|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: KIRKBRIDE FRANKLIN B INC, 13F-HR/A, 2000-11-14 |
Next: AMERICAN BAR ASSOCIATION MEMBERS STATE STREET COLLECTIVE TR, 10-Q, EX-27.1, 2000-11-14 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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 No. 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>
Page No.
--------
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
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>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $384,344,482) $530,278,859
Cash 844
Receivable for investments sold 10,198,552
Receivable for fund units sold 0
Dividends and interest receivable 315,225
Other assets 13,400
------------------------
Total assets 540,806,880
------------------------
Liabilities
Payable for investments purchased 3,756,573
Payable for fund units purchased 767,351
Accrued expenses 761,174
Other liabilities 0
------------------------
Total liabilities 5,285,098
------------------------
Net Assets $535,521,782
========================
Net asset value, redemption price and offering price per unit
of beneficial interest ( $535,521,782/5,682,971 units outstanding) $94.23
========================
</TABLE>
1
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
Dividend income $465,337 $1,261,703
Interest income 581,781 1,547,258
------------------------------------------------
Total investment income 1,047,118 2,808,961
------------------------------------------------
Expenses:
Investment advisory fee 596,874 1,675,630
State Street Bank & Trust Company - program fee 285,948 822,118
American Bar Retirement Association - program fee 54,983 157,920
Trustee, management and administration fees 91,811 264,062
Other expenses and taxes 33,599 96,471
Registration fees 7,359 21,917
------------------------------------------------
Total expenses 1,070,574 3,038,118
Program fee reimbursement from State Street Bank and Trust Company (2,416) (7,004)
------------------------------------------------
Net expenses 1,068,158 3,031,114
------------------------------------------------
Net investment income (loss) (21,040) (222,153)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 19,461,826 67,908,918
Unrealized depreciation of investments during the period (11,194,487) (7,373,672)
------------------------------------------------
Net gain on investments 8,267,339 60,535,246
------------------------------------------------
Net increase in net assets resulting from operations $8,246,299 $60,313,093
================================================
</TABLE>
2
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment loss $(21,040) $(222,153)
Net realized gain on investments 19,461,826 67,908,918
Unrealized depreciation of investments during the period (11,194,487) (7,373,672)
------------------------------------------------
Net increase in net assets resulting from operations 8,246,299 60,313,093
------------------------------------------------
Participant transactions:
Proceeds from sales of units 17,369,794 78,910,332
Cost of units redeemed (6,059,995) (35,709,512)
------------------------------------------------
Net increase in net assets resulting from participant transactions 11,309,799 43,200,820
------------------------------------------------
Total increase in net assets 19,556,098 103,513,913
Net Assets:
Beginning of period 515,965,684 432,007,869
------------------------------------------------
End of period $535,521,782 $535,521,782
================================================
Number of units:
Outstanding-beginning of period 5,562,478 5,222,531
Sold 185,970 857,507
Redeemed (65,477) (397,067)
------------------------------------------------
Outstanding-end of period 5,682,971 5,682,971
================================================
</TABLE>
3
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.19 $0.51
Expenses (0.19) (0.55)
------------------------------------------------
Net investment income (loss) 0.00 (0.04)
Net realized and unrealized gain on investments 1.47 11.55
------------------------------------------------
Net increase in unit value 1.47 11.51
Net asset value at beginning of period 92.76 82.72
------------------------------------------------
Net asset value at end of period $94.23 $94.23
================================================
Ratio of expenses to average net assets* 0.81% 0.80%
Ratio of net investment loss to average net assets* (0.02)% (0.06)%
Portfolio turnover** 14.05% 41.50%
Number of units outstanding at end of period (in thousands) 5,683 5,683
-----------------------------------------------------------------------------------
</TABLE>
*Annualized
**Not Annualized
4
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $467,078,874) $520,863,866
Cash 243,918
Receivable for investments sold 7,086,106
Receivable for fund units sold 0
Dividends and interest receivable 2,209,107
Other assets 13,342
------------------------
Total assets 530,416,339
------------------------
Liabilities
Payable for investments purchased 69,468,714
Payable for fund units purchased 859,457
Accrued expenses 333,154
Other liabilities 0
------------------------
Total liabilities 70,661,325
------------------------
Net Assets $459,755,014
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($459,755,014/7,175,817 units outstanding) $64.07
========================
</TABLE>
5
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
--------------------- ------------------------
Investment income:
<S> <C> <C>
Dividend income $789,111 $2,522,497
Interest income 3,282,041 9,440,834
------------------------------------------------
Total investment income 4,071,152 11,963,331
------------------------------------------------
Expenses:
Investment advisory fee 261,897 774,373
State Street Bank & Trust Company - program fee 250,231 747,575
American Bar Retirement Association - program fee 48,125 143,693
Trustee, management and administration fees 80,359 240,155
Other expenses and taxes 29,412 87,642
Registration fees 8,013 23,863
------------------------------------------------
Total expenses 678,037 2,017,301
Program fee reimbursement from State Street Bank and Trust Company (2,114) (6,372)
Net expenses 675,923 2,010,929
------------------------------------------------
Net investment income 3,395,229 9,952,402
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 4,015,557 21,435,910
Unrealized depreciation of investments during the period (1,365,589) (10,595,710)
------------------------------------------------
Net gain on investments 2,649,968 10,840,200
------------------------------------------------
Net increase in net assets resulting from operations $6,045,197 $20,792,602
================================================
</TABLE>
6
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase (decrease) in net assets from:
