FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 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>
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
FORM 10-Q
INDEX
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Aggressive Equity Fund
Statement of Assets and Liabilities.................... 1
Statement of Operations................................ 2
Statement of Changes in Net Assets......................3
Per-Unit Data and Ratios................................4
Balanced Fund
Statement of Assets and Liabilities.................... 5
Statement of Operations................................ 6
Statement of Changes in Net Assets......................7
Per-Unit Data and Ratios................................8
Growth Equity Fund
Statement of Assets and Liabilities.................... 9
Statement of Operations............................... 10
Statement of Changes in Net Assets.....................11
Per-Unit Data and Ratios...............................12
Index Equity Fund
Statement of Assets and Liabilities................... 13
Statement of Operations............................... 14
Statement of Changes in Net Assets.....................15
Per-Unit Data and Ratios...............................16
Intermediate Bond Fund
Statement of Assets and Liabilities................... 17
Statement of Operations............................... 18
Statement of Changes in Net Assets.....................19
Per-Unit Data and Ratios...............................20
International Equity Fund
Statement of Assets and Liabilities................... 21
Statement of Operations............................... 22
Statement of Changes in Net Assets.....................23
Per-Unit Data and Ratios...............................24
i
<PAGE>
Stable Asset Return Fund
Statement of Assets and Liabilities................... 25
Statement of Operations............................... 26
Statement of Changes in Net Assets.....................27
Per-Unit Data and Ratios...............................28
Value Equity Fund
Statement of Assets and Liabilities................... 29
Statement of Operations............................... 30
Statement of Changes in Net Assets.....................31
Per-Unit Data and Ratios...............................32
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities................... 33
Statement of Operations............................... 34
Statement of Changes in Net Assets.....................35
Per-Unit Data and Ratios...............................36
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities................... 37
Statement of Operations............................... 38
Statement of Changes in Net Assets.....................39
Per-Unit Data and Ratios...............................40
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities................... 41
Statement of Operations............................... 42
Statement of Changes in Net Assets.....................43
Per-Unit Data and Ratios...............................44
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..............45
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...............................49
Item 2. Changes in Securities...........................49
Item 3. Defaults Upon Senior Securities.................49
Item 4. Submission of Matters to a Vote of Security
Holders.........................................49
Item 5. Other Information...............................49
Item 6. Exhibits and Reports on Form 8-K................49
SIGNATURES.....................................................50
ii
<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>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $207,165,770).................................... $266,871,312
Cash......................................................................... 665
Receivable for investments sold........................................... 1,537,304
Receivable for fund units sold........................................... 0
Dividends and interest receivable......................................... 205,760
Other assets................................................................ 178,421
--------------------
Total assets........................................................... 268,793,462
--------------------
Liabilities
Payable for investments purchased............................................ 1,584,250
Payable for fund units purchased............................................. 403,007
Accrued expenses............................................................. 566,833
Other liabilities............................................................ 14,932
--------------------
Total liabilities....................................................... 2,569,022
--------------------
Net Assets................................................................... $266,224,440
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($266,224,440/6,752,852 units outstanding)........................ $39.42
====================
</TABLE>
1
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income.................................... $405,106 $1,177,616
Interest income.................................... 233,009 660,618
-------------------------------------------
Total investment income....................... 638,115 1,838,234
Expenses:
Investment advisory fee.......................... $280,755 $815,449
State Street Bank & Trust Company - program fee... 234,911 682,915
American Bar Retirement Association - program fee. 34,483 100,286
Trustee, management and administration fees........ 49,315 143,613
Other expenses and taxes........................ 19,698 46,956
Amortization of organization expenses........... 19,969 61,466
-------------------------------------------
Total expenses................................ 639,131 1,850,685
-------------------------------------------
Net investment income (loss)............................ (1,016) (12,451)
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 2,216,713 20,029,075
Unrealized appreciation of investments............... 8,900,740 18,215,289
-------------------------------------------
Net gain on investments......................... 11,117,453 38,244,364
-------------------------------------------
Net increase in net assets from operations.... $11,116,437 $38,231,913
===========================================
</TABLE>
2
<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
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($1,016) ($12,451)
Net realized gain on investments.............. 2,216,713 20,029,075
Unrealized appreciation on investments........ 8,900,740 18,215,289
-------------------------------------------
Net increase in net assets from operations.... 11,116,437 38,231,913
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 9,028,605 26,902,011
Cost of units redeemed........................ (5,040,424) (13,463,091)
-------------------------------------------
Net increase from participant transactions.... 3,988,181 13,438,920
-------------------------------------------
Total increase in net assets........ 15,104,618 51,670,833
Net Assets:
Beginning of period........................... 251,119,822 214,553,607
End of period................................. $266,224,440 $266,224,440
Number of units:
Outstanding-beginning of period............... 6,649,136 6,390,559
Sold..................................... 243,320 736,334
Redeemed................................. (139,604) (374,041)
-------------------------------------------
Outstanding-end of period.............. 6,752,852 6,752,852
===========================================
</TABLE>
3
<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 period: For the period For the period
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.10 $0.28
Expenses................................................ (0.10) (0.28)
-------------------------------------------
Net investment income................................... 0.00 0.00
Net realized and unrealized gain on investments......... 1.65 5.83
-------------------------------------------
Net increase in unit value.............................. 1.65 5.83
Net asset value at beginning of period.................. 37.77 33.59
-------------------------------------------
Net asset value at end of period........................ $39.42 $39.42
===========================================
Ratio of expenses to average net assets*................ 1.03% 1.03%
Ratio of net investment income to average assets*....... 0.00% 0.01%
Portfolio turnover...................................... 9% 39%
Units outstanding at end of period (in thousands).. 6,753 6,753
</TABLE>
- ------------------------
*Annualized
4
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $271,288,492)..................................... $309,472,840
Cash.......................................................................... 965
Receivable for investments sold............................................ 4,859,780
Receivable for fund units sold............................................ 0
Dividends and interest receivable.......................................... 1,748,796
Other assets................................................................. 196,124
--------------------
Total assets............................................................ 316,278,505
--------------------
Liabilities
Payable for investments purchased............................................. 30,285,824
Payable for fund units purchased.............................................. 134,072
Accrued expenses.............................................................. 358,779
Other liabilities............................................................. 4,951
