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 September 30, 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
----- -----
<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 6. Exhibits and Reports on Form 8-K..................50
SIGNATURES.....................................................51
ii
<PAGE>
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
<TABLE>
<CAPTION>
ASSETS ............................................................................. SEPT 30, 1997
------------
<S> <C>
Investments, at value (cost $235,146,043) .......................................... $360,181,753
Cash ............................................................................... 813,461
Receivable for investments sold .................................................... 983,399
Receivable for fund units sold ..................................................... 0
Dividends and interest receivable .................................................. 211,246
Other assets ....................................................................... 71,499
------------
Total assets .................................................................... 362,261,358
------------
LIABILITIES
Payable for investments purchased .................................................. 2,798,972
Payable for fund units purchased ................................................... 787,343
Accrued expenses ................................................................... 503,401
Other liabilities .................................................................. 19,041
------------
Total liabilities ............................................................... 4,108,757
------------
NET ASSETS ......................................................................... $358,152,601
============
Net asset value, redemption price and offering price per unit of beneficial interest
( $358,152,601/6,832,400 units outstanding) ........................................ $ 52.42
============
</TABLE>
1
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
AGGRESSIVE EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> ................................................................. <C> <C>
Investment income
Dividend income .................................................. $ 393,205 $ 1,118,121
Interest income .................................................. 249,458 803,520
------- ---------
Total investment income ........................................ 642,663 1,921,641
Expenses:
Investment advisory fee .......................................... $ 370,469 $ 995,553
State Street Bank & Trust Company - program fee .................. 286,288 791,628
American Bar Retirement Association - program fee ................ 41,797 115,683
Trustee, management and administration fees ...................... 60,153 165,206
Other expenses and taxes ......................................... 45,357 120,803
Amortization of organization expenses ............................ 19,406 58,050
------- ---------
Total expenses ................................................. 823,470 2,246,923
------- ---------
Net investment income (loss) ........................................ (180,807) (325,282)
--------- ---------
--------- ---------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ............................... 4,610,936 19,844,794
Unrealized appreciation of investments during the period ............ 43,536,069 58,665,256
----------- -----------
Net gain on investments .......................................... 48,147,005 78,510,050
----------- -----------
Net increase in net assets resulting from operations ............. $ 47,966,198 $ 78,184,768
=========== ============
</TABLE>
2
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
AGGRESSIVE EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> ............................................................................. <C> <C>
Operations:
Net investment income (loss) ............................................... ($ 180,807) ($ 325,282)
Net realized gain on investments ........................................... 4,610,936 19,844,794
Unrealized appreciation on investments during the period ................... 43,536,069 58,665,256
---------- ----------
Net increase in net assets resulting from operations ....................... 47,966,198 78,184,768
---------- ----------
Participant transactions:
Proceeds from sales of units ............................................... 9,947,602 30,891,183
Cost of units redeemed ..................................................... (9,962,847) (26,838,818)
---------- -----------
Net increase (decrease)in net assets resulting from participant transactions (15,245) 4,052,365
------- ---------
Total increase in net assets .......................................... 47,950,953 82,237,133
---------- ----------
NET ASSETS:
Beginning of period ........................................................ 310,201,648 275,915,468
End of period .............................................................. $ 358,152,601 $ 358,152,601
Number of units:
Outstanding-beginning of period ............................................ 6,833,172 6,727,703
Sold .................................................................... 200,889 712,296
Redeemed ................................................................ (201,661) (607,599)
-------- --------
Outstanding-end of period .................................................. 6,832,400 6,832,400
========= =========
</TABLE>
3
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
AGGRESSIVE EQUITY FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> ....................................................... <C> <C>
Investment income ......................................... $ 0.09 $ 0.28
Expenses .................................................. (0.12) (0.33)
--------- ---------
Net investment income (loss) .............................. (0.03) (0.05)
Net realized and unrealized gain on investments ........... 7.05 11.46
--------- ---------
Net increase in unit value ................................ 7.02 11.41
Net asset value at beginning of period .................... 45.40 41.01
--------- ---------
Net assets value at end of period ......................... $ 52.42 $ 52.42
========= =========
Ratio of expenses to average net assets* .................. 0.97 1.00
Ratio of net investment income (loss) to average assets* .. (0.21) (0.14)
Portfolio turnover ........................................ 9% 32%
Number of units outstanding at end of period (in thousands) 6,832 6,832
*Annualized
</TABLE>
4
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-------------
<S> ................................................................................ <C>
Investments, at value (cost $338,846,476) ....................................... $360,093,241
Cash ............................................................................... 743
Receivable for investments sold .................................................... 128,604
Receivable for fund units sold ..................................................... 36,532
Dividends and interest receivable .................................................. 1,606,413
Other assets ....................................................................... 97,026
-------------
Total assets .................................................................... 361,962,559
-------------
LIABILITIES
Payable for investments purchased .................................................. 1,835,997
Payable for fund units purchased ................................................... 0
Accrued expenses ................................................................... 439,137
Other liabilities .................................................................. 9,987
-------------
Total liabilities ............................................................... 2,285,121
-------------
NET ASSETS ......................................................................... $359,677,438
=============
Net asset value, redemption price and offering price per unit of beneficial interest
( $359,677,438/8,158,537 units outstanding) ........................................ $44.09
=============
</TABLE>
5
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------------- -----------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 823,952 $ 2,247,217
Interest income ..................................... 2,136,492 6,463,181
----------- ------------
Total investment income ........................... 2,960,444 8,710,398
Expenses:
Investment advisory fee ............................. $ 216,909 $ 782,812
State Street Bank & Trust Company - program fee ..... 296,257 853,084
American Bar Retirement Association - program fee ... 43,252 124,665
Trustee, management and administration fees ......... 62,245 178,010
Other expenses and taxes ............................ 63,170 157,235
Amortization of organization expenses ............... 21,417 63,839
----------- ------------
Total expenses .................................... 703,250 2,159,645
----------- ------------
Net investment income .................................. 2,257,194 6,550,753
----------- ------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 2,514,977 74,393,367
Unrealized appreciation (depreciation) of investments
during the period.................................. 22,417,136 (21,232,757)
----------- ------------
Net gain on investments ............................. 24,932,113 53,160,610
----------- ------------
Net increase in net assets resulting from operations $27,189,307 $ 59,711,363
=========== ============
</TABLE>
6
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------------- -----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income ............................................ $ 2,257,194 $ 6,550,753
Net realized gain on investments ................................. 2,514,977 74,393,367
Unrealized appreciation (depreciation) on investments
during the period ........................................... 22,417,136 (21,232,757)
------------- -------------
Net increase in net assets resulting from operations ............. 27,189,307 59,711,363
------------- -------------
Participant transactions:
Proceeds from sales of units ..................................... 7,884,646 69,729,279
Cost of units redeemed ........................................... (7,705,448) 65,164,535
------------- -------------
Net increase in net assets resulting from participant transactions 179,198 4,564,744
------------- -------------
Total increase in net assets ................................ 27,368,505 64,276,107
NET ASSETS:
Beginning of period .............................................. 332,308,933 295,401,332
End of period .................................................... $ 359,677,438 $ 359,677,438
Number of units:
Outstanding-beginning of period .................................. 8,155,880 8,036,685
Sold .......................................................... 182,631 1,482,806
Redeemed ...................................................... (179,974) (1,360,954)
------------- -------------
Outstanding-end of period ........................................ 8,158,537 8,158,537
============= =============
</TABLE>
7
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------------- -----------------
<S> <C> <C>
Investment income ......................................... $ 0.36 $ 1.07
Expenses .................................................. (0.09) (0.27)
