FORM 10-Q/A
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 June 30, 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>
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
FORM 10-Q/A
INDEX
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
Aggressive Equity Fund
Statement of Assets and Liabilities................. 4
Statement of Operations............................. 5
Statement of Changes in Net Assets...................6
Per-Unit Data and Ratios.............................7
Balanced Fund
Statement of Assets and Liabilities..................8
Statement of Operations..............................9
Statement of Changes in Net Assets..................10
Per-Unit Data and Ratios............................11
Growth Equity Fund
Statement of Assets and Liabilities.................12
Statement of Operations............................ 13
Statement of Changes in Net Assets..................14
Per-Unit Data and Ratios............................15
Index Equity Fund
Statement of Assets and Liabilities................ 16
Statement of Operations............................ 17
Statement of Changes in Net Assets..................18
Per-Unit Data and Ratios............................19
Intermediate Bond Fund
Statement of Assets and Liabilities.................20
Statement of Operations.............................21
Statement of Changes in Net Assets..................22
Per-Unit Data and Ratios............................23
International Equity Fund
Statement of Assets and Liabilities................ 24
Statement of Operations............................ 25
Statement of Changes in Net Assets..................26
Per-Unit Data and Ratios............................27
2
<PAGE>
<PAGE>
Stable Asset Return Fund
Statement of Assets and Liabilities.................28
Statement of Operations.............................29
Statement of Changes in Net Assets..................30
Per-Unit Data and Ratios............................31
Value Equity Fund
Statement of Assets and Liabilities.................32
Statement of Operations.............................33
Statement of Changes in Net Assets..................34
Per-Unit Data and Ratios............................35
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities.................36
Statement of Operations.............................37
Statement of Changes in Net Assets..................38
Per-Unit Data and Ratios............................39
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities.................40
Statement of Operations.............................41
Statement of Changes in Net Assets..................42
Per-Unit Data and Ratios............................43
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities................ 44
Statement of Operations............................ 45
Statement of Changes in Net Assets..................46
Per-Unit Data and Ratios............................47
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations...............48
PART II. OTHER INFORMATION
Item 1.Legal Proceedings..................................53
Item 2.Changes in Securities..............................53
Item 3.Defaults Upon Senior Securities....................53
Item 4.Submission of Matters to a Vote of Security
Holders............................................53
Item 5.Other Information..................................53
Item 6.Exhibits and Reports on Form 8-K...................53
SIGNATURES.....................................................54
3
<PAGE>
<PAGE>
ITEM 1. Financial Statements (Unaudited)
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
---------------
<S> <C>
Assets
Investments, at value (cost $200,355,291)................................ $251,160,092
Cash..................................................................... 1,785
Receivable for investments sold....................................... 2,867,712
Receivable for fund units sold....................................... 170,839
Dividends and interest receivable..................................... 243,049
Other assets............................................................ 198,390
---------------
Total assets....................................................... 254,641,867
---------------
Liabilities
Payable for investments purchased........................................ 2,904,784
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 616,753
Other liabilities........................................................ 508
---------------
Total liabilities................................................... 3,522,045
---------------
Net Assets............................................................... $251,119,822
===============
Net asset value, redemption price and offering price per unit
of beneficialinterest ( $251,119,822/6,649,136 units outstanding)...... $37.77
===============
</TABLE>
4
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------------------------
<S> <C> <C>
Investment income
Dividend income.................................... $403,113 $772,511
Interest income.................................... 257,333 427,608
----------------------------
Total investment income....................... 660,446 1,200,119
Expenses:
Investment advisory fee.......................... $282,010 $534,694
State Street Bank & Trust Company - program fee 235,950 448,004
American Bar Retirement Association - program fee 34,634 65,803
Trustee, management and administration fees........ 49,445 94,298
Other expenses and taxes........................ 19,982 27,258
Amortization of organization expenses........... 21,351 41,497
----------------------------
Total expenses................................ 643,372 1,211,554
----------------------------
Net investment income (loss)............................ 17,074 (11,435)
----------------------------
----------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 9,783,715 17,812,362
Unrealized appreciation of investments during the
period............................................. 1,440,370 9,314,549
----------------------------
Net gain on investments......................... 11,224,085 27,126,911
----------------------------
Net increase in net assets resulting from
operations $11,241,159 $27,115,476
=============================
</TABLE>
5
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. $17,074 ($11,435)
Net realized gain on investments.............. 9,783,715 17,812,362
Unrealized appreciation on investments during
the period.................................... 1,440,370 9,314,549
----------------------------
Net increase in net assets resulting from
operations.................................... 11,241,159 27,115,476
----------------------------
Participant transactions:
Proceeds from sale of units................... 10,312,546 17,873,406
Cost of units redeemed........................ (3,622,069) (8,422,667)
----------------------------
Net increase in net assets resulting from
participant transactions...................... 6,690,477 9,450,739
----------------------------
Total increase in net assets........ 17,931,636 36,566,215
Net Assets:
Beginning of period........................... 233,188,186 214,553,607
End of period................................. $251,119,822 $251,119,822
Number of units:
Outstanding-beginning of period............... 6,471,034 6,390,559
Sold..................................... 274,653 493,014
Redeemed................................. (96,551) (234,437)
----------------------------
Outstanding-end of period..................... 6,649,136 6,649,136
=============================
</TABLE>
6
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income....................................... $0.10 $0.18
Expenses................................................ (0.10) (0.19)
----------------------------
Net investment income (loss)............................ 0.00 (0.01)
Net realized and unrealized gain on investments......... 1.73 4.19
----------------------------
Net increase in unit value.............................. 1.73 4.18
Net asset value at beginning of period.................. 36.04 33.59
----------------------------
Net assets value at end of period....................... $37.77 $37.77
=============================
Ratio of expenses to average net assets*................ 1.03% 1.03%
Ratio of net investment income (loss) to average assets* 0.03% (0.01%)
Portfolio turnover...................................... 14% 30%
Number of units outstanding at end of period (in
(in thousands)......................................... 6,649 6,649
___________________
*Annualized
</TABLE>
7
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
<S> <C>
June 30, 1996
Assets ---------------
Investments, at value (cost $262,425,267)................................. $301,307,091
Cash...................................................................... (12,664)
Receivable for investments sold........................................ 3,717,456
Receivable for fund units sold........................................ 0
Dividends and interest receivable...................................... 1,911,353
Other assets............................................................. 218,075
----------------
Total assets........................................................ 307,141,311
----------------
Liabilities
Payable for investments purchased......................................... 25,551,874
Payable for fund units purchased.......................................... 59,538
Accrued expenses.......................................................... 468,119
Other liabilities......................................................... 6,328
----------------
Total liabilities.................................................... 26,085,859
----------------
Net Assets................................................................ $281,055,452
================