--------------------
Total liabilities........................................................ 30,783,626
--------------------
Net Assets.................................................................... $285,494,879
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($285,494,879/8,193,607 units outstanding)......................... $34.84
====================
</TABLE>
5
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income..................................... $768,555 $2,436,836
Interest income..................................... 1,969,518 5,412,501
-------------------------------------------
Total investment income........................ 2,738,073 7,849,337
Expenses:
Investment advisory fee........................... $262,441 $778,183
State Street Bank & Trust Company - program fee.... 264,111 786,598
American Bar Retirement Association - program fee.. 38,769 115,512
Trustee, management and administration fees......... 55,451 165,460
Other expenses and taxes......................... 27,004 70,491
Amortization of organization expenses............ 21,950 69,951
-------------------------------------------
Total expenses................................. 669,726 1,986,195
-------------------------------------------
Net investment income.................................... 2,068,347 5,863,142
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 4,524,870 16,742,517
Unrealized appreciation (depreciation) of investments.. (697,475) 893,865
-------------------------------------------
Net gain on investments.......................... 3,827,395 17,636,382
-------------------------------------------
Net increase in net assets from operations.... $5,895,742 $23,499,524
===========================================
</TABLE>
6
<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
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $2,068,347 $5,863,142
Net realized gain on investments............... 4,524,870 16,742,517
Unrealized appreciation (depreciation)......... (697,475) 893,865
-------------------------------------------
Net increase in net assets from operations..... 5,895,742 23,499,524
-------------------------------------------
Participant transactions:
Proceeds from sales of units......... 3,577,696 14,471,507
Cost of units redeemed......................... (5,034,011) (16,954,564)
-------------------------------------------
Net decrease from participant transactions..... (1,456,315) (2,483,057)
-------------------------------------------
Total increase in net assets......... 4,439,427 21,016,467
Net Assets:
Beginning of period............................ 281,055,452 264,478,412
End of period.................................. $285,494,879 $285,494,879
Number of units:
Outstanding-beginning of period................ 8,237,903 8,264,600
Sold...................................... 105,626 437,578
Redeemed.................................. (149,922) (508,571)
-------------------------------------------
Outstanding-end of period...................... 8,193,607 8,193,607
===========================================
</TABLE>
7
<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 period: For the period For the period
July 31, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income........................................ $0.33 $0.95
Expenses................................................. (0.08) (0.24)
-------------------------------------------
Net investment income.................................... 0.25 0.71
Net realized and unrealized gain on investments.......... 0.47 2.13
-------------------------------------------
Net increase in unit value............................... 0.72 2.84
Net asset value at beginning of period................... 34.12 32.00
-------------------------------------------
Net asset value at end of period......................... $34.84 $34.84
===========================================
Ratio of expenses to average net assets*................. 0.96% 0.96%
Ratio of net investment income to average assets*........ 2.96% 2.83%
Portfolio turnover....................................... 30% 136%
Units outstanding at end of period (in thousands)........ 8,194 8,194
</TABLE>
- ------------------------
*Annualized
8
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $564,523,434)..................................... $719,994,473
Cash.......................................................................... 23,878
Receivable for investments sold............................................ 5,554,879
Receivable for fund units sold............................................ 0
Dividends and interest receivable.......................................... 1,040,753
Other assets.................................................................. 487,987
--------------------
Total assets............................................................ 727,101,970
--------------------
Liabilities
Payable for investments purchased............................................. 10,559,712
Payable for fund units purchased.............................................. 276,916
Accrued expenses.............................................................. 811,438
Other liabilities............................................................. 178,454
--------------------
Total liabilities........................................................ 11,826,520
--------------------
Net Assets.................................................................... $715,275,450
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($715,275,450/2,767,784 units outstanding)......................... $258.43
====================
</TABLE>
9
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income..................................... $2,306,276 $10,320,482
Interest income..................................... 436,226 1,336,134
-------------------------------------------
Total investment income........................ 2,742,502 11,656,616
Expenses:
Investment advisory fee........................... $526,508 $1,562,375
State Street Bank & Trust Company - program fee.... 648,590 1,931,337
American Bar Retirement Association - program fee.. 95,208 283,613
Trustee, management and administration fees......... 136,168 406,216
Other expenses and taxes......................... 67,537 196,241
Amortization of organization expenses............ 54,616 151,224
-------------------------------------------
Total expenses................................. 1,528,627 4,531,006
-------------------------------------------
Net investment income.................................... 1,213,875 7,125,610
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 12,779,618 56,026,921
Unrealized appreciation of investments................. 7,794,098 17,640,370
-------------------------------------------
Net gain on investments.......................... 20,573,716 73,667,291
-------------------------------------------
Net increase in net assets from operations.... $21,787,591 $80,792,901
===========================================
</TABLE>
10
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $1,213,875 $7,125,610
Net realized gain on investments............... 12,779,618 56,026,921
Unrealized appreciation on investments......... 7,794,098 17,640,370
-------------------------------------------
Net increase in net assets from operations..... 21,787,591 80,792,901
-------------------------------------------
Participant transactions:
Proceeds from sales of units................... 6,375,132 28,272,778
Cost of units redeemed......................... (10,594,949) (31,713,556)
-------------------------------------------
Net decrease from participant transactions..... (4,219,817) (3,440,778)
-------------------------------------------
Total increase in net assets......... 17,567,774 77,352,123
Net Assets:
Beginning of period............................ 697,707,676 637,923,327
End of period.................................. $715,275,450 $715,275,450
Number of units:
Outstanding-beginning of period................ 2,785,738 2,781,981
Sold...................................... 25,939 116,666
Redeemed.................................. (43,893) (130,863)
-------------------------------------------
Outstanding-end of period...................... 2,767,784 2,767,784
===========================================
</TABLE>
11
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income........................................ $0.99 $4.19
Expenses................................................. (0.55) (1.62)
-------------------------------------------
Net investment income.................................... 0.44 2.57
Net realized and unrealized gain on investments.......... 7.53 26.55
-------------------------------------------
Net increase in unit value............................... 7.97 29.12
Net asset value at beginning of period................... 250.46 229.31
-------------------------------------------
Net asset value at end of period......................... $258.43 $258.43
===========================================
Ratio of expenses to average net assets*................. 0.89% 0.89%
Ratio of net investment income to average assets*........ 0.71% 1.40%
Portfolio turnover....................................... 17% 48%
Units outstanding at end of period (in thousands)... 2,768 2,768
</TABLE>
- ------------------------
*Annualized
12
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $63,708,208)..................................... $72,331,761
Cash......................................................................... 0
Receivable for investments sold........................................... 72,928
Receivable for fund units sold........................................... 36,839