Operations:
<S> <C> <C>
Net investment income $3,395,229 $9,952,402
Net realized gain on investments 4,015,557 21,435,910
Unrealized depreciation of investments during the period (1,365,589) (10,595,710)
------------------------------------------------
Net increase in net assets resulting from operations 6,045,197 20,792,602
------------------------------------------------
Participant transactions:
Proceeds from sales of units 3,154,562 15,360,801
Cost of units redeemed (7,252,645) (36,726,455)
------------------------------------------------
Net decrease in net assets resulting from participant transactions (4,098,083) (21,365,654)
------------------------------------------------
Total increase (decrease) in net assets 1,947,114 (573,052)
Net Assets:
Beginning of period 457,807,900 460,328,066
------------------------------------------------
End of period $459,755,014 $459,755,014
================================================
Number of units:
Outstanding-beginning of period 7,239,409 7,520,223
Sold 49,065 244,776
Redeemed (112,657) (589,182)
------------------------------------------------
Outstanding-end of period 7,175,817 7,175,817
================================================
</TABLE>
7
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.56 $1.64
Expenses (0.10) (0.28)
------------------------------------------------
Net investment income 0.46 1.36
Net realized and unrealized gain on investments 0.37 1.50
------------------------------------------------
Net increase in unit value 0.83 2.86
Net asset value at beginning of period 63.24 61.21
------------------------------------------------
Net asset value at end of period $64.07 $64.07
================================================
Ratio of expenses to average net assets* 0.59% 0.58%
Ratio of net investment income to average net assets* 2.94% 2.89%
Portfolio turnover** 50.91% 150.27%
Number of units outstanding at end of period (in thousands) 7,176 7,176
-------------------------------------------------------------------------------
*Annualized
**Not Annualized
</TABLE>
8
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $1,172,177,603) $1,691,436,350
Cash 1,943
Receivable for investments sold 6,853,299
Receivable for fund units sold 0
Dividends and interest receivable 886,042
Other assets 49,899
------------------------
Total assets 1,699,227,533
------------------------
Liabilities
Payable for investments purchased 7,538,367
Payable for fund units purchased 400,808
Accrued expenses 2,212,051
Other liabilities 69,565
------------------------
Total liabilities 10,220,791
------------------------
Net Assets $1,689,006,742
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($1,689,006,742/2,497,596 units outstanding) $676.25
========================
</TABLE>
9
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
--------------------- ------------------------
Investment income:
<S> <C> <C>
Dividend income $2,393,455 $7,597,445
Interest income 341,395 1,245,181
------------------------------------------------
Total investment income 2,734,850 8,842,626
------------------------------------------------
Expenses:
Investment advisory fee 938,480 2,743,190
State Street Bank & Trust Company - program fee 942,481 2,796,334
American Bar Retirement Association - program fee 181,260 537,455
Trustee, management and administration fees 302,694 898,377
Other expenses and taxes 110,782 330,914
Registration fees 29,972 89,269
------------------------------------------------
Total expenses 2,505,669 7,395,539
Program fee reimbursement from State Street Bank and Trust Company (7,965) (23,836)
------------------------------------------------
Net expenses 2,497,704 7,371,703
------------------------------------------------
Net investment income 237,146 1,470,923
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 56,105,233 183,147,594
Unrealized depreciation of investments during the period (95,161,733) (154,015,596)
------------------------------------------------
Net gain (loss) on investments (39,056,500) 29,131,998
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(38,819,354) $30,602,921
================================================
</TABLE>
10
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Decrease in net assets from:
Operations:
<S> <C> <C>
Net investment income $237,146 $1,470,923
Net realized gain on investments 56,105,233 183,147,594
Unrealized depreciation of investments during the period (95,161,733) (154,015,596)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (38,819,354) 30,602,921
------------------------------------------------
Participant transactions:
Proceeds from sales of units 14,686,317 60,296,524
Cost of units redeemed (22,085,015) (112,502,047)
------------------------------------------------
Net decrease in net assets resulting from participant transactions (7,398,698) (52,205,523)
------------------------------------------------
Total decrease in net assets (46,218,052) (21,602,602)
Net Assets:
Beginning of period 1,735,224,794 1,710,609,344
------------------------------------------------
End of period $1,689,006,742 $1,689,006,742
================================================
Number of units:
Outstanding-beginning of period 2,508,160 2,575,875
Sold 21,148 89,256
Redeemed (31,712) (167,535)
------------------------------------------------
Outstanding-end of period 2,497,596 2,497,596
================================================
</TABLE>
11
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $1.10 $3.50
Expenses (1.00) (2.92)
------------------------------------------------
Net investment income 0.10 0.58
Net realized and unrealized gain (loss) on investments (15.68) 11.58
------------------------------------------------
Net increase (decrease) in unit value (15.58) 12.16
Net asset value at beginning of period 691.83 664.09
------------------------------------------------
Net asset value at end of period $676.25 $676.25
================================================
Ratio of expenses to average net assets* 0.57% 0.57%
Ratio of net investment income to average net assets* .05% .11%
Portfolio turnover** 11.41% 38.33%
Number of units outstanding at end of period (in thousands) 2,498 2,498
-------------------------------------------------------------------------------
</TABLE>
*Annualized
**Not Annualized
12
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $304,063,523) $307,203,328
Cash 296,784
Receivable for investments sold 0
Receivable for fund units sold 688,966
Dividends and interest receivable 0
Other assets 8,593
------------------------
Total assets 308,197,671
------------------------
Liabilities
Payable for investments purchased 296,784
Payable for fund units purchased 0
Accrued expenses 97,894
Other liabilities 0
------------------------
Total liabilities 394,678
------------------------
