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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|- | ----------------------------------------------------------------------------------------

For the quarterly period ended June 30, 2011



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|- | -----------------------------------------------------------------------------------------

For the transition period from  to

Commission file number 33-50080





AMERICAN BAR ASSOCIATION MEMBERS/

NORTHERN TRUST COLLECTIVE TRUST

(Exact Name of Registrant as Specified
in Its Charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Illinois                                                       |  | 04-6691601                          
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|50 South LaSalle Street Chicago, Illinois                      |  | 60603                               
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

(312) 630-6000

(Registrants Telephone Number, Including Area Code)

(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   ̈

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):



| |  |                              |  |                        |  |                                               |  |                               
| |  | ---------------------------- |  | ---------------------- |  | --------------------------------------------- |  | ------------------------------
| |  | Large Accelerated Filer     ̈ |  | Accelerated Filer     ̈ |  | Non-Accelerated Filer    x                    |  | Smaller reporting company     ̈
| |  |                              |  |                        |  | (Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).    Yes   ̈    No  x









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##### Table of Contents

TABLE OF CONTENTS



|        |  |                                          |  |      |    | 
|------- |  | ---------------------------------------- |  | ---- | -- | 
|        |  |                                          |  | Page |   
|PART I. |  | FINANCIAL INFORMATION                    |  |      | 1  | 
|        |  |                                         
|        |  | Item 1. Financial Statements (Unaudited) |  |      | 1  | 
|        |  |                                         
|        |  | Stable Asset Return Fund                 |  |      | 1  | 
|        |  | Statement of Assets and Liabilities      |  |      | 1  | 
|        |  | Statement of Operations                  |  |      | 2  | 
|        |  | Statement of Changes in Net Assets       |  |      | 3  | 
|        |  | Financial Highlights                     |  |      | 4  | 
|        |  |                                         
|        |  | Bond Core Plus Fund                      |  |      | 5  | 
|        |  | Statement of Assets and Liabilities      |  |      | 5  | 
|        |  | Statement of Operations                  |  |      | 6  | 
|        |  | Statement of Changes in Net Assets       |  |      | 7  | 
|        |  | Financial Highlights                     |  |      | 8  | 
|        |  |                                         
|        |  | Large Cap Equity Fund                    |  |      | 9  | 
|        |  | Statement of Assets and Liabilities      |  |      | 9  | 
|        |  | Statement of Operations                  |  |      | 10 | 
|        |  | Statement of Changes in Net Assets       |  |      | 11 | 
|        |  | Financial Highlights                     |  |      | 12 | 
|        |  |                                         
|        |  | Small-Mid Cap Equity Fund                |  |      | 13 | 
|        |  | Statement of Assets and Liabilities      |  |      | 13 | 
|        |  | Statement of Operations                  |  |      | 14 | 
|        |  | Statement of Changes in Net Assets       |  |      | 15 | 
|        |  | Financial Highlights                     |  |      | 16 | 
|        |  |                                         
|        |  | International All Cap Equity Fund        |  |      | 17 | 
|        |  | Statement of Assets and Liabilities      |  |      | 17 | 
|        |  | Statement of Operations                  |  |      | 18 | 
|        |  | Statement of Changes in Net Assets       |  |      | 19 | 
|        |  | Financial Highlights                     |  |      | 20 | 
|        |  |                                         
|        |  | Bond Index Fund                          |  |      | 21 | 
|        |  | Statement of Assets and Liabilities      |  |      | 21 | 
|        |  | Statement of Operations                  |  |      | 22 | 
|        |  | Statement of Changes in Net Assets       |  |      | 23 | 
|        |  | Financial Highlights                     |  |      | 24 | 
|        |  |                                         
|        |  | Large Cap Index Equity Fund              |  |      | 25 | 
|        |  | Statement of Assets and Liabilities      |  |      | 25 | 
|        |  | Statement of Operations                  |  |      | 26 | 
|        |  | Statement of Changes in Net Assets       |  |      | 27 | 
|        |  | Financial Highlights                     |  |      | 28 | 
|        |  |                                         
|        |  | All Cap Index Equity Fund                |  |      | 29 | 
|        |  | Statement of Assets and Liabilities      |  |      | 29 | 
|        |  | Statement of Operations                  |  |      | 30 | 
|        |  | Statement of Changes in Net Assets       |  |      | 31 | 
|        |  | Financial Highlights                     |  |      | 32 | 



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| |  |                                      |  |      |    | 
| |  | ------------------------------------ |  | ---- | -- | 
| |  |                                      |  | Page |   
| |  | Mid Cap Index Equity Fund            |  |      | 33 | 
| |  | Statement of Assets and Liabilities  |  |      | 33 | 
| |  | Statement of Operations              |  |      | 34 | 
| |  | Statement of Changes in Net Assets   |  |      | 35 | 
| |  | Financial Highlights                 |  |      | 36 | 
| |  |                                     
| |  | Small Cap Index Equity Fund          |  |      | 37 | 
| |  | Statement of Assets and Liabilities  |  |      | 37 | 
| |  | Statement of Operations              |  |      | 38 | 
| |  | Statement of Changes in Net Assets   |  |      | 39 | 
| |  | Financial Highlights                 |  |      | 40 | 
| |  |                                     
| |  | International Index Equity Fund      |  |      | 41 | 
| |  | Statement of Assets and Liabilities  |  |      | 41 | 
| |  | Statement of Operations              |  |      | 42 | 
| |  | Statement of Changes in Net Assets   |  |      | 43 | 
| |  | Financial Highlights                 |  |      | 44 | 
| |  |                                     
| |  | Real Asset Return Fund               |  |      | 45 | 
| |  | Statement of Assets and Liabilities  |  |      | 45 | 
| |  | Statement of Operations              |  |      | 46 | 
| |  | Statement of Changes in Net Assets   |  |      | 47 | 
| |  | Financial Highlights                 |  |      | 48 | 
| |  |                                     
| |  | Lifetime Income Retirement Date Fund |  |      | 49 | 
| |  | Statement of Assets and Liabilities  |  |      | 49 | 
| |  | Statement of Operations              |  |      | 50 | 
| |  | Statement of Changes in Net Assets   |  |      | 51 | 
| |  | Financial Highlights                 |  |      | 52 | 
| |  |                                     
| |  | 2010 Retirement Date Fund            |  |      | 53 | 
| |  | Statement of Assets and Liabilities  |  |      | 53 | 
| |  | Statement of Operations              |  |      | 54 | 
| |  | Statement of Changes in Net Assets   |  |      | 55 | 
| |  | Financial Highlights                 |  |      | 56 | 
| |  |                                     
| |  | 2020 Retirement Date Fund            |  |      | 57 | 
| |  | Statement of Assets and Liabilities  |  |      | 57 | 
| |  | Statement of Operations              |  |      | 58 | 
| |  | Statement of Changes in Net Assets   |  |      | 59 | 
| |  | Financial Highlights                 |  |      | 60 | 
| |  |                                     
| |  | 2030 Retirement Date Fund            |  |      | 61 | 
| |  | Statement of Assets and Liabilities  |  |      | 61 | 
| |  | Statement of Operations              |  |      | 62 | 
| |  | Statement of Changes in Net Assets   |  |      | 63 | 
| |  | Financial Highlights                 |  |      | 64 | 
| |  |                                     
| |  | 2040 Retirement Date Fund            |  |      | 65 | 
| |  | Statement of Assets and Liabilities  |  |      | 65 | 
| |  | Statement of Operations              |  |      | 66 | 
| |  | Statement of Changes in Net Assets   |  |      | 67 | 
| |  | Financial Highlights                 |  |      | 68 | 



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|           |  |                                                                                               |     |      |     | 
|---------- |  | --------------------------------------------------------------------------------------------- | --- | ---- | --- | 
|           |  |                                                                                               |     | Page |    
|           |  | Conservative Risk Fund                                                                        |     |      | 69  | 
|           |  | Statement of Assets and Liabilities                                                           |     |      | 69  | 
|           |  | Statement of Operations                                                                       |     |      | 70  | 
|           |  | Statement of Changes in Net Assets                                                            |     |      | 71  | 
|           |  | Financial Highlights                                                                          |     |      | 72  | 
|           |  |                                                                                              
|           |  | Moderate Risk Fund                                                                            |     |      | 73  | 
|           |  | Statement of Assets and Liabilities                                                           |     |      | 73  | 
|           |  | Statement of Operations                                                                       |     |      | 74  | 
|           |  | Statement of Changes in Net Assets                                                            |     |      | 75  | 
|           |  | Financial Highlights                                                                          |     |      | 76  | 
|           |  |                                                                                              
|           |  | Aggressive Risk Fund                                                                          |     |      | 77  | 
|           |  | Statement of Assets and Liabilities                                                           |     |      | 77  | 
|           |  | Statement of Operations                                                                       |     |      | 78  | 
|           |  | Statement of Changes in Net Assets                                                            |     |      | 79  | 
|           |  | Financial Highlights                                                                          |     |      | 80  | 
|           |  |                                                                                              
|           |  | Balanced Fund                                                                                 |     |      | 81  | 
|           |  | Statement of Assets and Liabilities                                                           |     |      | 81  | 
|           |  | Statement of Operations                                                                       |     |      | 82  | 
|           |  | Statement of Changes in Net Assets                                                            |     |      | 83  | 
|           |  | Financial Highlights                                                                          |     |      | 84  | 
|           |  |                                                                                              
|           |  | Collective Trust                                                                              |     |      | 85  | 
|           |  | Combined Statement of Assets and Liabilities                                                  |     |      | 85  | 
|           |  | Combined Statement of Operations                                                              |     |      | 87  | 
|           |  | Combined Statement of Changes in Net Assets                                                   |     |      | 88  | 
|           |  |                                                                                              
|           |  | Notes to Financial Statements (Unaudited)                                                     |     |      | 89  | 
|           |  |                                                                                              
|           |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |     |      | 124 | 
|           |  |                                                                                              
|           |  | Item 4. Controls and Procedures                                                               |     |      | 143 | 
|           |  |                                                                                              
|PART II.   |  | OTHER INFORMATION                                                                             |     |      | 144 | 
|           |  |                                                                                              
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |     |      | 144 | 
|           |  |                                                                                              
|           |  | Item 6. Exhibits                                                                              |     |      | 144 | 
|           | 
|SIGNATURES |  |                                                                                               | 145 |     



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PART I. FINANCIAL INFORMATION.



|Item 1. | FINANCIAL STATEMENTS (UNAUDITED).
|------- | ---------------------------------

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities



|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | -
|                                                                                                                                                    |  | June 30, 2011Unaudited |             |     | December 31,2010 |  
|Assets                                                                                                                                              |  |                        |             |     |                  |   |             |  
|Investments, at value (including Wrapper Contracts, at Value of $4,050,825 and $0, respectively) (cost $857,098,086 and
$858,340,833, respectively) |  | $                      | 880,650,777 |     |                  | $ | 871,972,224 |  
|Northern Trust Global InvestmentsGovernment Short Term Investment Fund (cost $109,669,845 and $117,393,773,
respectively)                          |  |                        | 109,669,845 |     |                  |   | 117,393,773 |  
|Receivable for fund units sold                                                                                                                      |  |                        | 197,098     |     |                  |   |            |  
|Interest and dividends receivable                                                                                                                   |  |                        | 878         |     |                  |   | 23,255      |  
|Other assets                                                                                                                                        |  |                        | 285         |     |                  |   |            |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|Total assets                                                                                                                                        |  |                        | 990,518,883 |     |                  |   | 989,389,252 |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|Liabilities                                                                                                                                         |  |                        |             |     |                  |   |             |  
|Payable for fund units redeemed                                                                                                                     |  |                        |            |     |                  |   | 2,478,152   |  
|Investment advisory fee payable                                                                                                                     |  |                        |            |     |                  |   | 217,418     |  
|INGprogram fee payable                                                                                                                             |  |                        | 413,413     |     |                  |   | 432,908     |  
|Trustee, management and administration fees payable                                                                                                 |  |                        | 69,893      |     |                  |   | 75,108      |  
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 57,341      |     |                  |   | 61,088      |  
|Payable for legal and audit services                                                                                                                |  |                        |            | (a) |                  |   | 86,401      |  
|Other accruals                                                                                                                                      |  |                        | 317,018     |     |                  |   | 117,794     |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|Total liabilities                                                                                                                                   |  |                        | 857,665     |     |                  |   | 3,468,869   |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|Net Assets at fair value                                                                                                                            |  |                        | 989,661,218 |     |                  |   | 985,920,383 |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|Adjustment from fair value to contract value for fully benefit responsive contracts                                                                 |  |                        | (23,552,691 | )   |                  |   | (13,631,391 | )
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  
|                                                                                                                                                    |  |                       
|Net Assets(equivalent to $35.84 and $35.65 per unit based on 26,955,986 and 27,272,253 units outstanding,
respectively)                             |  | $                      | 966,108,527 |     |                  | $ | 972,288,992 |  
|                                                                                                                                                    |  |                        |             |     |                  |   |             |  



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



1



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American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- |  | ------------------------------------------- | - | --------- | --------------------------------------------- |  | - | --------------------------------------------- |  |  | - | ---------- | 
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |           |  | For the periodApril 1, 2010 toJune 30, 2010 |   |           | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 | 
|Investment income                                               |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|Dividends                                                       |  | $                                           | 4,536,295 |  |                                             | $ | 5,303,300 |                                               |  | $ | 9,394,246                                     |  |  | $ | 10,928,981 | 
|Interestaffiliated issuers                                     |  |                                             | 44,109    |  |                                             |   |          |                                               |  |   | 92,767                                        |  |  |   |           | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|Total investment income                                         |  |                                             | 4,580,404 |  |                                             |   | 5,303,300 |                                               |  |   | 9,487,013                                     |  |  |   | 10,928,981 | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|Expenses                                                        |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|INGprogram fee                                                 |  |                                             | 1,255,220 |  |                                             |   | 1,293,035 |                                               |  |   | 2,518,581                                     |  |  |   | 2,570,517  | 
|Trustee, management and administration fees                     |  |                                             | 213,356   |  |                                             |   | 243,787   |                                               |  |   | 426,745                                       |  |  |   | 488,549    | 
|Investment advisory fee                                         |  |                                             | 361,396   |  |                                             |   |          |                                               |  |   | 719,037                                       |  |  |   |           | 
|ABA Retirement Fundsprogram fee                                |  |                                             | 175,136   |  |                                             |   | 181,939   |                                               |  |   | 349,560                                       |  |  |   | 364,120    | 
|Legal and audit fees                                            |  |                                             | 75,478    |  |                                             |   | 105,264   |                                               |  |   | 152,049                                       |  |  |   | 213,031    | 
|Compliance consultant fees                                      |  |                                             | 39,647    |  |                                             |   | 77,711    |                                               |  |   | 79,864                                        |  |  |   | 157,270    | 
|Reports to unitholders                                          |  |                                             | 6,377     |  |                                             |   | 58,283    |                                               |  |   | 12,836                                        |  |  |   | 117,952    | 
|Registration fees                                               |  |                                             | 52,649    |  |                                             |   | 11,657    |                                               |  |   | 106,058                                       |  |  |   | 23,591     | 
|Other fees                                                      |  |                                             | 9,530     |  |                                             |   | 43,094    |                                               |  |   | 19,160                                        |  |  |   | 87,213     | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|Total expenses                                                  |  |                                             | 2,188,789 |  |                                             |   | 2,014,770 |                                               |  |   | 4,383,890                                     |  |  |   | 4,022,243  | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|Net investment income (loss)                                    |  |                                             | 2,391,615 |  |                                             |   | 3,288,530 |                                               |  |   | 5,103,123                                     |  |  |   | 6,906,738  | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 
|                                                                |  |                                             |           | 
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 2,391,615 |  |                                             | $ | 3,288,530 |                                               |  | $ | 5,103,123                                     |  |  | $ | 6,906,738  | 
|                                                                |  |                                             |           |  |                                             |   |           |                                               |  |   |                                               |  |  |   |            | 

The accompanying notes are an integral part of these financial statements.



2



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American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |              |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ------------ | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |             
|From operations                                                    |  |                                            |              |  
|Net investment income (loss)                                       |  | $                                          | 5,103,123    |  
|                                                                   |  |                                            |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 5,103,123    |  
|                                                                   |  |                                            |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |              |  
|Proceeds from units issued                                         |  |                                            | 142,239,209  |  
|Cost of units redeemed                                             |  |                                            | (153,522,797 | )
|                                                                   |  |                                            |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (11,283,588  | )
|                                                                   |  |                                            |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | (6,180,465   | )
|                                                                   | 
|Net Assets                                                         |  |                                            |              |  
|Beginning of period                                                |  |                                            | 972,288,992  |  
|                                                                   |  |                                            |              |  
|End of period                                                      |  | $                                          | 966,108,527  |  
|                                                                   |  |                                            |              |  
|                                                                   | 
|Number of units                                                    |  |                                            |              |  
|Outstanding-beginning of period                                    |  |                                            | 27,272,253   |  
|Issued                                                             |  |                                            | 3,978,492    |  
|Redeemed                                                           |  |                                            | (4,294,759   | )
|                                                                   |  |                                            |              |  
|Outstanding-end of period                                          |  |                                            | 26,955,986   |  
|                                                                   |  |                                            |              |  

The accompanying notes are an integral part of these financial statements.



3



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American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.17    |   |                                             | $ | 0.19    |                                               |  | $ | 0.35                                          |   |  | $ | 0.39    |  
|Expenses,                                                 |  |                                             | (0.08   | ) |                                             |   | (0.07   | )                                             |  |   | (0.16                                         | ) |  |   | (0.14   | )
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.09    |   |                                             |   | 0.12    |                                               |  |   | 0.19                                          |   |  |   | 0.25    |  
|Net realized and unrealized gain (loss)                      |  |                                             |        |   |                                             |   |        |                                               |  |   |                                              |   |  |   |        |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.09    |   |                                             |   | 0.12    |                                               |  |   | 0.19                                          |   |  |   | 0.25    |  
|Net asset value at beginning of period                       |  |                                             | 35.75   |   |                                             |   | 35.35   |                                               |  |   | 35.65                                         |   |  |   | 35.22   |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net asset value at end of period                             |  | $                                           | 35.84   |   |                                             | $ | 35.47   |                                               |  | $ | 35.84                                         |   |  | $ | 35.47   |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|                                                             |  |                                             |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                             | 0.91    | % |                                             |   | 0.82    | %                                             |  |   | 0.92                                          | % |  |   | 0.82    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.99    | % |                                             |   | 1.34    | %                                             |  |   | 1.07                                          | % |  |   | 1.41    | %
|Total return**                                               |  |                                             | 0.25    | % |                                             |   | 0.34    | %                                             |  |   | 0.53                                          | % |  |   | 0.71    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 966,109 |   |                                             | $ | 989,888 |                                               |  | $ | 966,109                                       |   |  | $ | 989,888 |  



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



4



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Assets and Liabilities



|                                                                                                                                        |  |                        |             |     |                  |   |             |    
|--------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                        |  | June 30, 2011Unaudited |             |     | December 31,2010 |  
|Assets                                                                                                                                  |  |                        |             |     |                  |   |             |    
|Investments, at value (cost $331,095,816 and $379,530,896, respectively)                                                                |  | $                      | 336,543,978 | (a) |                  | $ | 377,219,613 | (b)
|Investments in collective investment funds, at value (cost $34,404,928 and $29,724,352, respectively)                                   |  |                        | 34,069,032  |     |                  |   | 29,486,260  |    
|Investments in affiliated funds, at value:                                                                                              |  |                        |             |     |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $811,652 and units of 0 and 811,652,
respectively) |  |                        |            |     |                  |   | 811,652     |    
|Foreign currency, at value (cost $39,531 and $377,392, respectively)                                                                    |  |                        | 39,900      |     |                  |   | 384,300     |    
|Cash held at broker (Restricted $0)                                                                                                     |  |                        | 8,000       |     |                  |   |            |    
|Deposit with broker for open swap contracts                                                                                             |  |                        | 30,000      |     |                  |   | 1,010,000   |    
|Deposit with broker for investments sold on TBA commitment transactions                                                                 |  |                        | 960,000     |     |                  |   | 653,000     |    
|Receivable for investments sold on TBA commitment transactions                                                                          |  |                        | 39,611,641  |     |                  |   | 88,944,496  |    
|Receivable for investments sold                                                                                                         |  |                        | 119,031,766 |     |                  |   | 64,515,525  |    
|Receivable for fund units sold                                                                                                          |  |                        | 14,233      |     |                  |   |            |    
|Interest and dividends receivable                                                                                                       |  |                        | 2,360,568   |     |                  |   | 2,615,814   |    
|Receivable for futures variation margin                                                                                                 |  |                        | 50,800      |     |                  |   | 2,800       |    
|Unrealized appreciation of forward currency exchange contracts                                                                          |  |                        | 30,909      |     |                  |   | 80,308      |    
|Swap premiums paid                                                                                                                      |  |                        | 40,529      |     |                  |   | 47,124      |    
|Unrealized appreciation on swap agreements                                                                                              |  |                        | 458,554     |     |                  |   | 388,862     |    
|Other assets                                                                                                                            |  |                        | 38          |     |                  |   |            |    
|                                                                                                                                        |  |                        |             |     |                  |   |             |    
|Total assets                                                                                                                            |  |                        | 533,249,948 |     |                  |   | 566,159,754 |    
|                                                                                                                                        |  |                        |             |     |                  |   |             |    
|Liabilities                                                                                                                             |  |                        |             |     |                  |   |             |    
|Securities sold, not yet purchased, at fair value (proceeds $37,404,531 and $20,061,562, respectively)                                  |  |                        | 37,201,452  |     |                  |   | 20,012,349  |    
|Options written, at value (premium received $23,460 and $0, respectively)                                                               |  |                        | 19,550      |     |                  |   |            |    
|Due to custodian                                                                                                                        |  |                        | 914,446     |     |                  |   | 6,657       |    
|Payable for cash collateral received on securities loaned                                                                               |  |                        | 34,404,928  |     |                  |   | 29,724,352  |    
|Payable for investments purchased on TBA commitment transactions                                                                        |  |                        | 25,053,438  |     |                  |   | 115,200,156 |    
|Payable for investments purchased                                                                                                       |  |                        | 60,229,915  |     |                  |   | 18,097,210  |    
|Payable for fund units redeemed                                                                                                         |  |                        | 2,200,000   |     |                  |   | 760,491     |    
|Swap premiums received                                                                                                                  |  |                        | 17,847      |     |                  |   | 29,823      |    
|Unrealized depreciation on swap agreements                                                                                              |  |                        | 287,446     |     |                  |   | 292,117     |    
|Due to broker for open swap contracts                                                                                                   |  |                        | 260,000     |     |                  |   | 813,000     |    
|Due to broker for investments purchased on TBA commitment transactions                                                                  |  |                        | 936,250     |     |                  |   | 936,250     |    
|Payable for futures variation margin                                                                                                    |  |                        | 102,288     |     |                  |   |            |    
|Unrealized depreciation of forward currency exchange contracts                                                                          |  |                        | 274,618     |     |                  |   | 738,989     |    
|Investment advisory fee payable                                                                                                         |  |                        | 77,662      |     |                  |   | 89,288      |    
|INGprogram fee payable                                                                                                                 |  |                        | 164,008     |     |                  |   | 173,257     |    
|Trustee, management and administration fees payable                                                                                     |  |                        | 27,756      |     |                  |   | 30,100      |    
|ABA Retirement Fundsprogram fee payable                                                                                                |  |                        | 22,762      |     |                  |   | 24,484      |    
|Other accruals                                                                                                                          |  |                        | 124,155     |     |                  |   | 79,517      |    
|                                                                                                                                        |  |                        |             |     |                  |   |             |    
|Total liabilities                                                                                                                       |  |                        | 162,318,521 |     |                  |   | 187,008,040 |    
|                                                                                                                                        |  |                        |             |     |                  |   |             |    
|Net Assets(equivalent to $26.17 and $25.61 per unit based on 14,172,649 and 14,807,254 units outstanding,
respectively)                 |  | $                      | 370,931,427 |     |                  | $ | 379,151,714 |    
|                                                                                                                                        |  |                        |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $33,725,267 (See Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $29,129,396 (See Note 6).
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