Dividends and interest receivable......................................... 1,035,663
Other assets................................................................ 46,548
--------------------
Total assets........................................................... 73,523,739
--------------------
Liabilities
Payable for investments purchased............................................ 1,035,663
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 36,903
Other liabilities............................................................ 276,664
--------------------
Total liabilities....................................................... 1,349,230
--------------------
Net Assets................................................................... $72,174,509
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($72,174,509/4,592,517 units outstanding)......................... $15.72
====================
</TABLE>
13
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income.................................... $1,035,663 $1,213,157
Interest income.................................... 0 0
-------------------------------------------
Total investment income....................... 1,035,663 1,213,157
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee... 64,537 176,691
American Bar Retirement Association - program fee. 9,473 25,945
Trustee, management and administration fees........ 30,921 86,451
Other expenses and taxes........................ 4,140 14,211
Amortization of organization expenses........... 5,210 10,257
-------------------------------------------
Total expenses................................ 114,281 313,555
-------------------------------------------
Net investment income................................... 921,382 899,602
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 372,463 1,097,992
Unrealized appreciation of investments............... 842,291 5,382,525
-------------------------------------------
Net gain on investments......................... 1,214,754 6,480,517
-------------------------------------------
Net increase in net assets from operations.... $2,136,136 $7,380,119
===========================================
</TABLE>
14
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. $921,382 $899,602
Net realized gain on investments.............. 372,463 1,097,992
Unrealized appreciation on investments........ 842,291 5,382,525
-------------------------------------------
Net increase in net assets from operations.... 2,136,136 7,380,119
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 5,058,362 23,099,989
Cost of units redeemed........................ (2,452,812) (6,233,673)
-------------------------------------------
Net increase from participant transactions.... 2,605,550 16,866,316
-------------------------------------------
Total increase in net assets........ 4,741,686 24,246,435
Net Assets:
Beginning of period........................... 67,432,823 47,928,074
End of period................................. $72,174,509 $72,174,509
Number of units:
Outstanding-beginning of period............... 4,415,975 3,437,843
Sold..................................... 338,678 1,574,613
Redeemed................................. (162,136) (419,939)
-------------------------------------------
Outstanding-end of period..................... 4,592,517 4,592,517
===========================================
</TABLE>
15
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.23 $0.29
Expenses................................................ (0.03) (0.08)
-------------------------------------------
Net investment income................................... 0.20 0.21
Net realized and unrealized gain on investments......... 0.25 1.57
-------------------------------------------
Net increase in unit value.............................. 0.45 1.78
Net asset value at beginning of period.................. 15.27 13.94
-------------------------------------------
Net asset value at end of period........................ $15.72 $15.72
===========================================
Ratio of expenses to average net assets*................ 0.67% 0.67%
Ratio of net investment income to average assets*....... 5.40% 1.93%
Portfolio turnover**.................................... 4% 13%
Units outstanding at end of period (in thousands).. 4,593 4,593
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment companies
in which the Fund invests, rather than the turnover of the portfolios of such
registered investment companies.
16
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $47,073,544)...................................... $46,121,183
Cash.......................................................................... 0
Receivable for investments sold............................................ 0
Receivable for fund units sold............................................ 152,922
Dividends and interest receivable.......................................... 237,913
Other assets................................................................. 30,639
--------------------
Total assets............................................................ 46,542,657
--------------------
Liabilities
Payable for investments purchased............................................. 340,219
Payable for fund units purchased.............................................. 1,760
Accrued expenses.............................................................. 22,883
Other liabilities............................................................. 0
--------------------
Total liabilities........................................................ 364,862
--------------------
Net Assets.................................................................... $46,177,795
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($46,177,795/4,378,336 units outstanding).......................... $10.55
====================
</TABLE>
17
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income..................................... $745,312 $2,049,921
Interest income..................................... 0 0
-------------------------------------------
Total investment income........................ 745,312 2,049,921
Expenses:
Investment advisory fee........................... $0 $0
State Street Bank & Trust Company - program fee.... 42,532 123,078
American Bar Retirement Association - program fee.. 6,244 18,074
Trustee, management and administration fees......... 11,214 22,760
Other expenses and taxes......................... 2,040 11,921
Amortization of organization expenses............ 3,411 7,114
-------------------------------------------
Total expenses................................. 65,441 182,947
-------------------------------------------
Net investment income.................................... 679,871 1,866,974
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized loss on investments sold............... (76,708) (193,197)
Unrealized appreciation (depreciation) of investments.. 315,947 (1,784,264)
-------------------------------------------
Net gain (loss) on investments.................... 239,239 (1,977,461)
-------------------------------------------
Net increase(decrease)in net assets from operations. $919,110 ($110,487)
===========================================
</TABLE>
18
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income.......................... $679,871 $1,866,974
Net realized loss on investments............... (76,708) (193,197)
Unrealized appreciation (depreciation)......... 315,947 (1,784,264)
-------------------------------------------
Net increase (decrease)from operations......... 919,110 (110,487)
-------------------------------------------
Participant transactions:
Proceeds from sales of units................... 3,290,259 17,464,438
Cost of units redeemed......................... (2,858,699) (7,635,359)
-------------------------------------------
Net increase from participant transactions..... 431,560 9,829,079
-------------------------------------------
Total increase in net assets......... 1,350,670 9,718,592
Net Assets:
Beginning of period............................ 44,827,125 36,459,203
End of period.................................. $46,177,795 $46,177,795
Number of units:
Outstanding-beginning of period................ 4,340,850 3,447,358
Sold...................................... 313,873 1,678,525
Redeemed.................................. (276,387) (747,547)
-------------------------------------------
Outstanding-end of period...................... 4,378,336 4,378,336
===========================================
</TABLE>
19
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income........................................ $0.17 $0.49
Expenses................................................. (0.02) (0.04)
-------------------------------------------
Net investment income.................................... 0.15 0.45
Net realized and unrealized gain (loss) on investments... 0.07 (0.48)
-------------------------------------------
Net increase (decrease) in unit value.................... 0.22 (0.03)
Net asset value at beginning of period................... 10.33 10.58
-------------------------------------------
Net asset value at end of period......................... $10.55 $10.55
===========================================
Ratio of expenses to average net assets*................. 0.58% 0.56%
Ratio of net investment income to average assets*........ 6.05% 5.76%
Portfolio turnover**..................................... 7% 18%
Units outstanding at end of period (in thousands)... 4,378 4,378
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment companies
in which the Fund invests, rather than the turnover of the portfolios of such
registered investment companies.
