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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 March 31, 1999
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. 333-69427
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 and Qualitative Disclosure 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>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $237,949,251) $274,276,769
Cash 1,606,207
Receivable for investments sold 550,649
Receivable for fund units sold 0
Dividends and interest receivable 115,828
Other assets 42,538
--------------------
Total assets 276,591,991
--------------------
Liabilities
Payable for investments purchased 1,330,315
Payable for fund units purchased 93,590
Accrued expenses 447,761
Other liabilities 0
--------------------
Total liabilities 1,871,666
--------------------
Net assets $274,720,325
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($274,720,325/5,365,255 units outstanding) $51.20
====================
</TABLE>
1
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $315,287
Interest income 87,172
--------------------
Net investment income 402,459
Expenses:
Investment advisory fee 308,418
State Street Bank & Trust Company - program fee 156,180
American Bar Retirement Association - program fee 32,156
Trustee, management and administration fees 56,184
Other expenses and taxes 41,846
Amortization of organization expenses 6,087
--------------------
Total expenses 600,871
--------------------
Net investment loss (198,412)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 10,825,270
Unrealized depreciation of investments during the period (11,894,596)
--------------------
Net loss on investments (1,069,326)
--------------------
Net decrease in net assets resulting from operations $(1,267,738)
====================
</TABLE>
2
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Decrease in net assets from:
Operations:
Net investment loss $(198,412)
Net realized gain on investments 10,825,270
Unrealized depreciation of investments during the period (11,894,596)
--------------------
Net decrease in net assets resulting from operations (1,267,738)
--------------------
Participant transactions:
Proceeds from sales of units 4,380,445
Cost of units redeemed (27,247,245)
Net decrease in net assets resulting from participant transactions (22,866,800)
--------------------
Total decrease in net assets (24,134,538)
Net assets:
Beginning of period 298,854,863
--------------------
End of period $274,720,325
====================
Number of units:
Outstanding-beginning of period 5,806,015
Sold 85,576
Redeemed (526,336)
--------------------
Outstanding-end of period 5,365,255
====================
</TABLE>
3
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.07
Expenses (0.11)
--------------------
Net investment loss (0.04)
Net realized and unrealized loss on investments (0.23)
--------------------
Net decrease in unit value (0.27)
Net asset value at beginning of period 51.47
--------------------
Net asset value at end of period $51.20
====================
Ratio of expenses to average net assets* 0.86%
Ratio of net investment loss to average net assets* (0.28)%
Portfolio turnover 13.00%
Number of units outstanding at end of period (in thousands) 5,365
- ------------------------------------------------------------------
*Annualized
</TABLE>
4
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $431,750,228) $500,197,535
Cash 14,628
Receivable for investments sold 12,532,471
Receivable for fund units sold 0
Dividends and interest receivable 1,863,179
Other assets 62,177
--------------------
Total assets 514,669,990
--------------------
Liabilities
Payable for investments purchased 72,743,624
Payable for fund units purchased 1,430,453
Accrued expenses 433,592
Other liabilities 0
--------------------
Total liabilities 74,607,669
--------------------
Net assets $440,062,321
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($440,062,321/7,860,399 units outstanding) $55.98
====================
</TABLE>
5
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $714,718
Interest income 2,582,947
--------------------
Net investment income 3,297,665
Expenses:
Investment advisory fee 244,724
State Street Bank & Trust Company - program fee 237,321
American Bar Retirement Association - program fee 48,871
Trustee, management and administration fees 85,388
Other expenses and taxes 70,597
Amortization of organization expenses 8,897
--------------------
Total expenses 695,798
--------------------
Net investment income 2,601,867
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 5,412,093
Unrealized appreciation of investments during the period 13,866,879
--------------------
Net gain on investments 19,278,972
--------------------
Net increase in net assets resulting from operations $21,880,839
====================
</TABLE>
6
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $2,601,867
Net realized gain on investments 5,412,093
Unrealized appreciation of investments during the period 13,866,879
--------------------
Net increase in net assets resulting from operations 21,880,839
--------------------
Participant transactions:
Proceeds from sales of units 9,822,919
Cost of units redeemed (6,303,729)
Net increase in net assets resulting from participant transactions 3,519,190
--------------------
Total increase in net assets 25,400,029
Net assets:
Beginning of period 414,662,292
--------------------
End of period $440,062,321
====================
Number of units:
Outstanding-beginning of period 7,796,320
Sold 178,180
Redeemed (114,101)
--------------------
Outstanding-end of period 7,860,399
====================
</TABLE>
7
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.42
Expenses (0.09)
--------------------
Net investment income 0.33
Net realized and unrealized gain on investments 2.46
--------------------
Net increase in unit value 2.79
Net asset value at beginning of period 53.19
--------------------
Net asset value at end of period $55.98
====================
Ratio of expenses to average net assets* 0.65%
