Rule 424(b)(3)
Registration Nos. 333-69427
AMERICAN BAR ASSOCIATION MEMBERS RETIREMENT PROGRAM
UNITS OF BENEFICIAL INTEREST
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
Prospectus Supplement Dated October 5, 2000
to Prospectus Dated April 14, 2000
INTRODUCTION
This supplement to the Prospectus dated April 14, 2000 (the
"Prospectus") for units of beneficial interest in the American Bar Association
Members/State Street Collective Trust (the "Collective Trust") describes a
change in the strategy of the Index Equity Fund. Terms not defined in this
supplement that are defined in the Prospectus have the same meanings given to
them in the Prospectus. This supplement should be read together with the
Prospectus, which either accompanies this supplement or has previously been sent
to you. Upon written or oral request, State Street will provide you with a copy
of the Prospectus without charge. Direct your request for a Prospectus to State
Street Bank and Trust Company, Attention ABRA Customer Service, Post Office Box
9109, Boston, Massachusetts 02209-9109; telephone number (800) 348-2272.
CHANGE TO THE INDEX EQUITY FUND
As described under the caption "Index Equity Fund" on pages 27
and 28 of the Prospectus, the investment objective of the Index Equity Fund is
to replicate the total return of the Russell 3000 Index by investing in stocks
included in the Russell 3000 Index, with the overall objective of achieving
long-term growth of capital. To control costs, the Index Equity Fund has not and
currently does not attempt to own all 3,000 securities included in the Russell
3000 Index. Instead, the Fund currently attempts to replicate the returns of the
Russell 3000 Index by investing in two segments of the equity markets that
together closely resemble the Russell 3000 Index: the S&P 500 Index and the
extended market portion of the U.S. equity market represented by the Russell
Small Cap Completeness Index (formerly known as the Russell Special Small
Company Index). Currently, the Index Equity Fund invests in all the common
stocks included in the S&P 500 Index and the Russell Small Cap Completeness
Index, with the possible exception of the smallest companies in the Russell
Small Cap Completeness Index. Currently, the assets of the Index Equity Fund are
invested in those common stocks indirectly through the SSgA S&P 500 Flagship
Non-Lending Fund and the SSgA Russell Small Cap Completeness Index Fund,
collective trust funds maintained by State Street.
State Street has determined that the Index Equity Fund can
more accurately replicate the return of the Russell 3000 Index while continuing
to control costs by investing in all the common stocks included in the Russell
3000 Index (with the possible exception of the smallest companies in the Russell
3000 Index) rather than using the strategy described above. The assets of the
Index Equity Fund will be invested in those common stocks indirectly through the
State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund,
a collective trust fund maintained by State Street. This change to the Index
Equity Fund will take effect November 1, 2000.
The investment objective of the Index Equity Fund remains
unchanged.
Differences between the Fund's performance and the performance
of the Russell 3000 Index (known as "tracking error") may result from various
factors, including purchases or redemptions of Units of the Index Equity Fund as
well as from the expenses borne by the Index Equity Fund. These purchases and
redemptions may necessitate the purchase and sale of securities by the Index
Equity Fund and the resulting
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transaction costs may be substantial because of the number and the
characteristics of the securities held. Tracking error also may occur due to
factors such as the size of the Index Equity Fund, changes in the securities
included in the Russell 3000 Index or the manner in which the performance of the
Russell 3000 Index is calculated.
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