--------- ---------
Net investment income ..................................... 0.27 0.80
Net realized and unrealized gain on investments ........... 3.08 6.53
--------- ---------
Net increase in unit value ................................ 3.35 7.33
Net asset value at beginning of period .................... 40.74 36.76
--------- ---------
Net assets value at end of period ......................... $ 44.09 $ 44.09
========= =========
Ratio of expenses to average net assets* .................. 0.80% 0.89%
Ratio of net investment income to average assets* ......... 2.57% 2.70%
Portfolio turnover ........................................ 16% 182%
Number of units outstanding at end of period (in thousands) 8,159 8,159
</TABLE>
- ---------
*Annualized
8
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
--------------
<S> <C>
Investments, at value (cost $757,138,086) .......................................... $964,137,198
Cash ............................................................................... 136,910
Receivable for investments sold .................................................... 3,604,406
Receivable for fund units sold ..................................................... 0
Dividends and interest receivable .................................................. 1,165,618
Other assets ....................................................................... 227,105
------------
Total assets .................................................................... 969,271,237
------------
LIABILITIES
Payable for investments purchased .................................................. 3,867,379
Payable for fund units purchased ................................................... 1,266,630
Accrued expenses ................................................................... 756,098
Other liabilities .................................................................. 199,501
------------
Total liabilities ............................................................... 6,089,608
------------
NET ASSETS ......................................................................... $963,181,629
============
Net asset value, redemption price and offering price per unit of beneficial interest
( $963,181,629/2,704,897 units outstanding) ........................................ $356.09
============
</TABLE>
9
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 2,484,323 $ 7,547,794
Interest income ..................................... 307,280 1,243,726
----------- ------------
Total investment income ........................... 2,791,603 8,791,520
Expenses:
Investment advisory fee ............................. $ 563,586 $ 1,733,748
State Street Bank & Trust Company - program fee ..... 805,900 2,250,334
American Bar Retirement Association - program fee ... 117,656 328,844
Trustee, management and administration fees ......... 169,320 469,621
Other expenses and taxes ............................ 91,284 304,924
Amortization of organization expenses ............... 123,811 334,802
----------- ------------
Total expenses .................................... 1,871,557 5,422,273
----------- ------------
Net investment income .................................. 920,046 3,369,247
----------- ------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 22,118,412 189,039,437
Unrealized appreciation of investments during the period 48,216,283 19,096,294
----------- ------------
Net gain on investments ............................. 70,334,695 208,135,731
----------- ------------
Net increase in net assets resulting from operations $71,254,741 $211,504,978
=========== ============
</TABLE>
10
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income ............................................ $ 920,046 $ 3,369,247
Net realized gain on investments ................................. 22,118,412 189,039,437
Unrealized appreciation on investments during the period ......... 48,216,283 19,096,294
------------- -------------
Net increase in net assets resulting from operations ............. 71,254,741 211,504,978
------------- -------------
Participant transactions:
Proceeds from sales of units ..................................... 10,260,249 272,896,333
Cost of units redeemed ........................................... (16,332,041) (274,017,731)
------------- -------------
Net decrease in net assets resulting from participant transactions (6,071,792) (1,121,398)
------------- -------------
Total increase in net assets ................................ 65,182,949 210,383,580
NET ASSETS:
Beginning of period .............................................. 897,998,680 752,798,049
End of period .................................................... $ 963,181,629 $ 963,181,629
Number of units:
Outstanding-beginning of period .................................. 2,722,344 2,705,373
Sold .......................................................... 29,227 836,521
Redeemed ...................................................... (46,674) (836,997)
------------- -------------
Outstanding-end of period ........................................ 2,704,897 2,704,897
============= =============
</TABLE>
11
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
Investment income ......................................... $ 1.03 $ 3.23
Expenses .................................................. ($ 0.69) ($ 1.99)
------------ ------------
Net investment income ..................................... 0.34 1.24
Net realized and unrealized gain on investments ........... $ 25.89 $ 76.59
------------ ------------
Net increase in unit value ................................ 26.23 77.83
Net asset value at beginning of period .................... 329.86 278.26
------------ ------------
Net assets value at end of period ......................... $ 356.09 $ 356.09
============ ============
Ratio of expenses to average net assets* .................. 0.79% 0.85%
Ratio of net investment income to average assets* ......... 0.39% 0.53%
Portfolio turnover ........................................ 20% 101%
Number of units outstanding at end of period (in thousands) 2,705 2,705
- ---------
*Annualized
</TABLE>
12
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
ASSETS SEPT 30, 1997
-------------
Investments, at value (cost $ 108,891,516) .................... $147,870,462
Cash .......................................................... 408,780
Receivable for investments sold ............................... 0
Receivable for fund units sold ................................ 0
Dividends and interest receivable ............................. 0
Other assets .................................................. 29,259
------------
Total assets ............................................... 148,308,501
------------
LIABILITIES
Payable for investments purchased ............................. 122,600
Payable for fund units purchased .............................. 379,033
Accrued expenses .............................................. 59,231
Other liabilities ............................................. 0
------------
Total liabilities .......................................... 560,864
------------
NET ASSETS .................................................... $147,747,637
============
Net asset value, redemption price and offering price per
unit of beneficial interest ($147,747,637/6,830,713
units outstanding) ............................................ $ 21.63
============
13
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 122,600 $ 404,093
Interest income ..................................... 0 0
------------ ------------
Total investment income ........................... 122,600 404,093
Expenses:
Investment advisory fee ............................. $ 0 $ 0
State Street Bank & Trust Company - program fee ..... 118,159 308,275
American Bar Retirement Association - program fee ... 17,251 45,046
Trustee, management and administration fees ......... 54,300 140,628
Other expenses and taxes ............................ 18,676 44,765
Amortization of organization expenses ............... 7,940 20,121
------------ ------------
Total expenses .................................... 216,326 558,835
------------ ------------
Net investment income (loss) ........................... (93,726) (154,742)
------------ ------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 910,038 4,405,860
Unrealized appreciation of investments during the period 11,017,315 25,609,577
------------ ------------
Net gain on investments ............................. 11,927,353 30,015,437
------------ ------------
Net increase in net assets resulting from operations $ 11,833,627 $ 29,860,695
============ ============
</TABLE>
14
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss) ...................................... ($93,726) ($154,742)
Net realized gain on investments .................................. 910,038 4,405,860
Unrealized appreciation on investments during the period .......... 11,017,315 25,609,577
------------ ------------
Net increase in net assets resulting from operations .............. 11,833,627 29,860,695
------------ ------------
Participant transactions:
Proceeds from sales of units ...................................... 9,435,744 47,256,259
Cost of units redeemed ............................................ (1,592,251) (12,250,320)
------------ ------------
Net increase in net assets resulting from participant transactions 7,843,493 35,005,939
------------ ------------
Total increase in net assets ................................. 19,677,120 64,866,634
NET ASSETS:
Beginning of period ............................................... 128,070,517 82,881,003
End of period ..................................................... $147,747,637 $147,747,637
Number of units:
Outstanding-beginning of period ................................... 6,459,135 4,914,409
Sold ........................................................... 447,204 2,584,417
Redeemed ....................................................... (75,626) (668,113)
------------ ------------
Outstanding-end of period ......................................... 6,830,713 6,830,713
============ ============
</TABLE>
15
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
--------------------- ---------------------
<S> <C> <C>
Investment income .............................................................. $0.02 $0.07
Expenses ....................................................................... ($0.03) ($0.09)
----------- ----------
Net investment income (loss)................................................... (0.01) (0.02)
Net realized and unrealized gain on investments ................................ 1.81 4.79
----------- ----------
Net increase in unit value ..................................................... 1.80 4.77
Net asset value at beginning of period ......................................... 19.83 16.86
----------- ----------
Net assets value at end of period .............................................. $21.63 $21.63
=========== ==========
Ratio of expenses to average net assets* ....................................... 0.62% 0.64%
Ratio of net investment income (loss) to average assets*....................... (0.27%) (0.18%)
Portfolio turnover** ........................................................... 1% 13%
Number of units outstanding at end of period (in thousands) .................... 6,831 6,831
<FN>
- ----------
*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.