20
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $26,178,442)..................................... $27,379,126
Cash......................................................................... 0
Receivable for investments sold........................................... 0
Receivable for fund units sold........................................... 190,969
Dividends and interest receivable......................................... 0
Other assets................................................................ 16,569
--------------------
Total assets........................................................... 27,586,664
--------------------
Liabilities
Payable for investments purchased............................................ 190,969
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 10,686
Other liabilities............................................................ 0
--------------------
Total liabilities....................................................... 201,655
--------------------
Net Assets................................................................... $27,385,009
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($27,385,009/1,610,127 units outstanding)......................... $17.01
====================
</TABLE>
21
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income.................................... $0 $59,562
Interest income.................................... 0 0
-------------------------------------------
Total investment income....................... 0 59,562
Expenses:
Investment advisory fee.......................... $0 $0
State Street Bank & Trust Company - program fee... 23,862 58,873
American Bar Retirement Association - program fee. 3,502 8,817
Trustee, management and administration fees........ 5,009 12,404
Other expenses and taxes........................ 1,218 4,205
Amortization of organization expenses........... 1,829 3,596
-------------------------------------------
Total expenses................................ 35,420 87,895
-------------------------------------------
Net investment income (loss)............................ (35,420) (28,333)
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 670,033 731,307
Unrealized appreciation (depreciation)................. (402,672) 1,190,986
-------------------------------------------
Net gain on investments......................... 267,361 1,922,293
-------------------------------------------
Net increase in net assets from operations... $231,941 $1,893,960
===========================================
</TABLE>
22
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($35,420) ($28,333)
Net realized gain on investments.............. 670,033 731,307
Unrealized appreciation (depreciation)........ (402,672) 1,190,986
-------------------------------------------
Net increase in net assets from operations.... 231,941 1,893,960
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 10,077,296 22,814,443
Cost of units redeemed........................ (6,760,760) (8,172,709)
-------------------------------------------
Net increase from participant transactions.... 3,316,536 14,641,734
-------------------------------------------
Total increase in net assets........ 3,548,477 16,535,694
Net Assets:
Beginning of period........................... 23,836,532 10,849,315
End of period................................. $27,385,009 $27,385,009
Number of units:
Outstanding-beginning of period............... 1,411,443 705,954
Sold..................................... 603,225 1,396,959
Redeemed................................. (404,541) (492,786)
-------------------------------------------
Outstanding-end of period..................... 1,610,127 1,610,127
===========================================
</TABLE>
23
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.00 $0.05
Expenses................................................ (0.02) (0.07)
-------------------------------------------
Net investment income (loss)............................ (0.02) (0.02)
Net realized and unrealized gain on investments......... 0.15 1.66
-------------------------------------------
Net increase in unit value.............................. 0.12 1.64
Net asset value at beginning of period.................. 16.89 15.37
-------------------------------------------
Net asset value at end of period........................ $17.01 $17.01
===========================================
Ratio of expenses to average net assets*................ 0.56% 0.56%
Ratio of net investment income (loss) to average assets* (0.56%) (0.18%)
Portfolio turnover**.................................... 32% 45%
Units outstanding at end of period (in thousands).. 1,610 1,610
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment company
in which the Fund invests, rather than the turnover of the portfolios of such
registered investment company.
24
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
------------------
<S> <C>
Investments, at value (Cost $615,975,106).................................. $615,975,106
Interest Receivable ....................................................... 2,956,263
Receivable for fund units sold............................................. 526,549
Other assets............................................................... 424,731
------------------
Total assets......................................................... 619,882,649
------------------
Liabilities
Payable for units redeemed................................................. 0
Accrued expenses........................................................... 419,300
------------------
Total Liabilities..................................................... 419,300
------------------
Net Assets................................................................ $619,463,349
==================
Net asset value, redemption price and offering price per unit
of beneficial interest ($619,463,349/619,463,349 units outstanding)........ $1.00
==================
</TABLE>
25
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Interest income........................................ $8,990,954 $26,680,883
-------------------------------------------
Expenses:
State Street Bank & Trust Company - program fee... 585,137 1,754,453
American Bar Retirement Association - program fee. 85,892 257,646
Trustee, management and administration fees..... 308,494 920,823
Other expenses and taxes........................ 23,000 54,250
Amortization of organization expenses.............. 47,536 139,320
-------------------------------------------
Total Expenses............................... 1,050,059 3,126,492
-------------------------------------------
Net investment income................................. $7,940,895 $23,554,391
-------------------------------------------
</TABLE>
26
<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
July 1, 1996 January 1, 1996
Increase in Net Assets From: to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Operations:
Net investment income and net increase in net
assets resulting from operations.............. $7,940,895 $23,554,391
-------------------------------------------
Distributions from net investment income...... (7,940,895) (23,554,391)
-------------------------------------------
Participant transactions:
Proceeds from sale of units................... 30,674,859 60,485,102
Units issued in connection with reinvestment
of net investment income...................... 7,940,895 23,554,391
Cost of units redeemed........................ (23,952,572) (94,827,532)
-------------------------------------------
Net increase(decrease)participant transactions 14,663,182 (10,788,039)
-------------------------------------------
Total increase (decrease)in net assets... 14,663,182 (10,788,039)
-------------------------------------------
Net Assets:
Beginning of period........................... 604,800,167 630,251,388
-------------------------------------------
End of period................................. $619,463,349 $619,463,349
===========================================
</TABLE>
27
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.015 $0.043
Expenses................................................ (0.002) (0.005)
-------------------------------------------
Net investment income................................... 0.013 0.038
Reinvestment of net investment income............... (0.013) (0.038)
-------------------------------------------
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*....... 5.15% 5.12%
Units outstanding at end of period (in thousands)....... 619,463 619,463
</TABLE>
- ------------------------
* Annualized
28
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $36,481,505)..................................... $39,802,604
Cash......................................................................... (12,646)
