FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
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........ 50
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>
March 31, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $256,017,112) ................................................. $363,321,249
Cash....................................................................................... 514
Receivable for investments sold ........................................................ 1,232,392
Receivable for fund units sold ......................................................... 0
Dividends and interest receivable........................................................ 165,222
Other assets............................................................................... 33,754
-----------------------
Total assets ........................................................................ 364,753,131
-----------------------
Liabilities
Payable for investments purchased.......................................................... 1,378,152
Payable for fund units purchased........................................................... 1,903,538
Accrued expenses........................................................................... 512,757
Other liabilities.......................................................................... 0
-----------------------
Total liabilities..................................................................... 3,794,447
-----------------------
Net Assets................................................................................. $360,958,684
-----------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($360,958,684/6,541,404 units outstanding) $55.18
=======================
</TABLE>
1
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
AGGRESSIVE EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
-----------------------
<S> <C>
Investment income
Dividend income....................................................................... $356,371
Interest income....................................................................... 243,697
-----------------------
Total investment income.......................................................... 600,068
Expenses
Investment advisory fee............................................................. 361,044
State Street Bank & Trust Company - program fee...................................... 273,111
American Bar Retirement Association - program fee................................. 39,843
Trustee, management and administration fees........................................... 57,973
Other expenses and taxes........................................................... 31,714
Amortization of organization expenses.............................................. 19,370
-----------------------
Total expenses................................................................... 783,055
-----------------------
Net investment income (loss)................................................................. (182,987)
-----------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 15,972,145
Unrealized appreciation of investments during the period..................................... 28,176,113
-----------------------
Net gain on investments............................................................... 44,148,258
-----------------------
Net increase in net assets resulting from operations.................................. $43,965,271
=======================
</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
January 1, 1998
to March 31, 1998
==============================
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)................................................... $ (182,987)
Net realized gain on investments............................................... 15,972,145
Unrealized appreciation on investments during the period....................... 28,176,113
==============================
Net increase in net assets resulting from operations........................... 43,965,271
==============================
Participant transactions:
Proceeds from sales of units................................................... 4,682,152
Cost of units redeemed......................................................... (19,628,327)
==============================
Net decrease in net assets resulting from participant transactions............. (14,946,175)
==============================
Total increase in net assets.............................................. 29,019,096
Net Assets:
Beginning of period............................................................ 331,939,588
End of period.................................................................. $360,958,684
Number of units:
Outstanding-beginning of period................................................ 6,831,480
Sold...................................................................... 94,310
Redeemed.................................................................. (384,386)
==============================
Outstanding-end of period...................................................... 6,541,404
==============================
</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
January 1, 1998
to March 31, 1998
==============================
<S> <C>
Investment income................................................................... $0.09
Expenses............................................................................ (0.12)
------------------------------
Net investment income (loss)........................................................ (0.03)
Net realized and unrealized gain on investments..................................... 6.62
------------------------------
Net increase in unit value.......................................................... 6.59
Net asset value at beginning of period.............................................. 48.59
------------------------------
Net asset value at end of period.................................................... $55.18
==============================
Ratio of expenses to average net assets*............................................ 0.72%
Ratio of net investment income to average net assets*............................... 0.17%
Portfolio turnover.................................................................. 12.42%
Number of units outstanding at end of period (in thousands)......................... 6,541
*Annualized
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
March 31, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $393,216,259) ................................................. $440,456,236
Cash....................................................................................... 862
Receivable for investments sold ........................................................ 36,443,525
Receivable for fund units sold ......................................................... 0
Dividends and interest receivable........................................................ 1,415,068
Other assets............................................................................... 33,818
-----------------------
Total assets ........................................................................ 478,349,509
-----------------------
Liabilities
Payable for investments purchased.......................................................... 76,205,103
Payable for fund units purchased........................................................... 5,250,088
Accrued expenses........................................................................... 542,563
Other liabilities.......................................................................... 0
-----------------------
Total liabilities..................................................................... 81,997,754
-----------------------
Net Assets................................................................................. $396,351,755
-----------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($396,351,755/8,063,298 units outstanding)............................................... $49.15
=======================
</TABLE>
5
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
-----------------------
<S> <C>
Investment income
Dividend income....................................................................... $826,374
Interest income....................................................................... 2,179,701
-----------------------
Total investment income.......................................................... 3,006,075
Expenses
Investment advisory fee............................................................. 218,540
State Street Bank & Trust Company - program fee...................................... 303,450
American Bar Retirement Association - program fee................................. 44,269
Trustee, management and administration fees........................................... 64,413
Other expenses and taxes........................................................... 32,418
Amortization of organization expenses.............................................. 19,406
-----------------------
Total expenses................................................................... 682,496
-----------------------
Net investment income........................................................................ 2,323,579
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 4,852,789
Unrealized appreciation of investments during the period..................................... 31,259,428
-----------------------
Net gain on investments............................................................... 36,112,217
-----------------------
Net increase in net assets resulting from operations.................................. $38,435,796
=======================
</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
January 1, 1998
to March 31, 1998
-----------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income............................................................ $2,323,579
Net realized gain on investments................................................. 4,852,789
Unrealized appreciation on investments during the period......................... 31,259,428
-----------------------
Net increase in net assets resulting from operations............................. 38,435,796
-----------------------
Participant transactions:
Proceeds from sales of units..................................................... 10,096,248
Cost of units redeemed........................................................... (10,683,056)
-----------------------
Net decrease in net assets resulting from participant transactions............... (586,808)
-----------------------
Total increase in net assets........................................... 37,848,988
Net Assets:
Beginning of period.............................................................. 358,502,767
End of period.................................................................... $396,351,755
Number of units:
Outstanding-beginning of period.................................................. 8,070,199
Sold........................................................................ 216,494
Redeemed.................................................................... (223,395)
-----------------------
Outstanding-end of period........................................................ 8,063,298
=======================
</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
January 1, 1998
to March 31, 1998
-----------------------
<S> <C>
Investment income.......................................................................... $0.37
Expenses................................................................................... (0.09)
-----------------------
Net investment income...................................................................... 0.28
Net realized and unrealized gain on investments............................................ 4.45
-----------------------
Net increase in unit value................................................................. 4.73
Net asset value at beginning of period..................................................... 44.42
-----------------------
Net asset value at end of period........................................................... $49.15
