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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 June 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........49
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................50
SIGNATURES.....................................................51
ii
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
AGGRESSIVE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $259,085,372.25) $342,586,123
Cash 12,625
Receivable for investments sold 3,794,569
Receivable for fund units sold 235,286
Dividends and interest receivable 168,587
Other assets 14,169
===================
Total assets 346,811,359
===================
Liabilities
Payable for investments purchased 4,331,418
Payable for fund units purchased 12,892
Accrued expenses 718,721
Other liabilities 0
===================
Total liabilities 5,063,031
===================
Net Assets $341,748,328
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($341,748,328/6,349,386 units outstanding) $53.82
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $383,039 $739,410
Interest income 131,815 375,512
=======================================
Total investment income 514,854 1,114,922
Expenses
Investment advisory fee 376,536 737,580
State Street Bank & Trust Company - program fee 275,128 548,239
American Bar Retirement Association - program fee 40,106 79,949
Trustee, management and administration fees 58,937 116,910
Other expenses and taxes 32,487 64,201
Amortization of organization expenses 19,585 38,955
=======================================
Total expenses 802,779 1,585,834
=======================================
Net investment loss (287,925) (470,912)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 15,305,857 31,278,002
Unrealized appreciation (depreciation) of investments during the period (23,803,387) 4,372,726
=======================================
Net gain (loss) on investments (8,497,530) 35,650,728
=======================================
Net increase (decrease) in net assets resulting from operations $(8,785,455) $35,179,816
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase (Decrease) in Net Assets From:
Operations:
Net investment loss $(287,925) $(470,912)
Net realized gain on investments 15,305,857 31,278,002
Unrealized appreciation (depreciation) on investments during the period (23,803,387) 4,372,726
=======================================
Net increase (decrease) in net assets resulting from operations (8,785,455) 35,179,816
=======================================
Participant transactions:
Proceeds from sales of units 8,140,179 12,822,331
Cost of units redeemed (18,565,081) (38,193,408)
=======================================
Net decrease in net assets resulting from participant transactions (10,424,902) (25,371,076)
=======================================
Total increase (decrease) in net assets (19,210,357) 9,808,739
Net Assets:
Beginning of period 360,958,684 331,939,588
End of period $341,748,328 $341,748,328
Number of units:
Outstanding-beginning of period 6,541,404 6,831,480
Sold 148,798 243,108
Redeemed (340,816) (725,202)
=======================================
Outstanding-end of period 6,349,386 6,349,386
=======================================
</TABLE>
3
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.08 $0.17
Expenses (0.12) (0.24)
=======================================
Net investment loss (0.04) (0.07)
Net realized and unrealized gain (loss) on investments (1.32) 5.30
=======================================
Net increase (decrease) in unit value (1.36) 5.23
Net asset value at beginning of period 55.18 48.59
=======================================
Net asset value at end of period $53.82 $53.82
=======================================
Ratio of expenses to average net assets* 0.93% 0.93%
Ratio of net investment loss to average net assets* (0.33)% (0.28)%
Portfolio turnover 11.78% 25.48%
Number of units outstanding at end of period (in thousands) 6,349 6,349
==================================================================
* Annualized
</TABLE>
4
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $425,019,179) $467,249,149
Cash (462,483)
Receivable for investments sold 7,432,955
Receivable for fund units sold 198,889
Dividends and interest receivable 2,316,543
Other assets 14,196
===================
Total assets 476,749,249
===================
Liabilities
Payable for investments purchased 68,696,679
Payable for fund units purchased 0
Accrued expenses 458,549
Other liabilities 0
===================
Total liabilities 69,155,228
===================
Net Assets $407,594,021
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($407,594,021/8,088,900 units outstanding) $50.39
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $812,738 $1,639,112
Interest income 2,640,040 4,819,741
=======================================
Total investment income 3,452,778 6,458,853
Expenses
Investment advisory fee 231,091 449,631
State Street Bank & Trust Company - program fee 318,301 621,751
American Bar Retirement Association - program fee 46,400 90,669
Trustee, management and administration fees 68,185 132,598
Other expenses and taxes 33,215 65,633
Amortization of organization expenses 19,621 39,027
=======================================
Total expenses 716,813 1,399,309
=======================================
Net investment income 2,735,964 5,059,543
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 12,156,035 17,008,824
Unrealized appreciation (depreciation) of investments during the period (5,010,005) 26,249,423
=======================================
Net gain on investments 7,146,029 43,258,246
=======================================
Net increase in net assets resulting from operations $9,881,994 $48,317,790
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income $2,735,964 $5,059,543
Net realized gain on investments 12,156,035 17,008,824
Unrealized appreciation (depreciation) on investments during the period (5,010,005) 26,249,423
=======================================
Net increase in net assets resulting from operations 9,881,994 48,317,790
=======================================
Participant transactions:
Proceeds from sales of units 9,732,105 19,828,353
Cost of units redeemed (8,371,833) (19,054,889)
=======================================
Net increase in net assets resulting from participant transactions 1,360,272 773,464
=======================================
Total increase in net assets 11,242,266 49,091,254
Net Assets:
Beginning of period 396,351,755 358,502,767
End of period $407,594,021 $407,594,021
Number of units:
Outstanding-beginning of period 8,063,298 8,070,199
Sold 194,311 410,805
Redeemed (168,709) (392,104)
=======================================
Outstanding-end of period 8,088,900 8,088,900
=======================================
</TABLE>
7
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.43 $0.80
Expenses (0.09) (0.17)
=======================================
Net investment income 0.34 0.63
Net realized and unrealized gain on investments 0.90 5.34
=======================================
