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Previous: PAGING NETWORK INC, 10-Q, 1999-11-15 |
Next: CPX CORP, 10-Q, 1999-11-15 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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.................................50
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................51
SIGNATURES.....................................................52
ii
<PAGE>
Part l. Financial Information
Item l. Financial Statements (unaudited)
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $238,837,106) $310,204,671
Cash 18,685
Receivable for investments sold 1,058,533
Receivable for fund units sold 0
Dividends and interest receivable 136,418
Other assets 30,162
------------------------
Total assets 311,448,469
------------------------
Liabilities
Payable for investments purchased 784,111
Payable for fund units purchased 18,592
Accrued expenses 420,061
Other liabilities 0
------------------------
Total liabilities 1,222,764
------------------------
Net Assets $310,225,705
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(310,225,705/5,141,750 units outstanding) $60.33
========================
</TABLE>
1
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $342,834 $976,634
Interest income 159,911 409,666
------------------------------------------------
Total investment income 502,745 1,386,300
Expenses:
Investment advisory fee 340,606 956,113
State Street Bank & Trust Company - program fee 160,912 466,343
American Bar Retirement Association - program fee 34,581 98,140
Trustee, management and administration fees 59,312 169,970
Other expenses and taxes 17,432 76,521
Amortization of organization expenses 6,222 18,463
Total expenses 619,065 1,785,550
------------------------------------------------
Net investment loss (116,320) (399,250)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 10,204,824 34,187,996
Unrealized appreciation (depreciation) of investments during the period (3,392,236) 12,353,548
------------------------------------------------
Net gain on investments 6,812,588 46,541,544
------------------------------------------------
Net increase in net assets resulting from operations $6,696,268 $46,142,294
================================================
</TABLE>
2
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment loss $(116,320) $(399,250)
Net realized gain on investments 10,204,824 34,187,996
Unrealized appreciation (depreciation) of investments during the period (3,392,236) 12,353,548
------------------------------------------------
Net increase in net assets resulting from operations 6,696,268 46,142,294
------------------------------------------------
Participant transactions:
Proceeds from sales of units 10,075,963 17,113,518
Cost of units redeemed (9,010,497) (51,884,970)
Net increase (decrease) in net assets resulting from participant
transactions 1,065,466 (34,771,451)
------------------------------------------------
Total increase in net assets 7,761,734 11,370,842
Net Assets:
Beginning of period 302,463,971 298,854,863
------------------------------------------------
End of period $310,225,705 $310,225,705
================================================
Number of units:
Outstanding-beginning of period 5,125,548 5,806,015
Sold 168,204 304,708
Redeemed (152,002) (968,973)
------------------------------------------------
Outstanding-end of period 5,141,750 5,141,750
================================================
</TABLE>
3
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.10 $0.26
Expenses (0.12) (0.34)
------------------------------------------------
Net investment loss (0.02) (0.08)
Net realized and unrealized gain on investments 5.02 8.94
------------------------------------------------
Net increase in unit value 5.00 8.86
Net asset value at beginning of period 55.33 51.47
------------------------------------------------
Net asset value at end of period $60.33 $60.33
================================================
Ratio of expenses to average net assets* 0.80% 0.82%
Ratio of net investment loss to average net assets* (0.15)% (0.18)%
Portfolio turnover 11.53% 40.10%
Number of units outstanding at end of period (in thousands) 5,142 5,142
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
4
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $460,352,984) $506,343,024
Cash 1,530
Receivable for investments sold 15,164,838
Receivable for fund units sold 0
Dividends and interest receivable 1,874,722
Other assets 44,087
------------------------
Total assets 523,428,201
------------------------
Liabilities
Payable for investments purchased 83,657,844
Payable for fund units purchased 17,506
Accrued expenses 275,355
Other liabilities 0
------------------------
Total liabilities 83,950,705
------------------------
Net Assets $439,477,496
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(439,477,496/7,785,847 units outstanding) $56.45
========================
</TABLE>
5
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $991,276 $2,582,761
Interest income 2,647,027 7,971,553
------------------------------------------------
Total investment income 3,638,303 10,554,314
Expenses:
Investment advisory fee 263,015 766,743
State Street Bank & Trust Company - program fee 237,785 715,788
American Bar Retirement Association - program fee 51,103 150,614
Trustee, management and administration fees 87,645 260,874
Other expenses and taxes 27,863 126,020
Amortization of organization expenses 9,094 26,986
Total expenses 676,505 2,047,025
------------------------------------------------
Net investment income 2,961,798 8,507,289
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 12,618,324 25,576,654
Unrealized depreciation of investments during the period (34,749,826) (8,590,389)
------------------------------------------------
Net gain (loss) on investments (22,131,502) 16,986,265
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(19,169,704) $25,493,555
================================================
</TABLE>
6
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $2,961,797 $8,507,289
Net realized gain on investments 12,618,324 25,576,654
Unrealized depreciation of investments during the period (34,749,825) (8,590,388)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (19,169,704) 25,493,555
------------------------------------------------
Participant transactions:
Proceeds from sales of units 5,807,590 22,602,944
Cost of units redeemed (9,349,191) (23,281,295)
Net decrease in net assets resulting from participant transactions (3,541,601) (678,351)
------------------------------------------------
Total increase (decrease) in net assets (22,711,305) 24,815,204
Net Assets:
Beginning of period 462,188,801 414,662,292
------------------------------------------------
End of period $439,477,496 $439,477,496
================================================
Number of units:
Outstanding-beginning of period 7,847,942 7,796,320
Sold 99,512 397,999
Redeemed (161,607) (408,472)
------------------------------------------------
Outstanding-end of period 7,785,847 7,785,847
================================================
</TABLE>
7
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.46 $1.35
Expenses (0.09) (0.26)
------------------------------------------------
Net investment income 0.37 1.09
Net realized and unrealized gain (loss) on investments (2.81) 2.17
------------------------------------------------
Net increase (decrease) in unit value (2.44) 3.26
Net asset value at beginning of period 58.89 53.19