Net asset value, redemption price and offering price per unit of
beneficial interest ($281,055,452/8,237,903 units outstanding).......... $34.12
================
</TABLE>
8
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income
Dividend income..................................... $876,595 $1,668,281
Interest income..................................... 1,729,548 3,442,982
---------------------------------
Total investment income........................ 2,606,143 5,111,263
Expenses:
Investment advisory fee........................... $260,219 $515,742
State Street Bank & Trust Company
- program fee 262,349 522,487
American Bar Retirement Association
- program fee...................................... 38,510 76,743
Trustee, management and administration fees......... 54,983 110,009
Other expenses and taxes......................... 30,329 43,487
Amortization of organization expenses............ 24,939 48,001
---------------------------------
Total expenses................................. 671,329 1,316,469
---------------------------------
Net investment income.................................... 1,934,814 3,794,794
---------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 7,637,679 12,217,647
Unrealized appreciation (depreciation) of
investments during the period.......................... (319,466) 1,591,340
---------------------------------
Net gain on investments.......................... 7,318,213 13,808,987
---------------------------------
Net increase in net assets resulting from
operations.......................................... $9,253,027 $17,603,781
</TABLE>
9
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $1,934,814 $3,794,794
Net realized gain on investments............... 7,637,679 12,217,647
Unrealized appreciation (depreciation)
on investments during the period............... (319,466) 1,591,340
---------------------------------
Net increase in net assets resulting from
operations..................................... 9,253,027 17,603,781
---------------------------------
Participant transactions:
Proceeds from sale of units.................... 4,142,443 10,893,811
Cost of units redeemed......................... (7,438,581) (11,920,552)
---------------------------------
Net decrease in net asssets resulting from
participant transactions....................... (3,296,138) (1,026,741)
---------------------------------
Total increase in net assets......... 5,956,889 16,577,040
Net Assets:
Beginning of period ........................... 275,098,563 264,478,412
End of period.................................. $281,055,452 $281,055,452
Number of units:
Outstanding-beginning of period................ 8,334,802 8,264,600
Sold...................................... 125,004 331,953
Redeemed.................................. (221,903) (358,650)
---------------------------------
Outstanding-end of period...................... 8,237,903 8,237,903
=================================
</TABLE>
10
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
<S> <C> <C>
Investment income........................................ $0.31 $0.62
Expenses................................................. (0.08) (0.16)
---------------------------------
Net investment income.................................... 0.23 0.46
Net realized and unrealized gain on investments.......... 0.88 1.66
---------------------------------
Net increase in unit value............................... 1.11 2.12
Net asset value at beginning of period................... 33.01 32.00
---------------------------------
Net assets value at end of period........................ $34.12 $34.12
=================================
Ratio of expenses to average net assets*................. 0.97% 0.96%
Ratio of net investment income to average assets*........ 2.79% 2.77%
Portfolio turnover....................................... 54% 105%
Number of units outstanding at end of period
(in thousands)........................................... 8,238 8,238
*Annualized
</TABLE>
11
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
-----------------
<S> <C>
Assets
Investments, at value (cost $551,483,933)................................. $699,160,872
Cash...................................................................... 34,656
Receivable for investments sold........................................ 5,106,609
Receivable for fund units sold........................................ 656,132
Dividends and interest receivable...................................... 934,097
Other assets.............................................................. 542,603
---------------
Total assets........................................................ 706,434,969
---------------
Liabilities
Payable for investments purchased......................................... 7,764,474
Payable for fund units purchased.......................................... 0
Accrued expenses.......................................................... 959,645
Other liabilities......................................................... 3,174
---------------
Total liabilities.................................................... 8,727,293
---------------
Net Assets................................................................ $697,707,676
===============
Net asset value, redemption price and offering price per unit of
beneficial interest
($697,707,676/2,785,738 units outstanding)............................. $250.46
===============
</TABLE>
12
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income
Dividend income..................................... $3,106,527 $8,014,206
Interest income..................................... 436,319 899,908
---------------------------------
Total investment income ....................... 3,542,846 8,914,114
Expenses:
Investment advisory fee........................... $526,545 $1,035,867
State Street Bank & Trust Company - program fee 650,258 1,282,747
American Bar Retirement Association - program fee 95,447 188,405
Trustee, management and administration fees......... 136,271 270,048
Other expenses and taxes......................... 101,542 128,704
Amortization of organization expenses............ 54,283 96,608
---------------------------------
Total expenses................................. 1,564,346 3,002,379
---------------------------------
Net investment income.................................... 1,978,500 5,911,735
---------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 20,547,457 43,247,303
Unrealized appreciation (depreciation) of investments
during the period...................................... (1,904,604) 9,846,272
---------------------------------
Net gain on investments.......................... 18,642,853 53,093,575
---------------------------------
Net increase in net assets resulting from
operations........................................ $20,621,353 $59,005,310
=================================
</TABLE>
13
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $1,978,500 $5,911,735
Net realized gain on investments............... 20,547,457 43,247,303
Unrealized appreciation (depreciation) on
investments during the period................ (1,904,604) 9,846,272
---------------------------------
Net increase in net assets resulting from
operations................................... 20,621,353 59,005,310
---------------------------------
Participant transactions:
Proceeds from sales of units................... 11,386,175 21,897,646
Cost of units redeemed......................... (9,490,926) (21,118,607)
---------------------------------
Net increase in net assets resulting from
participant transactions..................... 1,895,249 779,039
---------------------------------
Total increase in net assets......... 22,516,602 59,784,349
Net Assets:
Beginning of period.............................. 675,191,074 637,923,327
End of period.................................... $697,707,676 $697,707,676
Number of units:
Outstanding-beginning of period................ 2,777,538 2,781,981
Sold...................................... 46,426 90,727
Redeemed.................................. (38,226) (86,970)
---------------------------------
Outstanding-end of period...................... 2,785,738 2,785,738
=================================
</TABLE>
14
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income........................................ $1.27 $3.20
Expenses................................................. (0.56) (1.08)
---------------------------------
Net investment income.................................... 0.71 2.12
Net realized and unrealized gain on investments.......... 6.66 19.03
---------------------------------
Net increase in unit value............................... 7.37 21.15
Net asset value at beginning of period................... 243.09 229.31
---------------------------------
Net assets value at end of period........................ $250.46 $250.46
=================================
Ratio of expenses to average net assets*................. 0.91% 0.89%
Ratio of net investment income to average assets*........ 1.15% 1.75%
Portfolio turnover....................................... 17% 31%
Number of units outstanding at end of period
(in thousands)......................................... 2,786 2,786
_____________________
*Annualized
</TABLE>
15
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
-----------------
<S> <C>
Assets
Investments, at value (cost $ 58,835,639)................................ $66,616,900
Cash..................................................................... 24,482
Receivable for investments sold....................................... 0
Receivable for fund units sold....................................... 807,692
Dividends and interest receivable..................................... 72,831
Other assets............................................................ 51,758
---------------
