FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
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. 333-23633 AND 33-92120
---------------------
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
i
<PAGE>
International Equity Fund
Statement of Assets and Liabilities................ 21
Statement of Operations............................ 22
Statement of Changes in Net Assets..................23
Per-Unit Data and Ratios............................24
Stable Asset Return Fund
Statement of Assets and Liabilities................ 25
Statement of Operations............................ 26
Statement of Changes in Net Assets..................27
Per-Unit Data and Ratios............................28
Value Equity Fund
Statement of Assets and Liabilities................ 29
Statement of Operations............................ 30
Statement of Changes in Net Assets..................31
Per-Unit Data and Ratios............................32
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities................ 33
Statement of Operations............................ 34
Statement of Changes in Net Assets..................35
Per-Unit Data and Ratios............................36
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities................ 37
Statement of Operations............................ 38
Statement of Changes in Net Assets..................39
Per-Unit Data and Ratios............................40
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities................ 41
Statement of Operations............................ 42
Statement of Changes in Net Assets..................43
Per-Unit Data and Ratios............................44
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations...............45
Item 3. Quantitative Disclosures About Market Risk........49
PART II. OTHER INFORMATION
Item 1.Legal Proceedings..................................50
Item 2.Changes in Securities..............................50
Item 3.Defaults Upon Senior Securities....................50
Item 4.Submission of Matters to a Vote of
Security Holders...................................50
Item 5.Other Information..................................50
Item 6.Exhibits and Reports on Form 8-K...................50
SIGNATURES.....................................................51
ii
<PAGE>
Page 1
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (Unaudited)
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
ASSETS
Investments, at value (cost $228,399,356)............... $267,262,552
Cash.................................................... 4,401
Receivable for investments sold....................... 1,731,112
Receivable for fund units sold....................... 21,886
Dividends and interest receivable.................... 193,887
Other assets........................................... 110,844
------------
Total assets...................................... 269,324,682
------------
Liabilities
Payable for investments purchased....................... 3,976,571
Payable for fund units purchased........................ 613,148
Accrued expenses........................................ 432,958
Other liabilities....................................... 0
------------
Total liabilities.................................. 5,022,677
------------
Net Assets.............................................. $264,302,005
============
Net asset value, redemption price and offering price
per unit of beneficial interest
($264,302,005/6,888,038 units outstanding).............. $38.37
============
<PAGE>
Page 2
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $370,178
Interest income.................................... 278,748
----------------
Total investment income....................... 648,926
Expenses:
Investment advisory fee............................ $311,418
State Street Bank & Trust Company - program fee 253,902
American Bar Retirement Association - program fee 37,137
Trustee, management and administration fees........ 52,608
Other expenses and taxes........................... 33,570
Amortization of Organization Expenses.............. 19,306
----------------
Total expenses................................ 707,941
----------------
Net investment income (loss)............................ (59,015)
----------------
Realized & Unrealized Gain (Loss) on Investments.
- -------------------------------------------------
Net realized gain on investments sold................... 9,252,947
Unrealized depreciation of investments during the period (27,507,257)
----------------
Net loss on investments......................... (18,254,310)
----------------
Net decrease in net assets resulting from operations ($18,313,325)
================
<PAGE>
Page 3
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss).................. ($59,015)
Net realized gain on investments sold......... 9,252,947
Unrealized depreciation of investments during
the period.................................... (27,507,257)
-----------------
Net decrease in net assets resulting from
operations.................................... (18,313,325)
-----------------
Participant transactions:
Proceeds from sales of units.................. 13,006,649
Cost of units redeemed........................ (6,306,787)
-----------------
Net increase in net assets resulting from
participant transactions...................... 6,699,862
-----------------
Total decrease in net assets........ (11,613,463)
NET ASSETS:
Beginning of period........................... 275,915,468
End of period................................. $264,302,005
Number of units:
Outstanding-beginning of period............... 6,727,703
Sold..................................... 312,594
Redeemed................................. (152,259)
-----------------
Outstanding-end of period..................... 6,888,038
=================
<PAGE>
Page 4
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period: For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.10
Expenses................................................ (0.10)
-----------------
Net investment income (loss)............................ 0
Net realized and unrealized (loss) on investments....... (2.64)
-----------------
Net decrease in unit value.............................. (2.64)
Net asset value at beginning of period.................. 41.01
-----------------
Net assets value at end of period....................... $38.37
================
Ratio of expenses to average assets*.................... 1.01%
Ratio of net investment income to average assets*....... (0.08%)
Portfolio turnover...................................... 12%
Number of units outstanding at end of period (in thousands) 6,888
- ----------------------------------------
*Annualized
<PAGE>
Page 5
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
ASSETS
Investments, at value (cost $288,334,399)............... $324,166,090
Cash.................................................... (829,629)
Receivable for investments sold......................... 1,118,756
Receivable for fund units sold.......................... 0
Dividends and interest receivable....................... 1,515,115
Other assets............................................ 117,732
----------------
Total assets...................................... 326,088,064
----------------
LIABILITIES
Payable for investments purchased....................... 25,126,620
Payable for fund units purchased........................ 614,602
Accrued expenses........................................ 401,202
Other liabilities....................................... 2,521
----------------
Total liabilities.................................. 26,144,945
----------------
Net Assets.............................................. $299,943,119
================
Net asset value, redemption price and offering price
per unit of beneficial interest
($299,943,119/8,106,643 units outstanding)........... $37.00
================
<PAGE>
Page 6
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $669,823
Interest income.................................... 2,108,486
---------------
Total investment income....................... 2,778,309
Expenses:
Investment advisory fee........................... $278,199
State Street Bank & Trust Company - program fee... 274,831
American Bar Retirement Association - program fee.. 40,197
Trustee, management and administration fees........ 56,946
Other expenses and taxes........................... 43,589
Amortization of Organization Expenses.............. 21,327
----------------
Total expenses................................ 715,089
----------------
Net investment income................................... 2,063,220
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold................... 6,440,772
Unrealized depreciation of investments during the period (6,647,831)
----------------
Net loss on investments............................ (207,059)
----------------
Net increase in net assets resulting from operations $1,856,161
================
<PAGE>
Page 7
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income......................... $2,063,220
Net realized gain on investments sold......... 6,440,772
Unrealized depreciation of investments during
the period.................................... (6,647,831)
----------------
Net increase in net assets resulting from
operations.................................... 1,856,161
----------------
Participant transactions:
Proceeds from sale of units................... 9,512,818
Cost of units redeemed........................ (6,827,192)
-----------------
Net increase in net assets resulting from
participant transactions...................... 2,685,626
----------------
Total increase in net assets........ 4,541,787
NET ASSETS:
Beginning of period........................... 295,401,332
End of period................................. $299,943,119
Number of units:
Outstanding-beginning of period............... 8,036,685
Sold..................................... 251,989
Redeemed................................. (182,031)
-----------------
Outstanding-end of period..................... 8,106,643
=================
<PAGE>
Page 8
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period: For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.34
Expenses................................................ (0.09)
-----------------
Net investment income................................... 0.25
Net realized and unrealized (loss) on investments....... (0.01)
-----------------
Net increase in unit value.............................. 0.24
Net asset value at beginning of period.................. 36.76
-----------------
Net assets value at end of period....................... $37.00
=================
Ratio of expenses to average net assets*................ 0.94%
Ratio of net investment income to average assets*....... 2.73%
Portfolio turnover...................................... 43%
Number of units outstanding at end of period(in thousands) 8,107
- ----------------------------------------
*Annualized
<PAGE>
Page 9
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
ASSETS
Investments, at value (cost $611,385,863)............... $772,568,014
Cash.................................................... 172,479
Receivable for investments sold......................... 3,902,377
Receivable for fund units sold.......................... 68,077
Dividends and interest receivable....................... 1,302,687
Other assets........................................... 300,635
----------------
Total assets....................................... 778,314,269
----------------
Liabilities
Payable for investments purchased....................... 8,504,930
Payable for fund units purchased........................ 244,768
Accrued expenses........................................ 942,185
Other liabilities....................................... 49,162
----------------
Total liabilities.................................. 9,741,045
----------------
Net Assets.............................................. $768,573,224
================
Net asset value, redemption price and offering price per
unit of beneficial interest
( $768,573,224/2,736,291 units outstanding)........... $280.88
================
<PAGE>
Page 10
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $2,532,426
Interest income.................................... 407,221
----------------
Total investment income....................... 2,939,647
Expenses:
Investment advisory fee........................... $586,041
State Street Bank & Trust Company - program fee 711,972
American Bar Retirement Association - program fee 104,134
Trustee, management and administration fees........ 147,523
Other expenses and taxes........................... 142,138
Amortization of Organization Expenses.............. 54,078
----------------
Total expenses................................ 1,745,886
----------------
Net investment income................................... 1,193,761
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold................... 32,330,997
Unrealized depreciation of investments during the period (26,720,670)
----------------
Net gain on investments............................ 5,610,327
----------------
Net increase in net assets resulting from operations $6,804,088
================
<PAGE>
Page 11
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income......................... $1,193,761
Net realized gain on investments sold......... 32,330,997
Unrealized depreciation of investments during
the period.................................... (26,720,670)
----------------
Net increase in net assets resulting from
operations.................................... 6,804,088
----------------
Participant transactions:
Proceeds from sales of units.................. 23,879,148
Cost of units redeemed........................ (14,908,061)
-----------------
Net increase in net assets resulting from
participant transactions...................... 8,971,087
-----------------
Total increase in net assets........ 15,775,175
NET ASSETS:
Beginning of period........................... 752,798,049
End of period................................. $768,573,224
Number of units:
Outstanding-beginning of period............... 2,705,373
Sold..................................... 82,362
Redeemed................................. (51,444)
-----------------
Outstanding-end of period..................... 2,736,291
=================
<PAGE>
Page 12
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $1.09
Expenses................................................ (0.65)
-----------------
Net investment income................................... 0.44
Net realized and unrealized gain on investments......... $2.18
-----------------
Net increase in unit value.............................. 2.62
Net asset value at beginning of period.................. 278.26
-----------------
Net assets value at end of period....................... $280.88
=================
Ratio of expenses to average net assets*................ 0.89%
Ratio of net investment income to average assets*....... 0.61%
Portfolio turnover...................................... 19%
Number of units outstanding at end of period (in thousands) 2,736
- -----------------------------------------
*Annualized
<PAGE>
Page 13
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31 , 1997
-----------------
ASSETS
Investments, at value (cost $89,774,958)................ $101,227,678
Cash.................................................... 81,256
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 348,708
Dividends and interest receivable....................... 166,319
Other assets............................................ 33,250
---------------
Total assets....................................... 101,857,211
---------------
LIABILITIES
Payable for investments purchased....................... 247,575
Payable for fund units purchased........................ 0
Accrued expenses........................................ 60,437
Other liabilities....................................... 0
---------------
Total liabilities.................................. 308,012
---------------
NET ASSETS.............................................. $101,549,199
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($101,549,199/5,977,921 units outstanding)............. $16.99
===============
<PAGE>
Page 14
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $166,319
Interest income.................................... 0
---------------
Total investment income....................... 166,319
Expenses:
Investment Advisory Fee............................ $0
State Street Bank & Trust Company - program fee... 87,841
American Bar Retirement Association - program fee. 12,847
Trustee, management and administration fees........ 40,096
Other expenses and taxes........................... 10,080
Amortization of Organization expenses........... 5,661
----------------
Total expenses................................ 156,525
----------------
Net investment income (loss)............................ 9,794
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized gain on investments sold.............. 1,929,211
Unrealized depreciation of investments during the period (1,916,649)
---------------
Net gain on investments......................... 12,562
---------------
Net increase in net assets resulting from operations $22,356
===============
<PAGE>
Page 15
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income(loss)................... $9,794
Net realized gain on investments sold......... 1,929,211
Unrealized depreciation of investments during
the period.................................... (1,916,649)
----------------
Net increase in net assets resulting from
operations.................................... 22,356
----------------
Participant transactions:
Proceeds from sales of units.................. 25,426,149
Cost of units redeemed........................ (6,780,309)
----------------
Net increase in net assets resulting from
participant transactions 18,645,840
----------------
Total increase in net assets........ 18,668,196
Net Assets:
Beginning of period........................... 82,881,003
End of period................................. $101,549,199
Number of units:
Outstanding-beginning of period............... 4,914,409
Sold..................................... 1,445,732
Redeemed................................. (382,220)
----------------
Outstanding-end of period..................... 5,977,921
================
<PAGE>
Page 16
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.03
Expenses................................................ (0.03)
----------------
Net investment income (loss)............................ 0
Net realized and unrealized gain on investments......... 0.13
----------------
Net increase in unit value.............................. 0.13
Net asset value at beginning of period.................. 16.86
----------------
Net assets value at end of period....................... $16.99
================
Ratio of expenses to average net assets*................ 0.65%
Ratio of net investment income (loss) to average assets* 0.04%
Portfolio turnover**.................................... 7%
Number of units outstanding at end of period(in thousands) 5,978
- -----------------------------------------
*Annualized
**Reflects purchases and sales of units of the collective investment funds
in which the Fund invests, rather than the turnover of the underlying
portfolio of such collective investment funds.