Net increase in unit value 1.24 5.97
Net asset value at beginning of period 49.15 44.42
=======================================
Net asset value at end of period $50.39 $50.39
=======================================
Ratio of expenses to average net assets* 0.71% 0.72%
Ratio of net investment income to average net assets* 2.72% 2.62%
Portfolio turnover 41.48% 71.75%
Number of units outstanding at end of period (in thousands) 8,089 8,089
==================================================================
* Annualized
</TABLE>
8
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
GROWTH EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $838,735,939) $1,172,319,496
Cash 2,538
Receivable for investments sold 33,239,797
Receivable for fund units sold 737,290
Dividends and interest receivable 993,224
Other assets 38,076
===================
Total assets 1,207,330,421
===================
Liabilities
Payable for investments purchased 35,181,869
Payable for fund units purchased 605,350
Accrued expenses 1,211,744
Other liabilities 0
===================
Total liabilities 36,998,963
===================
Net Assets $1,170,331,458
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($1,170,331,458/2,678,001 units outstanding) $437.02
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $2,593,906 $5,028,108
Interest income 321,368 574,580
=======================================
Total investment income 2,915,274 5,602,688
Expenses
Investment advisory fee 639,410 1,219,266
State Street Bank & Trust Company - program fee 897,462 1,725,364
American Bar Retirement Association - program fee 130,825 251,604
Trustee, management and administration fees 192,252 367,997
Other expenses and taxes 92,457 182,588
Amortization of organization expenses 52,634 104,689
=======================================
Total expenses 2,005,040 3,851,508
=======================================
Net investment income 910,234 1,751,180
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 29,331,049 57,514,878
Unrealized appreciation of investments during the period 25,736,727 147,437,431
=======================================
Net gain on investments 55,067,776 204,952,309
=======================================
Net increase in net assets resulting from operations $55,978,010 $206,703,489
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income $910,234 $1,751,180
Net realized gain on investments 29,331,049 57,514,878
Unrealized appreciation on investments during the period 25,736,727 147,437,431
=======================================
Net increase in net assets resulting from operations 55,978,010 206,703,489
=======================================
Participant transactions:
Proceeds from sales of units 19,399,429 33,438,668
Cost of units redeemed (19,552,888) (37,664,684)
=======================================
Net decrease in net assets resulting from participant transactions (153,459) (4,226,016)
=======================================
Total increase in net assets 55,824,551 202,477,473
Net Assets:
Beginning of period 1,114,506,907 967,853,985
End of period $1,170,331,458 $1,170,331,458
Number of units:
Outstanding-beginning of period 2,678,813 2,689,796
Sold 45,771 81,839
Redeemed (46,583) (93,634)
=======================================
Outstanding-end of period 2,678,001 2,678,001
=======================================
</TABLE>
11
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $1.18 $2.09
Expenses (0.75) (1.44)
=======================================
Net investment income 0.43 0.65
Net realized and unrealized gain on investments 20.54 76.55
=======================================
Net increase in unit value 20.97 77.20
Net asset value at beginning of period 416.05 359.82
=======================================
Net asset value at end of period $437.02 $437.02
=======================================
Ratio of expenses to average net assets* 0.71% 0.72%
Ratio of net investment income to average net assets* 0.32% 0.33%
Portfolio turnover 11.02% 23.29%
Number of units outstanding at end of period (in thousands) 2,678 2,678
==================================================================
* Annualized
</TABLE>
12
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
INDEX EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $186,416,184) $199,528,617
Cash 395,594
Receivable for investments sold 0
Receivable for fund units sold 158,219
Dividends and interest receivable 0
Other assets 5,847
===================
Total assets 200,088,277
===================
Liabilities
Payable for investments purchased 577,965
Payable for fund units purchased 520,199
Accrued expenses 78,194
Other liabilities 0
===================
Total liabilities 1,176,358
===================
Net Assets $198,911,919
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($198,911,919/7,846,512 units outstanding) $25.35
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $11,736 $152,048
Interest income 0 0
=======================================
Total investment income 11,736 152,048
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 153,215 287,756
American Bar Retirement Association - program fee 22,335 41,962
Trustee, management and administration fees 71,563 133,646
Other expenses and taxes 15,197 29,983
Amortization of organization expenses 8,083 16,076
=======================================
Total expenses 270,393 509,423
=======================================
Net investment loss (258,657) (357,375)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 48,938,777 51,541,714
Unrealized depreciation of investments during the period (45,311,868) (26,905,872)
=======================================
Net gain on investments 3,626,909 24,635,842
=======================================
Net increase in net assets resulting from operations $3,368,252 $24,278,467
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment loss (258,657) (357,375)
Net realized gain on investments 48,938,777 51,541,714
Unrealized depreciation on investments during the period (45,311,868) (26,905,872)
=======================================
Net increase in net assets resulting from operations 3,368,252 24,278,467
=======================================
Participant transactions:
Proceeds from sales of units 9,774,466 25,993,629
Cost of units redeemed (2,537,078) (5,069,320)
=======================================
Net increase in net assets resulting from participant transactions 7,237,388 20,924,309
=======================================
Total increase in net assets 10,605,640 45,202,776
Net Assets:
Beginning of period 188,306,279 153,709,143
End of period $198,911,919 $198,911,919
Number of units:
Outstanding-beginning of period 7,559,500 6,971,219
Sold 389,054 1,087,523
Redeemed (102,042) (212,230)
=======================================
Outstanding-end of period 7,846,512 7,846,512
=======================================
</TABLE>
15
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.00 $0.02
Expenses (0.03) (0.06)
=======================================
Net investment loss (0.03) (0.04)
Net realized and unrealized gain on investments 0.47 3.34