=======================
Ratio of expenses to average net assets*................................................... 0.74%
Ratio of net investment income to average net assets*...................................... 2.51%
Portfolio turnover......................................................................... 29.88%
Number of units outstanding at end of period (in thousands)......................... 8,063
*Annualized
</TABLE>
8
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $812,447,958)................................................... $1,120,294,788
Cash........................................................................................ 2,000
Receivable for investments sold.......................................................... 3,031,170
Receivable for fund units sold.......................................................... 0
Dividends and interest receivable........................................................ 1,174,971
Other assets............................................................................... 90,709
--------------------------
Total assets......................................................................... 1,124,593,638
--------------------------
Liabilities
Payable for investments purchased........................................................... 6,265,925
Payable for fund units purchased............................................................ 2,917,607
Accrued expenses............................................................................ 903,199
Other liabilities........................................................................... 0
--------------------------
Total liabilities..................................................................... 10,086,731
--------------------------
Net Assets.................................................................................. $1,114,506,907
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($1,114,506,907/2,678,813 units outstanding)............................................... $416.05
==========================
</TABLE>
9
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income....................................................................... $2,434,202
Interest income....................................................................... 253,212
--------------------------
Total investment income.......................................................... 2,687,414
Expenses
Investment advisory fee............................................................. 579,856
State Street Bank & Trust Company - program fee................................. 827,902
American Bar Retirement Association - program fee................................. 120,779
Trustee, management and administration fees......................................... 175,745
Other expenses and taxes............................................................ 90,131
Amortization of organization expenses............................................... 52,055
--------------------------
Total expenses................................................................... 1,846,468
--------------------------
Net investment income...................................................................... 840,946
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold...................................................... 28,183,829
Unrealized appreciation of investments during the period................................... 121,700,704
--------------------------
Net gain on investments............................................................... 149,884,533
--------------------------
Net increase in net assets resulting from operations.................................. $150,725,479
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income............................................................ $840,946
Net realized gain on investments................................................. 28,183,829
Unrealized appreciation on investments during the period......................... 121,700,704
--------------------------
Net increase in net assets resulting from operations............................. 150,725,479
--------------------------
Participant transactions:
Proceeds from sales of units..................................................... 14,039,239
Cost of units redeemed........................................................... (18,111,796)
--------------------------
Net decrease in net assets resulting from participant transactions............... (4,072,557)
--------------------------
Total increase in net assets........................................... 146,652,922
Net Assets:
Beginning of period.............................................................. 967,853,985
End of period.................................................................... $1,114,506,907
Number of units:
Outstanding-beginning of period.................................................. 2,689,796
Sold........................................................................ 36,068
Redeemed.................................................................... (47,051)
--------------------------
Outstanding-end of period........................................................ 2,678,813
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income.......................................................................... $0.91
Expenses................................................................................... (0.69)
--------------------------
Net investment income...................................................................... 0.22
Net realized and unrealized gain on investments............................................ 56.01
--------------------------
Net increase in unit value................................................................. 56.23
Net asset value at beginning of period..................................................... 359.82
--------------------------
Net asset value at end of period........................................................... $416.05
==========================
Ratio of expenses to average net assets*................................................... 0.73%
Ratio of net investment income to average net assets*...................................... 0.33%
Portfolio turnover......................................................................... 11.43%
Number of units outstanding at end of period (in thousands)......................... 2,679
*Annualized
</TABLE>
12
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $130,768,184).................................................... $189,192,485
Cash......................................................................................... 234,063
Receivable for investments sold.............................................................. 0
Receivable for fund units sold............................................................... 0
Dividends and interest receivable............................................................ 140,314
Other assets................................................................................. 13,929
--------------------------
Total assets............................................................................ 189,580,791
--------------------------
Liabilities
Payable for investments purchased............................................................ 374,376
Payable for fund units purchased............................................................. 803,589
Accrued expenses............................................................................. 96,547
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 1,274,512
--------------------------
Net Assets................................................................................... $188,306,279
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($188,306,279/7,559,500 units outstanding)................................................... $24.91
==========================
</TABLE>
13
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income......................................................................... $140,312
Interest income......................................................................... 0
--------------------------
Total investment income............................................................ 140,312
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 134,541
American Bar Retirement Association - program fee................................... 19,627
Trustee, management and administration fees............................................. 62,083
Other expenses and taxes............................................................. 14,786
Amortization of organization expenses................................................ 7,993
--------------------------
Total expenses..................................................................... 239,030
--------------------------
Net investment income (loss)................................................................. (98,718)
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 2,602,937
Unrealized appreciation of investments during the period..................................... 18,405,996
--------------------------
Net gain on investments................................................................. 21,008,933
--------------------------
Net increase in net assets resulting from operations.................................... $20,910,215
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)....................................................... ($98,718)
Net realized gain on investments................................................... 2,602,937
Unrealized depreciation on investments during the period........................... 18,405,996
--------------------------
Net increase in net assets resulting from operations............................... 20,910,215
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 16,219,163
Cost of units redeemed............................................................. (2,532,242)
--------------------------
Net increase in net assets resulting from participant transactions................. 13,686,921
--------------------------
Total increase in net assets............................................. 34,597,136
Net Assets:
Beginning of period................................................................ 153,709,143
End of period...................................................................... $188,306,279
Number of units:
Outstanding-beginning of period.................................................... 6,971,219
Sold.......................................................................... 698,470
Redeemed...................................................................... (110,188)
--------------------------
Outstanding-end of period.......................................................... 7,559,500
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.02
Expenses..................................................................................... (0.03)
--------------------------
Net investment income (loss)................................................................. (0.01)
Net realized and unrealized gain on investments.............................................. 2.87
--------------------------
Net increase in unit value................................................................... 2.86
Net asset value at beginning of period....................................................... 22.05
--------------------------
Net asset value at end of period............................................................. $24.91
==========================
Ratio of expenses to average net assets*..................................................... 0.58%
Ratio of net investment income to average net assets*........................................ (0.24%)
Portfolio turnover**......................................................................... 3.77%
Number of units outstanding at end of period (in thousands)........................... 7,559
*Annualized
** Reflects purchases and sales of shares of the collective investment funds
in which the fund invests, rather than turnover of the underlying portfolio of
such collective investment funds.
