CHANGE-FROM-OPS> 1,223,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 740,455
<NUMBER-OF-SHARES-REDEEMED> (80,213)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,980,081
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 12.93
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.57
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-CONSERVATIVE
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 7,979,655
<INVESTMENTS-AT-VALUE> 8,200,096
<RECEIVABLES> 53,943
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,254,039
<PAYABLE-FOR-SECURITIES> 53,943
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,037
<TOTAL-LIABILITIES> 54,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 8,199,059
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,771
<NET-INVESTMENT-INCOME> (1,771)
<REALIZED-GAINS-CURRENT> 38,100
<APPREC-INCREASE-CURRENT> 22,262
<NET-CHANGE-FROM-OPS> 58,591
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 312,089
<NUMBER-OF-SHARES-REDEEMED> (49,117)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,826,976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-MODERATE
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 21,139,307
<INVESTMENTS-AT-VALUE> 21,975,614
<RECEIVABLES> 189,566
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,165,180
<PAYABLE-FOR-SECURITIES> 189,566
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,731
<TOTAL-LIABILITIES> 192,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,972,883
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 4,536
<NET-INVESTMENT-INCOME> (4,536)
<REALIZED-GAINS-CURRENT> 57,796
<APPREC-INCREASE-CURRENT> 284,584
<NET-CHANGE-FROM-OPS> 337,843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 898,961
<NUMBER-OF-SHARES-REDEEMED> (35,362)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,593,896
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-AGGRESSIVE
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 13,939,996
<INVESTMENTS-AT-VALUE> 14,877,441
<RECEIVABLES> 159,791
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,037,232
<PAYABLE-FOR-SECURITIES> 159,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,006
<TOTAL-LIABILITIES> 161,796
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 14,875,436
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 3,170
<NET-INVESTMENT-INCOME> (3,170)
<REALIZED-GAINS-CURRENT> 50,232
<APPREC-INCREASE-CURRENT> 458,809
<NET-CHANGE-FROM-OPS> 505,871
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 439,044
<NUMBER-OF-SHARES-REDEEMED> (34,976)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,875,976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.02
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