=======================================
Net increase in unit value 0.44 3.30
Net asset value at beginning of period 24.91 22.05
=======================================
Net asset value at end of period $25.35 $25.35
=======================================
Ratio of expenses to average net assets* 0.56% 0.57%
Ratio of net investment income to average net assets* 0.54% 0.40%
Portfolio turnover** 77.66% 86.99%
Number of units outstanding at end of period (in thousands) 7,847 7,847
==================================================================
*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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $106,846,542) $108,557,857
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 373,055
Dividends and interest receivable 557,892
Other assets 2,251
===================
Total assets 109,491,055
===================
Liabilities
Payable for investments purchased 889,075
Payable for fund units purchased 40,593
Accrued expenses 38,866
Other liabilities 0
===================
Total liabilities 968,534
===================
Net Assets $108,522,521
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($108,522,521/8,770,302 units outstanding) $12.37
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $1,644,099 $3,002,937
Interest income 49 92
=======================================
Total investment income 1,644,148 3,003,029
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 81,340 154,579
American Bar Retirement Association - program fee 11,857 22,542
Trustee, management and administration fees 25,658 48,027
Other expenses and taxes 8,190 16,146
Amortization of organization expenses 4,048 8,049
=======================================
Total expenses 131,093 249,343
=======================================
Net investment income 1,513,055 2,753,686
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 62,573 100,006
Unrealized appreciation of investments during the period 971,075 829,698
=======================================
Net gain on investments 1,033,648 929,704
=======================================
Net increase in net assets resulting from operations $2,546,703 $3,683,390
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income $1,513,055 $2,753,686
Net realized gain on investments 62,573 100,006
Unrealized appreciation on investments during the period 971,075 829,698
=======================================
Net increase in net assets resulting from operations 2,546,703 3,683,390
=======================================
Participant transactions:
Proceeds from sales of units 12,355,456 26,888,347
Cost of units redeemed (2,344,302) (4,783,699)
=======================================
Net increase in net assets resulting from participant transactions 10,011,154 22,104,648
=======================================
Total increase in net assets 12,557,857 25,788,038
Net Assets:
Beginning of period 95,964,664 82,734,483
End of period $108,522,521 $108,522,521
Number of units:
Outstanding-beginning of period 7,948,238 6,945,554
Sold 1,013,457 2,218,053
Redeemed (191,393) (393,305)
=======================================
Outstanding-end of period 8,770,302 8,770,302
=======================================
</TABLE>
19
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.20 $0.37
Expenses (0.02) (0.03)
=======================================
Net investment income 0.18 0.34
Net realized and unrealized gain on investments 0.12 0.12
=======================================
Net increase in unit value 0.30 0.46
Net asset value at beginning of period 12.07 11.91
=======================================
Net asset value at end of period $12.37 $12.37
=======================================
Ratio of expenses to average net assets* 0.51% 0.52%
Ratio of net investment income to average net assets* 5.90% 5.74%
Portfolio turnover** 3.50% 6.07%
Number of units outstanding at end of period (in thousands) 8,770 8,770
===========================================================
* 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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $67,293,884) $70,147,908
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 546,895
Dividends and interest receivable 0
Other assets 17,056
===================
Total assets 70,711,859
===================
Liabilities
Payable for investments purchased 416,662
Payable for fund units purchased 130,233
Accrued expenses 23,547
Other liabilities 0
===================
Total liabilities 570,442
===================
Net Assets $70,141,417
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($70,141,417/3,393,171 units outstanding) $20.67
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $0 $0
Interest income 22,310 37,253
=======================================
Total investment income 22,310 37,253
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 53,566 102,989
American Bar Retirement Association - program fee 7,809 15,019
Trustee, management and administration fees 11,475 21,966
Other expenses and taxes 5,914 11,685
Amortization of organization expenses 2,919 5,805
=======================================
Total expenses 81,683 157,465
=======================================
Net investment loss (59,373) (120,212)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 3,912 65,603
Unrealized appreciation of investments during the period 81,141 7,834,560
=======================================
Net gain on investments 85,053 7,900,163
=======================================
Net increase in net assets resulting from operations $25,680 $7,779,951
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment loss $(59,373) $(120,212)
Net realized gain on investments 3,912 65,603
Unrealized appreciation on investments during the period 81,141 7,834,560
=======================================
Net increase in net assets resulting from operations 25,680 7,779,951
=======================================
Participant transactions:
Proceeds from sales of units 20,422,430 37,555,347
Cost of units redeemed (16,986,345) (34,190,829)
=======================================
Net increase in net assets resulting from participant transactions 3,436,085 3,364,518
=======================================
Total increase in net assets 3,461,765 11,144,469
Net Assets:
Beginning of period 66,679,652 58,996,947
End of period $70,141,417 $70,141,417
Number of units:
Outstanding-beginning of period 3,226,925 3,239,192
Sold 985,110 1,859,329
Redeemed (818,863) (1,705,349)
=======================================
Outstanding-end of period 3,393,171 3,393,171
=======================================
</TABLE>
23
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.01 $0.02
Expenses (0.03) (0.05)
=======================================
Net investment loss (0.02) (0.03)
Net realized and unrealized gain on investments 0.03 2.49
=======================================
Net increase in unit value 0.01 2.46
Net asset value at beginning of period 20.66 18.21
=======================================
Net asset value at end of period $20.67 $20.67
=======================================