</TABLE>
16
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $94,960,757)..................................................... $95,700,999
Cash......................................................................................... 0
Receivable for investments sold........................................................... 248,349
Receivable for fund units sold........................................................... 175,428
Dividends and interest receivable......................................................... 457,958
Other assets................................................................................ 6,072
--------------------------
Total assets........................................................................... 96,588,806
--------------------------
Liabilities
Payable for investments purchased............................................................ 577,451
Payable for fund units purchased............................................................. 0
Accrued expenses............................................................................. 46,691
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 624,142
--------------------------
Net Assets................................................................................... $95,964,664
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($95,964,664/7,948,238 units outstanding) $12.07
==========================
</TABLE>
17
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERMEDIATE BOND FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
--------------------------
Investment income
<S> <C>
Dividend income......................................................................... $1,358,838
Interest income......................................................................... 43
--------------------------
Total investment income............................................................ 1,358,881
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 73,239
American Bar Retirement Association - program fee................................... 10,685
Trustee, management and administration fees............................................. 22,369
Other expenses and taxes............................................................. 7,956
Amortization of organization expenses................................................ 4,001
--------------------------
Total expenses..................................................................... 118,250
--------------------------
Net investment income........................................................................ 1,240,631
--------------------------
Realized and unrealized gain (loss) on investments
Net realized gain on investments sold........................................................ 37,433
Unrealized depreciation of investments during the period..................................... (141,377)
--------------------------
Net loss on investments................................................................. (103,943)
--------------------------
Net increase in net assets resulting from operations.................................... $1,136,688
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income.............................................................. $1,240,631
Net realized gain on investments................................................... 37,433
Unrealized depreciation on investments during the period........................... (141,377)
--------------------------
Net increase in net assets resulting from operations............................... 1,136,688
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 14,532,890
Cost of units redeemed............................................................. (2,439,397)
--------------------------
Net increase in net assets resulting from participant transactions................. 12,093,493
--------------------------
Total increase in net assets............................................. 13,230,181
Net Assets:
Beginning of period................................................................ 82,734,483
End of period...................................................................... $95,964,664
Number of units:
Outstanding-beginning of period.................................................... 6,945,554
Sold.......................................................................... 1,204,596
Redeemed...................................................................... (201,912)
--------------------------
Outstanding-end of period.......................................................... 7,948,238
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.18
Expenses..................................................................................... (0.01)
--------------------------
Net investment income........................................................................ 0.17
Net realized and unrealized loss on investments.............................................. (0.01)
--------------------------
Net increase in unit value................................................................... 0.16
Net asset value at beginning of period....................................................... 11.91
--------------------------
Net asset value at end of period............................................................. $12.07
==========================
Ratio of expenses to average net assets*..................................................... 0.53%
Ratio of net investment income to average net assets*........................................ 5.55%
Portfolio turnover**......................................................................... 2.50%
Number of units outstanding at end of period (in thousands)........................... 7,948
*Annualized
** Reflects purchases and sales of shares of the registered investment companies
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment companies.
</TABLE>
20
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $63,923,773)..................................................... $66,696,656
Cash......................................................................................... 0
Receivable for investments sold........................................................... 0
Receivable for fund units sold........................................................... 765,286
Dividends and interest receivable......................................................... 0
Other assets................................................................................ 12,966
--------------------------
Total assets........................................................................... 67,474,908
--------------------------
Liabilities..................................................................................
Payable for investments purchased............................................................ 677,543
Payable for fund units purchased............................................................. 87,743
Accrued expenses............................................................................. 29,971
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 795,257
--------------------------
Net Assets................................................................................... $66,679,651
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($66,679,651/3,226,925 units outstanding) $20.66
==========================
</TABLE>
21
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income......................................................................... $0
Interest income......................................................................... 14,943
--------------------------
Total investment income............................................................ 14,943
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 49,423
American Bar Retirement Association - program fee................................... 7,210
Trustee, management and administration fees............................................. 10,491
Other expenses and taxes............................................................. 5,771
Amortization of organization expenses................................................ 2,886
--------------------------
Total expenses..................................................................... 75,781
--------------------------
Net investment income (loss)................................................................. (60,838)
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 61,691
Unrealized appreciation of investments during the period..................................... 7,753,419
--------------------------
Net gain on investments................................................................. 7,815,110
--------------------------
Net increase in net assets resulting from operations.................................... $7,754,272
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)....................................................... ($60,838)
Net realized gain on investments................................................... 61,691
Unrealized appreciation on investments during the period........................... 7,753,419
--------------------------
Net increase in net assets resulting from operations............................... 7,754,272
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 17,132,917
Cost of units redeemed............................................................. (17,204,484)
--------------------------
Net decrease in net assets resulting from participant transactions................. (71,567)
--------------------------
Total increase in net assets............................................. 7,682,705
Net Assets:
Beginning of period................................................................ 58,996,947
End of period...................................................................... $66,679,652
Number of units:
Outstanding-beginning of period.................................................... 3,239,192
Sold.......................................................................... 874,219
Redeemed...................................................................... (886,486)
--------------------------
Outstanding-end of period.......................................................... 3,226,925
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.01
Expenses..................................................................................... (0.02)
--------------------------
Net investment income (loss)................................................................. (0.01)
Net realized and unrealized gain on investments.............................................. 2.46
--------------------------
Net increase in unit value................................................................... 2.45
Net asset value at beginning of period....................................................... 18.21
--------------------------
Net asset value at end of period............................................................. $20.66
==========================
Ratio of expenses to average net assets*..................................................... 0.50%
Ratio of net investment income to average net assets*........................................ (0.40%)
Portfolio turnover**......................................................................... 28.21%
Number of units outstanding at end of period (in thousands)........................... 3,227
*Annualized
** Reflects purchases and sales of shares of the registered investment company
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment company.