Total assets....................................................... 67,573,663
---------------
Liabilities
Payable for investments purchased........................................ 97,313
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 43,527
Other liabilities........................................................ 0
---------------
Total liabilities................................................... 140,840
---------------
Net Assets............................................................... $67,432,823
===============
Net asset value,redemption price and offering price per unit of
beneficial interest ( $ 67,432,823/4,415,975 units outstanding)....... $15.27
===============
</TABLE>
16
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income
Dividend income.................................... $124,083 $177,494
Interest income.................................... 0 0
---------------------------------
Total investment income....................... 124,083 177,494
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee... 60,340 112,154
American Bar Retirement Association - program fee. 8,857 16,472
Trustee, management and administration fees........ 29,396 55,530
Other expenses and taxes........................ 4,095 10,071
Amortization of organization expenses........... 3,642 5,047
---------------------------------
Total expenses................................ 106,330 199,274
---------------------------------
Net investment income (loss)............................ 17,753 (21,780)
---------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 416,341 725,529
Unrealized appreciation of investments during the
period................................................ 2,053,429 4,540,234
---------------------------------
Net gain on investments......................... 2,469,770 5,265,763
---------------------------------
Net increase in net assets resulting from op $2,487,523 $5,243,983
=================================
</TABLE>
17
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. $17,753 ($21,780)
Net realized gain on investments.............. 416,341 725,529
Unrealized appreciation on investments during
the period.................................. 2,053,429 4,540,234
---------------------------------
Net increase in net assets resulting from
operations.................................. 2,487,523 5,243,983
---------------------------------
Participant transactions:
Proceeds from sales of units.................. 7,452,625 18,041,627
Cost of units redeemed........................ (1,313,344) (3,780,861)
---------------------------------
Net increase in net assets resulting from
participant transactions.................... 6,139,281 14,260,766
---------------------------------
Total increase in net assets........ 8,626,804 19,504,749
Net Assets:
Beginning of period........................... 58,806,019 47,928,074
End of period................................. $67,432,823 $67,432,823
Number of units:
Outstanding-beginning of period............... 4,006,177 3,437,843
Sold..................................... 495,848 1,235,935
Redeemed................................. (86,050) (257,803)
---------------------------------
Outstanding-end of period..................... 4,415,975 4,415,975
=================================
</TABLE>
18
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income....................................... $0.03 $0.04
Expenses................................................ (0.02) (0.05)
---------------------------------
Net investment income................................... 0.01 (0.01)
Net realized and unrealized gain on investments......... 0.58 1.34
---------------------------------
Net increase in unit value.............................. 0.59 1.33
Net asset value at beginning of period.................. 14.68 13.94
---------------------------------
Net assets value at end of period....................... $15.27 $15.27
=================================
Ratio of expenses to average net assets*................ 0.67% 0.68%
Ratio of net investment income to average assets*....... 0.11% (0.07%)
Portfolio turnover**.................................... 4% 9%
Number of units outstanding at end of period
(in thousands)........................................ 4,416 4,416
________________
*Annualized
**Reflects purchases and sales of units of the collective investment funds
in which the Fund invests, rather than turnover of the underlying portfolios of
such collective investment funds.
</TABLE>
19
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
-----------------
<S> <C>
Assets
Investments, at value (cost $ 46,089,985)................................. $44,821,678
Cash...................................................................... 0
Receivable for investments sold........................................ 0
Receivable for fund units sold........................................ 184,699
Dividends and interest receivable...................................... 232,041
Other assets............................................................. 34,050
---------------
Total assets........................................................ 45,272,468
---------------
Liabilities
Payable for investments purchased......................................... 285,772
Payable for fund units purchased.......................................... 130,969
Accrued expenses.......................................................... 28,602
Other liabilities......................................................... 0
---------------
Total liabilities.................................................... 445,343
---------------
Net Assets................................................................ $44,827,125
===============
Net asset value, redemption price and offering price per unit of beneficial interest
( $ 44,827,125/4,340,850 units outstanding)............................. $10.33
===============
</TABLE>
20
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income
Dividend income..................................... $1,077,498 $1,304,609
Interest income..................................... 0 0
---------------------------------
Total investment income........................ 1,077,498 1,304,609
---------------------------------
Expenses:
Investment advisory fee........................... $0 $0
State Street Bank & Trust Company - program fee.... 41,149 80,546
American Bar Retirement Association - program fee... 6,040 11,830
Trustee, management and administration fees......... 10,853 11,546
Other expenses and taxes......................... 2,007 9,881
Amortization of organization expenses............ 2,658 3,703
---------------------------------
Total expenses................................. 62,707 117,506
---------------------------------
Net investment income.................................... 1,014,791 1,187,103
---------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized loss on investments sold............... (116,409) (116,489)
Unrealized depreciation of investments during the period. (325,757) (2,100,210)
---------------------------------
Net loss on investments.......................... (442,166) (2,216,699)
---------------------------------
Net increase (decrease) in
Net assets resulting from operations............. $572,625 ($1,029,596)
=================================
</TABLE>
21
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $1,014,791 $1,187,103
Net realized loss on investments............... (116,409) (116,489)
Unrealized depreciation on investments during
the period................................... (325,757) (2,100,210)
---------------------------------
Net increase (decrease) in net assets
resulting from operations.................... 572,625 (1,029,596)
---------------------------------
Participant transactions:
Proceeds from sales of units................... 4,052,258 14,174,179
Cost of units redeemed......................... (4,166,660) (4,776,661)
---------------------------------
Net increase (decrease) in net assets from
participant transactions..................... (114,402) 9,397,518
---------------------------------
Total increase in net assets......... 458,223 8,367,922
Net Assets:
Beginning of period............................ 44,368,902 36,459,203
End of period.................................. $44,827,125 $44,827,125
Number of units:
Outstanding-beginning of period................ 4,353,562 3,447,358
Sold...................................... 399,423 1,364,652
Redeemed.................................. (412,135) (471,160)
---------------------------------
Outstanding-end of period..................... 4,340,850 4,340,850
=================================
</TABLE>
22
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income........................................ $0.25 $0.32
Expenses................................................. (0.01) (0.03)
---------------------------------
Net investment income.................................... 0.24 0.29
Net realized and unrealized loss on investments.......... (0.10) (0.54)
---------------------------------
Net increase (decrease) in unit value.................... 0.14 (0.25)
Net asset value at beginning of period................... 10.19 10.58
---------------------------------
Net assets value at end of period........................ $10.33 $10.33
=================================
Ratio of expenses to average net assets*................. 0.58% 0.56%
Ratio of net investment income to average assets*........ 9.32% 5.61%
Portfolio turnover**..................................... 9% 11%
Number of units outstanding at end of period
(in thousands)........................................ 4,341 4,341
_________________________
*Annualized
**Reflects purchases and sales of shares of the registered investment
companies in which the Fund invests, rather than the turnover of
the underlying portfolios of such registered investment companies.