Ratio of net investment income to average net assets* 2.45%
Portfolio turnover 66.73%
Number of units outstanding at end of period (in thousands) 7,860
- ------------------------------------------------------------------
*Annualized
</TABLE>
8
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $928,286,790) $1,424,093,429
Cash 18,016
Receivable for investments sold 5,160,522
Receivable for fund units sold 297,230
Dividends and interest receivable 1,265,611
Other assets 186,964
--------------------
Total assets 1,431,021,772
--------------------
Liabilities
Payable for investments purchased 5,899,899
Payable for fund units purchased 439,942
Accrued expenses 1,633,367
Other liabilities 32,181
--------------------
Total liabilities 8,005,389
--------------------
Net assets $1,423,016,383
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($1,423,016,383/2,650,128 units outstanding) $536.96
====================
</TABLE>
9
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $2,592,353
Interest income 434,137
--------------------
Net investment income 3,026,490
Expenses:
Investment advisory fee 737,553
State Street Bank & Trust Company - program fee 749,154
American Bar Retirement Association - program fee 154,272
Trustee, management and administration fees 269,562
Other expenses and taxes 219,040
Amortization of organization expenses 26,752
--------------------
Total expenses 2,156,333
--------------------
Net investment income 870,157
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 45,435,187
Unrealized appreciation of investments during the period 57,430,744
--------------------
Net gain on investments 102,865,931
--------------------
Net increase in net assets resulting from operations $103,736,088
====================
</TABLE>
10
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $870,157
Net realized gain on investments 45,435,187
Unrealized appreciation of investments during the period 57,430,744
--------------------
Net increase in net assets resulting from operations 103,736,088
--------------------
Participant transactions:
Proceeds from sales of units 41,608,506
Cost of units redeemed (20,154,882)
Net increase in net assets resulting from participant transactions 21,453,624
--------------------
Total increase in net assets 125,189,712
Net assets:
Beginning of period 1,297,826,671
--------------------
End of period $1,423,016,383
====================
Number of units:
Outstanding-beginning of period 2,609,243
Sold 78,981
Redeemed (38,096)
--------------------
Outstanding-end of period 2,650,128
====================
</TABLE>
11
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $1.15
Expenses (0.82)
--------------------
Net investment income 0.33
Net realized and unrealized gain on investments 39.23
--------------------
Net increase in unit value 39.56
Net asset value at beginning of period 497.40
--------------------
Net asset value at end of period $536.96
====================
Ratio of expenses to average net assets* 0.64%
Ratio of net investment loss to average net assets* 0.26%
Portfolio turnover 11.17%
Number of units outstanding at end of period (in thousands) 2,650
- ------------------------------------------------------------------
*Annualized
</TABLE>
12
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $222,891,139) $234,411,993
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 30,793
--------------------
Total assets 234,442,786
--------------------
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 582,701
Accrued expenses 121,122
Other liabilities 0
--------------------
Total liabilities 703,823
--------------------
Net assets $233,738,963
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($233,738,963/8,323,272 units outstanding) $28.08
====================
</TABLE>
13
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
--------------------
Net investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 122,554
American Bar Retirement Association - program fee 25,237
Trustee, management and administration fees 44,098
Other expenses and taxes 35,321
Amortization of organization expenses 4,406
--------------------
Total expenses 231,616
--------------------
Net investment loss (231,616)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 22,920,797
Unrealized depreciation of investments during the period (15,152,319)
--------------------
Net gain on investments 7,768,478
--------------------
Net increase in net assets resulting from operations $7,536,862
====================
</TABLE>
14
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment loss $(231,616)
Net realized gain on investments 22,920,797
Unrealized depreciation of investments during the period (15,152,319)
--------------------
Net increase in net assets resulting from operations 7,536,862
--------------------
Participant transactions:
Proceeds from sales of units 18,138,492
Cost of units redeemed (2,260,120)
Net increase in net assets resulting from participant transactions 15,878,372
--------------------
Total increase in net assets 23,415,234
Net assets:
Beginning of period 210,323,729
--------------------
End of period $233,738,963
====================
Number of units:
Outstanding-beginning of period 7,745,510
Sold 658,186
Redeemed (80,424)
--------------------
Outstanding-end of period 8,323,272
====================
</TABLE>
15
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.00
Expenses (0.03)
--------------------
Net investment loss (0.03)
Net realized and unrealized gain on investments 0.96
--------------------
Net increase in unit value 0.93
Net asset value at beginning of period 27.15
--------------------
Net asset value at end of period $28.08
====================
Ratio of expenses to average net assets* 0.42%
Ratio of net investment loss to average net assets* (0.42)%
Portfolio turnover** 117.95%
Number of units outstanding at end of period (in thousands) 8,323
- ------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the collective investment funds in
which the fund invests, rather than the turnover of the underlying portfolios of
such collective investment funds.