5



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Operations

Unaudited



|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | -------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                            |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the 
periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                           |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Dividends (net of foreign tax expense of $0, $0, $0, and $26, respectively) |  | $                                           | 28,125    |   |                                              | $ | 42,093     |                                               |  | $ | 56,250                                        |   |  | $ | 74,129     |  
|Interest                                                                    |  |                                             | 2,661,465 |   |                                              |   | 3,504,959  |                                               |  |   | 5,673,338                                     |   |  |   | 7,486,196  |  
|Interestaffiliated issuers                                                 |  |                                             | 1,443     |   |                                              |   |           |                                               |  |   | 21,142                                        |   |  |   |           |  
|Securities lending income, net                                              |  |                                             | 12,980    |   |                                              |   | 7,148      |                                               |  |   | 22,009                                        |   |  |   | 14,112     |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total investment income                                                     |  |                                             | 2,704,013 |   |                                              |   | 3,554,200  |                                               |  |   | 5,772,739                                     |   |  |   | 7,574,437  |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Expenses                                                                    |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                             |  |                                             | 492,555   |   |                                              |   | 503,470    |                                               |  |   | 988,486                                       |   |  |   | 1,000,000  |  
|Trustee, management and administration fees                                 |  |                                             | 83,739    |   |                                              |   | 94,899     |                                               |  |   | 167,485                                       |   |  |   | 190,031    |  
|Investment advisory fee                                                     |  |                                             | 236,525   |   |                                              |   | 261,843    |                                               |  |   | 455,653                                       |   |  |   | 523,763    |  
|ABA Retirement Fundsprogram fee                                            |  |                                             | 68,738    |   |                                              |   | 70,836     |                                               |  |   | 137,192                                       |   |  |   | 141,647    |  
|Legal and audit fees                                                        |  |                                             | 29,568    |   |                                              |   | 40,992     |                                               |  |   | 59,593                                        |   |  |   | 82,852     |  
|Compliance consultant fees                                                  |  |                                             | 15,531    |   |                                              |   | 30,263     |                                               |  |   | 31,301                                        |   |  |   | 61,167     |  
|Reports to unitholders                                                      |  |                                             | 2,498     |   |                                              |   | 22,697     |                                               |  |   | 5,031                                         |   |  |   | 45,875     |  
|Registration fees                                                           |  |                                             | 20,625    |   |                                              |   | 4,539      |                                               |  |   | 41,568                                        |   |  |   | 9,174      |  
|Other fees                                                                  |  |                                             | 5,583     |   |                                              |   | 16,782     |                                               |  |   | 10,309                                        |   |  |   | 33,919     |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                              |  |                                             | 955,362   |   |                                              |   | 1,046,321  |                                               |  |   | 1,896,618                                     |   |  |   | 2,088,428  |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Net investment income (loss)                                                |  |                                             | 1,748,651 |   |                                              |   | 2,507,879  |                                               |  |   | 3,876,121                                     |   |  |   | 5,486,009  |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Net realized and unrealized gain (loss)                                     |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Net realized gain (loss) on:                                                |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                                 |  |                                             | (185,185  | ) |                                              |   | 4,566,002  |                                               |  |   | (3,629,905                                    | ) |  |   | 5,923,221  |  
|Foreign currency transactions                                               |  |                                             | (664,292  | ) |                                              |   | (462,543   | )                                             |  |   | (1,023,986                                    | ) |  |   | (100,868   | )
|Futures contracts                                                           |  |                                             | 272,513   |   |                                              |   | 1,261,641  |                                               |  |   | 282,665                                       |   |  |   | 2,241,768  |  
|Swap contracts                                                              |  |                                             |          |   |                                              |   | 70,523     |                                               |  |   |                                              |   |  |   | 195,107    |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                                    |  |                                             | (576,964  | ) |                                              |   | 5,435,623  |                                               |  |   | (4,371,226                                    | ) |  |   | 8,259,228  |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Change in net unrealized appreciation (depreciation) on:                    |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                                 |  |                                             | 4,404,156 |   |                                              |   | 2,626,715  |                                               |  |   | 7,818,736                                     |   |  |   | 3,090,514  |  
|Foreign currency transactions                                               |  |                                             | 478,073   |   |                                              |   | 596,196    |                                               |  |   | 413,143                                       |   |  |   | 758,463    |  
|Futures contracts                                                           |  |                                             | 209,854   |   |                                              |   | (106,658   | )                                             |  |   | 435,771                                       |   |  |   | 598,458    |  
|Swap contracts                                                              |  |                                             | 26,391    |   |                                              |   | 478,351    |                                               |  |   | 80,634                                        |   |  |   | 359,492    |  
|Written options                                                             |  |                                             | (2,012    | ) |                                              |   |           |                                               |  |   | 3,910                                         |   |  |   |           |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 5,116,462 |   |                                              |   | 3,594,604  |                                               |  |   | 8,752,194                                     |   |  |   | 4,806,927  |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Net realized and unrealized gain (loss)                                     |  |                                             | 4,539,498 |   |                                              |   | 9,030,227  |                                               |  |   | 4,380,968                                     |   |  |   | 13,066,155 |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                            |  |                                             |           |  
|Net increase (decrease) in net assets resulting from operations             |  | $                                           | 6,288,149 |   |                                              | $ | 11,538,106 |                                               |  | $ | 8,257,089                                     |   |  | $ | 18,552,164 |  
|                                                                            |  |                                             |           |   |                                              |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



6



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | 3,876,121   |  
|Net realized gain (loss)                                           |  |                                            | (4,371,226  | )
|Change in net unrealized appreciation (depreciation)               |  |                                            | 8,752,194   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 8,257,089   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 25,354,395  |  
|Cost of units redeemed                                             |  |                                            | (41,831,771 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (16,477,376 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets                              |  |                                            | (8,220,287  | )
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 379,151,714 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 370,931,427 |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 14,807,254  |  
|Issued                                                             |  |                                            | 980,546     |  
|Redeemed                                                           |  |                                            | (1,615,151  | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 14,172,649  |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



7



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.19    |   |                                             | $ | 0.23    |                                               |  | $ | 0.40                                          |   |  | $ | 0.48    |  
|Expenses,                                                 |  |                                             | (0.07   | ) |                                             |   | (0.06   | )                                             |  |   | (0.13                                         | ) |  |   | (0.13   | )
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.12    |   |                                             |   | 0.17    |                                               |  |   | 0.27                                          |   |  |   | 0.35    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 0.31    |   |                                             |   | 0.58    |                                               |  |   | 0.29                                          |   |  |   | 0.84    |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.43    |   |                                             |   | 0.75    |                                               |  |   | 0.56                                          |   |  |   | 1.19    |  
|Net asset value at beginning of period                       |  |                                             | 25.74   |   |                                             |   | 24.53   |                                               |  |   | 25.61                                         |   |  |   | 24.09   |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net asset value at end of period                             |  | $                                           | 26.17   |   |                                             | $ | 25.28   |                                               |  | $ | 26.17                                         |   |  | $ | 25.28   |  
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|                                                             |  |                                             |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                             | 1.02    | % |                                             |   | 1.10    | %                                             |  |   | 1.01                                          | % |  |   | 1.09    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 1.86    | % |                                             |   | 2.63    | %                                             |  |   | 2.07                                          | % |  |   | 2.87    | %
|Portfolio turnover**,                                     |  |                                             | 56      | % |                                             |   | 223     | %                                             |  |   | 162                                           | % |  |   | 377     | %
|Total return**                                               |  |                                             | 1.67    | % |                                             |   | 3.06    | %                                             |  |   | 2.19                                          | % |  |   | 4.94    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 370,931 |   |                                             | $ | 377,563 |                                               |  | $ | 370,931                                       |   |  | $ | 377,563 |  



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment funds in which the Fund invests a
portion of its assets.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to a portion of the Funds assets invested in collective investment funds, portfolio turnover reflects purchases and sales of such collective
investment funds, rather than portfolio turnover of the underlying portfolios of such collective investment funds.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



8



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                                                |  | June 30, 2011Unaudited |             |     | December 31,2010 |  
|Assets                                                                                                                                                          |  |                        |             |     |                  |   |             |    
|Investments, at value (cost $605,633,058 and $615,029,284, respectively)                                                                                        |  | $                      | 769,059,838 | (a) |                  | $ | 770,762,769 | (b)
|Investments in collective investment funds, at value (cost $65,884,368 and $97,823,074, respectively)                                                           |  |                        | 65,383,563  |     |                  |   | 98,849,450  |    
|Investments in affiliated funds, at value:                                                                                                                      |  |                        |             |     |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $12,301,884 and $11,753,747 and units of
12,301,884 and 11,753,747, respectively) |  |                        | 12,301,884  |     |                  |   | 11,753,747  |    
|Receivable for investments sold                                                                                                                                 |  |                        | 2,156,920   |     |                  |   | 2,268,053   |    
|Receivable for fund units sold                                                                                                                                  |  |                        | 2,200,000   |     |                  |   |            |    
|Interest and dividends receivable                                                                                                                               |  |                        | 924,052     |     |                  |   | 915,063     |    
|Tax reclaims receivable                                                                                                                                         |  |                        | 44,955      |     |                  |   | 28,085      |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Total assets                                                                                                                                                    |  |                        | 852,071,212 |     |                  |   | 884,577,167 |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Liabilities                                                                                                                                                     |  |                        |             |     |                  |   |             |    
|Due to custodian                                                                                                                                                |  |                        |            |     |                  |   | 2,141       |    
|Payable for cash collateral received on securities loaned                                                                                                       |  |                        | 34,411,791  |     |                  |   | 74,079,560  |    
|Payable for investments purchased                                                                                                                               |  |                        | 4,617,958   |     |                  |   | 692,830     |    
|Payable for fund units redeemed                                                                                                                                 |  |                        | 1,803,079   |     |                  |   | 2,047,339   |    
|Investment advisory fee payable                                                                                                                                 |  |                        | 192,301     |     |                  |   | 191,636     |    
|INGprogram fee payable                                                                                                                                         |  |                        | 357,151     |     |                  |   | 343,228     |    
|Trustee, management and administration fees payable                                                                                                             |  |                        | 60,393      |     |                  |   | 59,617      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                        |  |                        | 49,548      |     |                  |   | 48,480      |    
|Other accruals                                                                                                                                                  |  |                        | 268,346     |     |                  |   | 176,617     |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Total liabilities                                                                                                                                               |  |                        | 41,760,567  |     |                  |   | 77,641,448  |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Net Assets(equivalent to $14.99 and $14.03 per unit based on 54,043,216 and 57,526,392 units outstanding,
respectively)                                         |  | $                      | 810,310,645 |     |                  | $ | 806,935,719 |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $33,626,927 (See Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $72,424,395 (See Note 6).
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



9



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Operations

Unaudited



|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|------------------------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | ------------------------------------------- | - | ------------ | --------------------------------------------- |  | - | --------------------------------------------- |  |  | - | ------------ | -
|                                                                                     |  | For the periodApril 1, 2011 toJune 30, 2011 |             |   | For the periodApril 1, 2010 toJune 30, 2010 |   |              | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 | 
|Investment income                                                                    |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Dividends (net of foreign tax expense of $0, $15,857, $0, and $17,231, respectively) |  | $                                           | 3,616,253   |   |                                             | $ | 2,294,046    |                                               |  | $ | 6,828,625                                     |  |  | $ | 5,874,535    |  
|Interestaffiliated issuers                                                          |  |                                             | 8,692       |   |                                             |   |             |                                               |  |   | 17,473                                        |  |  |   |             |  
|Securities lending income, net                                                       |  |                                             | 12,267      |   |                                             |   | 28,906       |                                               |  |   | 34,373                                        |  |  |   | 79,013       |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Total investment income                                                              |  |                                             | 3,637,212   |   |                                             |   | 2,322,952    |                                               |  |   | 6,880,471                                     |  |  |   | 5,953,548    |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Expenses                                                                             |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|INGprogram fee                                                                      |  |                                             | 1,086,686   |   |                                             |   | 1,017,401    |                                               |  |   | 2,155,586                                     |  |  |   | 2,044,680    |  
|Trustee, management and administration fees                                          |  |                                             | 184,776     |   |                                             |   | 188,989      |                                               |  |   | 365,354                                       |  |  |   | 386,017      |  
|Investment advisory fee                                                              |  |                                             | 579,296     |   |                                             |   | 528,420      |                                               |  |   | 1,149,414                                     |  |  |   | 1,039,747    |  
|ABA Retirement Fundsprogram fee                                                     |  |                                             | 151,678     |   |                                             |   | 145,502      |                                               |  |   | 299,286                                       |  |  |   | 291,999      |  
|Legal and audit fees                                                                 |  |                                             | 64,304      |   |                                             |   | 82,843       |                                               |  |   | 129,130                                       |  |  |   | 169,790      |  
|Compliance consultant fees                                                           |  |                                             | 33,777      |   |                                             |   | 61,159       |                                               |  |   | 67,826                                        |  |  |   | 125,348      |  
|Reports to unitholders                                                               |  |                                             | 5,432       |   |                                             |   | 45,869       |                                               |  |   | 10,901                                        |  |  |   | 94,011       |  
|Registration fees                                                                    |  |                                             | 44,855      |   |                                             |   | 9,174        |                                               |  |   | 90,072                                        |  |  |   | 18,802       |  
|Other fees                                                                           |  |                                             | 8,122       |   |                                             |   | 33,917       |                                               |  |   | 16,272                                        |  |  |   | 69,513       |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Total expenses                                                                       |  |                                             | 2,158,926   |   |                                             |   | 2,113,274    |                                               |  |   | 4,283,841                                     |  |  |   | 4,239,907    |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|                                                                                     |  |                                             |             |  
|Net investment income (loss)                                                         |  |                                             | 1,478,286   |   |                                             |   | 209,678      |                                               |  |   | 2,596,630                                     |  |  |   | 1,713,641    |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|                                                                                     |  |                                             |             |  
|Net realized and unrealized gain (loss)                                              |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Net realized gain (loss) on:                                                         |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Investments                                                                          |  |                                             | 19,459,374  |   |                                             |   | 6,728,226    |                                               |  |   | 45,559,610                                    |  |  |   | 63,737,068   |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Net realized gain (loss)                                                             |  |                                             | 19,459,374  |   |                                             |   | 6,728,226    |                                               |  |   | 45,559,610                                    |  |  |   | 63,737,068   |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|                                                                                     |  |                                             |             |  
|Change in net unrealized appreciation (depreciation) on:                             |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Investments                                                                          |  |                                             | (11,917,858 | ) |                                             |   | (100,481,526 | )                                             |  |   | 6,166,114                                     |  |  |   | (117,638,638 | )
|Foreign currency transactions                                                        |  |                                             |            |   |                                             |   |             |                                               |  |   | 3                                             |  |  |   |             |  
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Change in net unrealized appreciation (depreciation)                                 |  |                                             | (11,917,858 | ) |                                             |   | (100,481,526 | )                                             |  |   | 6,166,117                                     |  |  |   | (117,638,638 | )
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|                                                                                     |  |                                             |             |  
|Net realized and unrealized gain (loss)                                              |  |                                             | 7,541,516   |   |                                             |   | (93,753,300  | )                                             |  |   | 51,725,727                                    |  |  |   | (53,901,570  | )
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  
|Net increase (decrease) in net assets resulting from operations                      |  | $                                           | 9,019,802   |   |                                             | $ | (93,543,622  | )                                             |  | $ | 54,322,357                                    |  |  | $ | (52,187,929  | )
|                                                                                     |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |  |  |   |              |  

The accompanying notes are an integral part of these financial statements.



10



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                            |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------ | ----------- | -
|                                                                            |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                             |  |                                            |             |  
|Net investment income (loss)                                                |  | $                                          | 2,596,630   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                            | 45,559,610  |  
|Change in net unrealized appreciation (depreciation)                        |  |                                            | 6,166,117   |  
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                            | 54,322,357  |  
|                                                                            |  |                                            |             |  
|                                                                            | 
|From unitholder transactions                                                |  |                                            |             |  
|Proceeds from units issued                                                  |  |                                            | 31,223,544  |  
|Cost of units redeemed                                                      |  |                                            | (82,170,975 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                            | (50,947,431 | )
|                                                                            |  |                                            |             |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                            | 3,374,926   |  
|                                                                            | 
|Net Assets                                                                  |  |                                            |             |  
|Beginning of period                                                         |  |                                            | 806,935,719 |  
|                                                                            |  |                                            |             |  
|End of period                                                               |  | $                                          | 810,310,645 |  
|                                                                            |  |                                            |             |  
|Number of units                                                             |  |                                            |             |  
|Outstanding-beginning of period                                             |  |                                            | 57,526,392  |  
|Issued                                                                      |  |                                            | 2,123,302   |  
|Redeemed                                                                    |  |                                            | (5,606,478  | )
|                                                                            |  |                                            |             |  
|Outstanding-end of period                                                   |  |                                            | 54,043,216  |  
|                                                                            |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



11



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.07    |   |                                             | $ | 0.03    |                                               |  | $ | 0.13                                          |   |  | $ | 0.09    |   
|Expenses,                                                 |  |                                             | (0.04   | ) |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | ) |  |   | (0.07   | ) 
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.03    |   |                                             |   | (0.01   | )                                             |  |   | 0.05                                          |   |  |   | 0.02    |   
|Net realized and unrealized gain (loss)                      |  |                                             | 0.13    |   |                                             |   | (1.51   | )                                             |  |   | 0.91                                          |   |  |   | (0.90   | ) 
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 0.16    |   |                                             |   | (1.52   | )                                             |  |   | 0.96                                          |   |  |   | (0.88   | ) 
|Net asset value at beginning of period                       |  |                                             | 14.83   |   |                                             |   | 12.79   |                                               |  |   | 14.03                                         |   |  |   | 12.15   |   
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 14.99   |   |                                             | $ | 11.27   |                                               |  | $ | 14.99                                         |   |  | $ | 11.27   |   
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|                                                             |  |                                             |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                             | 1.06    | % |                                             |   | 1.09    | %                                             |  |   | 1.06                                          | % |  |   | 1.08    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.73    | % |                                             |   | 0.11    | %                                             |  |   | 0.64                                          | % |  |   | 0.44    | % 
|Portfolio turnover**,                                     |  |                                             | 13      | % |                                             |   | 9       | %                                             |  |   | 32                                            | % |  |   | 88      | % 
|Total return**                                               |  |                                             | 1.08    | % |                                             |   | (11.88  | )%                                            |  |   | 6.84                                          | % |  |   | (7.24   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 810,311 |   |                                             | $ | 697,772 |                                               |  | $ | 810,311                                       |   |  | $ | 697,772 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to a portion of the Funds assets invested in collective investment funds, portfolio turnover reflects purchases and sales of such collective
investment funds, rather than portfolio turnover of the underlying portfolios of such collective investment funds.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



12



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                                            |  | June 30, 2011Unaudited |             |     | December 31,2010 |  
|Assets                                                                                                                                                      |  |                        |             |     |                  |   |             |    
|Investments, at value (cost $245,279,474 and $227,724,348, respectively)                                                                                    |  | $                      | 295,958,834 | (a) |                  | $ | 292,662,140 | (b)
|Investments in collective investment funds, at value (cost $79,883,519 and $138,560,174, respectively)                                                      |  |                        | 79,218,582  |     |                  |   | 138,034,316 |    
|Investments in affiliated funds, at value:                                                                                                                  |  |                        |             |     |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $6,321,846 and $6,510,912 and units of
6,321,846 and 6,510,912, respectively) |  |                        | 6,321,846   |     |                  |   | 6,510,912   |    
|Receivable for investments sold                                                                                                                             |  |                        | 3,070,859   |     |                  |   | 1,840,260   |    
|Interest and dividends receivable                                                                                                                           |  |                        | 246,078     |     |                  |   | 258,002     |    
|Tax reclaims receivable                                                                                                                                     |  |                        | 3,655       |     |                  |   | 4,109       |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Total assets                                                                                                                                                |  |                        | 384,819,854 |     |                  |   | 439,309,739 |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Liabilities                                                                                                                                                 |  |                        |             |     |                  |   |             |    
|Payable for cash collateral received on securities loaned                                                                                                   |  |                        | 66,374,658  |     |                  |   | 127,436,357 |    
|Payable for investments purchased                                                                                                                           |  |                        | 5,059,135   |     |                  |   | 912,845     |    
|Payable for fund units redeemed                                                                                                                             |  |                        | 190,124     |     |                  |   | 946,349     |    
|Investment advisory fee payable                                                                                                                             |  |                        | 122,017     |     |                  |   | 124,067     |    
|INGprogram fee payable                                                                                                                                     |  |                        | 139,904     |     |                  |   | 130,216     |    
|Trustee, management and administration fees payable                                                                                                         |  |                        | 23,658      |     |                  |   | 22,604      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                    |  |                        | 19,400      |     |                  |   | 18,381      |    
|Other accruals                                                                                                                                              |  |                        | 104,330     |     |                  |   | 67,702      |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Total liabilities                                                                                                                                           |  |                        | 72,033,226  |     |                  |   | 129,658,521 |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|                                                                                                                                                            |  |                       
|Net Assets(equivalent to $17.82 and $16.56 per unit based on 17,550,449 and 18,701,043 units outstanding,
respectively)                                     |  | $                      | 312,786,628 |     |                  | $ | 309,651,218 |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $64,761,761 (See Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $124,279,421 (See Note 6).
|--- | ----------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



13



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Operations

Unaudited



|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|------------------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ----------- | -
|                                                                               |  | For the periodApril 1, 2011 toJune 30, 2011 |             |   | For the periodApril 1, 2010 toJune 30, 2010 |   |             | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                              |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Dividends (net of foreign tax expense of $424, $0, $52, and $79, respectively) |  | $                                           | 908,117     |   |                                             | $ | 893,271     |                                               |  | $ | 1,920,690                                     |   |  | $ | 1,832,598   |  
|Interestaffiliated issuers                                                    |  |                                             | 3,645       |   |                                             |   |            |                                               |  |   | 7,848                                         |   |  |   |            |  
|Securities lending income, net                                                 |  |                                             | 94,563      |   |                                             |   | 69,007      |                                               |  |   | 178,809                                       |   |  |   | 156,994     |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total investment income                                                        |  |                                             | 1,006,325   |   |                                             |   | 962,278     |                                               |  |   | 2,107,347                                     |   |  |   | 1,989,592   |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Expenses                                                                       |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|INGprogram fee                                                                |  |                                             | 428,882     |   |                                             |   | 383,557     |                                               |  |   | 841,119                                       |   |  |   | 750,571     |  
|Trustee, management and administration fees                                    |  |                                             | 72,899      |   |                                             |   | 71,609      |                                               |  |   | 142,556                                       |   |  |   | 142,022     |  
|Investment advisory fee                                                        |  |                                             | 376,246     |   |                                             |   | 360,781     |                                               |  |   | 746,583                                       |   |  |   | 716,826     |  
|ABA Retirement Fundsprogram fee                                               |  |                                             | 59,841      |   |                                             |   | 54,837      |                                               |  |   | 116,780                                       |   |  |   | 107,176     |  
|Legal and audit fees                                                           |  |                                             | 25,157      |   |                                             |   | 31,244      |                                               |  |   | 50,259                                        |   |  |   | 62,348      |  
|Compliance consultant fees                                                     |  |                                             | 13,215      |   |                                             |   | 23,066      |                                               |  |   | 26,399                                        |   |  |   | 46,029      |  
|Reports to unitholders                                                         |  |                                             | 2,125       |   |                                             |   | 17,299      |                                               |  |   | 4,243                                         |   |  |   | 34,521      |  
|Registration fees                                                              |  |                                             | 17,549      |   |                                             |   | 3,460       |                                               |  |   | 35,058                                        |   |  |   | 6,904       |  
|Other fees                                                                     |  |                                             | 3,177       |   |                                             |   | 12,824      |                                               |  |   | 6,763                                         |   |  |   | 25,525      |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total expenses                                                                 |  |                                             | 999,091     |   |                                             |   | 958,677     |                                               |  |   | 1,969,760                                     |   |  |   | 1,891,922   |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Net investment income (loss)                                                   |  |                                             | 7,234       |   |                                             |   | 3,601       |                                               |  |   | 137,587                                       |   |  |   | 97,670      |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Net realized and unrealized gain (loss)                                        |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss) on:                                                   |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                                    |  |                                             | 21,758,447  |   |                                             |   | 10,327,934  |                                               |  |   | 37,522,292                                    |   |  |   | 25,641,414  |  
|Foreign currency transactions                                                  |  |                                             |            |   |                                             |   | (405        | )                                             |  |   |                                              |   |  |   | (405        | )
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss)                                                       |  |                                             | 21,758,447  |   |                                             |   | 10,327,529  |                                               |  |   | 37,522,292                                    |   |  |   | 25,641,009  |  
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Change in net unrealized appreciation (depreciation) on:                       |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                                    |  |                                             | (25,022,841 | ) |                                             |   | (38,193,147 | )                                             |  |   | (14,397,511                                   | ) |  |   | (27,151,702 | )
|Foreign currency transactions                                                  |  |                                             |            |   |                                             |   | (44         | )                                             |  |   |                                              |   |  |   | (240        | )
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Change in net unrealized appreciation (depreciation)                           |  |                                             | (25,022,841 | ) |                                             |   | (38,193,191 | )                                             |  |   | (14,397,511                                   | ) |  |   | (27,151,942 | )
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Net realized and unrealized gain (loss)                                        |  |                                             | (3,264,394  | ) |                                             |   | (27,865,662 | )                                             |  |   | 23,124,781                                    |   |  |   | (1,510,933  | )
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                               |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations                |  | $                                           | (3,257,160  | ) |                                             | $ | (27,862,061 | )                                             |  | $ | 23,262,368                                    |   |  | $ | (1,413,263  | )
|                                                                               |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  

The accompanying notes are an integral part of these financial statements.