------------------------------------------------
Net asset value at end of period $56.45 $56.45
================================================
Ratio of expenses to average net assets* 0.59% 0.61%
Ratio of net investment income to average net assets* 2.58% 2.55%
Portfolio turnover 56.10% 165.49%
Number of units outstanding at end of period (in thousands) 7,786 7,786
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
8
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $1,031,093,026) $1,433,842,792
Cash 10,218
Receivable for investments sold 6,165,426
Receivable for fund units sold 0
Dividends and interest receivable 1,237,441
Other assets 150,869
------------------------
Total assets 1,441,406,746
------------------------
Liabilities
Payable for investments purchased 5,548,480
Payable for fund units purchased 337,125
Accrued expenses 1,196,912
Other liabilities 0
------------------------
Total liabilities 7,082,517
------------------------
Net Assets $1,434,324,229
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(1,434,324,229/2,660,332 units outstanding) $539.15
========================
</TABLE>
9
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $2,997,903 $8,464,169
Interest income 258,560 1,119,898
------------------------------------------------
Total investment income 3,256,463 9,584,067
Expenses:
Investment advisory fee 810,301 2,329,732
State Street Bank & Trust Company - program fee 771,878 2,285,825
American Bar Retirement Association - program fee 165,887 481,068
Trustee, management and administration fees 284,523 833,215
Other expenses and taxes 94,607 407,227
Amortization of organization expenses 27,346 81,147
Total expenses 2,154,542 6,418,214
------------------------------------------------
Net investment income 1,101,921 3,165,853
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 39,708,357 142,101,647
Unrealized depreciation of investments during the period (94,620,096) (35,633,253)
------------------------------------------------
Net gain (loss) on investments (54,911,739) 106,468,394
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(53,809,818) $109,634,247
================================================
</TABLE>
10
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $1,101,921 $3,165,853
Net realized gain on investments 39,708,357 142,101,647
Unrealized depreciation of investments during the period (94,620,096) (35,633,253)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (53,809,818) 109,634,247
------------------------------------------------
Participant transactions:
Proceeds from sales of units 15,710,220 86,690,581
Cost of units redeemed (25,882,087) (59,827,271)
Net increase (decrease) in net assets resulting from participant transactions (10,171,867) 26,863,310
------------------------------------------------
Total increase (decrease) in net assets (63,981,685) 136,497,557
Net Assets:
Beginning of period 1,498,305,915 1,297,826,672
------------------------------------------------
End of period $1,434,324,229 $1,434,324,229
================================================
Number of units:
Outstanding-beginning of period 2,678,958 2,609,243
Sold 28,380 161,671
Redeemed (47,006) (110,582)
------------------------------------------------
Outstanding-end of period 2,660,332 2,660,332
================================================
</TABLE>
11
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $1.22 $3.61
Expenses (0.81) (2.42)
------------------------------------------------
Net investment income 0.41 1.19
Net realized and unrealized gain (loss) on investments (20.55) 40.56
------------------------------------------------
Net increase (decrease) in unit value (20.14) 41.75
Net asset value at beginning of period 559.29 497.40
------------------------------------------------
Net asset value at end of period $539.15 $539.15
================================================
Ratio of expenses to average net assets* 0.58% 0.60%
Ratio of net investment income to average net assets* 0.30% 0.30%
Portfolio turnover 9.70% 36.67%
Number of units outstanding at end of period (in thousands) 2,660 2,660
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
12
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $239,814,531) $253,354,784
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 903,005
Dividends and interest receivable 0
Other assets 21,835
------------------------
Total assets 254,279,624
------------------------
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 0
Accrued expenses 73,239
Other liabilities 0
------------------------
Total liabilities 73,239
------------------------
Net Assets $254,206,385
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(254,206,385/8,944,338 units outstanding) $28.42
========================
</TABLE>
13
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<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 136,158 391,356
American Bar Retirement Association - program fee 29,262 82,409
Trustee, management and administration fees 50,188 142,699
Other expenses and taxes 15,254 65,662
Amortization of organization expenses 4,503 13,363
Total expenses 235,365 695,489
------------------------------------------------
Net investment loss (235,365) (695,489)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 603,296 23,774,969
Unrealized depreciation of investments during the period (17,248,978) (13,132,919)
------------------------------------------------
Net gain (loss) on investments (16,645,682) 10,642,050
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(16,881,047) $9,946,561
================================================
</TABLE>
14
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss $(235,365) $(695,489)
Net realized gain on investments 603,296 23,774,969
Unrealized depreciation of investments during the period (17,248,978) (13,132,919)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (16,881,047) 9,946,561
------------------------------------------------
Participant transactions:
Proceeds from sales of units 10,439,441 41,997,349
Cost of units redeemed (3,530,675) (8,061,254)
Net increase in net assets resulting from participant transactions 6,908,766 33,936,095
------------------------------------------------
Total increase (decrease) in net assets (9,972,281) 43,882,656
Net Assets:
Beginning of period 264,178,666 210,323,729
------------------------------------------------
End of period $254,206,385 $254,206,385
================================================
Number of units:
Outstanding-beginning of period 8,707,519 7,745,510
Sold 356,042 1,475,418
Redeemed (119,221) (276,590)
------------------------------------------------
Outstanding-end of period 8,944,338 8,944,338
================================================
</TABLE>
15
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses (0.03) (0.08)
------------------------------------------------
Net investment loss (0.03) (0.08)
Net realized and unrealized gain (loss) on investments (1.89) 1.35
------------------------------------------------
Net increase (decrease) in unit value (1.92) 1.27
Net asset value at beginning of period 30.34 27.15
------------------------------------------------
Net asset value at end of period $28.42 $28.42
================================================
Ratio of expenses to average net assets* 0.36% 0.38%
Ratio of net investment loss to average net assets* (0.36)% (0.38)%
Portfolio turnover** 2.01% 112.05%
Number of units outstanding at end of period (in thousands) 8,944 8,944
- --------------------------------------------------------------------------------