</TABLE>
16
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $134,571,194) $132,601,008
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 971,037
Dividends and interest receivable 643,324
Other assets 19,289
--------------------
Total assets 134,234,658
--------------------
Liabilities
Payable for investments purchased 1,132,963
Payable for fund units purchased 436,432
Accrued expenses 72,277
Other liabilities 0
--------------------
Total liabilities 1,641,672
--------------------
Net assets $132,592,986
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($132,592,986/10,290,796 units outstanding) $12.88
====================
</TABLE>
17
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $1,843,863
Interest income 0
--------------------
Net investment income 1,843,863
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 71,690
American Bar Retirement Association - program fee 14,763
Trustee, management and administration fees 25,793
Other expenses and taxes 19,559
Amortization of organization expenses 2,760
--------------------
Total expenses 134,565
--------------------
Net investment income 1,709,298
--------------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold (86,767)
Unrealized depreciation of investments during the period (2,629,154)
--------------------
Net loss on investments (2,715,921)
--------------------
Net decrease in net assets resulting from operations $(1,006,623)
====================
</TABLE>
18
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $1,709,298
Net realized loss on investments (86,767)
Unrealized depreciation of investments during the period (2,629,154)
--------------------
Net decrease in net assets resulting from operations (1,006,623)
--------------------
Participant transactions:
Proceeds from sales of units 11,042,003
Cost of units redeemed (5,309,703)
Net increase in net assets resulting from participant transactions 5,732,300
--------------------
Total increase in net assets 4,725,677
Net assets:
Beginning of period 127,867,309
--------------------
End of period $132,592,986
====================
Number of units:
Outstanding-beginning of period 9,847,223
Sold 854,942
Redeemed (411,369)
--------------------
Outstanding-end of period 10,290,796
====================
</TABLE>
19
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.18
Expenses (0.01)
--------------------
Net investment income 0.17
Net realized and unrealized loss on investments (0.28)
--------------------
Net decrease in unit value (0.11)
Net asset value at beginning of period 12.99
--------------------
Net asset value at end of period $12.88
====================
Ratio of expenses to average net assets* 0.42%
Ratio of net investment income to average net assets* 5.33%
Portfolio turnover** 3.16%
Number of units outstanding at end of period (in thousands) 10,291
- ------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment companies
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment companies.
</TABLE>
20
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $68,422,060) $71,976,027
Cash 0
Receivable for investments sold 438,120
Receivable for fund units sold (335,569)
Dividends and interest receivable 0
Other assets 27,475
--------------------
Total assets 72,106,053
--------------------
Liabilities
Payable for investments purchased 71,362
Payable for fund units purchased 0
Accrued expenses 38,670
Other liabilities 0
--------------------
Total liabilities 110,032
--------------------
Net assets $71,996,021
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($71,996,021/3,377,303 units outstanding) $21.32
====================
</TABLE>
21
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 17,434
--------------------
Net investment income 17,434
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 38,929
American Bar Retirement Association - program fee 8,016
Trustee, management and administration fees 14,007
Other expenses and taxes 11,210
Amortization of organization expenses 1,462
--------------------
Total expenses 73,624
--------------------
Net investment loss (56,190)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold (691,016)
Unrealized appreciation of investments during the period 1,828,802
--------------------
Net gain on investments 1,137,786
--------------------
Net increase in net assets resulting from operations $1,081,596
====================
</TABLE>
22
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment loss $(56,190)
Net realized loss on investments (691,016)
Unrealized appreciation of investments during the period 1,828,802
--------------------
Net increase in net assets resulting from operations 1,081,596
--------------------
Participant transactions:
Proceeds from sales of units 37,470,430
Cost of units redeemed (36,130,985)
Net increase in net assets resulting from participant transactions 1,339,445
--------------------
Total increase in net assets 2,421,041
Net assets:
Beginning of period 69,574,980
--------------------
End of period $71,996,021
====================
Number of units:
Outstanding-beginning of period 3,302,528
Sold 1,804,713
Redeemed (1,729,938)
--------------------
Outstanding-end of period 3,377,303
====================
</TABLE>
23
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.01
Expenses (0.02)
--------------------
Net investment loss (0.01)
Net realized and unrealized gain on investments 0.26
--------------------
Net increase in unit value 0.25
Net asset value at beginning of period 21.07
--------------------
Net asset value at end of period $21.32
====================
Ratio of expenses to average net assets* 0.42%
Ratio of net investment loss to average net assets* (0.32)%
Portfolio turnover** 50.54%
Number of units outstanding at end of period (in thousands) 3,377
- ------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment company
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment company.