14



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                            |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------ | ----------- | -
|                                                                            |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                             |  |                                            |             |  
|Net investment income (loss)                                                |  | $                                          | 137,587     |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                            | 37,522,292  |  
|Change in net unrealized appreciation (depreciation)                        |  |                                            | (14,397,511 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                            | 23,262,368  |  
|                                                                            |  |                                            |             |  
|                                                                            | 
|From unitholder transactions                                                |  |                                            |             |  
|Proceeds from units issued                                                  |  |                                            | 14,230,708  |  
|Cost of units redeemed                                                      |  |                                            | (34,357,666 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                            | (20,126,958 | )
|                                                                            |  |                                            |             |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                            | 3,135,410   |  
|                                                                            | 
|Net Assets                                                                  |  |                                            |             |  
|Beginning of period                                                         |  |                                            | 309,651,218 |  
|                                                                            |  |                                            |             |  
|End of period                                                               |  | $                                          | 312,786,628 |  
|                                                                            |  |                                            |             |  
|Number of units                                                             |  |                                            |             |  
|Outstanding-beginning of period                                             |  |                                            | 18,701,043  |  
|Issued                                                                      |  |                                            | 815,297     |  
|Redeemed                                                                    |  |                                            | (1,965,891  | )
|                                                                            |  |                                            |             |  
|Outstanding-end of period                                                   |  |                                            | 17,550,449  |  
|                                                                            |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



15



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |    | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.06    |    |                                             | $ | 0.05    |                                               |  | $ | 0.12                                          |   |  | $ | 0.10    |   
|Expenses,                                                 |  |                                             | (0.06   | )  |                                             |   | (0.05   | )                                             |  |   | (0.11                                         | ) |  |   | (0.09   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net investment income (loss)                                 |  |                                             |        |    |                                             |   |        |                                               |  |   | 0.01                                          |   |  |   | 0.01    |   
|Net realized and unrealized gain (loss)                      |  |                                             | (0.18   | )  |                                             |   | (1.41   | )                                             |  |   | 1.25                                          |   |  |   | (0.13   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.18   | )  |                                             |   | (1.41   | )                                             |  |   | 1.26                                          |   |  |   | (0.12   | ) 
|Net asset value at beginning of period                       |  |                                             | 18.00   |    |                                             |   | 14.61   |                                               |  |   | 16.56                                         |   |  |   | 13.32   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 17.82   |    |                                             | $ | 13.20   |                                               |  | $ | 17.82                                         |   |  | $ | 13.20   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|                                                             |  |                                             |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                             | 1.26    | %  |                                             |   | 1.32    | %                                             |  |   | 1.25                                          | % |  |   | 1.32    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.01    | %  |                                             |   | 0.00    | %***                                          |  |   | 0.09                                          | % |  |   | 0.07    | % 
|Portfolio turnover**,                                     |  |                                             | 42      | %  |                                             |   | 39      | %                                             |  |   | 64                                            | % |  |   | 64      | % 
|Total return**                                               |  |                                             | (1.00   | )% |                                             |   | (9.65   | )%                                            |  |   | 7.61                                          | % |  |   | (0.90   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 312,787 |    |                                             | $ | 259,786 |                                               |  | $ | 312,787                                       |   |  | $ | 259,786 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

|*** | Amounts less than 0.005% are rounded to zero.
|--- | ---------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



16



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                                            |  | June 30, 2011Unaudited |             |     | December 31,2010 |  
|Assets                                                                                                                                                      |  |                        |             |     |                  |   |             |    
|Investments, at value (cost $142,395,047 and $140,011,607, respectively)                                                                                    |  | $                      | 162,856,145 | (a) |                  | $ | 159,857,822 | (b)
|Investments in collective investment funds, at value (cost $13,773,430 and $16,297,602, respectively)                                                       |  |                        | 13,673,676  |     |                  |   | 16,696,553  |    
|Investments in affiliated funds, at value:                                                                                                                  |  |                        |             |     |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $4,064,258 and $3,830,446 and units of
4,064,258 and 3,830,446, respectively) |  |                        | 4,064,258   |     |                  |   | 3,830,446   |    
|Foreign currency, at value (cost $960,046 and $491,659, respectively)                                                                                       |  |                        | 968,571     |     |                  |   | 515,235     |    
|Receivable for investments sold                                                                                                                             |  |                        | 265,021     |     |                  |   | 384,883     |    
|Receivable for fund units sold                                                                                                                              |  |                        | 16,936      |     |                  |   |            |    
|Interest and dividends receivable                                                                                                                           |  |                        | 519,441     |     |                  |   | 151,178     |    
|Unrealized appreciation of forward currency exchange contracts                                                                                              |  |                        | 189         |     |                  |   | 44          |    
|Tax reclaims receivable                                                                                                                                     |  |                        | 447,871     |     |                  |   | 397,033     |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Total assets                                                                                                                                                |  |                        | 182,812,108 |     |                  |   | 181,833,194 |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Liabilities                                                                                                                                                 |  |                        |             |     |                  |   |             |    
|Payable for cash collateral received on securities loaned                                                                                                   |  |                        | 6,553,806   |     |                  |   | 9,120,065   |    
|Payable for investments purchased                                                                                                                           |  |                        | 1,079,215   |     |                  |   | 89,105      |    
|Payable for fund units redeemed                                                                                                                             |  |                        |            |     |                  |   | 349,987     |    
|Unrealized depreciation of forward currency exchange contracts                                                                                              |  |                        | 581         |     |                  |   | 130         |    
|Investment advisory fee payable                                                                                                                             |  |                        | 74,924      |     |                  |   | 68,776      |    
|INGprogram fee payable                                                                                                                                     |  |                        | 77,132      |     |                  |   | 70,586      |    
|Trustee, management and administration fees payable                                                                                                         |  |                        | 13,048      |     |                  |   | 12,265      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                    |  |                        | 10,711      |     |                  |   | 9,974       |    
|Other accruals                                                                                                                                              |  |                        | 57,314      |     |                  |   | 39,805      |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Total liabilities                                                                                                                                           |  |                        | 7,866,731   |     |                  |   | 9,760,693   |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    
|Net Assets(equivalent to $28.78 and $27.30 per unit based on 6,078,670 and 6,302,196 units outstanding,
respectively)                                       |  | $                      | 174,945,377 |     |                  | $ | 172,072,501 |    
|                                                                                                                                                            |  |                        |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $6,259,077 (See Note 6).
|--- | --------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $8,869,194 (See Note 6).
|--- | --------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



17



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Operations

Unaudited



|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|------------------------------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ----------- | -
|                                                                                           |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the periodApril 1, 2010 toJune 30, 2010 |   |             | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                                          |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Dividends (net of foreign tax expense of $132,963, $0, $209,202 and $61,443, respectively) |  | $                                           | 2,443,942 |   |                                             | $ | 1,885,826   |                                               |  | $ | 3,351,759                                     |   |  | $ | 2,861,498   |  
|Interestaffiliated issuers                                                                |  |                                             | 2,707     |   |                                             |   |            |                                               |  |   | 4,691                                         |   |  |   |            |  
|Securities lending income, net                                                             |  |                                             | 45,723    |   |                                             |   | 32,229      |                                               |  |   | 55,697                                        |   |  |   | 39,092      |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total investment income                                                                    |  |                                             | 2,492,372 |   |                                             |   | 1,918,055   |                                               |  |   | 3,412,147                                     |   |  |   | 2,900,590   |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Expenses                                                                                   |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|INGprogram fee                                                                            |  |                                             | 233,504   |   |                                             |   | 204,336     |                                               |  |   | 461,038                                       |   |  |   | 413,003     |  
|Trustee, management and administration fees                                                |  |                                             | 39,725    |   |                                             |   | 38,441      |                                               |  |   | 78,161                                        |   |  |   | 78,469      |  
|Investment advisory fee                                                                    |  |                                             | 216,377   |   |                                             |   | 185,189     |                                               |  |   | 425,309                                       |   |  |   | 379,777     |  
|ABA Retirement Fundsprogram fee                                                           |  |                                             | 32,610    |   |                                             |   | 29,214      |                                               |  |   | 64,028                                        |   |  |   | 58,971      |  
|Legal and audit fees                                                                       |  |                                             | 13,844    |   |                                             |   | 16,641      |                                               |  |   | 27,575                                        |   |  |   | 34,294      |  
|Compliance consultant fees                                                                 |  |                                             | 7,272     |   |                                             |   | 12,285      |                                               |  |   | 14,484                                        |   |  |   | 25,317      |  
|Reports to unitholders                                                                     |  |                                             | 1,170     |   |                                             |   | 9,214       |                                               |  |   | 2,328                                         |   |  |   | 18,988      |  
|Registration fees                                                                          |  |                                             | 9,657     |   |                                             |   | 1,843       |                                               |  |   | 19,234                                        |   |  |   | 3,798       |  
|Other fees                                                                                 |  |                                             | 1,825     |   |                                             |   | 6,812       |                                               |  |   | 3,795                                         |   |  |   | 14,039      |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total expenses                                                                             |  |                                             | 555,984   |   |                                             |   | 503,975     |                                               |  |   | 1,095,952                                     |   |  |   | 1,026,656   |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Net investment income (loss)                                                               |  |                                             | 1,936,388 |   |                                             |   | 1,414,080   |                                               |  |   | 2,316,195                                     |   |  |   | 1,873,934   |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Net realized and unrealized gain (loss)                                                    |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss) on:                                                               |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                                                |  |                                             | 2,213,739 |   |                                             |   | 1,480,758   |                                               |  |   | 6,667,831                                     |   |  |   | 7,478,510   |  
|Foreign currency transactions                                                              |  |                                             | 74,216    |   |                                             |   | (750,673    | )                                             |  |   | 105,333                                       |   |  |   | (326,894    | )
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss)                                                                   |  |                                             | 2,287,955 |   |                                             |   | 730,085     |                                               |  |   | 6,773,164                                     |   |  |   | 7,151,616   |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Change in net unrealized appreciation (depreciation) on:                                   |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                                                |  |                                             | (544,969  | ) |                                             |   | (24,109,255 | )                                             |  |   | 116,178                                       |   |  |   | (28,382,788 | )
|Foreign currency transactions                                                              |  |                                             | 10,714    |   |                                             |   | 2,446       |                                               |  |   | (18,920                                       | ) |  |   | 10,287      |  
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Change in net unrealized appreciation (depreciation)                                       |  |                                             | (534,255  | ) |                                             |   | (24,106,809 | )                                             |  |   | 97,258                                        |   |  |   | (28,372,501 | )
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Net realized and unrealized gain (loss)                                                    |  |                                             | 1,753,700 |   |                                             |   | (23,376,724 | )                                             |  |   | 6,870,422                                     |   |  |   | (21,220,885 | )
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                                           |  |                                             |           |  
|Net increase (decrease) in net assets resulting from operations                            |  | $                                           | 3,690,088 |   |                                             | $ | (21,962,644 | )                                             |  | $ | 9,186,617                                     |   |  | $ | (19,346,951 | )
|                                                                                           |  |                                             |           |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  

The accompanying notes are an integral part of these financial statements.



18



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                            |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------ | ----------- | -
|                                                                            |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                             |  |                                            |             |  
|Net investment income (loss)                                                |  | $                                          | 2,316,195   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                            | 6,773,164   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                            | 97,258      |  
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                            | 9,186,617   |  
|                                                                            |  |                                            |             |  
|                                                                            | 
|From unitholder transactions                                                |  |                                            |             |  
|Proceeds from units issued                                                  |  |                                            | 13,506,807  |  
|Cost of units redeemed                                                      |  |                                            | (19,820,548 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                            | (6,313,741  | )
|                                                                            |  |                                            |             |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                            | 2,872,876   |  
|                                                                            | 
|Net Assets                                                                  |  |                                            |             |  
|Beginning of period                                                         |  |                                            | 172,072,501 |  
|                                                                            |  |                                            |             |  
|End of period                                                               |  | $                                          | 174,945,377 |  
|                                                                            |  |                                            |             |  
|                                                                            | 
|Number of units                                                             |  |                                            |             |  
|Outstanding-beginning of period                                             |  |                                            | 6,302,196   |  
|Issued                                                                      |  |                                            | 481,013     |  
|Redeemed                                                                    |  |                                            | (704,539    | )
|                                                                            |  |                                            |             |  
|Outstanding-end of period                                                   |  |                                            | 6,078,670   |  
|                                                                            |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



19



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.40    |   |                                             | $ | 0.29    |                                               |  | $ | 0.55                                          |   |  | $ | 0.44    |   
|Expenses,                                                 |  |                                             | (0.09   | ) |                                             |   | (0.08   | )                                             |  |   | (0.17                                         | ) |  |   | (0.16   | ) 
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.31    |   |                                             |   | 0.21    |                                               |  |   | 0.38                                          |   |  |   | 0.28    |   
|Net realized and unrealized gain (loss)                      |  |                                             | 0.29    |   |                                             |   | (3.55   | )                                             |  |   | 1.10                                          |   |  |   | (3.21   | ) 
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 0.60    |   |                                             |   | (3.34   | )                                             |  |   | 1.48                                          |   |  |   | (2.93   | ) 
|Net asset value at beginning of period                       |  |                                             | 28.18   |   |                                             |   | 25.32   |                                               |  |   | 27.30                                         |   |  |   | 24.91   |   
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 28.78   |   |                                             | $ | 21.98   |                                               |  | $ | 28.78                                         |   |  | $ | 21.98   |   
|                                                             |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|                                                             |  |                                             |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                             | 1.26    | % |                                             |   | 1.30    | %                                             |  |   | 1.26                                          | % |  |   | 1.30    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 4.40    | % |                                             |   | 3.65    | %                                             |  |   | 2.67                                          | % |  |   | 2.37    | % 
|Portfolio turnover**,                                     |  |                                             | 10      | % |                                             |   | 13      | %                                             |  |   | 22                                            | % |  |   | 74      | % 
|Total return**                                               |  |                                             | 2.13    | % |                                             |   | (13.19  | )%                                            |  |   | 5.42                                          | % |  |   | (11.76  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 174,945 |   |                                             | $ | 142,824 |                                               |  | $ | 174,945                                       |   |  | $ | 142,824 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment funds in which the Fund invests a
portion of its assets.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to a portion of the Funds assets invested in collective investment funds, portfolio turnover reflects purchases and sales of such collective
investment funds, rather than portfolio turnover of the underlying portfolios of such collective investment funds.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



20



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities



|                                                                                                                                           |  |                        |            |  |                  |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                           |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                     |  |                        |            |  |                  |   |            |    
|Investments in collective investment funds, at value:                                                                                      |  |                        |            |  |                  |   |            |    
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $60,858,034 and $54,048,934 and units of 5,622,280 and 5,051,720,
respectively) |  | $                      | 64,538,155 |  |                  | $ | 56,452,974 |    
|Cash                                                                                                                                       |  |                        |           |  |                  |   | 739        |    
|Receivable for fund units sold                                                                                                             |  |                        | 31,498     |  |                  |   | 413,741    |    
|Other assets                                                                                                                               |  |                        | 63         |  |                  |   |           |    
|                                                                                                                                           |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                               |  |                        | 64,569,716 |  |                  |   | 56,867,454 |    
|                                                                                                                                           |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                          |  |                        | 31,498     |  |                  |   | 413,741    |    
|Investment advisory fee payable                                                                                                            |  |                        | 11,357     |  |                  |   |           |    
|INGprogram fee payable                                                                                                                    |  |                        | 27,441     |  |                  |   | 25,198     |    
|Trustee, management and administration fees payable                                                                                        |  |                        | 4,633      |  |                  |   | 4,385      |    
|ABA Retirement Fundsprogram fee payable                                                                                                   |  |                        | 3,809      |  |                  |   | 3,566      |    
|Payable for legal and audit services                                                                                                       |  |                        | 5,582      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                     |  |                        | 6,178      |  |                  |   |           | (b)
|Other accruals                                                                                                                             |  |                        | 6,963      |  |                  |   | 21,814     |    
|                                                                                                                                           |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                          |  |                        | 97,461     |  |                  |   | 468,704    |    
|                                                                                                                                           |  |                        |            |  |                  |   |            |    
|                                                                                                                                           |  |                       
|Net Assets(equivalent to $12.60 and $12.32 per unit based on 5,115,448 and 4,578,551 units outstanding,
respectively)                      |  | $                      | 64,472,255 |  |                  | $ | 56,398,750 |    
|                                                                                                                                           |  |                        |            |  |                  |   |            |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



21



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | --------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the periodApril 1, 2010 toJune 30, 2010 |   |           | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |          |   |                                             | $ |          |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |           |  
|Expenses                                                        |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 78,111    |   |                                             |   | 57,203    |                                               |  |   | 151,985                                       |   |  |   | 107,766   |  
|Trustee, management and administration fees                     |  |                                             | 13,288    |   |                                             |   | 10,793    |                                               |  |   | 25,765                                        |   |  |   | 20,479    |  
|Investment advisory fee                                         |  |                                             | 6,110     |   |                                             |   | 4,284     |                                               |  |   | 12,181                                        |   |  |   | 8,174     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 10,907    |   |                                             |   | 8,047     |                                               |  |   | 21,106                                        |   |  |   | 15,258    |  
|Legal and audit fees                                            |  |                                             | 4,778     |   |                                             |   | 4,659     |                                               |  |   | 9,261                                         |   |  |   | 8,920     |  
|Compliance consultant fees                                      |  |                                             | 2,510     |   |                                             |   | 3,439     |                                               |  |   | 4,864                                         |   |  |   | 6,585     |  
|Reports to unitholders                                          |  |                                             | 404       |   |                                             |   | 2,579     |                                               |  |   | 782                                           |   |  |   | 4,938     |  
|Registration fees                                               |  |                                             | 3,333     |   |                                             |   | 516       |                                               |  |   | 6,460                                         |   |  |   | 988       |  
|Other fees                                                      |  |                                             | 604       |   |                                             |   | 1,908     |                                               |  |   | 1,168                                         |   |  |   | 3,652     |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 120,045   |   |                                             |   | 93,428    |                                               |  |   | 233,572                                       |   |  |   | 176,760   |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |           |  
|Net investment income (loss)                                    |  |                                             | (120,045  | ) |                                             |   | (93,428   | )                                             |  |   | (233,572                                      | ) |  |   | (176,760  | )
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 130,618   |   |                                             |   | 41,419    |                                               |  |   | 300,982                                       |   |  |   | 95,717    |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 130,618   |   |                                             |   | 41,419    |                                               |  |   | 300,982                                       |   |  |   | 95,717    |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 1,186,213 |   |                                             |   | 1,485,580 |                                               |  |   | 1,276,081                                     |   |  |   | 2,109,569 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 1,186,213 |   |                                             |   | 1,485,580 |                                               |  |   | 1,276,081                                     |   |  |   | 2,109,569 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | 1,316,831 |   |                                             |   | 1,526,999 |                                               |  |   | 1,577,063                                     |   |  |   | 2,205,286 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 1,196,786 |   |                                             | $ | 1,433,571 |                                               |  | $ | 1,343,491                                     |   |  | $ | 2,028,526 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  

The accompanying notes are an integral part of these financial statements.



22



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (233,572   | )
|Net realized gain (loss)                                           |  |                                            | 300,982    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 1,276,081  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,343,491  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 16,467,259 |  
|Cost of units redeemed                                             |  |                                            | (9,737,245 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 6,730,014  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 8,073,505  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 56,398,750 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 64,472,255 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 4,578,551  |  
|Issued                                                             |  |                                            | 1,322,179  |  
|Redeemed                                                           |  |                                            | (785,282   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 5,115,448  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



23



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.02  | )  |                                             |   | (0.03  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                             |   | (0.03  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.27   |    |                                             |   | 0.43   |                                               |  |   | 0.33                                          |    |  |   | 0.63   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.25   |    |                                             |   | 0.40   |                                               |  |   | 0.28                                          |    |  |   | 0.58   |   
|Net asset value at beginning of period                       |  |                                             | 12.35  |    |                                             |   | 11.83  |                                               |  |   | 12.32                                         |    |  |   | 11.65  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 12.60  |    |                                             | $ | 12.23  |                                               |  | $ | 12.60                                         |    |  | $ | 12.23  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.78   | %  |                                             |   | 0.86   | %                                             |  |   | 0.80                                          | %  |  |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.78  | )% |                                             |   | (0.86  | )%                                            |  |   | (0.80                                         | )% |  |   | (0.86  | )%
|Portfolio turnover**,                                     |  |                                             | 3      | %  |                                             |   | 3      | %                                             |  |   | 7                                             | %  |  |   | 9      | % 
|Total return**                                               |  |                                             | 2.02   | %  |                                             |   | 3.38   | %                                             |  |   | 2.27                                          | %  |  |   | 4.98   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 64,472 |    |                                             | $ | 46,340 |                                               |  | $ | 64,472                                        |    |  | $ | 46,340 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



24



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                          |  |                        |            |  |                  |   |            |    
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                          |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $113 and units of 0 and 113,
respectively)           |  | $                      |           |  |                  | $ | 113        |    
|Investments in collective investment funds, at value:                                                                                     |  |                        |            |  |                  |   |            |    
|SSgA S&P 500® Index Non-Lending Series Fund Class A (cost $55,486,071 and $47,692,232 and units of 2,900,495 and 2,603,083, respectively) |  |                        | 65,136,406 |  |                  |   | 55,135,902 |    
|Receivable for investments sold                                                                                                           |  |                        | 115,510    |  |                  |   |           |    
|Receivable for fund units sold                                                                                                            |  |                        |           |  |                  |   | 433,088    |    
|                                                                                                                                          |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                              |  |                        | 65,251,916 |  |                  |   | 55,569,103 |    
|                                                                                                                                          |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                               |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                         |  |                        |           |  |                  |   | 433,088    |    
|Payable for fund units redeemed                                                                                                           |  |                        | 115,510    |  |                  |   |           |    
|Investment advisory fee payable                                                                                                           |  |                        | 5,926      |  |                  |   |           |    
|INGprogram fee payable                                                                                                                   |  |                        | 28,002     |  |                  |   | 22,068     |    
|Trustee, management and administration fees payable                                                                                       |  |                        | 4,707      |  |                  |   | 3,839      |    
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |                        | 3,873      |  |                  |   | 3,122      |    
|Payable for legal and audit services                                                                                                      |  |                        | 5,744      |  |                  |   |           | (a)
|Other Accruals                                                                                                                            |  |                        | 14,081     |  |                  |   | 16,084     |    
|                                                                                                                                          |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                         |  |                        | 177,843    |  |                  |   | 478,201    |    
|                                                                                                                                          |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $18.91 and $17.90 per unit based on 3,441,116 and 3,076,880 units outstanding,
respectively)                     |  | $                      | 65,074,073 |  |                  | $ | 55,090,902 |    
|                                                                                                                                          |  |                        |            |  |                  |   |            |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