Receivable for investments sold........................................... 0
Receivable for fund units sold........................................... 79,315
Dividends and interest receivable......................................... 107,595
Other assets................................................................ 24,835
--------------------
Total assets........................................................... 40,001,703
--------------------
Liabilities
Payable for investments purchased............................................ 113,820
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 28,914
Other liabilities............................................................ 25,504
--------------------
Total liabilities....................................................... 168,238
--------------------
Net Assets................................................................... $39,833,465
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($39,833,465/2,768,124 units outstanding)......................... $14.39
====================
</TABLE>
29
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income.................................... $219,533 $529,360
Interest income.................................... 56,642 173,408
-------------------------------------------
Total investment income....................... 276,175 702,768
Expenses:
Investment advisory fee.......................... $37,673 $99,311
State Street Bank & Trust Company - program fee... 35,374 91,695
American Bar Retirement Association - program fee. 5,192 13,464
Trustee, management and administration fees........ 7,426 19,274
Other expenses and taxes........................ 2,447 8,680
Amortization of organization expenses........... 2,767 5,217
-------------------------------------------
Total expenses................................ 90,879 237,641
-------------------------------------------
Net investment income................................... 185,296 465,127
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 234,911 553,208
Unrealized appreciation of investments............... 486,337 2,304,709
-------------------------------------------
Net gain on investments......................... 721,248 2,857,917
-------------------------------------------
Net increase in net assets from operations... $906,544 $3,323,044
===========================================
</TABLE>
30
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income......................... $185,296 $465,127
Net realized gain on investments.............. 234,911 553,208
Unrealized appreciation on investments........ 486,337 2,304,709
-------------------------------------------
Net increase in net assets from operations.... 906,544 3,323,044
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 4,511,635 20,666,785
Cost of units redeemed........................ (2,122,488) (4,774,314)
-------------------------------------------
Net increase from participant transactions.... 2,389,147 15,892,471
-------------------------------------------
Total increase in net assets........ 3,295,691 19,215,515
Net Assets:
Beginning of period........................... 36,537,774 20,617,950
End of period................................. $39,833,465 $39,833,465
Number of units:
Outstanding-beginning of period............... 2,597,313 1,594,367
Sold..................................... 323,743 1,520,511
Redeemed................................. (152,932) (346,754)
-------------------------------------------
Outstanding-end of period..................... 2,768,124 2,768,124
===========================================
</TABLE>
31
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.10 $0.30
Expenses................................................ (0.03) (0.10)
-------------------------------------------
Net investment income................................... 0.07 0.20
Net realized and unrealized gain on investments......... 0.25 1.26
-------------------------------------------
Net increase in unit value.............................. 0.32 1.46
Net asset value at beginning of period.................. 14.07 12.93
-------------------------------------------
Net asset value at end of period........................ $14.39 $14.39
===========================================
Ratio of expenses to average net assets*................ 0.97% 0.98%
Ratio of net investment income to average assets*....... 1.98% 1.92%
Portfolio turnover...................................... 3% 14%
Units outstanding at end of period (in thousands).. 2,768 2,768
</TABLE>
- ------------------------
*Annualized
32
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $9,689,528)...................................... $10,196,648
Cash......................................................................... 0
Receivable for investments sold........................................... 0
Receivable for fund units sold........................................... 155
Dividends and interest receivable......................................... 0
Other assets................................................................ 0
--------------------
Total assets........................................................... 10,196,803
--------------------
Liabilities
Payable for investments purchased............................................ 0
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 1,927
Other liabilities............................................................ 0
--------------------
Total liabilities....................................................... 1,927
--------------------
Net Assets................................................................... $10,194,876
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($10,194,876/925,578 units outstanding)........................... $11.01
====================
</TABLE>
33
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 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........ 2,303 6,160
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
-------------------------------------------
Total expenses................................ 2,303 6,160
-------------------------------------------
Net investment income (loss)............................ (2,303) (6,160)
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 26,279 147,400
Unrealized appreciation of investments............... 182,199 308,940
-------------------------------------------
Net gain on investments......................... 208,478 456,340
-------------------------------------------
Net increase in net assets from operations... $206,175 $450,180
===========================================
</TABLE>
34
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($2,303) ($6,160)
Net realized gain on investments.............. 26,279 147,400
Unrealized appreciation on investments........ 182,199 308,940
-------------------------------------------
Net increase in net assets from operations.... 206,175 450,180
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 1,685,475 6,213,880
Cost of units redeemed........................ (223,709) (1,841,264)
-------------------------------------------
Net increase from participant transactions.... 1,461,766 4,372,616
-------------------------------------------
Total increase in net assets........ 1,667,941 4,822,796
Net Assets:
Beginning of period........................... 8,526,935 5,372,080
End of period................................. $10,194,876 $10,194,876
Number of units:
Outstanding-beginning of period............... 789,980 513,200
Sold..................................... 156,380 584,943
Redeemed................................. (20,782) (172,565)
-------------------------------------------
Outstanding-end of period..................... 925,578 925,578
===========================================
</TABLE>
35
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ 0.00 (0.01)
-------------------------------------------
Net investment income (loss)............................ 0.00 (0.01)
Net realized and unrealized gain on investments......... 0.23 0.55
-------------------------------------------
Net increase in unit value.............................. 0.22 0.54
Net asset value at beginning of period.................. 10.79 10.47
-------------------------------------------
Net asset value at end of period........................ $11.01 $11.01
===========================================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income (loss) to average assets* (0.10%) (0.10%)
Portfolio turnover**.................................... 4% 28%
Units outstanding at end of period (in thousands).. 926 926
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the
Portfolio invests, rather than the potfolio turnover of such underlying
Funds.