</TABLE>
24
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $675,851,023) $675,851,023
Interest Receivable 3,327,237
Receivable for fund units sold 371,798
Other assets 104,772
--------------------
Total assets 679,654,830
--------------------
Liabilities
Payable for fund units redeemed 0
Accrued expenses 381,249
--------------------
Total liabilities 381,249
--------------------
Net assets $679,273,581
====================
Net asset value, redemption price and offering price per
unit of beneficial interest
($679,273,581/679,273,581 units outstanding) $1.00
====================
</TABLE>
25
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Interest income $9,784,929
--------------------
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 376,167
American Bar Retirement Association - program fee 77,460
Trustee, management and administration fees 135,331
Other expenses and taxes 125,291
Amortization of organization expenses 14,991
--------------------
Total expenses 729,240
--------------------
Net investment income $9,055,689
--------------------
</TABLE>
26
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Decrease in net assets from:
Operations:
Net investment income and net increase in net
assets resulting from operations $9,055,689
--------------------
Distributions from investment income (9,055,689)
--------------------
Participant transactions:
Proceeds from sales of units 48,137,582
Units issued in connection with reinvestment
of net investment income 9,055,689
Cost of units redeemed (57,910,849)
Net decrease in net assets resulting from
participant transactions (717,578)
--------------------
Total decrease in net assets (717,578)
--------------------
Net assets:
Beginning of period 679,991,159
--------------------
End of period $679,273,581
====================
</TABLE>
27
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.014
Expenses (0.001)
--------------------
Net investment income 0.013
Reinvestment of net investment income (0.013)
--------------------
Net increase in unit value 0.00
Net asset value at beginning of period 1.00
--------------------
Net asset value at end of period $1.00
====================
Ratio of expenses to average net assets* 0.41%
Ratio of net investment income to average net assets* 5.27%
Number of units outstanding at end of period (in thousands) 679,274
- ------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
--------------------
<S> <C>
Assets
Investments, at value (cost $125,312,477) $150,196,165
Cash 912
Receivable for investments sold 4,609,827
Receivable for fund units sold 0
Dividends and interest receivable 302,895
Other assets 22,328
--------------------
Total assets 155,132,127
--------------------
Liabilities
Payable for investments purchased 2,272,283
Payable for fund units purchased 214,101
Accrued expenses 123,080
Other liabilities 0
--------------------
Total liabilities 2,609,464
--------------------
Net assets $152,522,663
====================
Net asset value, redemption price and offering price per unit of beneficial
interest ($152,522,663/6,501,265 units outstanding) $23.46
====================
</TABLE>
29
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income:
Dividend income $689,231
Interest income 70,848
--------------------
Net investment income 760,079
Expenses:
Investment advisory fee 115,698
State Street Bank & Trust Company - program fee 82,494
American Bar Retirement Association - program fee 16,986
Trustee, management and administration fees 29,681
Other expenses and taxes 25,245
Amortization of organization expenses 3,195
--------------------
Total expenses 273,299
--------------------
Net investment income 486,780
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 8,035,258
Unrealized depreciation of investments during the period (8,908,259)
--------------------
Net loss on investments (873,001)
--------------------
Net decrease in net assets resulting from operations $(386,221)
====================
</TABLE>
30
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $486,780
Net realized gain on investments 8,035,258
Unrealized depreciation of investments during the period (8,908,259)
--------------------
Net decrease in net assets resulting from operations (386,221)
--------------------
Participant transactions:
Proceeds from sales of units 8,199,110
Cost of units redeemed (6,073,166)
Net increase in net assets resulting from participant transactions 2,125,944
--------------------
Total increase in net assets 1,739,723
Net assets:
Beginning of period 150,782,940
--------------------
End of period $152,522,663
====================
Number of units:
Outstanding-beginning of period 6,408,409
Sold 352,921
Redeemed (260,065)
--------------------
Outstanding-end of period 6,501,265
====================
</TABLE>
31
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
--------------------
<S> <C>
Investment income $0.12
Expenses (0.04)
--------------------
Net investment income 0.08
Net realized and unrealized loss on investments (0.15)
--------------------
Net decrease in unit value (0.07)
Net asset value at beginning of period 23.53
--------------------
Net asset value at end of period $23.46
====================
Ratio of expenses to average net assets* 0.74%
Ratio of net investment income to average net assets* 1.32%
Portfolio turnover 11.35%
Number of units outstanding at end of period (in thousands) 6,501
- ------------------------------------------------------------------
*Annualized
</TABLE>
32
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $22,387,996) $24,400,788
Cash 0
Receivable for investments sold 206,291
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 24,607,079
------------------------
Liabilities
Payable for investments purchased 194,702
Payable for fund units purchased 11,589
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 206,291
------------------------
Net assets $24,400,788
========================
Net asset value, redemption price and offering price per unit of beneficial
interest ($24,400,788/1,640,466 units outstanding) $14.87
========================
</TABLE>
33
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Net investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 335,285
Unrealized depreciation of investments during the period (37,779)
------------------------
Net gain on investments 297,506
------------------------
Net increase in net assets resulting from operations $297,506
========================
</TABLE>
34
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 335,285
Unrealized depreciation of investments during the period (37,779)
------------------------
Net increase in net assets resulting from operations 297,506
------------------------
Participant transactions:
Proceeds from sales of units 2,797,214
Cost of units redeemed (1,425,199)
Net increase in net assets resulting from participant transactions 1,372,015
------------------------
Total increase in net assets 1,669,521
Net assets:
Beginning of period 22,731,267
------------------------
End of period $24,400,788
========================
Number of units:
Outstanding-beginning of period 1,547,249
Sold 189,688
Redeemed (96,471)
------------------------
Outstanding-end of period 1,640,466
========================
</TABLE>
35
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
========================
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.18
------------------------
Net increase in unit value 0.18
Net asset value at beginning of period 14.69
------------------------
Net asset value at end of period $14.87
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment loss to average net assets* 0.00%
Portfolio turnover** 8.18%
Number of units outstanding at end of period (in thousands) 1,640
- ------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the funds in which the portfolio
invests rather than the turnover of such underlying funds.
