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Previous: INLAND CAPITAL FUND L P, 10-Q, 1998-11-16 |
Next: PREMIER LASER SYSTEMS INC, 10-Q, 1998-11-16 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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........53
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................54
SIGNATURES.....................................................55
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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $256,262,150) $259,382,791
Cash 1,159
Receivable for investments sold 1,371,006
Receivable for fund units sold 0
Dividends and interest receivable 153,986
Other assets 0
-----------------------
Total assets 260,908,942
-----------------------
Liabilities
Payable for investments purchased 1,420,828
Payable for fund units purchased 205,935
Accrued expenses 702,804
Other liabilities 0
-----------------------
Total liabilities 2,329,567
-----------------------
Net Assets $258,579,375
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($258,579,375/6,124,523 units outstanding) $42.22
=======================
</TABLE>
1
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $380,032 $1,119,442
Interest income 139,143 514,655
-----------------------------------------------
Net investment income 519,175 1,634,097
Expenses:
Investment advisory fee 333,965 1,071,545
State Street Bank & Trust Company - program fee 242,193 790,432
American Bar Retirement Association - program fee 35,313 115,262
Trustee, management and administration fees 51,952 168,862
Other expenses and taxes 27,537 91,738
Amortization of organization expenses 14,169 53,124
-----------------------------------------------
Total expenses 705,129 2,290,963
-----------------------------------------------
Net investment loss (185,954) (656,866)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 8,231,674 39,509,676
Unrealized depreciation of investments during the period (80,380,109) (76,007,383)
-----------------------------------------------
Net loss on investments (72,148,435) (36,497,707)
-----------------------------------------------
Net decrease in net assets resulting from operations ($72,334,389) ($37,154,573)
===============================================
</TABLE>
2
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Decrease in net assets from:
Operations:
Net investment loss ($185,954) ($656,866)
Net realized gain on investments 8,231,674 39,509,676
Unrealized depreciation of investments during the period (80,380,109) (76,007,383)
-----------------------------------------------
Net decrease in net assets resulting from operations (72,334,389) (37,154,573)
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 5,658,009 18,480,340
Cost of units redeemed (16,492,573) (54,685,980)
-----------------------------------------------
Net decrease in net assets resulting from participant transactions (10,834,564) (36,205,640)
-----------------------------------------------
Total decrease in net assets (83,168,953) (73,360,213)
Net Assets:
Beginning of period 341,748,328 331,939,588
End of period $258,579,375 $258,579,375
Number of units:
Outstanding-beginning of period 6,349,386 6,831,480
Sold 118,719 361,827
Redeemed (343,582) (1,068,784)
-----------------------------------------------
Outstanding-end of period 6,124,523 6,124,523
===============================================
</TABLE>
3
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.08 $0.25
Expenses (0.11) (0.35)
-----------------------------------------------
Net investment loss (0.03) (0.10)
Net realized and unrealized loss on investments (11.57) (6.27)
-----------------------------------------------
Net decrease in unit value (11.60) (6.37)
Net asset value at beginning of period 53.82 48.59
-----------------------------------------------
Net asset value at end of period $42.22 $42.22
===============================================
Ratio of expenses to average net assets* 0.94% 0.93%
Ratio of net investment loss to average net assets* (0.25%) (0.27%)
Portfolio turnover 10.35% 36.04%
Number of units outstanding at end of period (in thousands) 6,125 6,125
- - --------------------------------------------------------------------------------
*Annualized
</TABLE>
4
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost 435,583,844) $443,512,340
Cash 0
Receivable for investments sold 46,266,475
Receivable for fund units sold 0
Dividends and interest receivable 1,787,151
Other assets 0
-----------------------
Total assets 491,565,966
-----------------------
Liabilities
Payable for investments purchased 117,292,211
Payable for fund units purchased 35,148
Accrued expenses 453,822
Other liabilities 411,849
-----------------------
Total liabilities 118,193,030
-----------------------
Net Assets $373,372,936
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
(373,372,936/7,933,710 units outstanding) $47.06
=======================
</TABLE>
5
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $727,525 $2,366,637
Interest income 2,863,131 7,682,872
-----------------------------------------------
Net investment income 3,590,656 10,049,509
Expenses:
Investment advisory fee 226,452 676,083
State Street Bank & Trust Company - program fee 315,780 937,531
American Bar Retirement Association - program fee 46,044 136,713
Trustee, management and administration fees 67,733 200,331
Other expenses and taxes 69,926 135,559
Amortization of organization expenses 14,197 53,224
-----------------------------------------------
Total expenses 740,132 2,139,441
-----------------------------------------------
Net investment income 2,850,524 7,910,068
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 4,561,523 21,570,347
Unrealized depreciation of investments during the period (34,301,475) (8,052,052)
-----------------------------------------------
Net gain (loss) on investments (29,739,952) 13,518,295
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($26,889,428) $21,428,363
===============================================
</TABLE>
6
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $2,850,524 $7,910,068
Net realized gain on investments 4,561,523 21,570,347
Unrealized depreciation of investments during the period (34,301,475) (8,052,052)
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (26,889,428) 21,428,363
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 6,551,737 26,380,090
Cost of units redeemed (13,883,394) (32,938,284)
-----------------------------------------------
Net decrease in net assets resulting from participant transactions (7,331,657) (6,558,194)
-----------------------------------------------
Total increase (decrease) in net assets (34,221,085) 14,870,169
Net Assets:
Beginning of period 407,594,021 358,502,767
End of period $373,372,936 $373,372,936
Number of units:
Outstanding-beginning of period 8,088,900 8,070,199
Sold 133,210 544,015
Redeemed (288,400) (680,504)
-----------------------------------------------
Outstanding-end of period 7,933,710 7,933,710
===============================================
</TABLE>
7
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.47 $1.27
Expenses (0.10) (0.27)
-----------------------------------------------
Net investment income 0.37 1.00
Net realized and unrealized gain (loss) on investments (3.70) 1.64
-----------------------------------------------
Net increase (decrease) in unit value (3.33) 2.64
Net asset value at beginning of period 50.39 44.42
-----------------------------------------------
Net asset value at end of period $47.06 $47.06
===============================================
Ratio of expenses to average net assets* 0.75% 0.73%
Ratio of net investment income to average net assets* 2.92% 2.71%
Portfolio turnover 71.81% 144.31%
Number of units outstanding at end of period (in thousands) 7,934 7,934
- - --------------------------------------------------------------------------------
*Annualized
</TABLE>
8
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $850,263,255) $1,038,704,191
Cash 1,270
Receivable for investments sold 5,272,147
Receivable for fund units sold 0
Dividends and interest receivable 1,233,191
Other assets 0
-----------------------
Total assets 1,045,210,799
-----------------------
Liabilities
Payable for investments purchased 7,885,547
Payable for fund units purchased 735,791
Accrued expenses 871,859
Other liabilities 15,231
-----------------------
Total liabilities 9,508,428
-----------------------
Net Assets $1,035,702,371
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($1,035,702,371/2,638,562 units outstanding) $392.53
=======================
</TABLE>
9
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $2,600,457 $7,628,565