36
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $25,290,534)..................................... $27,119,612
Cash......................................................................... 0
Receivable for investments sold........................................... 0
Receivable for fund units sold........................................... 4,855
Dividends and interest receivable......................................... 0
Other assets................................................................ 0
--------------------
Total assets........................................................... 27,124,467
--------------------
Liabilities
Payable for investments purchased............................................ 0
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 5,180
Other liabilities............................................................ 0
--------------------
Total liabilities....................................................... 5,180
--------------------
Net Assets................................................................... $27,119,287
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($27,119,287/2,394,044 units outstanding)......................... $11.33
====================
</TABLE>
37
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 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........ 6,350 16,809
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
-------------------------------------------
Total expenses................................ 6,350 16,809
-------------------------------------------
Net investment income (loss)............................ (6,350) (16,809)
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 90,192 302,246
Unrealized appreciation of investments............... 505,920 1,277,355
-------------------------------------------
Net gain on investments......................... 596,112 1,579,601
-------------------------------------------
Net increase in net assets from operations... $589,762 $1,562,792
===========================================
</TABLE>
38
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($6,350) ($16,809)
Net realized gain on investments.............. 90,192 302,246
Unrealized appreciation on investments........ 505,920 1,277,355
-------------------------------------------
Net increase in net assets from operations.... 589,762 1,562,792
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 2,335,462 15,643,002
Cost of units redeemed........................ (593,515) (2,465,494)
-------------------------------------------
Net increase from participant transactions.... 1,741,947 13,177,508
-------------------------------------------
Total increase in net assets........ 2,331,709 14,740,300
Net Assets:
Beginning of period........................... 24,787,578 12,378,987
End of period................................. $27,119,287 $27,119,287
Number of units:
Outstanding-beginning of period............... 2,237,277 1,173,969
Sold..................................... 210,281 1,446,507
Redeemed................................. (53,514) (226,432)
-------------------------------------------
Outstanding-end of period..................... 2,394,044 2,394,044
===========================================
</TABLE>
39
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ 0.00 (0.01)
-------------------------------------------
Net investment income (loss)............................ 0.00 (0.01)
Net realized and unrealized gain on investments......... 0.25 0.80
-------------------------------------------
Net increase in unit value.............................. 0.25 0.79
Net asset value at beginning of period.................. 11.08 10.54
-------------------------------------------
Net asset value at end of period........................ $11.33 $11.33
===========================================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income (loss) to average assets* (0.10%) (0.10%)
Portfolio turnover**.................................... 4% 16%
Units outstanding at end of period (in thousands).. 2,394 2,394
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the
Portfolio invests, rather than the potfolio turnover of such underlying
Funds.
40
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
Assets September 30, 1996
--------------------
<S> <C>
Investments, at value (cost $18,818,120)..................................... $20,651,856
Cash......................................................................... 0
Receivable for investments sold........................................... 0
Receivable for fund units sold........................................... 32,285
Dividends and interest receivable......................................... 0
Other assets................................................................ 0
--------------------
Total assets........................................................... 20,684,141
--------------------
Liabilities
Payable for investments purchased............................................ 0
Payable for fund units purchased............................................. 0
Accrued expenses............................................................. 3,965
Other liabilities............................................................ 0
--------------------
Total liabilities....................................................... 3,965
--------------------
Net Assets................................................................... $20,680,176
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($20,680,176/1,772,852 units outstanding)......................... $11.66
====================
</TABLE>
41
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 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........ 4,700 11,988
Other expenses and taxes........................ 0 0
Amortization of organization expenses........... 0 0
-------------------------------------------
Total expenses................................ 4,700 11,988
-------------------------------------------
Net investment income (loss)............................ (4,700) (11,988)
-------------------------------------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold.............. 78,161 200,840
Unrealized appreciation of investments............... 434,929 1,355,101
-------------------------------------------
Net gain on investments......................... 513,090 1,555,941
-------------------------------------------
Net increase from operations.................... $508,390 $1,543,953
===========================================
</TABLE>
42
<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
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($4,700) ($11,988)
Net realized gain on investments.............. 78,161 200,840
Unrealized appreciation on investments........ 434,929 1,355,101
-------------------------------------------
Net increase in net assets from operations.... 508,390 1,543,953
-------------------------------------------
Participant transactions:
Proceeds from sales of units.................. 2,653,013 10,476,409
Cost of units redeemed........................ (508,369) (1,339,646)
-------------------------------------------
Net increase from participant transactions.... 2,144,644 9,136,763
-------------------------------------------
Total increase in net assets........ 2,653,034 10,680,716
Net Assets:
Beginning of period........................... 18,027,142 9,999,460
End of period................................. $20,680,176 $20,680,176
Number of units:
Outstanding-beginning of period............... 1,583,291 946,103
Sold..................................... 234,870 947,132
Redeemed................................. (45,309) (120,383)
-------------------------------------------
Outstanding-end of period..................... 1,772,852 1,772,852
===========================================
</TABLE>
43
<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 period: For the period For the period
July 1, 1996 January 1, 1996
to September 30, 1996 to September 30, 1996
--------------------- ---------------------
<S> <C> <C>
Investment income....................................... $0.00 $0.00
Expenses................................................ 0.00 (0.01)
-------------------------------------------
Net investment income (loss)............................ 0.00 (0.01)
Net realized and unrealized gain on investments......... 0.27 1.10
-------------------------------------------
Net increase in unit value.............................. 0.27 1.09
Net asset value at beginning of period.................. 11.39 10.57
-------------------------------------------
Net asset value at end of period..... .................. $11.66 $11.66
===========================================
Ratio of expenses to average net assets*................ 0.10% 0.10%
Ratio of net investment income (loss) to average assets* (0.10%) (0.10%)
Portfolio turnover**.................................... 4% 13%
Units outstanding at end of period (in thousands).. 1,773 1,773
</TABLE>
- ------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the
Portfolio invests, rather than the potfolio turnover of such underlying
Funds.
44
<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 September 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 4.4%.
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 3.1% 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 third quarter of 1996 was the seventh consecutive quarter of
positive returns for the U.S. equity market. During this period, inflation
remained moderate and earnings growth of most firms was maintained.
The most heavily weighted sectors in the Aggressive Equity Fund are
drug and hospital supplies, electronics and instruments, and business
services. Weaker areas in terms of return included basic industry,
insurance companies and leisure and tourism.
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
September 30, 1996, the Balanced Fund experienced a total return, net of
Expenses, of 2.1%. For the same period, the S&P 500 Index produced a
return of 3.1% and the Lehman Brothers Aggregate Bond Index (the "LB Bond
Index"), a broad measure of the domestic bond market, experienced a return
of 1.8%.
During the third quarter of 1996, equity market volatility
accelerated, with a decline in July but a recovery later in the quarter. In
the fixed income market, domestic interest rates fluctuated considerably
during the quarter, with yields on long-term bonds ending virtually
unchanged.
Some of the most heavily weighted industry sectors in the equity
portion of the fund were utilities, technology, consumer goods and
healthcare. The fixed income segment was heavily invested in U.S.