</FN>
</TABLE>
16
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-----------
<S> <C>
Investments, at value (cost $ 72,726,792) .......................................... $73,932,303
Cash ............................................................................... 1,000
Receivable for investments sold .................................................... 0
Receivable for fund units sold ..................................................... 762,377
Dividends and interest receivable .................................................. 399,088
Other assets ....................................................................... 15,340
-----------
Total assets .................................................................... 75,110,108
-----------
LIABILITIES
Payable for investments purchased .................................................. 164,160
Payable for fund units purchased ................................................... 516,137
Accrued expenses ................................................................... 27,060
Other liabilities .................................................................. 0
-----------
Total liabilities ............................................................... 707,357
-----------
NET ASSETS ......................................................................... $74,402,751
===========
Net asset value, redemption price and offering price per unit of beneficial interest
($74,402,751/6,425,546 units outstanding) .......................................... $ 11.58
===========
</TABLE>
17
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------- -----------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 1,152,310 $ 3,071,255
Interest income ..................................... 0 0
----------- -----------
Total investment income ........................... 1,152,310 3,071,255
Expenses:
Investment advisory fee ............................. $ 0 $ 0
State Street Bank & Trust Company - program fee ..... 60,108 165,481
American Bar Retirement Association - program fee ... 8,775 24,181
Trustee, management and administration fees ......... 17,188 47,179
Other expenses and taxes ............................ 10,451 25,069
Amortization of organization expenses ............... 4,170 11,441
----------- -----------
Total expenses .................................... 100,692 273,351
----------- -----------
Net investment income .................................. 1,051,618 2,797,904
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments sold ............ 20,674 (37,862)
Unrealized appreciation of investments during the period 1,235,512 1,384,881
----------- -----------
Net gain on investments ............................. 1,256,186 1,347,019
----------- -----------
Net increase in net assets resulting from operations $ 2,307,804 $ 4,144,923
=========== ===========
</TABLE>
18
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income .................................. $ 1,051,618 $ 2,797,904
Net realized gain (loss) on investments ................ 20,674 (37,862)
Unrealized appreciation on investments during the period 1,235,512 1,384,881
------------ ------------
Net increase in net assets resulting from operations ... 2,307,804 4,144,923
------------ ------------
Participant transactions:
Proceeds from sales of units ........................... 8,112,560 27,729,440
Cost of units redeemed ................................. (2,162,563) (7,083,429)
------------ ------------
Net increase in net assets from participant transactions 5,949,997 20,646,011
------------ ------------
Total increase in net assets ...................... 8,257,801 24,790,934
NET ASSETS:
Beginning of period .................................... 66,144,950 49,611,817
End of period .......................................... $ 74,402,751 $ 74,402,751
Number of units:
Outstanding-beginning of period ........................ 5,905,085 4,556,518
Sold ................................................ 708,714 2,505,935
Redeemed ............................................ (188,253) (636,907)
------------ ------------
Outstanding-end of period .............................. 6,425,546 6,425,546
============ ============
</TABLE>
19
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
-------- -------
<S> <C> <C>
Investment income ......................................... $ 0.19 $ 0.54
Expenses .................................................. ($ 0.02) ($ 0.05)
-------- -------
Net investment income ..................................... 0.17 0.49
Net realized and unrealized loss on investments ........... $ 0.21 $ 0.20
-------- -------
Net increase in unit value ................................ 0.38 0.69
Net asset value at beginning of period .................... 11.20 10.89
-------- -------
Net assets value at end of period ......................... $ 11.58 $ 11.58
======== =======
Ratio of expenses to average net assets* .................. 0.57% 0.58%
Ratio of net investment income to average assets* ......... 5.91% 5.93%
Portfolio turnover** ...................................... 3% 11%
Number of units outstanding at end of period (in thousands) 6,426 6,426
</TABLE>
- ------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment companies
in which the Fund invests, rather than the turnover of the underlying
portfolios of such registered investment companies
20
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-----------
<S> <C>
Investments, at value (cost $61,156,709) ........................................... $64,863,297
Cash ............................................................................... 0
Receivable for investments sold .................................................... 0
Receivable for fund units sold ..................................................... 0
Dividends and interest receivable .................................................. 0
Other assets ....................................................................... 24,286
-----------
Total assets .................................................................... 64,887,583
-----------
LIABILITIES
Payable for investments purchased .................................................. 9,281
Payable for fund units purchased ................................................... 0
Accrued expenses ................................................................... 20,124
Other liabilities .................................................................. 420,519
-----------
Total liabilities ............................................................... 449,924
-----------
NET ASSETS ......................................................................... $64,437,659
===========
Net asset value, redemption price and offering price per unit of beneficial interest
($64,437,659/3,271,981 units outstanding) .......................................... $ 19.69
===========
</TABLE>
21
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
----------- -----------
<S> <C> <C>
Investment income
Dividend income .................................................... $ 0 $ 0
Interest income .................................................... 0 0
----------- -----------
Total investment income .......................................... 0 0
Expenses:
Investment advisory fee ............................................ ($ 24,226) ($ 24,226)
State Street Bank & Trust Company - program fee .................... 50,692 132,564
American Bar Retirement Association - program fee .................. 7,401 19,370
Trustee, management and administration fees ........................ 10,651 27,679
Other expenses and taxes ........................................... 8,280 19,195
Amortization of organization expenses .............................. 3,521 8,590
----------- -----------
Total expenses ................................................... 56,319 183,172
----------- -----------
Net investment income (loss) .......................................... (56,319) (183,172)
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ................................. 1,487,675 3,211,602
Unrealized appreciation (depreciation) of investments during the period (1,750,925) 2,674,617
----------- -----------
Net gain (loss) on investments ..................................... (263,250) 5,886,219
----------- -----------
Net increase (decrease) in net assets resulting from operations .... ($ 319,569) $ 5,703,047
=========== ===========
</TABLE>
22
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss) .......................................... ($ 56,319) ($ 183,172)
Net realized gain on investments ...................................... 1,487,675 3,211,602
Unrealized appreciation (depreciation) on investments during the period (1,750,925) 2,674,617
------------ ------------
Net increase (decrease) in net assets resulting from operations ....... (319,569) 5,703,047
------------ ------------
Participant transactions:
Proceeds from sales of units .......................................... 22,317,376 65,222,053
Cost of units redeemed ................................................ (15,565,286) (39,755,741)
------------ ------------
Net increase in net assets resulting from participant transactions .... 6,752,090 25,466,312
------------ ------------
Total increase in net assets ..................................... 6,432,521 31,169,359
NET ASSETS:
Beginning of period ................................................... 58,005,138 33,268,300
End of period ......................................................... $ 64,437,659 $ 64,437,659
Number of units:
Outstanding-beginning of period ....................................... 2,919,454 1,868,547
Sold ............................................................... 1,146,146 3,515,387
Redeemed ........................................................... (793,620) (2,111,954)
------------ ------------
Outstanding-end of period ............................................. 3,271,980 3,271,980
============ ============
</TABLE>
23
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPTEMBER 30, 1997 TO SEPTEMBER 30, 1997
-------- --------
<S> <C> <C>
Investment income ......................................... $ 0.00 $ 0.00
Expenses .................................................. ($ 0.02) ($ 0.07)
-------- --------
Net investment income (loss) .............................. (0.02) (0.07)
Net realized and unrealized gain (loss)
on investments .......................................... ($ 0.16) $ 1.96
-------- --------
Net increase (decrease) in unit value ..................... (0.18) 1.89
Net asset value at beginning of period .................... 19.87 17.80
-------- --------
Net assets value at end of period ......................... $ 19.69 $ 19.69
======== ========
Ratio of expenses to average net assets* .................. 0.38% 0.48%
Ratio of net investment income (loss) to average assets* .. (0.38%) (0.48%)
Portfolio turnover** ...................................... 26% 77%
Number of units outstanding at end of period (in thousands) 3,272 3,272
</TABLE>
- -------------------------------------------------
*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
24
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
------------
<S> <C>
Investments, at value (Cost $633,301,167) .......................................... $633,301,167
Interest Receivable ................................................................ 3,245,149
Receivable for fund units sold ..................................................... 890,096
Other assets ....................................................................... 115,039
------------
Total assets .................................................................... 637,551,451
------------
LIABILITIES
Payable for units redeemed ......................................................... 0
Accrued expenses ................................................................... 322,560
------------
Total Liabilities ............................................................... 322,560
------------
NET ASSETS ......................................................................... $637,228,890
============
Net asset value, redemption price and offering price per unit of beneficial interest
($637,228,890/637,228,890 units outstanding) ....................................... $ 1.00
============
</TABLE>
25
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------- -----------
<S> <C> <C>
Interest income .................................... $ 9,872,758 $28,865,636
----------- -----------
Expenses:
State Street Bank & Trust Company - program fee . 548,059 1,681,456
American Bar Retirement Association - program fee 80,013 245,729
Trustee, management and administration fees ..... 324,447 955,716
Other expenses and taxes ........................ 98,900 270,090
Amortization of organization expenses ........... 42,075 130,503
----------- -----------
Total Expenses ................................ 1,093,494 3,283,494
----------- -----------
Net investment income .............................. $ 8,779,264 $25,582,142
----------- -----------
</TABLE>
26
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1 1997
INCREASE IN NET ASSETS FROM: TO SEPT 30, 1997 TO SEPT 30, 1997
------------- -------------
<S> <C> <C>
Operations:
Net investment income and net increase in net assets
resulting from operations ................................................... $ 8,779,264 $ 25,582,142
------------- -------------
Distributions from net investment income .................................... (8,779,264) (25,582,142)
------------- -------------
Participant transactions:
Proceeds from sale of units ................................................. 39,192,597 129,241,221
Units issued in connection with reinvestment of net
investment income ........................................................... 8,779,264 25,582,142
Cost of units redeemed ...................................................... (58,758,520) (152,357,242)
------------- -------------
Net increase (decrease) in net assets resulting from participant transactions (10,786,659) 2,466,121
------------- -------------
Total decrease in net assets ........................................... (10,786,659) 2,466,121
------------- -------------
NET ASSETS:
Beginning of period ......................................................... 648,015,549 634,762,769
------------- -------------
End of period ............................................................... $ 637,228,890 $ 637,228,890
============= =============
</TABLE>
27
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
--------- ---------
<S> <C> <C>
Investment income ......................................... $ 0.016 $ 0.045
Expenses .................................................. (0.002) (0.005)
--------- ---------
Net investment income ..................................... 0.014 0.040
Reinvestment of net investment income ..................... (0.014) (0.040)
--------- ---------
Net increase in unit value ................................ 0.000 0.000
Net asset value at beginning of period .................... 1.00 1.00
--------- ---------
Net asset value at end of period .......................... $ 1.00 $ 1.00
========= =========
Ratio of expenses to average net assets* .................. 0.67% 0.69%
Ratio of net investment income to average assets* ......... 5.41% 5.35%
Number of units outstanding at end of period (in thousands) 637,229 637,229
</TABLE>
- -------------------------------------------------
* Annualized
28
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
------------
<S> <C>
Investments, at value (cost $84,698,885) ........................................... $109,078,650
Cash ............................................................................... 642
Receivable for investments sold .................................................... 0
Receivable for fund units sold ..................................................... 33,404
Dividends and interest receivable .................................................. 261,699
Other assets ....................................................................... 21,063
------------
Total assets .................................................................... 109,395,458
------------
LIABILITIES
Payable for investments purchased .................................................. 0
Payable for fund units purchased ................................................... 0
Accrued expenses ................................................................... 59,828
Other liabilities .................................................................. 48,014
------------
Total liabilities ............................................................... 107,842
------------
NET ASSETS ......................................................................... $109,287,616
============
Net asset value, redemption price and offering price per unit of beneficial interest
( $109,287,616/5,447,040 units outstanding) ........................................ $ 20.06
============
</TABLE>
29
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------- -----------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 464,085 $ 1,129,213
Interest income ..................................... 138,850 378,267
----------- -----------
Total investment income ........................... 602,935 1,507,480
Expenses:
Investment advisory fee ............................. $ 86,995 $ 212,098
State Street Bank & Trust Company - program fee ..... 85,445 208,113
American Bar Retirement Association - program fee ... 12,474 30,408
Trustee, management and administration fees ......... 18,054 43,568
Other expenses and taxes ............................ 15,048 28,503
Amortization of organization expenses ............... 5,457 16,601
----------- -----------
Total expenses .................................... 223,473 539,291
----------- -----------
Net investment income .................................. 379,462 968,189
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 732,686 1,061,397
Unrealized appreciation of investments during the period 6,951,793 17,425,095
----------- -----------
Net gain on investments ............................. 7,684,479 18,486,492
----------- -----------
Net increase in net assets resulting from operations $ 8,063,941 $19,454,681
=========== ===========
</TABLE>
30
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income ............................................ $ 379,462 $ 968,189
Net realized gain on investments ................................. 732,686 1,061,397
Unrealized appreciation on investments during the period ......... 6,951,793 17,425,095
------------- -------------
Net increase in net assets resulting from operations ............. 8,063,941 19,454,681
------------- -------------
Participant transactions:
Proceeds from sales of units ..................................... 11,886,343 46,763,636
Cost of units redeemed ........................................... (1,750,647) (5,061,895)
------------- -------------
Net increase in net assets resulting from participant transactions 10,135,696 41,701,741
