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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 Disclosures About Market Risk........49
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................50
SIGNATURES.....................................................51
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>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $238,683,790) $302,651,687
Cash 855
Receivable for investments sold 2,938,994
Receivable for fund units sold 0
Dividends and interest receivable 162,353
Other assets 36,384
------------------------
Total assets 305,790,273
------------------------
Liabilities
Payable for investments purchased 2,420,436
Payable for fund units purchased 564,007
Accrued expenses 341,858
Other liabilities 0
------------------------
Total liabilities 3,326,301
------------------------
Net Assets $302,463,972
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($302,463,972/5,125,548 units outstanding) $59.01
========================
</TABLE>
1
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $318,514 $633,801
Interest income 162,583 249,755
------------------------------------------------
Total investment income 481,097 883,556
Expenses:
Investment advisory fee 307,089 615,507
State Street Bank & Trust Company - program fee 149,252 305,432
American Bar Retirement Association - program fee 31,403 63,559
Trustee, management and administration fees 54,474 110,658
Other expenses and taxes 17,243 59,089
Amortization of organization expenses 6,154 12,241
------------------------------------------------
Total expenses 565,615 1,166,486
------------------------------------------------
Net investment loss (84,518) (282,930)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 13,157,902 23,983,172
Unrealized appreciation of investments during the period 27,640,380 15,745,784
------------------------------------------------
Net gain on investments 40,798,282 39,728,956
------------------------------------------------
Net increase in net assets resulting from operations $40,713,764 $39,446,026
================================================
</TABLE>
2
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment loss $(84,518) $(282,930)
Net realized gain on investments 13,157,902 23,983,172
Unrealized appreciation of investments during the period 27,640,380 15,745,784
------------------------------------------------
Net increase in net assets resulting from operations 40,713,764 39,446,026
------------------------------------------------
Participant transactions:
Proceeds from sales of units 2,657,111 7,037,556
Cost of units redeemed (15,627,228) (42,874,473)
Net decrease in net assets resulting from participant transactions (12,970,117) (35,836,917)
------------------------------------------------
Total increase in net assets 27,743,647 3,609,109
Net Assets:
Beginning of period 274,720,325 298,854,863
------------------------------------------------
End of period $302,463,972 $302,463,972
================================================
Number of units:
Outstanding-beginning of period 5,365,255 5,806,015
Sold 50,928 136,504
Redeemed (290,635) (816,971)
------------------------------------------------
Outstanding-end of period 5,125,548 5,125,548
================================================
</TABLE>
3
<PAGE>
American Bar Association Members / State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.09 $0.16
Expenses (0.11) (0.22)
------------------------------------------------
Net investment loss (0.02) (0.06)
Net realized and unrealized gain on investments 7.83 7.60
------------------------------------------------
Net increase in unit value 7.81 7.54
Net asset value at beginning of period 51.20 51.47
------------------------------------------------
Net asset value at end of period $59.01 $59.01
================================================
Ratio of expenses to average net assets* 0.81% 0.83%
Ratio of net investment loss to average net assets* (0.12)% (0.20)%
Portfolio turnover 14.02% 27.02%
Number of units outstanding at end of period (in thousands) 5,126 5,126
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
4
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $442,260,062) $522,999,927
Cash 608
Receivable for investments sold 7,109,909
Receivable for fund units sold 0
Dividends and interest receivable 2,127,659
Other assets 53,181
------------------------
Total assets 532,291,284
------------------------
Liabilities
Payable for investments purchased 69,439,572
Payable for fund units purchased 435,744
Accrued expenses 227,166
Other liabilities 0
------------------------
Total liabilities 70,102,482
------------------------
Net Assets $462,188,802
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($462,188,802/7,847,942 units outstanding) $58.89
========================
</TABLE>
5
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $876,767 $1,591,485
Interest income 2,741,579 5,324,526
------------------------------------------------
Total investment income 3,618,346 6,916,011
Expenses:
Investment advisory fee 259,003 503,727
State Street Bank & Trust Company - program fee 240,681 478,002
American Bar Retirement Association - program fee 50,640 99,511
Trustee, management and administration fees 87,841 173,229
Other expenses and taxes 27,560 98,157
Amortization of organization expenses 8,995 17,892
------------------------------------------------
Total expenses 674,720 1,370,518
------------------------------------------------
Net investment income 2,943,626 5,545,493
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 7,546,237 12,958,330
Unrealized appreciation of investments during the period 12,292,558 26,159,437
------------------------------------------------
Net gain on investments 19,838,795 39,117,767
------------------------------------------------
Net increase in net assets resulting from operations $22,782,421 $44,663,260
================================================
</TABLE>
6
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $2,943,626 $5,545,493
Net realized gain on investments 7,546,237 12,958,330
Unrealized appreciation of investments during the period 12,292,558 26,159,437
------------------------------------------------
Net increase in net assets resulting from operations 22,782,421 44,663,260
------------------------------------------------
Participant transactions:
Proceeds from sales of units 6,972,435 16,795,354