</TABLE>
23
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
-----------------
<S> <C>
Assets
Investments, at value (cost $ 22,227,501)................................ $23,830,858
Cash..................................................................... 17,863
Receivable for investments sold....................................... 145,035
Receivable for fund units sold....................................... 0
Dividends and interest receivable..................................... 0
Other assets............................................................ 18,399
---------------
Total assets....................................................... 24,012,155
---------------
Liabilities
Payable for investments purchased........................................ 17,863
Payable for fund units purchased......................................... 145,035
Accrued expenses......................................................... 12,725
Other liabilities........................................................ 0
---------------
Total liabilities................................................... 175,623
---------------
Net Assets............................................................... $23,836,532
===============
Net asset value, redemption price and offering price per unit of beneficial interest
( $ 23,836,532/1,411,443 units outstanding)............................ $16.89
===============
</TABLE>
24
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income
Dividend income.................................... $59,562 $59,562
Interest income.................................... 0 0
---------------------------------
Total investment income....................... $59,562 $59,562
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee... 20,377 35,011
American Bar Retirement Association - program fee.. 2,989 5,315
Trustee, management and administration fees........ 4,270 7,395
Other expenses and taxes........................ 1,027 2,987
Amortization of organization expenses........... 1,266 1,767
---------------------------------
Total expenses................................ 29,929 52,475
---------------------------------
Net investment income (loss)............................ 29,633 7,087
---------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 32,769 61,274
Unrealized appreciation of investments during the period 779,804 1,593,658
---------------------------------
Net gain on investments......................... 812,573 1,654,932
---------------------------------
Net increase in net assets resulting from
operations...................................... $842,206 $1,662,019
=================================
</TABLE>
25
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss) ............... $29,633 $7,087
Net realized gain on investments.............. 32,769 61,274
Unrealized appreciation on investments
during the period............................. 779,804 1,593,658
----------------------------
Net increase in net assets resulting from
operations.................................... 842,206 1,662,019
----------------------------
Participant transactions:
Proceeds from sale of units................... 4,154,260 12,737,146
Cost of units redeemed........................ (201,088) (1,411,948)
----------------------------
Net increase in net assets resulting
from participant transactions................. 3,953,172 11,325,198
----------------------------
Total increase in net assets........ 4,795,378 12,987,217
Net Assets:
Beginning of period........................... 19,041,154 10,849,315
End of period................................. $23,836,532 $23,836,532
Number of units:
Outstanding-beginning of period............... 1,172,550 705,954
Sold..................................... 250,915 793,734
Redeemed................................. (12,022) (88,245)
----------------------------
Outstanding-end of period..................... 1,411,443 1,411,443
============================
</TABLE>
26
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
----------------------------------
<S> <C> <C>
Investment income....................................... $0.05 $0.05
Expenses................................................ (0.02) (0.05)
----------------------------
Net investment income................................... 0.03 0.00
Net realized and unrealized gain on investments......... 0.62 1.52
----------------------------
Net increase in unit value.............................. 0.65 1.52
Net asset value at beginning of period.................. 16.24 15.37
---------------------------------
Net assets value at end of period....................... $16.89 $16.89
=============================
Ratio of expenses to average net assets*................ 0.56% 0.57%
Ratio of net investment income to average assets*....... 0.55% .08%
Portfolio turnover**.................................... 2% 7%
Number of units outstanding at end
of period (in thousands)............................... 1,411 1,411
______________________
*Annualized
**Reflects purchases and sales of shares of the registered investment company
in which the Fund invests, rather the turnover of the underlying portfolio of
such registered investment company.
</TABLE>
27
<PAGE>
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
<S> <C>
Assets June 30, 1996
---------------
Investments, at value (Cost $601,955,457)................................ $601,955,457
Interest Receivable ..................................................... 2,878,214
Receivable for fund units sold........................................... 0
Other assets............................................................. 472,268
---------------
Total assets....................................................... 605,305,939
===============
Liabilities
Payable for units redeemed............................................... 505,772
Accrued expenses......................................................... 0
---------------
Total Liabilities................................................... 505,772
---------------
Net Assets.............................................................. $604,800,167
===============
Net asset value, redemption price and offering price per unit
of beneficial interest
( $604,800,167/604,800,168 units outstanding................ $1.00
===============
</TABLE>
28
<PAGE>
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Interest income........................................ $8,713,342 $17,689,929
----------------------------
Expenses:
State Street Bank & Trust Company - program fee 575,091 1,169,316
American Bar Retirement Association - program fee 84,417 171,754
Trustee, management and administration fees..... 303,364 612,329
Other expenses and taxes........................ 38,036 55,647
Amortization of organization expenses.............. 34,706 67,387
----------------------------
Total Expenses............................... 1,035,614 2,076,433
----------------------------
Net investment income................................. $7,677,728 $15,613,496
----------------------------
</TABLE>
29
<PAGE>
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Increase in Net Assets From: to June 30, 19to June 30, 1996
Operations:
Net investment income and net increase in net
assets resulting from operations.............. $7,677,728 $15,613,496
----------------------------
Distributions from net investment income...... (7,677,728) (15,613,496)
----------------------------
Participant transactions:
Proceeds from sale of units................... 12,574,941 29,810,243
Units issued in connection with
reinvestment of net investment income......... 7,677,728 15,613,496
Cost of units redeemed........................ (24,808,695) (70,874,959)
----------------------------
Net decrease in net assets
resulting from participant transactions....... (4,556,026) (25,451,221)
----------------------------
Total decrease in net assets........ (4,556,026) (25,451,221)
----------------------------
Net Assets:
Beginning of period........................... 609,356,193 630,251,388
----------------------------
End of period................................. $604,800,167 $604,800,167
=============================
</TABLE>
30
<PAGE>
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income....................................... $0.015 $0.028
Expenses................................................ (0.002) (0.003)
----------------------------
Net investment income................................... 0.013 0.025
Reinvestment of net investment income............... (0.013) (0.025)
----------------------------
Net decrease in unit value.............................. 0.000 (0.000)
Net asset value at beginning of period.................. 1.00 1.00
----------------------------
Net asset value at end of period........................ $1.00 $1.00
=================================
Ratio of expenses to average net assets*................ 0.68% 0.68%
Ratio of net investment income to average assets*....... 5.06% 5.10%
Number of units outstanding at
end of period (in thousands)............................ 604,800 604,800
________________________
* Annualized
</TABLE>
31
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
---------------
<S> <C> <C>
Assets