25



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 83,321   |   |                                             |   | 53,032     |                                               |  |   | 158,956                                       |   |  |   | 99,651     |  
|Trustee, management and administration fees                     |  |                                             | 14,142   |   |                                             |   | 10,016     |                                               |  |   | 26,920                                        |   |  |   | 18,956     |  
|Investment advisory fee                                         |  |                                             | 3,050    |   |                                             |   | 1,978      |                                               |  |   | 5,995                                         |   |  |   | 3,774      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 11,609   |   |                                             |   | 7,469      |                                               |  |   | 22,054                                        |   |  |   | 14,117     |  
|Legal and audit fees                                            |  |                                             | 4,962    |   |                                             |   | 4,321      |                                               |  |   | 9,612                                         |   |  |   | 8,269      |  
|Compliance consultant fees                                      |  |                                             | 2,607    |   |                                             |   | 3,190      |                                               |  |   | 5,049                                         |   |  |   | 6,105      |  
|Reports to unitholders                                          |  |                                             | 419      |   |                                             |   | 2,393      |                                               |  |   | 811                                           |   |  |   | 4,579      |  
|Registration fees                                               |  |                                             | 3,462    |   |                                             |   | 479        |                                               |  |   | 6,705                                         |   |  |   | 916        |  
|Other fees                                                      |  |                                             | 649      |   |                                             |   | 1,769      |                                               |  |   | 1,237                                         |   |  |   | 3,385      |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 124,221  |   |                                             |   | 84,647     |                                               |  |   | 237,339                                       |   |  |   | 159,752    |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net investment income (loss)                                    |  |                                             | (124,221 | ) |                                             |   | (84,647    | )                                             |  |   | (237,339                                      | ) |  |   | (159,752   | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 797,910  |   |                                             |   | 87,278     |                                               |  |   | 1,225,849                                     |   |  |   | 232,670    |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 797,910  |   |                                             |   | 87,278     |                                               |  |   | 1,225,849                                     |   |  |   | 232,670    |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | (723,890 | ) |                                             |   | (5,053,422 | )                                             |  |   | 2,206,665                                     |   |  |   | (3,261,946 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (723,890 | ) |                                             |   | (5,053,422 | )                                             |  |   | 2,206,665                                     |   |  |   | (3,261,946 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 74,020   |   |                                             |   | (4,966,144 | )                                             |  |   | 3,432,514                                     |   |  |   | (3,029,276 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (50,201  | ) |                                             | $ | (5,050,791 | )                                             |  | $ | 3,195,175                                     |   |  | $ | (3,189,028 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



26



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (237,339    | )
|Net realized gain (loss)                                           |  |                                            | 1,225,849   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 2,206,665   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 3,195,175   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 19,853,992  |  
|Cost of units redeemed                                             |  |                                            | (13,065,996 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 6,787,996   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 9,983,171   |  
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 55,090,902  |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 65,074,073  |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 3,076,880   |  
|Issued                                                             |  |                                            | 1,061,559   |  
|Redeemed                                                           |  |                                            | (697,323    | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 3,441,116   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



27



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.04  | )  |                                             |   | (0.04  | )                                             |  |   | (0.07                                         | )  |  |   | (0.07  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                             |   | (0.04  | )                                             |  |   | (0.07                                         | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.02   |    |                                             |   | (1.87  | )                                             |  |   | 1.08                                          |    |  |   | (1.03  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.02  | )  |                                             |   | (1.91  | )                                             |  |   | 1.01                                          |    |  |   | (1.10  | ) 
|Net asset value at beginning of period                       |  |                                             | 18.93  |    |                                             |   | 16.49  |                                               |  |   | 17.90                                         |    |  |   | 15.68  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 18.91  |    |                                             | $ | 14.58  |                                               |  | $ | 18.91                                         |    |  | $ | 14.58  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.79   | %  |                                             |   | 0.84   | %                                             |  |   | 0.78                                          | %  |  |   | 0.84   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.79  | )% |                                             |   | (0.84  | )%                                            |  |   | (0.78                                         | )% |  |   | (0.84  | )%
|Portfolio turnover**,                                     |  |                                             | 5      | %  |                                             |   | 4      | %                                             |  |   | 9                                             | %  |  |   | 11     | % 
|Total return**                                               |  |                                             | (0.11  | )% |                                             |   | (11.58 | )%                                            |  |   | 5.64                                          | %  |  |   | (7.02  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 65,074 |    |                                             | $ | 37,973 |                                               |  | $ | 65,074                                        |    |  | $ | 37,973 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.010% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



28



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                      |  |                        |             |  |                  |   |             | 
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                                                      |  | June 30, 2011Unaudited |             |  | December 31,2010 |  
|Assets                                                                                                                                                |  |                        |             |  |                  |   |             | 
|Investments in affiliated funds, at value:                                                                                                            |  |                        |             |  |                  |   |             | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $611 and units of 0 and 611,
respectively)                       |  | $                      |            |  |                  | $ | 611         | 
|Investments in collective investment funds, at value:                                                                                                 |  |                        |             |  |                  |   |             | 
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $246,854,826 and $252,922,382 and units of 17,347,329 and 17,928,521, respectively) |  |                        | 302,086,396 |  |                  |   | 293,418,183 | 
|Cash                                                                                                                                                  |  |                        | 186,342     |  |                  |   |            | 
|Receivable for investments sold                                                                                                                       |  |                        |            |  |                  |   | 511,260     | 
|                                                                                                                                                      |  |                        |             |  |                  |   |             | 
|Total assets                                                                                                                                          |  |                        | 302,272,738 |  |                  |   | 293,930,054 | 
|                                                                                                                                                      |  |                        |             |  |                  |   |             | 
|Liabilities                                                                                                                                           |  |                        |             |  |                  |   |             | 
|Payable for fund units redeemed                                                                                                                       |  |                        | 186,342     |  |                  |   | 511,260     | 
|Investment advisory fee payable                                                                                                                       |  |                        | 54,416      |  |                  |   |            | 
|INGprogram fee payable                                                                                                                               |  |                        | 134,174     |  |                  |   | 122,391     | 
|Trustee, management and administration fees payable                                                                                                   |  |                        | 22,692      |  |                  |   | 21,243      | 
|ABA Retirement Fundsprogram fee payable                                                                                                              |  |                        | 18,643      |  |                  |   | 17,274      | 
|Payable for legal and audit services                                                                                                                  |  |                        | 28,420      |  |                  |   | 26,129      | 
|Payable for compliance consultant fees                                                                                                                |  |                        | 32,015      |  |                  |   | 14,606      | 
|Other accruals                                                                                                                                        |  |                        | 38,813      |  |                  |   | 74,957      | 
|                                                                                                                                                      |  |                        |             |  |                  |   |             | 
|Total liabilities                                                                                                                                     |  |                        | 515,515     |  |                  |   | 787,860     | 
|                                                                                                                                                      |  |                        |             |  |                  |   |             | 
|                                                                                                                                                      |  |                       
|Net Assets(equivalent to $37.67 and $35.54 per unit based on 8,011,062 and 8,247,938 units outstanding,
respectively)                                 |  | $                      | 301,757,223 |  |                  | $ | 293,142,194 | 
|                                                                                                                                                      |  |                        |             |  |                  |   |             | 

The accompanying notes are an integral part of these financial statements.



29



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ----------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |            |   | For the periodApril 1, 2010 toJune 30, 2010 |   |             | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |            |                                               |  | $ |                                              |   |  | $ |            |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Expenses                                                        |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|INGprogram fee                                                 |  |                                             | 406,101    |   |                                             |   | 355,962     |                                               |  |   | 797,367                                       |   |  |   | 697,956     |  
|Trustee, management and administration fees                     |  |                                             | 69,076     |   |                                             |   | 67,138      |                                               |  |   | 135,177                                       |   |  |   | 132,735     |  
|Investment advisory fee                                         |  |                                             | 27,154     |   |                                             |   | 33,767      |                                               |  |   | 57,513                                        |   |  |   | 66,712      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 56,702     |   |                                             |   | 50,677      |                                               |  |   | 110,735                                       |   |  |   | 99,448      |  
|Legal and audit fees                                            |  |                                             | 24,025     |   |                                             |   | 28,990      |                                               |  |   | 47,844                                        |   |  |   | 57,949      |  
|Compliance consultant fees                                      |  |                                             | 12,620     |   |                                             |   | 21,402      |                                               |  |   | 25,130                                        |   |  |   | 42,781      |  
|Reports to unitholders                                          |  |                                             | 2,030      |   |                                             |   | 16,052      |                                               |  |   | 4,039                                         |   |  |   | 32,086      |  
|Registration fees                                               |  |                                             | 16,758     |   |                                             |   | 3,210       |                                               |  |   | 33,372                                        |   |  |   | 6,417       |  
|Other fees                                                      |  |                                             | 3,033      |   |                                             |   | 11,869      |                                               |  |   | 6,030                                         |   |  |   | 23,725      |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total expenses                                                  |  |                                             | 617,499    |   |                                             |   | 589,067     |                                               |  |   | 1,217,207                                     |   |  |   | 1,159,809   |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Net investment income (loss)                                    |  |                                             | (617,499   | ) |                                             |   | (589,067    | )                                             |  |   | (1,217,207                                    | ) |  |   | (1,159,809  | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                     |  |                                             | 2,379,322  |   |                                             |   | 1,978,604   |                                               |  |   | 3,860,639                                     |   |  |   | 4,047,803   |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Net realized gain (loss)                                        |  |                                             | 2,379,322  |   |                                             |   | 1,978,604   |                                               |  |   | 3,860,639                                     |   |  |   | 4,047,803   |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                     |  |                                             | (2,425,343 | ) |                                             |   | (33,020,558 | )                                             |  |   | 14,735,769                                    |   |  |   | (19,390,920 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (2,425,343 | ) |                                             |   | (33,020,558 | )                                             |  |   | 14,735,769                                    |   |  |   | (19,390,920 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | (46,021    | ) |                                             |   | (31,041,954 | )                                             |  |   | 18,596,408                                    |   |  |   | (15,343,117 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|                                                                |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (663,520   | ) |                                             | $ | (31,631,021 | )                                             |  | $ | 17,379,201                                    |   |  | $ | (16,502,926 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  

The accompanying notes are an integral part of these financial statements.



30



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (1,217,207  | )
|Net realized gain (loss)                                           |  |                                            | 3,860,639   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 14,735,769  |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 17,379,201  |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 21,872,210  |  
|Cost of units redeemed                                             |  |                                            | (30,636,382 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (8,764,172  | )
|                                                                   |  |                                            |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 8,615,029   |  
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 293,142,194 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 301,757,223 |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 8,247,938   |  
|Issued                                                             |  |                                            | 588,145     |  
|Redeemed                                                           |  |                                            | (825,021    | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 8,011,062   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



31



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |    | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |    |  | $ |        |   
|Expenses,                                                 |  |                                             | (0.08   | )  |                                             |   | (0.07   | )                                             |  |   | (0.15                                         | )  |  |   | (0.14   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.08   | )  |                                             |   | (0.07   | )                                             |  |   | (0.15                                         | )  |  |   | (0.14   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.01    |    |                                             |   | (3.62   | )                                             |  |   | 2.28                                          |    |  |   | (1.77   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.07   | )  |                                             |   | (3.69   | )                                             |  |   | 2.13                                          |    |  |   | (1.91   | ) 
|Net asset value at beginning of period                       |  |                                             | 37.74   |    |                                             |   | 32.38   |                                               |  |   | 35.54                                         |    |  |   | 30.60   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 37.67   |    |                                             | $ | 28.69   |                                               |  | $ | 37.67                                         |    |  | $ | 28.69   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|                                                             |  |                                             |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.81    | %  |                                             |   | 0.87    | %                                             |  |   | 0.81                                          | %  |  |   | 0.87    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.81   | )% |                                             |   | (0.87   | )%                                            |  |   | (0.81                                         | )% |  |   | (0.87   | )%
|Portfolio turnover**,                                     |  |                                             | 1       | %  |                                             |   | 8       | %                                             |  |   | 2                                             | %  |  |   | 18      | % 
|Total return**                                               |  |                                             | (0.19   | )% |                                             |   | (11.40  | )%                                            |  |   | 5.99                                          | %  |  |   | (6.24   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 301,757 |    |                                             | $ | 244,260 |                                               |  | $ | 301,757                                       |    |  | $ | 244,260 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



32



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                             |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                       |  |                        |            |  |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                   |  |                        |            |  |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $90 and units of 0 and 90,
respectively)                |  | $                      |           |  |                  | $ | 90         | 
|Investments in collective investment funds, at value:                                                                                        |  |                        |            |  |                  |   |            | 
|SSgA S&P MidCap® Index Non-Lending Series Fund Class A (cost $52,598,317 and $35,944,250 and units of 1,741,700 and 1,313,540, respectively) |  |                        | 63,892,537 |  |                  |   | 44,387,144 | 
|Receivable for investments sold                                                                                                              |  |                        | 159,983    |  |                  |   |           | 
|Receivable for fund units sold                                                                                                               |  |                        |           |  |                  |   | 657,452    | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                 |  |                        | 64,052,520 |  |                  |   | 45,044,686 | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                            |  |                        |           |  |                  |   | 657,452    | 
|Payable for fund units redeemed                                                                                                              |  |                        | 159,983    |  |                  |   |           | 
|Investment advisory fee payable                                                                                                              |  |                        | 10,328     |  |                  |   |           | 
|INGprogram fee payable                                                                                                                      |  |                        | 27,791     |  |                  |   | 17,373     | 
|Trustee, management and administration fees payable                                                                                          |  |                        | 4,582      |  |                  |   | 3,028      | 
|ABA Retirement Fundsprogram fee payable                                                                                                     |  |                        | 3,830      |  |                  |   | 2,462      | 
|Other accruals                                                                                                                               |  |                        | 17,916     |  |                  |   | 15,963     | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                            |  |                        | 224,430    |  |                  |   | 696,278    | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|                                                                                                                                             |  |                       
|Net Assets(equivalent to $26.70 and $24.69 per unit based on 2,390,810 and 1,796,377 units outstanding,
respectively)                        |  | $                      | 63,828,090 |  |                  | $ | 44,348,408 | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 

The accompanying notes are an integral part of these financial statements.



33



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |            |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 79,313     |   |                                             |   | 41,509     |                                               |  |   | 142,529                                       |   |  |   | 76,286     |  
|Trustee, management and administration fees                     |  |                                             | 13,447     |   |                                             |   | 7,843      |                                               |  |   | 24,132                                        |   |  |   | 14,515     |  
|Investment advisory fee                                         |  |                                             | 5,509      |   |                                             |   | 3,938      |                                               |  |   | 10,779                                        |   |  |   | 7,290      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 11,039     |   |                                             |   | 5,848      |                                               |  |   | 19,774                                        |   |  |   | 10,807     |  
|Legal and audit fees                                            |  |                                             | 4,747      |   |                                             |   | 3,383      |                                               |  |   | 8,693                                         |   |  |   | 6,335      |  
|Compliance consultant fees                                      |  |                                             | 2,493      |   |                                             |   | 2,498      |                                               |  |   | 4,566                                         |   |  |   | 4,677      |  
|Reports to unitholders                                          |  |                                             | 401        |   |                                             |   | 1,873      |                                               |  |   | 734                                           |   |  |   | 3,508      |  
|Registration fees                                               |  |                                             | 3,311      |   |                                             |   | 375        |                                               |  |   | 6,063                                         |   |  |   | 702        |  
|Other fees                                                      |  |                                             | 620        |   |                                             |   | 1,386      |                                               |  |   | 1,120                                         |   |  |   | 2,595      |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 120,880    |   |                                             |   | 68,653     |                                               |  |   | 218,390                                       |   |  |   | 126,715    |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net investment income (loss)                                    |  |                                             | (120,880   | ) |                                             |   | (68,653    | )                                             |  |   | (218,390                                      | ) |  |   | (126,715   | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 794,556    |   |                                             |   | 212,896    |                                               |  |   | 1,175,526                                     |   |  |   | 388,692    |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net realized gain (loss)                                        |  |                                             | 794,556    |   |                                             |   | 212,896    |                                               |  |   | 1,175,526                                     |   |  |   | 388,692    |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | (1,279,589 | ) |                                             |   | (3,534,367 | )                                             |  |   | 2,851,326                                     |   |  |   | (1,302,907 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (1,279,589 | ) |                                             |   | (3,534,367 | )                                             |  |   | 2,851,326                                     |   |  |   | (1,302,907 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | (485,033   | ) |                                             |   | (3,321,471 | )                                             |  |   | 4,026,852                                     |   |  |   | (914,215   | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (605,913   | ) |                                             | $ | (3,390,124 | )                                             |  | $ | 3,808,462                                     |   |  | $ | (1,040,930 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



34



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (218,390    | )
|Net realized gain (loss)                                           |  |                                            | 1,175,526   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 2,851,326   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 3,808,462   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 28,429,902  |  
|Cost of units redeemed                                             |  |                                            | (12,758,682 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 15,671,220  |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets                              |  |                                            | 19,479,682  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 44,348,408  |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 63,828,090  |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 1,796,377   |  
|Issued                                                             |  |                                            | 1,081,299   |  
|Redeemed                                                           |  |                                            | (486,866    | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 2,390,810   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



35



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.10                                         | )  |  |   | (0.09  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.10                                         | )  |  |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.20  | )  |                                             |   | (2.04  | )                                             |  |   | 2.11                                          |    |  |   | (0.26  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.25  | )  |                                             |   | (2.09  | )                                             |  |   | 2.01                                          |    |  |   | (0.35  | ) 
|Net asset value at beginning of period                       |  |                                             | 26.95  |    |                                             |   | 21.40  |                                               |  |   | 24.69                                         |    |  |   | 19.66  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 26.70  |    |                                             | $ | 19.31  |                                               |  | $ | 26.70                                         |    |  | $ | 19.31  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.82   | %  |                                             |   | 0.87   | %                                             |  |   | 0.80                                          | %  |  |   | 0.87   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.82  | )% |                                             |   | (0.87  | )%                                            |  |   | (0.80                                         | )% |  |   | (0.87  | )%
|Portfolio turnover**,                                     |  |                                             | 4      | %  |                                             |   | 8      | %                                             |  |   | 7                                             | %  |  |   | 16     | % 
|Total return**                                               |  |                                             | (0.93  | )% |                                             |   | (9.77  | )%                                            |  |   | 8.14                                          | %  |  |   | (1.78  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 63,828 |    |                                             | $ | 29,383 |                                               |  | $ | 63,828                                        |    |  | $ | 29,383 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



36



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                    |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                              |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                          |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $54 and units of 0 and 54,
respectively)                       |  | $                      |           |  |                  | $ | 54         |    
|Investments in collective investment funds, at value:                                                                                               |  |                        |            |  |                  |   |            |    
|SSgA Russell Small Cap® Index Non-Lending Series Fund Class A (cost $31,251,369 and $21,991,797 and units of 1,473,408 and 1,138,075, respectively) |  |                        | 36,888,231 |  |                  |   | 26,818,749 |    
|Receivable for fund units sold                                                                                                                      |  |                        | 29,714     |  |                  |   | 269,225    |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                                        |  |                        | 36,917,945 |  |                  |   | 27,088,028 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                         |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                   |  |                        | 29,714     |  |                  |   | 269,225    |    
|Investment advisory fee payable                                                                                                                     |  |                        | 6,456      |  |                  |   |           |    
|INGprogram fee payable                                                                                                                             |  |                        | 16,362     |  |                  |   | 10,017     |    
|Trustee, management and administration fees payable                                                                                                 |  |                        | 2,781      |  |                  |   | 1,745      |    
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 2,268      |  |                  |   | 1,419      |    
|Payable for legal and audit services                                                                                                                |  |                        | 3,182      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                              |  |                        | 3,400      |  |                  |   |           | (b)
|Other accruals                                                                                                                                      |  |                        | 4,252      |  |                  |   | 9,553      |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                   |  |                        | 68,415     |  |                  |   | 291,959    |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $27.49 and $25.98 per unit based on 1,340,417 and 1,031,517 units outstanding,
respectively)                               |  | $                      | 36,849,530 |  |                  | $ | 26,796,069 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



37



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |            |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 48,109     |   |                                             |   | 25,227     |                                               |  |   | 87,357                                        |   |  |   | 46,236   |  
|Trustee, management and administration fees                     |  |                                             | 8,167      |   |                                             |   | 4,765      |                                               |  |   | 14,802                                        |   |  |   | 8,796    |  
|Investment advisory fee                                         |  |                                             | 3,456      |   |                                             |   | 2,427      |                                               |  |   | 6,744                                         |   |  |   | 4,452    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 6,705      |   |                                             |   | 3,551      |                                               |  |   | 12,129                                        |   |  |   | 6,547    |  
|Legal and audit fees                                            |  |                                             | 2,849      |   |                                             |   | 2,055      |                                               |  |   | 5,299                                         |   |  |   | 3,840    |  
|Compliance consultant fees                                      |  |                                             | 1,496      |   |                                             |   | 1,517      |                                               |  |   | 2,783                                         |   |  |   | 2,835    |  
|Reports to unitholders                                          |  |                                             | 241        |   |                                             |   | 1,138      |                                               |  |   | 448                                           |   |  |   | 2,126    |  
|Registration fees                                               |  |                                             | 1,988      |   |                                             |   | 228        |                                               |  |   | 3,697                                         |   |  |   | 426      |  
|Other fees                                                      |  |                                             | 370        |   |                                             |   | 842        |                                               |  |   | 679                                           |   |  |   | 1,573    |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 73,381     |   |                                             |   | 41,750     |                                               |  |   | 133,938                                       |   |  |   | 76,831   |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net investment income (loss)                                    |  |                                             | (73,381    | ) |                                             |   | (41,750    | )                                             |  |   | (133,938                                      | ) |  |   | (76,831  | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 607,612    |   |                                             |   | 182,563    |                                               |  |   | 1,018,185                                     |   |  |   | 250,644  |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 607,612    |   |                                             |   | 182,563    |                                               |  |   | 1,018,185                                     |   |  |   | 250,644  |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (1,254,305 | ) |                                             |   | (2,324,515 | )                                             |  |   | 809,910                                       |   |  |   | (943,687 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (1,254,305 | ) |                                             |   | (2,324,515 | )                                             |  |   | 809,910                                       |   |  |   | (943,687 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | (646,693   | ) |                                             |   | (2,141,952 | )                                             |  |   | 1,828,095                                     |   |  |   | (693,043 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (720,074   | ) |                                             | $ | (2,183,702 | )                                             |  | $ | 1,694,157                                     |   |  | $ | (769,874 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



38



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (133,938   | )
|Net realized gain (loss)                                           |  |                                            | 1,018,185  |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 809,910    |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,694,157  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 17,077,996 |  
|Cost of units redeemed                                             |  |                                            | (8,718,692 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 8,359,304  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 10,053,461 |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 26,796,069 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 36,849,530 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,031,517  |  
|Issued                                                             |  |                                            | 632,582    |  
|Redeemed                                                           |  |                                            | (323,682   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 1,340,417  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



39



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.06  | )  |                                             |   | (0.04  | )                                             |  |   | (0.11                                         | )  |  |   | (0.09  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.06  | )  |                                             |   | (0.04  | )                                             |  |   | (0.11                                         | )  |  |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.44  | )  |                                             |   | (2.23  | )                                             |  |   | 1.62                                          |    |  |   | (0.41  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.50  | )  |                                             |   | (2.27  | )                                             |  |   | 1.51                                          |    |  |   | (0.50  | ) 
|Net asset value at beginning of period                       |  |                                             | 27.99  |    |                                             |   | 22.44  |                                               |  |   | 25.98                                         |    |  |   | 20.67  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 27.49  |    |                                             | $ | 20.17  |                                               |  | $ | 27.49                                         |    |  | $ | 20.17  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.81   | %  |                                             |   | 0.87   | %                                             |  |   | 0.80                                          | %  |  |   | 0.87   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.81  | )% |                                             |   | (0.87  | )%                                            |  |   | (0.80                                         | )% |  |   | (0.87  | )%
|Portfolio turnover**,                                     |  |                                             | 6      | %  |                                             |   | 12     | %                                             |  |   | 11                                            | %  |  |   | 21     | % 
|Total return**                                               |  |                                             | (1.79  | )% |                                             |   | (10.12 | )%                                            |  |   | 5.81                                          | %  |  |   | (2.42  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 36,850 |    |                                             | $ | 17,731 |                                               |  | $ | 36,850                                        |    |  | $ | 17,731 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