Net Assets $307,802,993
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($307,802,993/9,238,296 units outstanding) $33.32
========================
</TABLE>
13
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
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 167,107 491,640
American Bar Retirement Association - program fee 32,156 94,484
Trustee, management and administration fees 53,673 157,917
Other expenses and taxes 19,642 58,133
Registration fees 5,074 15,334
------------------------------------------------
Total expenses 277,652 817,508
Program fee reimbursement from State Street Bank and Trust Company (1,412) (4,189)
------------------------------------------------
Net expenses 276,240 813,319
------------------------------------------------
Net investment loss (276,240) (813,319)
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 482,112 53,920,568
Unrealized depreciation of investments during the period (264,403) (51,661,981)
------------------------------------------------
Net gain on investments 217,709 2,258,587
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(58,531) $1,445,268
================================================
</TABLE>
14
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase (decrease) in net assets from:
Operations:
<S> <C> <C>
Net investment loss $(276,240) $(813,319)
Net realized gain on investments 482,112 53,920,568
Unrealized depreciation of investments during the period (264,403) (51,661,981)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (58,531) 1,445,268
------------------------------------------------
Participant transactions:
Proceeds from sales of units 8,041,032 37,073,994
Cost of units redeemed (6,587,680) (23,785,498)
------------------------------------------------
Net increase in net assets resulting from participant transactions 1,453,352 13,288,496
------------------------------------------------
Total increase in net assets 1,394,821 14,733,764
Net Assets:
Beginning of period 306,408,172 293,069,229
------------------------------------------------
End of period $307,802,993 $307,802,993
================================================
Number of units:
Outstanding-beginning of period 9,191,034 8,828,173
Sold 239,905 1,127,265
Redeemed (192,643) (717,142)
------------------------------------------------
Outstanding-end of period 9,238,296 9,238,296
================================================
</TABLE>
15
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses (0.03) (0.09)
------------------------------------------------
Net investment loss (0.03) (0.09)
Net realized and unrealized gain on investments 0.01 0.21
------------------------------------------------
Net increase (decrease) in unit value (0.02) 0.12
Net asset value at beginning of period 33.34 33.20
------------------------------------------------
Net asset value at end of period $33.32 $33.32
================================================
Ratio of expenses to average net assets* 0.36% 0.36%
Ratio of net investment loss to average net assets* (0.36)% (0.36)%
Portfolio turnover** 7.18% 113.18%
Number of units outstanding at end of period (in thousands) 9,238 9,238
--------------------------------------------------------------------------------
</TABLE>
*Annualized
** Not annualized. Reflects purchases and sales of units of the collective
investment fund in which the fund invests, rather than the turnover of the
underlying portfolio of such collective investment fund.
16
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $140,049,376) $138,615,076
Cash 0
Receivable for investments sold 2,480,600
Receivable for fund units sold 0
Dividends and interest receivable 758,207
Other assets 3,790
------------------------
Total assets 141,857,673
------------------------
Liabilities
Payable for investments purchased 773,534
Payable for fund units purchased 2,480,601
Accrued expenses 43,566
Other liabilities 0
------------------------
Total liabilities 3,297,701
------------------------
Net Assets $138,559,972
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($138,559,972/10,138,688 units outstanding) $13.67
========================
</TABLE>
17
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
Dividend income $2,291,548 $6,319,095
Interest income 0 4
------------------------------------------------
Total investment income 2,291,548 6,319,099
------------------------------------------------
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 73,447 215,588
American Bar Retirement Association - program fee 14,132 41,437
Trustee, management and administration fees 23,585 69,241
Other expenses and taxes 8,631 25,277
Registration fees 2,252 6,806
------------------------------------------------
Total expenses 122,047 358,349
Program fee reimbursement from State Street Bank and Trust Company (620) (1,837)
------------------------------------------------
Net expenses 121,427 356,512
------------------------------------------------
Net investment income 2,170,121 5,962,587
------------------------------------------------
Realized and unrealized gain (loss) on investments
Net realized loss on investments sold (435,991) (4,010,839)
Unrealized appreciation of investments during the period 2,059,993 6,698,292
------------------------------------------------
Net gain on investments 1,624,002 2,687,453
------------------------------------------------
Net increase in net assets resulting from operations $3,794,123 $8,650,040
================================================
</TABLE>
18
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income $2,170,121 $5,962,587
Net realized loss on investments (435,991) (4,010,839)
Unrealized appreciation of investments during the period 2,059,993 6,698,292
------------------------------------------------
Net increase in net assets resulting from operations 3,794,123 8,650,040
------------------------------------------------
Participant transactions:
Proceeds from sales of units 5,642,562 17,203,869
Cost of units redeemed (5,189,748) (18,376,738)
------------------------------------------------
Net increase (decrease) in net assets resulting from
participant transactions 452,814 (1,172,869)
------------------------------------------------
Total increase in net assets 4,246,937 7,477,171
Net Assets:
Beginning of period 134,313,035 131,082,801
------------------------------------------------
End of period $138,559,972 $138,559,972
================================================
Number of units:
Outstanding-beginning of period 10,103,559 10,239,307
Sold 417,263 1,304,170
Redeemed (382,134) (1,404,789)
------------------------------------------------
Outstanding-end of period 10,138,688 10,138,688
================================================
</TABLE>
19
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.23 $0.63
Expenses (0.01) (0.03)