</TABLE>
36
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $76,378,272) $90,726,416
Cash 0
Receivable for investments sold 731,922
Receivable for fund units sold 96,447
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 91,554,785
------------------------
Liabilities
Payable for investments purchased 828,369
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 828,369
------------------------
Net assets $90,726,416
========================
Net asset value, redemption price and offering price per unit of beneficial
interest ($90,726,416/5,455,171 units outstanding) $16.63
========================
</TABLE>
37
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Net investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,362,274
Unrealized appreciation of investments during the period 175,423
------------------------
Net gain on investments 1,537,697
------------------------
Net increase in net assets resulting from operations $1,537,697
========================
</TABLE>
38
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 1,362,274
Unrealized appreciation of investments during the period 175,423
------------------------
Net increase in net assets resulting from operations 1,537,697
------------------------
Participant transactions:
Proceeds from sales of units 7,531,625
Cost of units redeemed (2,689,225)
Net increase in net assets resulting from participant transactions 4,842,400
------------------------
Total increase in net assets 6,380,097
Net assets:
Beginning of period 84,346,319
------------------------
End of period $90,726,416
========================
Number of units:
Outstanding-beginning of period 5,159,072
Sold 460,129
Redeemed (164,030)
------------------------
Outstanding-end of period 5,455,171
========================
</TABLE>
39
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.28
------------------------
Net increase in unit value 0.28
Net asset value at beginning of period 16.35
------------------------
Net asset value at end of period $16.63
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment loss to average net assets* 0.00%
Portfolio turnover** 5.42%
Number of units outstanding at end of period (in thousands) 5,455
- ------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the funds in which the portfolio
invests rather than the turnover of such underlying funds.
</TABLE>
40
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $57,398,850) $71,522,455
Cash 0
Receivable for investments sold 336,434
Receivable for fund units sold 121,944
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 71,980,833
------------------------
Liabilities
Payable for investments purchased 458,378
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 458,378
------------------------
Net assets $71,522,455
========================
Net asset value, redemption price and offering price per unit of beneficial
interest ($71,522,455/3,901,794 units outstanding) $18.33
========================
</TABLE>
41
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Net investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,254,856
Unrealized appreciation of investments during the period 336,519
------------------------
Net gain on investments 1,591,375
------------------------
Net increase in net assets resulting from operations $1,591,375
========================
</TABLE>
42
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 1,254,856
Unrealized appreciation of investments during the period 336,519
------------------------
Net increase in net assets resulting from operations 1,591,375
------------------------
Participant transactions:
Proceeds from sales of units 5,352,346
Cost of units redeemed (2,266,149)
Net increase in net assets resulting from participant transactions 3,086,197
------------------------
Total increase in net assets 4,677,572
Net assets:
Beginning of period 66,844,883
------------------------
End of period $71,522,455
========================
Number of units:
Outstanding-beginning of period 3,729,881
Sold 297,750
Redeemed (125,837)
------------------------
Outstanding-end of period 3,901,794
========================
</TABLE>
43
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 1999
to March 31, 1999
------------------------
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.41
------------------------
Net increase in unit value 0.41
Net asset value at beginning of period 17.92
------------------------
Net asset value at end of period $18.33
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment loss to average net assets* 0.00%
Portfolio turnover** 5.46%
Number of units outstanding at end of period (in thousands) 3,902
- ------------------------------------------------------------------
*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 domestic equity market had a quarter that continued many trends
from 1998. The returns of the broad market were propelled by a small group of
the largest stocks. Like 1998, large capitalization stocks outperformed small
capitalization stocks and growth style investing performed considerably better
than value investing. Energy stocks had the strongest returns followed by
consumer services and technology. The consumer staples sector, along with
materials and processing, had the weakest returns. In the domestic bond market,
the yield curve became steeper as investors looked for more yield on longer term
maturity bonds due to the stronger than expected growth in the United States
economy. The international markets finished with both the established markets
and emerging markets having positive returns.
Aggressive Equity Fund
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and convertible
debt instruments and non-equity securities, including investment grade bonds,
debentures and high quality money market instruments of the same types as those
in which the Stable Asset Return Fund may invest, when deemed appropriate by
State Street in light of economic and market conditions. The Aggressive Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market. For the quarter ended March 31, 1999, 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 (.53)%. By comparison, the
Russell 2000 Index produced a total return of (5.42)% for the same period. The
Russell 2000 Index does not include any allowance for the fees that an investor
would pay for investing in the stocks that comprise the index.
The most heavily weighted sectors in the Aggressive Equity Fund were
technology, business services and health care. Securities representing the
largest holdings based on market value in the Aggressive Equity Fund at March
31, 1999 included Biogen Inc., Elan PLC, Legato Systems Inc., Staples Inc. and
Chancellor Media 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 March 31,
1999, the Balanced Fund experienced a total return, net of Expenses, of 5.27%.