<PAGE>
Page 17
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
--------------------
ASSETS
Investments, at value (cost $61,334,347)................ $59,953,756
Cash.................................................... 0
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 75,185
Dividends and interest receivable....................... 423,341
Other assets........................................... 19,827
----------------
Total assets...................................... 60,472,109
----------------
LIABILITIES
Payable for investments purchased....................... 367,174
Payable for fund units purchased........................ 0
Accrued expenses........................................ 31,366
Other liabilities....................................... 0
----------------
Total liabilities.................................. 398,540
----------------
NET ASSETS.............................................. $60,073,569
================
Net asset value, redemption price and offering price
per unit of beneficial interest
($60,073,569/5,543,482 units outstanding)............... $10.84
================
<PAGE>
Page 18
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $1,009,655
Interest income.................................... 0
----------------
Total investment income....................... 1,009,655
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company - program fee... 49,371
American Bar Retirement Association - program fee. 7,221
Trustee, management and administration fees........ 13,602
Other expenses and tax............................. 6,210
Amortization of Organization Expenses.............. 3,520
----------------
Total expenses................................ 79,924
----------------
Net investment income................................... 929,731
----------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS.
Net realized loss on investments sold................... (9,596)
Unrealized depreciation of investments during the period (1,201,094)
-----------------
Net loss on investments............................ (1,210,690)
-----------------
Net decrease in net assets resulting from operations ($280,959)
=================
<PAGE>
Page 19
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
------------------
Increase in Net Assets From:
Operations:
Net investment income......................... $929,731
Net realized loss on investments sold......... (9,596)
Unrealized depreciation of investments during
the period.................................... (1,201,094)
-----------------
Net decrease in net assets resulting from
operations.................................... (280,959)
-----------------
Participant transactions:
Proceeds from sales of units.................. 12,700,529
Cost of units redeemed........................ (1,957,818)
-----------------
Net increase in net assets resulting from
participant transactions...................... 10,742,711
-----------------
Total increase in net assets........ 10,461,752
Net Assets:
Beginning of period........................... 49,611,817
End of period................................. $60,073,569
Number of units:
Outstanding-beginning of period............... 4,556,518
Sold..................................... 1,166,396
Redeemed................................. (179,433)
-----------------
Outstanding-end of period..................... 5,543,481
=================
<PAGE>
Page 20
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.29
Expenses................................................ (0.02)
-----------------
Net investment income................................... 0.27
Net realized and unrealized loss on investments......... (0.32)
-----------------
Net decrease in unit value.............................. (0.05)
Net asset value at beginning of period.................. 10.89
-----------------
Net asset value at end of period....................... $10.84
=================
Ratio of expenses to average net assets*................ 0.59%
Ratio of net investment income to average assets*....... 6.83%
Portfolio turnover**.................................... 2.84%
Number of units outstanding at end of period (in thousands) 5,543
- ----------------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment
companies in which the Fund invests, rather than turnover of the underlying
portfolio of such registered investment companies.
<PAGE>
Page 21
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (cost $45,854,415)................ $46,567,963
Cash.................................................... 0
Receivable for investments sold....................... 0
Receivable for fund units sold....................... 245,551
Dividends and interest receivable.................... 0
Other assets........................................... 13,574
---------------
Total assets...................................... 46,827,088
---------------
Liabilities
Payable for investments purchased....................... 245,551
Payable for fund units purchased........................ 0
Accrued expenses........................................ 22,394
Other liabilities....................................... 0
---------------
Total liabilities.................................. 267,945
---------------
Net Assets.............................................. $46,559,143
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($46,559,143/2,618,074 units outstanding)............... $17.78
===============
<PAGE>
Page 22
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
------------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
-----------------
Total investment income....................... 0
Expenses:
Investment Advisory Fee............................ $0
State Street Bank & Trust Company - program fee... $36,405
American Bar Retirement Association - program fee. 5,324
Trustee, management and administration fees........ 7,544
Other expenses and taxes........................... 3,883
Amortization of Organization expenses............ 2,310
-----------------
Total expenses................................ 55,466
-----------------
Net investment income (loss)............................ (55,466)
-----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 505,033
Unrealized depreciation of investments during the period (318,424)
-----------------
Net gain on investments......................... 186,609
-----------------
Net increase in net assets resulting from operations $131,143
=================
<PAGE>
Page 23
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
------------------
Increase in Net Assets From:
Operations:
Net investment income(loss)................... ($55,466)
Net realized gain on investments sold......... 505,033
Unrealized depreciation of investments during
the period.................................... (318,424)
----------------
Net increase in net assets resulting from
operations.................................... 131,143
----------------
Participant transactions:
Proceeds from sales of units.................. 23,079,233
Cost of units redeemed........................ (9,919,533)
----------------
Net increase in net assets resulting from
participant transactions...................... 13,159,700
----------------
Total increase in net assets........ 13,290,843
Net Assets:
Beginning of period........................... 33,268,300
End of period................................. $46,559,143
Number of units:
Outstanding-beginning of period............... 1,868,547
Sold..................................... 1,309,221
Redeemed................................. (559,695)
----------------
Outstanding-end of period..................... 2,618,073
================
<PAGE>
Page 24
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1997
to March 31, 1997
------------------
Investment income....................................... $ 0
Expenses................................................ (0.02)
------------------
Net investment income (loss)............................ (0.02)
Net realized and unrealized gain on investments......... 0
------------------
Net decrease in unit value.............................. (0.02)
Net asset value at beginning of period.................. 17.80
------------------
Net assets value at end of period....................... $17.78
==================
Ratio of expenses to average net assets*................ 0.55%
Ratio of net investment income (loss) to average assets* (0.55%)
Portfolio turnover**.................................... 25%
Number of units outstanding at end of period(in thousands) 2,618
- ----------------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment
company in which the Fund invests, rather than the turnover of the underlying
portfolio of such registered investment company.