------------------------------------------------
Net investment income 0.22 0.60
Net realized and unrealized gain on investments 0.16 0.27
------------------------------------------------
Net increase in unit value 0.38 0.87
Net asset value at beginning of period 13.29 12.80
------------------------------------------------
Net asset value at end of period $13.67 $13.67
================================================
Ratio of expenses to average net assets* 0.35% 0.36%
Ratio of net investment income to average net assets* 6.34% 6.02%
Portfolio turnover** 4.81% 49.48%
Number of units outstanding at end of period (in thousands) 10,139 10,139
-------------------------------------------------------------------------------
</TABLE>
*Annualized
** Not 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.
20
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $122,464,736) $117,889,432
Cash 140
Receivable for investments sold 3,553,646
Receivable for fund units sold 0
Dividends and interest receivable 79,487
Other assets 18,401
------------------------
Total assets 121,541,106
------------------------
Liabilities
Payable for investments purchased 1,589,084
Payable for fund units purchased 4,116,548
Accrued expenses 121,494
Other liabilities 0
------------------------
Total liabilities 5,827,126
------------------------
Net Assets $115,713,980
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($115,713,980/4,729,542 units outstanding) $24.47
========================
</TABLE>
21
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
Dividend income $109,645 $179,588
Interest income 37,575 155,518
------------------------------------------------
Total investment income 147,220 335,106
------------------------------------------------
Expenses:
Investment advisory fee 59,582 85,147
State Street Bank & Trust Company - program fee 64,787 189,566
American Bar Retirement Association - program fee 12,467 36,422
Trustee, management and administration fees 20,815 60,883
Other expenses and taxes 7,618 22,386
Registration fees 1,889 5,628
------------------------------------------------
Total expenses 167,158 400,032
Program fee reimbursement from State Street Bank and Trust Company (542) (1,615)
Investment management fee reimbursement (15,357) (65,861)
------------------------------------------------
Net expenses 151,259 332,556
------------------------------------------------
Net investment income (loss) (4,039) 2,550
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold (522,092) 1,921,254
Unrealized depreciation of investments during the period (10,826,775) (17,482,649)
------------------------------------------------
Net loss on investments (11,348,867) (15,561,395)
------------------------------------------------
Net decrease in net assets resulting from operations $(11,352,906) $(15,558,845)
================================================
</TABLE>
22
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase (decrease) in net assets from:
Operations:
<S> <C> <C>
Net investment income (loss) $(4,039) $2,550
Net realized gain (loss) on investments (522,092) 1,921,254
Unrealized depreciation of investments during the period (10,826,775) (17,482,649)
------------------------------------------------
Net decrease in net assets resulting from operations (11,352,906) (15,558,845)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 71,708,242 221,090,756
Cost of units redeemed (67,544,202) (196,010,957)
------------------------------------------------
Net increase in net assets resulting from participant transactions 4,164,040 25,079,799
------------------------------------------------
Total increase (decrease) in net assets (7,188,866) 9,520,954
Net Assets:
Beginning of period 122,902,846 106,193,026
------------------------------------------------
End of period $115,713,980 $115,713,980
================================================
Number of units:
Outstanding-beginning of period 4,560,902 3,756,167
Sold 2,758,390 8,274,060
Redeemed (2,589,750) (7,300,685)
------------------------------------------------
Outstanding-end of period 4,729,542 4,729,542
================================================
</TABLE>
23
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.05 $0.09
Expenses (0.05) (0.09)
------------------------------------------------
Net investment income 0.00 0.00
Net realized and unrealized loss on investments (2.47) (3.80)
------------------------------------------------
Net decrease in unit value (2.48) (3.80)