Ratio of expenses to average net assets* 0.48% 0.49%
Ratio of net investment loss to average net assets* (0.35%) (0.38%)
Portfolio turnover** 25.10% 53.35%
Number of units outstanding at end of period (in thousands) 3,393 3,393
===========================================================
* 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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $620,496,905) $620,496,905
Interest Receivable 3,145,886
Receivable for fund units sold 172,355
Other assets 25,119
===================
Total assets 623,840,265
===================
Liabilities
Payable for fund units redeemed 381,091
Accrued expenses 319,716
===================
Total liabilities 700,807
===================
Net Assets $623,139,458
===================
Net asset value, redemption price and offering price per
unit of beneficial interest
($623,139,458/623,139,458 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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Interest income $9,572,011 $19,181,552
=======================================
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 498,557 1,013,248
American Bar Retirement Association - program fee 72,675 147,763
Trustee, management and administration fees 314,553 628,700
Other expenses and taxes 56,238 111,238
Amortization of organization expenses 34,721 69,061
=======================================
Total expenses 976,744 1,970,010
=======================================
Net investment income $8,595,267 $17,211,542
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Decrease in Net Assets From:
Operations:
Net investment income and net increase in net
assets resulting from operations $8,595,267 $17,211,542
=======================================
Distributions from investment income (8,595,267) (17,211,542)
=======================================
Participant transactions:
Proceeds from sales of units 31,181,357 62,658,820
Units issued in connection with reinvestment
of net investment income 8,595,267 17,211,542
Cost of units redeemed (44,519,731) (91,295,725)
=======================================
Net decrease in net assets resulting from
participant transactions (4,743,107) (11,425,363)
=======================================
Total decrease in net assets (4,743,107) (11,425,363)
=======================================
Net Assets:
Beginning of period 627,882,565 634,564,821
End of period $623,139,458 $623,139,458
=======================================
</TABLE>
27
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.015 $0.030
Expenses (0.002) (0.004)
=======================================
Net investment income 0.013 0.026
Reinvestment of net investment income (0.013) (0.026)
=======================================
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* 5.47% 5.48%
Number of units outstanding at end of period (in thousands) 623,139 623,139
==================================================================
* Annualized
</TABLE>
28
<PAGE>
AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
VALUE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
UNAUDITED
<TABLE>
<CAPTION>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $110,656,262) $141,262,756
Cash 3,555
Receivable for investments sold 0
Receivable for fund units sold 198,474
Dividends and interest receivable 423,338
Other assets 4,008
===================
Total assets 141,892,131
===================
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 0
Accrued expenses 86,496
Other liabilities 0
===================
Total liabilities 86,496
===================
Net Assets $141,805,635
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($141,805,635/6,402,682 units outstanding) $22.15
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $586,975 $1,107,654
Interest income 177,779 340,177
=======================================
Total investment income 764,754 1,447,830
Expenses
Investment advisory fee 111,222 210,518
State Street Bank & Trust Company - program fee 110,993 210,303
American Bar Retirement Association - program fee 16,179 30,667
Trustee, management and administration fees 23,776 44,859
Other expenses and taxes 9,828 19,424
Amortization of organization expenses 5,964 11,863
=======================================
Total expenses 277,963 527,635
=======================================
Net investment income 486,791 920,196
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 2,899,975 4,645,358
Unrealized appreciation (depreciation) of investments during the period (4,561,322) 6,357,165
=======================================
Net gain (loss) on investments (1,661,346) 11,002,524
=======================================
Net increase (decrease) in net assets resulting from operations $(1,174,555) $11,922,719
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment income $486,791 $920,196
Net realized gain on investments 2,899,975 4,645,358
Unrealized appreciation (depreciation) on investments during the period (4,561,322) 6,357,165
=======================================
Net increase (decrease) in net assets resulting from operations (1,174,555) 11,922,719
=======================================
Participant transactions:
Proceeds from sales of units 8,453,654 22,125,653
Cost of units redeemed (2,301,450) (5,345,382)
=======================================
Net decrease in net assets resulting from participant transactions 6,152,204 16,780,271
=======================================
Total increase in net assets 4,977,649 28,702,991
Net Assets:
Beginning of period 136,827,986 113,102,644
End of period $141,805,635 $141,805,635
Number of units:
Outstanding-beginning of period 6,129,197 5,624,404
Sold 378,356 1,024,366
Redeemed (104,870) (246,087)
=======================================
Outstanding-end of period 6,402,682 6,402,682
=======================================
</TABLE>
31
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.12 $0.24
Expenses (0.04) (0.08)
=======================================
Net investment income 0.08 0.16
Net realized and unrealized gain (loss) on investments (0.25) 1.88
=======================================
Net increase (decrease) in unit value (0.17) 2.04
Net asset value at beginning of period 22.32 20.11
=======================================
Net asset value at end of period $22.15 $22.15
=======================================
Ratio of expenses to average net assets* 0.79% 0.81%
Ratio of net investment income to average net assets* 1.39% 1.41%
Portfolio turnover 6.51% 12.31%
Number of units outstanding at end of period (in thousands) 6,403 6,403
==================================================================
* 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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $19,615,622) $21,495,141
Cash 0
Receivable for investments sold 122,585
Receivable for fund units sold 5,209
Dividends and interest receivable 0
Other assets 0
===================
Total assets 21,622,935
===================
Liabilities
Payable for investments purchased 127,794
Payable for fund units purchased 0
Accrued expenses 1,488
Other liabilities 0