Interest income 291,106 865,686
-----------------------------------------------
Net investment income 2,891,563 8,494,251
Expenses:
Investment advisory fee 636,871 1,856,137
State Street Bank & Trust Company - program fee 900,479 2,625,843
American Bar Retirement Association - program fee 131,297 382,901
Trustee, management and administration fees 193,150 561,147
Other expenses and taxes 97,633 280,221
Amortization of organization expenses 38,075 142,764
-----------------------------------------------
Total expenses 1,997,505 5,849,013
-----------------------------------------------
Net investment income 894,058 2,645,238
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 25,381,368 82,896,246
Unrealized appreciation (depreciation) of investments during the period (145,142,621) 2,294,810
-----------------------------------------------
Net gain (loss) on investments (119,761,253) 85,191,056
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($118,867,195) $87,836,294
===============================================
</TABLE>
10
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $894,058 $2,645,238
Net realized gain on investments 25,381,368 82,896,246
Unrealized appreciation (depreciation) of investments during the period (145,142,621) 2,294,810
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (118,867,195) 87,836,294
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 16,962,657 50,401,325
Cost of units redeemed (32,724,549) (70,389,233)
-----------------------------------------------
Net decrease in net assets resulting from participant transactions (15,761,892) (19,987,908)
-----------------------------------------------
Total increase (decrease) in net assets (134,629,087) 67,848,386
Net Assets:
Beginning of period 1,170,331,458 967,853,985
End of period $1,035,702,371 $1,035,702,371
Number of units:
Outstanding-beginning of period 2,678,001 2,689,796
Sold 41,243 123,082
Redeemed (80,682) (174,316)
-----------------------------------------------
Outstanding-end of period 2,638,562 2,638,562
===============================================
</TABLE>
11
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $1.13 $3.22
Expenses (0.78) (2.22)
-----------------------------------------------
Net investment income 0.35 1.00
Net realized and unrealized gain (loss) on investments (44.84) 31.71
-----------------------------------------------
Net increase (decrease) in unit value (44.49) 32.71
Net asset value at beginning of period 437.02 359.82
-----------------------------------------------
Net asset value at end of period $392.53 $392.53
===============================================
Ratio of expenses to average net assets* 0.71% 0.72%
Ratio of net investment income to average net assets* 0.32% 0.32%
Portfolio turnover 10.52% 33.79%
Number of units outstanding at end of period (in thousands) 2,639 2,639
- - --------------------------------------------------------------------------------
*Annualized
</TABLE>
12
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $187,625,369) $177,440,623
Cash 361,980
Receivable for investments sold 0
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
-----------------------
Total assets 177,802,603
-----------------------
Liabilities
Payable for investments purchased 361,980
Payable for fund units purchased 1,017,676
Accrued expenses 84,461
Other liabilities 0
-----------------------
Total liabilities 1,464,117
-----------------------
Net Assets $176,338,486
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($176,338,486/7,882,973 units outstanding) $22.37
=======================
</TABLE>
13
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $182,371 $334,419
Interest income 0 0
-----------------------------------------------
Net investment income 182,371 334,419
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 152,519 440,275
American Bar Retirement Association - program fee 22,239 64,201
Trustee, management and administration fees 70,721 204,367
Other expenses and taxes 19,014 48,997
Amortization of organization expenses 5,847 21,923
-----------------------------------------------
Total expenses 270,340 779,763
-----------------------------------------------
Net investment loss (87,969) (445,344)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 42,410 51,584,124
Unrealized depreciation of investments during the period (23,297,179) (50,203,051)
-----------------------------------------------
Net gain (loss) on investments (23,254,769) 1,381,073
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($23,342,738) $935,729
===============================================
</TABLE>
14
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss ($87,969) ($445,344)
Net realized gain on investments 42,410 51,584,124
Unrealized depreciation of investments during the period (23,297,179) (50,203,051)
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (23,342,738) 935,729
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 7,744,456 33,738,085
Cost of units redeemed (6,975,151) (12,044,471)
-----------------------------------------------
Net increase in net assets resulting from participant transactions 769,305 21,693,614
-----------------------------------------------
Total increase (decrease) in net assets (22,573,433) 22,629,343
Net Assets:
Beginning of period 198,911,919 153,709,143
End of period $176,338,486 $176,338,486
Number of units:
Outstanding-beginning of period 7,846,512 6,971,219
Sold 338,990 1,426,513
Redeemed (302,529) (514,759)
-----------------------------------------------
Outstanding-end of period 7,882,973 7,882,973
===============================================
</TABLE>
15
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.02 $0.04
Expenses (0.04) (0.10)
-----------------------------------------------
Net investment loss (0.02) (0.06)
Net realized and unrealized gain (loss) on investments (2.96) 0.38
-----------------------------------------------
Net increase (decrease) in unit value (2.98) 0.32
Net asset value at beginning of period 25.35 22.05
-----------------------------------------------
Net asset value at end of period $22.37 $22.37
===============================================
Ratio of expenses to average net assets* 0.57% 0.57%
Ratio of net investment loss to average net assets* (0.18%) (0.33%)
Portfolio turnover** 3.75% 89.52%
Number of units outstanding at end of period (in thousands) 7,883 7,883
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $110,923,641) $116,314,699
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 375,745
Dividends and interest receivable 579,677
Other assets 0
-----------------------
Total assets 117,270,121
-----------------------
Liabilities
Payable for investments purchased 955,313
Payable for fund units purchased 0
Accrued expenses 52,236
Other liabilities 0
-----------------------
Total liabilities 1,007,549
-----------------------
Net Assets $116,262,572
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($116,262,572/8,959,398 units outstanding) $12.98
=======================
</TABLE>
17
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $1,686,001 $4,688,938
Interest income 0 92
-----------------------------------------------
Net investment income 1,686,001 4,689,030
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 90,720 245,299
American Bar Retirement Association - program fee 13,228 35,770
Trustee, management and administration fees 28,276 76,303
Other expenses and taxes 13,481 29,627
Amortization of organization expenses 2,251 10,300
-----------------------------------------------
Total expenses 147,956 397,299
-----------------------------------------------
Net investment income 1,538,045 4,291,731
-----------------------------------------------
Realized and unrealized gain on investments:
Net realized gain on investments sold 203,066 303,072
Unrealized appreciation of investments during the period 3,679,741 4,509,439
-----------------------------------------------
Net gain on investments 3,882,807 4,812,511
-----------------------------------------------
Net increase in net assets resulting from operations $5,420,852 $9,104,242
===============================================
</TABLE>
18
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $1,538,045 $4,291,731
Net realized gain on investments 203,066 303,072
Unrealized appreciation of investments during the period 3,679,741 4,509,439
-----------------------------------------------
Net increase in net assets resulting from operations 5,420,852 9,104,242
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 7,362,968 34,251,315
Cost of units redeemed (5,043,769) (9,827,468)
-----------------------------------------------
