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Previous: HENDERSON CITIZENS BANCSHARES INC, 10-Q, 2000-05-15 |
Next: TUT SYSTEMS INC, 10-Q, 2000-05-15 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 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
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>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $356,092,042) $551,831,908
Cash 153,464
Receivable for investments sold 654,600
Receivable for fund units sold 0
Dividends and interest receivable 221,740
Other assets 23,270
--------------------
Total assets 552,884,982
--------------------
Liabilities
Payable for investments purchased 4,760,192
Payable for fund units purchased 254,622
Accrued expenses 726,240
Other liabilities 0
--------------------
Total liabilities 5,741,054
--------------------
Net Assets $547,143,928
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($547,143,928/5,589,882 units outstanding) $97.88
====================
</TABLE>
1
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $336,168
Interest income 523,813
--------------------
Total investment income 859,981
Expenses:
Investment advisory fee 560,042
State Street Bank & Trust Company - program fee 276,605
American Bar Retirement Association - program fee 53,433
Trustee, management and administration fees 89,851
Other expenses and taxes 32,369
Amortization of organization expenses 7,439
--------------------
Total expenses 1,019,739
Program fee reimbursement from State Street Bank and Trust Company (2,395)
--------------------
Net expenses 1,017,344
--------------------
Net investment loss (157,363)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 38,560,582
Unrealized appreciation of investments during the period 42,431,817
--------------------
Net gain on investments 80,992,399
--------------------
Net increase in net assets resulting from operations $80,835,036
====================
</TABLE>
2
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment loss $(157,363)
Net realized gain on investments 38,560,582
Unrealized appreciation of investments during the period 42,431,817
--------------------
Net increase in net assets resulting from operations 80,835,036
--------------------
Participant transactions:
Proceeds from sales of units 43,663,391
Cost of units redeemed (9,362,368)
--------------------
Net increase in net assets resulting from participant transactions 34,301,023
--------------------
Total increase in net assets 115,136,059
Net Assets:
Beginning of period 432,007,869
--------------------
End of period $547,143,928
====================
Number of units:
Outstanding-beginning of period 5,222,531
Sold 467,800
Redeemed (100,449)
Outstanding-end of period 5,589,882
====================
</TABLE>
3
<PAGE>
American Bar Association Members/ State Street Collective Trust
Aggressive Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.12
Expenses (0.13)
--------------------
Net investment loss (0.01)
Net realized and unrealized gain on investments 15.17
--------------------
Net increase in unit value 15.16
Net asset value at beginning of period 82.72
--------------------
Net asset value at end of period $97.88
====================
Ratio of expenses to average net assets* .82%
Ratio of net investment loss to average net assets* (.13)%
Portfolio turnover** 14.39%
Number of units outstanding at end of period (in thousands) 5,590
- ---------------------------------------------------------------------
*Annualized
**Not annualized
</TABLE>
4
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $456,699,582) $525,363,148
Cash 66,599
Receivable for investments sold 10,076,697
Receivable for fund units sold 0
Dividends and interest receivable 2,284,121
Other assets 24,898
--------------------
Total assets 537,815,463
--------------------
Liabilities
Payable for investments purchased 70,361,569
Payable for fund units purchased 1,534,612
Accrued expenses 344,782
Other liabilities 0
--------------------
Total liabilities 72,240,963
--------------------
Net Assets $465,574,500
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($465,574,500/7,277,786 units outstanding) $63.97
====================
</TABLE>
5
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $921,751
Interest income 3,026,811
--------------------
Total investment income 3,948,562
Expenses:
Investment advisory fee 260,521
State Street Bank & Trust Company - program fee 249,695
American Bar Retirement Association - program fee 48,313
Trustee, management and administration fees 81,185
Other expenses and taxes 29,116
Amortization of organization expenses 8,099
--------------------
Total expenses 676,929
Program fee reimbursement from State Street Bank and Trust Company (2,165)
--------------------
Net expenses 674,764
--------------------
Net investment income 3,273,798
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 12,478,522
Unrealized appreciation of investments during the period 4,282,864
--------------------
Net gain on investments 16,761,386
--------------------
Net increase in net assets resulting from operations $20,035,184
====================
</TABLE>
6
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $3,273,798
Net realized gain on investments 12,478,522
Unrealized appreciation of investments during the period 4,282,864
--------------------
Net increase in net assets resulting from operations 20,035,184
--------------------
Participant transactions:
Proceeds from sales of units 3,918,200
Cost of units redeemed (18,706,950)
--------------------
Net decrease in net assets resulting from participant transactions (14,788,750)
--------------------
Total increase in net assets 5,246,434
Net Assets:
Beginning of period 460,328,066
--------------------
End of period $465,574,500
====================
Number of units:
Outstanding-beginning of period 7,520,223
Sold 64,030
Redeemed (306,467)
Outstanding-end of period 7,277,786
====================
</TABLE>
7
<PAGE>
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $2.42
Expenses (0.40)
--------------------
Net investment income 2.02
Net realized and unrealized gain on investments 0.74
--------------------
Net increase in unit value 2.76
Net asset value at beginning of period 61.21
--------------------
Net asset value at end of period $63.97
====================
Ratio of expenses to average net assets* .59%
Ratio of net investment income to average net assets* 2.91%
Portfolio turnover** 49.31%