For the same period, a combination of the Russell 1000 Index and the
45
<PAGE>
Lehman Brothers Aggregate Bond Index weighted 60/40%, respectively, produced a
total return of 2.27%. The Russell 1000 Index and the Lehman Brothers Aggregate
Bond Index do not include an allowance for the fees that an investor would pay
for investing in the securities that comprise the indices.
The most heavily weighted sectors in the equity portion of the Balanced
Fund were technology, financial services and health care. Securities
representing the largest holdings based on market value in the Balanced Fund at
March 31, 1999 included Citigroup Inc., Pfizer Inc., BankAmerica Corp., SLM
Holding Corp. and Nokia Corp. The fixed income portion was heavily invested in
government agency mortgage-related issues.
Growth Equity Fund
The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The Growth
Equity Fund seeks to achieve long-term growth of capital through increases in
the value of the securities it holds and to realize income principally from
dividends on such securities. A portion of the Growth Equity Fund (approximately
25%) is invested to replicate the Russell 1000 Growth Index, which is composed
of those Russell 1000 securities with a greater than average growth orientation.
The remainder of the Growth Equity Fund is actively managed. The Growth Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market.
For the quarter ended March 31, 1999, the Growth Equity Fund
experienced a total return, net of Expenses, of 7.95%. By comparison, the
Russell 1000 Growth Index produced a return of 5.76% for the same period. The
Russell 1000 Growth Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the index.
The most heavily weighted sectors in the Growth Equity Fund were
technology, health care and consumer staples. Securities representing the
largest holdings based on market value in the Growth Equity Fund at March 31,
1999 included Microsoft Corp., General Electric Company, Pfizer Inc., Cisco
Systems Inc. and Intel Corp.
Index Equity Fund
The Index Equity Fund invests in common stocks of United States
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 United States equity market based on the
market capitalization of the companies in the Russell 3000 Index. To control
costs, the Index Equity Fund does not attempt to own all 3,000 securities
included in the Russell 3000 Index. Instead, the Fund attempts to replicate the
returns of the Russell 3000 Index by dividing it into two categories; the S&P
500 Index, which is comprised of 500 large capitalization stocks, and the
extended market portion of the United States equity market represented by the
Russell Special Small Company Index, which is comprised of approximately 2,500
46
<PAGE>
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, of 3.42% for the
quarter ended March 31, 1999. By comparison, the Russell 3000 Index produced a
return of 3.39% 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. During the quarter ended March
31, 1999, a portion of the Intermediate Bond Fund (approximately two-thirds) was
actively managed, investing in fixed income securities with a portfolio duration
generally from three to six years. The remaining portion (approximately
one-third) of the Intermediate Bond Fund was invested to replicate the Lehman
Brothers Government/Corporate 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. During
this period, two-thirds of all contributions to the Fund were invested in the
PIMCO Total Return Fund and the remaining one-third was invested in the
Masterworks Bond Index Fund.
For the quarter ended March 31, 1999, the Intermediate Bond Fund
experienced a total return, net of Expenses, of (.77)%. As a comparison, the
Lehman Brothers Aggregate Bond Index produced a return of (.50)% for the same
period. The Lehman Brothers Aggregate Bond Index does not include an allowance
for the fees that an investor would pay for investing in the securities that
comprise the index.
International Equity Fund
The International Equity Fund's investment objective is to seek
long-term growth of capital through investing primarily in common stocks of
established non-U.S. companies. The Fund intends to diversify investments
broadly among countries of the Far East and Europe, as well as in South Africa,
Australia, Canada and other areas. The International Equity Fund seeks 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
47
<PAGE>
International Equity Fund will be invested in the T. Rowe Price International
Stock Fund.
For the quarter ended March 31, 1999, the International Equity Fund
experienced a total return, net of Expenses, of 1.19%. 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 2.19%. 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.
As of March 31, 1999, the most heavily weighted countries in the T.
Rowe Price International Stock Fund were the United Kingdom, Japan, France and
the Netherlands. The securities representing the largest holdings based on
market value were National Westminster Bank, SmithKline Beecham, Wolters Kluwer,
Telecom Italia and Glaxo Wellcome.
Stable Asset Return Fund
The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, banks or other financial institutions. The Stable
Asset Return Fund also invests in high quality money market instruments,
including obligations of the United States government, notes, bonds and similar
debt instruments of corporations, commercial paper, certificates of deposit and
time deposits, bankers' acceptances, variable and indexed interest notes and
repurchase agreements.
For the quarter ended March 31, 1999, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 5.52%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 4.38%. 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 invests
primarily in common stocks of companies that State Street and its investment
advisor consider undervalued.
For the quarter ended March 31, 1999, the Value Equity Fund experienced
a total return, net of Expenses, of (.30)%. By comparison, the Russell 1000
Value Index produced a return of 1.43% for the same period. The Russell 1000
Value Index does not include an allowance for the fees that an investor would
pay for investing in the securities that comprise the index.