*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>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $139,001,619) $132,760,974
Cash 0
Receivable for investments sold 932,296
Receivable for fund units sold 0
Dividends and interest receivable 663,865
Other assets 13,677
------------------------
Total assets 134,370,812
------------------------
Liabilities
Payable for investments purchased 678,915
Payable for fund units purchased 928,796
Accrued expenses 39,300
Other liabilities 0
------------------------
Total liabilities 1,647,011
------------------------
Net Assets $132,723,801
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(132,723,801/10,345,215 units outstanding) $12.83
========================
</TABLE>
17
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $2,016,506 $5,862,672
Interest income 1 1
------------------------------------------------
Total investment income 2,016,507 5,862,673
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 69,039 211,771
American Bar Retirement Association - program fee 14,837 44,547
Trustee, management and administration fees 25,446 77,166
Other expenses and taxes 7,967 35,407
Amortization of organization expenses 2,822 8,373
Total expenses 120,111 377,264
------------------------------------------------
Net investment income 1,896,396 5,485,409
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold (35,869) (195,232)
Unrealized depreciation of investments during the period (980,956) (6,899,612)
------------------------------------------------
Net loss on investments (1,016,825) (7,094,844)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $879,571 $(1,609,435)
================================================
</TABLE>
18
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $1,896,396 $5,485,409
Net realized loss on investments (35,869) (195,232)
Unrealized depreciation of investments during the period (980,956) (6,899,612)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations 879,571 (1,609,435)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 3,621,291 24,374,723
Cost of units redeemed (5,574,088) (17,908,796)
Net increase (decrease) in net assets resulting from participant transactions (1,952,797) 6,465,927
------------------------------------------------
Total increase (decrease) in net assets (1,073,226) 4,856,492
Net Assets:
Beginning of period 133,797,027 127,867,309
------------------------------------------------
End of period $132,723,801 $132,723,801
================================================
Number of units:
Outstanding-beginning of period 10,497,889 9,847,223
Sold 284,573 1,893,956
Redeemed (437,247) (1,395,964)
------------------------------------------------
Outstanding-end of period 10,345,215 10,345,215
================================================
</TABLE>
19
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.20 $0.57
Expenses (0.01) (0.04)
------------------------------------------------
Net investment income 0.19 0.53
Net realized and unrealized loss on investments (0.11) (0.69)
------------------------------------------------
Net increase (decrease) in unit value 0.08 (0.16)
Net asset value at beginning of period 12.75 12.99
------------------------------------------------
Net asset value at end of period $12.83 $12.83
================================================
Ratio of expenses to average net assets* 0.36% 0.38%
Ratio of net investment income to average net assets* 5.69% 5.56%
Portfolio turnover** 5.36% 13.47%
Number of units outstanding at end of period (in thousands) 10,345 10,345
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment companies
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment companies.
</TABLE>
20
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $83,022,699) $85,803,565
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 2,647,808
Dividends and interest receivable 0
Other assets 27,726
------------------------
Total assets 88,479,099
------------------------
Liabilities
Payable for investments purchased 2,625,808
Payable for fund units purchased 0
Accrued expenses 24,236
Other liabilities 0
------------------------
Total liabilities 2,650,044
------------------------
Net Assets $85,829,055
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(85,829,055/3,782,684 units outstanding) $22.69
========================
</TABLE>
21
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Interest income 20,757 57,322
------------------------------------------------
Total investment income 20,757 57,322
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 42,967 122,729
American Bar Retirement Association - program fee 9,234 25,841
Trustee, management and administration fees 15,837 44,746
Other expenses and taxes 4,629 20,418
Amortization of organization expenses 1,494 4,434
Total expenses 74,161 218,168
------------------------------------------------
Net investment loss (53,404) (160,846)
------------------------------------------------
Realized and unrealized gain on investments:
Net realized gain on investments sold 2,820,869 5,380,692
Unrealized appreciation of investments during the period 116,928 1,055,701
------------------------------------------------
Net gain on investments 2,937,797 6,436,393
------------------------------------------------
Net increase in net assets resulting from operations $2,884,393 $6,275,547
================================================
</TABLE>
22
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment loss $(53,404) $(160,846)
Net realized gain on investments 2,820,869 5,380,692
Unrealized appreciation of investments during the period 116,928 1,055,701
------------------------------------------------
Net increase in net assets resulting from operations 2,884,393 6,275,547
------------------------------------------------
Participant transactions:
Proceeds from sales of units 35,633,535 113,023,123
Cost of units redeemed (34,268,825) (103,044,595)
Net increase in net assets resulting from participant transactions 1,364,710 9,978,528
------------------------------------------------
Total increase in net assets 4,249,103 16,254,075
Net Assets:
Beginning of period 81,579,952 69,574,980
------------------------------------------------
End of period $85,829,055 $85,829,055
================================================
Number of units:
Outstanding-beginning of period 3,721,620 3,302,529
Sold 1,592,009 5,235,193
Redeemed (1,530,945) (4,755,038)
------------------------------------------------
Outstanding-end of period 3,782,684 3,782,684
================================================
</TABLE>
23
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.01 $0.02
Expenses (0.02) (0.06)
------------------------------------------------
Net investment loss (0.01) (0.04)
Net realized and unrealized gain on investments 0.78 1.66
------------------------------------------------
Net increase in unit value 0.77 1.62
Net asset value at beginning of period 21.92 21.07
------------------------------------------------
Net asset value at end of period $22.69 $22.69
================================================
Ratio of expenses to average net assets* 0.36% 0.38%
Ratio of net investment loss to average net assets* (0.26)% (0.28)%
Portfolio turnover** 45.95% 142.79%
Number of units outstanding at end of period (in thousands) 3,783 3,783
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment company
in which the fund invests, rather than turnover of the underlying portfolio of
such registered investment company.