Net increase in net assets resulting from participant transactions 2,319,199 24,423,847
-----------------------------------------------
Total increase in net assets 7,740,051 33,528,089
Net Assets:
Beginning of period 108,522,521 82,734,483
End of period $116,262,572 $116,262,572
Number of units:
Outstanding-beginning of period 8,770,302 6,945,554
Sold 589,212 2,807,265
Redeemed (400,116) (793,421)
-----------------------------------------------
Outstanding-end of period 8,959,398 8,959,398
===============================================
</TABLE>
19
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.15 $0.52
Expenses (0.01) (0.04)
-----------------------------------------------
Net investment income 0.14 0.48
Net realized and unrealized gain on investments 0.47 0.59
-----------------------------------------------
Net increase in unit value 0.61 1.07
Net asset value at beginning of period 12.37 11.91
-----------------------------------------------
Net asset value at end of period $12.98 $12.98
===============================================
Ratio of expenses to average net assets* 0.53% 0.52%
Ratio of net investment income to average net assets* 5.48% 5.61%
Portfolio turnover ** 7.55% 14.07%
Number of units outstanding at end of period (in thousands) 8,959 8,959
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $66,314,202) $59,938,891
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 1,431,951
Dividends and interest receivable 0
Other assets 33,482
-----------------------
Total assets 61,404,324
-----------------------
Liabilities
Payable for investments purchased 1,431,950
Payable for fund units purchased 0
Accrued expenses 26,863
Other liabilities 0
-----------------------
Total liabilities 1,458,813
-----------------------
Net Assets $59,945,511
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($59,945,511/3,363,250 units outstanding) $17.82
=======================
</TABLE>
21
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Other income 16,584 53,837
-----------------------------------------------
Net investment income 16,584 53,837
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 53,117 156,106
American Bar Retirement Association - program fee 7,744 22,763
Trustee, management and administration fees 11,394 33,360
Other expenses and taxes 7,592 19,277
Amortization of organization expenses 156 5,961
-----------------------------------------------
Total expenses 80,003 237,467
-----------------------------------------------
Net investment loss (63,419) (183,630)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 74,805 140,408
Unrealized depreciation of investments during the period (9,229,334) (1,394,774)
-----------------------------------------------
Net loss on investments (9,154,529) (1,254,366)
-----------------------------------------------
Net decrease in net assets resulting from operations ($9,217,948) ($1,437,996)
===============================================
</TABLE>
22
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss ($63,419) ($183,630)
Net realized gain on investments 74,805 140,408
Unrealized depreciation of investments during the period (9,229,334) (1,394,774)
-----------------------------------------------
Net decrease in net assets resulting from operations (9,217,948) (1,437,996)
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 20,463,548 58,018,895
Cost of units redeemed (21,441,507) (55,632,336)
-----------------------------------------------
Net increase (decrease) in net assets resulting from participant transactions (977,959) 2,386,559
-----------------------------------------------
Total increase (decrease) in net assets (10,195,907) 948,563
Net Assets:
Beginning of period 70,141,417 58,996,947
End of period $59,945,510 $59,945,510
Number of units:
Outstanding-beginning of period 3,393,171 3,239,192
Sold 1,049,602 2,908,930
Redeemed (1,079,523) (2,784,872)
-----------------------------------------------
Outstanding-end of period 3,363,250 3,363,250
===============================================
</TABLE>
23
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.02
Expenses (0.02) (0.07)
-----------------------------------------------
Net investment loss (0.02) (0.05)
Net realized and unrealized loss on investments (2.83) (0.34)
-----------------------------------------------
Net decrease in unit value (2.85) (0.39)
Net asset value at beginning of period 20.67 18.21
-----------------------------------------------
Net asset value at end of period $17.82 $17.82
===============================================
Ratio of expenses to average net assets* 0.48% 0.49%
Ratio of net investment loss to average net assets* (0.38%) (0.38%)
Portfolio turnover** 32.00% 87.03%
Number of units outstanding at end of period (in thousands) 3,363 3,363
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $662,229,249) $662,229,249
Interest Receivable 3,320,668
Receivable for fund units sold 696,728
Other assets 90
-----------------------
Total assets 4,017,486
=======================
Liabilities
Payable for fund units redeemed 0
Accrued expenses 385,220
-----------------------
Total liabilities 385,220
-----------------------
Net Assets $665,861,515
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($665,861,515/665,861,515 units outstanding) $1.00
=======================
</TABLE>
25
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Interest income $9,844,806 $29,026,358
-----------------------------------------------
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 531,552 1,544,800
American Bar Retirement Association - program fee 77,510 225,273
Trustee, management and administration fees 331,097 959,797
Other expenses and taxes 43,167 154,405
Amortization of organization expenses 25,119 94,180
-----------------------------------------------
Total expenses 1,008,445 2,978,455
-----------------------------------------------
Net investment income $8,836,361 $26,047,903
===============================================
</TABLE>
26
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income and net increase in net
assets resulting from operations $8,836,361 $26,047,903
-----------------------------------------------
Distributions from investment income (8,836,361) (26,047,903)
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 63,661,526 126,320,346
Units issued in connection with reinvestment
of net investment income 8,836,361 26,047,903
Cost of units redeemed (29,775,830) (121,071,555)
-----------------------------------------------
Net increase in net assets resulting from
participant transactions 42,722,056 31,296,693
-----------------------------------------------
Total increase in net assets 42,722,056 31,296,693
===============================================
Net Assets:
Beginning of period 623,139,458 634,564,821
End of period $665,861,515 $665,861,515
===============================================
</TABLE>
27
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.014 $0.044
Expenses 0.000 (0.004)
-----------------------------------------------
Net investment income 0.014 0.040
Reinvestment of net investment income (0.014) (0.04)
-----------------------------------------------
Net increase in unit value 0.00 0.00
Net asset value at beginning of period 1.00 1.00
-----------------------------------------------
Net asset value at end of period $1.00 $1.00
===============================================
Ratio of expenses to average net assets* 0.62% 0.63%
Ratio of net investment income to average net assets* 5.46% 5.47%
Number of units outstanding at end of period (in thousands) 665,862 665,862
- - --------------------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $111,808,877) $125,146,820
Cash 2,845
Receivable for investments sold 0
Receivable for fund units sold 70,977
Dividends and interest receivable 233,897
Other assets 0
-----------------------
Total assets 125,454,539
-----------------------
Liabilities
Payable for investments purchased 407,044
Payable for fund units purchased 273,588
Accrued expenses 124,222
Other liabilities 0
-----------------------
Total liabilities 804,854
-----------------------
Net Assets $124,649,685
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($124,649,685/6,267,013 units outstanding) $19.89
</TABLE>
29
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $610,494 $1,718,148
Interest income 153,881 494,058
-----------------------------------------------
Net investment income 764,375 2,212,206
Expenses:
Investment advisory fee 107,786 318,304
State Street Bank & Trust Company - program fee 107,425 317,728
American Bar Retirement Association - program fee 15,664 46,331
Trustee, management and administration fees 23,043 67,902