Net asset value at beginning of period 26.95 28.27
------------------------------------------------
Net asset value at end of period $24.47 $24.47
================================================
Ratio of expenses to average net assets* 0.50% 0.38%
Ratio of net investment income (loss) to average net assets* (0.01)% 0.00%
Portfolio turnover** 43.87% 188.29%
Number of units outstanding at end of period (in thousands) 4,730 4,730
--------------------------------------------------------------------------------
</TABLE>
*Annualized
** Not 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.
24
<PAGE>
American Bar Association/State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $709,155,998) $709,155,998
Interest Receivable 4,119,307
Receivable for fund units sold 7,534,234
Other assets 20,496
------------------------
Total assets 720,830,035
------------------------
Liabilities
Payable for fund units redeemed 0
Accrued expenses 216,511
Other liabilities 0
------------------------
Total liabilities 216,511
------------------------
Net Assets $720,613,524
========================
Net asset value, redemption price and offering price per
unit of beneficial interest
($720,613,524/720,613,524 units outstanding) $1.00
========================
</TABLE>
25
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Interest income $11,719,686 $33,909,443
------------------------------------------------
Expenses:
Investment advisory fee 0 0
State Street Bank & Trust Company - program fee 382,367 1,148,554
American Bar Retirement Association - program fee 73,532 220,762
Trustee, management and administration fees 122,774 368,926
Other expenses and taxes 44,938 134,650
Registration fees 12,310 36,664
------------------------------------------------
Total expenses 635,921 1,909,556
Program fee reimbursement from State Street Bank and Trust Company (3,231) (9,791)
------------------------------------------------
Net expenses 632,690 1,899,765
------------------------------------------------
Net investment income $11,086,996 $32,009,678
================================================
</TABLE>
26
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income and net increase in net
assets resulting from operations $11,086,996 $32,009,678
------------------------------------------------
Distributions from investment income (11,086,996) (32,009,678)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 91,597,417 286,468,245
Units issued in connection with reinvestment
of net investment income 11,086,996 32,009,678
Cost of units redeemed (82,918,292) (307,380,183)
------------------------------------------------
Net increase in net assets resulting from
participant transactions 19,766,121 11,097,740
------------------------------------------------
Total increase in net assets 19,766,121 11,097,740
Net Assets:
Beginning of period 700,847,403 709,515,784
------------------------------------------------
End of period $720,613,524 $720,613,524
================================================
</TABLE>
27
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the
period: For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.016 $0.048
Expenses (0.002) (0.003)
------------------------------------------------
Net investment income 0.014 0.045
Reinvestment of net investment income (0.014) (0.045)
------------------------------------------------
Net increase in unit value 0.00 0.00
Net asset value at beginning of period 1.00 1.00
------------------------------------------------
Net asset value at end of period $1.00 $1.00
================================================
Ratio of expenses to average net assets* 0.36% 0.36%
Ratio of net investment income to average net assets* 6.28% 6.05%
Number of units outstanding at end of period (in thousands) 720,614 720,614
--------------------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $170,847,136) $179,248,789
Cash 0
Receivable for investments sold 689,882
Receivable for fund units sold 25,043
Dividends and interest receivable 268,936
Other assets 5,149
------------------------
Total assets 180,237,799
------------------------
Liabilities
Payable for investments purchased 15,742
Payable for fund units purchased 389,414
Accrued expenses 91,840
Other liabilities 0
------------------------
Total liabilities 496,996
------------------------
Net Assets $179,740,803
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($179,740,803/7,077,998 units outstanding) $25.39
========================
</TABLE>
29
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
--------------------- ------------------------
Investment income:
<S> <C> <C>
Dividend income $726,681 $2,606,336
Interest income 15,799 110,816
------------------------------------------------
Total investment income 742,480 2,717,152
------------------------------------------------
Expenses:
Investment advisory fee 109,719 359,908
State Street Bank & Trust Company - program fee 97,401 285,851
American Bar Retirement Association - program fee 18,733 54,954
Trustee, management and administration fees 31,278 91,825
Other expenses and taxes 11,447 33,810
Registration fees 3,120 9,292
------------------------------------------------
Total expenses 271,698 835,640
Program fee reimbursement from State Street Bank and Trust Company (823) (2,436)
------------------------------------------------
Net expenses 270,875 833,204
------------------------------------------------
Net investment income 471,605 1,883,948
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 119,858 16,979,813
Unrealized appreciation (depreciation) of investments during the period 8,543,439 (19,358,321)
------------------------------------------------
Net gain (loss) on investments 8,663,297 (2,378,508)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $9,134,902 $(494,560)
================================================
</TABLE>
30
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income $471,605 $1,883,948
Net realized gain on investments 119,858 16,979,813
Unrealized appreciation (depreciation) of investments during the period 8,543,439 (19,358,321)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations 9,134,902 (494,560)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 1,872,230 21,598,270
Cost of units redeemed (5,751,355) (20,242,463)
------------------------------------------------
Net increase (decrease) in net assets resulting from participant transactions (3,879,125) 1,355,807
------------------------------------------------
Total increase in net assets 5,255,777 861,247
Net Assets:
Beginning of period 174,485,026 178,879,556
------------------------------------------------
End of period $179,740,803 $179,740,803
================================================
Number of units:
Outstanding-beginning of period 7,233,536 7,011,036
Sold 1,854,985 2,675,702
Redeemed (2,010,523) (2,608,740)
------------------------------------------------
Outstanding-end of period 7,077,998 7,077,998
================================================
</TABLE>
31
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.10 $0.37
Expenses (0.04) (0.13)
------------------------------------------------
Net investment income 0.06 0.24
Net realized and unrealized gain (loss) on investments 1.21 (0.36)
------------------------------------------------
Net increase (decrease) in unit value 1.27 (0.12)
Net asset value at beginning of period 24.12 25.51