Number of units outstanding at end of period (in thousands) 7,278
- ---------------------------------------------------------------------
*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>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $1,094,047,591) $1,798,782,121
Cash 60,430
Receivable for investments sold 6,271,750
Receivable for fund units sold 0
Dividends and interest receivable 1,230,125
Other assets 112,413
--------------------
Total assets 1,806,456,838
--------------------
Liabilities
Payable for investments purchased 6,582,100
Payable for fund units purchased 2,797,533
Accrued expenses 1,509,537
Other liabilities 0
--------------------
Total liabilities 10,889,170
--------------------
Net Assets $1,795,567,669
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($1,795,567,669/2,537,316 units outstanding) $707.66
====================
</TABLE>
9
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $2,869,949
Interest income 468,471
--------------------
Total investment income 3,338,420
Expenses:
Investment advisory fee 920,513
State Street Bank & Trust Company - program fee 937,736
American Bar Retirement Association - program fee 181,424
Trustee, management and administration fees 304,903
Other expenses and taxes 112,464
Amortization of organization expenses 30,299
--------------------
Total expenses 2,487,339
Program fee reimbursement from State Street Bank and Trust Company (8,129)
--------------------
Net expenses 2,479,210
--------------------
Net investment income 859,210
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 77,468,072
Unrealized appreciation of investments during the period 31,697,861
--------------------
Net gain on investments 109,165,933
--------------------
Net increase in net assets resulting from operations $110,025,143
====================
</TABLE>
10
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $859,210
Net realized gain on investments 77,468,072
Unrealized appreciation of investments during the period 31,697,861
--------------------
Net increase in net assets resulting from operations 110,025,143
--------------------
Participant transactions:
Proceeds from sales of units 22,092,922
Cost of units redeemed (47,159,740)
--------------------
Net decrease in net assets resulting from participant transactions (25,066,818)
--------------------
Total increase in net assets 84,958,325
Net Assets:
Beginning of period 1,710,609,344
--------------------
End of period $1,795,567,669
====================
Number of units:
Outstanding-beginning of period 2,575,875
Sold 33,191
Redeemed (71,750)
Outstanding-end of period 2,537,316
====================
</TABLE>
11
<PAGE>
American Bar Association Members/ State Street Collective Trust
Growth Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $1.31
Expenses (0.95)
--------------------
Net investment income 0.36
Net realized and unrealized loss on investments 43.21
--------------------
Net increase in unit value 43.57
Net asset value at beginning of period 664.09
--------------------
Net asset value at end of period $707.66
====================
Ratio of expenses to average net assets* .59%
Ratio of net investment income to average net assets* 0.20%
Portfolio turnover** 11.21%
Number of units outstanding at end of period (in thousands) 2,537
- ---------------------------------------------------------------------
*Annualized
**Not annualized
</TABLE>
12
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $243,726,772) $309,269,718
Cash 109,695
Receivable for investments sold 0
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 15,941
--------------------
Total assets 309,395,354
--------------------
Liabilities
Payable for investments purchased 109,695
Payable for fund units purchased 2,360,335
Accrued expenses 108,991
Other liabilities 0
--------------------
Total liabilities 2,579,021
--------------------
Net Assets $306,816,333
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($306,816,333/8,876,981 units outstanding) $34.56
====================
</TABLE>
13
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
--------------------
Total investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 160,111
American Bar Retirement Association - program fee 30,985
Trustee, management and administration fees 52,071
Other expenses and taxes 19,174
Amortization of organization expenses 5,186
--------------------
Total expenses 267,527
Program fee reimbursement from State Street Bank and Trust Company (1,388)
--------------------
Net expenses 266,139
--------------------
Net investment loss (266,139)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 1,556,350
Unrealized appreciation of investments during the period 10,741,160
--------------------
Net gain on investments 12,297,511
--------------------
Net increase in net assets resulting from operations $12,031,371
====================
</TABLE>
14
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment loss $(266,139)
Net realized gain on investments 1,556,350
Unrealized appreciation of investments during the period 10,741,160
--------------------
Net increase in net assets resulting from operations 12,031,371
--------------------
Participant transactions:
Proceeds from sales of units 11,044,321
Cost of units redeemed (9,328,588)
--------------------
Net increase in net assets resulting from participant transactions 1,715,733
--------------------
Total increase in net assets 13,747,104
Net Assets:
Beginning of period 293,069,229
--------------------
End of period $306,816,333
====================
Number of units:
Outstanding-beginning of period 8,828,173
Sold 335,603
Redeemed (286,795)
--------------------
Outstanding-end of period 8,876,981
====================
</TABLE>
15
<PAGE>
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.00
Expenses (0.03)
--------------------
Net investment loss (0.03)
Net realized and unrealized loss on investments 1.39
--------------------
Net increase in unit value 1.36
Net asset value at beginning of period 33.20
--------------------
Net asset value at end of period 34.56
====================
Ratio of expenses to average net assets* .37%
Ratio of net investment income to average net assets* (.37)%
Portfolio turnover** 3.00%
Number of units outstanding at end of period (in thousands) 8,877
- ---------------------------------------------------------------------
*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 portfolios of such collective investment fund.