</TABLE>
24
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $700,816,689) $700,816,689
Interest Receivable 3,426,321
Receivable for fund units sold 0
Other assets 74,289
------------------------
Total assets 704,317,299
------------------------
Liabilities
Payable for fund units redeemed 2,947,998
Accrued expenses 213,022
------------------------
Total liabilities 3,161,020
------------------------
Net Assets 701,156,279
========================
Net asset value, redemption price and offering price per
unit of beneficial interest
$(701,156,279/701,156,279 units outstanding) $1.00
========================
</TABLE>
25
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Interest income $10,320,104 $29,974,726
------------------------------------------------
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 364,146 1,106,156
American Bar Retirement Association - program fee 78,253 232,687
Trustee, management and administration fees 134,207 403,053
Other expenses and taxes 41,172 207,187
Amortization of organization expenses 15,324 45,474
------------------------------------------------
Total expenses 633,102 1,994,556
------------------------------------------------
Net investment income $9,687,002 $27,980,170
------------------------------------------------
</TABLE>
26
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income and net increase in net
assets resulting from operations $9,687,002 $27,980,170
------------------------------------------------
Distributions from investment income (9,687,002) (27,980,170)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 52,064,723 155,775,518
Units issued in connection with reinvestment
of net investment income 9,687,002 27,980,170
Cost of units redeemed (49,931,319) (162,590,568)
Net increase in net assets resulting from
participant transactions 11,820,407 21,165,120
------------------------------------------------
Total increase in net assets 11,820,407 21,165,120
------------------------------------------------
Net Assets:
Beginning of period 689,335,873 679,991,159
------------------------------------------------
End of period $701,156,279 $701,156,279
================================================
</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
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.015 $0.044
Expenses (0.001) (0.003)
------------------------------------------------
Net investment income 0.014 0.041
Reinvestment of net investment income (0.014) (0.041)
------------------------------------------------
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* 0.36% 0.39%
Ratio of net investment income to average net assets* 5.51% 5.43%
Number of units outstanding at end of period (in thousands) 701,156 701,156
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $145,247,523) 169,199,515
Cash 5,001
Receivable for investments sold 0
Receivable for fund units sold 1,051,992
Dividends and interest receivable 327,598
Other assets 15,831
------------------------
Total assets 170,599,937
------------------------
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 0
Accrued expenses 93,687
Other liabilities 0
------------------------
Total liabilities 93,687
------------------------
Net Assets $170,506,250
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(170,506,250/7,097,607 units outstanding) $24.02
========================
</TABLE>
29
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $831,165 $2,273,399
Interest income 65,189 215,441
------------------------------------------------
Total investment income 896,354 2,488,840
Expenses:
Investment advisory fee 134,207 377,749
State Street Bank & Trust Company - program fee 92,732 265,152
American Bar Retirement Association - program fee 19,929 55,838
Trustee, management and administration fees 34,181 96,683
Other expenses and taxes 9,387 43,916
Amortization of organization expenses 3,266 9,692
Total expenses 293,702 849,030
------------------------------------------------
Net investment income 602,652 1,639,810
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,341,028 10,550,097
Unrealized depreciation of investments during the period (18,955,945) (9,839,957)
------------------------------------------------
Net gain (loss) on investments (17,614,917) 710,140
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(17,012,265) $2,349,950
================================================
</TABLE>
30
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $602,652 $1,639,810
Net realized gain on investments 1,341,028 10,550,097
Unrealized depreciation of investments during the period (18,955,945) (9,839,957)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (17,012,265) 2,349,950
------------------------------------------------
Participant transactions:
Proceeds from sales of units 10,693,088 28,341,714
Cost of units redeemed (1,941,693) (10,968,354)
Net increase in net assets resulting from participant transactions 8,751,395 17,373,360
------------------------------------------------
Total increase (decrease) in net assets (8,260,870) 19,723,310
Net Assets:
Beginning of period 178,767,120 150,782,940
------------------------------------------------
End of period $170,506,250 $170,506,250
================================================
Number of units:
Outstanding-beginning of period 6,755,363 6,408,409
Sold 417,219 1,140,243
Redeemed (74,975) (451,045)
------------------------------------------------
Outstanding-end of period 7,097,607 7,097,607
================================================
</TABLE>
31
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.13 $0.37
Expenses (0.04) (0.13)
------------------------------------------------
Net investment income 0.09 0.24
Net realized and unrealized gain (loss) on investments (2.53) 0.25
------------------------------------------------
Net increase (decrease) in unit value (2.44) 0.49
Net asset value at beginning of period 26.46 23.53
------------------------------------------------
Net asset value at end of period $24.02 $24.02
================================================
Ratio of expenses to average net assets* 0.66% 0.69%
Ratio of net investment income to average net assets* 1.35% 1.32%
Portfolio turnover** 2.17% 16.26%
Number of units outstanding at end of period (in thousands) 7,098 7,098
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
32
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $22,745,198) $24,338,015
Cash 0
Receivable for investments sold 181,153
Receivable for fund units sold 8,537
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 24,527,705
------------------------
Liabilities
Payable for investments purchased 189,690
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 189,690
------------------------
Net Assets $24,338,015
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(24,338,015/1,610,803 units outstanding) $15.11
========================
</TABLE>
33
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<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 0 0
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
Total expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 273,136 1,152,189
Unrealized depreciation of investments during the period (491,149) (457,754)
------------------------------------------------
Net gain (loss) on investments (218,013) 694,435
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(218,013) $694,435
================================================
</TABLE>
34
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 273,136 1,152,189
Unrealized depreciation of investments during the period (491,149) (457,754)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (218,013) 694,435
------------------------------------------------
Participant transactions:
Proceeds from sales of units 2,074,813 6,222,432
Cost of units redeemed (1,500,819) (5,310,119)
Net increase in net assets resulting from participant transactions 573,994 912,313
------------------------------------------------
Total increase in net assets 355,981 1,606,748
Net Assets:
Beginning of period 23,982,034 22,731,267
------------------------------------------------
End of period $24,338,015 $24,338,015
================================================
Number of units:
Outstanding-beginning of period 1,572,574 1,547,249
Sold 136,316 415,572
Redeemed (98,087) (352,018)
------------------------------------------------
Outstanding-end of period 1,610,803 1,610,803
================================================
</TABLE>
35
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 0.00
------------------------------------------------
Net investment income 0.00 0.00
Net realized and unrealized gain (loss) on investments (0.14) 0.42
------------------------------------------------
Net increase (decrease) in unit value (0.14) 0.42
Net asset value at beginning of period 15.25 14.69
------------------------------------------------
Net asset value at end of period $15.11 $15.11
================================================
Ratio of expenses to average net assets* 0.00% 0.00%
Ratio of net investment income to average net assets* 0.00% 0.00%
Portfolio turnover** 8.03% 28.66%
Number of units outstanding at end of period (in thousands) 1,611 1,611
- --------------------------------------------------------------------------------
*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 Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $89,035,654) $102,296,904