<PAGE>
Page 25
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (Cost $622,325,365)............... $622,325,365
Interest Receivable .................................... 3,188,407
Receivable for fund units sold.......................... 2,078,775
Other assets............................................ 254,761
---------------
Total Assets...................................... 627,847,308
---------------
Liabilities
Payable for units redeemed.............................. 0
Accrued expenses........................................ 348,264
---------------
Total Liabilities.................................. 348,264
---------------
Net Assets............................................. $627,499,044
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($627,499,044/627,499,044 units outstanding)............ $1.00
===============
<PAGE>
Page 26
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Interest income........................................ $9,276,249
---------------
Expenses:
State Street Bank & Trust Company - program fee... 564,302
American Bar Retirement Association - program fee. 82,537
Trustee, management and administration fees..... 310,735
Other expenses and taxes........................... 76,050
Amortization of Organization expenses.............. (18,770)
---------------
Total Expenses............................... 1,014,854
---------------
Net investment income................................... $8,261,395
---------------
<PAGE>
Page 27
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Increase in Net Assets From:
Operations:
Net investment income and net increase in net
assets resulting from operations.............. $8,261,395
----------------
Distributions from net investment income...... (8,261,395)
----------------
Participant transactions:
Proceeds from sale of units................... 27,391,580
Units issued in connection with reinvestment
of net investment income...................... 8,261,395
Cost of units redeemed........................ (42,916,700)
----------------
Net decrease in net assets resulting from
participant transactions...................... (7,263,725)
----------------
Total decrease in net assets........ (7,263,725)
----------------
Net Assets:
Beginning of period........................... 634,762,769
End of period................................. $627,499,044
================
<PAGE>
Page 28
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.015
Expenses................................................ (0.002)
----------------
Net investment income................................... 0.013
Reinvestment of net investment income............... (0.013)
----------------
Net increase in unit value.............................. 0
Net asset value at beginning of period.................. 1.00
----------------
Net asset value at end of period........................ $1.00
================
Ratio of expenses to average net assets*................ 0.64%
Ratio of net investment income to average assets*....... 5.32%
Number of units outstanding at end of period(in thousands) 627,499
- ----------------------------------------
* Annualized
<PAGE>
Page 29
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (cost $60,199,523)................ $68,015,227
Cash.................................................... 4,189
Receivable for investments sold....................... 0
Receivable for fund units sold....................... 554,631
Dividends and interest receivable.................... 157,899
Other assets........................................... 19,112
----------------
Total assets...................................... 68,751,058
----------------
Liabilities
Payable for investments purchased....................... 2,090,698
Payable for fund units purchased........................ 0
Accrued expenses........................................ 66,696
Other liabilities....................................... 126
----------------
Total liabilities.................................. 2,157,520
----------------
Net Assets.............................................. $66,593,538
================
Net asset value, redemption price and offering price per
unit of beneficial interest
( $66,593,538/4,105,713 units outstanding)............ $16.22
================
<PAGE>
Page 30
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $280,003
Interest income.................................... 102,092
----------------
Total investment income....................... 382,095
Expenses:
Investment advisory fee........................... $55,034
State Street Bank & Trust Company - program fee.. 53,176
American Bar Retirement Association - program fee.. 7,777
Trustee, management and administration fees........ 11,019
Other expenses and taxes......................... 6,092
Amortization of Organization Expenses............ 3,211
----------------
Total expenses................................ 136,309
----------------
Net investment income................................... 245,786
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold............... 111,575
Unrealized appreciation of investments during
the period......................................... 861,033
-----------------
Net gain on investments......................... 972,608
-----------------
Net increase in net assets resulting from operations $1,218,394
=================
<PAGE>
Page 31
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Increase in Net Assets From:
Operations:
Net investment income......................... $245,786
Net realized gain on investments sold......... 111,575
Unrealized appreciation of investments during
the period.................................... 861,033
----------------
Net increase in net assets resulting from
operations.................................... 1,218,394
----------------
Participant transactions:
Proceeds from sales of units.................. 18,686,056
Cost of units redeemed........................ (1,442,107)
-----------------
Net increase in net assets resulting from
participant transactions...................... 17,243,949
------------------
Total increase in net assets........ 18,462,343
Net Assets:
Beginning of period........................... 48,131,194
End of period................................. $66,593,537
Number of units:
Outstanding-beginning of period............... 3,060,634
Sold..................................... 1,130,772
Redeemed................................. (85,694)
-----------------
Outstanding-end of period..................... 4,105,712
=================
<PAGE>
Page 32
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $0.12
Expenses................................................ (0.04)
-----------------
Net investment income................................... 0.08
Net realized and unrealized gain on investments......... 0.41
-----------------
Net increase in unit value.............................. 0.49
Net asset value at beginning of period.................. 15.73
-----------------
Net assets value at end of period....................... $16.22
=================
Ratio of expenses to average net assets*................ 0.93%
Ratio of net investment income to average assets*....... 1.68%
Portfolio turnover...................................... 2%
Number of units outstanding at end of period (in thousands) 4,106
- ----------------------------------------
*Annualized
<PAGE>
Page 33
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (cost $12,653,789) ............... $13,351,971
Cash.................................................... 0
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 8,433
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 13,360,403
---------------
Liabilities
Payable for investments purchased....................... 8,433
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 1,111
Other liabilities....................................... 0
---------------
Total liabilities.................................. 9,544
---------------
Net Assets.............................................. $13,350,859
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($13,350,859/1,158,269 units outstanding)................. $11.53
===============
<PAGE>
Page 34
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income:
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes......................... 0
Amortization of Organization expenses............ 3,026
----------------
Total expenses................................ 3,026
----------------
Net investment income (loss)............................ (3,026)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 159,030
Unrealized depreciation of investments during the period (121,935)
----------------
Net gain on investment............................. 37,096
----------------
Net increase in net assets resulting from operations $34,069
================
<PAGE>
Page 35
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($3,026)
Net realized gain on investments sold......... 159,030
Unrealized depreciation of investments during
the period.................................... (121,935)
----------------
Net increase in net assets resulting from
operations.................................... 34,069
----------------
Participant transactions:
Proceeds from sales of units.................. 3,032,762
Cost of units redeemed........................ (916,949)
----------------
Net increase in net assets resulting from
participant transactions...................... 2,115,813
----------------
Total increase in net assets........ 2,149,882
Net Assets:
Beginning of period........................... 11,200,977
End of period................................. $13,350,859
Number of units:
Outstanding-beginning of period............... 977,202
Sold..................................... 259,381
Redeemed................................. (78,314)
----------------
Outstanding-end of period..................... 1,158,269
================
<PAGE>
Page 36
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $ 0
Expenses................................................ 0
---------------
Net investment income................................... 0
Net realized and unrealized gain on investments......... 0.07
---------------
Net increase in unit value.............................. 0.07
Net asset value at beginning of period.................. 11.46
---------------
Net asset value at end of period........................ $11.53
===============
Ratio of expenses to average net assets*................ 0.06%
Ratio of net investment income (loss) to average assets* (0.06%)
Portfolio turnover**.................................... 5.54%
Number of units outstanding at end of period (in thousands) 1,158
- ----------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the
Portfolio invests, rather than the portfolio turnover of such underlying Funds.