------------- -------------
Total increase in net assets ................................ 18,199,637 61,156,422
NET ASSETS:
Beginning of period .............................................. 91,087,979 48,131,194
End of period .................................................... $ 109,287,616 $ 109,287,616
Number of units:
Outstanding-beginning of period .................................. 4,932,124 3,060,634
Sold .......................................................... 605,294 2,672,739
Redeemed ...................................................... (90,378) (286,333)
------------- -------------
Outstanding-end of period ........................................ 5,447,040 5,447,040
============= =============
</TABLE>
31
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
------ ------
<S> <C> <C>
Investment income ......................................... $ 0.12 $ 0.34
Expenses .................................................. (0.04) (0.12)
------ ------
Net investment income ..................................... 0.08 0.22
Net realized and unrealized gain on investments ........... $ 1.51 $ 4.11
------ ------
Net increase in unit value ................................ 1.59 4.33
Net asset value at beginning of period .................... 18.47 15.73
------ ------
Net assets value at end of period ......................... $20.06 $20.06
====== ======
Ratio of expenses to average net assets* .................. 0.88% 0.91%
Ratio of net investment income to average assets* ......... 1.50% 1.63%
Portfolio turnover ........................................ 4% 10%
Number of units outstanding at end of period (in thousands) 5,447 5,447
- -----------------------------------------
*Annualized
</TABLE>
32
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-----------
<S> <C>
Investments, at value (cost $14,179,993) ........................................... $15,881,518
Cash ............................................................................... 0
Receivable for investments sold .................................................... 0
Receivable for fund units sold ..................................................... 1,460
Dividends and interest receivable .................................................. 0
Other assets ....................................................................... 0
-----------
Total assets .................................................................... 15,882,979
-----------
LIABILITIES
Payable for investments purchased .................................................. 1,460
Payable for fund units purchased ................................................... 0
Accrued expenses ................................................................... 1,150
Other liabilities .................................................................. 0
-----------
Total liabilities ............................................................... 2,610
-----------
NET ASSETS ......................................................................... $15,880,369
===========
Net asset value, redemption price and offering price per unit of beneficial interest
($15,880,369 / 1,239,662 units outstanding) ........................................ $ 12.81
===========
</TABLE>
33
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 0 $ 0
Interest income ..................................... 0 0
----------- -----------
Total investment income ........................... 0 0
Expenses:
Investment advisory fee ............................. $ 0 $ 0
State Street Bank & Trust Company - program fee ..... 0 0
American Bar Retirement Association - program fee ... 0 0
Trustee, management and administration fees ......... 3,528 10,010
Other expenses and taxes ............................ 0 0
Amortization of organization expenses ............... 0 0
----------- -----------
Total expenses .................................... 3,528 10,010
----------- -----------
Net investment income (loss) ........................... (3,528) (10,010)
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 362,911 716,644
Unrealized appreciation of investments during the period 1,213,210 881,411
----------- -----------
Net gain on investments ............................. 1,576,121 1,598,055
----------- -----------
Net increase in net assets resulting from operations $ 1,572,593 $ 1,588,045
=========== ===========
</TABLE>
34
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss) ...................................... ($ 3,528) ($ 10,010)
Net realized gain on investments .................................. 362,911 716,644
Unrealized appreciation on investments during the period .......... 1,213,210 881,411
------------ ------------
Net increase in net assets resulting from operations .............. 1,572,593 1,588,045
------------ ------------
Participant transactions:
Proceeds from sales of units ...................................... 1,559,550 6,489,019
Cost of units redeemed ............................................ (1,571,912) (3,397,672)
------------ ------------
Net increase (decrease) in net asssets resulting from
participant transactions ....................................... (12,361) 3,091,348
------------ ------------
Total increase in net assets ................................. 1,560,232 4,679,393
NET ASSETS:
Beginning of period ............................................... 14,320,137 11,200,976
End of period ..................................................... $ 15,880,369 $ 15,880,369
Number of units:
Outstanding-beginning of period ................................... 1,240,876 977,202
Sold ........................................................... 123,366 542,620
Redeemed ....................................................... (124,579) (280,160)
------------ ------------
Outstanding-end of period ......................................... 1,239,662 1,239,662
============ ============
</TABLE>
35
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
Investment income ......................................... $ 0.00 $ 0.00
Expenses .................................................. 0.00 (0.01)
------------ ------------
Net investment income (loss) .............................. 0.00 (0.01)
Net realized gain on investments .......................... 1.27 1.36
------------ ------------
Net increase in unit value ................................ 1.27 1.35
Net asset value at beginning of period .................... 11.54 11.46
------------ ------------
Net assets value at end of period ......................... $ 12.81 $ 12.81
============ ============
Ratio of expenses to average net assets* .................. 0.09% 0.10%
Ratio of net investment income to average assets* ......... (0.09%) (0.10%)
Portfolio turnover** ...................................... 14% 32%
Number of units outstanding at end of period (in thousands) 1,240 1,240
</TABLE>
- -------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds
36
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-------------
<S> <C>
Investments, at value (cost $54,531,023) ........................................... $63,142,297
Cash ............................................................................... 0
Receivable for investments sold .................................................... 0
Receivable for fund units sold ..................................................... 153,907
Dividends and interest receivable .................................................. 0
Other assets ....................................................................... 0
-----------
Total assets .................................................................... 63,296,204
-----------
LIABILITIES
Payable for investments purchased .................................................. 153,907
Payable for fund units purchased ................................................... 0
Accrued expenses ................................................................... 4,438
Other liabilities .................................................................. 0
-----------
Total liabilities ............................................................... 158,345
-----------
NET ASSETS ......................................................................... $63,137,859
===========
Net asset value, redemption price and offering price per unit of beneficial interest
( $63,137,859 /4,552,099 units outstanding) ........................................ $ 13.87
===========
</TABLE>
37
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 0 $ 0
Interest income ..................................... 0 0
----------- -----------
Total investment income ........................... 0 0
Expenses:
Investment advisory fee ............................. $ 0 $ 0
State Street Bank & Trust Company - program fee ..... 0 0
American Bar Retirement Association - program fee ... 0 0
Trustee, management and administration fees ......... 13,395 35,838
Other expenses and taxes ............................ 0 0
Amortization of organization expenses ............... 0 0
----------- -----------
Total expenses .................................... 13,395 35,838
----------- -----------
Net investment income (loss) ........................... (13,395) (35,838)
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 745,835 1,844,760
Unrealized appreciation of investments during the period 6,926,272 5,753,127
----------- -----------
Net gain on investments ............................. 7,672,107 7,597,887
----------- -----------
Net increase in net assets resulting from operations $ 7,658,712 $ 7,562,049