</TABLE>
16
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $137,526,899) $130,799,006
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 1,761,048
Dividends and interest receivable 699,003
Other assets 6,667
--------------------
Total assets 133,265,724
--------------------
Liabilities
Payable for investments purchased 2,488,418
Payable for fund units purchased 0
Accrued expenses 47,745
Other liabilities 0
--------------------
Total liabilities 2,536,163
--------------------
Net Assets $130,729,561
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($130,729,561/9,986,132 units outstanding) $13.09
====================
</TABLE>
17
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $2,038,037
Interest income 4
--------------------
Total investment income 2,038,041
Expenses:
State Street Bank & Trust Company - program fee 70,315
American Bar Retirement Association - program fee 13,607
Trustee, management and administration fees 22,862
Other expenses and taxes 8,205
Amortization of organization expenses 2,302
--------------------
Total expenses 117,291
Program fee reimbursement from State Street Bank and Trust Company (609)
--------------------
Net expenses 116,682
--------------------
Net investment income 1,921,359
--------------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold (511,125)
Unrealized appreciation of investments during the period 1,404,700
--------------------
Net gain on investments 893,575
--------------------
Net increase in net assets resulting from operations $2,814,934
====================
</TABLE>
18
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Decrease in net assets from:
Operations:
Net investment income $1,921,359
Net realized loss on investments (511,125)
Unrealized appreciation of investments during the period 1,404,700
--------------------
Net increase in net assets resulting from operations 2,814,934
--------------------
Participant transactions:
Proceeds from sales of units 6,363,698
Cost of units redeemed (9,531,872)
--------------------
Net decrease in net assets resulting from participant transactions (3,168,174)
--------------------
Total decrease in net assets (353,240)
Net Assets:
Beginning of period 131,082,801
--------------------
End of period $130,729,561
====================
Number of units:
Outstanding-beginning of period 10,239,307
Sold 490,807
Redeemed (743,982)
Outstanding-end of period 9,986,132
====================
</TABLE>
19
<PAGE>
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.20
Expenses (0.01)
--------------------
Net investment income 0.19
Net realized and unrealized loss on investments 0.10
--------------------
Net increase in unit value 0.29
Net asset value at beginning of period 12.80
--------------------
Net asset value at end of period $13.09
====================
Ratio of expenses to average net assets* 0.37%
Ratio of net investment income to average net assets* 6.07%
Portfolio turnover** 7.87%
Number of units outstanding at end of period (in thousands) 9,986
- ---------------------------------------------------------------------
*Annualized
**Not annualized. Reflects purchases and sales of shares of the registered
investment companies in which the fund invests, rather than turnover of the
underlying portfolio of such registered investment companies.
</TABLE>
20
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $115,934,758) $122,004,133
Cash 0
Receivable for investments sold 0
Receivable for fund units sold 4,876,747
Dividends and interest receivable 0
Other assets 33,118
--------------------
Total assets 126,913,998
--------------------
Liabilities
Payable for investments purchased 4,876,747
Payable for fund units purchased 0
Accrued expenses 40,753
Other liabilities 0
--------------------
Total liabilities 4,917,500
--------------------
Net Assets $121,996,498
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($121,996,498/4,297,539 units outstanding) $28.39
====================
</TABLE>
21
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
--------------------
Total investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 59,984
American Bar Retirement Association - program fee 11,580
Trustee, management and administration fees 19,463
Other expenses and taxes 7,147
Amortization of organization expenses 1,869
--------------------
Total expenses 100,043
--------------------
Program fee reimbursement from State Street Bank and Trust Company (28,107)
--------------------
Net expenses 71,936
--------------------
Net investment loss (71,936)
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 8,160,558
Unrealized depreciation of investments during the period (6,837,971)
--------------------
Net gain on investments 1,322,587
--------------------
Net increase in net assets resulting from operations $1,250,651
====================
</TABLE>
22
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment loss $(71,936)
Net realized gain on investments 8,160,558
Unrealized depreciation of investments during the period (6,837,971)
--------------------
Net increase in net assets resulting from operations 1,250,651
--------------------
Participant transactions:
Proceeds from sales of units 68,282,111
Cost of units redeemed (53,729,290)
--------------------
Net increase in net assets resulting from participant transactions 14,552,821
--------------------
Total increase in net assets 15,803,472
Net Assets:
Beginning of period 106,193,026
--------------------
End of period $121,996,498
====================
Number of units:
Outstanding-beginning of period 3,756,167
Sold 2,452,076
Redeemed (1,910,704)
Outstanding-end of period 4,297,539
====================
</TABLE>
23
<PAGE>
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.00
Expenses (0.02)
--------------------
Net investment loss (0.02)
Net realized and unrealized gain on investments 0.14
--------------------
Net increase in unit value 0.12
Net asset value at beginning of period 28.27
--------------------
Net asset value at end of period $28.39
====================
Ratio of expenses to average net assets* .26%
Ratio of net investment income to average net assets* (.26)%
Portfolio turnover** 48.81%
Number of units outstanding at end of period (in thousands) 4,298
- ---------------------------------------------------------------------
*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.