Treasuries, mortgage-related issues and long-term corporate bonds.
45
<PAGE>
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 September 30,1996, the Growth
Equity Fund experienced a total return, net of Expenses, of 3.2%. The S&P
500 Index produced a return of 3.1% for the same period.
During the third quarter of 1996, growth stocks continued to
outperform value stocks. The majority of companies reported good earnings
and despite a slight "correction" in July, the stock market finished the
quarter with positive returns.
Some of the most heavily weighted industry sectors in the Growth
Equity Fund were drugs and hospital supplies, technology, and consumer
durables. Weaker areas in terms of return were telecommunications and
insurance companies.
INDEX EQUITY FUND
The Index Equity Fund invests in common stocks of U.S. companies
that are included in the Russell 3000 Index (the "Russell Index"), with the
overall objective of achieving long-term growth of capital. The Russell
Index represents approximately 98% of the U.S. equity market based on the
market capitalization of the companies in the Russell Index. The Index
Equity Fund invests in common stocks included in the Russell Index by fully
replicating the S&P 500 Index and the next largest 1,500 companies and by
using sampling techniques to track the performance of the remaining 1,000
companies.
The fund produced a total return, net of Expenses, for the third
quarter of 1996 of 2.9%. By comparison, the Russell Index produced a
return of 3.0% for the third 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 and invested 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.
46
<PAGE>
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 September 30, 1996, the Intermediate Bond
Fund experienced a total return, net of Expenses, of 2.1%. As a
comparison, the LB Bond Index produced a return for the third quarter of
1996 of 1.8%. U.S. treasury yields fluctuated during the third quarter,
but ended the period almost exactly where they began. The Federal Reserve
made no changes in short-term rates during this quarter.
INTERNATIONAL EQUITY FUND
The International Equity Fund's investment objective is to seek
long-term growth of capital through investing primarily in common stocks of
established non-U.S. companies. The Fund intends to diversify investments
broadly among countries of the Far East and Europe, as well as in South
Africa, Australia, Canada and other areas. The International Equity Fund
will seek to achieve, over an extended period of time, total returns
comparable to or superior to broad measures of the international (non-U.S.)
stock market.
Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street has
determined to be $25 million, all contributions to the fund will be
invested in the T. Rowe Price International Stock Fund.
For the quarter ended September 30, 1996, the International Fund
experienced a total return, net of Expenses, of .71%. For the third quarter
of 1996, the total return of Morgan Stanley EAFE (Europe, Australia, Far
East) Index ( the "EAFE Index") was (0.13)%. 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 EAFE market did not perform
as well as the US equity market, reflecting concerns over low corporate
profitability, with emerging markets lagging even farther behind the US
market.
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 September 30, 1996, the Stable Asset Fund
produced a yield, net of Expenses, of 5.6%. As a standard of performance
measurement, the Donoghue Money Market Average "Tier One" for the third
quarter of 1996 yielded 4.8%.
47
<PAGE>
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 September 30, 1996, the Value Equity Fund
experienced a total return, net of Expenses, of 2.3%. The S&P 500 Index
produced a return of 3.1% for the third quarter. Despite already high
valuations, the US stock market made strong gains in the third quarter
against a continued backdrop of high corporate earnings and moderate
inflation.
The overweighted sectors in the Value Equity Fund are finance,
services, and energy. The fund remains underweighted in technology and
consumer growth companies.
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 September 30, 1996, the structured portfolio
service experienced a total return, net of Expenses, of 2.1% for the
Conservative Portfolio, 2.2% for the Moderate Portfolio, and 2.5% for the
Aggressive Portfolio.
48
<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
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
<S> <C>
27.1 Financed Data Schedule - Aggressive 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 Equity 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
</TABLE>
49
<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
November 14, 1996 By: /s/ Nancy P. Antin
------------------------------------------
Nancy P. Antin
Vice President and Chief Financial Officer
November 14, 1996 By: /s/ Susan C. Daniels
------------------------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
50
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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 207,165,770
<INVESTMENTS-AT-VALUE> 266,871,312
<RECEIVABLES> 1,743,064
<ASSETS-OTHER> 665
<OTHER-ITEMS-ASSETS> 178,421
<TOTAL-ASSETS> 268,793,462
<PAYABLE-FOR-SECURITIES> 1,584,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 984,772
<TOTAL-LIABILITIES> 2,569,022
<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> 266,224,440
<DIVIDEND-INCOME> 1,177,616
<INTEREST-INCOME> 660,618
<OTHER-INCOME> 0
<EXPENSES-NET> 1,850,685
<NET-INVESTMENT-INCOME> (12,451)
<REALIZED-GAINS-CURRENT> 20,029,075
<APPREC-INCREASE-CURRENT> 18,215,289
<NET-CHANGE-FROM-OPS> 38,231,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 736,334
<NUMBER-OF-SHARES-REDEEMED> (374,041)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 51,670,833
<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
<PER-SHARE-GAIN-APPREC> 5.83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.42
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 271,288,492
<INVESTMENTS-AT-VALUE> 309,472,840
<RECEIVABLES> 6,608,576
<ASSETS-OTHER> 196,124
<OTHER-ITEMS-ASSETS> 965
<TOTAL-ASSETS> 316,278,505
<PAYABLE-FOR-SECURITIES> 30,285,824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 497,802
<TOTAL-LIABILITIES> 30,783,626
<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> 285,494,879
<DIVIDEND-INCOME> 2,436,836
<INTEREST-INCOME> 5,412,501
<OTHER-INCOME> 0
<EXPENSES-NET> 1,986,195
<NET-INVESTMENT-INCOME> 5,863,142
<REALIZED-GAINS-CURRENT> 16,742,517
<APPREC-INCREASE-CURRENT> 893,865
<NET-CHANGE-FROM-OPS> 23,499,524
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437,578
<NUMBER-OF-SHARES-REDEEMED> (508,571)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,016,467
<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> .71
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.84
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 564,523,434
<INVESTMENTS-AT-VALUE> 719,994,473
<RECEIVABLES> 6,595,632
<ASSETS-OTHER> 487,987
<OTHER-ITEMS-ASSETS> 23,878
<TOTAL-ASSETS> 727,101,970
<PAYABLE-FOR-SECURITIES> 10,559,712
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,266,808
<TOTAL-LIABILITIES> 11,826,520
<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> 715,275,450
<DIVIDEND-INCOME> 10,320,482
<INTEREST-INCOME> 1,336,134
<OTHER-INCOME> 0
<EXPENSES-NET> 4,531,006