40



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                                       |  |                        |            |  |                  |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                       |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                                 |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                             |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $87 and units of 0 and 87,
respectively)                          |  | $                      |           |  |                  | $ | 87         |    
|Investments in collective investment funds, at value:                                                                                                  |  |                        |            |  |                  |   |            |    
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $49,251,933 and $39,231,983 and units of 3,990,192
and 3,283,291, respectively) |  |                        | 55,802,840 |  |                  |   | 44,193,095 |    
|Receivable for investments sold                                                                                                                        |  |                        | 25,259     |  |                  |   |           |    
|Receivable for fund units sold                                                                                                                         |  |                        |           |  |                  |   | 1,216,106  |    
|Other assets                                                                                                                                           |  |                        |           |  |                  |   | 25         |    
|                                                                                                                                                       |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                                           |  |                        | 55,828,099 |  |                  |   | 45,409,313 |    
|                                                                                                                                                       |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                      |  |                        |           |  |                  |   | 1,216,106  |    
|Payable for fund units redeemed                                                                                                                        |  |                        | 25,259     |  |                  |   |           |    
|Investment advisory fee payable                                                                                                                        |  |                        | 29,240     |  |                  |   |           |    
|INGprogram fee payable                                                                                                                                |  |                        | 24,238     |  |                  |   | 17,216     |    
|Trustee, management and administration fees payable                                                                                                    |  |                        | 4,062      |  |                  |   | 3,003      |    
|ABA Retirement Fundsprogram fee payable                                                                                                               |  |                        | 3,355      |  |                  |   | 2,442      |    
|Payable for legal and audit services                                                                                                                   |  |                        | 4,731      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                                 |  |                        | 5,111      |  |                  |   |           | (b)
|Other accruals                                                                                                                                         |  |                        | 6,318      |  |                  |   | 29,468     |    
|                                                                                                                                                       |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                      |  |                        | 102,314    |  |                  |   | 1,268,235  |    
|                                                                                                                                                       |  |                        |            |  |                  |   |            |    
|                                                                                                                                                       |  |                       
|Net Assets(equivalent to $29.94 and $28.94 per unit based on 1,861,457 and 1,525,410 units outstanding,
respectively)                                  |  | $                      | 55,725,785 |  |                  | $ | 44,141,078 |    
|                                                                                                                                                       |  |                        |            |  |                  |   |            |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



41



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Expenses                                                        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 68,984   |   |                                             |   | 37,016     |                                               |  |   | 128,961                                       |   |  |   | 70,463     |  
|Trustee, management and administration fees                     |  |                                             | 11,738   |   |                                             |   | 6,991      |                                               |  |   | 21,867                                        |   |  |   | 13,408     |  
|Investment advisory fee                                         |  |                                             | 15,951   |   |                                             |   | 7,072      |                                               |  |   | 31,100                                        |   |  |   | 13,519     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 9,635    |   |                                             |   | 5,212      |                                               |  |   | 17,916                                        |   |  |   | 9,982      |  
|Legal and audit fees                                            |  |                                             | 4,167    |   |                                             |   | 3,015      |                                               |  |   | 7,847                                         |   |  |   | 5,851      |  
|Compliance consultant fees                                      |  |                                             | 2,189    |   |                                             |   | 2,226      |                                               |  |   | 4,122                                         |   |  |   | 4,320      |  
|Reports to unitholders                                          |  |                                             | 353      |   |                                             |   | 1,669      |                                               |  |   | 663                                           |   |  |   | 3,239      |  
|Registration fees                                               |  |                                             | 2,908    |   |                                             |   | 334        |                                               |  |   | 5,474                                         |   |  |   | 648        |  
|Other fees                                                      |  |                                             | 537      |   |                                             |   | 1,235      |                                               |  |   | 1,001                                         |   |  |   | 2,396      |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 116,462  |   |                                             |   | 64,770     |                                               |  |   | 218,951                                       |   |  |   | 123,826    |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net investment income (loss)                                    |  |                                             | (116,462 | ) |                                             |   | (64,770    | )                                             |  |   | (218,951                                      | ) |  |   | (123,826   | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 101,626  |   |                                             |   | (24,976    | )                                             |  |   | 209,165                                       |   |  |   | 2,440      |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 101,626  |   |                                             |   | (24,976    | )                                             |  |   | 209,165                                       |   |  |   | 2,440      |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 137,434  |   |                                             |   | (3,773,588 | )                                             |  |   | 1,589,795                                     |   |  |   | (3,340,404 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 137,434  |   |                                             |   | (3,773,588 | )                                             |  |   | 1,589,795                                     |   |  |   | (3,340,404 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 239,060  |   |                                             |   | (3,798,564 | )                                             |  |   | 1,798,960                                     |   |  |   | (3,337,964 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 122,598  |   |                                             | $ | (3,863,334 | )                                             |  | $ | 1,580,009                                     |   |  | $ | (3,461,790 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



42



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (218,951   | )
|Net realized gain (loss)                                           |  |                                            | 209,165    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 1,589,795  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,580,009  |  
|                                                                   |  |                                            |            |  
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 16,013,219 |  
|Cost of units redeemed                                             |  |                                            | (6,008,521 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 10,004,698 |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 11,584,707 |  
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 44,141,078 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 55,725,785 |  
|                                                                   |  |                                            |            |  
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,525,410  |  
|Issued                                                             |  |                                            | 538,575    |  
|Redeemed                                                           |  |                                            | (202,528   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 1,861,457  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



43



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.07  | )  |                                             |   | (0.06  | )                                             |  |   | (0.13                                         | )  |  |   | (0.12  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.07  | )  |                                             |   | (0.06  | )                                             |  |   | (0.13                                         | )  |  |   | (0.12  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.16   |    |                                             |   | (3.29  | )                                             |  |   | 1.13                                          |    |  |   | (2.90  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.09   |    |                                             |   | (3.35  | )                                             |  |   | 1.00                                          |    |  |   | (3.02  | ) 
|Net asset value at beginning of period                       |  |                                             | 29.85  |    |                                             |   | 26.61  |                                               |  |   | 28.94                                         |    |  |   | 26.28  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 29.94  |    |                                             | $ | 23.26  |                                               |  | $ | 29.94                                         |    |  | $ | 23.26  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.87   | %  |                                             |   | 0.92   | %                                             |  |   | 0.88                                          | %  |  |   | 0.92   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.87  | )% |                                             |   | (0.92  | )%                                            |  |   | (0.88                                         | )% |  |   | (0.92  | )%
|Portfolio turnover**,                                     |  |                                             | 1      | %  |                                             |   | 4      | %                                             |  |   | 3                                             | %  |  |   | 9      | % 
|Total return**                                               |  |                                             | 0.30   | %  |                                             |   | (12.59 | )%                                            |  |   | 3.46                                          | %  |  |   | (11.49 | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 55,726 |    |                                             | $ | 27,312 |                                               |  | $ | 55,726                                        |    |  | $ | 27,312 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.052% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



44



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Assets and Liabilities



|                                                                                                                                                         |  |                        |            |     |                  |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- | --- | ---------------- | - | ---------- | 
|                                                                                                                                                         |  | June 30, 2011Unaudited |            |     | December 31,2010 |  
|Assets                                                                                                                                                   |  |                        |            |     |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                               |  |                        |            |     |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $27 and units of 0 and 27,
respectively)                            |  | $                      |           |     |                  | $ | 27         | 
|Investments in collective investment funds, at value:                                                                                                    |  |                        |            |     |                  |   |            | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $9,816,944 and $5,540,816 and units of
473,540 and 275,552, respectively) |  |                        | 10,375,268 |     |                  |   | 5,707,777  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $4,593,854 and $3,227,671 and units of 174,624 and 141,916,
respectively)                |  |                        | 5,206,068  |     |                  |   | 3,816,552  | 
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $4,914,369 and $2,745,087 and units of 536,932 and 332,103,
respectively)      |  |                        | 5,163,142  |     |                  |   | 3,279,185  | 
|Receivable for investments sold                                                                                                                          |  |                        | 83,962     |     |                  |   |           | 
|Receivable for fund units sold                                                                                                                           |  |                        | 130,076    |     |                  |   | 38,418     | 
|                                                                                                                                                         |  |                        |            |     |                  |   |            | 
|Total assets                                                                                                                                             |  |                        | 20,958,516 |     |                  |   | 12,841,959 | 
|                                                                                                                                                         |  |                        |            |     |                  |   |            | 
|Liabilities                                                                                                                                              |  |                        |            |     |                  |   |            | 
|Payable for investments purchased                                                                                                                        |  |                        | 214,038    |     |                  |   | 38,418     | 
|Investment advisory fee payable                                                                                                                          |  |                        | 6,492      |     |                  |   |           | 
|INGprogram fee payable                                                                                                                                  |  |                        | 8,783      |     |                  |   | 5,478      | 
|Trustee, management and administration fees payable                                                                                                      |  |                        | 1,498      |     |                  |   | 954        | 
|ABA Retirement Fundsprogram fee payable                                                                                                                 |  |                        | 1,226      |     |                  |   | 776        | 
|Payable for legal and audit services                                                                                                                     |  |                        |           | (a) |                  |   | 1,122      | 
|Payable for compliance consultant fees                                                                                                                   |  |                        |           | (b) |                  |   | 627        | 
|Other accruals                                                                                                                                           |  |                        | 5,490      |     |                  |   | 5,139      | 
|                                                                                                                                                         |  |                        |            |     |                  |   |            | 
|Total liabilities                                                                                                                                        |  |                        | 237,527    |     |                  |   | 52,514     | 
|                                                                                                                                                         |  |                        |            |     |                  |   |            | 
|                                                                                                                                                         |  |                       
|Net Assets(equivalent to $17.42 and $16.62 per unit based on 1,189,716 and 769,370 units outstanding,
respectively)                                      |  | $                      | 20,720,989 |     |                  | $ | 12,789,445 | 
|                                                                                                                                                         |  |                        |            |     |                  |   |            | 



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



45



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |          | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 24,523   |   |                                             |   | 11,310   |                                               |  |   | 43,395                                        |   |  |   | 19,386   |  
|Trustee, management and administration fees                     |  |                                             | 4,179    |   |                                             |   | 2,135    |                                               |  |   | 7,367                                         |   |  |   | 3,683    |  
|Investment advisory fee                                         |  |                                             | 3,779    |   |                                             |   | 1,929    |                                               |  |   | 6,642                                         |   |  |   | 3,329    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 3,431    |   |                                             |   | 1,589    |                                               |  |   | 6,037                                         |   |  |   | 2,742    |  
|Legal and audit fees                                            |  |                                             | 1,516    |   |                                             |   | 921      |                                               |  |   | 2,683                                         |   |  |   | 1,608    |  
|Compliance consultant fees                                      |  |                                             | 796      |   |                                             |   | 680      |                                               |  |   | 1,409                                         |   |  |   | 1,187    |  
|Reports to unitholders                                          |  |                                             | 127      |   |                                             |   | 510      |                                               |  |   | 226                                           |   |  |   | 890      |  
|Registration fees                                               |  |                                             | 1,057    |   |                                             |   | 102      |                                               |  |   | 1,871                                         |   |  |   | 178      |  
|Other fees                                                      |  |                                             | 205      |   |                                             |   | 377      |                                               |  |   | 356                                           |   |  |   | 658      |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 39,613   |   |                                             |   | 19,553   |                                               |  |   | 69,986                                        |   |  |   | 33,661   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net investment income (loss)                                    |  |                                             | (39,613  | ) |                                             |   | (19,553  | )                                             |  |   | (69,986                                       | ) |  |   | (33,661  | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 447,539  |   |                                             |   | 276,859  |                                               |  |   | 671,525                                       |   |  |   | 334,521  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 447,539  |   |                                             |   | 276,859  |                                               |  |   | 671,525                                       |   |  |   | 334,521  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (248,466 | ) |                                             |   | (345,765 | )                                             |  |   | 129,371                                       |   |  |   | (247,547 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (248,466 | ) |                                             |   | (345,765 | )                                             |  |   | 129,371                                       |   |  |   | (247,547 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 199,073  |   |                                             |   | (68,906  | )                                             |  |   | 800,896                                       |   |  |   | 86,974   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 159,460  |   |                                             | $ | (88,459  | )                                             |  | $ | 730,910                                       |   |  | $ | 53,313   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



46



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (69,986    | )
|Net realized gain (loss)                                           |  |                                            | 671,525    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 129,371    |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 730,910    |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 10,533,520 |  
|Cost of units redeemed                                             |  |                                            | (3,332,886 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 7,200,634  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 7,931,544  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 12,789,445 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 20,720,989 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 769,370    |  
|Issued                                                             |  |                                            | 615,059    |  
|Redeemed                                                           |  |                                            | (194,713   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 1,189,716  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



47



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ----- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ----- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |       | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |      |                                               |  | $ |                                              |    |  | $ |      |   
|Expenses,                                                 |  |                                             | (0.04  | )  |                                             |   | (0.04 | )                                             |  |   | (0.07                                         | )  |  |   | (0.07 | ) 
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                             |   | (0.04 | )                                             |  |   | (0.07                                         | )  |  |   | (0.07 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.21   |    |                                             |   | (0.08 | )                                             |  |   | 0.87                                          |    |  |   | 0.23  |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | 0.17   |    |                                             |   | (0.12 | )                                             |  |   | 0.80                                          |    |  |   | 0.16  |   
|Net asset value at beginning of period                       |  |                                             | 17.25  |    |                                             |   | 14.79 |                                               |  |   | 16.62                                         |    |  |   | 14.51 |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net asset value at end of period                             |  | $                                           | 17.42  |    |                                             | $ | 14.67 |                                               |  | $ | 17.42                                         |    |  | $ | 14.67 |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.82   | %  |                                             |   | 0.91  | %                                             |  |   | 0.82                                          | %  |  |   | 0.91  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.82  | )% |                                             |   | (0.91 | )%                                            |  |   | (0.82                                         | )% |  |   | (0.91 | )%
|Portfolio turnover**,                                     |  |                                             | 8      | %  |                                             |   | 15    | %                                             |  |   | 17                                            | %  |  |   | 21    | % 
|Total return**                                               |  |                                             | 0.99   | %  |                                             |   | (0.81 | )%                                            |  |   | 4.81                                          | %  |  |   | 1.10  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 20,721 |    |                                             | $ | 8,730 |                                               |  | $ | 20,721                                        |    |  | $ | 8,730 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



48



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                                                                    |  |                        |            |  |                  |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                    |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                              |  |                        |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                               |  |                        |            |  |                  |   |            | 
|SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $33,596,033 and $33,661,787 and units of 2,875,677 and
2,920,687, respectively) |  | $                      | 36,483,716 |  |                  | $ | 35,550,602 | 
|Cash                                                                                                                                                |  |                        |           |  |                  |   | 74         | 
|Receivable for investments sold                                                                                                                     |  |                        |           |  |                  |   | 258,989    | 
|Receivable for fund units sold                                                                                                                      |  |                        | 117,186    |  |                  |   |           | 
|                                                                                                                                                    |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                        |  |                        | 36,600,902 |  |                  |   | 35,809,665 | 
|                                                                                                                                                    |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                         |  |                        |            |  |                  |   |            | 
|Due to custodian                                                                                                                                    |  |                        | 117,186    |  |                  |   |           | 
|Payable for fund units redeemed                                                                                                                     |  |                        |           |  |                  |   | 258,989    | 
|Retirement Date Fund management fee payable                                                                                                         |  |                        | 15,968     |  |                  |   | 17,113     | 
|INGprogram fee payable                                                                                                                             |  |                        | 16,362     |  |                  |   | 15,495     | 
|Trustee, management and administration fees payable                                                                                                 |  |                        | 3,583      |  |                  |   | 3,442      | 
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 2,266      |  |                  |   | 2,199      | 
|Other accruals                                                                                                                                      |  |                        | 11,923     |  |                  |   | 7,464      | 
|                                                                                                                                                    |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                                   |  |                        | 167,288    |  |                  |   | 304,702    | 
|                                                                                                                                                    |  |                        |            |  |                  |   |            | 
|                                                                                                                                                    |  |                       
|Net Assets(equivalent to $12.36 and $11.91 per unit based on 2,948,669 and 2,982,118 units outstanding,
respectively)                               |  | $                      | 36,433,614 |  |                  | $ | 35,504,963 | 
|                                                                                                                                                    |  |                        |            |  |                  |   |            | 

The accompanying notes are an integral part of these financial statements.



49



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |        |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |         |  
|Expenses                                                        |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 48,175  |   |                                             |   | 43,610     |                                               |  |   | 94,928                                        |   |  |   | 82,841   |  
|Trustee, management and administration fees                     |  |                                             | 10,602  |   |                                             |   | 8,230      |                                               |  |   | 20,755                                        |   |  |   | 15,748   |  
|Retirement Date Fund management fee                             |  |                                             | 8,016   |   |                                             |   | 8,271      |                                               |  |   | 17,015                                        |   |  |   | 15,821   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 6,716   |   |                                             |   | 6,141      |                                               |  |   | 13,171                                        |   |  |   | 11,735   |  
|Legal and audit fees                                            |  |                                             | 2,904   |   |                                             |   | 3,552      |                                               |  |   | 5,728                                         |   |  |   | 6,864    |  
|Compliance consultant fees                                      |  |                                             | 1,526   |   |                                             |   | 2,622      |                                               |  |   | 3,009                                         |   |  |   | 5,067    |  
|Reports to unitholders                                          |  |                                             | 246     |   |                                             |   | 1,966      |                                               |  |   | 484                                           |   |  |   | 3,800    |  
|Registration fees                                               |  |                                             | 2,027   |   |                                             |   | 393        |                                               |  |   | 3,996                                         |   |  |   | 760      |  
|Other fees                                                      |  |                                             | 407     |   |                                             |   | 1,454      |                                               |  |   | 762                                           |   |  |   | 2,810    |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 80,619  |   |                                             |   | 76,239     |                                               |  |   | 159,848                                       |   |  |   | 145,446  |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |         |  
|Net investment income (loss)                                    |  |                                             | (80,619 | ) |                                             |   | (76,239    | )                                             |  |   | (159,848                                      | ) |  |   | (145,446 | )
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |         |  
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 255,498 |   |                                             |   | 709,704    |                                               |  |   | 490,936                                       |   |  |   | 821,165  |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 255,498 |   |                                             |   | 709,704    |                                               |  |   | 490,936                                       |   |  |   | 821,165  |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 294,179 |   |                                             |   | (1,435,702 | )                                             |  |   | 998,868                                       |   |  |   | (779,444 | )
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 294,179 |   |                                             |   | (1,435,702 | )                                             |  |   | 998,868                                       |   |  |   | (779,444 | )
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |         |  
|Net realized and unrealized gain (loss)                         |  |                                             | 549,677 |   |                                             |   | (725,998   | )                                             |  |   | 1,489,804                                     |   |  |   | 41,721   |  
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |         |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 469,058 |   |                                             | $ | (802,237   | )                                             |  | $ | 1,329,956                                     |   |  | $ | (103,725 | )
|                                                                |  |                                             |         |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



50



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (159,848   | )
|Net realized gain (loss)                                           |  |                                            | 490,936    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 998,868    |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,329,956  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 4,945,870  |  
|Cost of units redeemed                                             |  |                                            | (5,347,175 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (401,305   | )
|                                                                   |  |                                            |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 928,651    |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 35,504,963 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 36,433,614 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 2,982,118  |  
|Issued                                                             |  |                                            | 405,421    |  
|Redeemed                                                           |  |                                            | (438,870   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 2,948,669  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



51



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.19   |    |                                             |   | (0.24  | )                                             |  |   | 0.50                                          |    |  |   | 0.03   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.16   |    |                                             |   | (0.27  | )                                             |  |   | 0.45                                          |    |  |   | (0.02  | ) 
|Net asset value at beginning of period                       |  |                                             | 12.20  |    |                                             |   | 11.19  |                                               |  |   | 11.91                                         |    |  |   | 10.94  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 12.36  |    |                                             | $ | 10.92  |                                               |  | $ | 12.36                                         |    |  | $ | 10.92  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.87   | %  |                                             |   | 0.92   | %                                             |  |   | 0.89                                          | %  |  |   | 0.92   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.87  | )% |                                             |   | (0.92  | )%                                            |  |   | (0.89                                         | )% |  |   | (0.92  | )%
|Portfolio turnover**,                                     |  |                                             | 6      | %  |                                             |   | 21     | %                                             |  |   | 10                                            | %  |  |   | 31     | % 
|Total return**                                               |  |                                             | 1.31   | %  |                                             |   | (2.41  | )%                                            |  |   | 3.78                                          | %  |  |   | (0.18  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 36,434 |    |                                             | $ | 31,990 |                                               |  | $ | 36,434                                        |    |  | $ | 31,990 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



52



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                  |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                            |  |                        |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                             |  |                        |            |  |                  |   |            | 
|SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $61,030,109 and $65,124,151 and units of 4,995,059 and
5,438,050, respectively) |  | $                      | 66,788,938 |  |                  | $ | 69,514,596 | 
|Cash                                                                                                                                              |  |                        |           |  |                  |   | 146        | 
|Receivable for investments sold                                                                                                                   |  |                        | 119,364    |  |                  |   |           | 
|Receivable for fund units sold                                                                                                                    |  |                        |           |  |                  |   | 21,845     | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                      |  |                        | 66,908,302 |  |                  |   | 69,536,587 | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                       |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                 |  |                        |           |  |                  |   | 21,845     | 
|Payable for fund units redeemed                                                                                                                   |  |                        | 119,364    |  |                  |   |           | 
|Retirement Date Fund management fee payable                                                                                                       |  |                        | 32,611     |  |                  |   | 31,464     | 
|INGprogram fee payable                                                                                                                           |  |                        | 30,383     |  |                  |   | 29,424     | 
|Trustee, management and administration fees payable                                                                                               |  |                        | 6,655      |  |                  |   | 6,498      | 
|ABA Retirement Fundsprogram fee payable                                                                                                          |  |                        | 4,228      |  |                  |   | 4,151      | 
|Payable for legal and audit services                                                                                                              |  |                        | 6,553      |  |                  |   | 6,207      | 
|Other accruals                                                                                                                                    |  |                        | 16,406     |  |                  |   | 8,463      | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                                 |  |                        | 216,200    |  |                  |   | 108,052    | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Net Assets(equivalent to $14.82 and $14.24 per unit based on 4,498,719 and 4,877,243 units outstanding,
respectively)                             |  | $                      | 66,692,102 |  |                  | $ | 69,428,535 | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 

The accompanying notes are an integral part of these financial statements.