Other expenses and taxes 14,498 33,922
Amortization of organization expenses 4,008 15,871
-----------------------------------------------
Total expenses 272,424 800,058
-----------------------------------------------
Net investment income 491,951 1,412,148
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 2,421,736 7,067,094
Unrealized depreciation of investments during the period (17,268,551) (10,911,386)
-----------------------------------------------
Net loss on investments (14,846,815) (3,844,292)
-----------------------------------------------
Net decrease in net assets resulting from operations ($14,354,864) ($2,432,144)
===============================================
</TABLE>
30
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $491,951 $1,412,148
Net realized gain on investments 2,421,736 7,067,094
Unrealized depreciation of investments during the period (17,268,551) (10,911,386)
-----------------------------------------------
Net decrease in net assets resulting from operations (14,354,864) (2,432,144)
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 3,352,529 25,478,182
Cost of units redeemed (6,153,615) (11,498,997)
-----------------------------------------------
Net increase (decrease) in net assets resulting from participant transactions (2,801,086) 13,979,185
-----------------------------------------------
Total increase (decrease) in net assets (17,155,950) 11,547,041
Net Assets:
Beginning of period 141,805,635 113,102,644
End of period $124,649,685 $124,649,685
Number of units:
Outstanding-beginning of period 6,402,682 5,624,404
Sold 162,047 1,186,412
Redeemed (297,716) (543,803)
-----------------------------------------------
Outstanding-end of period 6,267,013 6,267,013
===============================================
</TABLE>
31
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.11 $0.35
Expenses (0.05) (0.13)
-----------------------------------------------
Net investment income 0.06 0.22
Net realized and unrealized loss on investments (2.32) (0.44)
-----------------------------------------------
Net decrease in unit value (2.26) (0.22)
Net asset value at beginning of period 22.15 20.11
-----------------------------------------------
Net asset value at end of period $19.89 $19.89
===============================================
Ratio of expenses to average net assets* 0.81% 0.81%
Ratio of net investment income to average net assets* 1.47% 1.43%
Portfolio turnover 8.73% 21.06%
Number of units outstanding at end of period (in thousands) 6,267 6,267
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $20,475,501) $21,505,575
Cash 0
Receivable for investments sold 217,496
Receivable for fund units sold 7,865
Dividends and interest receivable 0
Other assets 0
-----------------------
Total assets 21,730,936
-----------------------
Liabilities
Payable for investments purchased 225,361
Payable for fund units purchased 0
Accrued expenses 1,445
Other liabilities 0
-----------------------
Total liabilities 226,806
-----------------------
Net Assets $21,504,130
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($21,504,130/1,574,106 units outstanding) $13.66
=======================
</TABLE>
33
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Interest income 0 0
-----------------------------------------------
Net investment income 0 0
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 4,351 12,771
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
-----------------------------------------------
Total expenses 4,351 12,771
-----------------------------------------------
Net investment loss (4,351) (12,771)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 479,646 1,693,931
Unrealized depreciation of investments during the period (849,444) (644,704)
-----------------------------------------------
Net gain (loss) on investments (369,798) 1,049,227
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($374,149) $1,036,456
===============================================
</TABLE>
34
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss ($4,351) ($12,771)
Net realized gain on investments 479,646 1,693,931
Unrealized depreciation of investments during the period (849,444) (644,704)
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (374,149) 1,036,456
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 2,456,392 10,053,162
Cost of units redeemed (2,071,766) (6,813,306)
-----------------------------------------------
Net increase in net assets resulting from participant transactions 384,626 3,239,856
-----------------------------------------------
Total increase in net assets 10,477 4,276,312
Net Assets:
Beginning of period 21,493,653 17,227,818
End of period $21,504,130 $21,504,130
Number of units:
Outstanding-beginning of period 1,544,140 1,328,560
Sold 179,159 741,410
Redeemed (149,193) (495,864)
-----------------------------------------------
Outstanding-end of period 1,574,106 1,574,106
===============================================
</TABLE>
35
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 (0.01)
-----------------------------------------------
Net investment income (loss) 0.00 (0.01)
Net realized and unrealized gain (loss) on investments (0.26) 0.70
-----------------------------------------------
Net increase (decrease) in unit value (0.26) 0.69
Net asset value at beginning of period 13.92 12.97
-----------------------------------------------
Net asset value at end of period $13.66 $13.66
===============================================
Ratio of expenses to average net assets* 0.08% 0.08%
Ratio of net investment income to average net assets* 0.08% 0.08%
Portfolio turnover** 14.86% 42.23%
Number of units outstanding at end of period (in thousands) 1,574 1,574
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $64,965,548) $71,628,893
Cash 0
Receivable for investments sold 951,805
Receivable for fund units sold 84,035
Dividends and interest receivable 0
Other assets 0
-----------------------
Total assets 72,664,733
=======================
Liabilities
Payable for investments purchased 1,035,840
Payable for fund units purchased 0
Accrued expenses 4,894
Other liabilities 0
-----------------------
Total liabilities 1,040,734
-----------------------
Net Assets $71,623,999
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($71,623,999/4,925,564 units outstanding) $14.54
=======================
</TABLE>
37
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Interest income 0 0
-----------------------------------------------
Net investment income 0 0
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 15,389 45,049
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
-----------------------------------------------
Total expenses 15,389 45,049
-----------------------------------------------
Net investment loss (15,389) (45,049)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,773,183 4,288,195
Unrealized depreciation of investments during the period (5,896,252) (1,422,931)
-----------------------------------------------
Net gain (loss) on investments (4,123,069) 2,865,264
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($4,138,458) $2,820,215
===============================================
</TABLE>
38
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss ($15,389) ($45,049)
Net realized gain on investments 1,773,183 4,288,195
Unrealized depreciation of investments during the period (5,896,252) (1,422,931)
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (4,138,458) 2,820,215
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 3,499,953 11,695,641
Cost of units redeemed (3,589,575) (8,986,738)
-----------------------------------------------
Net increase (decrease) in net assets resulting from participant transactions (89,622) 2,708,903
-----------------------------------------------
Total increase (decrease) in net assets (4,228,080) 5,529,118
Net Assets:
Beginning of period 75,852,079 66,094,881
End of period $71,623,999 $71,623,999
Number of units:
Outstanding-beginning of period 4,936,847 4,744,620
Sold 232,651 786,999
Redeemed (243,934) (606,055)
-----------------------------------------------
Outstanding-end of period 4,925,564 4,925,564
===============================================
</TABLE>
39
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 (0.01)
-----------------------------------------------
Net investment income (loss) 0.00 (0.01)
Net realized and unrealized gain (loss) on investments (0.82) 0.62
-----------------------------------------------
Net increase (decrease) in unit value (0.82) 0.61
Net asset value at beginning of period 15.36 13.93
-----------------------------------------------
Net asset value at end of period $14.54 $14.54
===============================================