Cash 0
Receivable for investments sold 953,291
Receivable for fund units sold 96,649
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 103,346,844
------------------------
Liabilities
Payable for investments purchased 1,049,940
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 1,049,940
------------------------
Net Assets $102,296,904
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(102,296,904/6,042,317 units outstanding) $16.93
========================
</TABLE>
37
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<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 0 0
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
Total expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,142,450 4,027,278
Unrealized depreciation of investments during the period (3,296,312) (911,471)
------------------------------------------------
Net gain (loss) on investments (2,153,862) 3,115,807
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(2,153,862) $3,115,807
================================================
</TABLE>
38
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 1,142,450 4,027,278
Unrealized depreciation of investments during the period (3,296,312) (911,471)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (2,153,862) 3,115,807
------------------------------------------------
Participant transactions:
Proceeds from sales of units 4,581,188 21,921,729
Cost of units redeemed (2,622,495) (7,086,951)
Net increase in net assets resulting from participant transactions 1,958,693 14,834,778
------------------------------------------------
Total increase (decrease) in net assets (195,169) 17,950,585
Net Assets:
Beginning of period 102,492,073 84,346,319
------------------------------------------------
End of period $102,296,904 $102,296,904
================================================
Number of units:
Outstanding-beginning of period 5,929,321 5,159,072
Sold 265,877 1,304,045
Redeemed (152,881) (420,800)
------------------------------------------------
Outstanding-end of period 6,042,317 6,042,317
================================================
</TABLE>
39
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 0.00
------------------------------------------------
Net investment income 0.00 0.00
Net realized and unrealized gain (loss) on investments (0.36) 0.58
------------------------------------------------
Net increase (decrease) in unit value (0.36) 0.58
Net asset value at beginning of period 17.29 16.35
------------------------------------------------
Net asset value at end of period $16.93 $16.93
================================================
Ratio of expenses to average net assets* 0.00% 0.00%
Ratio of net investment income to average net assets* 0.00% 0.00%
Portfolio turnover** 4.67% 14.82%
Number of units outstanding at end of period (in thousands) 6,042 6,042
- --------------------------------------------------------------------------------
*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 Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $66,490,795) $80,042,911
Cash 0
Receivable for investments sold 733,798
Receivable for fund units sold 106,671
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 80,883,380
------------------------
Liabilities
Payable for investments purchased 840,469
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 840,469
------------------------
Net Assets $80,042,911
========================
Net asset value, redemption price and offering price per unit of beneficial interest
$(80,042,911/4,241,468 units outstanding) $18.87
========================
</TABLE>
41
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<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 0 0
Other expenses and taxes 0 0
Amortization of organization expenses 0 0
Total expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,382,339 3,981,562
Unrealized depreciation of investments during the period (3,789,183) (234,969)
------------------------------------------------
Net gain (loss) on investments (2,406,844) 3,746,593
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(2,406,844) $3,746,593
================================================
</TABLE>
42
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 1,382,339 3,981,562
Unrealized depreciation of investments during the period (3,789,183) (234,969)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (2,406,844) 3,746,593
------------------------------------------------
Participant transactions:
Proceeds from sales of units 3,457,759 16,126,260
Cost of units redeemed (2,755,583) (6,674,825)
Net increase in net assets resulting from participant transactions 702,176 9,451,435
------------------------------------------------
Total increase (decrease) in net assets (1,704,668) 13,198,028
Net Assets:
Beginning of period 81,747,579 66,844,883
------------------------------------------------
End of period $80,042,911 $80,042,911
================================================
Number of units:
Outstanding-beginning of period 4,203,195 3,729,881
Sold 180,254 866,307
Redeemed (141,981) (354,720)
------------------------------------------------
Outstanding-end of period 4,241,468 4,241,468
================================================
</TABLE>
43
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 1999 January 1, 1999
to September 30, 1999 to September 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 0.00
------------------------------------------------
Net investment income 0.00 0.00
Net realized and unrealized gain (loss) on investments (0.58) 0.94
------------------------------------------------
Net increase (decrease) in unit value (0.58) 0.95
Net asset value at beginning of period 19.45 17.92
------------------------------------------------
Net asset value at end of period $18.87 $18.87
================================================
Ratio of expenses to average net assets* 0.00% 0.00%
Ratio of net investment income to average net assets* 0.00% 0.00%
Portfolio turnover** 5.63% 15.88%
Number of units outstanding at end of period (in thousands) 4,241 4,241
- --------------------------------------------------------------------------------
*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
The third quarter of 1999 produced negative returns for most of the
domestic markets. Large capitalization stocks slightly outperformed small
capitalization stocks while value investing gave back most of its relative gain
on growth investing from the previous quarter. Technology was the only sector in
the broad market to show positive returns while financial services along with
autos and transportation experienced the largest declines. In the domestic bond
market, treasury yields increased, but experienced less volatility compared to
the first half of the year. The Federal Reserve increased the short term lending
rate again in response to the stronger than expected domestic growth. The
international markets finished the third quarter with the established markets
rising, particularly the Japanese market which continued its recovery. Emerging
markets, on the other hand, lost ground in the third quarter after strong first
half 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 September 30, 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 2.23%. By comparison, the Russell
2000 Index produced a total return of (6.32)% 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
September 30, 1999 included Biogen Inc., Legato Systems Inc. Uniphase Corp.,
Xilinx Inc., and Dendrite International Inc.
Balanced Fund
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended September
30, 1999, the Balanced Fund experienced a total return, net of Expenses, of
(4.16)%. For the same period, a combination of the Russell 1000 Index and the
Lehman Brothers Aggregate Bond Index weighted 60/40%, respectively, produced a
total return of (3.69)%. 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 consumer non durables. Securities
representing the largest holdings based on market value in the Balanced Fund at
September 30, 1999 included SLM Holding Corp, Pfizer Inc., Shell Transportation
& Trading Company Plc ADR, BankAmerica Corp., and Citigroup Inc. The fixed
income portion was heavily invested in government agency and mortgage related
issues.
45
<PAGE>
Growth Equity Fund
The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The Growth
Equity Fund seeks to achieve long-term growth of capital through increases in
the value of the securities it holds and to realize income principally from
dividends on such securities. A portion of the Growth Equity Fund (approximately
25%) is invested to replicate the Russell 1000 Growth Index, which is composed
of those Russell 1000 securities with a greater than average growth orientation.
The remainder of the Growth Equity Fund is actively managed. The Growth Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market.
For the quarter ended September 30, 1999, the Growth Equity Fund
experienced a total return, net of Expenses, of (3.59)%. By comparison, the
Russell 1000 Growth Index produced a return of (3.66)% 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 non durables. Securities representing the
largest holdings based on market value in the Growth Equity Fund at September
30, 1999 included General Electric Company, Microsoft Corp., Cisco Systems,
Intel Corp., and Pfizer Inc.