Cost of units redeemed (7,628,375) (13,932,104)
Net increase (decrease) in net assets resulting from participant transactions (655,940) 2,863,250
------------------------------------------------
Total increase in net assets 22,126,481 47,526,510
Net Assets:
Beginning of period 440,062,321 414,662,292
------------------------------------------------
End of period $462,188,802 $462,188,802
================================================
Number of units:
Outstanding-beginning of period 7,860,399 7,796,320
Sold 120,307 298,487
Redeemed (132,764) (246,865)
------------------------------------------------
Outstanding-end of period 7,847,942 7,847,942
================================================
</TABLE>
7
<PAGE>
American Bar Association Members / State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.46 $0.88
Expenses (0.08) (0.17)
------------------------------------------------
Net investment income 0.38 0.71
Net realized and unrealized gain on investments 2.53 4.99
------------------------------------------------
Net increase in unit value 2.91 5.70
Net asset value at beginning of period 55.98 53.19
------------------------------------------------
Net asset value at end of period $58.89 $58.89
================================================
Ratio of expenses to average net assets* 0.60% 0.63%
Ratio of net investment income to average net assets* 2.61% 2.53%
Portfolio turnover 43.23% 109.38%
Number of units outstanding at end of period (in thousands) 7,848 7,848
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
8
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $1,002,900,613) $1,500,129,801
Cash (77,023)
Receivable for investments sold 48,827,228
Receivable for fund units sold 0
Dividends and interest receivable 962,952
Other assets 256,273
------------------------
Total assets 1,550,099,231
------------------------
Liabilities
Payable for investments purchased 48,875,987
Payable for fund units purchased 1,937,691
Accrued expenses 979,638
Other liabilities 0
------------------------
Total liabilities 51,793,316
------------------------
Net Assets $1,498,305,915
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($1,498,305,915/2,678,958 units outstanding) $559.29
========================
</TABLE>
9
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $2,873,912 $5,466,265
Interest income 427,200 861,337
------------------------------------------------
Total investment income 3,301,112 6,327,602
Expenses:
Investment advisory fee 781,878 1,519,431
State Street Bank & Trust Company - program fee 764,793 1,513,947
American Bar Retirement Association - program fee 160,908 315,180
Trustee, management and administration fees 279,131 548,693
Other expenses and taxes 93,579 312,619
Amortization of organization expenses 27,048 53,800
------------------------------------------------
Total expenses 2,107,337 4,263,670
------------------------------------------------
Net investment income 1,193,775 2,063,932
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 56,958,103 102,393,290
Unrealized appreciation of investments during the period 1,556,100 58,986,844
------------------------------------------------
Net gain on investments 58,514,203 161,380,134
------------------------------------------------
Net increase in net assets resulting from operations $59,707,978 $163,444,066
================================================
</TABLE>
10
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $1,193,775 $2,063,932
Net realized gain on investments 56,958,103 102,393,290
Unrealized appreciation of investments during the period 1,556,100 58,986,844
------------------------------------------------
Net increase in net assets resulting from operations 59,707,978 163,444,066
------------------------------------------------
Participant transactions:
Proceeds from sales of units 29,371,856 70,980,362
Cost of units redeemed (13,790,302) (33,945,184)
Net increase in net assets resulting from participant transactions 15,581,554 37,035,178
------------------------------------------------
Total increase in net assets 75,289,532 200,479,244
Net Assets:
Beginning of period 1,423,016,383 1,297,826,671
------------------------------------------------
End of period $1,498,305,915 $1,498,305,915
================================================
Number of units:
Outstanding-beginning of period 2,650,128 2,609,243
Sold 54,310 133,291
Redeemed (25,480) (63,576)
------------------------------------------------
Outstanding-end of period 2,678,958 2,678,958
================================================
</TABLE>
11
<PAGE>
American Bar Association Members / State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $1.24 $2.39
Expenses (0.79) (1.61)
------------------------------------------------
Net investment income 0.45 0.78
Net realized and unrealized gain on investments 21.88 61.11
------------------------------------------------
Net increase in unit value 22.33 61.89
Net asset value at beginning of period 536.96 497.40
------------------------------------------------
Net asset value at end of period $559.29 $559.29
================================================
Ratio of expenses to average net assets* 0.59% 0.61%
Ratio of net investment income to average net assets* 0.33% 0.30%
Portfolio turnover 15.82% 27.12%
Number of units outstanding at end of period (in thousands) 2,679 2,679
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
12
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $234,983,304) $265,772,535
Cash 46,476
Receivable for investments sold 0
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 26,339
------------------------
Total assets 265,845,350
------------------------
Liabilities
Payable for investments purchased 46,476
Payable for fund units purchased 1,562,154
Accrued expenses 58,055
Other liabilities 0
------------------------
Total liabilities 1,666,685
------------------------
Net Assets $264,178,665
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($264,178,665/8,707,519 units outstanding) $30.34
========================
</TABLE>
13
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 132,644 255,198
American Bar Retirement Association - program fee 27,910 53,147
Trustee, management and administration fees 48,413 92,511
Other expenses and taxes 15,087 50,408
Amortization of organization expenses 4,454 8,860
------------------------------------------------
Total expenses 228,508 460,124