Ratio of expenses to average net assets* 0.08% 0.08%
Ratio of net investment income to average net assets* (0.08%) (0.08%)
Portfolio turnover** 10.50% 22.95%
Number of units outstanding at end of period (in thousands) 4,926 4,926
- - --------------------------------------------------------------------------------
*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>
September 30, 1998
-----------------------
<S> <C>
Assets
Investments, at value (cost $51,083,799) $56,490,704
Cash 0
Receivable for investments sold 811,538
Receivable for fund units sold 45,253
Dividends and interest receivable 0
Other assets 0
-----------------------
Total assets 57,347,495
-----------------------
Liabilities
Payable for investments purchased 856,791
Payable for fund units purchased 0
Accrued expenses 3,884
Other liabilities 0
-----------------------
Total liabilities 860,675
-----------------------
Net Assets $56,486,820
=======================
Net asset value, redemption price and offering price per unit of beneficial interest
($56,486,820/3,710,743 units outstanding) $15.22
=======================
</TABLE>
41
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Interest income 0 0
-----------------------------------------------
Net investment income 0 0
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 12,494 36,576
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
-----------------------------------------------
Total expenses 12,494 36,576
-----------------------------------------------
Net investment loss (12,494) (36,576)
-----------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,238,260 2,924,850
Unrealized depreciation of investments during the period (7,315,259) (2,109,377)
-----------------------------------------------
Net gain (loss) on investments (6,076,999) 815,473
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations ($6,089,493) $778,897
===============================================
</TABLE>
42
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss ($12,494) ($36,576)
Net realized gain on investments 1,238,260 2,924,850
Unrealized depreciation of investments during the period (7,315,259) (2,109,377)
-----------------------------------------------
Net increase (decrease) in net assets resulting from operations (6,089,493) 778,897
-----------------------------------------------
Participant transactions:
Proceeds from sales of units 1,824,620 9,337,993
Cost of units redeemed (2,424,023) (5,498,079)
-----------------------------------------------
Net increase (decrease) in net assets resulting from participant transactions (599,403) 3,839,914
-----------------------------------------------
Total increase (decrease) in net assets (6,688,896) 4,618,811
Net Assets:
Beginning of period 63,175,716 51,868,009
End of period $56,486,820 $56,486,820
Number of units:
Outstanding-beginning of period 3,749,576 3,478,382
Sold 113,852 576,045
Redeemed (152,685) (343,684)
-----------------------------------------------
Outstanding-end of period 3,710,743 3,710,743
===============================================
</TABLE>
43
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 1998 January 1, 1998
to September 30, 1998 to September 30, 1998
-----------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 (0.01)
-----------------------------------------------
Net investment income (loss) 0.00 (0.01)
Net realized and unrealized gain (loss) on investments (1.63) 0.32
-----------------------------------------------
Net increase (decrease) in unit value (1.63) 0.31
Net asset value at beginning of period 16.85 14.91
-----------------------------------------------
Net asset value at end of period $15.22 $15.22
===============================================
Ratio of expenses to average net assets* 0.08% 0.07%
Ratio of net investment income (loss) to average net assets* (0.08%) (0.07%)
Portfolio turnover** 7.32% 17.38%
Number of units outstanding at end of period (in thousands) 3,711 3,711
- - --------------------------------------------------------------------------------
*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
Overview
In the third quarter, the domestic equity market experienced
negative returns as the economic turmoil in Asia continued to erode investor
confidence in future earnings. Large capitalization stocks had negative
returns but these returns were still better than those of small
capitalization stocks. Sectors that outperformed the broad market included
utilities, health care and technology while energy, financial services and
consumer products underperformed the market. The Federal Reserve lowered the
fed funds rate by 25 basis points in response to the worldwide uncertainties
affecting the domestic economy. The global economic condition also fueled a
flight to safety, reflected in the thirty-year U.S. Treasury bond closing
with an all time low yield of 4.97%, its lowest yield over twenty years.
Internationally, both the developed and emerging markets suffered
significant declines. Emerging markets losses were greater in part due to
the turmoil in Russia.
Aggressive Equity Fund
The Aggressive Equity Fund invests primarily in common stocks
and equity-type securities. It may also invest in preferred stocks and
convertible debt instruments and non-equity securities, including investment
grade bonds, debentures and high quality money market instruments of the
same types as those in which the Stable Asset Return Fund may invest, when
deemed appropriate by State Street in light of economic and market
conditions. The Aggressive Equity Fund seeks to achieve, over an extended
period of time, total returns that are comparable to or superior to those
attained by broad measures of the domestic stock market. For the quarter
ended September 30, 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 (21.56)%. By comparison, the Russell 2000 Index
produced a total return of (20.15)% 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 most heavily weighted sectors in the Aggressive Equity Fund
were health care, computers and office equipment and consumer non-durables.
Securities representing the largest holdings based on market value in the
Aggressive Equity Fund at September 30, 1998 included Elan PLC, Biogen Inc.,
HBO & Company, and Legato Systems, Inc.
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
45
<PAGE>
measures of the domestic stock and bond markets. For the quarter ended
September 30, 1998, the Balanced Fund experienced a total return, net of
Expenses, of (6.60)%. 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 (4.49)%.
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.
The most heavily weighted sectors in the equity portion of the
fund were financial services, technology, and consumer non-durables.
Securities representing the largest equity holdings based on market value in
the Balanced Fund at September 30, 1998 included Pfizer Inc., Exel Ltd., SLM
Holding Corp., and Applied Materials Inc. The Fixed income portion was
heavily invested in U.S. Treasuries and Government agency mortgage related
issues.
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 (approximately 25%) is 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 is 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 September 30, 1998, the Growth Equity Fund
experienced a total return, net of Expenses, of (10.17)%. By comparison, the
Russell 1000 Growth Index produced a return of (9.08)% 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 most heavily weighted industry sectors in the Growth Equity
Fund were health care, technology and consumer non-durables. Securities
representing the largest holdings based on market value in the Growth Equity
Fund at September 30, 1998 included Pfizer Inc., General Electric Company,
Microsoft Corp. and Intel Corp.
46
<PAGE>
Index Equity Fund
The Index Equity Fund invests in common stocks of U.S. companies
that are included in the Russell 3000 Index, with the overall objective of
achieving long-term growth of capital. The Russell 3000 Index represents
approximately 98% of the U.S. equity market based on the market
capitalization of the companies in the Russell 3000 Index. 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 large capitalization 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 September 30, 1998 of (11.76)%. By comparison, the Russell
3000 Index produced a return of (11.19)% 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.
47
<PAGE>
For the quarter ended September 30, 1998, the Intermediate Bond
Fund experienced a total return, net of Expenses, of 4.87%. As a comparison,
the LB Aggregate Bond Index produced a return of 4.23% for the same period.