</TABLE>
24
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $629,472,968).................................................... $629,472,968
Interest Receivable......................................................................... 3,273,361
Receivable for fund units sold........................................................... 0
Other assets................................................................................ 59,840
Total assets........................................................................... 632,806,169
--------------------------
Liabilities
Payable for fund units redeemed.............................................................. 4,528,589
Accrued expenses............................................................................. 395,015
--------------------------
Total liabilities....................................................................... 4,923,604
--------------------------
Net Assets................................................................................... 627,882,565
--------------------------
Net asset value, redemption price and offering price per
unit of beneficial interest
($627,882,565/627,882,565 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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Interest income.............................................................................. $9,609,541
--------------------------
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 514,691
American Bar Retirement Association - program fee................................... 75,088
Trustee, management and administration fees............................................. 314,147
Other expenses and taxes............................................................. 55,000
Amortization of organization expenses................................................ 34,340
--------------------------
Total expenses..................................................................... 993,266
--------------------------
Net investment income........................................................................ 8,616,275
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From
Operations:
Net investment income and net increase in net
assets resulting from operations................................................... 8,616,275
--------------------------
Distributions from investment income............................................... (8,616,275)
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 31,477,463
Units issued in connection with reinvestment
of net investment income........................................................... 8,616,275
Cost of units redeemed............................................................. (46,775,994)
--------------------------
Net decrease in net assets resulting from
participant transactions........................................................... (6,682,256)
--------------------------
Total decrease in net assets............................................. (6,682,256)
--------------------------
Net Assets:
Beginning of period................................................................ 634,564,821
End of period...................................................................... 627,882,565
==========================
</TABLE>
27
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STABLE ASSET RETURN FUND
PER-UNIT DATA AND RATIOS
UNAUDITED
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ 0.015
Expenses..................................................................................... (0.002)
--------------------------
Net investment income........................................................................ 0.013
Reinvestment of net investment income........................................................ (0.013)
--------------------------
Net increase in unit value................................................................... 0.00
Net asset value at beginning of period....................................................... 1.00
--------------------------
Net asset value at end of period............................................................. 1.00
==========================
Ratio of expenses to average net assets*..................................................... 0.63%
Ratio of net investment income to average net assets*........................................ 5.49%
Number of units outstanding at end of period (in thousands)........................... 627,883
*Annualized
</TABLE>
28
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $102,600,596).................................................... $137,768,412
Cash......................................................................................... 2,224
Receivable for investments sold........................................................... 1,130,525
Receivable for fund units sold........................................................... 0
Dividends and interest receivable......................................................... 301,114
Other assets................................................................................ 13,823
--------------------------
Total assets........................................................................... 139,216,098
--------------------------
Liabilities..................................................................................
Payable for investments purchased............................................................ 1,603,342
Payable for fund units purchased............................................................. 679,196
Accrued expenses............................................................................. 105,574
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 2,388,112
--------------------------
Net Assets................................................................................... $136,827,986
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($136,827,986/6,129,197 units outstanding)................................................ $22.32
==========================
</TABLE>
29
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
For the period
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income......................................................................... $520,679
Interest income......................................................................... 162,398
--------------------------
Total investment income............................................................ 683,076
Expenses
Investment advisory fee............................................................... 99,296
State Street Bank & Trust Company - program fee................................... 99,310
American Bar Retirement Association - program fee................................... 14,488
Trustee, management and administration fees............................................. 21,083
Other expenses and taxes............................................................. 9,596
Amortization of organization expenses................................................ 5,899
--------------------------
Total expenses..................................................................... 249,671
--------------------------
Net investment income........................................................................ 433,406
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 1,745,383
Unrealized appreciation of investments during the period..................................... 10,918,487
--------------------------
Net gain on investments................................................................. 12,663,869
--------------------------
Net increase in net assets resulting from operations.................................... $13,097,275
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income.............................................................. $433,406
Net realized gain on investments................................................... 1,745,383
Unrealized appreciation on investments during the period........................... 10,918,487
--------------------------
Net increase in net assets resulting from operations............................... 13,097,275
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 13,671,999
Cost of units redeemed............................................................. (3,043,932)
--------------------------
Net increase in net assets resulting from participant transactions................. 10,628,067
--------------------------
Total increase in net assets............................................. 23,725,342
Net Assets:
Beginning of period................................................................ 113,102,644
End of period...................................................................... $136,827,986
Number of units:
Outstanding-beginning of period.................................................... 5,624,404
Sold.......................................................................... 646,010
Redeemed...................................................................... (141,217)
--------------------------
Outstanding-end of period.......................................................... 6,129,197
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.11
Expenses..................................................................................... (0.04)
--------------------------
Net investment income........................................................................ 0.07
Net realized and unrealized gain on investments.............................................. 2.14
--------------------------
Net increase in unit value................................................................... 2.21
Net asset value at beginning of period....................................................... 20.11
--------------------------
Net asset value at end of period............................................................. $22.32
==========================
Ratio of expenses to average net assets*..................................................... 0.82%
Ratio of net investment income to average net assets*........................................ 1.43%
Portfolio turnover........................................................................... 5.75%
Number of units outstanding at end of period (in thousands)........................... 6,129
*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>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $18,472,204)..................................................... $20,692,869
Cash......................................................................................... 0
Receivable for investments sold........................................................... 180,918
Receivable for fund units sold........................................................... 15,573
Dividends and interest receivable......................................................... 0
Other assets................................................................................ 0
--------------------------
Total assets........................................................................... 20,889,360
--------------------------
Liabilities..................................................................................