The most heavily weighted sectors in the Value Equity Fund were
technology, financial services and raw materials. Securities representing the
largest holdings based on market value in the Value Equity Fund at March 31,
1999 included Microsoft Corp., General Electric Company, International Business
Machines Corp., Johnson & Johnson Inc. and BankAmerica Corp.
48
<PAGE>
Structured Portfolio Service
The portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive portfolio
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value Equity Fund,
7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and International Equity
Fund, 7%. Funds in the Moderate Portfolio are allocated as follows: Stable Asset
Return Fund, 10%; Intermediate Bond Fund, 30%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended March 31, 1999, the Structured Portfolio Service
experienced a total return, net of Expenses, of 1.24% for the Conservative
Portfolio, 1.73% for the Moderate Portfolio, and 2.28% 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
May 17, 1999 By: /s/ BETH M. HALBERSTADT
-----------------------
Beth M. Halberstadt
Vice President and Chief Financial Officer
May 17, 1999 By: /s/ SUSAN C. DANIELS
--------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 237,949,251
<INVESTMENTS-AT-VALUE> 274,276,769
<RECEIVABLES> 666,477
<ASSETS-OTHER> 42,538
<OTHER-ITEMS-ASSETS> 1,606,207
<TOTAL-ASSETS> 276,591,991
<PAYABLE-FOR-SECURITIES> 1,330,315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,351
<TOTAL-LIABILITIES> 1,871,666
<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> 274,720,325
<DIVIDEND-INCOME> 315,287
<INTEREST-INCOME> 87,172
<OTHER-INCOME> 0
<EXPENSES-NET> 600,871
<NET-INVESTMENT-INCOME> (198,412)
<REALIZED-GAINS-CURRENT> 10,825,270
<APPREC-INCREASE-CURRENT> (11,894,596)
<NET-CHANGE-FROM-OPS> (1,267,738)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,576
<NUMBER-OF-SHARES-REDEEMED> (526,336)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (24,134,538)
<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> 283,480,498
<PER-SHARE-NAV-BEGIN> 51.47
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 51.20
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 431,750,228
<INVESTMENTS-AT-VALUE> 500,197,535
<RECEIVABLES> 14,395,650
<ASSETS-OTHER> 62,177
<OTHER-ITEMS-ASSETS> 14,628
<TOTAL-ASSETS> 514,669,990
<PAYABLE-FOR-SECURITIES> 72,743,624
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,864,045
<TOTAL-LIABILITIES> 74,607,669
<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> 440,062,321
<DIVIDEND-INCOME> 714,718
<INTEREST-INCOME> 2,582,947
<OTHER-INCOME> 0
<EXPENSES-NET> 695,798
<NET-INVESTMENT-INCOME> 2,601,867
<REALIZED-GAINS-CURRENT> 5,412,093
<APPREC-INCREASE-CURRENT> 13,866,879
<NET-CHANGE-FROM-OPS> 21,880,839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178,180
<NUMBER-OF-SHARES-REDEEMED> (114,101)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,400,029
<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> 430,979,603
<PER-SHARE-NAV-BEGIN> 53.19
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 55.98
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 928,286,790
<INVESTMENTS-AT-VALUE> 1,424,093,429
<RECEIVABLES> 6,723,363
<ASSETS-OTHER> 186,964
<OTHER-ITEMS-ASSETS> 18,016
<TOTAL-ASSETS> 1,431,021,772
<PAYABLE-FOR-SECURITIES> 5,899,899
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,105,490
<TOTAL-LIABILITIES> 8,005,389
<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> 1,423,016,383
<DIVIDEND-INCOME> 2,592,353
<INTEREST-INCOME> 434,137
<OTHER-INCOME> 0
<EXPENSES-NET> 2,156,333
<NET-INVESTMENT-INCOME> 870,157
<REALIZED-GAINS-CURRENT> 45,435,187
<APPREC-INCREASE-CURRENT> 57,430,744
<NET-CHANGE-FROM-OPS> 103,736,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,981
<NUMBER-OF-SHARES-REDEEMED> (38,096)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 125,189,712
<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> 1,360,744,112
<PER-SHARE-NAV-BEGIN> 497.40
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 39.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 536.96
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 222,891,139
<INVESTMENTS-AT-VALUE> 234,411,993
<RECEIVABLES> 0
<ASSETS-OTHER> 30,793
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,442,786
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 703,823
<TOTAL-LIABILITIES> 703,823
<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> 233,738,963
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 231,616
<NET-INVESTMENT-INCOME> (231,616)
<REALIZED-GAINS-CURRENT> 22,920,797
<APPREC-INCREASE-CURRENT> (15,152,319)
<NET-CHANGE-FROM-OPS> 7,536,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 658,186
<NUMBER-OF-SHARES-REDEEMED> (80,424)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,415,234
<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> 222,610,830
<PER-SHARE-NAV-BEGIN> 27.15
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.08
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 134,571,194
<INVESTMENTS-AT-VALUE> 132,601,008
<RECEIVABLES> 1,614,361
<ASSETS-OTHER> 19,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,234,658
<PAYABLE-FOR-SECURITIES> 1,132,963
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 508,709
<TOTAL-LIABILITIES> 1,641,672
<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> 132,592,986
<DIVIDEND-INCOME> 1,843,863
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 134,565
<NET-INVESTMENT-INCOME> 1,709,298
<REALIZED-GAINS-CURRENT> (86,767)
<APPREC-INCREASE-CURRENT> (2,629,154)
<NET-CHANGE-FROM-OPS> (1,006,623)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 854,942