The 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.
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 September 30, 1998, the International
Equity Fund experienced a total return, net of Expenses, of (13.78)%. 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 (15.18)%. 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.
Stable Asset Return Fund
The Stable Asset Return Fund invests primarily in investment
contracts issued by insurance companies, banks or other financial
institutions. The Stable Asset Return Fund also invests in high quality
money market instruments, including obligations of the United States
government, notes, bonds and similar debt instruments of corporations,
commercial paper, certificates of deposit and time deposits, bankers'
acceptances, variable and indexed interest notes and repurchase agreements.
For the quarter ended September 30, 1998, the Stable Asset
Return Fund produced a return, net of Expenses, of 1.39%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for
the quarter was 1.24%. The Fund's strong performance relative to the
48
<PAGE>
Donoghue Average is partly attributable to the longer average maturity of
the Fund's portfolio.
Value Equity Fund
The Value Equity Fund seeks to outperform, over extended periods
of time, broad measures of the domestic stock market. The Value Equity Fund
invests primarily in common stocks of companies that State Street and its
investment advisor consider undervalued.
For the quarter ended September 30, 1998, the Value Equity Fund
experienced a total return, net of Expenses, of (10.20)%. By comparison, the
Russell 1000 Value Index produced a return of (11.58)% 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 most heavily weighted sectors in the Value Equity Fund were
financial services, utilities, consumer growth stocks and technology.
Securities representing the largest holdings based on market value in the
Value Equity Fund at September 30, 1998 included Microsoft Corp.,
International Business Machines Corp., General Electric Company, and Johnson
& Johnson Inc.
Structured Portfolio Service
The Portfolios of the Structured Portfolio Service invest in the
funds described above according to conservative, moderate and aggressive
portfolio allocations. Funds in the Conservative Portfolio are allocated as
follows: Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value
Equity Fund, 7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and
International Equity Fund, 7%. Funds in the Moderate Portfolio are allocated
as follows: Stable Asset Return Fund, 10%; Intermediate Bond Fund, 30%;
Value Equity Fund, 11%; Growth Equity Fund, 11%; Index Equity Fund, 23%; and
International Equity Fund, 15%. Funds in the Aggressive Portfolio are
allocated as follows: Intermediate Bond Fund, 15%; Value Equity Fund, 15%;
Growth Equity Fund, 15%; Index Equity Fund, 30%; Aggressive Equity Fund, 5%;
and International Equity Fund, 20%.
For the quarter ended September 30, 1998, the structured
portfolio service experienced a total return, net of Expenses, of (1.86)%
for the Conservative Portfolio, (5.36)% for the Moderate Portfolio, and
(9.65)% for the Aggressive Portfolio.
49
<PAGE>
Resolution 2000
State Street Bank and Trust Company, the trustee of the
Collective Trust, is responsible for the operation and management of the
investment options of the American Bar Association Members Retirement
Program. As a subsidiary of State Street Corporation, State Street Bank and
Trust Company is subject to the oversight of State Street Corporation and
its comprehensive Resolution 2000 program. The Resolution 2000 program is
described below.
Program Scope and Oversight. The approaching Year 2000 presents
companies in all industries with a myriad of challenges to ensure compliance
of its computer systems and processes. These challenges stem from a
once-common programming standard using two-digit years for date fields
contained in computer programs and related data. Commencing in 1996, State
Street Corporation assessed the impact of the upcoming Year 2000 on its
operations and has developed a comprehensive program, Resolution 2000, to
address the related issues.
This program covers six major areas of Year 2000 compliance:
Information Technology ("IT") Infrastructure, Global Data Networks, Core
Application Software, Business Area Supported Applications, Facilities, and
Third Party Suppliers. Information Technology Infrastructure, Global Data
Networks and Core Application Software make up what is commonly referred to
as Information Technology Systems. More specifically, Information Technology
Infrastructure is the hardware and system software required to support the
Core Application software, which consists of State Street Corporation's
Custody, Accounting, Deposits, Loans, Cash Management and Investment
Management systems. Global Data Networks consist of the wide and local area
networks and telephone/PBX systems. Business Area Supported Applications are
those desktop applications developed and supported by non-IT areas, and
includes office equipment such as fax machines. Facilities is the embedded
technology used throughout State Street Corporation's offices, for example
uninterrupted power supply, fire alarms, security and heating and
air-conditioning systems. Third-Party Suppliers refers to all external
parties that have the potential to impact State Street Corporation's ability
to deliver compliant products and services, such as vendors, service
providers, subcustodian banks, counter parties business partners, and
customers.
State Street Corporation engaged a consulting firm at the onset
of the Resolution 2000 program to assist in the area of program management,
and to provide technical professional resources to the program as required.
This firm was selected for its recognized leadership in management of
large-scale information technology programs and for its established
methodology. This methodology forms the basis for State Street Corporation's
activities with its consultant in applying the Resolution 2000 program to
the Core Application Software area. Under this program, there is a phased
approach followed with each element of the program which includes:
inventorying
50
<PAGE>
potentially date sensitive items; assigning a business risk rating to each
item; assessing the compliance status of each item; taking corrective action
to renovate, replace, retire, upgrade or outsource to achieve compliance;
validating compliance through several levels of testing (regression,
internal and external Year 2000 testing); and developing and validating
business resumption contingency plans for each critical business function as
required. All major areas of the Resolution 2000 program are performing
these activities.
A central program management office, global compliance teams,
and a corporate governance/oversight structure support the Resolution 2000
program. Program updates, progress reports, and critical matters are
regularly communicated to senior management and the Board of Directors.
The Resolution 2000 program activities are incorporated into
State Street Corporation's corporate risk management functions. In addition,
these activities are subject to ongoing assurance reviews, which include
internal audits, regulatory examinations performed by the Federal Reserve,
and compliance procedures performed by external auditors in connection with
third party reviews and financial statement audits.
State of Readiness. At September 30, 1998, the inventorying,
risk assessments and compliance assessment work had been completed by State
Street Corporation and corrective actions and internal Year 2000 testing
were well underway. External testing with key industry organizations such as
the Federal Reserve, Depository Trust Corporation, and Society for Worldwide
Interbank Financial Telecommunications (SWIFT), had commenced with all tests
to date successfully completed. External testing with subcustodians will
begin in the fourth quarter of 1998 and customer testing will begin in the
first quarter of 1999. State Street Corporation currently anticipates that
its Year 2000 compliance inventory, assessment, correction and internal
testing efforts which commenced at the beginning of 1996 will be
substantially completed by December 31, 1998 with all internal testing being
completed by March 31, 1999. External testing will be a key focus in the
first half of 1999 and is expected to be complete in the third quarter of
1999. State Street Corporation's Year 2000 contingency planning program is
underway, leveraging the strength of State Street Corporation's business
resumption contingency plans. Year 2000 contingency plan development is
expected to be complete by the second quarter of 1999. Validation of these
plans will be completed in the third quarter of 1999.