Investments, at value (cost $34,064,710)................................. $37,201,599
Cash..................................................................... 221
Receivable for investments sold....................................... 0
Receivable for fund units sold....................................... 96,095
Dividends and interest receivable..................................... 107,601
Other assets............................................................ 27,602
---------------
Total assets....................................................... 37,433,118
---------------
Liabilities
Payable for investments purchased........................................ 863,630
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 31,634
Other liabilities........................................................ 80
---------------
Total liabilities................................................... 895,344
---------------
Net Assets............................................................... $36,537,774
===============
Net asset value, redemption price and offering price per unit of
beneficial interest ( $36,537,774/2,597,313 units outstanding)......... $14.07
===============
</TABLE>
32
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income.................................... $183,449 $309,827
Interest income.................................... 53,391 116,766
----------------------------
Total investment income....................... 236,840 426,593
Expenses:
Investment advisory fee.......................... $33,992 $61,638
State Street Bank & Trust Company -program fee 31,426 56,321
American Bar Retirement Association - program fee 5,313 8,272
Trustee, management and administration fees........ 6,586 11,848
Other expenses and taxes........................ 2,336 6,233
Amortization of organization expenses........... 1,811 2,450
----------------------------
Total expenses................................ 81,464 146,762
----------------------------
Net investment income................................... 155,376 279,831
----------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 255,130 318,297
Unrealized appreciation of investments during the
period................................................ 781,668 1,818,372
----------------------------
Net gain on investments......................... 1,036,798 2,136,669
----------------------------
Net increase in net assets
resulting from operations........................ $1,192,174 $2,416,500
=============================
</TABLE>
33
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income......................... $155,376 $279,831
Net realized gain on investments.............. 255,130 318,297
Unrealized appreciation on
investments during the period................. 781,668 1,818,372
----------------------------
Net increase in net assets
resulting from operations..................... 1,192,174 2,416,500
----------------------------
Participant transactions:
Proceeds from sale of units................... 6,318,680 16,155,150
Cost of units redeemed........................ (1,571,711) (2,651,825)
----------------------------
Net increase in net assets
resulting from participating transactions..... 4,746,969 13,503,325
----------------------------
Total increase in net assets........ 5,939,143 15,919,825
Net Assets:
Beginning of period........................... 30,598,030 20,617,950
End of period................................. $36,537,173 $36,537,775
Number of units:
Outstanding-beginning of period............... 2,254,609 1,594,367
Sold..................................... 456,313 1,196,768
Redeemed................................. (113,609) (193,822)
----------------------------
Outstanding-end of period..................... 2,597,313 2,597,313
=============================
</TABLE>
34
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income....................................... $0.10 $0.19
Expenses................................................ (0.03) (0.07)
----------------------------
Net investment income................................... 0.07 0.12
Net realized and unrealized gain on investments......... 0.43 1.02
----------------------------
Net increase in unit value.............................. 0.50 1.14
Net asset value at beginning of period.................. 13.57 12.93
----------------------------
Net assets value at end of period....................... $14.07 $14.07
=============================
Ratio of expenses to average net assets*................ 0.98% 0.99%
Ratio of net investment income to average assets*....... 1.87% 1.89%
Portfolio turnover...................................... 8% 12%
Number of units outstanding
at end of period (in thousands)...................... 2,597 2,597
______________________________
*Annualized
</TABLE>
35
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
---------------
<S> <C>
Assets
Investments, at value (cost $ 8,190,119)................................ $8,515,040
Cash..................................................................... 0
Receivable for investments sold....................................... 0
Receivable for fund units sold....................................... 12,942
Dividends and interest receivable..................................... 0
Other assets............................................................ 0
---------------
Total assets....................................................... 8,527,982
---------------
Liabilities
Payable for investments purchased........................................ 0
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 1,047
Other liabilities........................................................ 0
---------------
Total liabilities................................................... 1,047
---------------
Net Assets............................................................... $8,526,935
===============
Net asset value, redemption price and offering price
per unit of beneficial interest
( $ 8,526,935/ 789,980 units outstanding)............................. $10.79
===============
</TABLE>
36
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income.................................... $0 $0
Interest income.................................... 0 0
----------------------------
Total investment income....................... 0 0
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee. 0 0
American Bar Retirement Association - program fee. 0 0
Trustee, management and administration fees........ 2,086 3,857
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
----------------------------
Total expenses................................ 2,086 3,857
----------------------------
Net investment income (loss)............................ (2,086) (3,857)
----------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 83,021 121,121
Unrealized appreciation of
investments during the period......................... 104,479 126,741
----------------------------
Net gain on investments......................... 187,500 247,882
----------------------------
Net increase in net assets
resulting from operations........................ $185,414 $244,005
=============================
</TABLE>
37
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($2,086) ($3,857)
Net realized gain on investments.............. 83,021 121,121
Unrealized appreciation on
investments during the period................. 104,479 126,741
----------------------------
Net increase in net assets
resulting from operations .................. 185,414 244,005
----------------------------
Participant transactions:
Proceeds from sales of units.................. 1,242,867 4,528,405
Cost of units redeemed........................ (1,100,405) (1,617,555)
----------------------------
Net increase in net asssets
resulting from participant transactions....... 142,462 2,910,850
----------------------------
Total increase in net assets........ 327,876 3,154,855
----------------------------
Net Assets:
Beginning of period........................... 8,199,059 5,372,080
End of period................................. $8,526,935 $8,526,935
Number of units:
Outstanding-beginning of period............... 776,172 513,200
Sold..................................... 114,060 426,149
Redeemed................................. (100,252) (149,369)
----------------------------
Outstanding-end of period..................... 789,980 789,980
=============================
</TABLE>
38
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ (0.00) (0.01)
----------------------------
Net investment income................................... (0.00) (0.01)
Net realized and unrealized gain on investments......... 0.23 0.33
----------------------------
Net increase in unit value.............................. 0.23 0.32
Net asset value at beginning of period.................. 10.56 10.47
----------------------------
Net assets value at end of period....................... $10.79 $10.79
=============================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income to average assets*....... (0.10%) (0.10%)
Portfolio turnover**.................................... 14% 24%
Number of units outstanding at
end of period (in thousands).......................... 790 790
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds.