Payable for investments purchased............................................................ 196,491
Payable for fund units purchased............................................................. 0
Accrued expenses............................................................................. 2,699
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 199,190
--------------------------
Net Assets................................................................................... $20,690,170
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($20,690,170/1,513,743 units outstanding)................................................. $13.67
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income......................................................................... $0
Interest income......................................................................... 0
--------------------------
Total investment income............................................................ 0
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 0
American Bar Retirement Association - program fee................................... 0
Trustee, management and administration fees............................................. 3,966
Other expenses and taxes............................................................. 0
Amortization of organization expenses................................................ 0
--------------------------
Total expenses..................................................................... 3,966
--------------------------
Net investment income (loss)................................................................. (3,966)
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 475,095
Unrealized appreciation of investments during the period..................................... 545,887
--------------------------
Net gain on investments................................................................. 1,020,982
--------------------------
Net increase in net assets resulting from operations.................................... $1,017,016
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)....................................................... ($3,966)
Net realized gain on investments................................................... 475,095
Unrealized appreciation on investments during the period........................... 545,887
--------------------------
Net increase in net assets resulting from operations............................... 1,017,016
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 3,932,208
Cost of units redeemed............................................................. (1,486,872)
--------------------------
Net increase in net assets resulting from participant transactions................. 2,445,336
--------------------------
Total increase in net assets............................................. 3,462,352
Net Assets:
Beginning of period................................................................ 17,227,818
End of period...................................................................... $20,690,170
Number of units:
Outstanding-beginning of period.................................................... 1,328,560
Sold.......................................................................... 295,848
Redeemed...................................................................... (110,664)
--------------------------
Outstanding-end of period.......................................................... 1,513,743
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.00
Expenses..................................................................................... 0.00
--------------------------
Net investment income........................................................................ 0.00
Net realized and unrealized gain on investments.............................................. 0.70
--------------------------
Net increase in unit value................................................................... 0.70
Net asset value at beginning of period....................................................... 12.97
--------------------------
Net asset value at end of period............................................................. $13.67
==========================
Ratio of expenses to average net assets*..................................................... 0.08%
Ratio of net investment income to average net assets*........................................ (0.08%)
Portfolio turnover**......................................................................... 10.72%
Number of units outstanding at end of period (in thousands)........................... 1,514
* Annualized
** Reflects purchases and sales of units of the funds in which the Portfolio
invests rather than the turnover of such underlying funds.
</TABLE>
36
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $60,820,342)................................................. $72,963,905
Cash..................................................................................... 0
Receivable for investments sold....................................................... 683,690
Receivable for fund units sold....................................................... 76,885
Dividends and interest receivable..................................................... 0
Other assets............................................................................ 0
--------------------------
Total assets....................................................................... 73,724,480
--------------------------
Liabilities
Payable for investments purchased........................................................ 760,575
Payable for fund units purchased......................................................... 0
Accrued expenses......................................................................... 10,006
Other liabilities........................................................................ 0
--------------------------
Total liabilities................................................................... 770,581
--------------------------
Net Assets............................................................................... $72,953,899.00
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($72,953,899/4,834,510 units outstanding).............................................. $15.09
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income..................................................................... $0
Interest income..................................................................... 0
--------------------------
Total investment income........................................................ 0
--------------------------
Expenses
Investment advisory fee........................................................... 0
State Street Bank & Trust Company - program fee............................... 0
American Bar Retirement Association - program fee............................... 0
Trustee, management and administration fees......................................... 14,546
Other expenses and taxes......................................................... 0
Amortization of organization expenses............................................ 0
--------------------------
Total expenses................................................................. 14,546
--------------------------
Net investment income (loss)............................................................. (14,546)
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold.................................................... 1,573,190
Unrealized appreciation of investments during the period................................. 4,057,281
--------------------------
Net gain on investments............................................................. 5,630,471
--------------------------
Net increase in net assets resulting from operations................................ $5,615,925
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)................................................... ($14,546)
Net realized gain on investments............................................... 1,573,190
Unrealized appreciation on investments during the period....................... 4,057,281
--------------------------
Net increase in net assets resulting from operations........................... 5,615,925
--------------------------
Participant transactions:
Proceeds from sales of units................................................... 4,625,411
Cost of units redeemed......................................................... (3,382,318)
--------------------------
Net increase in net assets resulting from participant transactions............. 1,243,093
--------------------------
Total increase in net assets......................................... 6,859,018
Net Assets:
Beginning of period............................................................ 66,094,881
End of period.................................................................. $72,953,899
Number of units:
Outstanding-beginning of period................................................ 4,744,620
Sold...................................................................... 318,821
Redeemed.................................................................. (228,931)
--------------------------
Outstanding-end of period...................................................... 4,834,510
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income........................................................................ $0.00
Expenses................................................................................. 0.00
--------------------------
Net investment income.................................................................... 0.00
Net realized and unrealized gain on investments.......................................... 1.16
--------------------------
Net increase in unit value............................................................... 1.16
Net asset value at beginning of period................................................... 13.93
--------------------------
Net asset value at end of period......................................................... $15.09
==========================
Ratio of expenses to average net assets*................................................. 0.08%
Ratio of net investment income to average net assets*.................................... (0.08%)
Portfolio turnover**..................................................................... 7.91%
Number of units outstanding at end of period (in thousands)....................... 4,835
* Annualized
** Reflects purchases and sales of units of the funds in which the Portfolio
invests rather than the turnover of such underlying funds.