51
<PAGE>
Progress as of September 30, 1998 is as follows:
Regression Internal
Testing and Year-
Production 2000
Correction Implementation Testing
IT Infrastructure 95% 90% 90%
Global Data Networks 95% 50% 95%
Core Application Software 90% 80% 50%
Business Area Supported 70% 30% 45%
Applications
Facilities 85% 85% 70%
Progress at September 30, 1998 related to the Third Party Suppliers, which
could impact State Street Corporation's ability to deliver compliant
products and services, is as follows:
Internal communications with vendors to obtain information on
the compliance status of the products and services provided to
State Street Corporation has been completed. Key vendors have
been asked to present updates to State Street Corporation on
their compliance programs and related progress. Eighty percent
have been assessed and necessary action plans are being
developed for issues identified in these assessments of key
vendors. With respect to those products and services that are
considered high-risk, State Street Corporation has substantially
completed development of contingency remediation plans.
Year 2000 compliance has been incorporated into State Street
Corporation's existing due diligence procedures performed with
business partner and counterparty relationships. Year 2000
assessments of business partners has been completed and the
current and future focus has turned to implementation of
remediations and contingency planning. Year 2000 counterparty
assessments are substantially complete, in line with the
recommendations of the Federal Financial Institutions
Examination Council (FFIEC).
Year 2000 compliance has been incorporated into the existing due
diligence for its subcustodian bank network. In addition,
questionnaires have been sent to the subcustodians focusing on
the adequacy of its compliance program and implementation plans,
including testing with State Street Corporation. Subcustodian
contingency planning efforts aimed at
52
<PAGE>
identifying alternative subcustodian banks in each of State
Street's markets is near completion. Test planning activities
are currently underway, and live testing is expected to begin in
the fourth quarter of 1998.
Certain IT projects have been delayed due to resources committed to the
Resolution 2000 program. The impact of these delays is not expected to have
a material adverse impact on the American Bar Association Members
Retirement Program.
Contingency Plans. State Street Corporation cannot control the
success of each third party's Year 2000 compliance program. In instances
where the risk of Year 2000 compliance failure is high and there is
potential for not providing or not receiving a compliant product, or if
scheduled delivery is beyond an acceptable date, State Street will adopt
business contingency plans. To mitigate the effects of its or significant
customers' or supplier/vendors' potential failure to remediate the Year 2000
issue in a timely manner, State Street Corporation would take reasonable
contingency actions, which may include implementing alternatives, using
manual workarounds and event management. The ultimate goal in developing
contingency plans is to have an uninterrupted flow of information between
State Street Corporation and third party providers in the Year 2000 and
beyond. State Street Corporation expects to have contingency plans in place
by the second quarter of 1999. If it becomes necessary for State Street
Corporation to take these corrective actions, it is uncertain, until the
contingency plans are implemented, whether this would result in significant
delays in business operations or have a material adverse effect on State
Street Corporation.
Costs. Annual Resolution 2000 program costs are absorbed within
normal spending levels of State Street Corporation. State Street
Corporation's management currently estimates the aggregate cost of the
Resolution 2000 Program to be less than 2% of its total operating expenses
for the five-year period 1996-2000. As of September 30, 1998, cumulative
program expenditures were $69 million of which $14 million was incurred
during the third quarter. Such costs are expensed as incurred and include
dedicated staff, equipment, consultants, and other expenses. Costs related
to the American Bar Association Members Retirement Program are included in
State Street Corporation's estimate.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
53
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit No. Description
27.1 Financial Data Schedule-Aggressive Equity Fund
27.2 Financial Data Schedule-Balanced Fund
27.3 Financial Data Schedule-Growth Equity Fund
27.4 Financial Data Schedule-Index Equity Fund
27.5 Financial Data Schedule-Intermediate Bond Fund
27.6 Financial Data Schedule-International Fund
27.7 Financial Data Schedule-Stable Asset Return Fund
27.8 Financial Data Schedule-Value Equity Fund
27.9 Financial Data Schedule-Structured Portfolio
Service Conservative Portfolio
27.10 Financial Data Schedule-Structured Portfolio
Service Moderate Portfolio
27.11 Financial Data Schedule-Structured Portfolio
Service Aggressive Portfolio
b. Reports on Form 8-K
None.
54
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
November 16, 1998 By: /s/ Nancy P. Antin
------------------
Nancy P. Antin
Vice President and Chief Financial Officer
November 16, 1998 By: /s/ Susan C. Daniels
--------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
55
<PAGE>
EXHIBIT INDEX
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
56
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 256,262,150
<INVESTMENTS-AT-VALUE> 259,382,791
<RECEIVABLES> 1,371,006
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,908,942
<PAYABLE-FOR-SECURITIES> 1,420,828
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 2,329,567
<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> 258,579,375
<DIVIDEND-INCOME> 1,119,442
<INTEREST-INCOME> 514,655
<OTHER-INCOME> 0
<EXPENSES-NET> 2,290,963
<NET-INVESTMENT-INCOME> (656,866)
<REALIZED-GAINS-CURRENT> 39,509,676
<APPREC-INCREASE-CURRENT> (76,007,383)
<NET-CHANGE-FROM-OPS> (37,154,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 361,827
<NUMBER-OF-SHARES-REDEEMED> (1,068,784)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (73,360,213)
<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> 328,777,661
<PER-SHARE-NAV-BEGIN> 48.59
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> (6.27)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 42.22
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 435,583,844
<INVESTMENTS-AT-VALUE> 443,512,340
<RECEIVABLES> 46,266,475
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,787,151
<TOTAL-ASSETS> 491,556,966
<PAYABLE-FOR-SECURITIES> 117,292,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,849
<TOTAL-LIABILITIES> 118,193,030
<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> 373,372,936
<DIVIDEND-INCOME> 2,366,637
<INTEREST-INCOME> 7,682,872
<OTHER-INCOME> 0
<EXPENSES-NET> 2,139,441
<NET-INVESTMENT-INCOME> 7,910,068
<REALIZED-GAINS-CURRENT> 21,570,347
<APPREC-INCREASE-CURRENT> (8,052,052)
<NET-CHANGE-FROM-OPS> 21,428,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 544,015
<NUMBER-OF-SHARES-REDEEMED> (680,504)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,870,169
<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> 389,808,177
<PER-SHARE-NAV-BEGIN> 44.42
<PER-SHARE-NII> 1.00
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 47.06
<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> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 850,263,255
<INVESTMENTS-AT-VALUE> 1,038,704,191
<RECEIVABLES> 5,272,147
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,045,210,799
<PAYABLE-FOR-SECURITIES> 7,885,547
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,231
<TOTAL-LIABILITIES> 9,508,428
<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> 1,035,702,371
<DIVIDEND-INCOME> 7,628,565
<INTEREST-INCOME> 865,686
<OTHER-INCOME> 0
<EXPENSES-NET> 5,849,013
<NET-INVESTMENT-INCOME> 2,645,238