<PAGE>
Page 37
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (cost $45,222,878)................ $47,641,295
Cash.................................................... 0
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 16,597
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 47,657,892
---------------
Liabilities
Payable for investments purchased....................... 16,597
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 4,003
Other liabilities....................................... 0
---------------
Total liabilities.................................. 20,600
---------------
Net Assets.............................................. $47,637,292
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($47,637,292/3,969,609 units outstanding).............. $12.00
===============
<PAGE>
Page 38
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes........................ 0
Amortization of Organization expenses............ 10,257
----------------
Total expenses................................ 10,257
----------------
Net investment income (loss)............................ (10,257)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 403,424
Unrealized depreciation of investments during the period (439,731)
----------------
Net loss on investments............................ (36,307)
----------------
Net decrease in net assets resulting from operations ($46,564)
================
<PAGE>
Page 39
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Increase in Net Assets From:
Operations:
Net investment income (loss).................. ($10,257)
Net realized gain on investments sold......... 403,424
Unrealized depreciation of investments during
the period.................................... (439,731)
----------------
Net decrease in net assets resulting from
operations.................................... (46,564)
----------------
Participant transactions:
Proceeds from sale of units................... 16,559,550
Cost of units redeemed........................ (1,493,034)
----------------
Net increase in net assets resulting from
participant transactions...................... 15,066,516
----------------
Total increase in net assets........ 15,019,952
Net Assets:
Beginning of period........................... 32,617,340
End of period................................. $47,637,292
Number of units:
Outstanding-beginning of period............... 2,733,228
Sold..................................... 1,358,154
Redeemed................................. (121,773)
----------------
Outstanding-end of period..................... 3,969,609
================
<PAGE>
Page 40
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $ 0
Expenses................................................ 0
---------------
Net investment income................................... 0
Net realized and unrealized gain on investments......... 0.07
---------------
Net increase in unit value.............................. 0.07
Net asset value at beginning of period.................. 11.93
---------------
Net asset value at end of period........................ $12.00
===============
Ratio of expenses to average net assets*................ 0.10%
Ratio of net investment income (loss) to average assets* (0.10%)
Portfolio turnover**.................................... 5.24%
Number of units outstanding at end of period (in thousands) 3,970
- -----------------------------------------
*Annualized
**Reflects the purchases and sales of units of the Funds in which the
Portfolio invests, rather than the turnover of such underlying Funds.
<PAGE>
Page 41
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
March 31, 1997
----------------
Assets
Investments, at value (cost $34,026,511)................ $36,165,457
Cash.................................................... 0
Receivable for investments sold......................... 0
Receivable for fund units sold.......................... 437,739
Dividends and interest receivable....................... 0
Other assets............................................ 0
---------------
Total assets....................................... 36,603,196
---------------
Liabilities
Payable for investments purchased....................... 437,739
Payable for fund units purchased........................ 0
Accrued Expenses ....................................... 3,074
Other liabilities....................................... 0
---------------
Total liabilities.................................. 440,813
---------------
Net Assets.............................................. $36,162,383
===============
Net asset value, redemption price and offering price per
unit of beneficial interest
($36,162,383/2,903,055 units outstanding).............. $12.46
===============
<PAGE>
Page 42
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Operations
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income
Dividend income.................................... $0
Interest income.................................... 0
----------------
Total investment income....................... 0
Expenses:
Investment advisory fee............................ $0
State Street Bank & Trust Company-program fee...... 0
American Bar Retirement Association-program fee.... 0
Trustee, management and administration fees........ 0
Other expenses and taxes......................... 0
Amortization of Organization expenses............ 7,968
----------------
Total expenses................................ 7,968
----------------
Net investment income (loss)............................ (7,968)
----------------
Realized & Unrealized Gain (Loss) on Investments.
Net realized gain on investments sold................... 461,063
Unrealized depreciation of investments during the period (556,613)
----------------
Net loss on investments............................ (95,550)
----------------
Net decrease in net assets resulting from operations ($103,518)
================
<PAGE>
Page 43
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
For the period
January 1, 1997
to March 31, 1997
-----------------
Increase in Net Assets From:
Operations:
Net investment income(loss)................... ($7,968)
Net realized gain on investments sold......... 461,063
Unrealized depreciation of investments during
the period.................................... (556,613)
----------------
Net decrease in net assets resulting from
operations.................................... (103,518)
----------------
Participant transactions:
Proceeds from sales of units.................. 12,328,876
Cost of units redeemed........................ (1,620,836)
----------------
Net increase in net assets resulting from
participant transactions...................... 10,708,040
----------------
Total increase in net assets........ 10,604,522
Net Assets:
Beginning of period........................... 25,557,861
End of period................................. $36,162,383
Number of units:
Outstanding-beginning of period............... 2,060,096
Sold..................................... 969,377
Redeemed................................. (126,420)
----------------
Outstanding-end of period..................... 2,903,053
================
<PAGE>
Page 44
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout
the period:
For the period
January 1, 1997
to March 31, 1997
-----------------
Investment income....................................... $ 0
Expenses................................................ 0
----------------
Net investment income................................... 0
Net realized and unrealized gain on investments......... 0.05
----------------
Net increase in unit value.............................. 0.05
Net asset value at beginning of period.................. 12.41
----------------
Net asset value at end of period........................ $12.46
================
Ratio of expenses to average net assets*............. 0.10%
Ratio of net investment income (loss) to average assets* (0.10%)
Portfolio turnover**.................................... 6.80%
Number of units outstanding at end of period (in thousands) 2,903
- ------------------------------------------
*Annualized
**Reflects the purchases and sales of units of the Funds in which the
Portfolio invests, rather than the turnover of such underlying Funds.