------------------------------------------------
Net investment loss (228,508) (460,124)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 250,876 23,171,673
Unrealized appreciation of investments during the period 19,268,377 4,116,058
------------------------------------------------
Net gain on investments 19,519,253 27,287,731
------------------------------------------------
Net increase in net assets resulting from operations $19,290,745 $26,827,607
================================================
</TABLE>
14
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment loss $(228,508) $(460,124)
Net realized gain on investments 250,876 23,171,673
Unrealized appreciation of investments during the period 19,268,377 4,116,058
------------------------------------------------
Net increase in net assets resulting from operations 19,290,745 26,827,607
------------------------------------------------
Participant transactions:
Proceeds from sales of units 13,419,416 31,557,908
Cost of units redeemed (2,270,459) (4,530,579)
Net increase in net assets resulting from participant transactions 11,148,957 27,027,329
------------------------------------------------
Total increase in net assets 30,439,702 53,854,936
Net Assets:
Beginning of period 233,738,963 210,323,729
------------------------------------------------
End of period $264,178,665 $264,178,665
================================================
Number of units:
Outstanding-beginning of period 8,323,272 7,745,510
Sold 461,191 1,119,377
Redeemed (76,944) (157,368)
------------------------------------------------
Outstanding-end of period 8,707,519 8,707,519
================================================
</TABLE>
15
<PAGE>
American Bar Association Members / State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses (0.03) (0.06)
------------------------------------------------
Net investment loss (0.03) (0.06)
Net realized and unrealized gain on investments 2.29 3.25
------------------------------------------------
Net increase in unit value 2.26 3.19
Net asset value at beginning of period 28.08 27.15
------------------------------------------------
Net asset value at end of period $30.34 $30.34
================================================
Ratio of expenses to average net assets* 0.37% 0.39%
Ratio of net investment loss to average net assets* (0.37)% (0.39)%
Portfolio turnover** 1.19% 113.82%
Number of units outstanding at end of period (in thousands) 8,708 8,708
- --------------------------------------------------------------------------------
*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>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $139,087,727) $133,828,038
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 1,598,602
Dividends and interest receivable 688,335
Other assets 16,498
------------------------
Total assets 136,131,473
------------------------
Liabilities
Payable for investments purchased 2,302,623
Payable for fund units purchased 0
Accrued expenses 31,823
Other liabilities 0
------------------------
Total liabilities 2,334,446
------------------------
Net Assets $133,797,027
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($133,797,027/10,497,889 units outstanding) $12.75
========================
</TABLE>
17
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $2,002,303 $3,846,166
Interest income 0 0
------------------------------------------------
Total investment income 2,002,303 3,846,166
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 71,042 142,732
American Bar Retirement Association - program fee 14,947 29,710
Trustee, management and administration fees 25,927 51,720
Other expenses and taxes 7,880 27,439
Amortization of organization expenses 2,791 5,551
------------------------------------------------
Total expenses 122,587 257,152
------------------------------------------------
Net investment income 1,879,716 3,589,014
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold (72,596) (159,363)
Unrealized depreciation of investments during the period (3,289,503) (5,918,657)
------------------------------------------------
Net loss on investments (3,362,099) (6,078,020)
------------------------------------------------
Net decrease in net assets resulting from operations $(1,482,383) $(2,489,006)
================================================
</TABLE>
18
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $1,879,716 $3,589,014
Net realized loss on investments (72,596) (159,363)
Unrealized depreciation of investments during the period (3,289,503) (5,918,657)
------------------------------------------------
Net decrease in net assets resulting from operations (1,482,383) (2,489,006)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 9,711,429 20,753,432
Cost of units redeemed (7,025,005) (12,334,708)
Net increase in net assets resulting from participant transactions 2,686,424 8,418,724
------------------------------------------------
Total increase in net assets 1,204,041 5,929,718
Net Assets:
Beginning of period 132,592,986 127,867,309
------------------------------------------------
End of period $133,797,027 $133,797,027
================================================
Number of units:
Outstanding-beginning of period 10,290,796 9,847,223
Sold 754,441 1,609,383
Redeemed (547,348) (958,717)
------------------------------------------------
Outstanding-end of period 10,497,889 10,497,889
================================================
</TABLE>
19
<PAGE>
American Bar Association Members / State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.19 $0.37
Expenses (0.02) (0.03)
------------------------------------------------
Net investment income 0.17 0.34
Net realized and unrealized loss on investments (0.30) (0.58)
------------------------------------------------
Net decrease in unit value (0.13) (0.24)
Net asset value at beginning of period 12.88 12.99
------------------------------------------------
Net asset value at end of period $12.75 $12.75
================================================
Ratio of expenses to average net assets* 0.37% 0.39%
Ratio of net investment income to average net assets* 5.65% 5.49%
Portfolio turnover** 4.89% 8.07%
Number of units outstanding at end of period (in thousands) 10,498 10,498
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment
companies in which the fund invests, rather than turnover of the underlying
portfolio of such registered investment companies.