------------------------------------------------
Net asset value at end of period $25.39 $25.39
================================================
Ratio of expenses to average net assets* 0.61% 0.63%
Ratio of net investment income to average net assets* 1.04% 1.43%
Portfolio turnover** 2.16% 36.41%
Number of units outstanding at end of period (in thousands) 7,078 7,078
-------------------------------------------------------------------------------
*Annualized
**Not Annualized
</TABLE>
32
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $26,206,090) $28,324,247
Cash 0
Receivable for investments sold 382,967
Receivable for fund units sold 10,521
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 28,717,735
------------------------
Liabilities
Payable for investments purchased 393,488
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 393,488
------------------------
Net Assets $28,324,247
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($28,324,247/1,710,580 units outstanding) $16.56
========================
</TABLE>
33
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
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
Registration fees 0 0
------------------------------------------------
Total expenses 0 0
Program fee reimbursement from State Street Bank and Trust Company 0 0
------------------------------------------------
Net expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 471,419 1,206,937
Unrealized depreciation of investments during the period (175,861) (348,204)
------------------------------------------------
Net gain on investments 295,558 858,733
------------------------------------------------
Net increase in net assets resulting from operations $295,558 $858,733
================================================
</TABLE>
34
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income $0 $0
Net realized gain on investments 471,419 1,206,937
Unrealized depreciation of investments during the period (175,861) (348,204)
------------------------------------------------
Net increase in net assets resulting from operations 295,558 858,733
------------------------------------------------
Participant transactions:
Proceeds from sales of units 524,018 6,130,758
Cost of units redeemed (1,416,035) (4,484,902)
------------------------------------------------
Net increase (decrease) in net assets resulting from
participant transactions (892,017) 1,645,856
------------------------------------------------
Total increase (decrease) in net assets (596,459) 2,504,589
Net Assets:
Beginning of period 28,920,706 25,819,658
------------------------------------------------
End of period $28,324,247 $28,324,247
================================================
Number of units:
Outstanding-beginning of period 1,764,889 1,608,068
Sold 31,556 378,506
Redeemed (85,865) (275,994)
------------------------------------------------
Outstanding-end of period 1,710,580 1,710,580
================================================
</TABLE>
35
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<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 0.17 0.50
------------------------------------------------
Net increase in unit value 0.17 0.50
Net asset value at beginning of period 16.39 16.06
------------------------------------------------
Net asset value at end of period $16.56 $16.56
================================================
Ratio of expenses to average net assets* 0.00% 0.00%
Ratio of net investment income to average net assets* 0.00% 0.00%
Portfolio turnover** 5.05% 25.36%
Number of units outstanding at end of period (in thousands) 1,711 1,711
-------------------------------------------------------------------------------
*Annualized
** Not annualized. Reflects purchases and sales of units of the funds in which
the portfolio invests rather than the turnover of such underlying funds.
</TABLE>
36
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $109,871,615) $124,028,977
Cash 0
Receivable for investments sold 1,904,352
Receivable for fund units sold 28,586
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 125,961,915
------------------------
Liabilities
Payable for investments purchased 1,932,938
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 1,932,938
------------------------
Net Assets $124,028,977
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($124,028,977/6,568,073 units outstanding) $18.88
========================
</TABLE>
37
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
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
Registration fees 0 0
------------------------------------------------
Total expenses 0 0
Program fee reimbursement from State Street Bank and Trust Company 0 0
------------------------------------------------
Net expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 2,679,917 7,439,638
Unrealized depreciation of investments during the period (2,705,825) (6,451,619)
------------------------------------------------
Net gain (loss) on investments (25,908) 988,019
------------------------------------------------
Net increase (decrease) in net assets resulting from operations $(25,908) $988,019
================================================
</TABLE>
38
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income $0 $0
Net realized gain on investments 2,679,917 7,439,638
Unrealized depreciation of investments during the period (2,705,825) (6,451,619)
------------------------------------------------
Net increase (decrease) in net assets resulting from operations (25,908) 988,019
------------------------------------------------
Participant transactions:
Proceeds from sales of units 4,559,577 23,555,283
Cost of units redeemed (4,889,254) (12,857,618)
------------------------------------------------
Net increase (decrease) in net assets resulting from
participant transactions (329,677) 10,697,665
------------------------------------------------
Total increase (decrease) in net assets (355,585) 11,685,684
Net Assets:
Beginning of period 124,384,562 112,343,293
------------------------------------------------
End of period $124,028,977 $124,028,977
================================================
Number of units:
Outstanding-beginning of period 6,583,376 5,999,864
Sold 237,646 1,249,056
Redeemed (252,949) (680,847)
------------------------------------------------
Outstanding-end of period 6,568,073 6,568,073
================================================
</TABLE>
39
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<S> <C> <C>
Investment income $0.00 $0.00
Expenses 0.00 0.00
------------------------------------------------
Net investment income 0.00 0.00
Net realized and unrealized gain (loss) on investments (0.01) 0.16
------------------------------------------------
Net increase (decrease) in unit value (0.01) 0.16
Net asset value at beginning of period 18.89 18.72
------------------------------------------------
Net asset value at end of period $18.88 $18.88
================================================
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** 7.42% 21.49%
Number of units outstanding at end of period (in thousands) 6,568 6,568
-------------------------------------------------------------------------------
</TABLE>
*Annualized
** Not annualized. Reflects purchases and sales of units of the funds in which
the portfolio invests rather than the turnover of such underlying funds.