<PAGE>
Page 45
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and
convertible debt instruments and non-equity securities, including
investment grade bonds, debentures and high quality money market
instruments of the same types as those in which the Stable Asset Return
Fund may invest, when deemed appropriate by State Street in light of
economic and market conditions. The Aggressive Equity Fund seeks to
achieve, over an extended period of time, total returns that are comparable
to or superior to those attained by broad measures of the domestic stock
market. For the quarter ended March 31, 1997 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 (6.44)%. By comparison,
the Russell 2000 Index produced a total return of (5.17)% for the same
period. The Russell 2000 Index does not include any allowance for the fees
that an investor would pay for investing in the stocks that comprise the
index.
The first quarter of 1997 marked the ninth consecutive quarterly
increase in the Standard & Poor's 500 Composite Stock Price Index (the "S&P
500 Index"), but the broader stock market experienced a correction late in
the third quarter triggered by the Federal Reserve's decision to increase
interest rates. This interest rate increase caused a decline in stock
prices in all categories, particularly smaller company growth stocks, which
have experienced greater declines than the broader market.
The most heavily weighted sectors in the Aggressive Equity Fund were
computers and office equipment, technology, consumer goods, and drug and
hospital supplies. Weaker areas in terms of return included health and
personal care companies and telecommunications holdings.
BALANCED FUND
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities (including bonds, notes,
debentures and equipment trust certificates) and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended
March 31, 1997, the Balanced Fund experienced a total return, net of
Expenses, of .66%. For the same period, a combination of the Russell 1000
Index and the Lehman Brothers Aggregate Bond Index (the "LB Bond Index")
weighted 60%/40%, respectively, produced a total return of .73%. The
Russell 1000 Index and the LB Bond Index do not include an allowance for
the fees that an investor would pay for investing in the securities that
comprise the indices.
The U.S. equity market advanced in the first quarter of 1997 but
closed on a decidedly weak note. In the last three weeks of the quarter,
stock prices dropped nearly 7% as investors responded negatively to the
Federal Reserve's first interest rate increase in over two years.
<PAGE>
Page 46
Some of the most heavily weighted industry sectors in the equity
portion of the portfolio were consumer goods, technology and financial
services. The fixed income segment was heavily invested in U.S. Treasuries,
mortgage-related issues and long-term corporate bonds.
GROWTH EQUITY FUND
The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The
Growth Equity Fund seeks to achieve long-term growth of capital through
increases in the value of the securities it holds and to realize income
principally from dividends on such securities. The Growth Equity Fund
seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the
domestic stock market. For the quarter ended March 31, 1997, the Growth
Equity Fund experienced a total return, net of Expenses, of .93%. By
comparison, the Russell 1000 Index produced a return of 1.59% for the same
period. The Russell 1000 Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise
the index.
After a rise in the stock market during January and February, which
saw the S&P 500 gain over 10%, the market reversed course in the final
weeks of the quarter. While the growth/value spread favored growth in
January, value experienced a large advantage in both February and March.
Some of the most heavily weighted industry sectors in the Growth
Equity Fund were financial services, electronics, healthcare and consumer
non-durables. Weaker areas in terms of return were basic industry
holdings, electric utilities and aerospace companies.
INDEX EQUITY FUND
The Index Equity Fund invests in common stocks of U.S. companies that
are included in the Russell 3000 Index, with the overall objective of
achieving long-term growth of capital. The Russell 3000 Index represents
approximately 98% of the U.S. equity market based on the market
capitalization of the companies in the Russell 3000 Index. The Index
Equity Fund invests in common stocks included in the Russell 3000 Index by
fully replicating Standard & Poors 500 Composite Stock Price Index (the
"S&P 500 Index") and the Russell Special Small Company Index, which is
composed of approximately 2,500 stocks. The securities in these two
indices represent the universe of securities included in the Russell 3000
Index.
<PAGE>
Page 47
The fund produced a total return, net of Expenses, for the first
quarter of 1997 of .73%. By comparison, the Russell 3000 Index produced
a return of .87% for the first quarter of 1997. The Russell 3000 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) is actively
managed, investing in fixed income securities with a portfolio duration
generally from 3 to 6 years. The other portion of the Bond Fund -- the
index portion -- is invested to replicate the LB Bond Index, which is
composed of approximately 5,000 issues of fixed-income securities,
including U.S. government obligations and investment grade corporate bonds,
each with an outstanding market value of at least $25 million and remaining
maturity of greater than one year.
Until the Intermediate Bond Fund reaches its minimum level of
contributions to be invested in both the actively managed and index portion
of the fund ($75 million and $200 million respectively), two-thirds of all
contributions will be invested in the PIMCO Total Return Fund and the
remaining one-third will be invested in the Masterworks Funds Bond Index
Fund.
For the quarter ended March 31, 1997, the Intermediate Bond Fund
experienced a total return, net of Expenses, of (.66)%. As a comparison,
a combination of Lehman Brothers Corporate/Government Bond Index and the
LB Bond Index weighted 33%/67%, respectively, produced a return for the
first quarter of 1997 of (.65)%. The Lehman Brothers Corporate/Government
Bond Index and the LB Bond Index do not include an allowance for the fees
that an investor would pay for investing in the securities that comprise
the indices. The strong economy took a modest toll on the fixed income
market in the quarter, with bond prices generally decreasing and the yields
creeping up.
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.
<PAGE>
Page 48
Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street
currently expects to be approximately $75 to $100 million, all
contributions will be invested in the T. Rowe Price International Stock
Fund.
For the quarter ended March 31, 1997, the International Equity Fund
experienced a total return, net of Expenses, of (.12)%. For the first
quarter of 1997, the total return of the Morgan Stanley EAFE (Europe,
Australia, Far East) Index (the "EAFE Index") was (1.57)%. The EAFE Index
does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise the index. International
equities once again lagged the U.S. market during the first quarter due in
part to the strengthening dollar.