===================
Total liabilities 129,282
===================
Net Assets $21,493,653
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($21,493,653/1,544,140 units outstanding) $13.92
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $0 $0
Interest income 0 0
=======================================
Total investment income 0 0
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 4,454 8,420
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
=======================================
Total expenses 4,454 8,420
=======================================
Net investment loss (4,454) (8,420)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 739,190 1,214,285
Unrealized appreciation (depreciation) of investments during the period (341,147) 204,740
=======================================
Net gain on investments 398,043 1,419,025
=======================================
Net increase in net assets resulting from operations $393,589 $1,410,605
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment loss $(4,454) $(8,420)
Net realized gain on investments 739,190 1,214,285
Unrealized appreciation (depreciation) on investments during the period (341,147) 204,740
=======================================
Net increase in net assets resulting from operations 393,589 1,410,605
=======================================
Participant transactions:
Proceeds from sales of units 3,664,562 7,596,770
Cost of units redeemed (3,254,668) (4,741,540)
=======================================
Net increase in net assets resulting from participant transactions 409,894 2,855,230
=======================================
Total increase in net assets 803,483 4,265,835
Net Assets:
Beginning of period 20,690,170 17,227,818
End of period $21,493,653 $21,493,653
Number of units:
Outstanding-beginning of period 1,513,743 1,328,560
Sold 266,404 562,251
Redeemed (236,007) (346,671)
=======================================
Outstanding-end of period 1,544,140 1,544,140
=======================================
</TABLE>
35
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.00 $0.00
Expenses (0.01) (0.01)
=======================================
Net investment loss (0.01) (0.01)
Net realized and unrealized gain on investments 0.26 0.96
=======================================
Net increase in unit value 0.25 0.95
Net asset value at beginning of period 13.67 12.97
=======================================
Net asset value at end of period $13.92 $13.92
=======================================
Ratio of expenses to average net assets* 0.08% 0.08%
Ratio of net investment loss to average net assets* (0.08)% (0.08%)
Portfolio turnover** 16.23% 27.35%
Number of units outstanding at end of period (in thousands) 1,544 1,544
===========================================================
* 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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $63,297,478) $75,857,078
Cash 0
Receivable for investments sold 551,672
Receivable for fund units sold 46,254
Dividends and interest receivable 0
Other assets 0
===================
Total assets 76,455,004
===================
Liabilities
Payable for investments purchased 597,927
Payable for fund units purchased 0
Accrued expenses 4,998
Other liabilities 0
===================
Total liabilities 602,925
===================
Net Assets $75,852,079
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($75,852,079/4,936,847 units outstanding) $15.36
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $0 $0
Interest income 0 0
=======================================
Total investment income 0 0
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 15,114 29,660
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
=======================================
Total expenses 15,114 29,660
=======================================
Net investment loss (15,114) (29,660)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 941,822 2,515,012
Unrealized appreciation of investments during the period 416,040 4,473,321
=======================================
Net gain on investments 1,357,862 6,988,333
=======================================
Net increase in net assets resulting from operations $1,342,748 $6,958,673
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment loss $(15,114) $(29,660)
Net realized gain on investments 941,822 2,515,012
Unrealized appreciation on investments during the period 416,040 4,473,321
=======================================
Net increase in net assets resulting from operations 1,342,748 6,958,673
=======================================
Participant transactions:
Proceeds from sales of units 3,570,277 8,195,688
Cost of units redeemed (2,014,845) (5,397,163)
=======================================
Net increase in net assets resulting from participant transactions 1,555,432 2,798,525
=======================================
Total increase in net assets 2,898,180 9,757,198
Net Assets:
Beginning of period 72,953,899 66,094,881
End of period $75,852,079 $75,852,079
Number of units:
Outstanding-beginning of period 4,834,510 4,744,620
Sold 235,527 554,348
Redeemed (133,190) (362,121)
=======================================
Outstanding-end of period 4,936,847 4,936,847
=======================================
</TABLE>
39
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 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 on investments 0.27 1.44
=======================================
Net increase in unit value 0.27 1.43
Net asset value at beginning of period 15.09 13.93
=======================================
Net asset value at end of period $15.36 $15.36
=======================================
Ratio of expenses to average net assets* 0.08% 0.08%
Ratio of net investment loss to average net assets* (0.08)% (0.08)%
Portfolio turnover** 4.41% 12.20%
Number of units outstanding at end of period (in thousands) 4,937 4,937
===========================================================
* 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>
June 30, 1998
===================
<S> <C>
Assets
Investments, at value (cost $50,457,704) $63,179,867
Cash 0
Receivable for investments sold 500,600
Receivable for fund units sold 39,192
Dividends and interest receivable 0
Other assets 0
===================
Total assets 63,719,659
===================
Liabilities
Payable for investments purchased 539,792
Payable for fund units purchased 0
Accrued expenses 4,151
Other liabilities 0
===================
Total liabilities 543,943
===================
Net Assets $63,175,716
===================
Net asset value, redemption price and offering price per unit of beneficial interest
($63,175,716/3,749,576 units outstanding) $16.85
===================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income
Dividend income $0 $0
Interest income 0 0
=======================================
Total investment income 0 0
Expenses
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 0 0
American Bar Retirement Association - program fee 0 0
Trustee, management and administration fees 12,621 24,082
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