53



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |          |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Expenses                                                        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 92,406    |   |                                             |   | 83,022     |                                               |  |   | 183,123                                       |   |  |   | 164,231  |  
|Trustee, management and administration fees                     |  |                                             | 20,380    |   |                                             |   | 15,674     |                                               |  |   | 40,088                                        |   |  |   | 31,242   |  
|Retirement Date Fund management fee                             |  |                                             | 17,201    |   |                                             |   | 15,750     |                                               |  |   | 36,062                                        |   |  |   | 31,385   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 12,910    |   |                                             |   | 11,697     |                                               |  |   | 25,439                                        |   |  |   | 23,278   |  
|Legal and audit fees                                            |  |                                             | 5,541     |   |                                             |   | 6,765      |                                               |  |   | 11,029                                        |   |  |   | 13,625   |  
|Compliance consultant fees                                      |  |                                             | 2,911     |   |                                             |   | 4,994      |                                               |  |   | 5,793                                         |   |  |   | 10,059   |  
|Reports to unitholders                                          |  |                                             | 468       |   |                                             |   | 3,746      |                                               |  |   | 931                                           |   |  |   | 7,544    |  
|Registration fees                                               |  |                                             | 3,865     |   |                                             |   | 749        |                                               |  |   | 7,693                                         |   |  |   | 1,509    |  
|Other fees                                                      |  |                                             | 700       |   |                                             |   | 2,770      |                                               |  |   | 1,392                                         |   |  |   | 5,579    |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 156,382   |   |                                             |   | 145,167    |                                               |  |   | 311,550                                       |   |  |   | 288,452  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net investment income (loss)                                    |  |                                             | (156,382  | ) |                                             |   | (145,167   | )                                             |  |   | (311,550                                      | ) |  |   | (288,452 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 1,355,360 |   |                                             |   | 527,446    |                                               |  |   | 1,759,102                                     |   |  |   | 875,522  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 1,355,360 |   |                                             |   | 527,446    |                                               |  |   | 1,759,102                                     |   |  |   | 875,522  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (255,842  | ) |                                             |   | (2,013,718 | )                                             |  |   | 1,368,384                                     |   |  |   | (413,479 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (255,842  | ) |                                             |   | (2,013,718 | )                                             |  |   | 1,368,384                                     |   |  |   | (413,479 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 1,099,518 |   |                                             |   | (1,486,272 | )                                             |  |   | 3,127,486                                     |   |  |   | 462,043  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 943,136   |   |                                             | $ | (1,631,439 | )                                             |  | $ | 2,815,936                                     |   |  | $ | 173,591  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



54



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (311,550    | )
|Net realized gain (loss)                                           |  |                                            | 1,759,102   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 1,368,384   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 2,815,936   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 10,112,074  |  
|Cost of units redeemed                                             |  |                                            | (15,664,443 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (5,552,369  | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets                              |  |                                            | (2,736,433  | )
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 69,428,535  |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 66,692,102  |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 4,877,243   |  
|Issued                                                             |  |                                            | 691,345     |  
|Redeemed                                                           |  |                                            | (1,069,869  | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 4,498,719   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



55



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.07                                         | )  |  |   | (0.06  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.07                                         | )  |  |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.23   |    |                                             |   | (0.31  | )                                             |  |   | 0.65                                          |    |  |   | 0.09   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.20   |    |                                             |   | (0.34  | )                                             |  |   | 0.58                                          |    |  |   | 0.03   |   
|Net asset value at beginning of period                       |  |                                             | 14.62  |    |                                             |   | 13.12  |                                               |  |   | 14.24                                         |    |  |   | 12.75  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 14.82  |    |                                             | $ | 12.78  |                                               |  | $ | 14.82                                         |    |  | $ | 12.78  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.89   | %  |                                             |   | 0.92   | %                                             |  |   | 0.90                                          | %  |  |   | 0.92   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89  | )% |                                             |   | (0.92  | )%                                            |  |   | (0.90                                         | )% |  |   | (0.92  | )%
|Portfolio turnover**,                                     |  |                                             | 6      | %  |                                             |   | 12     | %                                             |  |   | 10                                            | %  |  |   | 26     | % 
|Total return**                                               |  |                                             | 1.37   | %  |                                             |   | (2.59  | )%                                            |  |   | 4.07                                          | %  |  |   | 0.24   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 66,692 |    |                                             | $ | 61,563 |                                               |  | $ | 66,692                                        |    |  | $ | 61,563 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



56



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American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | ---
|                                                                                                                                                      |  | June 30, 2011Unaudited |             |  | December 31,2010 |  
|Assets                                                                                                                                                |  |                        |             |  |                  |   |             |    
|Investments in affiliated funds, at value:                                                                                                            |  |                        |             |  |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $275 and units of 0 and 275,
respectively)                       |  | $                      |            |  |                  | $ | 275         |    
|Investments in collective investment funds, at value:                                                                                                 |  |                        |             |  |                  |   |             |    
|SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $133,322,515 and $123,528,089 and units of 10,584,205 and
10,044,096, respectively) |  |                        | 150,401,557 |  |                  |   | 135,866,487 |    
|Receivable for fund units sold                                                                                                                        |  |                        | 71,523      |  |                  |   | 461,938     |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total assets                                                                                                                                          |  |                        | 150,473,080 |  |                  |   | 136,328,700 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Liabilities                                                                                                                                           |  |                        |             |  |                  |   |             |    
|Payable for investments purchased                                                                                                                     |  |                        | 71,523      |  |                  |   | 461,938     |    
|Retirement Date Fund management fee payable                                                                                                           |  |                        | 68,902      |  |                  |   | 58,970      |    
|INGprogram fee payable                                                                                                                               |  |                        | 67,118      |  |                  |   | 55,248      |    
|Trustee, management and administration fees payable                                                                                                   |  |                        | 14,699      |  |                  |   | 12,208      |    
|ABA Retirement Fundsprogram fee payable                                                                                                              |  |                        | 9,312       |  |                  |   | 7,799       |    
|Payable for legal and audit services                                                                                                                  |  |                        | 13,737      |  |                  |   |            | (a)
|Payable for compliance consultant fees                                                                                                                |  |                        | 15,188      |  |                  |   |            | (b)
|Other accruals                                                                                                                                        |  |                        | 18,574      |  |                  |   | 28,107      |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total liabilities                                                                                                                                     |  |                        | 279,053     |  |                  |   | 624,270     |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|                                                                                                                                                      |  |                       
|Net Assets(equivalent to $17.23 and $16.48 per unit based on 8,716,317 and 8,237,096 units outstanding,
respectively)                                 |  | $                      | 150,194,027 |  |                  | $ | 135,704,430 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



57



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American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |          |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |           |  
|Expenses                                                        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 196,958   |   |                                             |   | 148,201    |                                               |  |   | 379,690                                       |   |  |   | 289,223    |  
|Trustee, management and administration fees                     |  |                                             | 43,403    |   |                                             |   | 27,968     |                                               |  |   | 83,096                                        |   |  |   | 55,012     |  
|Retirement Date Fund management fee                             |  |                                             | 37,522    |   |                                             |   | 28,101     |                                               |  |   | 74,291                                        |   |  |   | 55,264     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 27,494    |   |                                             |   | 20,863     |                                               |  |   | 52,729                                        |   |  |   | 40,974     |  
|Legal and audit fees                                            |  |                                             | 11,791    |   |                                             |   | 12,068     |                                               |  |   | 22,963                                        |   |  |   | 24,000     |  
|Compliance consultant fees                                      |  |                                             | 6,193     |   |                                             |   | 8,909      |                                               |  |   | 12,061                                        |   |  |   | 17,718     |  
|Reports to unitholders                                          |  |                                             | 996       |   |                                             |   | 6,682      |                                               |  |   | 1,938                                         |   |  |   | 13,289     |  
|Registration fees                                               |  |                                             | 8,224     |   |                                             |   | 1,336      |                                               |  |   | 16,017                                        |   |  |   | 2,657      |  
|Other fees                                                      |  |                                             | 1,492     |   |                                             |   | 4,941      |                                               |  |   | 2,902                                         |   |  |   | 9,826      |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 334,073   |   |                                             |   | 259,069    |                                               |  |   | 645,687                                       |   |  |   | 507,963    |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |           |  
|Net investment income (loss)                                    |  |                                             | (334,073  | ) |                                             |   | (259,069   | )                                             |  |   | (645,687                                      | ) |  |   | (507,963   | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 1,018,848 |   |                                             |   | 779,126    |                                               |  |   | 2,213,239                                     |   |  |   | 1,212,811  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 1,018,848 |   |                                             |   | 779,126    |                                               |  |   | 2,213,239                                     |   |  |   | 1,212,811  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 409,380   |   |                                             |   | (6,779,284 | )                                             |  |   | 4,740,644                                     |   |  |   | (2,860,232 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 409,380   |   |                                             |   | (6,779,284 | )                                             |  |   | 4,740,644                                     |   |  |   | (2,860,232 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 1,428,228 |   |                                             |   | (6,000,158 | )                                             |  |   | 6,953,883                                     |   |  |   | (1,647,421 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 1,094,155 |   |                                             | $ | (6,259,227 | )                                             |  | $ | 6,308,196                                     |   |  | $ | (2,155,384 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (645,687    | )
|Net realized gain (loss)                                           |  |                                            | 2,213,239   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 4,740,644   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 6,308,196   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 27,314,580  |  
|Cost of units redeemed                                             |  |                                            | (19,133,179 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 8,181,401   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 14,489,597  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 135,704,430 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 150,194,027 |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 8,237,096   |  
|Issued                                                             |  |                                            | 1,609,266   |  
|Redeemed                                                           |  |                                            | (1,130,045  | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 8,716,317   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |    | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |    |  | $ |        |   
|Expenses,                                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | )  |  |   | (0.07   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | )  |  |   | (0.07   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.17    |    |                                             |   | (0.79   | )                                             |  |   | 0.83                                          |    |  |   | (0.21   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 0.13    |    |                                             |   | (0.83   | )                                             |  |   | 0.75                                          |    |  |   | (0.28   | ) 
|Net asset value at beginning of period                       |  |                                             | 17.10   |    |                                             |   | 15.00   |                                               |  |   | 16.48                                         |    |  |   | 14.45   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 17.23   |    |                                             | $ | 14.17   |                                               |  | $ | 17.23                                         |    |  | $ | 14.17   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|                                                             |  |                                             |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.89    | %  |                                             |   | 0.92    | %                                             |  |   | 0.89                                          | %  |  |   | 0.92    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89   | )% |                                             |   | (0.92   | )%                                            |  |   | (0.89                                         | )% |  |   | (0.92   | )%
|Portfolio turnover**,                                     |  |                                             | 3       | %  |                                             |   | 11      | %                                             |  |   | 7                                             | %  |  |   | 25      | % 
|Total return**                                               |  |                                             | 0.76    | %  |                                             |   | (5.53   | )%                                            |  |   | 4.55                                          | %  |  |   | (1.94   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 150,194 |    |                                             | $ | 107,850 |                                               |  | $ | 150,194                                       |    |  | $ | 107,850 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                                                                  |  |                        |             |  |                  |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                                                  |  | June 30, 2011Unaudited |             |  | December 31,2010 |  
|Assets                                                                                                                                            |  |                        |             |  |                  |   |             | 
|Investments in affiliated funds, at value:                                                                                                        |  |                        |             |  |                  |   |             | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $221 and units of 0 and 221,
respectively)                   |  | $                      |            |  |                  | $ | 221         | 
|Investments in collective investment funds, at value:                                                                                             |  |                        |             |  |                  |   |             | 
|SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $99,532,345 and $96,155,242 and units of 7,788,847 and
7,760,728, respectively) |  |                        | 114,636,252 |  |                  |   | 108,526,023 | 
|Receivable for investments sold                                                                                                                   |  |                        | 139,667     |  |                  |   | 22,508      | 
|                                                                                                                                                  |  |                        |             |  |                  |   |             | 
|Total assets                                                                                                                                      |  |                        | 114,775,919 |  |                  |   | 108,548,752 | 
|                                                                                                                                                  |  |                        |             |  |                  |   |             | 
|Liabilities                                                                                                                                       |  |                        |             |  |                  |   |             | 
|Payable for fund units redeemed                                                                                                                   |  |                        | 139,667     |  |                  |   | 22,508      | 
|Retirement Date Fund management fee payable                                                                                                       |  |                        | 53,511      |  |                  |   | 48,332      | 
|INGprogram fee payable                                                                                                                           |  |                        | 52,092      |  |                  |   | 44,292      | 
|Trustee, management and administration fees payable                                                                                               |  |                        | 11,409      |  |                  |   | 9,803       | 
|ABA Retirement Fundsprogram fee payable                                                                                                          |  |                        | 7,224       |  |                  |   | 6,263       | 
|Payable for legal and audit services                                                                                                              |  |                        | 10,811      |  |                  |   | 9,567       | 
|Other accruals                                                                                                                                    |  |                        | 26,697      |  |                  |   | 13,044      | 
|                                                                                                                                                  |  |                        |             |  |                  |   |             | 
|Total liabilities                                                                                                                                 |  |                        | 301,411     |  |                  |   | 153,809     | 
|                                                                                                                                                  |  |                        |             |  |                  |   |             | 
|                                                                                                                                                  |  |                       
|Net Assets(equivalent to $19.34 and $18.45 per unit based on 5,920,023 and 5,874,159 units outstanding,
respectively)                             |  | $                      | 114,474,508 |  |                  | $ | 108,394,943 | 
|                                                                                                                                                  |  |                        |             |  |                  |   |             | 

The accompanying notes are an integral part of these financial statements.



61



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |            |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 154,938    |   |                                             |   | 114,914    |                                               |  |   | 300,735                                       |   |  |   | 219,161    |  
|Trustee, management and administration fees                     |  |                                             | 34,129     |   |                                             |   | 21,690     |                                               |  |   | 65,799                                        |   |  |   | 41,681     |  
|Retirement Date Fund management fee                             |  |                                             | 28,646     |   |                                             |   | 21,792     |                                               |  |   | 56,389                                        |   |  |   | 41,872     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 21,619     |   |                                             |   | 16,180     |                                               |  |   | 41,754                                        |   |  |   | 31,047     |  
|Legal and audit fees                                            |  |                                             | 9,229      |   |                                             |   | 9,360      |                                               |  |   | 18,113                                        |   |  |   | 18,185     |  
|Compliance consultant fees                                      |  |                                             | 4,848      |   |                                             |   | 6,910      |                                               |  |   | 9,514                                         |   |  |   | 13,425     |  
|Reports to unitholders                                          |  |                                             | 780        |   |                                             |   | 5,182      |                                               |  |   | 1,529                                         |   |  |   | 10,068     |  
|Registration fees                                               |  |                                             | 6,438      |   |                                             |   | 1,036      |                                               |  |   | 12,634                                        |   |  |   | 2,013      |  
|Other fees                                                      |  |                                             | 1,329      |   |                                             |   | 3,832      |                                               |  |   | 2,450                                         |   |  |   | 7,445      |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 261,956    |   |                                             |   | 200,896    |                                               |  |   | 508,917                                       |   |  |   | 384,897    |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net investment income (loss)                                    |  |                                             | (261,956   | ) |                                             |   | (200,896   | )                                             |  |   | (508,917                                      | ) |  |   | (384,897   | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 1,774,296  |   |                                             |   | 155,329    |                                               |  |   | 3,000,375                                     |   |  |   | (37,756    | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 1,774,296  |   |                                             |   | 155,329    |                                               |  |   | 3,000,375                                     |   |  |   | (37,756    | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | (1,115,850 | ) |                                             |   | (6,833,605 | )                                             |  |   | 2,733,126                                     |   |  |   | (2,983,481 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (1,115,850 | ) |                                             |   | (6,833,605 | )                                             |  |   | 2,733,126                                     |   |  |   | (2,983,481 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 658,446    |   |                                             |   | (6,678,276 | )                                             |  |   | 5,733,501                                     |   |  |   | (3,021,237 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 396,490    |   |                                             | $ | (6,879,172 | )                                             |  | $ | 5,224,584                                     |   |  | $ | (3,406,134 | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



62



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | (508,917    | )
|Net realized gain (loss)                                           |  |                                            | 3,000,375   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 2,733,126   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 5,224,584   |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 17,664,465  |  
|Cost of units redeemed                                             |  |                                            | (16,809,484 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 854,981     |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets                              |  |                                            | 6,079,565   |  
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 108,394,943 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 114,474,508 |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 5,874,159   |  
|Issued                                                             |  |                                            | 926,973     |  
|Redeemed                                                           |  |                                            | (881,109    | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 5,920,023   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



63



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |         |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.04   | )  |                                             |   | (0.03  | )                                             |  |   | (0.08                                         | )  |  |   | (0.07  | ) 
|                                                             |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                             |   | (0.03  | )                                             |  |   | (0.08                                         | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.11    |    |                                             |   | (1.24  | )                                             |  |   | 0.97                                          |    |  |   | (0.51  | ) 
|                                                             |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.07    |    |                                             |   | (1.27  | )                                             |  |   | 0.89                                          |    |  |   | (0.58  | ) 
|Net asset value at beginning of period                       |  |                                             | 19.27   |    |                                             |   | 16.72  |                                               |  |   | 18.45                                         |    |  |   | 16.03  |   
|                                                             |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 19.34   |    |                                             | $ | 15.45  |                                               |  | $ | 19.34                                         |    |  | $ | 15.45  |   
|                                                             |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.89    | %  |                                             |   | 0.92   | %                                             |  |   | 0.89                                          | %  |  |   | 0.92   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89   | )% |                                             |   | (0.92  | )%                                            |  |   | (0.89                                         | )% |  |   | (0.92  | )%
|Portfolio turnover**,                                     |  |                                             | 4       | %  |                                             |   | 9      | %                                             |  |   | 9                                             | %  |  |   | 21     | % 
|Total return**                                               |  |                                             | 0.36    | %  |                                             |   | (7.60  | )%                                            |  |   | 4.82                                          | %  |  |   | (3.62  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 114,475 |    |                                             | $ | 83,136 |                                               |  | $ | 114,475                                       |    |  | $ | 83,136 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



64



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                  |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                            |  |                        |            |  |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                        |  |                        |            |  |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $131 and units of 0 and 131,
respectively)                   |  | $                      |           |  |                  | $ | 131        | 
|Investments in collective investment funds, at value:                                                                                             |  |                        |            |  |                  |   |            | 
|SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $64,277,180 and $58,128,417 and units of 4,992,211 and
4,645,229, respectively) |  |                        | 74,823,265 |  |                  |   | 66,022,644 | 
|Receivable for investments sold                                                                                                                   |  |                        | 117,931    |  |                  |   |           | 
|Receivable for fund units sold                                                                                                                    |  |                        |           |  |                  |   | 46,485     | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                      |  |                        | 74,941,196 |  |                  |   | 66,069,260 | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                       |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                 |  |                        |           |  |                  |   | 46,485     | 
|Payable for fund units redeemed                                                                                                                   |  |                        | 117,931    |  |                  |   |           | 
|Retirement Date Fund management fee payable                                                                                                       |  |                        | 33,802     |  |                  |   | 28,448     | 
|INGprogram fee payable                                                                                                                           |  |                        | 32,879     |  |                  |   | 26,294     | 
|Trustee, management and administration fees payable                                                                                               |  |                        | 7,198      |  |                  |   | 5,795      | 
|ABA Retirement Fundsprogram fee payable                                                                                                          |  |                        | 4,549      |  |                  |   | 3,703      | 
|Payable for legal and audit services                                                                                                              |  |                        | 6,732      |  |                  |   | 5,805      | 
|Other accruals                                                                                                                                    |  |                        | 16,542     |  |                  |   | 7,914      | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                                 |  |                        | 219,633    |  |                  |   | 124,444    | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 
|                                                                                                                                                  |  |                       
|Net Assets(equivalent to $21.61 and $20.59 per unit based on 3,456,981 and 3,203,304 units outstanding,
respectively)                             |  | $                      | 74,721,563 |  |                  | $ | 65,944,816 | 
|                                                                                                                                                  |  |                        |            |  |                  |   |            | 

The accompanying notes are an integral part of these financial statements.



65



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American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 97,114   |   |                                             |   | 70,955     |                                               |  |   | 186,170                                       |   |  |   | 136,767    |  
|Trustee, management and administration fees                     |  |                                             | 21,394   |   |                                             |   | 13,393     |                                               |  |   | 40,739                                        |   |  |   | 26,016     |  
|Retirement Date Fund management fee                             |  |                                             | 18,460   |   |                                             |   | 13,458     |                                               |  |   | 35,937                                        |   |  |   | 26,137     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 13,553   |   |                                             |   | 9,992      |                                               |  |   | 25,851                                        |   |  |   | 19,377     |  
|Legal and audit fees                                            |  |                                             | 5,809    |   |                                             |   | 5,779      |                                               |  |   | 11,258                                        |   |  |   | 11,347     |  
|Compliance consultant fees                                      |  |                                             | 3,051    |   |                                             |   | 4,266      |                                               |  |   | 5,913                                         |   |  |   | 8,377      |  
|Reports to unitholders                                          |  |                                             | 490      |   |                                             |   | 3,200      |                                               |  |   | 950                                           |   |  |   | 6,283      |  
|Registration fees                                               |  |                                             | 4,052    |   |                                             |   | 640        |                                               |  |   | 7,853                                         |   |  |   | 1,257      |  
|Other fees                                                      |  |                                             | 358      |   |                                             |   | 2,366      |                                               |  |   | 1,540                                         |   |  |   | 4,646      |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Total expenses                                                  |  |                                             | 164,281  |   |                                             |   | 124,049    |                                               |  |   | 316,211                                       |   |  |   | 240,207    |  
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net investment income (loss)                                    |  |                                             | (164,281 | ) |                                             |   | (124,049   | )                                             |  |   | (316,211                                      | ) |  |   | (240,207   | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 493,118  |   |                                             |   | (58,522    | )                                             |  |   | 1,007,434                                     |   |  |   | (294,968   | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 493,118  |   |                                             |   | (58,522    | )                                             |  |   | 1,007,434                                     |   |  |   | (294,968   | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | (326,283 | ) |                                             |   | (4,982,580 | )                                             |  |   | 2,651,858                                     |   |  |   | (2,307,131 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (326,283 | ) |                                             |   | (4,982,580 | )                                             |  |   | 2,651,858                                     |   |  |   | (2,307,131 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 166,835  |   |                                             |   | (5,041,102 | )                                             |  |   | 3,659,292                                     |   |  |   | (2,602,099 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 2,554    |   |                                             | $ | (5,165,151 | )                                             |  | $ | 3,343,081                                     |   |  | $ | (2,842,306 | )
|                                                                |  |                                             |          |   |                                             |   |            |                                               |  |   |                                               |   |  |   |            |  

The accompanying notes are an integral part of these financial statements.



66



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American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (316,211   | )
|Net realized gain (loss)                                           |  |                                            | 1,007,434  |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 2,651,858  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 3,343,081  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 13,016,364 |  
|Cost of units redeemed                                             |  |                                            | (7,582,698 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 5,433,666  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 8,776,747  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 65,944,816 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 74,721,563 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 3,203,304  |  
|Issued                                                             |  |                                            | 609,421    |  
|Redeemed                                                           |  |                                            | (355,744   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 3,456,981  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



67



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American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.05  | )  |                                             |   | (0.04  | )                                             |  |   | (0.09                                         | )  |  |   | (0.08  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.05  | )  |                                             |   | (0.04  | )                                             |  |   | (0.09                                         | )  |  |   | (0.08  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.05   |    |                                             |   | (1.67  | )                                             |  |   | 1.11                                          |    |  |   | (0.82  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             |       |    |                                             |   | (1.71  | )                                             |  |   | 1.02                                          |    |  |   | (0.90  | ) 
|Net asset value at beginning of period                       |  |                                             | 21.61  |    |                                             |   | 18.64  |                                               |  |   | 20.59                                         |    |  |   | 17.83  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 21.61  |    |                                             | $ | 16.93  |                                               |  | $ | 21.61                                         |    |  | $ | 16.93  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.89   | %  |                                             |   | 0.92   | %                                             |  |   | 0.89                                          | %  |  |   | 0.92   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89  | )% |                                             |   | (0.92  | )%                                            |  |   | (0.89                                         | )% |  |   | (0.92  | )%
|Portfolio turnover**,                                     |  |                                             | 2      | %  |                                             |   | 8      | %                                             |  |   | 4                                             | %  |  |   | 21     | % 
|Total return**                                               |  |                                             | 0.00   | %  |                                             |   | (9.17  | )%                                            |  |   | 4.95                                          | %  |  |   | (5.05  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 74,722 |    |                                             | $ | 51,234 |                                               |  | $ | 74,722                                        |    |  | $ | 51,234 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Assets and Liabilities



|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- | --- | ---------------- | - | ---------- | 
|                                                                                                                                                        |  | June 30, 2011Unaudited |            |     | December 31,2010 |  
|Assets                                                                                                                                                  |  |                        |            |     |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                              |  |                        |            |     |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $951,477 and $966,209 and units of 951,477 and
966,209, respectively)     |  | $                      | 951,477    |     |                  | $ | 966,209    | 
|Investments in collective investment funds, at value:                                                                                                   |  |                        |            |     |                  |   |            | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $10,562,392 and $8,604,186 and units of 940,959 and 785,284,
respectively)                   |  |                        | 10,801,266 |     |                  |   | 8,775,547  | 
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $2,172,548 and $2,573,201 and units of 137,451 and 182,600, respectively)             |  |                        | 2,393,576  |     |                  |   | 2,988,439  | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $2,177,339 and $1,542,057 and units of
103,739 and 76,418, respectively) |  |                        | 2,272,926  |     |                  |   | 1,582,916  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $841,531 and $861,116 and units of 31,892 and 37,381,
respectively)                     |  |                        | 950,796    |     |                  |   | 1,005,281  | 
|SSgA International Index Non-Lending Series Fund Class A (cost $1,554,652 and $841,624 and units of 114,001 and 69,588,
respectively)                   |  |                        | 1,638,654  |     |                  |   | 950,505    | 
|Cash                                                                                                                                                    |  |                        | 53,500     |     |                  |   |           | 
|Receivable for fund units sold                                                                                                                          |  |                        |           |     |                  |   | 8,869      | 
|Interest and dividends receivable                                                                                                                       |  |                        | 73         |     |                  |   | 84         | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Total assets                                                                                                                                            |  |                        | 19,062,268 |     |                  |   | 16,277,850 | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Liabilities                                                                                                                                             |  |                        |            |     |                  |   |            | 
|Payable for investments purchased                                                                                                                       |  |                        | 25,581     |     |                  |   | 8,337      | 
|Payable for fund units redeemed                                                                                                                         |  |                        | 30,968     |     |                  |   |           | 
|Investment advisory fee payable                                                                                                                         |  |                        | 3,419      |     |                  |   |           | 
|INGprogram fee payable                                                                                                                                 |  |                        | 8,022      |     |                  |   | 6,886      | 
|Trustee, management and administration fees payable                                                                                                     |  |                        | 1,345      |     |                  |   | 1,206      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                |  |                        | 1,123      |     |                  |   | 981        | 
|Payable for legal and audit services                                                                                                                    |  |                        |           | (a) |                  |   | 1,438      | 
|Payable for compliance consultant fees                                                                                                                  |  |                        |           | (b) |                  |   | 803        | 
|Payable for reports to unitholders                                                                                                                      |  |                        |           | (c) |                  |   | 277        | 
|Other accruals                                                                                                                                          |  |                        | 5,699      |     |                  |   | 3,693      | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Total liabilities                                                                                                                                       |  |                        | 76,157     |     |                  |   | 23,621     | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|                                                                                                                                                        |  |                       
|Net Assets(equivalent to $16.24 and $15.64 per unit based on 1,169,343 and 1,039,603 units outstanding,
respectively)                                   |  | $                      | 18,986,111 |     |                  | $ | 16,254,229 | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

|(c) | Payable for reports to unitholders fee is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



69



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |          | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Interest                                                        |  | $                                           |         |   |                                             | $ | 311 $    |                                               |  |   |                                              |   |  | $ | 556     |  
|Interestaffiliated issuers                                     |  |                                             | 267      |   |                                             |   |         |                                               |  |   | 615                                           |   |  |   |        |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Total investment income                                         |  |                                             | 267      |   |                                             |   | 311      |                                               |  |   | 615                                           |   |  |   | 556     |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|INGprogram fee                                                 |  |                                             | 24,030   |   |                                             |   | 10,794   |                                               |  |   | 45,058                                        |   |  |   | 19,412  |  
|Trustee, management and administration fees                     |  |                                             | 4,107    |   |                                             |   | 2,037    |                                               |  |   | 7,661                                         |   |  |   | 3,688   |  
|Investment advisory fee                                         |  |                                             | 1,845    |   |                                             |   | 1,226    |                                               |  |   | 3,639                                         |   |  |   | 2,221   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 3,372    |   |                                             |   | 1,516    |                                               |  |   | 6,277                                         |   |  |   | 2,746   |  
|Legal and audit fees                                            |  |                                             | 1,453    |   |                                             |   | 879      |                                               |  |   | 2,746                                         |   |  |   | 1,608   |  
|Compliance consultant fees                                      |  |                                             | 763      |   |                                             |   | 649      |                                               |  |   | 1,442                                         |   |  |   | 1,187   |  
|Reports to unitholders                                          |  |                                             | 123      |   |                                             |   | 487      |                                               |  |   | 232                                           |   |  |   | 891     |  
|Registration fees                                               |  |                                             | 1,013    |   |                                             |   | 97       |                                               |  |   | 1,915                                         |   |  |   | 178     |  
|Other fees                                                      |  |                                             | 183      |   |                                             |   | 361      |                                               |  |   | 346                                           |   |  |   | 659     |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Total expenses                                                  |  |                                             | 36,889   |   |                                             |   | 18,046   |                                               |  |   | 69,316                                        |   |  |   | 32,590  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Net investment income (loss)                                    |  |                                             | (36,622  | ) |                                             |   | (17,735  | )                                             |  |   | (68,701                                       | ) |  |   | (32,034 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Investments                                                     |  |                                             | 618,668  |   |                                             |   | 60,768   |                                               |  |   | 879,472                                       |   |  |   | 173,701 |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized gain (loss)                                        |  |                                             | 618,668  |   |                                             |   | 60,768   |                                               |  |   | 879,472                                       |   |  |   | 173,701 |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Investments                                                     |  |                                             | (235,473 | ) |                                             |   | (129,311 | )                                             |  |   | (131,748                                      | ) |  |   | (51,303 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (235,473 | ) |                                             |   | (129,311 | )                                             |  |   | (131,748                                      | ) |  |   | (51,303 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 383,195  |   |                                             |   | (68,543  | )                                             |  |   | 747,724                                       |   |  |   | 122,398 |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|                                                                |  |                                             |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 346,573  |   |                                             | $ | (86,278  | )                                             |  | $ | 679,023                                       |   |  | $ | 90,364  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  

The accompanying notes are an integral part of these financial statements.