Index Equity Fund
The Index Equity Fund invests in common stocks of U.S. companies that
are included in the Russell 3000 Index, with the overall objective of achieving
long-term growth of capital. The Russell 3000 Index represents approximately 98%
of the U.S. equity market based on the market capitalization of the companies in
the Russell 3000 Index. To control costs, the Index Equity Fund does not attempt
to own all 3,000 securities included in the Russell 3000 Index. Instead, the
Fund attempts to replicate the returns of the Russell 3000 Index by dividing it
into two categories; the S&P 500 Index, which is comprised of 500 large
capitalization stocks, and the extended market portion of the U.S. equity market
represented by the Russell Special Small Company Index, which is comprised of
approximately 2,500 stocks. The securities in these two indices represent the
universe of securities contained in the Russell 3000 Index. The Index Equity
Fund invests in common stocks included in the Russell 3000 Index by fully
replicating the S&P 500 Index and the Russell Special Small Company Index, with
the possible exception of the smallest companies in the Russell Special Small
Company Index.
The Fund produced a total return, net of Expenses, of (6.32)% for the
quarter ended September 30, 1999. By comparison, the Russell 3000 Index produced
a return of (6.58)% 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
September 30, 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 Barclays Global Investors Bond Index Fund.
46
<PAGE>
For the quarter ended September 30, 1999, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 0.66%. As a comparison, the
Lehman Brothers Aggregate Bond Index produced a return of 0.68% 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 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 and to provide for efficient
investment of the Fund's assets, which State Street currently expects to be
approximately $75 to $100 million, all contributions to the International Equity
Fund will be invested in the T. Rowe Price International Stock Fund.
For the quarter ended September 30, 1999, the International Equity Fund
experienced a total return, net of Expenses, of 3.51%. 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 3.33%. 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 September 30, 1999, the most heavily weighted countries in the T.
Rowe Price International Stock Fund were Japan, the United Kingdom, France and
the Netherlands. The securities representing the largest holdings based on
market value were National Westminster Bank PLC, The Shell Transport & Trading
Company Plc ADR, Nestle S.A. ADR, SmithKline Beecham PLC ADR, and Wolters Kluwer
NV ADR.
Stable Asset Return Fund
The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, banks or other financial institutions. The Stable
Asset Return Fund also invests in high quality money market instruments,
including obligations of the United States government, notes, bonds and similar
debt instruments of corporations, commercial paper, certificates of deposit and
time deposits, bankers' acceptances, variable and indexed interest notes and
repurchase agreements.
For the quarter ended September 30, 1999, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 5.54%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 4.50%. 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 September 30, 1999, the Value Equity Fund
experienced a total return, net of Expenses, of (9.22)%. By comparison, the
Russell 1000 Value Index produced a return of (9.80)% 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.
47
<PAGE>
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 September 30,
1999 included Microsoft Corp., International Business Machines Corp., General
Electric Company, Intel Corp., and AT&T Corp.
Structured Portfolio Service
The portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive portfolio
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value Equity Fund,
7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and International Equity
Fund, 7%. Funds in the Moderate Portfolio are allocated as follows: Stable Asset
Return Fund, 10%; Intermediate Bond Fund, 30%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended September 30, 1999, the Structured Portfolio
Service experienced a total return, net of Expenses, of (0.92)% for the
Conservative Portfolio, (2.06)% for the Moderate Portfolio, and (2.97)% for the
Aggressive Portfolio.
Year-2000 Readiness Disclosure
State Street Bank and Trust Company, the trustee of the Collective
Trust, is responsible for the operation and management of the Investment Options
of the American Bar Association Members Retirement Program. As a subsidiary of
State Street Corporation, State Street Bank and Trust Company is subject to
State Street Corporation's Resolution 2000 program.
The following discussion updates the description of State Street
Corporation's Year-2000 effort contained in the Collective Trusts' Annual Report
on Form 10-K for the year ended December 31, 1998 and in its Prospectus dated
April 14, 1999. The update should be read in conjunction with the information
contained those reports.
As of October 31, 1999, State Street Corporation completed testing for
all internal mission-critical projects and non-critical projects.
Accordingly, the status of State Street Corporation's Year-2000 efforts
as of October 31, 1999 is as follows:
<TABLE>
<CAPTION>
Regression Testing and Internal
Production Year-2000
Year-2000 Readiness Projects Correction Implementation Testing
- ---------------------------- ---------- -------------- -------
<S> <C> <C> <C>
IT Infrastructure 100 % 100 % 100 %
Global data networks 100 100 100
Core application software 100 100 100
Business area supported 100 100 100
applications
Facilities 100 100 100
</TABLE>
Status of third party readiness at September 30, 1999, is as follows:
48
<PAGE>
Internal communications with vendors to obtain information on the
Year-2000 readiness status of the products and services provided to State Street
Corporation have been completed, and a program for monitoring purchases
continues. State Street Corporation has completed development of remediation
contingency plans for those products and services that are considered high-risk.
Key vendors have presented updates to State Street Corporation on their
Year-2000 readiness programs and related progress, including contingency
planning. The current focus has turned to implementation of business resumption
contingency planning.
Year-2000 readiness has been incorporated into State Street
Corporation's existing due diligence procedures performed with business partners
and counterparties. Year-2000 assessments of business partners and
counterparties have been completed, and the focus has turned to implementation
of business resumption contingency planning. Year-2000 readiness has been
incorporated into the existing due diligence procedures for State Street
Corporation's subcustodian bank network. State Street Corporation has completed
its analysis of subcustodians' readiness and will continue to monitor the
subcustodian bank network. Subcustodian testing was successfully completed
during the third quarter for all subcustodians where assets are currently held.
In addition, State Street Corporation has contingency plans in place that
include, where appropriate, identification of alternative subcustodian banks in
each of State Street Corporation's markets.
State Street Corporation has previously successfully completed the
final stages of testing with key industry service providers such as the Federal
Reserve, Depository Trust Company ("DTC") and 400 securities industry firms,
including brokerage companies, stock exchanges and clearing organizations. Other
external testing efforts with customers, industry service providers, data
service providers and key partners are essentially complete. Remaining tests are
expected to be completed in October.
