Rule 424(b)(3)
Registration Nos. 333-69427
AMERICAN BAR ASSOCIATION MEMBERS RETIREMENT PROGRAM
UNITS OF BENEFICIAL INTEREST
AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST
Prospectus Supplement Dated January 12, 2001
to Prospectus Dated April 14, 2000
INTRODUCTION
This supplement to the Prospectus dated April 14, 2000 (the
"Prospectus") for units of beneficial interest in the American Bar Association
Members/State Street Collective Trust (the "Collective Trust") describes a ten
for one split in the units of the Growth Equity Fund.
Terms not defined in this supplement that are defined in the
Prospectus have the same meaning given to them in the Prospectus. This
supplement should be read together with the Prospectus, which either accompanies
this supplement or has previously been sent to you. Upon written or oral
request, State Street will provide you with a copy of the Prospectus without
charge. Direct your request for a Prospectus to State Street Bank and Trust
Company, Attention ABRA Customer Service, Post Office Box 9109, Boston,
Massachusetts 02209-9109; telephone number (800) 348-2272.
GROWTH EQUITY FUND UNIT VALUE
State Street will implement a ten for one split of units of
the Growth Equity Fund effective February 2, 2001. As of the close of business
on that day, each unit outstanding will become ten units of the Growth Equity
Fund and the closing net asset value of each unit will be reduced to one-tenth
(1/10) of its value prior to the split. The aggregate value of a participant's
investment in the Growth Equity Fund will not change as a result of the unit
split. The following table provides information regarding the income, expenses
and capital changes for the Growth Equity Fund on a per unit basis after giving
effect to the unit split and should be read instead of the table on page 11 of
the Prospectus.
<PAGE>
2
Growth Equity Fund:*
<TABLE>
<CAPTION>
For the Period Year ended December 31,
January 2,
1992** to
December 31,
-------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income.......... $.32 $.32 $.35 $.39 $.51 $.41 $.43 $ .47
Net expenses............... (.15) (.15) (.16) (.19) (.22) (.26) (.30) (.33)
Net investment income...... .17 .17 .19 .20 .29 .15 .13 .14
Net realized and unrealized
gain on investments...... 30 1.30 .06 5.77 4.61 8.00 13.63 16.53
Net increase in unit
Value................... .47 1.47 .25 5.97 4.90 8.15 13.76 16.67
Net asset value at
Beginning of period..... 14.77 15.24 16.71 16.96 22.93 27.83 35.98 49.74
Net asset value at end
of period................ $15.24 $16.71 $16.96 $22.93 $27.83 $35.98 $49.74 $66.41
Ratio of net expenses to
Average net assets...... 1.01%*** .96% .95% .92% .88% .80% .71% .59%#
Ratio of net investment
Income to average net assets
.......................... 1.22%*** 1.03% 1.12% .98% 1.13% .48% .32% .26%
Portfolio turnover......... 46%**** 82% 59% 60% 64% 88% 46% 46%
Total return............... 3.22%**** 9.60% 1.49% 35.23% 21.37% 29.31% 38.24% 33.51%
Net assets at end of
period (in thousands)..... $427,933 $471,398 $479,435 $637,834 $752,798 $967,854 $1,297,827 $1,710,609
</TABLE>
* The Growth Equity Fund changed advisors in June 1997.
** Commencement of operations.
*** Ratios annualized.
**** Not annualized.
# Reflects the reimbursement of expenses by State Street. If these
expenses had not been reimbursed, the annualized ratio of net expenses
to average net assets would have been .59%. See Note 3 of the Notes to
Financial Statements included in the Prospectus.