=======================================
Total expenses 12,621 24,082
=======================================
Net investment loss (12,621) (24,082)
=======================================
Realized and unrealized gain on investments
Net realized gain on investments sold 920,172 1,686,590
Unrealized appreciation (depreciation) of investments during the period (17,666) 5,205,882
=======================================
Net gain on investments 902,506 6,892,472
=======================================
Net increase in net assets resulting from operations $889,885 $6,868,390
=======================================
</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
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Increase in Net Assets From:
Operations:
Net investment loss $(12,621) $(24,082)
Net realized gain on investments 920,172 1,686,590
Unrealized appreciation (depreciation) on investments during the period (17,666) 5,205,882
=======================================
Net increase in net assets resulting from operations 889,885 6,868,390
=======================================
Participant transactions:
Proceeds from sales of units 3,146,467 7,513,373
Cost of units redeemed (1,677,023) (3,074,056)
=======================================
Net increase in net assets resulting from participant transactions 1,469,444 4,439,317
=======================================
Total increase in net assets 2,359,329 11,307,707
Net Assets:
Beginning of period 60,816,387 51,868,009
End of period $63,175,716 $63,175,716
Number of units:
Outstanding-beginning of period 3,661,750 3,478,382
Sold 188,170 462,193
Redeemed (100,344) (190,999)
=======================================
Outstanding-end of period 3,749,576 3,749,576
=======================================
</TABLE>
43
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1998 January 1, 1998
to June 30, 1998 to June 30, 1998
=======================================
<S> <C> <C>
Investment income $0.00 $0.00
Expenses (0.01) (0.01)
=======================================
Net investment loss (0.01) (0.01)
Net realized and unrealized gain on investments 0.25 1.95
=======================================
Net increase in unit value 0.24 1.94
Net asset value at beginning of period 16.61 14.91
=======================================
Net asset value at end of period $16.85 $16.85
=======================================
Ratio of expenses to average net assets* 0.08% 0.08%
Ratio of net investment loss to average net assets* (0.08)% (0.08)%
Portfolio turnover** 4.41% 8.97%
Number of units outstanding at end of period (in thousands) 3,750 3,750
===========================================================
* 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
The second quarter saw a slowdown in market returns as the Asian
financial crisis started to erode investor confidence in future earnings. The
domestic stock market had returns that varied based on market capitalization and
investment style. Growth stocks outperformed value stocks and large
capitalization stocks had modest returns while small capitalization stocks had
negative returns. The inflation rate remained low and there was no change by the
Federal Reserve to the fed funds rate. The bond market rose as investors fled to
the safety of United States treasury bonds. Returns in international markets
varied considerably. Emerging markets had significant losses for the quarter
while the Morgan Stanley Capital International Europe Australasia Far East Index
had returns similar to that of the domestic market.
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 June 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 (2.45)%. By comparison, the
Russell 2000 Index produced a total return of (4.66)% 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.
Securities representing the largest holdings based on market value in
the Aggressive Equity Fund at June 30, 1998 included Mercury General, HBO and
Company, Elan PLC, and Kohls Corporation.
Balanced Fund
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended June 30,
1998, the Balanced Fund experienced a total return, net of Expenses, of 2.51%.
For the same period, a combination of the Russell 1000 Index and the Lehman
45
<PAGE>
Brothers Aggregate Bond Index (the "LB Aggregate Bond Index") weighted 60%/40%,
respectively, produced a total return of 2.44%. 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.
Securities representing the largest equity holdings based on market
value in the Balanced Fund at June 30, 1998 included Pfizer, Exel Ltd., Wells
Fargo, and Applied Materials. 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 (initially
25%) will be invested to replicate the Russell 1000 Growth Index, which is
composed of those Russell 1000 securities with a greater than average growth
orientation. The remainder of the Growth Equity Fund will be actively managed.
The Growth Equity Fund seeks to achieve, over an extended period of time, total
returns that are comparable to or superior to those attained by broad measures
of the domestic stock market.
For the quarter ended June 30, 1998, the Growth Equity Fund experienced
a total return, net of Expenses, of 5.04%. By comparison, the Russell 1000
Growth Index produced a return of 4.54% 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.
Securities representing the largest holdings based on market value in
the Growth Equity Fund at June 30, 1998 included Pfizer, General Electric,
Microsoft and Coca Cola.
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
46
<PAGE>
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 June 30, 1998 of 1.84%. By comparison, the Russell 3000 Index produced a
return of 1.82% for the same period. The Russell 3000 Index does not include any
allowance for the fees that an investor would pay for investing in the stocks
that comprise the index.
Intermediate Bond Fund
The Intermediate Bond Fund's investment objective is to achieve a total
return from current income and capital appreciation by investing primarily in a
diversified portfolio of fixed-income securities. A portion of the Intermediate
Bond Fund (approximately two-thirds) is actively managed, investing in fixed
income securities with a portfolio duration generally from 3 to 6 years. The
remaining portion (approximately one-third) of the Bond Fund is invested to
replicate the Lehman Brothers Government/Corporate Bond Index (the "LB Bond
Index"), which is composed of approximately 5,000 issues of fixed-income
securities, including U.S. government obligations and investment grade corporate
bonds, each with an outstanding market value of at least $25 million and
remaining maturity of greater than one year.
Until the Intermediate Bond Fund reaches its minimum level of
contributions to be invested in both the actively managed and index portions of
the fund ($75 million and $200 million, respectively), two-thirds of all
contributions to the Fund will be invested in the PIMCO Total Return Fund and
the remaining one-third will be invested in the Masterworks Funds Bond Index
Fund.