</TABLE>
40
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
March 31, 1998
--------------------------
<S> <C>
Assets
Investments, at value (cost $48,084,478)..................................................... $60,824,312
Cash......................................................................................... 0
Receivable for investments sold........................................................... 310,135
Receivable for fund units sold........................................................... 4,651
Dividends and interest receivable......................................................... 0
Other assets................................................................................ 0
--------------------------
Total assets........................................................................... 61,139,098
--------------------------
Liabilities
Payable for investments purchased............................................................ 314,786
Payable for fund units purchased............................................................. 0
Accrued expenses............................................................................. 7,925
Other liabilities............................................................................ 0
--------------------------
Total liabilities....................................................................... 322,711
--------------------------
Net Assets................................................................................... $60,816,387
--------------------------
Net asset value, redemption price and offering price per unit of beneficial interest
($60,816,387/3,661,750 units outstanding)................................................. $16.61
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income
Dividend income......................................................................... $0
Interest income......................................................................... 0
--------------------------
Total investment income............................................................ 0
Expenses
Investment advisory fee............................................................... 0
State Street Bank & Trust Company - program fee................................... 0
American Bar Retirement Association - program fee................................... 0
Trustee, management and administration fees............................................. 11,461
Other expenses and taxes............................................................. 0
Amortization of organization expenses................................................ 0
--------------------------
Total expenses..................................................................... 11,461
--------------------------
Net investment income (loss)................................................................. (11,461)
--------------------------
Realized and unrealized gain on investments
Net realized gain on investments sold........................................................ 766,418
Unrealized appreciation of investments during the period..................................... 5,223,548
--------------------------
Net gain on investments................................................................. 5,989,966
--------------------------
Net increase in net assets resulting from operations.................................... $5,978,505
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Increase in Net Assets From:
Operations:
Net investment income (loss)....................................................... ($11,461)
Net realized gain on investments................................................... 766,418
Unrealized appreciation on investments during the period........................... 5,223,548
--------------------------
Net increase in net assets resulting from operations............................... 5,978,505
--------------------------
Participant transactions:
Proceeds from sales of units....................................................... 4,366,906
Cost of units redeemed............................................................. (1,397,033)
--------------------------
Net increase in net assets resulting from participant transactions................. 2,969,873
--------------------------
Total increase in net assets............................................. 8,948,378
Net Assets:
Beginning of period................................................................ 51,868,009
End of period...................................................................... $60,816,387
Number of units:
Outstanding-beginning of period.................................................... 3,478,382
Sold.......................................................................... 274,023
Redeemed...................................................................... (90,655)
--------------------------
Outstanding-end of period.......................................................... 3,661,750
==========================
</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
January 1, 1998
to March 31, 1998
--------------------------
<S> <C>
Investment income............................................................................ $0.00
Expenses..................................................................................... 0.00
--------------------------
Net investment income........................................................................ 0.00
Net realized and unrealized gain on investments.............................................. 1.70
--------------------------
Net increase in unit value................................................................... 1.70
Net asset value at beginning of period....................................................... 14.91
--------------------------
Net asset value at end of period............................................................. $16.61
==========================
Ratio of expenses to average net assets*..................................................... 0.08%
Ratio of net investment income to average net assets*........................................ (0.08%)
Portfolio turnover**......................................................................... 4.56%
Number of units outstanding at end of period (in thousands)........................... 3,662
* Annualized
** Reflects purchases and sales of units of the funds in which the Portfolio
invests rather than the turnover of such underlying funds.
</TABLE>
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 March 31, 1998 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 13.56%. By comparison, the
Russell 2000 Index produced a total return of 10.06% 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 U.S. equity markets advanced strongly in the first quarter of 1998,
shrugging off any significant effects of the financial and economic situation in
Asia. Larger capitalized companies generally continued their record of
outperforming smaller capitalized firms.
The most heavily weighted sectors in the Aggressive Equity Fund were
business services, supplies, computers, office equipment and insurance. Stronger
areas in terms of return included banks, telecommunications and financial
services.
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 March 31,
1998, the Balanced Fund experienced a total return, net of Expenses, of 10.67%.
For the same period, a combination of the Russell 1000 Index and the Lehman
Brothers Aggregate Bond Index (the "LB Aggregate Bond Index") weighted 60%/40%,
respectively, produced a total return of 8.65%. The Russell 1000 Index and the
LB Aggregate Bond Index do not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the indices.
45
<PAGE>
The U.S. equity and fixed income markets overcame worries of Asian
turmoil and posted positive returns during the first quarter of 1998.
Expectations of moderate economic growth and subdued inflation kept interest
rates low, which, in turn, supported rising valuations.
Some of the most heavily weighted industry sectors in the equity
portion of the Balanced Fund were technology, finance, and consumer basics. The
fixed income portion 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. A portion of the Growth Equity Fund (initially
25%) will be invested to replicate the Russell 1000 Growth Index, which is
composed of those Russell 1000 securities with a greater than average growth
orientation. The remainder of the Growth Equity Fund will be actively managed.
The Growth Equity Fund seeks to achieve, over an extended period of time, total
returns that are comparable to or superior to those attained by broad measures
of the domestic stock market.
For the quarter ended March 31, 1998, the Growth Equity Fund
experienced a total return, net of Expenses, of 15.62%. By comparison, the
Russell 1000 Growth Index produced a return of 15.15% for the same period. The
Russell 1000 Growth 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. markets and economy remained quite resilient during the first
three months of 1998 and continued to post substantial gains. The S&P 500 total
return of over 14% was the strongest first quarter return since 1991. Growth
stocks outperformed value issues throughout the entire capitalization spectrum.
Some of the most heavily weighted industry sectors in the Growth Equity
Fund were technology, consumer products, and healthcare. Stronger areas in terms
of return were consumer goods, financial services and energy.
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
46
<PAGE>
approximately 98% of the U.S. equity market based on the market capitalization
of the companies in the Russell 3000 Index. To control costs, the Index Equity
Fund does not attempt to own all 3,000 securities included in the Russell 3000
Index. Instead, the Fund attempts to replicate the returns of the Russell 3000
Index by dividing it into two categories: the S&P 500 Index, which is comprised
of 500 stocks, and the extended market portion of the U.S. equity market
represented by the Russell Special Small Company Index, which is comprised of
approximately 2,500 stocks. The securities in these two indices represent the
universe of securities contained 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, with
the possible exception of the smallest companies in the Russell Special Small
Company Index.
The Fund produced a total return, net of Expenses, for the quarter
ended March 31, 1998 of 12.89%. By comparison, the Russell 3000 Index produced a
return of 13.05% for the same period. 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
remaining portion (approximately one-third) of the Bond Fund is invested to
replicate the Lehman Brothers Government/Corporate Bond Index (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 portions 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 March 31, 1998, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 1.39%. As a comparison, the LB
Aggregate Bond Index produced a return of 1.56% for the same period. The
47
<PAGE>
LB Aggregate Bond Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the index.
The broad market for fixed income securities generated good returns in
the first quarter of 1998. Overall, the dollar generally strengthened against
the major currencies, which boosted demand for U.S. Treasuries and other
dollar-dominated assets. In the U.S., interest rates ended the quarter
approximately where they began.