</TABLE>
20
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $78,907,052) $81,570,990
Cash 0
Receivable for investments sold 190,450
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 27,664
------------------------
Total assets 81,789,104
------------------------
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 190,450
Accrued expenses 18,702
Other liabilities 0
------------------------
Total liabilities 209,152
------------------------
Net Assets $81,579,952
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($81,579,952/3,721,621 units outstanding) $21.92
========================
</TABLE>
21
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $0 $0
Interest income 19,131 36,565
------------------------------------------------
Total investment income 19,131 36,565
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 40,833 79,762
American Bar Retirement Association - program fee 8,591 16,607
Trustee, management and administration fees 14,903 28,910
Other expenses and taxes 4,579 15,789
Amortization of organization expenses 1,477 2,939
------------------------------------------------
Total expenses 70,383 144,007
------------------------------------------------
Net investment loss (51,252) (107,442)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 3,250,839 2,559,823
Unrealized appreciation (depreciation) of investments during the period (890,029) 938,773
------------------------------------------------
Net gain on investments 2,360,810 3,498,596
------------------------------------------------
Net increase in net assets resulting from operations $2,309,558 $3,391,154
================================================
</TABLE>
22
<PAGE>
American Bar Association Members / State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment loss $(51,252) $(107,442)
Net realized gain on investments 3,250,839 2,559,823
Unrealized appreciation (depreciation) of investments during the period (890,029) 938,773
------------------------------------------------
Net increase in net assets resulting from operations 2,309,558 3,391,154
------------------------------------------------
Participant transactions:
Proceeds from sales of units 39,919,158 77,389,588
Cost of units redeemed (32,644,785) (68,775,770)
Net increase in net assets resulting from participant transactions 7,274,373 8,613,818
------------------------------------------------
Total increase in net assets 9,583,931 12,004,972
Net Assets:
Beginning of period 71,996,021 69,574,980
------------------------------------------------
End of period $81,579,952 $81,579,952
================================================
Number of units:
Outstanding-beginning of period 3,377,303 3,302,529
Sold 1,838,473 3,643,185
Redeemed (1,494,155) (3,224,093)
------------------------------------------------
Outstanding-end of period 3,721,621 3,721,621
================================================
</TABLE>
23
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.01
Expenses (0.02) (0.04)
------------------------------------------------
Net investment loss (0.02) (0.03)
Net realized and unrealized gain on investments 0.62 0.88
------------------------------------------------
Net increase in unit value 0.60 0.85
Net asset value at beginning of period 21.32 21.07
------------------------------------------------
Net asset value at end of period $21.92 $21.92
============================================
Ratio of expenses to average net assets* 0.37% 0.39%
Ratio of net investment loss to average net assets* (0.27)% (0.29)%
Portfolio turnover** 41.85% 92.00%
Number of units outstanding at end of period (in thousands) 3,722 3,722
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of shares of the registered investment
company in which the fund invests, rather than turnover of the underlying
portfolio of such registered investment company.
</TABLE>
24
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $685,906,019) $685,906,019
Interest Receivable 3,280,925
Receivable for fund units sold 231,830
Other assets 89,614
------------------------
Total assets 689,508,388
------------------------
Liabilities
Payable for fund units redeemed 0
Accrued expenses 172,515
------------------------
Total liabilities 172,515
------------------------
Net Assets $689,335,873
========================
Net asset value, redemption price and offering price per
unit of beneficial interest
($689,335,873/689,335,873 units outstanding) $1.00
========================
</TABLE>
25
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Interest income $9,869,693 $19,654,622
------------------------------------------------
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 365,843 742,010
American Bar Retirement Association - program fee 76,974 154,434
Trustee, management and administration fees 133,515 268,846
Other expenses and taxes 40,724 166,015
Amortization of organization expenses 15,158 30,149
------------------------------------------------
Total expenses 632,214 1,361,454
------------------------------------------------
Net investment income $9,237,479 $18,293,168
------------------------------------------------
</TABLE>
26
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income and net increase in net
assets resulting from operations $9,237,479 $18,293,168
------------------------------------------------
Distributions from investment income (9,237,479) (18,293,168)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 55,573,214 103,710,796
Units issued in connection with reinvestment
of net investment income 9,237,479 18,293,168
Cost of units redeemed (54,748,401) (112,659,250)
Net increase in net assets resulting from
participant transactions 10,062,292 9,344,714
------------------------------------------------
Total increase in net assets 10,062,292 9,344,714
------------------------------------------------
Net Assets:
Beginning of period 679,273,581 679,991,159
------------------------------------------------
End of period $689,335,873 $689,335,873
================================================
</TABLE>
27
<PAGE>
American Bar Association Members / State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.015 $0.029
Expenses (0.001) (0.002)
------------------------------------------------
Net investment income 0.014 0.027
Reinvestment of net investment income (0.014) (0.027)
------------------------------------------------
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* 0.40% 0.40%
Ratio of net investment income to average net assets* 5.62% 5.44%
Number of units outstanding at end of period (in thousands) 689,336 689,336
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $135,304,313) $178,212,250
Cash 776
Receivable for investments sold 345,118
Receivable for fund units sold 7,531
Dividends and interest receivable 266,806
Other assets 19,097
------------------------
Total assets 178,851,578
------------------------
Liabilities
Payable for investments purchased 0
Payable for fund units purchased 0
Accrued expenses 84,459
Other liabilities 0
------------------------
Total liabilities 84,459
------------------------
Net Assets $178,767,119
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($178,767,119/6,755,363 units outstanding) $26.46
========================
</TABLE>
29
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income:
Dividend income $753,003 $1,442,234
Interest income 79,403 150,251
------------------------------------------------
Total investment income 832,406 1,592,485
Expenses:
Investment advisory fee 127,844 243,542
State Street Bank & Trust Company - program fee 89,926 172,420
American Bar Retirement Association - program fee 18,924 35,910
Trustee, management and administration fees 32,821 62,502
Other expenses and taxes 9,285 34,530
Amortization of organization expenses 3,231 6,426
------------------------------------------------
Total expenses 282,031 555,330
------------------------------------------------
Net investment income 550,375 1,037,155
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,173,810 9,209,068