</TABLE>
24
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $694,064,626) $694,064,626
Interest Receivable 238,666
Receivable for fund units sold 0
Other assets 3,686,019
--------------------
Total assets 697,989,311
--------------------
Liabilities
Payable for fund units redeemed 3,808,456
Accrued expenses 249,856
--------------------
Total liabilities 4,058,312
--------------------
Net Assets $693,930,999
====================
Net asset value, redemption price and offering price per
unit of beneficial interest
($693,930,999/693,930,999 units outstanding) $1.00
====================
</TABLE>
25
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Interest income $10,961,000
--------------------
Expenses:
State Street Bank & Trust Company - program fee 378,330
American Bar Retirement Association - program fee 73,175
Trustee, management and administration fees 122,936
Other expenses and taxes 44,083
Amortization of organization expenses 12,176
--------------------
Total expenses 630,700
Program fee reimbursement from State Street Bank and Trust Company (3,279)
--------------------
Net expenses 627,421
--------------------
Net investment income $10,333,579
====================
</TABLE>
26
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Decrease in net assets from:
Operations:
Net investment income and net increase in net
assets resulting from operations $10,333,579
--------------------
Distributions from investment income (10,333,579)
--------------------
Participant transactions:
Proceeds from sales of units 79,285,180
Units issued in connection with reinvestment
of net investment income 10,333,579
Cost of units redeemed (105,203,544)
Net decrease in net assets resulting from
participant transactions (15,584,785)
--------------------
Total decrease in net assets (15,584,785)
--------------------
Net Assets:
Beginning of period 709,515,784
--------------------
End of period $693,930,999
====================
</TABLE>
27
<PAGE>
American Bar Association Members/ State Street Collective Trust
Stable Asset Return Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.016
Expenses (0.001)
--------------------
Net investment income 0.015
Reinvestment of net investment income (0.015)
--------------------
Net increase in unit value 0.00
Net asset value at beginning of period 1.00
--------------------
Net asset value at end of period $1.00
====================
Ratio of expenses to average net assets* .36%
Ratio of net investment income to average net assets* 5.94%
Number of units outstanding at end of period (in thousands) 693,931
- ---------------------------------------------------------------------
*Annualized
</TABLE>
28
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
--------------------
<S> <C>
Assets
Investments, at value (cost $153,845,826) $178,972,635
Cash 23,617
Receivable for investments sold 1,926,435
Receivable for fund units sold 0
Dividends and interest receivable 308,533
Other assets 9,647
--------------------
Total assets 181,240,867
--------------------
Liabilities
Payable for investments purchased 2,571,103
Payable for fund units purchased 2,525,394
Accrued expenses 107,216
Other liabilities 0
--------------------
Total liabilities 5,203,713
--------------------
Net Assets $176,037,154
====================
Net asset value, redemption price and offering price per unit of beneficial interest
($176,037,154/7,031,018 units outstanding) $25.04
====================
</TABLE>
29
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Operations
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income:
Dividend income $893,460
Interest income 32,036
--------------------
Total investment income 925,496
Expenses:
Investment advisory fee 128,948
State Street Bank & Trust Company - program fee 91,834
American Bar Retirement Association - program fee 17,791
Trustee, management and administration fees 29,888
Other expenses and taxes 11,008
Amortization of organization expenses 3,154
--------------------
Total expenses 282,623
Program fee reimbursement from State Street Bank and Trust Company (797)
--------------------
Net expenses 281,826
--------------------
Net investment income 643,670
--------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 2,983,325
Unrealized depreciation of investments during the period (6,713,333)
--------------------
Net loss on investments (3,730,008)
--------------------
Net decrease in net assets resulting from operations $(3,086,338)
====================
</TABLE>
30
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Statement of Changes in Net Assets
Unaudited
<TABLE>
<CAPTION>
For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Decrease in net assets from:
Operations:
Net investment income $643,670
Net realized gain on investments 2,983,325
Unrealized depreciation of investments during the period (6,713,333)
--------------------
Net decrease in net assets resulting from operations (3,086,338)
--------------------
Participant transactions:
Proceeds from sales of units 8,016,591
Cost of units redeemed (7,772,655)
--------------------
Net increase in net assets resulting from participant transactions 243,936
--------------------
Total decrease in net assets (2,842,402)
Net Assets:
Beginning of period 178,879,556
--------------------
End of period $176,037,154
====================
Number of units:
Outstanding-beginning of period 7,011,036
Sold 345,849
Redeemed (325,867)
--------------------
Outstanding-end of period 7,031,018
====================
</TABLE>
31
<PAGE>
American Bar Association Members/ State Street Collective Trust
Value Equity Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
--------------------
<S> <C>
Investment income $0.13
Expenses (0.04)
--------------------
Net investment income 0.09
Net realized and unrealized loss on investments (0.56)
--------------------
Net decrease in unit value (0.47)
Net asset value at beginning of period 25.51
--------------------
Net asset value at end of period $25.04
====================
Ratio of expenses to average net assets* .68%
Ratio of net investment income to average net assets* 1.56%
Portfolio turnover** 6.76%
Number of units outstanding at end of period (in thousands) 7,031
- ---------------------------------------------------------------------
*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>
March 31, 2000
------------------------
<S> <C>
Assets
Investments, at value (cost $25,321,413) $28,034,790
Cash 0
Receivable for investments sold 413,694
Receivable for fund units sold 37,568
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 28,486,052
------------------------
Liabilities
Payable for investments purchased 451,262
Payable for fund units purchased 0
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 451,262
------------------------
Net Assets $28,034,790
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($28,034,790/1,706,730 units outstanding) $16.43
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Total investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 352,943
Unrealized appreciation of investments during the period 247,016
------------------------
Net gain on investments 599,959
------------------------
Net increase in net assets resulting from operations $599,959
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 352,943
Unrealized appreciation of investments during the period 247,016
------------------------
Net increase in net assets resulting from operations 599,959
------------------------
Participant transactions:
Proceeds from sales of units 3,064,262
Cost of units redeemed (1,449,089)
------------------------
Net increase in net assets resulting from participant transactions 1,615,173
------------------------
Total increase in net assets 2,215,132
Net Assets:
Beginning of period 25,819,658
------------------------
End of period $28,034,790
========================
Number of units:
Outstanding-beginning of period 1,608,068
Sold 189,730
Redeemed (91,068)
Outstanding-end of period 1,706,730
========================
</TABLE>
35
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Conservative Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.37
------------------------
Net increase in unit value 0.37
Net asset value at beginning of period 16.06
------------------------