For the quarter ended June 30, 1998, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 2.49%. As a comparison, the LB
Aggregate Bond Index produced a return of 2.34% 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.
47
<PAGE>
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 June 30, 1998, the International Equity Fund
experienced a total return, net of Expenses, of .04%. 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 (1.59)%. 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 June 30, 1998, the Stable Asset Return Fund
produced a return, net of Expenses, of 1.37%. By comparison, the Donoghue Money
Market Fund "Tier One" Average (the "Donoghue Average") for the quarter was
1.23%. The Fund's strong performance relative to the 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
48
<PAGE>
invests primarily in common stocks of companies that State Street and its
investment advisor consider undervalued.
For the quarter ended June 30, 1998, the Value Equity Fund experienced
a total return, net of Expenses, of (.79)%. By comparison, the Russell 1000
Value Index produced a return of .45% 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.
Securities representing the largest holdings based on market value in
the Value Equity Fund at June 30, 1998 included General Electric, Microsoft, IBM
and Johnson & Johnson.
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 June 30, 1998, the structured portfolio service
experienced a total return, net of Expenses, of 1.84% for the Conservative
Portfolio, 1.78% for the Moderate Portfolio, and 1.45% for the Aggressive
Portfolio.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
49
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit No. Description
27.1 Financial Data Schedule-Aggressive Equity Fund
27.2 Financial Data Schedule-Balanced Fund
27.3 Financial Data Schedule-Growth Equity Fund
27.4 Financial Data Schedule-Index Equity Fund
27.5 Financial Data Schedule-Intermediate Bond Fund
27.6 Financial Data Schedule-International Equity Fund
27.7 Financial Data Schedule-Stable Asset Return Fund
27.8 Financial Data Schedule-Value Equity Fund
27.9 Financial Data Schedule-Structured Portfolio
Service-Conservative Portfolio
27.10 Financial Data Schedule-Structured Portfolio
Service-Moderate Portfolio
27.11 Financial Data Schedule-Structured Portfolio
Service-Aggressive Portfolio
b. Reports on Form 8-K
None.
50
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
August 14, 1998 By: /s/ Nancy P. Antin
----------------------
Nancy P. Antin
Vice President and Chief Financial Officer
August 14, 1998 By: /s/ Susan C. Daniels
------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 259,085,372
<INVESTMENTS-AT-VALUE> 342,586,123
<RECEIVABLES> 4,029,856
<ASSETS-OTHER> 14,169
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 346,811,359
<PAYABLE-FOR-SECURITIES> 4,331,418
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 5,063,031
<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> 341,748,328
<DIVIDEND-INCOME> 739,410
<INTEREST-INCOME> 375,512
<OTHER-INCOME> 0
<EXPENSES-NET> 1,585,834
<NET-INVESTMENT-INCOME> (470,912)
<REALIZED-GAINS-CURRENT> 31,278,002
<APPREC-INCREASE-CURRENT> 4,372,726
<NET-CHANGE-FROM-OPS> 35,179,816
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 243,108
<NUMBER-OF-SHARES-REDEEMED> (725,202)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,808,739
<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> 343,243,286
<PER-SHARE-NAV-BEGIN> 48.59
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 5.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 53.82
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 425,019,179
<INVESTMENTS-AT-VALUE> 467,249,149
<RECEIVABLES> 7,631,844
<ASSETS-OTHER> 14,196
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 476,749,249
<PAYABLE-FOR-SECURITIES> 68,696,679
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 69,155,228
<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> 407,594,021
<DIVIDEND-INCOME> 1,639,112
<INTEREST-INCOME> 4,819,741
<OTHER-INCOME> 0
<EXPENSES-NET> 1,399,309
<NET-INVESTMENT-INCOME> 5,059,543
<REALIZED-GAINS-CURRENT> 17,008,824
<APPREC-INCREASE-CURRENT> 26,249,423
<NET-CHANGE-FROM-OPS> 48,317,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 410,805
<NUMBER-OF-SHARES-REDEEMED> (392,104)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 49,091,254
<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> 389,330,519
<PER-SHARE-NAV-BEGIN> 44.42
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 5.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 50.39
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 838,735,939
<INVESTMENTS-AT-VALUE> 1,172,319,496
<RECEIVABLES> 33,977,087
<ASSETS-OTHER> 38,076
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,207,330,421
<PAYABLE-FOR-SECURITIES> 35,181,869
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 36,998,963
<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> 1,170,331,458
<DIVIDEND-INCOME> 5,028,108
<INTEREST-INCOME> 574,580
<OTHER-INCOME> 0
<EXPENSES-NET> 3,851,508
<NET-INVESTMENT-INCOME> 1,751,180
<REALIZED-GAINS-CURRENT> 57,514,878
<APPREC-INCREASE-CURRENT> 147,437,431
<NET-CHANGE-FROM-OPS> 206,703,489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,839
<NUMBER-OF-SHARES-REDEEMED> (93,634)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 202,477,473
<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> 1,080,770,696
<PER-SHARE-NAV-BEGIN> 359.82
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> 76.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 437.02
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 186,416,184
<INVESTMENTS-AT-VALUE> 199,528,617
<RECEIVABLES> 158,219
<ASSETS-OTHER> 5,847
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,088,277
<PAYABLE-FOR-SECURITIES> 577,965
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,176,358
<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> 198,911,919
<DIVIDEND-INCOME> 152,048
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 509,423
<NET-INVESTMENT-INCOME> 357,375
<REALIZED-GAINS-CURRENT> 51,541,714
<APPREC-INCREASE-CURRENT> (26,905,872)
<NET-CHANGE-FROM-OPS> 24,278,467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,087,523
<NUMBER-OF-SHARES-REDEEMED> (212,230)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 45,202,776