STABLE ASSET RETURN FUND
The Stable Asset Return Fund invests primarily in investment
contracts issued by insurance companies, banks or other financial
institutions. The Stable Asset Return Fund also invests in high quality
money market instruments including obligations of the United States
government, notes, bonds and similar debt instruments of corporations,
commercial paper, certificates of deposit and time deposits, bankers'
acceptances, variable and indexed interest notes and repurchase agreements.
For the quarter ended March 31, 1997, the Stable Asset Return Fund
produced a return, net of Expenses, of 1.31%. By comparison, the Donoghue
Money Market Fund "Tier One" Average (the "Donoghue Average") for the first
quarter of 1997 was 1.18%. The Fund's strong performance relative to the
Donoghue Average is partly attributable to the longer average maturity of
the Fund's portfolio. Interest rates remained fairly stable through mid-
February, but then started to move up consistent with growing concerns that
higher levels of economic activity would lead to rising inflation and
prompt the Federal Reserve Board to raise interest rates.
<PAGE>
Page 49
VALUE EQUITY FUND
The Value Equity Fund seeks to outperform, over extended periods of
time, broad measures of the domestic stock market. The Value Equity Fund
invests primarily in common stocks of companies that State Street and its
investment advisor consider undervalued.
For the quarter ended March 31, 1997, the Value Equity Fund
experienced a total return, net of Expenses, of 3.14%. The S&P 500 Index
produced a return of 2.61% for the first quarter. The S&P 500 Index does
not include an allowance for the fees that an investor would pay for
investing in the securities that comprise the index.
The U.S. Market continued its climb with another positive return over
the first quarter of 1997 despite downward pressure at the end of the
quarter. Inflation remained low, while the rate of unemployment also fell
to levels not achieved in two decades.
The most heavily weighted industry sectors in the Value Equity Fund
were banks, electric companies, computers and oil companies. Underweighted
sectors in the Value Equity Fund include technology, consumer growth stocks
and capital goods.
STRUCTURED PORTFOLIO SERVICE
The Portfolios of the Structured Portfolio Service invest in the
funds described above according to conservative, moderate and aggressive
portfolio allocations. Funds in the Conservative Portfolio are allocated
as follows: Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%;
Value Equity Fund, 7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and
International Equity Fund, 7%. Funds in the Moderate Portfolio are
allocated as follows: Stable Asset Return Fund, 10%; Intermediate Bond
Fund, 30%; Value Equity Fund, 11%; Growth Equity Fund, 11%; Index Equity
Fund, 23%; and International Equity Fund, 15%. Funds in the Aggressive
Portfolio are allocated as follows: Intermediate Bond Fund, 15%; Value
Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund, 30%;
Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended March 31, 1997, the structured portfolio
service experienced a total return net of Expenses, of .56% for the
conservative portfolio, .56% for the moderate portfolio, and .41% for the
aggressive portfolio.
ITEM 3. QUANTITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
<PAGE>
Page 50
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit No. Description
27.1 Financial Data Schedule-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 Fund
27.7 Financial Data Schedule-Stable Asset Return Fund
27.8 Financial Data Schedule-Value Equity Fund
27.9 Financial Data Schedule-Structured Portfolio Service
Conservative Portfolio
27.10 Financial Data Schedule-Structured Portfolio Service
Moderate Portfolio
27.11 Financial Data Schedule-Structured Portfolio Service
Aggressive Portfolio
b. Reports on Form 8-K
None.
<PAGE>
Page 51
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
May 15, 1997 By: /S/ NANCY P. ANTIN
------------------------------
Nancy P. Antin
Vice President and Chief Financial Officer
May 15, 1997 By: /S/ SUSAN C. DANIELS
-----------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 228,399,356
<INVESTMENTS-AT-VALUE> 267,262,552
<RECEIVABLES> 1,752,998
<ASSETS-OTHER> 110,844
<OTHER-ITEMS-ASSETS> 198,288
<TOTAL-ASSETS> 269,324,682
<PAYABLE-FOR-SECURITIES> 3,976,571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,046,106
<TOTAL-LIABILITIES> 5,022,677
<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> 264,302,005
<DIVIDEND-INCOME> 370,178
<INTEREST-INCOME> 278,748
<OTHER-INCOME> 0
<EXPENSES-NET> 707,941
<NET-INVESTMENT-INCOME> (59,015)
<REALIZED-GAINS-CURRENT> 9,252,947
<APPREC-INCREASE-CURRENT> (27,507,257)
<NET-CHANGE-FROM-OPS> (18,313,325)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 312,594
<NUMBER-OF-SHARES-REDEEMED> (152,259)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (11,613,463)
<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> 41.01
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (2.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.37
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 288,334,399
<INVESTMENTS-AT-VALUE> 324,166,090
<RECEIVABLES> 1,118,756
<ASSETS-OTHER> 117,732
<OTHER-ITEMS-ASSETS> 685,486
<TOTAL-ASSETS> 326,088,064
<PAYABLE-FOR-SECURITIES> 25,126,620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,018,325
<TOTAL-LIABILITIES> 26,144,945
<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> 299,943,119
<DIVIDEND-INCOME> 669,823
<INTEREST-INCOME> 2,108,486
<OTHER-INCOME> 0
<EXPENSES-NET> 715,089
<NET-INVESTMENT-INCOME> 2,063,220
<REALIZED-GAINS-CURRENT> 6,440,772
<APPREC-INCREASE-CURRENT> (6,647,831)
<NET-CHANGE-FROM-OPS> 1,856,161
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 251,989
<NUMBER-OF-SHARES-REDEEMED> (182,031)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,541,787
<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> 36.76
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.00
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 611,385,863
<INVESTMENTS-AT-VALUE> 772,568,014
<RECEIVABLES> 3,970,454
<ASSETS-OTHER> 300,635
<OTHER-ITEMS-ASSETS> 1,475,166
<TOTAL-ASSETS> 778,314,269
<PAYABLE-FOR-SECURITIES> 8,504,930
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,236,115
<TOTAL-LIABILITIES> 9,741,045
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 768,573,224
<DIVIDEND-INCOME> 2,532,426
<INTEREST-INCOME> 407,221
<OTHER-INCOME> 0
<EXPENSES-NET> 1,745,886
<NET-INVESTMENT-INCOME> 1,193,761
<REALIZED-GAINS-CURRENT> 32,330,997
<APPREC-INCREASE-CURRENT> (26,720,670)
<NET-CHANGE-FROM-OPS> 6,804,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,362
<NUMBER-OF-SHARES-REDEEMED> (51,444)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,775,175
<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> 278.26
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 280.88
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 89,774,958
<INVESTMENTS-AT-VALUE> 101,227,678
<RECEIVABLES> 348,708
<ASSETS-OTHER> 33,250
<OTHER-ITEMS-ASSETS> 247,575
<TOTAL-ASSETS> 101,857,211
<PAYABLE-FOR-SECURITIES> 247,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60,437