</TABLE>
39
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1996
Assets ---------------
<S> <C>
Investments, at value (cost $ 23,455,093)................................ $24,778,252
Cash..................................................................... 0
Receivable for investments sold....................................... 0
Receivable for fund units sold....................................... 12,270
Dividends and interest receivable..................................... 0
Other assets............................................................ 0
---------------
Total assets....................................................... 24,790,522
---------------
Liabilities
Payable for investments purchased........................................ 0
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 2,944
Other liabilities........................................................ 0
---------------
Total liabilities................................................... 2,944
---------------
Net Assets............................................................... $24,787,578
===============
Net asset value, redemption price and offering price per unit of
beneficial interest ($ 24,787,578/2,237,277 units outstanding)......... $11.08
===============
</TABLE>
40
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income.................................... $0 $0
Interest income.................................... 0 0
----------------------------
Total investment income....................... 0 0
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee.. 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees........ 5,923 10,459
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
----------------------------
Total expenses................................ 5,923 10,459
----------------------------
Net investment income (loss)............................ (5,923) (10,459)
----------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 154,258 212,054
Unrealized appreciation of
investments during the period......................... 486,851 771,435
----------------------------
Net gain on investments......................... 641,109 983,488
----------------------------
Net increase in net assets
resulting from operations........................ $635,186 $973,030
=============================
</TABLE>
41
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($5,923) ($10,459)
Net realized gain on investments.............. 154,258 212,054
Unrealized appreciation on
investments during the period................ 486,851 771,435
----------------------------
Net increase in net assets
resulting from operations..................... 635,186 973,030
----------------------------
Participant transactions:
Proceeds from sales of units.................. 3,677,281 13,307,540
Cost of units redeemed........................ (1,497,772) (1,871,979)
----------------------------
Net increase in net assets
resulting from participant transacitons....... 2,179,509 11,435,561
----------------------------
Total increase in net assets........ 2,814,695 12,408,591
Net Assets:
Beginning of period........................... 21,972,883 12,378,987
End of period................................. $24,787,578 $24,787,578
Number of units:
Outstanding-beginning of period............... 2,037,568 1,173,969
Sold..................................... 337,265 1,236,226
Redeemed................................. (137,556) (172,918)
----------------------------
Outstanding-end of period..................... 2,237,277 2,237,277
=============================
</TABLE>
42
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ (0.00) (0.01)
----------------------------
Net investment income................................... (0.00) (0.01)
Net realized and unrealized gain on investments......... 0.30 0.55
----------------------------
Net increase in unit value.............................. 0.30 0.54
Net asset value at beginning of period.................. 10.78 10.54
----------------------------
Net assets value at end of period....................... $11.08 $11.08
=============================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income to average assets*....... (0.10%) (0.10%)
Portfolio turnover**.................................... 7% 12%
Number of units outstanding
at end of period (in thousands)...................... 2,237 2,237
______________________
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds.
</TABLE>
43
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
<S> <C>
June 30, 1996
Assets ---------------
Investments, at value (cost $ 16,606,342)................................ $18,005,150
Cash..................................................................... 0
Receivable for investments sold....................................... 0
Receivable for fund units sold....................................... 24,225
Dividends and interest receivable..................................... 0
Other assets............................................................ 0
---------------
Total assets....................................................... 18,029,375
---------------
Liabilities
Payable for investments purchased........................................ 0
Payable for fund units purchased......................................... 0
Accrued expenses......................................................... 2,233
Other liabilities........................................................ 0
---------------
Total liabilities................................................... 2,233
---------------
Net Assets............................................................... $18,027,142
===============
Net asset value, redemption price and offering price per unit of beneficial interest
( $ 18,027,142/1,583,291 units outstanding)............................ $11.39
===============
</TABLE>
44
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income.................................... $0 $0
Interest income.................................... 0 0
----------------------------
Total investment income....................... 0 0
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees........ 4,118 7,288
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
----------------------------
Total expenses................................ 4,118 7,288
----------------------------
Net investment income (loss)............................ (4,118) (7,288)
----------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 72,447 122,679
Unrealized appreciation of
investments during the period......................... 461,362 920,172
----------------------------
Net gain on investments......................... 533,809 1,042,851
----------------------------
Net increase in net assets
resulting from operations........................ $529,691 $1,035,563
=============================
</TABLE>
45
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($4,118) ($7,288)
Net realized gain on investments.............. 72,447 122,679
Unrealized appreciation on
investments during the period................. 461,362 920,172
----------------------------
Net increase in net assets
resulting from operations..................... 529,691 1,035,563
----------------------------
Participant transactions:
Proceeds from sales of units.................. 3,075,076 7,823,396
Cost of units redeemed........................ (453,061) (831,277)
----------------------------
Net increase in net asssets
resulting from participant transactions....... 2,622,015 6,992,119
----------------------------
Total increase in net assets........ 3,151,706 8,027,682
Net Assets:
Beginning of period........................... 14,875,436 9,999,460
End of period................................. $18,027,142 $18,027,142
Number of units:
Outstanding-beginning of period............... 1,350,171 946,103
Sold..................................... 273,217 712,262
Redeemed................................. (40,097) (75,074)
----------------------------
Outstanding-end of period..................... 1,583,291 1,583,291
=============================
</TABLE>
46
<PAGE>
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:
For the period For the period
April 1, 1996 January 1, 1996
to June 30, 1996 to June 30, 1996
---------------- ----------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ (0.00) (0.01)
----------------------------
Net investment income................................... 0.00 (0.01)
Net realized and unrealized gain on investments......... 0.37 0.83
----------------------------
Net increase in unit value.............................. 0.37 0.82
Net asset value at beginning of period.................. 11.02 10.57
----------------------------
Net assets value at end of period....................... $11.39 $11.39
=============================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income to average assets*....... (0.10%) (0.10%)
Portfolio turnover**.................................... 4% 8%
Number of units outstanding at
end of period (in thousands)......................... 1,583 1,583
_____________________
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds.