=========== ===========
</TABLE>
38
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------------- -----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss) ..................................... ($ 13,395) ($ 35,838)
Net realized gain on investments ................................. 745,835 1,844,760
Unrealized appreciation on investments during the period ......... 6,926,272 5,753,127
------------ ------------
Net increase/decrease in net assets resulting from operations .... 7,658,712 7,562,049
------------ ------------
Participant transactions:
Proceeds from sales of units ..................................... 7,649,081 27,678,182
Cost of units redeemed ........................................... (1,244,041) (4,719,712)
------------ ------------
Net increase in net assets resulting from participant transactions 6,405,040 22,958,471
------------ ------------
Total increase in net assets ................................ 14,063,752 30,520,519
NET ASSETS:
Beginning of period .............................................. 49,074,107 32,617,340
End of period .................................................... $ 63,137,859 $ 63,137,859
Number of units:
Outstanding-beginning of period .................................. 4,084,408 2,733,228
Sold .......................................................... 559,254 2,192,319
Redeemed ...................................................... (91,563) (373,448)
------------ ------------
Outstanding-end of period ......................................... 4,552,099 4,552,099
============ ============
</TABLE>
39
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
----------------- -----------------
<S> <C> <C>
Investment income ......................................... $ 0.00 $ 0.00
Expenses .................................................. 0.00 (0.01)
------------ ------------
Net investment income (loss) .............................. 0.00 (0.01)
Net realized and unrealized gain on investments ........... 1.86 1.95
------------ ------------
Net increase in unit value ................................ 1.86 1.94
Net asset value at beginning of period .................... 12.01 11.93
------------ ------------
Net assets value at end of period ......................... $ 13.87 $ 13.87
============ ============
Ratio of expenses to average net assets* .................. 0.09% 0.10%
Ratio of net investment income to average assets* ......... (0.09%) (0.10%)
Portfolio turnover** ...................................... 6% 18%
Number of units outstanding at end of period (in thousands) 4,552 4,552
</TABLE>
- -------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds
40
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
ASSETS SEPT 30, 1997
-------------
<S> <C>
Investments, at value (cost $42,378,157) ........................................... $51,052,083
Cash ............................................................................... 0
Receivable for investments sold .................................................... 80,339
Receivable for fund units sold ..................................................... 0
Dividends and interest receivable .................................................. 0
Other assets ....................................................................... 0
-----------
Total assets .................................................................... 51,132,422
-----------
LIABILITIES
Payable for investments purchased .................................................. 0
Payable for fund units purchased ................................................... 80,339
Accrued expenses ................................................................... 3,669
Other liabilities .................................................................. 0
-----------
Total liabilities ............................................................... 84,008
-----------
NET ASSETS ......................................................................... $51,048,415
===========
Net asset value, redemption price and offering price per unit of beneficial interest
( $51,048,415 /3,397,332 units outstanding) ........................................ $15.03
===========
</TABLE>
41
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
Investment income
Dividend income ..................................... $ 0 $ 0
Interest income ..................................... 0 0
----------- -----------
Total investment income ........................... 0 0
Expenses:
Investment advisory fee ............................. $ 0 $ 0
State Street Bank & Trust Company - program fee ..... 0 0
American Bar Retirement Association - program fee ... 0 0
Trustee, management and administration fees ......... 11,015 28,818
Other expenses and taxes ............................ 0 0
Amortization of organization expenses ............... 0 0
----------- -----------
Total expenses .................................... 11,015 28,818
----------- -----------
Net investment income (loss) ........................... (11,015) (28,818)
----------- -----------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold .................. 942,550 1,950,573
Unrealized appreciation of investments during the period 7,193,022 5,978,367
----------- -----------
Net gain on investments ............................. 8,135,572 7,928,940
----------- -----------
Net increase in net assets resulting from operations $ 8,124,557 $ 7,900,122
=========== ===========
</TABLE>
42
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
UNAUDITED
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM:
Operations:
Net investment income (loss) ..................................... ($ 11,015) ($ 28,818)
Net realized gain on investments ................................. 942,550 1,950,573
Unrealized appreciation on investments during the period ......... 7,193,022 5,978,367
------------ ------------
Net increase in net assets resulting from operations ............. 8,124,557 7,900,122
------------ ------------
Participant transactions:
Proceeds from sales of units ..................................... 5,528,462 22,367,829
Cost of units redeemed ........................................... (1,819,138) (4,777,397)
------------ ------------
Net increase in net assets resulting from participant transactions 3,709,324 17,590,432
------------ ------------
Total increase in net assets ................................ 11,833,881 25,490,554
NET ASSETS:
Beginning of period .............................................. 39,214,534 25,557,861
End of period .................................................... $ 51,048,415 $ 51,048,415
Number of units:
Outstanding-beginning of period .................................. 3,145,751 2,060,096
Sold .......................................................... 374,026 1,684,642
Redeemed ...................................................... (122,445) (347,406)
------------ ------------
Outstanding-end of period ........................................ 3,397,332 3,397,332
============ ============
</TABLE>
43
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: FOR THE PERIOD FOR THE PERIOD
JULY 1, 1997 JANUARY 1, 1997
TO SEPT 30, 1997 TO SEPT 30, 1997
---------------- ----------------
<S> <C> <C>
Investment income ......................................... $ 0.00 $ 0.00
Expenses .................................................. (0.01) (0.01)
------------ ------------
Net investment income (loss) .............................. (0.01) (0.01)
Net realized and unrealized gain on investments ........... 2.57 2.63
------------ ------------
Net increase in unit value ................................ 2.56 2.62
Net asset value at beginning of period .................... 12.47 12.41
------------ ------------
Net assets value at end of period ......................... $ 15.03 $ 15.03
============ ============
Ratio of expenses to average net assets* .................. 0.09% 0.10%
Ratio of net investment income to average assets* ......... (0.09%) (0.10%)
Portfolio turnover** ...................................... 7% 19%
Number of units outstanding at end of period (in thousands) 3,397 3,397
</TABLE>
- -------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
invests, rather than the portfolio turnover of such underlying Funds
44
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and convertible
debt instruments and non-equity securities, including investment grade bonds,
debentures and high quality money market instruments of the same types as those
in which the Stable Asset Return Fund may invest, when deemed appropriate by
State Street in light of economic and market conditions. The Aggressive Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market. For the quarter ended September 30, 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 15.47%. By comparison, the
Russell 2000 Index produced a total return of 14.88% 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 third quarter of 1997 marked the eleventh consecutive quarterly
increase in the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500
Index") bringing the year-to-date gain in the S&P 500 Index to 29.6%. Since the
beginning of 1995 the US stock market (as measured by the S&P 500 Index) has
risen 119%. This spectacular rise in equities has been fueled by record company
earnings and continued low level of inflation.
The most heavily weighted sectors in the Aggressive Equity Fund were
technology, business services and financial services. Weaker areas in terms of
return included publishing, drugs and health care and utilities.