Unrealized appreciation of investments during the period 18,024,249 9,115,990
------------------------------------------------
Net gain on investments 19,198,059 18,325,058
------------------------------------------------
Net increase in net assets resulting from operations $19,748,434 $19,362,213
================================================
</TABLE>
30
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $550,375 $1,037,155
Net realized gain on investments 1,173,810 9,209,068
Unrealized appreciation of investments during the period 18,024,249 9,115,990
------------------------------------------------
Net increase in net assets resulting from operations 19,748,434 19,362,213
------------------------------------------------
Participant transactions:
Proceeds from sales of units 9,449,517 17,648,627
Cost of units redeemed (2,953,495) (9,026,661)
Net increase in net assets resulting from participant transactions 6,496,022 8,621,966
------------------------------------------------
Total increase in net assets 26,244,456 27,984,179
Net Assets:
Beginning of period 152,522,663 150,782,940
------------------------------------------------
End of period $178,767,119 $178,767,119
================================================
Number of units:
Outstanding-beginning of period 6,501,265 6,408,409
Sold 370,103 723,024
Redeemed (116,005) (376,070)
------------------------------------------------
Outstanding-end of period 6,755,363 6,755,363
================================================
</TABLE>
31
<PAGE>
American Bar Association Members / State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Investment income $0.12 $0.24
Expenses (0.04) (0.08)
------------------------------------------------
Net investment income 0.08 0.16
Net realized and unrealized gain on investments 2.92 2.77
------------------------------------------------
Net increase in unit value 3.00 2.93
Net asset value at beginning of period 23.46 23.53
------------------------------------------------
Net asset value at end of period $26.46 $26.46
================================================
Ratio of expenses to average net assets* 0.67% 0.70%
Ratio of net investment income to average net assets* 1.31% 1.31%
Portfolio turnover 3.60% 14.48%
Number of units outstanding at end of period (in thousands) 6,755 6,755
- --------------------------------------------------------------------------------
*Annualized
</TABLE>
32
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $21,898,067) $23,982,034
Cash 0
Receivable for investments sold 262,029
Receivable for fund units sold 1,209
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 24,245,272
------------------------
Liabilities 0
Payable for investments purchased 263,238
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 263,238
------------------------
Net Assets $23,982,034
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($23,982,034/1,572,574 units outstanding) $15.25
========================
</TABLE>
33
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 543,767 879,052
Unrealized appreciation of investments during the period 71,175 33,396
------------------------------------------------
Net gain on investments 614,942 912,448
------------------------------------------------
Net increase in net assets resulting from operations $614,942 $912,448
================================================
</TABLE>
34
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase/decrease in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 543,767 879,052
Unrealized appreciation of investments during the period 71,175 33,396
------------------------------------------------
Net increase in net assets resulting from operations 614,942 912,448
------------------------------------------------
Participant transactions:
Proceeds from sales of units 1,350,405 4,147,619
Cost of units redeemed (2,384,101) (3,809,300)
Net increase (decrease) in net assets resulting from participant transactions (1,033,696) 338,319
------------------------------------------------
Total increase (decrease) in net assets (418,754) 1,250,767
Net Assets:
Beginning of period 24,400,788 22,731,267
------------------------------------------------
End of period $23,982,034 $23,982,034
================================================
Number of units:
Outstanding-beginning of period 1,640,466 1,547,249
Sold 89,568 279,256
Redeemed (157,460) (253,931)
------------------------------------------------
Outstanding-end of period 1,572,574 1,572,574
================================================
</TABLE>
35
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Conservative Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 on investments 0.38 0.56
------------------------------------------------
Net increase in unit value 0.38 0.56
Net asset value at beginning of period 14.87 14.69
------------------------------------------------
Net asset value at end of period $15.25 $15.25
================================================
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** 8.13% 20.59%
Number of units outstanding at end of period (in thousands) 1,573 1,573
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the funds in which the
portfolio invests rather than the turnover of such underlying funds.
</TABLE>
36
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $85,934,510) $102,492,073
Cash 0
Receivable for investments sold 1,237,215
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 103,729,288
------------------------
Liabilities
Payable for investments purchased 1,173,084
Payable for fund units purchased 64,131
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 1,237,215
------------------------
Net Assets $102,492,073
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($102,492,073/5,929,321 units outstanding) $17.29
========================
</TABLE>
37
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 1,522,554 2,884,828
Unrealized appreciation of investments during the period 2,209,419 2,384,842
------------------------------------------------
Net gain on investments 3,731,973 5,269,670
------------------------------------------------
Net increase in net assets resulting from operations $3,731,973 $5,269,670
================================================
</TABLE>
38
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 1,522,554 2,884,828
Unrealized appreciation of investments during the period 2,209,419 2,384,842
------------------------------------------------
Net increase in net assets resulting from operations 3,731,973 5,269,670
------------------------------------------------
Participant transactions:
Proceeds from sales of units 9,808,915 17,340,540
Cost of units redeemed (1,775,231) (4,464,456)
Net increase in net assets resulting from participant transactions 8,033,684 12,876,084
------------------------------------------------
Total increase in net assets 11,765,657 18,145,754
Net Assets:
Beginning of period 90,726,416 84,346,319
------------------------------------------------
End of period $102,492,073 $102,492,073
================================================
Number of units:
Outstanding-beginning of period 5,455,171 5,159,072
Sold 578,039 1,038,168
Redeemed (103,889) (267,919)
------------------------------------------------
Outstanding-end of period 5,929,321 5,929,321
================================================
</TABLE>
39
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Moderate Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 on investments 0.66 0.94
------------------------------------------------
Net increase in unit value 0.66 0.94
Net asset value at beginning of period 16.63 16.35
------------------------------------------------
Net asset value at end of period $17.29 $17.29
================================================
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** 4.81% 10.19%
Number of units outstanding at end of period (in thousands) 5,929 5,929
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the funds in which the
portfolio invests rather than the turnover of such underlying funds.