Net asset value at end of period $16.43
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment income to average net assets* 0.00%
Portfolio turnover** 9.05%
Number of units outstanding at end of period (in thousands) 1,707
- -----------------------------------------------------------------------------------
*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>
March 31, 2000
------------------------
<S> <C>
Assets
Investments, at value (cost $98,457,770) $119,251,655
Cash 0
Receivable for investments sold 2,313,408
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 121,565,063
------------------------
Liabilities
Payable for investments purchased 2,147,153
Payable for fund units purchased 166,255
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 2,313,408
------------------------
Net Assets $119,251,655
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($119,251,655/6,212,998 units outstanding) $19.19
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Total investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 2,662,324
Unrealized appreciation of investments during the period 184,904
------------------------
Net gain on investments 2,847,228
------------------------
Net increase in net assets resulting from operations $2,847,228
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 2,662,324
Unrealized appreciation of investments during the period 184,904
------------------------
Net increase in net assets resulting from operations 2,847,228
------------------------
Participant transactions:
Proceeds from sales of units 8,221,331
Cost of units redeemed (4,160,197)
------------------------
Net increase in net assets resulting from participant transactions 4,061,134
------------------------
Total increase in net assets 6,908,362
Net Assets:
Beginning of period 112,343,293
------------------------
End of period $119,251,655
========================
Number of units:
Outstanding-beginning of period 5,999,864
Sold 437,549
Redeemed (224,415)
Outstanding-end of period 6,212,998
========================
</TABLE>
39
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Moderate Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.47
------------------------
Net increase in unit value 0.47
Net asset value at beginning of period 18.72
------------------------
Net asset value at end of period $19.19
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment income to average net assets* 0.00%
Portfolio turnover** 7.76%
Number of units outstanding at end of period (in thousands) 6,213
- --------------------------------------------------------------------------------
*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>
40
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Statement of Assets and Liabilities
Unaudited
<TABLE>
<CAPTION>
March 31, 2000
------------------------
<S> <C>
Assets
Investments, at value (cost $79,040,981) $104,108,023
Cash 0
Receivable for investments sold 2,055,103
Receivable for fund units sold 0
Dividends and interest receivable 0
Other assets 0
------------------------
Total assets 106,163,126
------------------------
Liabilities
Payable for investments purchased 1,933,140
Payable for fund units purchased 121,963
Accrued expenses 0
Other liabilities 0
------------------------
Total liabilities 2,055,103
------------------------
Net Assets $104,108,023
========================
Net asset value, redemption price and offering price per unit of beneficial interest
($104,108,023/4,597,051 units outstanding) $22.65
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income:
Dividend income $0
Interest income 0
------------------------
Total investment income 0
Expenses:
Investment advisory fee 0
State Street Bank & Trust Company - program fee 0
American Bar Retirement Association - program fee 0
Trustee, management and administration fees 0
Other expenses and taxes 0
Amortization of organization expenses 0
------------------------
Total expenses 0
------------------------
Net investment income 0
------------------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold 2,896,012
Unrealized appreciation of investments during the period 547,048
------------------------
Net gain on investments 3,443,060
------------------------
Net increase in net assets resulting from operations $3,443,060
========================
</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
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Increase in net assets from:
Operations:
Net investment income $0
Net realized gain on investments 2,896,012
Unrealized appreciation of investments during the period 547,048
------------------------
Net increase in net assets resulting from operations 3,443,060
------------------------
Participant transactions:
Proceeds from sales of units 6,939,803
Cost of units redeemed (2,818,306)
------------------------
Net increase in net assets resulting from participant transactions 4,121,497
------------------------
Total increase in net assets 7,564,557
Net Assets:
Beginning of period 96,543,466
------------------------
End of period $104,108,023
========================
Number of units:
Outstanding-beginning of period 4,412,326
Sold 314,931
Redeemed (130,206)
Outstanding-end of period 4,597,051
========================
</TABLE>
43
<PAGE>
American Bar Association Members/ State Street Collective Trust
Structured Portfolio Service- Aggressive Fund
Per-Unit Data and Ratios
Unaudited
<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period: For the period
January 1, 2000
to March 31, 2000
------------------------
<S> <C>
Investment income $0.00
Expenses 0.00
------------------------
Net investment income 0.00
Net realized and unrealized gain on investments 0.77
------------------------
Net increase in unit value 0.77
Net asset value at beginning of period 21.88
------------------------
Net asset value at end of period $22.65
========================
Ratio of expenses to average net assets* 0.00%
Ratio of net investment income to average net assets* 0.00%
Portfolio turnover** 7.56%
Number of units outstanding at end of period (in thousands) 4,597
- --------------------------------------------------------------------------------
*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>
44
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Overview
The first quarter of 2000 was very volatile but in the end the overall
domestic equity market had a fairly strong quarter. Small capitalization stocks
outperformed large capitalization stocks while growth investing performed
considerably better than value investing. The energy sector had strong positive
returns, as did technology and producer durables. Consumer staples along with
the materials and processing sector were the weakest as both posted negative
returns. In the domestic bond market, shorter term bond yields increased as the
Federal Reserve increased the short term lending rate to offset possible
inflation. The longer term bond yields decreased due in part to a Treasury
planned buyback program. The international markets finished with the established
markets having a flat return in U.S. dollars while emerging markets performed
well.
Aggressive Equity Fund
The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and convertible
debt instruments and non-equity securities, including investment grade bonds,
debentures and high quality money market instruments of the same types as those
in which the Stable Asset Return Fund may invest, when deemed appropriate by
State Street in light of economic and market conditions. The Aggressive Equity
Fund seeks to achieve, over an extended period of time, total returns that are
comparable to or superior to those attained by broad measures of the domestic
stock market. For the quarter ended March 31, 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 18.34%. By comparison, the
Russell 2000 Index produced a total return of 7.08% 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, consumer discretionary and services and health care. Securities
representing the largest holdings based on market value in the Aggressive Equity
Fund at March 31, 2000 included JDS Uniphase Corp., Applied Micro Circuits
Corp., Xilinx Inc., Qualcomm Inc. and Check Point Software Technologies, Ltd.
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.