International Equity Fund
The International Equity Fund's investment objective is to seek
long-term growth of capital through investing primarily in common stocks of
established non-U.S. companies. The Fund intends to diversify investments
broadly among countries of the Far East and Europe, as well as in South Africa,
Australia, Canada and other areas. The International Equity Fund will seek to
achieve, over an extended period of time, total returns comparable to or
superior to broad measures of the international (non-U.S.) stock market.
Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street 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 March 31, 1998, the International Equity Fund
experienced a total return, net of Expenses, of 13.45%. For the same period, the
total return of the Morgan Stanley Capital International All-Country World
Ex-U.S. Free Index (the "MSCI AC World Ex-U.S. Index") was 14.70%. The MSCI AC
World Ex-U.S. Index does not include an allowance for the fees that an investor
would pay for investing in the securities that comprise the index.
The international equity markets experienced a very strong first
quarter driven primarily by record highs in Europe. Most foreign markets
benefited from low and declining interest rates which also stimulated investor
demand for equities.
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
48
<PAGE>
repurchase agreements.
For the quarter ended March 31, 1998, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 5.52%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 5.01%. The Fund's strong performance relative to the Donoghue
Average is partly attributable to the longer average maturity of the Fund's
portfolio.
U.S. long-term interest rates ended the first quarter of 1998 almost
where they started, while short and intermediate-term rates declined. The
Federal Reserve did not intervene during this time period with no change to the
federal funds rate.
Value Equity Fund
The Value Equity Fund seeks to outperform, over extended periods of
time, broad measures of the domestic stock market. The Value Equity Fund invests
primarily in common stocks of companies that State Street and its investment
advisor consider undervalued.
For the quarter ended March 31, 1998, the Value Equity Fund experienced
a total return, net of Expenses, of 11.01%. By comparison, the Russell 1000
Value Index produced a return of 11.66% for the same period. The Russell 1000
Value 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. financial markets continued to advance strongly during the
first quarter of 1998 based on the key factors of low inflation, stable or lower
interest rates and profit growth.
The most heavily weighted industry sectors in the Value Equity Fund
were financial companies and utilities and consumer growth stocks. Stronger
areas in terms of return were utilities, energy stocks and consumer staples.
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:
49
<PAGE>
Intermediate Bond Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%;
Index Equity Fund, 30%; Aggressive Equity Fund, 5%; and International Equity
Fund, 20%.
For the quarter ended March 31, 1998, the structured portfolio service
experienced a total return, net of Expenses, of 5.41% for the Conservative
Portfolio, 8.36% for the Moderate Portfolio, and 11.38% for the Aggressive
Portfolio.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
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
May 15, 1998 By: /s/ NANCY P. ANTIN
----------------------
Nancy P. Antin
Vice President and Chief Financial Officer
May 15, 1998 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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 256,017,112
<INVESTMENTS-AT-VALUE> 363,321,249
<RECEIVABLES> 1,397,614
<ASSETS-OTHER> 34,269
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 364,753,131
<PAYABLE-FOR-SECURITIES> 1,378,152
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,416,295
<TOTAL-LIABILITIES> 3,794,447
<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> 360,958,684
<DIVIDEND-INCOME> 356,371
<INTEREST-INCOME> 243,697
<OTHER-INCOME> 0
<EXPENSES-NET> 783,055
<NET-INVESTMENT-INCOME> (182,987)
<REALIZED-GAINS-CURRENT> 15,972,145
<APPREC-INCREASE-CURRENT> 28,176,113
<NET-CHANGE-FROM-OPS> 43,965,271
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,310
<NUMBER-OF-SHARES-REDEEMED> 384,386
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29,019,096
<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> 440,865,311
<PER-SHARE-NAV-BEGIN> (48.59)
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 6.62
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 55.18
<EXPENSE-RATIO> 0.72
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 393,216,259
<INVESTMENTS-AT-VALUE> 440,456,236
<RECEIVABLES> 37,858,593
<ASSETS-OTHER> 34,680
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 478,349,509
<PAYABLE-FOR-SECURITIES> 76,205,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,792,651
<TOTAL-LIABILITIES> 81,997,754
<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> 396,351,755
<DIVIDEND-INCOME> 826,374
<INTEREST-INCOME> 2,179,701
<OTHER-INCOME> 0
<EXPENSES-NET> 682,496
<NET-INVESTMENT-INCOME> 2,323,579
<REALIZED-GAINS-CURRENT> 4,852,789
<APPREC-INCREASE-CURRENT> 31,259,428
<NET-CHANGE-FROM-OPS> 38,435,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 216,494
<NUMBER-OF-SHARES-REDEEMED> (223,395)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,848,988
<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> 375,924,183
<PER-SHARE-NAV-BEGIN> 44.42
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 4.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 49.15
<EXPENSE-RATIO> 0.74
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 812,447,958
<INVESTMENTS-AT-VALUE> 1,120,294,788
<RECEIVABLES> 4,206,141
<ASSETS-OTHER> 92,710
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,124,593,639
<PAYABLE-FOR-SECURITIES> 6,265,925
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,820,807
<TOTAL-LIABILITIES> 10,086,731
<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> 1,114,506,907
<DIVIDEND-INCOME> 2,434,202
<INTEREST-INCOME> 253,212
<OTHER-INCOME> 0
<EXPENSES-NET> 1,846,468
<NET-INVESTMENT-INCOME> 840,946
<REALIZED-GAINS-CURRENT> 28,183,829
<APPREC-INCREASE-CURRENT> 121,700,704
<NET-CHANGE-FROM-OPS> 150,725,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,068
<NUMBER-OF-SHARES-REDEEMED> (47,051)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 146,652,922
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,025,967,597
<PER-SHARE-NAV-BEGIN> 359.82
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 56.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 416.05
<EXPENSE-RATIO> 0.73
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 130,768,184
<INVESTMENTS-AT-VALUE> 189,192,485
<RECEIVABLES> 140,314
<ASSETS-OTHER> 247,993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189,580,791
<PAYABLE-FOR-SECURITIES> 374,376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,136