40
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
September 30, 2000
------------------------
Assets
<S> <C>
Investments, at value (cost $92,988,215) $109,731,892
Cash 0
Receivable for investments sold 1,198,314
Receivable for fund units sold 30,837
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 110,961,043
------------------------
Liabilities
Payable for investments purchased 1,229,151
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 1,229,151
------------------------
Net Assets $109,731,892
========================
Net asset value, redemption price and offering price per unit of
beneficial interest ($109,731,892/5,036,183 units outstanding) $21.79
========================
</TABLE>
41
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Investment income:
<S> <C> <C>
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
Registration fees 0 0
------------------------------------------------
Total expenses 0 0
Program fee reimbursement from State Street Bank and Trust Company 0 0
------------------------------------------------
Net expenses 0 0
------------------------------------------------
Net investment income 0 0
------------------------------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,395,072 7,159,409
Unrealized depreciation of investments during the period (2,518,105) (7,776,316)
------------------------------------------------
Net loss on investments (1,123,033) (616,907)
------------------------------------------------
Net decrease in net assets resulting from operations $(1,123,033) $(616,907)
================================================
</TABLE>
42
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
Increase in net assets from:
Operations:
<S> <C> <C>
Net investment income $0 $0
Net realized gain on investments 1,395,072 7,159,409
Unrealized depreciation of investments during the period (2,518,105) (7,776,316)
------------------------------------------------
Net decrease in net assets resulting from operations (1,123,033) (616,907)
------------------------------------------------
Participant transactions:
Proceeds from sales of units 7,379,998 22,400,786
Cost of units redeemed (793,123) (8,595,453)
------------------------------------------------
Net increase in net assets resulting from participant transactions 6,586,875 13,805,333
------------------------------------------------
Total increase in net assets 5,463,842 13,188,426
Net Assets:
Beginning of period 104,268,050 96,543,466
------------------------------------------------
End of period $109,731,892 $109,731,892
================================================
Number of units:
Outstanding-beginning of period 4,740,782 4,412,326
Sold 331,357 1,017,164
Redeemed (35,956) (393,307)
------------------------------------------------
Outstanding-end of period 5,036,183 5,036,183
================================================
</TABLE>
43
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Per-Unit data and Ratios
Unaudited
Selected data for a unit outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period For the period
July 1, 2000 January 1, 2000
to September 30, 2000 to September 30, 2000
------------------------------------------------
<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 loss on investments (0.20) (0.09)
------------------------------------------------
Net decrease in unit value (0.20) (0.09)
Net asset value at beginning of period 21.99 21.88
------------------------------------------------
Net asset value at end of period $21.79 $21.79
================================================
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** 3.91% 19.25%
Number of units outstanding at end of period (in thousands) 5,036 5,036
-------------------------------------------------------------------------------
</TABLE>
*Annualized
** Not annualized. Reflects purchases and sales of units of the funds in which
the portfolio invests rather than the turnover of such underlying funds.
44
<PAGE>
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The third quarter of 2000 was characterized by weak returns for the
overall domestic equity markets. Though there was not a vast difference in
returns of small capitalization stocks versus large capitalization stocks, that
was not the case for value versus growth investing. Value stocks greatly
outperformed growth stocks as old economy and defensive issues came into favor.
The technology sector, which had demonstrated strong performance over the last
several quarters, was the worst performing sector of the period followed by
consumer discretionary services. The financial services sector posted strong
returns followed by the energy and oil sectors. In the domestic bond market, the
Federal Reserve left the short term lending rate unchanged after having raised
it 175 basis points over the last three quarters. This was due in part to a
slowing economy and an increase in the cost of oil. The international markets
finished with both the established and emerging markets experiencing negative
returns, principally due to the Euro's weakness along with a decline in
telecommunications and technology stocks.
AGGRESSIVE EQUITY FUND
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and convertible
debt instruments and non-equity securities, including investment grade bonds,
debentures and high quality money market instruments of the same types as those
in which the Stable Asset Return Fund may invest, when deemed appropriate by
State Street in light of economic and market conditions. The Aggressive Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market. For the quarter ended September 30, 2000, 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 1.57%. By comparison, the Russell
2000 Index produced a total return of 1.11% 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, health care and consumer discretionary and services. Securities
representing the largest holdings based on market value in the Aggressive Equity
Fund at September 30, 2000 included JDS Uniphase Corp., Applied Micro Circuits
Corp., Ace Ltd., Xilinx Inc., Check Point Software Technologies Ltd., Jabil
Circuit Inc., Analog Devices Inc., Medimmune Inc., Siebel Systems Inc. and
Veritas Software Corp.
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
45
<PAGE>
time, total returns comparable to or superior to an appropriate combination of
broad measures of the domestic stock and bond markets.
For the quarter ended September 30, 2000, the Balanced Fund experienced
a total return, net of Expenses, of 1.31%. 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 1.64%. 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 discretionary and
services. Securities representing the largest holdings based on market value in
the equity portion of the Balanced Fund at September 30, 2000 included
Astrazeneca PLC, Pfizer Inc., USA Education Inc., Exxon Mobil Corp., Guidant
Corp., XL Capital Ltd., Nokia Corp., BankAmerica Corp., Bank One Corp. and Time
Warner, Inc. 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 September 30, 2000, the Growth Equity Fund
experienced a total return, net of Expenses, of (2.26)%. By comparison, the
Russell 1000 Growth Index produced a return of (5.38)% 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 industrials. Securities representing the largest
holdings based on market value in the Growth Equity Fund at September 30, 2000
included General Electric Company, Cisco Systems Inc., Pfizer Inc., EMC
Corporation, Sun Microsystems Inc., Intel Corp., Oracle Corp., Microsoft
Corporation, Tyco International Ltd, and America Online 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.