70



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (68,701    | )
|Net realized gain (loss)                                           |  |                                            | 879,472    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | (131,748   | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 679,023    |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 9,286,719  |  
|Cost of units redeemed                                             |  |                                            | (7,233,860 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 2,052,859  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 2,731,882  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 16,254,229 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 18,986,111 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,039,603  |  
|Issued                                                             |  |                                            | 582,186    |  
|Redeemed                                                           |  |                                            | (452,446   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 1,169,343  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



71



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ----- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ----- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |       | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income(a)                                        |  | $                                           |       |    |                                             | $ |      |                                               |  | $ |                                              |    |  | $ |      |   
|Expenses,                                                 |  |                                             | (0.03  | )  |                                             |   | (0.03 | )                                             |  |   | (0.06                                         | )  |  |   | (0.06 | ) 
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                             |   | (0.03 | )                                             |  |   | (0.06                                         | )  |  |   | (0.06 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.33   |    |                                             |   | (0.10 | )                                             |  |   | 0.66                                          |    |  |   | 0.29  |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | 0.30   |    |                                             |   | (0.13 | )                                             |  |   | 0.60                                          |    |  |   | 0.23  |   
|Net asset value at beginning of period                       |  |                                             | 15.94  |    |                                             |   | 14.75 |                                               |  |   | 15.64                                         |    |  |   | 14.39 |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net asset value at end of period                             |  | $                                           | 16.24  |    |                                             | $ | 14.62 |                                               |  | $ | 16.24                                         |    |  | $ | 14.62 |   
|                                                             |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.81   | %  |                                             |   | 0.88  | %                                             |  |   | 0.81                                          | %  |  |   | 0.88  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.81  | )% |                                             |   | (0.87 | )%                                            |  |   | (0.80                                         | )% |  |   | (0.87 | )%
|Portfolio turnover**,                                     |  |                                             | 24     | %  |                                             |   | 8     | %                                             |  |   | 41                                            | %  |  |   | 21    | % 
|Total return**                                               |  |                                             | 1.88   | %  |                                             |   | (0.88 | )%                                            |  |   | 3.84                                          | %  |  |   | 1.60  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 18,986 |    |                                             | $ | 8,902 |                                               |  | $ | 18,986                                        |    |  | $ | 8,902 |   



|(a) | Amounts less than $0.005 per unit are rounded to zero.
|--- | ------------------------------------------------------

|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.019% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



72



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Assets and Liabilities



|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- | --- | ---------------- | - | ---------- | 
|                                                                                                                                                        |  | June 30, 2011Unaudited |            |     | December 31,2010 |  
|Assets                                                                                                                                                  |  |                        |            |     |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                              |  |                        |            |     |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $998,429 and $973,216 and units of 998,429 and
973,216, respectively)     |  | $                      | 998,429    |     |                  | $ | 973,216    | 
|Investments in collective investment funds, at value:                                                                                                   |  |                        |            |     |                  |   |            | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $14,209,235 and $10,110,886 and units of 1,291,612 and 937,926,
respectively)                |  |                        | 14,826,414 |     |                  |   | 10,481,329 | 
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $11,462,725 and $10,388,430 and units of 744,692 and 741,375, respectively)           |  |                        | 12,968,061 |     |                  |   | 12,133,340 | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $8,389,136 and $4,102,914 and units of 635,360 and
346,298, respectively)        |  |                        | 8,885,504  |     |                  |   | 4,661,174  | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $2,697,117 and $1,427,317 and units of
129,945 and 71,964, respectively) |  |                        | 2,847,102  |     |                  |   | 1,490,671  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,847,980 and $1,584,565 and units of 72,942 and 72,339,
respectively)                 |  |                        | 2,174,633  |     |                  |   | 1,945,415  | 
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $910,545 and $438,428 and units of 97,303 and 53,563,
respectively)           |  |                        | 935,664    |     |                  |   | 528,886    | 
|Receivable for investments sold                                                                                                                         |  |                        | 115,214    |     |                  |   | 22,679     | 
|Receivable for fund units sold                                                                                                                          |  |                        | 20,980     |     |                  |   |           | 
|Interest and dividends receivable                                                                                                                       |  |                        | 158        |     |                  |   | 183        | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Total assets                                                                                                                                            |  |                        | 43,772,159 |     |                  |   | 32,236,893 | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Liabilities                                                                                                                                             |  |                        |            |     |                  |   |            | 
|Payable for investments purchased                                                                                                                       |  |                        | 140,714    |     |                  |   | 64,642     | 
|Payable for fund units redeemed                                                                                                                         |  |                        |           |     |                  |   | 23,359     | 
|Investment advisory fee payable                                                                                                                         |  |                        | 10,474     |     |                  |   |           | 
|INGprogram fee payable                                                                                                                                 |  |                        | 19,115     |     |                  |   | 12,677     | 
|Trustee, management and administration fees payable                                                                                                     |  |                        | 3,223      |     |                  |   | 2,209      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                |  |                        | 2,633      |     |                  |   | 1,796      | 
|Payable for legal and audit services                                                                                                                    |  |                        |           | (a) |                  |   | 2,788      | 
|Other accruals                                                                                                                                          |  |                        | 12,486     |     |                  |   | 11,190     | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Total liabilities                                                                                                                                       |  |                        | 188,645    |     |                  |   | 118,661    | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 
|Net Assets(equivalent to $19.12 and $18.34 per unit based on 2,279,413 and 1,751,335 units outstanding,
respectively)                                   |  | $                      | 43,583,514 |     |                  | $ | 32,118,232 | 
|                                                                                                                                                        |  |                        |            |     |                  |   |            | 



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



73



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |           |   | For the periodApril 1, 2010 toJune 30, 2010 |   |            | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Interest                                                        |  | $                                           |          |   |                                             | $ | 286        |                                               |  | $ |                                              |   |  | $ | 495      |  
|Interestaffiliated issuers                                     |  |                                             | 364       |   |                                             |   |           |                                               |  |   | 616                                           |   |  |   |         |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Total investment income                                         |  |                                             | 364       |   |                                             |   | 286        |                                               |  |   | 616                                           |   |  |   | 495      |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Expenses                                                        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 54,775    |   |                                             |   | 27,080     |                                               |  |   | 99,086                                        |   |  |   | 47,679   |  
|Trustee, management and administration fees                     |  |                                             | 9,292     |   |                                             |   | 5,112      |                                               |  |   | 16,777                                        |   |  |   | 9,059    |  
|Investment advisory fee                                         |  |                                             | 5,796     |   |                                             |   | 3,079      |                                               |  |   | 10,580                                        |   |  |   | 5,457    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 7,628     |   |                                             |   | 3,810      |                                               |  |   | 13,747                                        |   |  |   | 6,748    |  
|Legal and audit fees                                            |  |                                             | 3,307     |   |                                             |   | 2,206      |                                               |  |   | 6,075                                         |   |  |   | 3,950    |  
|Compliance consultant fees                                      |  |                                             | 1,737     |   |                                             |   | 1,629      |                                               |  |   | 3,191                                         |   |  |   | 2,917    |  
|Reports to unitholders                                          |  |                                             | 280       |   |                                             |   | 1,221      |                                               |  |   | 514                                           |   |  |   | 2,187    |  
|Registration fees                                               |  |                                             | 2,307     |   |                                             |   | 244        |                                               |  |   | 4,238                                         |   |  |   | 437      |  
|Other fees                                                      |  |                                             | 418       |   |                                             |   | 903        |                                               |  |   | 766                                           |   |  |   | 1,617    |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 85,540    |   |                                             |   | 45,284     |                                               |  |   | 154,974                                       |   |  |   | 80,051   |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Net investment income (loss)                                    |  |                                             | (85,176   | ) |                                             |   | (44,998    | )                                             |  |   | (154,358                                      | ) |  |   | (79,556  | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 1,313,906 |   |                                             |   | 102,883    |                                               |  |   | 1,679,541                                     |   |  |   | 295,200  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 1,313,906 |   |                                             |   | 102,883    |                                               |  |   | 1,679,541                                     |   |  |   | 295,200  |  
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (904,050  | ) |                                             |   | (1,207,447 | )                                             |  |   | (67,635                                       | ) |  |   | (814,515 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (904,050  | ) |                                             |   | (1,207,447 | )                                             |  |   | (67,635                                       | ) |  |   | (814,515 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 409,856   |   |                                             |   | (1,104,564 | )                                             |  |   | 1,611,906                                     |   |  |   | (519,315 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 324,680   |   |                                             | $ | (1,149,562 | )                                             |  | $ | 1,457,548                                     |   |  | $ | (598,871 | )
|                                                                |  |                                             |           |   |                                             |   |            |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



74



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (154,358   | )
|Net realized gain (loss)                                           |  |                                            | 1,679,541  |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | (67,635    | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,457,548  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 15,789,764 |  
|Cost of units redeemed                                             |  |                                            | (5,782,030 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 10,007,734 |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 11,465,282 |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 32,118,232 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 43,583,514 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,751,335  |  
|Issued                                                             |  |                                            | 834,457    |  
|Redeemed                                                           |  |                                            | (306,379   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 2,279,413  |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



75



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |        | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income(a)                                        |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.04  | )  |                                             |   | (0.03  | )                                             |  |   | (0.08                                         | )  |  |   | (0.07  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                             |   | (0.03  | )                                             |  |   | (0.08                                         | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.21   |    |                                             |   | (0.83  | )                                             |  |   | 0.86                                          |    |  |   | (0.25  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.17   |    |                                             |   | (0.86  | )                                             |  |   | 0.78                                          |    |  |   | (0.32  | ) 
|Net asset value at beginning of period                       |  |                                             | 18.95  |    |                                             |   | 16.97  |                                               |  |   | 18.34                                         |    |  |   | 16.43  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 19.12  |    |                                             | $ | 16.11  |                                               |  | $ | 19.12                                         |    |  | $ | 16.11  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|                                                             |  |                                             |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                             | 0.81   | %  |                                             |   | 0.88   | %                                             |  |   | 0.80                                          | %  |  |   | 0.88   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.81  | )% |                                             |   | (0.88  | )%                                            |  |   | (0.80                                         | )% |  |   | (0.87  | )%
|Portfolio turnover**,                                     |  |                                             | 13     | %  |                                             |   | 5      | %                                             |  |   | 19                                            | %  |  |   | 12     | % 
|Total return**                                               |  |                                             | 0.90   | %  |                                             |   | (5.07  | )%                                            |  |   | 4.25                                          | %  |  |   | (1.95  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 43,584 |    |                                             | $ | 21,263 |                                               |  | $ | 43,584                                        |    |  | $ | 21,263 |   



|(a) | Amounts less than $0.005 per unit are rounded to zero.
|--- | ------------------------------------------------------

|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.024% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



76



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Assets and Liabilities



|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                                                |  | June 30, 2011Unaudited |            |  | December 31,2010 |  
|Assets                                                                                                                                                                          |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                                                      |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $45 and $25 and units of 45 and 25,
respectively)                                                 |  | $                      | 45         |  |                  | $ | 25         |    
|Investments in collective investment funds, at value:                                                                                                                           |  |                        |            |  |                  |   |            |    
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $2,288,870 and $1,641,065 and units of 205,440 and 150,070,
respectively)                                            |  |                        | 2,358,251  |  |                  |   | 1,677,035  |    
|SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $6,262,992 and $6,224,255 and units of 401,510 and 429,499,
respectively)                                      |  |                        | 6,991,895  |  |                  |   | 7,029,176  |    
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $4,533,045 and $2,560,647 and units of 342,706 and
210,738, respectively)                                |  |                        | 4,792,742  |  |                  |   | 2,836,537  |    
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $310,696 and $0 and units of 14,334 and 0 for
June 30, 2011 and December 31, 2010, respectively) |  |                        | 314,065    |  |                  |   |           |    
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $692,863 and $653,650 and units of 26,461 and 28,027,
respectively)                                             |  |                        | 788,878    |  |                  |   | 753,734    |    
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $608,790 and $337,145 and units of 65,064 and 40,396,
respectively)                                   |  |                        | 625,652    |  |                  |   | 398,866    |    
|Cash                                                                                                                                                                            |  |                        | 15,314     |  |                  |   |           |    
|Receivable for fund units sold                                                                                                                                                  |  |                        |           |  |                  |   | 286,854    |    
|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                                                                    |  |                        | 15,886,842 |  |                  |   | 12,982,227 |    
|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                                                     |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                                               |  |                        |           |  |                  |   | 286,854    |    
|Payable for fund units redeemed                                                                                                                                                 |  |                        | 15,359     |  |                  |   |           |    
|Investment advisory fee payable                                                                                                                                                 |  |                        | 4,126      |  |                  |   |           |    
|INGprogram fee payable                                                                                                                                                         |  |                        | 6,895      |  |                  |   | 4,852      |    
|Trustee, management and administration fees payable                                                                                                                             |  |                        | 1,152      |  |                  |   | 838        |    
|ABA Retirement Fundsprogram fee payable                                                                                                                                        |  |                        | 976        |  |                  |   | 681        |    
|Payable for legal and audit services                                                                                                                                            |  |                        | 1,385      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                                                          |  |                        | 1,498      |  |                  |   |           | (b)
|Other accruals                                                                                                                                                                  |  |                        | 1,854      |  |                  |   | 5,384      |    
|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                                               |  |                        | 33,245     |  |                  |   | 298,609    |    
|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    
|                                                                                                                                                                                |  |                       
|Net Assets(equivalent to $22.28 and $21.25 per unit based on 711,541 and 596,907 units outstanding,
respectively)                                                               |  | $                      | 15,853,597 |  |                  | $ | 12,683,618 |    
|                                                                                                                                                                                |  |                        |            |  |                  |   |            |    



|(a) | Payable for legal and audit services fee is included in other accruals.
|--- | -----------------------------------------------------------------------

|(b) | Payable for compliance consultant fees is included in other accruals.
|--- | ---------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |          |   | For the periodApril 1, 2010 toJune 30, 2010 |   |          | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 20,260   |   |                                             |   | 8,880    |                                               |  |   | 37,893                                        |   |  |   | 15,293   |  
|Trustee, management and administration fees                     |  |                                             | 3,469    |   |                                             |   | 1,676    |                                               |  |   | 6,447                                         |   |  |   | 2,907    |  
|Investment advisory fee                                         |  |                                             | 2,073    |   |                                             |   | 1,009    |                                               |  |   | 4,432                                         |   |  |   | 1,751    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 2,847    |   |                                             |   | 1,248    |                                               |  |   | 5,282                                         |   |  |   | 2,165    |  
|Legal and audit fees                                            |  |                                             | 1,223    |   |                                             |   | 723      |                                               |  |   | 2,308                                         |   |  |   | 1,269    |  
|Compliance consultant fees                                      |  |                                             | 643      |   |                                             |   | 534      |                                               |  |   | 1,213                                         |   |  |   | 937      |  
|Reports to unitholders                                          |  |                                             | 103      |   |                                             |   | 401      |                                               |  |   | 195                                           |   |  |   | 703      |  
|Registration fees                                               |  |                                             | 853      |   |                                             |   | 80       |                                               |  |   | 1,610                                         |   |  |   | 140      |  
|Other fees                                                      |  |                                             | 160      |   |                                             |   | 296      |                                               |  |   | 301                                           |   |  |   | 520      |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 31,631   |   |                                             |   | 14,847   |                                               |  |   | 59,681                                        |   |  |   | 25,685   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net investment income (loss)                                    |  |                                             | (31,631  | ) |                                             |   | (14,847  | )                                             |  |   | (59,681                                       | ) |  |   | (25,685  | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 646,966  |   |                                             |   | 67,582   |                                               |  |   | 809,594                                       |   |  |   | 183,638  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 646,966  |   |                                             |   | 67,582   |                                               |  |   | 809,594                                       |   |  |   | 183,638  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (589,259 | ) |                                             |   | (745,648 | )                                             |  |   | (104,359                                      | ) |  |   | (646,700 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (589,259 | ) |                                             |   | (745,648 | )                                             |  |   | (104,359                                      | ) |  |   | (646,700 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 57,707   |   |                                             |   | (678,066 | )                                             |  |   | 705,235                                       |   |  |   | (463,062 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 26,076   |   |                                             | $ | (692,913 | )                                             |  | $ | 645,554                                       |   |  | $ | (488,747 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (59,681    | )
|Net realized gain (loss)                                           |  |                                            | 809,594    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | (104,359   | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 645,554    |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 5,893,677  |  
|Cost of units redeemed                                             |  |                                            | (3,369,252 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 2,524,425  |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | 3,169,979  |  
|                                                                   | 
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 12,683,618 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 15,853,597 |  
|                                                                   |  |                                            |            |  
|                                                                   | 
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 596,907    |  
|Issued                                                             |  |                                            | 267,142    |  
|Redeemed                                                           |  |                                            | (152,508   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 711,541    |  
|                                                                   |  |                                            |            |  

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|------------------------------------------------------------ |  | -------------------------------------------- | ------ | -- | ------------------------------------------- | - | ----- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ----- | --
|                                                             |  | For the periodApril 1, 2011 toJune 30, 
2011 |        |    | For the periodApril 1, 2010 toJune 30, 2010 |   |       | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |   
|Investment income                                           |  | $                                            |       |    |                                             | $ |      |                                               |  | $ |                                              |    |  | $ |      |   
|Expenses,                                                 |  |                                              | (0.05  | )  |                                             |   | (0.04 | )                                             |  |   | (0.09                                         | )  |  |   | (0.08 | ) 
|                                                             |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net investment income (loss)                                 |  |                                              | (0.05  | )  |                                             |   | (0.04 | )                                             |  |   | (0.09                                         | )  |  |   | (0.08 | ) 
|Net realized and unrealized gain (loss)                      |  |                                              | 0.09   |    |                                             |   | (1.71 | )                                             |  |   | 1.12                                          |    |  |   | (0.91 | ) 
|                                                             |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                              | 0.04   |    |                                             |   | (1.75 | )                                             |  |   | 1.03                                          |    |  |   | (0.99 | ) 
|Net asset value at beginning of period                       |  |                                              | 22.24  |    |                                             |   | 19.38 |                                               |  |   | 21.25                                         |    |  |   | 18.62 |   
|                                                             |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Net asset value at end of period                             |  | $                                            | 22.28  |    |                                             | $ | 17.63 |                                               |  | $ | 22.28                                         |    |  | $ | 17.63 |   
|                                                             |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|                                                             |  |                                              |        |   
|Ratios/Supplemental Data:                                    |  |                                              |        |    |                                             |   |       |                                               |  |   |                                               |    |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                              | 0.83   | %  |                                             |   | 0.88  | %                                             |  |   | 0.83                                          | %  |  |   | 0.88  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                              | (0.83  | )% |                                             |   | (0.88 | )%                                            |  |   | (0.83                                         | )% |  |   | (0.88 | )%
|Portfolio turnover**,                                     |  |                                              | 21     | %  |                                             |   | 8     | %                                             |  |   | 28                                            | %  |  |   | 20    | % 
|Total return**                                               |  |                                              | 0.18   | %  |                                             |   | (9.03 | )%                                            |  |   | 4.85                                          | %  |  |   | (5.32 | )%
|Net assets at end of period (in thousands)                   |  | $                                            | 15,854 |    |                                             | $ | 6,962 |                                               |  | $ | 15,854                                        |    |  | $ | 6,962 |   



|* | Annualized for periods less than one year.
|- | ------------------------------------------

|** | Not annualized for periods less than one year.
|-- | ----------------------------------------------

| | Calculations prepared using the daily average number of units outstanding during the period.
|- | --------------------------------------------------------------------------------------------

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The
estimated acquired fund fees which are incurred directly by the underlying fund were 0.027% and are deducted from the value of the funds in which this Fund invests and is included in this Funds total return.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales of the Funds assets invested in a collective investment fund, rather than portfolio turnover of the underlying
portfolio of such collective investment fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial
statements.



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American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Assets and Liabilities



|                                                                                                                      |  |                        |             |  |                  |   |             | 
|--------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                      |  | June 30, 2011Unaudited |             |  | December 31,2010 |  
|Assets                                                                                                                |  |                        |             |  |                  |   |             | 
|American Bar Association Members/Northern Trust Collective Trust investment funds, at value:                          |  |                        |             |  |                  |   |             | 
|Bond Core Plus Fund (cost $79,619,757 and $80,939,686 and units of 3,971,648 and 4,112,205, respectively)             |  | $                      | 103,945,960 |  |                  | $ | 105,297,110 | 
|Large Cap Equity Fund (cost $109,362,694 and $118,437,213 and units of 10,562,424 and 11,731,536, respectively)       |  |                        | 158,372,978 |  |                  |   | 164,558,249 | 
|Cash                                                                                                                  |  |                        |            |  |                  |   | 567         | 
|Receivable for investments sold                                                                                       |  |                        | 2,946,883   |  |                  |   | 747,497     | 
|                                                                                                                      |  |                        |             |  |                  |   |             | 
|Total assets                                                                                                          |  |                        | 265,265,821 |  |                  |   | 270,603,423 | 
|                                                                                                                      |  |                        |             |  |                  |   |             | 
|                                                                                                                      |  |                       
|Liabilities                                                                                                           |  |                        |             |  |                  |   |             | 
|Payable for investments purchased                                                                                     |  |                        | 2,200,000   |  |                  |   |            | 
|Payable for fund units redeemed                                                                                       |  |                        | 746,883     |  |                  |   | 747,497     | 
|                                                                                                                      |  |                        |             |  |                  |   |             | 
|Total liabilities                                                                                                     |  |                        | 2,946,883   |  |                  |   | 747,497     | 
|                                                                                                                      |  |                        |             |  |                  |   |             | 
|Net Assets(equivalent to $97.34 and $92.71 per unit based on 2,694,905 and 2,910,655 units outstanding,
respectively) |  | $                      | 262,318,938 |  |                  | $ | 269,855,926 | 
|                                                                                                                      |  |                        |             |  |                  |   |             | 

The accompanying notes are an integral part of these financial statements.