</TABLE>
47
<PAGE>
<PAGE>
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 June 30, 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 4.8%. 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 4.5 % 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 second quarter of 1996 was the sixth consecutive quarter of
positive returns for the U.S. equity market. Economic activity remained
strong, and corporate earnings for most firms were satisfactory.
The most heavily weighted sectors in the Aggressive Equity Fund are
computers and office equipment, technology and drug and hospital
supplies. Weaker areas in terms of return in the portfolio included
banks, broadcasting and publishing, and capital equipment.
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 June 30, 1996, the Balanced Fund experienced a
total return, net of Expenses, of 3.4%. For the same period, the S&P 500
Index produced a return of 4.5% and the Lehman Brothers Aggregate Bond
Index (the "LB Bond Index"), a broad measure of the domestic bond market,
experienced a return of .6%.
48
<PAGE>
<PAGE>
In the second quarter of 1996, equities remained strong and growth
stocks were clearly favored over their value stock counterparts, while
the bond market continued to struggle. U.S. interest rates moved higher
in the second quarter as robust economic growth fueled bond investors'
fears of monetary tightening.
Some of the most heavily weighted industry sectors in the equity
portion of the fund 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 June 30,1996, the Growth
Equity Fund experienced a total return, net of Expenses, of 3.0%. The S&P
500 Index produced a return of 4.5% for the same period.
During the second quarter of 1996, growth stocks continued to
outperform value stocks. The majority of companies reported strong
earnings and cash flows into mutual funds remained at a high level but
grew at a slower rate than past quarters.
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 banks, insurance companies, managed care
companies, and telecommunications.
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.
49
<PAGE>
<PAGE>
The fund produced a total return, net of Expenses, for the second
quarter of 1996 of 4.0%. By comparison, the Russell Index produced a
return of 4.2% for the second quarter of 1996. The Russell Index does not
include any allowance for the fees that an investor would pay for
investing in the stocks that comprise the index.
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
Intermediate 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
Masterworks Funds Bond Index Fund, formerly known as the Stagecoach Inc.
Bond Index Fund.
For the quarter ended June 30, 1996, the Intermediate Bond Fund
experienced a total return, net of Expenses, of .6%. As a comparison,
the LB Bond Index also produced a return for the second quarter of 1996
of .6%. U.S. interest rates moved higher in the second quarter as strong
economic growth lead to solid gains on the employment front and consumer
spending remained healthy, especially in auto sales and the housing
market.
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.
50
<PAGE>
<PAGE>
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 to the fund will be
invested in the T. Rowe Price International Stock Fund.
For the quarter ended June 30, 1996, the International Fund
experienced a total return, net of Expenses, of 3.5%. For the second
quarter of 1996, the total return of the Morgan Stanley EAFE (Europe,
Australia, Far East) Index ( the "EAFE Index") was 1.6%. The EAFE Index
does not include any allowance for the fees that an investor would pay
for investing in the securities that comprise the index. The
international developed equity markets performed well in local terms
during the quarter. Returns measured in dollars were hampered by a
strengthening dollar, due in part to rising U.S. interest rates.
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 June 30, 1996, the Stable Asset Fund produced
an average yield, net of Expenses, of 5.1%. As a standard of
performance measurement, the Donoghue Money Market Fund "Tier One" average
for the second quarter of 1996 was 4.7%.
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 June 30, 1996, the Value Equity Fund
experienced a total return, net of Expenses, of 3.50%. The S&P 500 Index
produced a return of 4.5% for the second quarter. Equity markets
continued to perform well in the environment of accelerating economic
growth with little inflationary pressure. Overall, small capitalized equities
51
<PAGE>
<PAGE>
outperformed the large capitalization segment of the market by a
slight margin.
The most heavily weighted industry sectors in the Value Equity Fund
were finance, energy and consumer cyclical equities. Weaker areas in
terms of return were utilities 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 June 30, 1996, the structured portfolio
service experienced a total return net of Expenses, of 1.8% for the
Conservative Portfolio, 2.4% for the Moderate Portfolio, and 3.2% for the
Aggressive Portfolio.
52
<PAGE>
<PAGE>
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
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
53
<PAGE>
<PAGE>
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
August 23, 1996 By: /S/ NANCY P. ANTIN
------------------------------
Nancy P. Antin
Vice President and Chief Financial Officer
August 23, 1996 By: /S/ SUSAN C. DANIELS
-----------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
54
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 200,355,291
<INVESTMENTS-AT-VALUE> 251,160,092
<RECEIVABLES> 3,038,551
<ASSETS-OTHER> 243,049
<OTHER-ITEMS-ASSETS> 200,175
<TOTAL-ASSETS> 254,641,867
<PAYABLE-FOR-SECURITIES> 2,904,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 617,261
<TOTAL-LIABILITIES> 3,522,045
<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> 251,119,822
<DIVIDEND-INCOME> 772,511
<INTEREST-INCOME> 427,608
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 1,211,554
<NET-INVESTMENT-INCOME> (11,435)
<REALIZED-GAINS-CURRENT> 17,812,362
<APPREC-INCREASE-CURRENT> 9,314,549
<NET-CHANGE-FROM-OPS> 27,115,476
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 493,014
<NUMBER-OF-SHARES-REDEEMED> (234,437)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 36,566,215
<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> 4.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.77
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 262,425,267
<INVESTMENTS-AT-VALUE> 301,307,091
<RECEIVABLES> 3,717,456
<ASSETS-OTHER> 1,911,353
<OTHER-ITEMS-ASSETS> 205,411
<TOTAL-ASSETS> 307,141,311
<PAYABLE-FOR-SECURITIES> 25,551,874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 533,985
<TOTAL-LIABILITIES> 26,085,859
<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> 281,055,452
<DIVIDEND-INCOME> 1,668,281
<INTEREST-INCOME> 3,442,982
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 1,316,469
<NET-INVESTMENT-INCOME> 3,794,794
<REALIZED-GAINS-CURRENT> 12,217,647
<APPREC-INCREASE-CURRENT> 1,591,340
<NET-CHANGE-FROM-OPS> 17,603,781
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 331,953
<NUMBER-OF-SHARES-REDEEMED> (358,650)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,577,040
<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> .46
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.12
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 551,483,933
<INVESTMENTS-AT-VALUE> 699,160,872
<RECEIVABLES> 5,762,741
<ASSETS-OTHER> 934,097