<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> 180,307,596
<PER-SHARE-NAV-BEGIN> 22.05
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 3.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.35
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 106,846,542
<INVESTMENTS-AT-VALUE> 108,557,857
<RECEIVABLES> 373,055
<ASSETS-OTHER> 2,251
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,491,055
<PAYABLE-FOR-SECURITIES> 889,075
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 968,534
<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> 108,522,521
<DIVIDEND-INCOME> 3,002,937
<INTEREST-INCOME> 92
<OTHER-INCOME> 0
<EXPENSES-NET> 249,343
<NET-INVESTMENT-INCOME> 2,753,686
<REALIZED-GAINS-CURRENT> 100,006
<APPREC-INCREASE-CURRENT> 829,698
<NET-CHANGE-FROM-OPS> 3,683,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,218,053
<NUMBER-OF-SHARES-REDEEMED> (393,305)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,788,038
<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> 96,822,137
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.37
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 67,293,884
<INVESTMENTS-AT-VALUE> 70,147,908
<RECEIVABLES> 546,895
<ASSETS-OTHER> 17,056
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,711,859
<PAYABLE-FOR-SECURITIES> 416,662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 570,442
<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> 70,141,417
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37,253
<OTHER-INCOME> 0
<EXPENSES-NET> 157,465
<NET-INVESTMENT-LOSS> (120,212)
<REALIZED-GAINS-CURRENT> 65,603
<APPREC-INCREASE-CURRENT> 7,834,560
<NET-CHANGE-FROM-OPS> 7,779,951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,859,329
<NUMBER-OF-SHARES-REDEEMED> (1,705,349)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,144,469
<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> 64,502,671
<PER-SHARE-NAV-BEGIN> 18.21
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.67
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 620,496,905
<INVESTMENTS-AT-VALUE> 620,496,905
<RECEIVABLES> 3,318,241
<ASSETS-OTHER> 25,119
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 623,840,265
<PAYABLE-FOR-SECURITIES> 381,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 700,807
<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> 623,139,458
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,181,552
<OTHER-INCOME> 0
<EXPENSES-NET> 1,970,010
<NET-INVESTMENT-INCOME> 17,211,542
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,211,542
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,211,542)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,658,820
<NUMBER-OF-SHARES-REDEEMED> (91,295,725)
<SHARES-REINVESTED> 17,211,542
<NET-CHANGE-IN-ASSETS> (11,425,363)
<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> 633,939,531
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 110,656,262
<INVESTMENTS-AT-VALUE> 141,262,756
<RECEIVABLES> 198,474
<ASSETS-OTHER> 4,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,892,131
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 86,496
<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> 141,805,635
<DIVIDEND-INCOME> 1,107,654
<INTEREST-INCOME> 340,177
<OTHER-INCOME> 0
<EXPENSES-NET> 527,635
<NET-INVESTMENT-INCOME> 920,196
<REALIZED-GAINS-CURRENT> 4,645,358
<APPREC-INCREASE-CURRENT> 6,357,165
<NET-CHANGE-FROM-OPS> 11,922,719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,024,366
<NUMBER-OF-SHARES-REDEEMED> (246,087)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,702,991
<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> 131,756,195
<PER-SHARE-NAV-BEGIN> 20.11
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.15
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 21,495,141
<RECEIVABLES> 127,794
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,622,935
<PAYABLE-FOR-SECURITIES> 127,794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 129,282
<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> 21,493,653
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 8,420
<NET-INVESTMENT-LOSS> (8,420)
<REALIZED-GAINS-CURRENT> 1,214,285
<APPREC-INCREASE-CURRENT> 204,740
<NET-CHANGE-FROM-OPS> 1,410,605
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 562,251
<NUMBER-OF-SHARES-REDEEMED> (346,671)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,265,835
<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> 20,426,491
<PER-SHARE-NAV-BEGIN> 12.97
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.92
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 75,857,078
<RECEIVABLES> 597,927
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,455,004
<PAYABLE-FOR-SECURITIES> 597,927
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 602,925
<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> 75,852,079
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 29,660
<NET-INVESTMENT-LOSS> (29,660)
<REALIZED-GAINS-CURRENT> 2,515,012
<APPREC-INCREASE-CURRENT> 4,473,321
<NET-CHANGE-FROM-OPS> 6,958,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 554,348
<NUMBER-OF-SHARES-REDEEMED> (362,121)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,757,198
<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> 71,870,996
<PER-SHARE-NAV-BEGIN> 13.93
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.36
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 63,179,867
<RECEIVABLES> 539,792
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,719,659
<PAYABLE-FOR-SECURITIES> 539,792
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 543,943
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 63,175,716
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 24,082
<NET-INVESTMENT-LOSS> (24,082)
<REALIZED-GAINS-CURRENT> 1,686,590
<APPREC-INCREASE-CURRENT> 5,205,882
<NET-CHANGE-FROM-OPS> 6,868,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 462,193
<NUMBER-OF-SHARES-REDEEMED> (190,999)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,307,707
<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> 58,377,020
<PER-SHARE-NAV-BEGIN> 14.91
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.85
<EXPENSE-RATIO> 0.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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