<TOTAL-LIABILITIES> 1,274,512
<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> 188,306,279
<DIVIDEND-INCOME> 140,312
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 239,030
<NET-INVESTMENT-INCOME> (98,718)
<REALIZED-GAINS-CURRENT> 2,602,937
<APPREC-INCREASE-CURRENT> 18,405,996
<NET-CHANGE-FROM-OPS> 20,910,215
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 698,470
<NUMBER-OF-SHARES-REDEEMED> (110,188)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 34,597,136
<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> 166,754,502
<PER-SHARE-NAV-BEGIN> 22.05
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.91
<EXPENSE-RATIO> 0.58
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 94,960,757
<INVESTMENTS-AT-VALUE> 95,700,999
<RECEIVABLES> 706,307
<ASSETS-OTHER> 6,072
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,588,806
<PAYABLE-FOR-SECURITIES> 577,451
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,691
<TOTAL-LIABILITIES> 624,142
<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> 95,964,664
<DIVIDEND-INCOME> 1,358,838
<INTEREST-INCOME> 43
<OTHER-INCOME> 0
<EXPENSES-NET> 118,250
<NET-INVESTMENT-INCOME> 1,240,631
<REALIZED-GAINS-CURRENT> 37,433
<APPREC-INCREASE-CURRENT> (141,377)
<NET-CHANGE-FROM-OPS> 1,136,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,204,596
<NUMBER-OF-SHARES-REDEEMED> (201,912)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,230,181
<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> 90,726,415
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 0.53
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 63,923,773
<INVESTMENTS-AT-VALUE> 66,696,656
<RECEIVABLES> 765,286
<ASSETS-OTHER> 12,966
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,474,908
<PAYABLE-FOR-SECURITIES> 677,543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117,715
<TOTAL-LIABILITIES> 795,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66,679,651
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,943
<OTHER-INCOME> 0
<EXPENSES-NET> 75,781
<NET-INVESTMENT-INCOME> (60,838)
<REALIZED-GAINS-CURRENT> 61,691
<APPREC-INCREASE-CURRENT> 7,753,419
<NET-CHANGE-FROM-OPS> 7,754,272
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 874,219
<NUMBER-OF-SHARES-REDEEMED> (886,486)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,682,705
<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> 56,490,198
<PER-SHARE-NAV-BEGIN> 18.21
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.66
<EXPENSE-RATIO> 0.50
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 629,472,968
<INVESTMENTS-AT-VALUE> 629,472,968
<RECEIVABLES> 3,273,361
<ASSETS-OTHER> 59,840
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 632,806,169
<PAYABLE-FOR-SECURITIES> 4,528,589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 395,015
<TOTAL-LIABILITIES> 4,923,604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 627,882,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,609,541
<OTHER-INCOME> 0
<EXPENSES-NET> 993,266
<NET-INVESTMENT-INCOME> 8,616,275
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,616,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<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> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.63
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 102,600,596
<INVESTMENTS-AT-VALUE> 137,768,412
<RECEIVABLES> 1,431,639
<ASSETS-OTHER> 16,046
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,216,098
<PAYABLE-FOR-SECURITIES> 1,603,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 784,770
<TOTAL-LIABILITIES> 2,388,112
<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> 136,827,986
<DIVIDEND-INCOME> 520,679
<INTEREST-INCOME> 162,398
<OTHER-INCOME> 0
<EXPENSES-NET> 249,671
<NET-INVESTMENT-INCOME> 433,406
<REALIZED-GAINS-CURRENT> 1,745,383
<APPREC-INCREASE-CURRENT> 10,918,487
<NET-CHANGE-FROM-OPS> 13,097,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646,010
<NUMBER-OF-SHARES-REDEEMED> (141,217)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,725,342
<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> 123,079,168
<PER-SHARE-NAV-BEGIN> 20.11
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.32
<EXPENSE-RATIO> 0.82
<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 FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 18,472,204
<INVESTMENTS-AT-VALUE> 20,692,869
<RECEIVABLES> 196,491
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,889,360
<PAYABLE-FOR-SECURITIES> 196,491
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,699
<TOTAL-LIABILITIES> 199,190
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 20,690,170
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 3,966
<NET-INVESTMENT-INCOME> (3,966)
<REALIZED-GAINS-CURRENT> 475,095
<APPREC-INCREASE-CURRENT> 545,887
<NET-CHANGE-FROM-OPS> 1,017,016
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 295,848
<NUMBER-OF-SHARES-REDEEMED> (110,664)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,462,352
<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> 18,958,387
<PER-SHARE-NAV-BEGIN> 12.97
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.67
<EXPENSE-RATIO> 0.08
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 60,820,342
<INVESTMENTS-AT-VALUE> 72,963,905
<RECEIVABLES> 760,575
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,724,480
<PAYABLE-FOR-SECURITIES> 760,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,006
<TOTAL-LIABILITIES> 770,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 72,953,899
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 14,546
<NET-INVESTMENT-INCOME> (14,546)
<REALIZED-GAINS-CURRENT> 1,573,190
<APPREC-INCREASE-CURRENT> 4,057,286
<NET-CHANGE-FROM-OPS> 5,615,925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 318,821
<NUMBER-OF-SHARES-REDEEMED> (228,931)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,859,018
<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> 69,452,555
<PER-SHARE-NAV-BEGIN> 13.93
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.09
<EXPENSE-RATIO> 0.08
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 48,084,478
<INVESTMENTS-AT-VALUE> 60,824,312
<RECEIVABLES> 314,786
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,139,098
<PAYABLE-FOR-SECURITIES> 314,786
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,925
<TOTAL-LIABILITIES> 322,711
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 60,816,387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 11,461
<NET-INVESTMENT-INCOME> (11,461)
<REALIZED-GAINS-CURRENT> 766,418
<APPREC-INCREASE-CURRENT> 5,223,548
<NET-CHANGE-FROM-OPS> 5,978,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274,023
<NUMBER-OF-SHARES-REDEEMED> (90,655)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,948,378
<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> 54,723,325
<PER-SHARE-NAV-BEGIN> 14.91
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.61
<EXPENSE-RATIO> 0.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