<REALIZED-GAINS-CURRENT> 82,896,246
<APPREC-INCREASE-CURRENT> 2,294,810
<NET-CHANGE-FROM-OPS> 87,836,294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123,082
<NUMBER-OF-SHARES-REDEEMED> (174,316)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 67,848,386
<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> 1,091,993,981
<PER-SHARE-NAV-BEGIN> 359.82
<PER-SHARE-NII> 1.00
<PER-SHARE-GAIN-APPREC> 31.71
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 392.53
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 187,625,369
<INVESTMENTS-AT-VALUE> 177,440,623
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 177,802,603
<PAYABLE-FOR-SECURITIES> 361,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,464,117
<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> 176,338,486
<DIVIDEND-INCOME> 334,419
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 779,763
<NET-INVESTMENT-INCOME> (445,344)
<REALIZED-GAINS-CURRENT> 51,584,124
<APPREC-INCREASE-CURRENT> (50,203,051)
<NET-CHANGE-FROM-OPS> 935,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,426,513
<NUMBER-OF-SHARES-REDEEMED> (514,759)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22,629,343
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 183,125,871
<PER-SHARE-NAV-BEGIN> 22.05
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.37
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 110,923,641
<INVESTMENTS-AT-VALUE> 116,314,699
<RECEIVABLES> 375,745
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117,270,121
<PAYABLE-FOR-SECURITIES> 955,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,007,549
<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> 116,262,572
<DIVIDEND-INCOME> 4,688,938
<INTEREST-INCOME> 92
<OTHER-INCOME> 0
<EXPENSES-NET> 397,299
<NET-INVESTMENT-INCOME> 4,291,731
<REALIZED-GAINS-CURRENT> 303,072
<APPREC-INCREASE-CURRENT> 4,509,439
<NET-CHANGE-FROM-OPS> 9,104,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,807,265
<NUMBER-OF-SHARES-REDEEMED> (793,421)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 33,528,089
<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> 101,951,501
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.98
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 66,314,202
<INVESTMENTS-AT-VALUE> 59,938,891
<RECEIVABLES> 1,431,951
<ASSETS-OTHER> 33,482
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,404,324
<PAYABLE-FOR-SECURITIES> 1,431,950
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,458,813
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 59,945,511
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53,837
<OTHER-INCOME> 0
<EXPENSES-NET> 237,467
<NET-INVESTMENT-INCOME> (183,630)
<REALIZED-GAINS-CURRENT> 140,408
<APPREC-INCREASE-CURRENT> (1,394,774)
<NET-CHANGE-FROM-OPS> (1,437,996)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,908,930
<NUMBER-OF-SHARES-REDEEMED> (2,784,872)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 948,563
<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> 64,915,431
<PER-SHARE-NAV-BEGIN> 18.21
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> (0.34)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.82
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 662,229,249
<INVESTMENTS-AT-VALUE> 662,229,249
<RECEIVABLES> 4,017,396
<ASSETS-OTHER> 90
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,017,486
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 385,220
<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> $665,861,515
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $29,026,358
<OTHER-INCOME> 0
<EXPENSES-NET> 2,978,455
<NET-INVESTMENT-INCOME> $26,047,903
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> $26,047,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,047,903)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,320,346
<NUMBER-OF-SHARES-REDEEMED> (121,071,555)
<SHARES-REINVESTED> 26,047,903
<NET-CHANGE-IN-ASSETS> 31,296,693
<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> 636,757,315
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.04)
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 111,808,877
<INVESTMENTS-AT-VALUE> 125,146,820
<RECEIVABLES> 70,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,454,539
<PAYABLE-FOR-SECURITIES> 407,044
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 804,854
<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> 124,649,685
<DIVIDEND-INCOME> 1,718,148
<INTEREST-INCOME> 494,058
<OTHER-INCOME> 0
<EXPENSES-NET> 800,058
<NET-INVESTMENT-INCOME> 1,412,148
<REALIZED-GAINS-CURRENT> 7,067,094
<APPREC-INCREASE-CURRENT> (10,911,386)
<NET-CHANGE-FROM-OPS> (2,432,144)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,186,412
<NUMBER-OF-SHARES-REDEEMED> (543,803)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,547,041
<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> 132,155,636
<PER-SHARE-NAV-BEGIN> 20.11
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.89
<EXPENSE-RATIO> 0.81
<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
STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 20,475,501
<INVESTMENTS-AT-VALUE> 21,505,575
<RECEIVABLES> 225,361
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,730,936
<PAYABLE-FOR-SECURITIES> 225,361
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 226,806
<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> 21,504,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 12,771
<NET-INVESTMENT-INCOME> (12,771)
<REALIZED-GAINS-CURRENT> 1,693,931
<APPREC-INCREASE-CURRENT> (644,704)
<NET-CHANGE-FROM-OPS> 1,036,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 741,410
<NUMBER-OF-SHARES-REDEEMED> (495,864)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,276,312
<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> 20,623,453
<PER-SHARE-NAV-BEGIN> 12.97
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.70
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.66
<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
STRUCTURED PORTFOLIO SERVICE - MODERATE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 64,965,548
<INVESTMENTS-AT-VALUE> 71,628,893
<RECEIVABLES> 1,035,840
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,664,733
<PAYABLE-FOR-SECURITIES> 1,035,840
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,040,734
<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> 71,623,999
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 45,049
<NET-INVESTMENT-INCOME> (45,049)
<REALIZED-GAINS-CURRENT> 4,288,195
<APPREC-INCREASE-CURRENT> (1,422,931)
<NET-CHANGE-FROM-OPS> 2,820,215
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 786,999
<NUMBER-OF-SHARES-REDEEMED> (606,055)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,529,118
<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> 72,689,507
<PER-SHARE-NAV-BEGIN> 13.93
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.62
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.54
<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
STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 51,083,799
<INVESTMENTS-AT-VALUE> 56,490,704
<RECEIVABLES> 856,791
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,347,495
<PAYABLE-FOR-SECURITIES> 856,791
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 860,675
<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> 56,486,820
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 36,576
<NET-INVESTMENT-INCOME> (36,576)
<REALIZED-GAINS-CURRENT> 2,924,850
<APPREC-INCREASE-CURRENT> (2,109,377)
<NET-CHANGE-FROM-OPS> 778,897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 576,045
<NUMBER-OF-SHARES-REDEEMED> (343,684)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,618,811
<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> 59,034,672
<PER-SHARE-NAV-BEGIN> 14.91
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.22
<EXPENSE-RATIO> 0.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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