BALANCED FUND
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended September
30, 1997, the Balanced Fund experienced a total return, net of Expenses, of
8.21%. 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 8.97%. 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.
In connection with certain changes to the advisors from whom State Street
obtains investment advice with respect to the Fund, effective June 30, 1997,
State Street directs the allocation of the Fund's assets between debt and equity
securities consistent with the Fund's strategy. State Street obtains investment
advice from separate advisors for each of the debt and equity portions of the
Fund. This is different from State Street's prior
45
<PAGE>
practice, which was to allocate a portion of the Fund's assets to each of the
Fund's investment advisors, who then advised State Street on both debt and
equity securities. Contributions to and withdrawals from the Fund are allocated
so that the percentage of debt and equity securities will be as close to
approximately 40% and 60%, respectively, as may be practical, taking into
account the level of contributions and withdrawals and the Fund's percentage of
debt and equity securities at the time of the contribution or withdrawal. State
Street may change the allocation within the Fund, as well as the allocation of
contributions to and withdrawals from the Fund from time to time. Income and
realized gains attributable to the assets allocated to each portion of the fund
and the related investment advisor will remain allocated to such portion until
reallocated by State Street.
Both the U.S. equity and fixed income markets continued to show strong
positive returns throughout the third quarter of 1997. Equities, especially
small cap stocks, performed well while bonds were buoyed by continued subdued
inflation despite another quarter of solid economic growth.
Some of the most heavily weighted industry sectors in the equity portion
of the portfolio were consumer goods, drugs and health care, finance and
insurance. 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. In keeping with
this objective and strategy and in connection with certain changes to the
advisors from whom State Street obtains investment advice with respect to the
Fund, effective June 16, 1997, 25% of contributions to (less 25% of withdrawals
from) the Growth Equity Fund are invested to replicate the Russell 1000 Index.
Income and realized gains attributable to this portion of the Fund will remain
allocated to this portion of the Fund, which may cause this portion of Fund's
assets to vary from 25%.
For the quarter ended September 30, 1997, the Growth Equity Fund
experienced a total return, net of Expenses, of 8.20%. By comparison, the
Russell 1000 Index produced a return of 8.73% 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.
The U.S. equity market continued to register strong returns during the
third quarter of 1997. Low inflation, strong corporate earnings, and a lack of
Federal Reserve intervention were among the major causes of economic growth.
Some of the most heavily weighted industry sectors in the Growth Equity
Fund were, technology, finance and consumer basics. Weaker areas in terms of
return were energy-related stocks and broadcasting and publishing.
46
<PAGE>
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 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.
The Fund produced a total return, net of Expenses, for the third quarter
of 1997 of 9.09%. By comparison, the Russell 3000 Index produced a return of
9.33% for the third 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 to the Fund 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 September 30, 1997, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 3.37%. 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 third quarter of
1997 of 3.30%. 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.
Fixed income securities performed well in the third quarter. Interest
rates declined during the quarter as prices remained steady at both the consumer
and producer levels and monetary policy remained unchanged.
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
47
<PAGE>
Africa, Australia, Canada and other areas. The International Equity Fund will
seek to achieve, over an extended period of time, total returns comparable to or
superior to broad measures of the international (non-U.S.) stock market.
Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street currently
expects to be approximately $75 to $100 million, all contributions to the
International Equity Fund will be invested in the T. Rowe Price International
Stock Fund.
For the quarter ended September 30, 1997, the International Equity Fund
experienced a total return, net of Expenses, of (0.88)%. For the third quarter
of 1997, the total return of the Morgan Stanley EAFE (Europe, Australia, Far
East) Index (the "EAFE Index") was (0.70)%. 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. The equity markets included in the EAFE
Index were divided between continued strong performance in Europe and negative
returns in Japan.
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 September 30, 1997, the Stable Asset Return Fund
produced a return, net of Expenses, of 1.37%. By comparison, the Donoghue Money
Market Fund "Tier One" Average (the "Donoghue Average") for the third quarter of
1997 was 1.25%. 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 moved slightly lower during the third quarter of 1997 with lack
of inflation pressure and no intervention by the Federal Reserve.
VALUE EQUITY FUND
The Value Equity Fund seeks to outperform, over extended periods of time,
broad measures of the domestic stock market. The Value Equity Fund invests
primarily in common stocks of companies that State Street and its investment
advisor consider undervalued.
For the quarter ended September 30, 1997, the Value Equity Fund
experienced a total return, net of Expenses, of 8.64%. The S&P 500 Index
produced a return of 7.52% for the third 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.
U.S. financial markets continued to register strong returns in the third
quarter as investors responded favorably to signs of moderate growth and benign
inflation.
48
<PAGE>
The most heavily weighted industry sectors in the Value Equity Fund were
energy, insurance, consumer cyclical and industrial commodities. Underweighted
sectors in the Value Equity Fund include capital goods and technology.
STRUCTURED PORTFOLIO SERVICE
The Portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive portfolio
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value Equity Fund,
7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and International Equity
Fund, 7%. Funds in the Moderate Portfolio are allocated as follows: Stable Asset
Return Fund, 10%; Intermediate Bond Fund, 30%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended September 30, 1997, the structured portfolio service
experienced a total return net of Expenses, of 4.02% for the Conservative
Portfolio, 4.99% for the Moderate Portfolio, and 6.33% for the Aggressive
Portfolio.
Item 3 Quantitative Disclosures About Market Risk
Not Applicable.
49
<PAGE>
PART II. OTHER INFORMATION
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.