<NUMBER-OF-SHARES-REDEEMED> (411,369)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,725,677
<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> 130,164,994
<PER-SHARE-NAV-BEGIN> 12.99
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> (0.28)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.88
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 68,422,060
<INVESTMENTS-AT-VALUE> 71,976,027
<RECEIVABLES> 102,551
<ASSETS-OTHER> 27,475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,106,053
<PAYABLE-FOR-SECURITIES> 71,362
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,670
<TOTAL-LIABILITIES> 110,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 71,996,021
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,434
<OTHER-INCOME> 0
<EXPENSES-NET> 73,624
<NET-INVESTMENT-INCOME> (56,190)
<REALIZED-GAINS-CURRENT> (691,016)
<APPREC-INCREASE-CURRENT> 1,828,802
<NET-CHANGE-FROM-OPS> 1,081,596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,804,713
<NUMBER-OF-SHARES-REDEEMED> (1,729,938)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,421,041
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 70,696,801
<PER-SHARE-NAV-BEGIN> 21.07
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.32
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 675,851,023
<INVESTMENTS-AT-VALUE> 675,851,023
<RECEIVABLES> 3,699,035
<ASSETS-OTHER> 104,772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 679,654,830
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 381,249
<TOTAL-LIABILITIES> 381,249
<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> 679,273,581
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,784,929
<OTHER-INCOME> 0
<EXPENSES-NET> 729,240
<NET-INVESTMENT-INCOME> 9,055,689
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,055,689
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,055,689)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,137,582
<NUMBER-OF-SHARES-REDEEMED> (57,910,849)
<SHARES-REINVESTED> 9,055,689
<NET-CHANGE-IN-ASSETS> (717,578)
<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> 682,895,867
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 125,312,477
<INVESTMENTS-AT-VALUE> 150,196,165
<RECEIVABLES> 4,912,722
<ASSETS-OTHER> 22,328
<OTHER-ITEMS-ASSETS> 912
<TOTAL-ASSETS> 155,132,127
<PAYABLE-FOR-SECURITIES> 2,272,283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 337,181
<TOTAL-LIABILITIES> 2,609,464
<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> 152,522,663
<DIVIDEND-INCOME> 689,231
<INTEREST-INCOME> 70,848
<OTHER-INCOME> 0
<EXPENSES-NET> 273,299
<NET-INVESTMENT-INCOME> 486,780
<REALIZED-GAINS-CURRENT> 8,035,258
<APPREC-INCREASE-CURRENT> (8,908,259)
<NET-CHANGE-FROM-OPS> (386,221)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 352,921
<NUMBER-OF-SHARES-REDEEMED> (260,065)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,739,723
<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> 149,802,841
<PER-SHARE-NAV-BEGIN> 23.53
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.46
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE- CONSERVATIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 22,387,996
<INVESTMENTS-AT-VALUE> 24,400,788
<RECEIVABLES> 206,291
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,607,079
<PAYABLE-FOR-SECURITIES> 194,702
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,589
<TOTAL-LIABILITIES> 206,291
<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> 24,400,788
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 335,285
<APPREC-INCREASE-CURRENT> (37,779)
<NET-CHANGE-FROM-OPS> 297,506
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 189,688
<NUMBER-OF-SHARES-REDEEMED> (96,471)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,669,521
<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> 23,601,360
<PER-SHARE-NAV-BEGIN> 14.69
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.87
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE- MODERATE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 76,378,272
<INVESTMENTS-AT-VALUE> 90,726,416
<RECEIVABLES> 828,369
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,554,785
<PAYABLE-FOR-SECURITIES> 828,369
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 828,369
<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> 90,726,416
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 1,362,274
<APPREC-INCREASE-CURRENT> 175,423
<NET-CHANGE-FROM-OPS> 1,537,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460,129
<NUMBER-OF-SHARES-REDEEMED> (164,030)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,380,097
<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> 86,349,206
<PER-SHARE-NAV-BEGIN> 16.35
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.63
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE- AGGRESSIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 57,398,850
<INVESTMENTS-AT-VALUE> 71,522,455
<RECEIVABLES> 458,378
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,980,833
<PAYABLE-FOR-SECURITIES> 458,378
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 458,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 71,522,455
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 1,254,856
<APPREC-INCREASE-CURRENT> 336,519
<NET-CHANGE-FROM-OPS> 1,591,375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 297,750
<NUMBER-OF-SHARES-REDEEMED> (125,837)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,677,572
<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> 68,813,673
<PER-SHARE-NAV-BEGIN> 17.92
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.33
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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