Operational Readiness progress as of September 30, 1999 is as follows:
Operational Readiness is the final stage of planning, validation and
implementation of workflow within each business, operations and support unit.
Operational Readiness includes four elements: Clean Management, Contingency
Planning, Operational Planning and Event Management.
Clean Management is the process for controlling changes and additions
to State Street Corporation's environments so that Year-2000 risks inherent in
any change or addition are understood and effectively mitigated. Increasingly
tightened Clean Management controls began in July 1999, were enhanced on October
1, 1999 and will be further enhanced on December 1, 1999.
Development and validation of contingency plans have been completed.
State Street Corporation has developed an Operational Planning process
which entails the development of corporate-wide monitoring plans by business and
support areas to track the state of affairs worldwide, including major market
and infrastructure events, throughout critical event periods. The operational
planning process builds upon State Street Corporation's existing response
infrastructure. Corporate-wide "dress rehearsals," in which State Street
Corporation will conduct internal simulations of critical event scenarios, have
been scheduled and will take place throughout the fourth quarter of 1999.
Event Management will begin prior to December 31, 1999, with the
monitoring of business and market trends for the purposes of early issue
detection. As part of the Event Management process, each business unit of State
Street Corporation has developed a core communication strategy, supported by a
Central Corporate Communications Center ("CCC"). The business command center
network comprises 21 business unit command centers and their more than 80
satellite command centers. The CCC is responsible for monitoring and tracking
the activities of the various business command centers and communicating
49
<PAGE>
cross-organizational status during the Year-2000 critical event periods.
Business command centers are responsible for monitoring their satellite command
centers and communicating regularly with the CCC on a predetermined schedule.
These business command centers will act as the business unit's decision-making
headquarters and will coordinate communications directly with customers, vendors
and counterparties, including the delivery of an official corporate statement,
as necessary. State Street Corporation is essentially complete with its
Operational Planning and Event Management Plans.
Costs as of September 30, 1999:
State Street Corporation currently estimates the aggregate cost of the
Year-2000 efforts to be less than 2% of total operating expenses for the
five-year period 1996-2000. As of September 30, 1999, cumulative program
expenditures were $116 million, of which $12 million was incurred during the
third quarter of 1999. Such costs are expensed as incurred and include
approximately 400 full-time and part-time staff and consultants, equipment and
other expenses. Costs related to the American Bar Association Members Retirement
Program are included in State Street Corporation's estimate.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
50
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
See the Exhibit Index following the signature page.
b. Reports on Form 8-K
None.
51
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
November 12, 1999 By: /S/ BETH M. HALBERSTADT
-----------------------------
Beth M. Halberstadt
Vice President and Chief Financial Officer
November 12, 1999 By: /S/ SUSAN C. DANIELS
-----------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
52
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
27.1 Financial Data Schedule-Aggressive Equity Fund
27.2 Financial Data Schedule-Balanced Fund
27.3 Financial Data Schedule-Growth Equity Fund
27.4 Financial Data Schedule-Index Equity Fund
27.5 Financial Data Schedule-Intermediate Bond Fund
27.6 Financial Data Schedule-International 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
53
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 238,837,106
<INVESTMENTS-AT-VALUE> 310,204,671
<RECEIVABLES> 1,194,951
<ASSETS-OTHER> 30,162
<OTHER-ITEMS-ASSETS> 18,685
<TOTAL-ASSETS> 311,448,469
<PAYABLE-FOR-SECURITIES> 784,111
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 438,653
<TOTAL-LIABILITIES> 1,222,764
<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> 310,225,705
<DIVIDEND-INCOME> 976,634
<INTEREST-INCOME> 409,666
<OTHER-INCOME> 0
<EXPENSES-NET> 1,785,550
<NET-INVESTMENT-INCOME> (399,250)
<REALIZED-GAINS-CURRENT> 34,187,996
<APPREC-INCREASE-CURRENT> 12,353,548
<NET-CHANGE-FROM-OPS> 46,142,294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 304,708
<NUMBER-OF-SHARES-REDEEMED> (968,973)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,370,842
<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> (0.08)
<PER-SHARE-GAIN-APPREC> 8.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 60.33
<EXPENSE-RATIO> 0.82
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 460,352,984
<INVESTMENTS-AT-VALUE> 506,343,024
<RECEIVABLES> 17,039,560
<ASSETS-OTHER> 44,087
<OTHER-ITEMS-ASSETS> 1,530
<TOTAL-ASSETS> 523,428,201
<PAYABLE-FOR-SECURITIES> 83,657,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 292,861
<TOTAL-LIABILITIES> 83,950,705
<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> 439,477,496
<DIVIDEND-INCOME> 2,582,761
<INTEREST-INCOME> 7,971,553
<OTHER-INCOME> 0
<EXPENSES-NET> 2,047,025
<NET-INVESTMENT-INCOME> 8,507,289
<REALIZED-GAINS-CURRENT> 25,576,654
<APPREC-INCREASE-CURRENT> (8,590,388)
<NET-CHANGE-FROM-OPS> 25,493,555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 397,999
<NUMBER-OF-SHARES-REDEEMED> (408,472)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,815,204
<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> 446,447,270
<PER-SHARE-NAV-BEGIN> 53.19
<PER-SHARE-NII> 1.09
<PER-SHARE-GAIN-APPREC> 2.17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 56.45
<EXPENSE-RATIO> 0.61
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 1,031,093,026
<INVESTMENTS-AT-VALUE> 1,433,842,792
<RECEIVABLES> 7,402,867
<ASSETS-OTHER> 150,869
<OTHER-ITEMS-ASSETS> 10,218
<TOTAL-ASSETS> 1,441,406,746
<PAYABLE-FOR-SECURITIES> 5,548,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,534,037
<TOTAL-LIABILITIES> 7,082,517
<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> 1,434,324,229
<DIVIDEND-INCOME> 8,464,169
<INTEREST-INCOME> 1,119,898
<OTHER-INCOME> 0
<EXPENSES-NET> 6,418,214
<NET-INVESTMENT-INCOME> 3,165,853
<REALIZED-GAINS-CURRENT> 142,101,647
<APPREC-INCREASE-CURRENT> (35,633,253)
<NET-CHANGE-FROM-OPS> 109,634,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,671
<NUMBER-OF-SHARES-REDEEMED> (110,582)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 136,497,557
<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> 1,426,394,910
<PER-SHARE-NAV-BEGIN> 497.40
<PER-SHARE-NII> 1.19
<PER-SHARE-GAIN-APPREC> 40.56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 539.15
<EXPENSE-RATIO> 0.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 239,814,531
<INVESTMENTS-AT-VALUE> 253,354,784