</TABLE>
40
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
June 30, 1999
------------------------
<S> <C>
Assets
Investments, at value (cost $64,406,280) $81,747,579
Cash 0
Receivable for investments sold 865,754
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 82,613,333
------------------------
Liabilities
Payable for investments purchased 751,141
Payable for fund units purchased 114,613
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 865,754
------------------------
Net Assets $81,747,579
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($81,747,579/4,203,195 units outstanding) $19.45
========================
</TABLE>
41
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 1,344,367 2,599,223
Unrealized appreciation of investments during the period 3,217,694 3,554,213
------------------------------------------------
Net gain on investments 4,562,061 6,153,436
------------------------------------------------
Net increase in net assets resulting from operations $4,562,061 $6,153,436
================================================
</TABLE>
42
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 30, 1999
------------------------------------------------
<S> <C> <C>
Increase in net assets from:
Operations:
Net investment income $0 $0
Net realized gain on investments 1,344,367 2,599,223
Unrealized appreciation of investments during the period 3,217,694 3,554,213
------------------------------------------------
Net increase in net assets resulting from operations 4,562,061 6,153,436
------------------------------------------------
Participant transactions:
Proceeds from sales of units 7,316,156 12,668,502
Cost of units redeemed (1,653,093) (3,919,242)
Net increase in net assets resulting from participant transactions 5,663,063 8,749,260
------------------------------------------------
Total increase in net assets 10,225,124 14,902,696
Net Assets:
Beginning of period 71,522,455 66,844,883
------------------------------------------------
End of period $81,747,579 $81,747,579
================================================
Number of units:
Outstanding-beginning of period 3,901,794 3,729,881
Sold 388,303 686,053
Redeemed (86,902) (212,739)
------------------------------------------------
Outstanding-end of period 4,203,195 4,203,195
================================================
</TABLE>
43
<PAGE>
American Bar Association Members / State Street Collective Trust
Structured Portfolio Service - Aggressive Portfolio
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
April 1, 1999 January 1, 1999
to June 30, 1999 to June 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 on investments 1.12 1.53
------------------------------------------------
Net increase in unit value 1.12 1.53
Net asset value at beginning of period 18.33 17.92
------------------------------------------------
Net asset value at end of period $19.45 $19.45
================================================
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** 4.80% 10.22%
Number of units outstanding at end of period (in thousands) 4,203 4,203
- --------------------------------------------------------------------------------
*Annualized
** Reflects purchases and sales of units of the funds in which the
portfolio invests rather than the turnover of such underlying funds.
</TABLE>
44
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Overview
The second quarter of 1999 had a reversal of the trends seen in the
last several quarters. Small capitalization stocks outperformed large
capitalization stocks while value investing performed considerably better than
growth investing. The materials and processing sector had the strongest returns
followed closely by the producer durables and energy sectors. The health care
sector, along with consumer staples had the weakest returns. In the domestic
bond market, yields increased in anticipation of the Federal Reserve increasing
the short term lending rate, which it did on the last day of the quarter. The
international markets finished with the established markets having a modest
increase and emerging markets showing extremely strong 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 June 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 15.27%. By comparison, the
Russell 2000 Index produced a total return of 15.55% 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 June 30,
1999 included Biogen Inc., Xilinx Inc., JDS Uniphase Corp., Kohl's Corp. and
Legato Systems Inc.
Balanced Fund
The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended June 30,
1999, the Balanced
45
<PAGE>
Fund experienced a total return, net of Expenses, of 5.19%. 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 3.92%. 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 services. Securities
representing the largest holdings based on market value in the Balanced Fund at
June 30, 1999 included BankAmerica Corp., SLM Holding Corp, Pfizer Inc.,
Citigroup Inc. and The Shell Transportation & Trading Company Plc ADR. The fixed
income portion was heavily invested in government agency and mortgage related
issues.
Growth Equity Fund
The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The Growth
Equity Fund seeks to achieve long-term growth of capital through increases in
the value of the securities it holds and to realize income principally from
dividends on such securities. A portion of the Growth Equity Fund (approximately
25%) is invested to replicate the Russell 1000 Growth Index, which is composed
of those Russell 1000 securities with a greater than average growth orientation.
The remainder of the Growth Equity Fund is actively managed. The Growth Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market.
For the quarter ended June 30, 1999, the Growth Equity Fund experienced
a total return, net of Expenses, of 4.15%. By comparison, the Russell 1000
Growth Index produced a return of 3.85% for the same period. The Russell 1000
Growth Index does not include an allowance for the fees that an investor would
pay for investing in the securities that comprise the index.
The most heavily weighted sectors in the Growth Equity Fund were
technology, health care and consumer staples. Securities representing the
largest holdings based on market value in the Growth Equity Fund at June 30,
1999 included General Electric Company, Microsoft Corp., Cisco Systems Inc.,
Pfizer Inc. and Lucent Technologies 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
46
<PAGE>
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 8.04% for the
quarter ended June 30, 1999. By comparison, the Russell 3000 Index produced a
return of 7.71% 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 June
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
Masterworks Bond Index Fund.
For the quarter ended June 30, 1999, the Intermediate Bond Fund
experienced a total return, net of Expenses, of (1.08)%. As a comparison, the
Lehman Brothers Aggregate Bond Index produced a return of (0.88)% 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
47
<PAGE>
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 June 30, 1999, the International Equity Fund
experienced a total return, net of Expenses, of 2.83%. 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 4.60%. 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 June 30, 1999, the most heavily weighted countries in the T. Rowe
Price International Stock Fund were the United Kingdom, Japan, France and the
Netherlands. The securities representing the largest holdings based on market
value were National Westminster Bank PLC, SmithKline Beecham PLC ADR, The Shell
Transport & Trading Company Plc ADR, Wolters Kluwer NV ADR and Nestle S.A.