50
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
November 13, 1997 By: /S/ NANCY P. ANTIN
------------------------------
Nancy P. Antin
Vice President and Chief Financial Officer
November 13, 1997 By: /S/ SUSAN C. DANIELS
-----------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 235,146,043
<INVESTMENTS-AT-VALUE> 360,181,753
<RECEIVABLES> 2,008,106
<ASSETS-OTHER> 71,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 362,261,358
<PAYABLE-FOR-SECURITIES> 2,798,972
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,785
<TOTAL-LIABILITIES> 4,108,757
<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> 358,152,601
<DIVIDEND-INCOME> 1,118,121
<INTEREST-INCOME> 803,520
<OTHER-INCOME> 0
<EXPENSES-NET> 2,246,923
<NET-INVESTMENT-INCOME> (325,282)
<REALIZED-GAINS-CURRENT> 19,844,794
<APPREC-INCREASE-CURRENT> 58,665,256
<NET-CHANGE-FROM-OPS> 78,184,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 712,296
<NUMBER-OF-SHARES-REDEEMED> (607,599)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 82,237,133
<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> (0.05)
<PER-SHARE-GAIN-APPREC> 11.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 52.42
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 338,846,476
<INVESTMENTS-AT-VALUE> 360,093,241
<RECEIVABLES> 1,771,549
<ASSETS-OTHER> 97,026
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 361,962,559
<PAYABLE-FOR-SECURITIES> 1,835,997
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 449,124
<TOTAL-LIABILITIES> 2,285,121
<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> 359,677,438
<DIVIDEND-INCOME> 2,247,217
<INTEREST-INCOME> 6,463,181
<OTHER-INCOME> 0
<EXPENSES-NET> 2,159,645
<NET-INVESTMENT-INCOME> 6,550,753
<REALIZED-GAINS-CURRENT> 74,393,367
<APPREC-INCREASE-CURRENT> (21,232,757)
<NET-CHANGE-FROM-OPS> 59,711,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,482,806
<NUMBER-OF-SHARES-REDEEMED> (1,360,954)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 64,276,107
<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> 0.80
<PER-SHARE-GAIN-APPREC> 6.53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 44.09
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 757,138,086
<INVESTMENTS-AT-VALUE> 964,137,198
<RECEIVABLES> 4,770,024
<ASSETS-OTHER> 227,105
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 969,271,237
<PAYABLE-FOR-SECURITIES> 3,867,379
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,222,229
<TOTAL-LIABILITIES> 6,089,608
<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> 963,181,629
<DIVIDEND-INCOME> 7,547,794
<INTEREST-INCOME> 1,243,726
<OTHER-INCOME> 0
<EXPENSES-NET> 5,422,273
<NET-INVESTMENT-INCOME> 3,369,247
<REALIZED-GAINS-CURRENT> 189,039,437
<APPREC-INCREASE-CURRENT> 19,096,294
<NET-CHANGE-FROM-OPS> 211,504,978
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 836,521
<NUMBER-OF-SHARES-REDEEMED> (836,997)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 210,383,580
<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> 1.24
<PER-SHARE-GAIN-APPREC> 76.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 356.09
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,891,516
<INVESTMENTS-AT-VALUE> 147,870,462
<RECEIVABLES> 0
<ASSETS-OTHER> 29,259
<OTHER-ITEMS-ASSETS> 408,780
<TOTAL-ASSETS> 148,308,501
<PAYABLE-FOR-SECURITIES> 122,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 438,264
<TOTAL-LIABILITIES> 560,864
<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> 147,747,637
<DIVIDEND-INCOME> 404,093
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 558,835
<NET-INVESTMENT-INCOME> (154,742)
<REALIZED-GAINS-CURRENT> 4,405,860
<APPREC-INCREASE-CURRENT> 25,609,577
<NET-CHANGE-FROM-OPS> 29,860,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,584,417
<NUMBER-OF-SHARES-REDEEMED> (668,113)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 64,866,634
<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> (0.02)
<PER-SHARE-GAIN-APPREC> 4.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.63
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 72,726,792
<INVESTMENTS-AT-VALUE> 73,932,303
<RECEIVABLES> 1,161,465
<ASSETS-OTHER> 15,340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 75,110,108
<PAYABLE-FOR-SECURITIES> 164,160
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 543,197
<TOTAL-LIABILITIES> 707,357
<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> 74,402,751
<DIVIDEND-INCOME> 3,071,255
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 273,351
<NET-INVESTMENT-INCOME> 2,797,904
<REALIZED-GAINS-CURRENT> (37,862)
<APPREC-INCREASE-CURRENT> 1,384,881
<NET-CHANGE-FROM-OPS> 4,144,923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,505,935
<NUMBER-OF-SHARES-REDEEMED> (636,907)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,790,934
<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> 0.49
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.58
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 61,156,709
<INVESTMENTS-AT-VALUE> 64,863,297
<RECEIVABLES> 0
<ASSETS-OTHER> 24,286
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,887,583
<PAYABLE-FOR-SECURITIES> 9,281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 440,643
<TOTAL-LIABILITIES> 449,924
<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> 64,437,659
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 183,172
<NET-INVESTMENT-INCOME> (183,172)
<REALIZED-GAINS-CURRENT> 3,211,602
<APPREC-INCREASE-CURRENT> 2,674,617
<NET-CHANGE-FROM-OPS> 5,703,047
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,515,387
<NUMBER-OF-SHARES-REDEEMED> (2,111,954)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,169,359
<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> 17.8
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.69
<EXPENSE-RATIO> 0.00
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 633,301,167
<INVESTMENTS-AT-VALUE> 633,301,167
<RECEIVABLES> 4,135,245
<ASSETS-OTHER> 115,039
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 637,551,451
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322,560
<TOTAL-LIABILITIES> 322,560
<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> 637,228,890
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,865,636
<OTHER-INCOME> 0
<EXPENSES-NET> 3,283,494
<NET-INVESTMENT-INCOME> 25,582,142
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,241,221
<NUMBER-OF-SHARES-REDEEMED> (152,357,242)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,466,121
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 84,698,885
<INVESTMENTS-AT-VALUE> 109,078,650
<RECEIVABLES> 295,103
<ASSETS-OTHER> 21,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,395,458
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,842
<TOTAL-LIABILITIES> 107,842
<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> 109,287,616
<DIVIDEND-INCOME> 1,129,213
<INTEREST-INCOME> 378,267
<OTHER-INCOME> 0
<EXPENSES-NET> 539,291
<NET-INVESTMENT-INCOME> 968,189
<REALIZED-GAINS-CURRENT> 1,061,397
<APPREC-INCREASE-CURRENT> 17,425,095
<NET-CHANGE-FROM-OPS> 19,454,681
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,672,739
<NUMBER-OF-SHARES-REDEEMED> (286,333)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 61,156,422
<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> 0.22
<PER-SHARE-GAIN-APPREC> 4.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.06
<EXPENSE-RATIO> 0.01
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 14,179,993
<INVESTMENTS-AT-VALUE> 15,881,518
<RECEIVABLES> 1,460
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,882,979
<PAYABLE-FOR-SECURITIES> 1,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,150
<TOTAL-LIABILITIES> 2,610
<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> 15,880,369
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 10,010
<NET-INVESTMENT-INCOME> (10,010)
<REALIZED-GAINS-CURRENT> 716,644
<APPREC-INCREASE-CURRENT> 881,411
<NET-CHANGE-FROM-OPS> 1,588,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 542,620
<NUMBER-OF-SHARES-REDEEMED> (280,160)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,679,393
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 1.36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> 0.00
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 54,531,023
<INVESTMENTS-AT-VALUE> 63,142,297
<RECEIVABLES> 153,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,296,204
<PAYABLE-FOR-SECURITIES> 153,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,438
<TOTAL-LIABILITIES> 158,345
<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> 63,137,859
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 35,838
<NET-INVESTMENT-INCOME> (35,838)
<REALIZED-GAINS-CURRENT> 1,844,760
<APPREC-INCREASE-CURRENT> 5,753,127
<NET-CHANGE-FROM-OPS> 7,562,049
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,192,319
<NUMBER-OF-SHARES-REDEEMED> (373,448)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,520,519
<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> (0.01)
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 13.87
<EXPENSE-RATIO> 0.00
<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
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 42,378,157
<INVESTMENTS-AT-VALUE> 51,052,083
<RECEIVABLES> 80,339
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,132,422
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,008
<TOTAL-LIABILITIES> 84,008
<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> 51,048,415
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 28,818
<NET-INVESTMENT-INCOME> (28,818)
<REALIZED-GAINS-CURRENT> 1,950,573
<APPREC-INCREASE-CURRENT> 5,978,367
<NET-CHANGE-FROM-OPS> 7,900,122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,684,642
<NUMBER-OF-SHARES-REDEEMED> (347,406)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,490,554
<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> (0.01)
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.03
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