<RECEIVABLES> 903,005
<ASSETS-OTHER> 21,835
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254,279,624
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,239
<TOTAL-LIABILITIES> 73,239
<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> 254,206,385
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 695,489
<NET-INVESTMENT-INCOME> (695,489)
<REALIZED-GAINS-CURRENT> 23,774,969
<APPREC-INCREASE-CURRENT> (13,132,919)
<NET-CHANGE-FROM-OPS> 9,946,561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,475,418
<NUMBER-OF-SHARES-REDEEMED> (276,590)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 43,882,656
<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> 244,450,666
<PER-SHARE-NAV-BEGIN> 27.15
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.42
<EXPENSE-RATIO> 0.38
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 139,001,619
<INVESTMENTS-AT-VALUE> 132,760,974
<RECEIVABLES> 1,596,161
<ASSETS-OTHER> 13,677
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,370,812
<PAYABLE-FOR-SECURITIES> 678,915
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 968,096
<TOTAL-LIABILITIES> 1,647,011
<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> 132,723,801
<DIVIDEND-INCOME> 5,862,672
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> 377,264
<NET-INVESTMENT-INCOME> 5,485,409
<REALIZED-GAINS-CURRENT> (195,232)
<APPREC-INCREASE-CURRENT> (6,899,612)
<NET-CHANGE-FROM-OPS> (1,609,435)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,893,956
<NUMBER-OF-SHARES-REDEEMED> (1,395,964)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,856,492
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 132,000,489
<PER-SHARE-NAV-BEGIN> 12.99
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.69)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.83
<EXPENSE-RATIO> 0.38
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 83,022,699
<INVESTMENTS-AT-VALUE> 85,803,565
<RECEIVABLES> 2,647,808
<ASSETS-OTHER> 27,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,479,099
<PAYABLE-FOR-SECURITIES> 2,625,808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,236
<TOTAL-LIABILITIES> 2,650,044
<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> 85,829,055
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 57,322
<OTHER-INCOME> 0
<EXPENSES-NET> 218,168
<NET-INVESTMENT-INCOME> (160,846)
<REALIZED-GAINS-CURRENT> 5,380,692
<APPREC-INCREASE-CURRENT> 1,055,701
<NET-CHANGE-FROM-OPS> 6,275,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,235,193
<NUMBER-OF-SHARES-REDEEMED> (4,755,038)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,254,075
<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> 76,619,494
<PER-SHARE-NAV-BEGIN> 21.07
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.69
<EXPENSE-RATIO> 0.38
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 700,816,689
<INVESTMENTS-AT-VALUE> 700,816,689
<RECEIVABLES> 3,426,321
<ASSETS-OTHER> 74,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 704,317,299
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,161,020
<TOTAL-LIABILITIES> 3,161,020
<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> 701,156,279
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 29,974,726
<OTHER-INCOME> 0
<EXPENSES-NET> 1,994,556
<NET-INVESTMENT-INCOME> 27,980,170
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,980,170
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,980,170)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,775,518
<NUMBER-OF-SHARES-REDEEMED> (162,590,568)
<SHARES-REINVESTED> 27,980,170
<NET-CHANGE-IN-ASSETS> 21,165,120
<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> 689,420,663
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.39
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 145,247,523
<INVESTMENTS-AT-VALUE> 169,199,515
<RECEIVABLES> 1,379,590
<ASSETS-OTHER> 15,831
<OTHER-ITEMS-ASSETS> 5,001
<TOTAL-ASSETS> 170,599,937
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,687
<TOTAL-LIABILITIES> 93,687
<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> 170,506,250
<DIVIDEND-INCOME> 2,273,399
<INTEREST-INCOME> 215,441
<OTHER-INCOME> 0
<EXPENSES-NET> 849,030
<NET-INVESTMENT-INCOME> 1,639,810
<REALIZED-GAINS-CURRENT> 10,550,097
<APPREC-INCREASE-CURRENT> (9,839,957)
<NET-CHANGE-FROM-OPS> 2,349,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,140,243
<NUMBER-OF-SHARES-REDEEMED> (451,045)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,723,310
<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> 165,625,557
<PER-SHARE-NAV-BEGIN> 23.53
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.02
<EXPENSE-RATIO> 0.69
[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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 22,745,198
<INVESTMENTS-AT-VALUE> 24,338,015
<RECEIVABLES> 189,690
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,527,705
<PAYABLE-FOR-SECURITIES> 189,690
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 189,690
<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> 24,338,015
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 1,152,189
<APPREC-INCREASE-CURRENT> (457,754)
<NET-CHANGE-FROM-OPS> 694,435
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 415,572
<NUMBER-OF-SHARES-REDEEMED> (352,018)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,606,748
<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> 23,894,011
<PER-SHARE-NAV-BEGIN> 14.69
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.11
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 89,035,654
<INVESTMENTS-AT-VALUE> 102,296,904
<RECEIVABLES> 1,049,940
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,346,844
<PAYABLE-FOR-SECURITIES> 1,049,940
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,049,940
<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> 102,296,904
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 4,027,278
<APPREC-INCREASE-CURRENT> (911,471)
<NET-CHANGE-FROM-OPS> 3,115,807
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,304,045
<NUMBER-OF-SHARES-REDEEMED> (420,800)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,950,585
<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> 95,440,785
<PER-SHARE-NAV-BEGIN> 16.35
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.93
<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- AGGRESSIVE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 66,490,795
<INVESTMENTS-AT-VALUE> 80,042,911
<RECEIVABLES> 840,469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,883,380
<PAYABLE-FOR-SECURITIES> 840,469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 840,469
<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> 80,042,911
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 3,981,563
<APPREC-INCREASE-CURRENT> (234,969)
<NET-CHANGE-FROM-OPS> 3,746,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866,307
<NUMBER-OF-SHARES-REDEEMED> (354,720)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,198,028
<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> 75,559,869
<PER-SHARE-NAV-BEGIN> 17.92
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.87
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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