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 June 30, 1999, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 5.42%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 4.45%. 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.
48
<PAGE>
For the quarter ended June 30, 1999, the Value Equity Fund experienced
a total return, net of Expenses, of 12.81%. By comparison, the Russell 1000
Value Index produced a return of 11.28% for the same period. The Russell 1000
Value Index does not include an allowance for the fees that an investor would
pay for investing in the securities that comprise the index.
The most heavily weighted sectors in the Value Equity Fund were
technology, financial services and raw materials. Securities representing the
largest holdings based on market value in the Value Equity Fund at June 30, 1999
included International Business Machines Corp., Microsoft Corp., General
Electric Company, Johnson & Johnson Inc. and BankAmerica 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 June 30, 1999, the Structured Portfolio Service
experienced a total return, net of Expenses, of 2.53% for the Conservative
Portfolio, 3.93% for the Moderate Portfolio, and 6.10% for the Aggressive
Portfolio.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
49
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit No. Description
27.1 Financial Data Schedule-Aggressive Equity Fund
27.2 Financial Data Schedule-Balanced Fund
27.3 Financial Data Schedule-Growth Equity Fund
27.4 Financial Data Schedule-Index Equity Fund
27.5 Financial Data Schedule-Intermediate Bond Fund
27.6 Financial Data Schedule-International Equity Fund
27.7 Financial Data Schedule-Stable Asset Return Fund
27.8 Financial Data Schedule-Value Equity Fund
27.9 Financial Data Schedule-Structured Portfolio
Service Conservative Portfolio
27.10 Financial Data Schedule-Structured Portfolio
Service Moderate Portfolio
27.11 Financial Data Schedule-Structured Portfolio
Service Aggressive Portfolio
b. Reports on Form 8-K
None.
50
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
August 12, 1999 By: /s/ BETH M. HALBERSTADT
---------------------------
Beth M. Halberstadt
Vice President and Chief Financial Officer
August 12, 1999 By: /s/ SUSAN C. DANIELS
------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 238,683,790
<INVESTMENTS-AT-VALUE> 302,651,687
<RECEIVABLES> 3,101,347
<ASSETS-OTHER> 36,384
<OTHER-ITEMS-ASSETS> 855
<TOTAL-ASSETS> 305,790,273
<PAYABLE-FOR-SECURITIES> 2,420,436
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 905,865
<TOTAL-LIABILITIES> 3,326,301
<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> 302,463,972
<DIVIDEND-INCOME> 633,801
<INTEREST-INCOME> 249,755
<OTHER-INCOME> 0
<EXPENSES-NET> 1,166,486
<NET-INVESTMENT-INCOME> (282,930)
<REALIZED-GAINS-CURRENT> 23,983,172
<APPREC-INCREASE-CURRENT> 15,745,784
<NET-CHANGE-FROM-OPS> 39,446,026
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 136,504
<NUMBER-OF-SHARES-REDEEMED> (816,971)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,609,109
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 281,988,322
<PER-SHARE-NAV-BEGIN> 51.47
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 7.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 59.01
<EXPENSE-RATIO> 0.83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 442,260,062
<INVESTMENTS-AT-VALUE> 522,999,927
<RECEIVABLES> 9,237,568
<ASSETS-OTHER> 53,181
<OTHER-ITEMS-ASSETS> 608
<TOTAL-ASSETS> 532,291,284
<PAYABLE-FOR-SECURITIES> 69,439,572
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 662,910
<TOTAL-LIABILITIES> 70,102,482
<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> 462,188,802
<DIVIDEND-INCOME> 1,591,485
<INTEREST-INCOME> 5,324,526
<OTHER-INCOME> 0
<EXPENSES-NET> 1,370,518
<NET-INVESTMENT-INCOME> 5,545,493
<REALIZED-GAINS-CURRENT> 12,958,330
<APPREC-INCREASE-CURRENT> 26,159,437
<NET-CHANGE-FROM-OPS> 44,663,260
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 298,487
<NUMBER-OF-SHARES-REDEEMED> (246,865)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,526,510
<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> 441,700,367
<PER-SHARE-NAV-BEGIN> 53.19
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> 4.99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 58.89
<EXPENSE-RATIO> 0.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,002,900,613
<INVESTMENTS-AT-VALUE> 1,500,129,801
<RECEIVABLES> 49,790,180
<ASSETS-OTHER> 256,273
<OTHER-ITEMS-ASSETS> (77,023)
<TOTAL-ASSETS> 1,550,099,231
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,917,329
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<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> 1,498,305,915
<DIVIDEND-INCOME> 5,466,265
<INTEREST-INCOME> 861,337
<OTHER-INCOME> 0
<EXPENSES-NET> 4,263,670
<NET-INVESTMENT-INCOME> 2,063,932
<REALIZED-GAINS-CURRENT> 102,393,290
<APPREC-INCREASE-CURRENT> 58,986,844
<NET-CHANGE-FROM-OPS> 163,444,066
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133,291
<NUMBER-OF-SHARES-REDEEMED> (63,576)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 200,479,244
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
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<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,399,258,140
<PER-SHARE-NAV-BEGIN> 497.40
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<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.