45
<PAGE>
For the quarter ended March 31, 2000, the Balanced Fund experienced a total
return, net of Expenses, of 4.52%. 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 3.51%. 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, consumer discretionary and services and financial
services. Securities representing the largest holdings based on market value in
the Balanced Fund at March 31, 2000 included AT&T Corp., Applied Materials Inc.,
Pfizer Inc., Astrazeneca PLC and BankAmerica Corp. 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 March 31, 2000, the Growth Equity Fund
experienced a total return, net of Expenses, of 6.57%. By comparison, the
Russell 1000 Growth Index produced a return of 4.37% 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 discretionary and services. Securities
representing the largest holdings based on market value in the Growth Equity
Fund at March 31, 2000 included Cisco Systems Inc., General Electric Company,
Microsoft Corp., Intel Corp. and EMC Corp.
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 4.12% for the
quarter ended March 31, 2000. By comparison, the Russell 3000 Index produced a
return of 4.57% for the same period. The Russell 3000 Index does not include any
allowance for the fees that an investor would pay for investing in the stocks
that comprise the index.
Intermediate Bond Fund
The Intermediate Bond Fund's investment objective is to achieve a total
return from current income and capital appreciation by investing primarily in a
diversified portfolio of fixed income securities. During the quarter ended March
31, 2000, a portion of the Intermediate Bond Fund (approximately two-thirds) was
actively managed, investing in fixed income securities with a portfolio duration
generally from three to six years. The remaining portion (approximately
one-third) of the Intermediate Bond Fund was invested to replicate the Lehman
Brothers Government/Corporate Bond Index, which is composed of approximately
5,000 issues of fixed income securities, including U.S. government obligations
and investment grade corporate bonds, each with an outstanding market value of
at least $25 million and remaining maturity of greater than one year. During
this period, two-thirds of all contributions to the Fund were invested in the
PIMCO Total Return Fund and the remaining one-third was invested in the Barclays
Global Investors Bond Index Fund.
For the quarter ended March 31, 2000, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 2.28%. As a comparison, the
Lehman Brothers Aggregate Bond Index produced a return of 2.21% 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.
State Street has determined that, effective May 31, 2000, the entire
Intermediate Bond Fund will be invested utilizing an actively managed fixed
income strategy rather than utilizing a partly indexed strategy. To accomplish
this, after May 15, 2000, assets contributed or transferred to the Intermediate
Bond Fund will be allocated entirely to the PIMCO Total Return Fund. During May
2000, assets formerly allocated to the indexed portion of the Intermediate Bond
Fund will be withdrawn from the Barclays Global Investors Bond Index Fund and
transferred to the PIMCO Total Return Fund. These withdrawals and transfers are
expected to take place gradually over several days in order to avoid disruptions
to the Intermediate Bond Fund, the Barclays Global Investors Bond Index Fund and
the PIMCO Total Return Fund. During this period, the Intermediate Bond Fund may
have a larger cash balance than it otherwise would.
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
47
<PAGE>
returns comparable to or superior to broad measures of the international
(non-U.S.) stock market.
For the quarter ended March 31, 2000, the International Equity Fund
experienced a total return, net of Expenses, of 0.42%. 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 0.70%. The MSCI AC
World Ex-U.S. Index does not include an allowance for the fees that an investor
would pay for investing in the securities that comprise the index.
As of March 31, 2000, the most heavily weighted countries in the T.
Rowe Price International Stock Fund were Japan, the United Kingdom, France and
the Netherlands. The securities representing the largest holdings based on
market value were Vodafone Airtouch Plc., Nokia Corp., Sony Corp., Murata
Manufacturing Co. Ltd. and Television Francaise.
As of March 31, 2000, $122 million in assets were invested in the Fund
and all of these assets were invested in the T. Rowe Price International Stock
Fund. In light of the amount of assets invested in the Fund, State Street
expects to transfer approximately 50% of the assets of the International Equity
Fund to a separate collective trust portfolio managed by State Street. State
Street expects that this transfer will take place gradually over several days
and will be completed as of May 31, 2000. During this period, the International
Equity Fund may have a larger cash balance than it otherwise would. State Street
will retain Dresdner RCM Global Investors LLC to serve as Investment Advisor to
provide investment advice and arrange for the execution of purchases and sales
of securities for the collective trust portfolio portion of the International
Equity Fund.
Stable Asset Return Fund
The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, banks or other financial institutions. The Stable
Asset Return Fund also invests in high quality money market instruments,
including obligations of the United States government, notes, bonds and similar
debt instruments of corporations, commercial paper, certificates of deposit and
time deposits, bankers' acceptances, variable and indexed interest notes and
repurchase agreements.
For the quarter ended March 31, 2000, the Stable Asset Return Fund
produced an annualized return, net of Expenses, of 5.91%. By comparison, the
Donoghue Money Market Fund "Tier One" Average (the "Donoghue Average") for the
quarter was 5.12%. The Fund's strong performance relative to the Donoghue
Average is partly attributable to the longer average maturity of the Fund's
portfolio.
Value Equity Fund
The Value Equity Fund seeks to outperform, over extended periods of
time, broad measures of the domestic stock market. The Value Equity Fund invests
primarily in common stocks of companies that State Street and its investment
advisor consider undervalued.
For the quarter ended March 31, 2000, the Value Equity Fund experienced
a total return, net of Expenses, of (1.86)%. By comparison, the Russell 1000
Value Index
48
<PAGE>
produced a return of .48% 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, industrials and financial services. Securities representing the
largest holdings based on market value in the Value Equity Fund at March 31,
2000 included Microsoft Corp., General Electric Company, Cisco Systems Inc.,
Intel Corp. and Exxon Mobil Corp.
State Street has determined that, effective May 31, 2000, a portion of
the Value Equity Fund (approximately 25%) will be 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. State Street expects that on or prior to May 31,
2000, approximately 25% of the assets in the Value Equity Fund will be
transferred to the State Street Bank and Trust Company Russell 1000 Value Index
Securities Lending Fund. The transfer of these assets may be spread over several
days to avoid disruption to the operation of the Value Equity Fund and the State
Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund.