46
<PAGE>
The Fund produced a total return, net of Expenses, of (0.06)% for the
quarter ended September 30, 2000. By comparison, the Russell 3000 Index produced
a return of 0.74% 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. Contributions to the Fund are
invested in the PIMCO Total Return Fund, a diversified fixed income open- end
management investment company with a portfolio duration generally from three to
six years.
For the quarter ended September 30, 2000, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 2.80%. As a comparison, the
Lehman Brothers Aggregate Bond Index produced a return of 3.01% for the same
period. The Lehman Brothers Aggregate Bond Index does not include an allowance
for the fees that an investor would pay for investing in the securities that
comprise the index.
INTERNATIONAL EQUITY FUND
The International Equity Fund's investment objective is to seek
long-term growth of capital through investing primarily in common stocks of
established non-U.S. companies. The Fund intends to diversify investments
broadly among countries of the Far East and Europe, as well as in South Africa,
Australia, Canada and other areas. The International Equity Fund will seek to
achieve, over an extended period of time, total returns comparable to or
superior to broad measures of the international (non-U.S.) stock market.
Approximately half of the assets of the International Equity Fund are
invested in a separate collective trust portfolio managed by State Street. The
remainder of the International Equity Fund is invested in the T. Rowe Price
International Stock Fund, an open-end management investment company.
For the quarter ended September 30, 2000, the International Equity Fund
experienced a total return, net of Expenses, of (9.22)%. 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 (8.21)%. The MSCI AC
World Ex-U.S. Index does not include an allowance for the fees that an investor
would pay for investing in the securities that comprise the index.
As of September 30, 2000, the most heavily weighted countries in the T.
Rowe Price International Stock Fund were the United Kingdom, Japan, and France.
The securities representing the largest holdings based on market value were
Vodafone, Nokia, Glaxo Wellcome PLC, Sony Corp. and Royal Bank of Scotland.
As of September 30, 2000, the most heavily weighted sectors in the
separately managed portion of the International Equity Fund were financials,
47
<PAGE>
technology and consumer discretionary. The securities representing the largest
holdings based on market value in the separately managed portion of the
International Equity Fund were Nokia Corp., Vodafone, HSBC Holdings, Glaxo
Wellcome PLC, Shell Transport & Trading, Ericcson Telefinlab LM, Deutsche Bank
AG, Alcatel SA and TotalFinaElf SA.
STABLE ASSET RETURN FUND
The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, banks or other financial institutions. The Stable
Asset Return Fund also invests in high quality money market instruments,
including obligations of the United States government, notes, bonds and similar
debt instruments of corporations, commercial paper, certificates of deposit and
time deposits, bankers' acceptances, variable and indexed interest notes and
repurchase agreements.
For the quarter ended September 30, 2000, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 6.25%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 6.03%. 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. A portion of the Value Equity Fund (approximately
25%) is invested to replicate the Russell 1000 Value Index, which is composed of
those Russell 1000 stocks with a greater than average value orientation. The
remainder of the Value Equity Fund will remain actively managed.
For the quarter ended September 30, 2000, the Value Equity Fund
experienced a total return, net of Expenses, of 5.27%. By comparison, the
Russell 1000 Value Index produced a return of 7.86% 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 separately managed portion of
the Value Equity Fund were financial services, technology and industrials.
Securities representing the largest holdings based on market value in the
separately managed portion of the Value Equity Fund at September 30, 2000
included General Electric Company, Cisco Systems Inc., Intel Corp., Microsoft
Corp., Exxon Mobil Corp., BankAmerica Corp., Philip Morris Companies Inc.,
Wal-Mart Stores, Inc., and Bank One 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
48
<PAGE>
Fund, 7%. Funds in the Moderate Portfolio are allocated as follows: Stable Asset
Return Fund, 10%; Intermediate Bond Fund, 30%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended September 30, 2000, the Structured Portfolio
Service experienced a total return, net of Expenses, of 1.05% for the
Conservative Portfolio, (0.05)% for the Moderate Portfolio, and (0.93)% for the
Aggressive Portfolio.
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 as of November 14, 2000.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
By: /s/ Beth M. Halberstadt
--------------------------------------------
Beth M. Halberstadt
Vice President and Chief Financial Officer
By: /s/ Susan C. Daniels
--------------------------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
----------- -----------
27.1 Financial Data Schedule-Aggressive Equity Fund
27.2 Financial Data Schedule-Balanced Fund
27.3 Financial Data Schedule-Growth Equity Fund
27.4 Financial Data Schedule-Index Equity Fund
27.5 Financial Data Schedule-Intermediate Bond Fund
27.6 Financial Data Schedule-International Equity Fund
27.7 Financial Data Schedule-Stable Asset Return Fund
27.8 Financial Data Schedule-Value Equity Fund
27.9 Financial Data Schedule-Structured Portfolio Service
Conservative Portfolio
27.10 Financial Data Schedule-Structured Portfolio Service
Moderate Portfolio
27.11 Financial Data Schedule-Structured Portfolio Service
Aggressive Portfolio
52
<PAGE>
|
|