<TOTAL-LIABILITIES> 308,012
<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> 101,549,199
<DIVIDEND-INCOME> 166,319
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 156,525
<NET-INVESTMENT-INCOME> 9,794
<REALIZED-GAINS-CURRENT> 1,929,211
<APPREC-INCREASE-CURRENT> (1,916,649)
<NET-CHANGE-FROM-OPS> 22,356
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,445,732
<NUMBER-OF-SHARES-REDEEMED> (382,220)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,668,196
<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> 16.86
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.99
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 61,334,347
<INVESTMENTS-AT-VALUE> 59,953,756
<RECEIVABLES> 75,185
<ASSETS-OTHER> 19,827
<OTHER-ITEMS-ASSETS> 423,341
<TOTAL-ASSETS> 60,472,109
<PAYABLE-FOR-SECURITIES> 367,174
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,366
<TOTAL-LIABILITIES> 398,540
<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> 60,073,569
<DIVIDEND-INCOME> 1,009,655
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 79,924
<NET-INVESTMENT-INCOME> 929,731
<REALIZED-GAINS-CURRENT> (9,596)
<APPREC-INCREASE-CURRENT> (1,201,094)
<NET-CHANGE-FROM-OPS> (280,959)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,166,396
<NUMBER-OF-SHARES-REDEEMED> (179,433)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,461,752
<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> 10.89
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.32)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.84
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 45,854,415
<INVESTMENTS-AT-VALUE> 46,567,963
<RECEIVABLES> 245,551
<ASSETS-OTHER> 13,574
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,827,088
<PAYABLE-FOR-SECURITIES> 245,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,394
<TOTAL-LIABILITIES> 267,945
<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> 46,559,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 55,466
<NET-INVESTMENT-INCOME> (55,466)
<REALIZED-GAINS-CURRENT> 505,033
<APPREC-INCREASE-CURRENT> (318,424)
<NET-CHANGE-FROM-OPS> 131,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,309,221
<NUMBER-OF-SHARES-REDEEMED> (559,695)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,290,843
<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> 17.80
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.78
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 622,325,365
<INVESTMENTS-AT-VALUE> 622,325,365
<RECEIVABLES> 3,188,407
<ASSETS-OTHER> 254,761
<OTHER-ITEMS-ASSETS> 2,078,775
<TOTAL-ASSETS> 627,847,308
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 348,264
<TOTAL-LIABILITIES> 348,264
<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> 627,499,044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,276,249
<OTHER-INCOME> 0
<EXPENSES-NET> 1,014,854
<NET-INVESTMENT-INCOME> 8,261,395
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,261,395)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,391,580
<NUMBER-OF-SHARES-REDEEMED> (42,916,700)
<SHARES-REINVESTED> 8,261,395
<NET-CHANGE-IN-ASSETS> (7,263,725)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.013
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.013)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the
Statement of Changes in Net Assets and the Per Unit Data and Ratios
contained in the Quarterly Report to which this schedule relates and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> AMERICAN BAR ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 60,199,523
<INVESTMENTS-AT-VALUE> 68,015,227
<RECEIVABLES> 554,631
<ASSETS-OTHER> 19,112
<OTHER-ITEMS-ASSETS> 162,088
<TOTAL-ASSETS> 68,751,058
<PAYABLE-FOR-SECURITIES> 2,090,698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,822
<TOTAL-LIABILITIES> 2,157,520
<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> 66,593,538
<DIVIDEND-INCOME> 280,003
<INTEREST-INCOME> 102,092
<OTHER-INCOME> 0
<EXPENSES-NET> 136,309
<NET-INVESTMENT-INCOME> 245,786
<REALIZED-GAINS-CURRENT> 111,575
<APPREC-INCREASE-CURRENT> 861,033
<NET-CHANGE-FROM-OPS> 1,218,394
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,130,772
<NUMBER-OF-SHARES-REDEEMED> (85,694)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,462,343
<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> 15.73
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.22
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-CONSERVATIVE
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 12,653,789
<INVESTMENTS-AT-VALUE> 13,351,971
<RECEIVABLES> 8,433
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,360,403
<PAYABLE-FOR-SECURITIES> 8,433
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,111
<TOTAL-LIABILITIES> 9,544
<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> 13,350,859
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 3,026
<NET-INVESTMENT-INCOME> (3,026)
<REALIZED-GAINS-CURRENT> 159,030
<APPREC-INCREASE-CURRENT> (121,935)
<NET-CHANGE-FROM-OPS> 34,069
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 259,381
<NUMBER-OF-SHARES-REDEEMED> (78,314)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,149,882
<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> 11.46
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.53
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-MODERATE
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 45,222,878
<INVESTMENTS-AT-VALUE> 47,641,295
<RECEIVABLES> 16,597
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,657,892
<PAYABLE-FOR-SECURITIES> 16,597
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,003
<TOTAL-LIABILITIES> 20,600
<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> 47,637,292
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 10,257
<NET-INVESTMENT-INCOME> (10,257)
<REALIZED-GAINS-CURRENT> 403,424
<APPREC-INCREASE-CURRENT> (439,731)
<NET-CHANGE-FROM-OPS> (46,564)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,358,154
<NUMBER-OF-SHARES-REDEEMED> (121,773)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,019,952
<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> 11.93
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<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 ASSOC. MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE-AGGRESSIVE
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 34,026,511
<INVESTMENTS-AT-VALUE> 36,165,457
<RECEIVABLES> 437,739
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,603,196
<PAYABLE-FOR-SECURITIES> 437,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,074
<TOTAL-LIABILITIES> 440,813
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 36,162,383
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 7,968
<NET-INVESTMENT-INCOME> (7,968)
<REALIZED-GAINS-CURRENT> 461,063
<APPREC-INCREASE-CURRENT> (556,613)
<NET-CHANGE-FROM-OPS> (103,518)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 969,377
<NUMBER-OF-SHARES-REDEEMED> (126,420)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,604,522
<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> 12.41
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.46
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