Structured Portfolio Service
The portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive portfolio
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value Equity Fund,
7%; Growth Equity Fund, 7%; Index Equity Fund, 14%; and International Equity
Fund, 7%. Funds in the Moderate Portfolio are allocated as follows: Stable Asset
Return Fund, 10%; Intermediate Bond Fund, 30%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.
For the quarter ended March 31, 2000, the Structured Portfolio Service
experienced a total return, net of Expenses, of 2.31% for the Conservative
Portfolio, 2.51% for the Moderate Portfolio, and 3.50 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.
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
May 12, 2000 By: /s/ BETH M. HALBERSTADT
------------------------------
Beth M. Halberstadt
Vice President and Chief Financial Officer
May 12, 2000 By: /s/ SUSAN C. DANIELS
-----------------------------
Susan C. Daniels
Treasurer and Chief Accounting Officer
51
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> AGGRESSIVE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 356,092,042
<INVESTMENTS-AT-VALUE> 551,831,908
<RECEIVABLES> 876,339
<ASSETS-OTHER> 23,270
<OTHER-ITEMS-ASSETS> 153,464
<TOTAL-ASSETS> 552,884,982
<PAYABLE-FOR-SECURITIES> 4,760,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 980,862
<TOTAL-LIABILITIES> 5,741,054
<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> 547,143,928
<DIVIDEND-INCOME> 336,168
<INTEREST-INCOME> 523,813
<OTHER-INCOME> 0
<EXPENSES-NET> 1,017,344
<NET-INVESTMENT-INCOME> (157,363)
<REALIZED-GAINS-CURRENT> 38,560,582
<APPREC-INCREASE-CURRENT> 42,431,817
<NET-CHANGE-FROM-OPS> 80,858,609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 467,800
<NUMBER-OF-SHARES-REDEEMED> (100,449)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 115,136,059
<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> 500,597,760
<PER-SHARE-NAV-BEGIN> 82.72
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 15.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 97.88
<EXPENSE-RATIO> 0.82
[AVG-DEBT-OUTSTANDING] 0.00
[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> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 456,699,582
<INVESTMENTS-AT-VALUE> 525,363,148
<RECEIVABLES> 12,360,818
<ASSETS-OTHER> 24,898
<OTHER-ITEMS-ASSETS> 66,599
<TOTAL-ASSETS> 537,815,463
<PAYABLE-FOR-SECURITIES> 70,361,569
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,879,394
<TOTAL-LIABILITIES> 72,240,963
<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> 465,574,500
<DIVIDEND-INCOME> 921,751
<INTEREST-INCOME> 3,026,811
<OTHER-INCOME> 0
<EXPENSES-NET> 674,764
<NET-INVESTMENT-INCOME> 3,273,798
<REALIZED-GAINS-CURRENT> 12,478,522
<APPREC-INCREASE-CURRENT> 4,282,864
<NET-CHANGE-FROM-OPS> 20,049,996
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,030
<NUMBER-OF-SHARES-REDEEMED> (306,467)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,246,434
<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> 451,987,396
<PER-SHARE-NAV-BEGIN> 61.21
<PER-SHARE-NII> 2.02
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 63.97
<EXPENSE-RATIO> 0.59
[AVG-DEBT-OUTSTANDING] 0.00
[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> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 1,094,047,591
<INVESTMENTS-AT-VALUE> 1,798,782,121
<RECEIVABLES> 7,501,874
<ASSETS-OTHER> 112,413
<OTHER-ITEMS-ASSETS> 60,430
<TOTAL-ASSETS> 1,806,456,839
<PAYABLE-FOR-SECURITIES> 6,582,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,307,070
<TOTAL-LIABILITIES> 10,889,170
<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> 1,795,567,669
<DIVIDEND-INCOME> 2,869,949
<INTEREST-INCOME> 468,471
<OTHER-INCOME> 0
<EXPENSES-NET> 2,479,210
<NET-INVESTMENT-INCOME> 859,210
<REALIZED-GAINS-CURRENT> 77,468,072
<APPREC-INCREASE-CURRENT> 31,697,861
<NET-CHANGE-FROM-OPS> 110,025,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,191
<NUMBER-OF-SHARES-REDEEMED> (71,750)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 84,958,325
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,697,226,231
<PER-SHARE-NAV-BEGIN> 664.09
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 43.21
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 707.66
<EXPENSE-RATIO> 0.58
[AVG-DEBT-OUTSTANDING] 0.00
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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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> INDEX EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 243,726,772
<INVESTMENTS-AT-VALUE> 309,269,718
<RECEIVABLES> 0
<ASSETS-OTHER> 15,941
<OTHER-ITEMS-ASSETS> 109,695
<TOTAL-ASSETS> 309,395,353
<PAYABLE-FOR-SECURITIES> 109,695
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,469,325
<TOTAL-LIABILITIES> 2,579,020
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 306,816,333
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 266,139
<NET-INVESTMENT-INCOME> (266,139)
<REALIZED-GAINS-CURRENT> 1,556,350
<APPREC-INCREASE-CURRENT> 10,741,160
<NET-CHANGE-FROM-OPS> 12,031,371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 335,603
<NUMBER-OF-SHARES-REDEEMED> (286,795)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,747,104
<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> 289,773,135
<PER-SHARE-NAV-BEGIN> 33.20
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (0.28)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.56
<EXPENSE-RATIO> 0.37
[AVG-DEBT-OUTSTANDING] 0.00
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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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> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
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<INVESTMENTS-AT-VALUE> 130,799,006
<RECEIVABLES> 2,460,051
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<OTHER-ITEMS-ASSETS> (400)
<TOTAL-ASSETS> 133,265,724
<PAYABLE-FOR-SECURITIES> 2,488,418
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<OTHER-ITEMS-LIABILITIES> 47,745
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<SHARES-COMMON-STOCK> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 130,729,561
<DIVIDEND-INCOME> 2,038,038
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> 116,682
<NET-INVESTMENT-INCOME> 1,921,359
<REALIZED-GAINS-CURRENT> (511,125)
<APPREC-INCREASE-CURRENT> 1,404,699
<NET-CHANGE-FROM-OPS> 2,814,934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 490,807