<OTHER-ITEMS-ASSETS> 577,259
<TOTAL-ASSETS> 706,434,969
<PAYABLE-FOR-SECURITIES> 7,764,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 962,819
<TOTAL-LIABILITIES> 8,727,293
<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> 697,707,676
<DIVIDEND-INCOME> 8,014,206
<INTEREST-INCOME> 899,908
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 3,002,379
<NET-INVESTMENT-INCOME> 5,911,735
<REALIZED-GAINS-CURRENT> 43,247,303
<APPREC-INCREASE-CURRENT> 9,846,272
<NET-CHANGE-FROM-OPS> 59,005,310
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,727
<NUMBER-OF-SHARES-REDEEMED> (86,970)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59,784,349
<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> 2.12
<PER-SHARE-GAIN-APPREC> 19.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 250.46
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 58,835,639
<INVESTMENTS-AT-VALUE> 66,616,900
<RECEIVABLES> 807,692
<ASSETS-OTHER> 24,482
<OTHER-ITEMS-ASSETS> 124,589
<TOTAL-ASSETS> 67,573,663
<PAYABLE-FOR-SECURITIES> 97,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,527
<TOTAL-LIABILITIES> 140,840
<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> 67,432,823
<DIVIDEND-INCOME> 177,494
<INTEREST-INCOME> 0
<PAGE>
<PAGE>
<OTHER-INCOME> 0
<EXPENSES-NET> 199,274
<NET-INVESTMENT-INCOME> (21,780)
<REALIZED-GAINS-CURRENT> 725,529
<APPREC-INCREASE-CURRENT> 4,540,234
<NET-CHANGE-FROM-OPS> 5,243,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,235,935
<NUMBER-OF-SHARES-REDEEMED> (257,803)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,504,749
<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> 1.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.27
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 46,089,985
<INVESTMENTS-AT-VALUE> 44,821,678
<RECEIVABLES> 184,699
<ASSETS-OTHER> 232,041
<OTHER-ITEMS-ASSETS> 34,050
<TOTAL-ASSETS> 45,272,468
<PAYABLE-FOR-SECURITIES> 416,741
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,602
<TOTAL-LIABILITIES> 445,343
<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> 44,827,125
<DIVIDEND-INCOME> 1,304,609
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 117,506
<NET-INVESTMENT-INCOME> 1,187,103
<REALIZED-GAINS-CURRENT> (116,489)
<APPREC-INCREASE-CURRENT> (2,100,210)
<NET-CHANGE-FROM-OPS> (1,029,596)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,364,652
<NUMBER-OF-SHARES-REDEEMED> (471,160)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,367,922
<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> 0.29
<PER-SHARE-GAIN-APPREC> (0.54)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 22,227,501
<INVESTMENTS-AT-VALUE> 23,830,858
<RECEIVABLES> 145,035
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,262
<TOTAL-ASSETS> 24,012,155
<PAYABLE-FOR-SECURITIES> 17,863
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,760
<TOTAL-LIABILITIES> 175,623
<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> 23,836,532
<DIVIDEND-INCOME> 59,562
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 52,475
<NET-INVESTMENT-INCOME> 7,087
<REALIZED-GAINS-CURRENT> 61,274
<APPREC-INCREASE-CURRENT> 1,593,658
<NET-CHANGE-FROM-OPS> 1,662,019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 793,734
<NUMBER-OF-SHARES-REDEEMED> (88,245)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,987,217
<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> 0.0
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.89
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 601,955,457
<INVESTMENTS-AT-VALUE> 601,955,457
<RECEIVABLES> 2,878,214
<ASSETS-OTHER> 472,268
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 605,305,939
<PAYABLE-FOR-SECURITIES> 505,772
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 505,772
<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> 604,800,167
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,689,929
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 2,076,433
<NET-INVESTMENT-INCOME> 15,613,496
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,613,496
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,810,243
<NUMBER-OF-SHARES-REDEEMED> (70,874,959)
<SHARES-REINVESTED> 15,613,496
<NET-CHANGE-IN-ASSETS> (25,451,221)
<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> 0.025
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.025
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 34,064,710
<INVESTMENTS-AT-VALUE> 37,201,599
<RECEIVABLES> 96,095
<ASSETS-OTHER> 107,601
<OTHER-ITEMS-ASSETS> 27,823
<TOTAL-ASSETS> 37,433,118
<PAYABLE-FOR-SECURITIES> 863,630
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,714
<TOTAL-LIABILITIES> 895,344
<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> 36,537,774
<DIVIDEND-INCOME> 309,827
<INTEREST-INCOME> 116,766
<PAGE>
<PAGE>
<OTHER-INCOME> 0
<EXPENSES-NET> 146,762
<NET-INVESTMENT-INCOME> 279,831
<REALIZED-GAINS-CURRENT> 318,297
<APPREC-INCREASE-CURRENT> 1,818,372
<NET-CHANGE-FROM-OPS> 2,416,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,196,768
<NUMBER-OF-SHARES-REDEEMED> (193,822)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,919,825
<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> 0.12
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.07
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 8,190,119
<INVESTMENTS-AT-VALUE> 8,515,040
<RECEIVABLES> 12,942
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,527,982
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,047
<TOTAL-LIABILITIES> 1,047
<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> 8,526,935
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 3,857
<NET-INVESTMENT-INCOME> (3,857)
<REALIZED-GAINS-CURRENT> 121,121
<APPREC-INCREASE-CURRENT> 126,741
<NET-CHANGE-FROM-OPS> 244,005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 426,149
<NUMBER-OF-SHARES-REDEEMED> (149,369)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,154,855
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 0.33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 23,455,093
<INVESTMENTS-AT-VALUE> 24,778,252
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12,270
<TOTAL-ASSETS> 24,790,522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,944
<TOTAL-LIABILITIES> 2,944
<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> 24,787,578
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<PAGE>
<PAGE>
<OTHER-INCOME> 0
<EXPENSES-NET> 10,459
<NET-INVESTMENT-INCOME> (10,459)
<REALIZED-GAINS-CURRENT> 212,054
<APPREC-INCREASE-CURRENT> 771,435
<NET-CHANGE-FROM-OPS> 973,030
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,236,226
<NUMBER-OF-SHARES-REDEEMED> (172,918)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,408,591
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 16,606,342
<INVESTMENTS-AT-VALUE> 18,005,150
<RECEIVABLES> 24,225
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,029,375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,233
<TOTAL-LIABILITIES> 2,233
<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> 18,027,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<PAGE>
<PAGE>
<EXPENSES-NET> 7,288
<NET-INVESTMENT-INCOME> (7,288)
<REALIZED-GAINS-CURRENT> 122,679
<APPREC-INCREASE-CURRENT> 920,172
<NET-CHANGE-FROM-OPS> 1,035,563
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 712,262
<NUMBER-OF-SHARES-REDEEMED> (75,074)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,027,682
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 0.83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