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This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
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<SENIOR-LONG-TERM-DEBT> 0
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<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> 264,178,665
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 460,124
<NET-INVESTMENT-INCOME> (460,124)
<REALIZED-GAINS-CURRENT> 23,171,673
<APPREC-INCREASE-CURRENT> 4,116,058
<NET-CHANGE-FROM-OPS> 26,827,607
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,119,377
<NUMBER-OF-SHARES-REDEEMED> (157,368)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53,854,936
<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> 236,030,756
<PER-SHARE-NAV-BEGIN> 27.15
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 3.25
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 30.34
<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>
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This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 139,087,727
<INVESTMENTS-AT-VALUE> 133,828,038
<RECEIVABLES> 2,286,937
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,131,473
<PAYABLE-FOR-SECURITIES> 2,302,623
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,823
<TOTAL-LIABILITIES> 2,334,446
<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> 133,797,027
<DIVIDEND-INCOME> 3,846,166
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 257,152
<NET-INVESTMENT-INCOME> 3,589,014
<REALIZED-GAINS-CURRENT> (159,363)
<APPREC-INCREASE-CURRENT> (5,918,657)
<NET-CHANGE-FROM-OPS> (2,489,006)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,609,383
<NUMBER-OF-SHARES-REDEEMED> (958,717)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,929,718
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 131,836,704
<PER-SHARE-NAV-BEGIN> 12.99
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (0.58)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<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> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 78,907,052
<INVESTMENTS-AT-VALUE> 81,570,990
<RECEIVABLES> 190,450
<ASSETS-OTHER> 27,664
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,789,104
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 209,152
<TOTAL-LIABILITIES> 209,152
<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> 81,579,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,565
<OTHER-INCOME> 0
<EXPENSES-NET> 144,007
<NET-INVESTMENT-INCOME> (107,442)
<REALIZED-GAINS-CURRENT> 2,559,823
<APPREC-INCREASE-CURRENT> 938,773
<NET-CHANGE-FROM-OPS> 3,391,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,643,185
<NUMBER-OF-SHARES-REDEEMED> (3,224,093)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,004,972
<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> 73,735,957
<PER-SHARE-NAV-BEGIN> 21.07
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.92
<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> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 685,906,019
<INVESTMENTS-AT-VALUE> 685,906,019
<RECEIVABLES> 3,512,755
<ASSETS-OTHER> 89,614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 689,508,388
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 172,515
<TOTAL-LIABILITIES> 172,515
<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> 689,335,873
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,654,622
<OTHER-INCOME> 0
<EXPENSES-NET> 1,361,454
<NET-INVESTMENT-INCOME> 18,293,168
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 18,293,168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,293,168)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,710,796
<NUMBER-OF-SHARES-REDEEMED> (112,659,250)
<SHARES-REINVESTED> 18,293,168
<NET-CHANGE-IN-ASSETS> 9,344,714
<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> 685,177,127
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 135,304,313
<INVESTMENTS-AT-VALUE> 178,212,250
<RECEIVABLES> 619,455
<ASSETS-OTHER> 19,097
<OTHER-ITEMS-ASSETS> 776
<TOTAL-ASSETS> 178,851,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,459
<TOTAL-LIABILITIES> 84,459
<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> 178,767,119
<DIVIDEND-INCOME> 1,442,234
<INTEREST-INCOME> 150,251
<OTHER-INCOME> 0
<EXPENSES-NET> 555,330
<NET-INVESTMENT-INCOME> 1,037,155
<REALIZED-GAINS-CURRENT> 9,209,068
<APPREC-INCREASE-CURRENT> 9,115,990
<NET-CHANGE-FROM-OPS> 19,362,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 723,024
<NUMBER-OF-SHARES-REDEEMED> (376,070)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27,984,179
<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> 159,461,942
<PER-SHARE-NAV-BEGIN> 23.53
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 2.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.46
<EXPENSE-RATIO> 0.70
[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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 21,898,067
<INVESTMENTS-AT-VALUE> 23,982,034
<RECEIVABLES> 263,238
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,245,272
<PAYABLE-FOR-SECURITIES> 263,238
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 263,238
<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> 23,982,034
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 879,052
<APPREC-INCREASE-CURRENT> 33,396
<NET-CHANGE-FROM-OPS> 912,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 279,256
<NUMBER-OF-SHARES-REDEEMED> (253,931)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,250,767
<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> 24,083,822
<PER-SHARE-NAV-BEGIN> 14.69
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.25
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 85,934,510
<INVESTMENTS-AT-VALUE> 102,492,073
<RECEIVABLES> 1,237,215
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,729,288
<PAYABLE-FOR-SECURITIES> 1,173,084
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,131
<TOTAL-LIABILITIES> 1,237,215
<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> 102,492,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,884,828
<APPREC-INCREASE-CURRENT> 2,384,842
<NET-CHANGE-FROM-OPS> 5,269,670
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,038,168
<NUMBER-OF-SHARES-REDEEMED> (267,919)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,145,754
<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> 91,686,679
<PER-SHARE-NAV-BEGIN> 16.35
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.29
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 64,406,280
<INVESTMENTS-AT-VALUE> 81,747,579
<RECEIVABLES> 865,754
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,613,333
<PAYABLE-FOR-SECURITIES> 751,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,613
<TOTAL-LIABILITIES> 865,754
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 81,747,579
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,599,223
<APPREC-INCREASE-CURRENT> 3,554,213
<NET-CHANGE-FROM-OPS> 6,153,436
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 686,053
<NUMBER-OF-SHARES-REDEEMED> (212,739)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,902,696
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 72,369,024
<PER-SHARE-NAV-BEGIN> 17.92
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.45
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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