<NUMBER-OF-SHARES-REDEEMED> (743,982)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (353,240)
<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> 127,267,090
<PER-SHARE-NAV-BEGIN> 12.80
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.09
<EXPENSE-RATIO> 0.37
[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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<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 115,934,758
<INVESTMENTS-AT-VALUE> 122,004,133
<RECEIVABLES> 4,876,747
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126,913,998
<PAYABLE-FOR-SECURITIES> 4,876,747
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,753
<TOTAL-LIABILITIES> 4,917,500
<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> 121,996,498
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 99,510
<NET-INVESTMENT-INCOME> (71,936)
<REALIZED-GAINS-CURRENT> 8,160,558
<APPREC-INCREASE-CURRENT> (6,837,971)
<NET-CHANGE-FROM-OPS> 1,250,651
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,452,076
<NUMBER-OF-SHARES-REDEEMED> (1,910,704)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,803,472
<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> 110,903,919
<PER-SHARE-NAV-BEGIN> 28.27
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.39
<EXPENSE-RATIO> 0.26
[AVG-DEBT-OUTSTANDING] 0.00
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STABLE ASSET RETURN FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 694,064,626
<INVESTMENTS-AT-VALUE> 694,064,626
<RECEIVABLES> 238,666
<ASSETS-OTHER> 3,686,019
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 697,989,311
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,058,312
<TOTAL-LIABILITIES> 4,058,312
<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> 693,930,999
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,961,000
<OTHER-INCOME> 0
<EXPENSES-NET> 627,421
<NET-INVESTMENT-INCOME> 10,333,579
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,333,579
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,333,579)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,285,180
<NUMBER-OF-SHARES-REDEEMED> (105,203,544)
<SHARES-REINVESTED> 10,333,579
<NET-CHANGE-IN-ASSETS> (15,584,785)
<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> 699,177,279
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 153,845,826
<INVESTMENTS-AT-VALUE> 178,972,635
<RECEIVABLES> 2,234,969
<ASSETS-OTHER> 9,647
<OTHER-ITEMS-ASSETS> 23,617
<TOTAL-ASSETS> 181,240,867
<PAYABLE-FOR-SECURITIES> 2,571,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,632,610
<TOTAL-LIABILITIES> 5,203,713
<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> 176,037,154
<DIVIDEND-INCOME> 893,460
<INTEREST-INCOME> 32,036
<OTHER-INCOME> 0
<EXPENSES-NET> 281,826
<NET-INVESTMENT-INCOME> 643,670
<REALIZED-GAINS-CURRENT> 2,983,325
<APPREC-INCREASE-CURRENT> (6,713,333)
<NET-CHANGE-FROM-OPS> (3,086,338)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 345,849
<NUMBER-OF-SHARES-REDEEMED> (325,867)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,842,402)
<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> 166,217,734
<PER-SHARE-NAV-BEGIN> 25.51
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.56)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.04
<EXPENSE-RATIO> 0.68
[AVG-DEBT-OUTSTANDING] 0.00
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE- CONSERVATIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 25,321,413
<INVESTMENTS-AT-VALUE> 28,034,790
<RECEIVABLES> 451,262
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,486,052
<PAYABLE-FOR-SECURITIES> 451,262
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 451,262
<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> 28,034,790
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 352,943
<APPREC-INCREASE-CURRENT> 247,016
<NET-CHANGE-FROM-OPS> 599,959
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 189,731
<NUMBER-OF-SHARES-REDEEMED> (91,068)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,215,132
<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> 25,833,376
<PER-SHARE-NAV-BEGIN> 16.06
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.43
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Assets and Liabilities, the Statement of Operations, the Statement
of Changes in Net Assets and the Per Unit Data and Ratios contained in the
financial statements of the fund to which this schedule relates and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000878375
<NAME> ABA MEMBERS/STATE STREET COLLECTIVE TRUST
<SERIES>
<NUMBER> 0
<NAME> STRUCTURED PORTFOLIO SERVICE- MODERATE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 98,457,770
<INVESTMENTS-AT-VALUE> 119,251,655
<RECEIVABLES> 2,313,408
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,565,064
<PAYABLE-FOR-SECURITIES> 2,147,153
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166,255
<TOTAL-LIABILITIES> 2,313,408
<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> 119,251,655
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,662,324
<APPREC-INCREASE-CURRENT> 184,904
<NET-CHANGE-FROM-OPS> 2,847,228
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437,550
<NUMBER-OF-SHARES-REDEEMED> (224,415)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,908,362
<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> 112,910,030
<PER-SHARE-NAV-BEGIN> 18.72
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.19
<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> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 79,040,981
<INVESTMENTS-AT-VALUE> 104,108,023
<RECEIVABLES> 2,055,103
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 106,163,126
<PAYABLE-FOR-SECURITIES> 1,933,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121,963
<TOTAL-LIABILITIES> 2,055,103
<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> 104,108,023
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 2,896,012
<APPREC-INCREASE-CURRENT> 547,048
<NET-CHANGE-FROM-OPS> 3,443,060
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 314,932
<NUMBER-OF-SHARES-REDEEMED> (130,206)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,564,557
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 96,992,712
<PER-SHARE-NAV-BEGIN> 21.88
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.65
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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