<NET-INVESTMENT-INCOME> 7,125,610
<REALIZED-GAINS-CURRENT> 56,026,921
<APPREC-INCREASE-CURRENT> 17,640,370
<NET-CHANGE-FROM-OPS> 80,792,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 116,666
<NUMBER-OF-SHARES-REDEEMED> (130,863)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 77,352,123
<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> 2.56
<PER-SHARE-GAIN-APPREC> 26.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 258.42
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 63,708,208
<INVESTMENTS-AT-VALUE> 72,331,761
<RECEIVABLES> 1,145,430
<ASSETS-OTHER> 46,548
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,523,739
<PAYABLE-FOR-SECURITIES> 1,035,663
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 313,567
<TOTAL-LIABILITIES> 1,349,230
<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> 72,174,509
<DIVIDEND-INCOME> 1,213,157
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 313,555
<NET-INVESTMENT-INCOME> 899,602
<REALIZED-GAINS-CURRENT> 1,097,992
<APPREC-INCREASE-CURRENT> 5,382,525
<NET-CHANGE-FROM-OPS> 7,380,119
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,574,613
<NUMBER-OF-SHARES-REDEEMED> (419,939)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,246,435
<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> 0.21
<PER-SHARE-GAIN-APPREC> 1.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.72
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 47,073,544
<INVESTMENTS-AT-VALUE> 46,121,183
<RECEIVABLES> 390,835
<ASSETS-OTHER> 30,639
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,542,657
<PAYABLE-FOR-SECURITIES> 340,219
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,643
<TOTAL-LIABILITIES> 364,862
<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> 46,177,795
<DIVIDEND-INCOME> 2,049,921
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 182,947
<NET-INVESTMENT-INCOME> 1,866,974
<REALIZED-GAINS-CURRENT> (193,197)
<APPREC-INCREASE-CURRENT> (1,784,264)
<NET-CHANGE-FROM-OPS> (110,487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,678,525
<NUMBER-OF-SHARES-REDEEMED> (747,547)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,718,592
<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> 0.45
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.55
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 26,178,442
<INVESTMENTS-AT-VALUE> 27,379,126
<RECEIVABLES> 190,969
<ASSETS-OTHER> 16,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,586,664
<PAYABLE-FOR-SECURITIES> 190,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,686
<TOTAL-LIABILITIES> 201,655
<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> 27,385,009
<DIVIDEND-INCOME> 59,562
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 87,895
<NET-INVESTMENT-INCOME> (28,333)
<REALIZED-GAINS-CURRENT> 731,307
<APPREC-INCREASE-CURRENT> 1,190,986
<NET-CHANGE-FROM-OPS> 1,893,960
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,396,956
<NUMBER-OF-SHARES-REDEEMED> (492,786)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,535,694
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 15.37
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.01
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 615,975,106
<INVESTMENTS-AT-VALUE> 615,975,106
<RECEIVABLES> 3,482,812
<ASSETS-OTHER> 424,731
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 619,882,649
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 419,300
<TOTAL-LIABILITIES> 419,300
<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> 619,463,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,680,883
<OTHER-INCOME> 0
<EXPENSES-NET> 3,126,492
<NET-INVESTMENT-INCOME> 23,554,391
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,554,391)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,485,102
<NUMBER-OF-SHARES-REDEEMED> (94,827,532)
<SHARES-REINVESTED> 23,554,391
<NET-CHANGE-IN-ASSETS> (10,788,039)
<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> 0.38
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.38)
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 36,481,505
<INVESTMENTS-AT-VALUE> 39,802,604
<RECEIVABLES> 186,910
<ASSETS-OTHER> 24,835
<OTHER-ITEMS-ASSETS> (12,646)
<TOTAL-ASSETS> 40,001,703
<PAYABLE-FOR-SECURITIES> 113,820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,418
<TOTAL-LIABILITIES> 168,238
<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> 39,833,465
<DIVIDEND-INCOME> 529,360
<INTEREST-INCOME> 173,408
<OTHER-INCOME> 0
<EXPENSES-NET> 237,641
<NET-INVESTMENT-INCOME> 465,127
<REALIZED-GAINS-CURRENT> 553,208
<APPREC-INCREASE-CURRENT> 2,304,709
<NET-CHANGE-FROM-OPS> 3,323,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,520,511
<NUMBER-OF-SHARES-REDEEMED> (346,754)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,215,515
<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> 0.20
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.39
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,689,528
<INVESTMENTS-AT-VALUE> 10,196,648
<RECEIVABLES> 155
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,196,803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,927
<TOTAL-LIABILITIES> 1,927
<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> 10,194,876
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 6,160
<NET-INVESTMENT-INCOME> (6,160)
<REALIZED-GAINS-CURRENT> 147,400
<APPREC-INCREASE-CURRENT> 308,940
<NET-CHANGE-FROM-OPS> 450,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 584,943
<NUMBER-OF-SHARES-REDEEMED> (172,565)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,822,796
<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> 0.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE
TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-MODERATE
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 25,290,534
<INVESTMENTS-AT-VALUE> 27,119,612
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,855
<TOTAL-ASSETS> 27,124,467
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,180
<TOTAL-LIABILITIES> 5,180
<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> 27,119,287
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 16,809
<NET-INVESTMENT-INCOME> (16,809)
<REALIZED-GAINS-CURRENT> 302,246
<APPREC-INCREASE-CURRENT> 1,277,355
<NET-CHANGE-FROM-OPS> 1,562,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,446,507
<NUMBER-OF-SHARES-REDEEMED> (226,432)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,740,300
<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> 0.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.33
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 18,818,120
<INVESTMENTS-AT-VALUE> 20,651,856
<RECEIVABLES> 32,285
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,684,141
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,965
<TOTAL-LIABILITIES> 3,965
<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> 20,680,176
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 11,988
<NET-INVESTMENT-INCOME> (11,988)
<REALIZED-GAINS-CURRENT> 200,840
<APPREC-INCREASE-CURRENT> 1,355,101
<NET-CHANGE-FROM-OPS> 1,543,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 947,132
<NUMBER-OF-SHARES-REDEEMED> (120,383)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,680,716
<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> 1.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.66
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