81



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American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- |  |  | - | ----------- | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |            |   | For the periodApril 1, 2010 toJune 30, 2010 |   |             | For the
periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 | 
|Investment income (loss)                                        |  | $                                           |           |   |                                             | $ |            |                                               |  | $ |                                              |  |  | $ |            |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Bond Core Plus Fund                                             |  |                                             | 1,617,026  |   |                                             |   | 3,597,975   |                                               |  |   | 2,405,071                                     |  |  |   | 5,362,926   |  
|Large Cap Equity Fund                                           |  |                                             | 4,136,265  |   |                                             |   | 1,136,429   |                                               |  |   | 7,869,135                                     |  |  |   | 3,602,395   |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Net realized gain (loss)                                        |  |                                             | 5,753,291  |   |                                             |   | 4,734,404   |                                               |  |   | 10,274,206                                    |  |  |   | 8,965,321   |  
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Investments                                                     |  |                                             | (2,175,982 | ) |                                             |   | (20,773,582 | )                                             |  |   | 2,858,027                                     |  |  |   | (14,252,056 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (2,175,982 | ) |                                             |   | (20,773,582 | )                                             |  |   | 2,858,027                                     |  |  |   | (14,252,056 | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             | 3,577,309  |   |                                             |   | (16,039,178 | )                                             |  |   | 13,132,233                                    |  |  |   | (5,286,735  | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  
|                                                                |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 3,577,309  |   |                                             | $ | (16,039,178 | )                                             |  | $ | 13,132,233                                    |  |  | $ | (5,286,735  | )
|                                                                |  |                                             |            |   |                                             |   |             |                                               |  |   |                                               |  |  |   |             |  

The accompanying notes are an integral part of these financial statements.



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American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |            
|From operations                                                    |  |                                            |             |  
|Net realized gain (loss)                                           |  | $                                          | 10,274,206  |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 2,858,027   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 13,132,233  |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 256,987     |  
|Cost of units redeemed                                             |  |                                            | (20,926,208 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (20,669,221 | )
|                                                                   |  |                                            |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                            | (7,536,988  | )
|                                                                   | 
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 269,855,926 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 262,318,938 |  
|                                                                   |  |                                            |             |  
|                                                                   | 
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 2,910,655   |  
|Issued                                                             |  |                                            | 2,653       |  
|Redeemed                                                           |  |                                            | (218,403    | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 2,694,905   |  
|                                                                   |  |                                            |             |  

The accompanying notes are an integral part of these financial statements.



83



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American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                           |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|------------------------------------------ |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | --
|                                           |  | For the periodApril 1, 2011 toJune 30, 2011 |         |   | For the periodApril 1, 2010 toJune 30, 2010 |   |         | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Net investment income (loss)               |  | $                                           |        |   |                                             | $ |        |                                               |  | $ |                                              |   |  | $ |        |   
|Net realized and unrealized gain (loss)    |  |                                             | 1.29    |   |                                             |   | (5.11   | )                                             |  |   | 4.63                                          |   |  |   | (1.89   | ) 
|                                           |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net increase (decrease) in unit value      |  |                                             | 1.29    |   |                                             |   | (5.11   | )                                             |  |   | 4.63                                          |   |  |   | (1.89   | ) 
|Net asset value at beginning of period     |  |                                             | 96.05   |   |                                             |   | 85.93   |                                               |  |   | 92.71                                         |   |  |   | 82.71   |   
|                                           |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Net asset value at end of period           |  | $                                           | 97.34   |   |                                             | $ | 80.82   |                                               |  | $ | 97.34                                         |   |  | $ | 80.82   |   
|                                           |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|                                           |  |                                             |         |  
|Ratios/Supplemental Data:                  |  |                                             |         |   |                                             |   |         |                                               |  |   |                                               |   |  |   |         |   
|Portfolio turnover(a)*                     |  |                                             | 2       | % |                                             |   | 3       | %                                             |  |   | 4                                             | % |  |   | 4       | % 
|Total return*                              |  |                                             | 1.34    | % |                                             |   | (5.95   | )%                                            |  |   | 4.99                                          | % |  |   | (2.29   | )%
|Net assets at end of period (in thousands) |  | $                                           | 262,319 |   |                                             | $ | 253,195 |                                               |  | $ | 262,319                                       |   |  | $ | 253,195 |   



|(a) | With respect to the portion of the Funds assets invested in the Bond Core Plus Fund and Large Cap Equity Fund, portfolio turnover reflects purchases and sales of
the Bond Core Plus Fund and Large Cap Equity Fund, rather than portfolio turnover of the underlying portfolio of the Bond Core Plus Fund and Large Cap Equity Fund.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|* | Not annualized for periods less than one year.
|- | ----------------------------------------------

The accompanying notes are an integral part of these financial statements.



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Trust

Combined Statement of Assets and Liabilities



|                                                                                                                                                                |  |                        |               |  |                  |   |               | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ------------- |  | ---------------- | - | ------------- | 
|                                                                                                                                                                |  | June 30, 2011Unaudited |               |  | December 31,2010 |  
|Assets                                                                                                                                                          |  |                        |               |  |                  |   |               | 
|Investments, at value (cost $2,181,501,481 and $2,220,636,968, respectively)                                                                                    |  | $                      | 2,445,069,572 |  |                  | $ | 2,472,474,568 | 
|Northern Trust Global InvestmentsGovernment Short Term Investment Fund, at value (cost $109,669,845 and $117,393,773,
respectively)                            |  |                        | 109,669,845   |  |                  |   | 117,393,773   | 
|Investments in collective investment funds, at value (cost $382,928,696 and $465,484,499, respectively)                                                         |  |                        | 454,663,791   |  |                  |   | 552,921,938   | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $24,637,939 and $24,847,816 and units of
24,637,940 and 24,847,816, respectively) |  |                        | 24,637,939    |  |                  |   | 24,847,816    | 
|SSgA collective investment funds (cost $978,906,355 and $893,834,323 and units of 70,851,911 and 67,110,058,
respectively)                                      |  |                        | 1,128,788,850 |  |                  |   | 1,007,928,764 | 
|Foreign currency, at value (cost $999,577 and $869,051, respectively)                                                                                           |  |                        | 1,008,471     |  |                  |   | 899,535       | 
|Cash                                                                                                                                                            |  |                        | 255,156       |  |                  |   | 1,526         | 
|Cash held at broker (restricted $0 and $0, respectively)                                                                                                        |  |                        | 8,000         |  |                  |   |              | 
|Deposit with broker for open swap contracts                                                                                                                     |  |                        | 30,000        |  |                  |   | 1,010,000     | 
|Deposit with broker for investments sold on TBA commitment transactions                                                                                         |  |                        | 960,000       |  |                  |   | 653,000       | 
|Receivable for investments sold on TBA commitment transactions                                                                                                  |  |                        | 39,611,641    |  |                  |   | 88,944,496    | 
|Receivable for investments sold                                                                                                                                 |  |                        | 128,348,339   |  |                  |   | 70,571,654    | 
|Receivable for fund units sold                                                                                                                                  |  |                        | 2,829,244     |  |                  |   | 3,854,021     | 
|Interest and dividends receivable                                                                                                                               |  |                        | 4,051,248     |  |                  |   | 3,963,579     | 
|Receivable for futures variation margin                                                                                                                         |  |                        | 50,800        |  |                  |   | 2,800         | 
|Unrealized appreciation of forward currency exchange contracts                                                                                                  |  |                        | 31,098        |  |                  |   | 80,352        | 
|Tax reclaims receivable                                                                                                                                         |  |                        | 496,481       |  |                  |   | 429,227       | 
|Swap premiums paid                                                                                                                                              |  |                        | 40,529        |  |                  |   | 47,124        | 
|Unrealized appreciation on swap agreements                                                                                                                      |  |                        | 458,554       |  |                  |   | 388,862       | 
|Other assets                                                                                                                                                    |  |                        | 386           |  |                  |   | 25            | 
|                                                                                                                                                                |  |                        |               |  |                  |   |               | 
|Total assets                                                                                                                                                    |  |                        | 4,341,009,944 |  |                  |   | 4,346,413,060 | 
|                                                                                                                                                                |  |                        |               |  |                  |   |               | 
|Liabilities                                                                                                                                                     |  |                        |               |  |                  |   |               | 
|Securities sold, not yet purchased, at fair value (proceeds $37,404,531 and $20,061,562, respectively)                                                          |  |                        | 37,201,452    |  |                  |   | 20,012,349    | 
|Due to custodian                                                                                                                                                |  |                        | 1,031,632     |  |                  |   | 8,798         | 
|Written options, at value (premium received $23,460 and $0 respectively)                                                                                        |  |                        | 19,550        |  |                  |   |              | 
|Payable for cash collateral received on securities loaned                                                                                                       |  |                        | 141,745,183   |  |                  |   | 240,360,334   | 
|Payable for investments purchased on TBA commitment transactions                                                                                                |  |                        | 25,053,438    |  |                  |   | 115,200,156   | 
|Payable for investments purchased                                                                                                                               |  |                        | 73,699,291    |  |                  |   | 23,710,121    | 
|Payable for fund units redeemed                                                                                                                                 |  |                        | 5,850,469     |  |                  |   | 8,145,931     | 
|Swap premiums received                                                                                                                                          |  |                        | 17,847        |  |                  |   | 29,823        | 
|Unrealized depreciation on swap agreements                                                                                                                      |  |                        | 287,446       |  |                  |   | 292,117       | 
|Due to broker for open swap contracts                                                                                                                           |  |                        | 260,000       |  |                  |   | 813,000       | 
|Due to broker for investments purchased on TBA commitment transactions                                                                                          |  |                        | 936,250       |  |                  |   | 936,250       | 
|Payable for futures variation margin                                                                                                                            |  |                        | 102,288       |  |                  |   |              | 
|Unrealized depreciation of forward currency exchange contracts                                                                                                  |  |                        | 275,199       |  |                  |   | 739,119       | 
|Investment advisory fee payable                                                                                                                                 |  |                        | 609,138       |  |                  |   | 473,767       | 
|Retirement Date Fund management fee payable                                                                                                                     |  |                        | 204,794       |  |                  |   | 184,327       | 
|INGprogram fee payable                                                                                                                                         |  |                        | 1,651,265     |  |                  |   | 1,565,104     | 
|Trustee, management and administration fees payable                                                                                                             |  |                        | 288,967       |  |                  |   | 279,890       | 
|ABA Retirement Fundsprogram fee payable                                                                                                                        |  |                        | 229,077       |  |                  |   | 221,041       | 
|Payable for legal and audit services                                                                                                                            |  |                        | 351,371       |  |                  |   | 324,203       | 



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Combined Statement of Assets and Liabilities



|                                                                                    |  |                        |               |   |                  |   |               |  
|----------------------------------------------------------------------------------- |  | ---------------------- | ------------- | - | ---------------- | - | ------------- | -
|                                                                                    |  | June 30, 2011Unaudited |               |   | December 31,2010 |  
|Payable for compliance consultant fees                                              |  |                        | 395,404       |   |                  |   | 181,227       |  
|Payable for Registration fees                                                       |  |                        |              |   |                  |   | 170,967       |  
|Payable for reports to unitholders                                                  |  |                        |              |   |                  |   | 123,981       |  
|Other accruals                                                                      |  |                        | 478,669       |   |                  |   | 312,482       |  
|                                                                                    |  |                        |               |   |                  |   |               |  
|Total liabilities                                                                   |  |                        | 290,688,730   |   |                  |   | 414,084,987   |  
|                                                                                    |  |                        |               |   |                  |   |               |  
|Net Assets at fair value                                                            |  |                        | 4,050,321,214 |   |                  |   | 3,932,328,073 |  
|                                                                                    |  |                        |               |   |                  |   |               |  
|Adjustment from fair value to contract value for fully benefit responsive contracts |  |                        | (23,552,691   | ) |                  |   | (13,631,391   | )
|                                                                                    |  |                        |               |   |                  |   |               |  
|Net Assets                                                                          |  | $                      | 4,026,768,523 |   |                  | $ | 3,918,696,682 |  
|                                                                                    |  |                        |               |   |                  |   |               |  

The accompanying notes are an integral part of these financial statements.



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Combined Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | ------------------------------------------- | - | ------------ | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------------ | -
|                                                                |  | For the periodApril 1, 2011 toJune 30, 2011 |             |   | For the periodApril 1, 2010 toJune 30, 2010 |   |              | For the periodJanuary 1, 2011 toJune 30, 2011 |  |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Dividends                                                       |  | $                                           | 11,532,732  |   |                                             | $ | 10,418,536   |                                               |  | $ | 21,551,570                                    |   |  | $ | 21,571,741   |  
|Interest                                                        |  |                                             | 2,661,465   |   |                                             |   | 3,505,556    |                                               |  |   | 5,673,338                                     |   |  |   | 7,487,247    |  
|Interestaffiliated issuers                                     |  |                                             | 61,227      |   |                                             |   |             |                                               |  |   | 145,152                                       |   |  |   |             |  
|Securities lending income, net                                  |  |                                             | 165,533     |   |                                             |   | 137,290      |                                               |  |   | 290,888                                       |   |  |   | 289,211      |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Total investment income                                         |  |                                             | 14,420,957  |   |                                             |   | 14,061,382   |                                               |  |   | 27,660,948                                    |   |  |   | 29,348,199   |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|                                                                |  |                                             |             |  
|Expenses                                                        |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|INGprogram fee                                                 |  |                                             | 4,973,965   |   |                                             |   | 4,490,514    |                                               |  |   | 9,802,043                                     |   |  |   | 8,871,122    |  
|Trustee, management and administration fees                     |  |                                             | 875,308     |   |                                             |   | 843,186      |                                               |  |   | 1,717,693                                     |   |  |   | 1,683,013    |  
|Retirement Date Fund management fee                             |  |                                             | 109,845     |   |                                             |   | 87,372       |                                               |  |   | 219,694                                       |   |  |   | 170,479      |  
|Investment advisory fee                                         |  |                                             | 1,844,538   |   |                                             |   | 1,396,942    |                                               |  |   | 3,645,601                                     |   |  |   | 2,776,792    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 694,170     |   |                                             |   | 636,168      |                                               |  |   | 1,360,847                                     |   |  |   | 1,260,884    |  
|Legal and audit fees                                            |  |                                             | 296,652     |   |                                             |   | 365,660      |                                               |  |   | 590,065                                       |   |  |   | 735,935      |  
|Compliance consultant fees                                      |  |                                             | 155,825     |   |                                             |   | 269,949      |                                               |  |   | 309,933                                       |   |  |   | 543,308      |  
|Reports to unitholders                                          |  |                                             | 25,063      |   |                                             |   | 202,461      |                                               |  |   | 49,815                                        |   |  |   | 407,478      |  
|Registration fees                                               |  |                                             | 206,931     |   |                                             |   | 40,492       |                                               |  |   | 411,588                                       |   |  |   | 81,495       |  
|Other fees                                                      |  |                                             | 39,327      |   |                                             |   | 149,738      |                                               |  |   | 78,349                                        |   |  |   | 301,295      |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Total expenses                                                  |  |                                             | 9,221,624   |   |                                             |   | 8,482,482    |                                               |  |   | 18,185,628                                    |   |  |   | 16,831,801   |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Net investment income (loss)                                    |  |                                             | 5,199,333   |   |                                             |   | 5,578,900    |                                               |  |   | 9,475,320                                     |   |  |   | 12,516,398   |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|                                                                |  |                                             |             |  
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Investments                                                     |  |                                             | 61,735,509  |   |                                             |   | 32,936,283   |                                               |  |   | 116,695,598                                   |   |  |   | 120,327,334  |  
|Foreign currency transactions                                   |  |                                             | (590,076    | ) |                                             |   | (1,213,621   | )                                             |  |   | (918,653                                      | ) |  |   | (428,167     | )
|Futures contracts                                               |  |                                             | 272,513     |   |                                             |   | 1,261,641    |                                               |  |   | 282,665                                       |   |  |   | 2,241,768    |  
|Swap contracts                                                  |  |                                             |            |   |                                             |   | 70,523       |                                               |  |   |                                              |   |  |   | 195,107      |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Net realized gain (loss)                                        |  |                                             | 61,417,946  |   |                                             |   | 33,054,826   |                                               |  |   | 116,059,610                                   |   |  |   | 122,336,042  |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Investments                                                     |  |                                             | (42,588,638 | ) |                                             |   | (251,624,725 | )                                             |  |   | 38,349,599                                    |   |  |   | (221,568,797 | )
|Foreign currency transactions                                   |  |                                             | 488,787     |   |                                             |   | 598,598      |                                               |  |   | 394,226                                       |   |  |   | 768,510      |  
|Futures contracts                                               |  |                                             | 209,854     |   |                                             |   | (106,658     | )                                             |  |   | 435,771                                       |   |  |   | 598,458      |  
|Written options                                                 |  |                                             | (2,012      | ) |                                             |   |             |                                               |  |   | 3,910                                         |   |  |   |             |  
|Swap contracts                                                  |  |                                             | 26,391      |   |                                             |   | 478,351      |                                               |  |   | 80,634                                        |   |  |   | 359,492      |  
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (41,865,618 | ) |                                             |   | (250,654,434 | )                                             |  |   | 39,264,140                                    |   |  |   | (219,842,337 | )
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|Net realized and unrealized gain (loss)                         |  |                                             | 19,552,328  |   |                                             |   | (217,599,608 | )                                             |  |   | 155,323,750                                   |   |  |   | (97,506,295  | )
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  
|                                                                |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 24,751,661  |   |                                             | $ | (212,020,708 | )                                             |  | $ | 164,799,070                                   |   |  | $ | (84,989,897  | )
|                                                                |  |                                             |             |   |                                             |   |              |                                               |  |   |                                               |   |  |   |              |  

The accompanying notes are an integral part of these financial statements.



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Combined Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                            |               |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ------------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2011 |              
|From operations                                                    |  |                                            |               |  
|Net investment income (loss)                                       |  | $                                          | 9,475,320     |  
|Net realized gain (loss)                                           |  |                                            | 116,059,610   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 39,264,140    |  
|                                                                   |  |                                            |               |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 164,799,070   |  
|                                                                   |  |                                            |               |  
|                                                                   | 
|From unitholder transactions                                       |  |                                            |               |  
|Proceeds from units issued                                         |  |                                            | 461,083,261   |  
|Cost of units redeemed                                             |  |                                            | (517,810,490  | )
|                                                                   |  |                                            |               |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (56,727,229   | )
|                                                                   |  |                                            |               |  
|Net increase (decrease) in net assets                              |  |                                            | 108,071,841   |  
|                                                                   | 
|Net Assets                                                         |  |                                            |               |  
|Beginning of period                                                |  |                                            | 3,918,696,682 |  
|                                                                   |  |                                            |               |  
|End of period                                                      |  | $                                          | 4,026,768,523 |  
|                                                                   |  |                                            |               |  
|                                                                   | 
|Number of units                                                    |  |                                            |               |  
|Outstanding-beginning of period                                    |  |                                            | 177,107,601   |  
|Issued                                                             |  |                                            | 20,146,912    |  
|Redeemed                                                           |  |                                            | (22,707,606   | )
|                                                                   |  |                                            |               |  
|Outstanding-end of period                                          |  |                                            | 174,546,907   |  
|                                                                   |  |                                            |               |  

The accompanying notes are an integral part of these financial statements.



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Notes to Financial Statements

Unaudited

1. Description of the Collective Trust

The American Bar Association Members/Northern Trust Collective Trust (formerly known as the American Bar Association
Members/State Street Collective Trust, referred to herein as the Collective Trust) was organized on August 8, 1991. From December 1, 2004 and through June 30, 2010, State Street Bank and Trust Company of New Hampshire
(State Street) acted as trustee of the Collective Trust. Effective July 1, 2010, Northern Trust Investments, Inc. (Northern Trust Investments or the Trustee) was substituted for State Street as trustee of the
Collective Trust. In connection therewith, the name of the Collective Trust was changed from American Bar Association Members/State Street Collective Trust to American Bar Association Members/Northern Trust Collective Trust.
From and after July 1, 2010, Northern Trust Investments, as trustee of the Collective Trust, has exclusive discretion and control over the assets of the Collective Trust. Further, effective July 1, 2010, The Northern Trust Company
(Northern Trust) was substituted for State Street Bank and Trust Company (State Street Bank) as trustee of the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for
Retirement Plans.

Northern Trust Investments is an Illinois banking corporation with trust powers and a wholly-owned
subsidiary of Northern Trust, which is an Illinois banking corporation and a wholly-owned subsidiary of Northern Trust Corporation, a publicly-traded financial holding company registered with the Board of Governors of the Federal Reserve System
pursuant to the Federal Bank Holding Company Act of 1956, as amended.

Northern Trust Investments delegated to Northern Trust
the responsibility to provide certain services to the Collective Trust on behalf of Northern Trust Investments. In addition, Northern Trust is the primary custodian and, based on instructions from ING Institutional Plan Services, LLC, a Delaware
limited liability company (ING Services), effects investment and transfer transactions and distributes all benefits provided by the plans to the participants or, in the case of some individually designed plans, to the respective trustees
of such plans. ING Services or an affiliate thereof provides recordkeeping, communication, marketing and administration services to the ABA Retirement Funds Program (the Program). ING Services is responsible for the maintenance of
individual account records or accrued benefit information for participants whose employers choose to have the Programs administrator maintain those account records. ING Services also provides certain account and investment information to
employers and participants, manages the receipt of all plan contributions, forwards investment and transaction instructions to the appropriate parties and forwards instructions relating to distribution of benefits provided by the plans.

The Collective Trust is maintained exclusively for the collective investment of monies administered on behalf of participants in the
Program. The Collective Trust offers twenty separate collective investment funds, comprised of five Managed Funds, six Index Funds, the Real Asset Return Fund, five Retirement Date Funds and three Target Risk Funds (collectively, the
Funds).The Funds are investment options under the Program, which is sponsored by ABA Retirement Funds. Effective July 2, 2009, units of the Balanced Fund ceased to be offered and thus the Balanced Fund is no longer an
investment option under the Program, although certain assets held under the Program continue to be invested in the Balanced Fund. The objectives and principal strategies of the Funds and the Balanced Fund are as follows:

Managed Funds

Stable Asset Return Fund(SARF)current income consistent with preserving principal and maintaining liquidity. SARF may invest in investment contracts, including Traditional
Investment Contracts and synthetic guaranteed investment contracts (SGICs, Security-Backed Contracts or Wrap Contracts) with associated underlying assets, and high quality, fixed income instruments. Such
investments may be made directly by the Fund or indirectly through its investment in other collective investment funds maintained by one or more banks, including Northern Trust Investments.

Bond Core Plus Fundinvests primarily in debt securities of varying maturities, with an average
portfolio duration of three to six years, with the objective of achieving a total return from current income and capital appreciation.



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Notes to Financial StatementsContinued

Unaudited



Large Cap Equity Fundlong term growth of capital and some
dividend income through investment in common stocks and equity-type securities of large-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion.

Small-Mid Cap Equity Fundlong term growth of capital through investment in common stocks and equity-type
securities of U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

International All Cap Equity Fundlong term growth of capital primarily through investment in common stocks and other equity securities of non-U.S. domiciled companies.

Index Funds

Bond Index Fundreplication of the total return of the U.S. investment-grade bond market represented by the Barclays Capital U.S. Aggregate Bond Index, after taking into account Fund expenses.
As of June 30, 2011, 100% of the Funds net assets were invested indirectly through the SSgA U.S. Bond Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State Street Bank that invests in
securities in the Barclays Capital U.S. Aggregate Bond Index. This underlying funds annual financial statements are available upon request.

Large Cap Index Equity Fundreplication of the total return of the S&P 500®, after taking into account Fund expenses. As of June 30, 2011, 100% of the Funds net assets were invested
indirectly through the SSgA S&P 500® Index Non-Lending Series Fund Class A, which is a collective
investment fund maintained by State Street Bank that invests in securities in the S&P 500®. This underlying
funds annual financial statements are available upon request.

All Cap Index
Equity Fundreplication of the total return of the Russell 3000® Index, after taking into account Fund
expenses. As of June 30, 2011, 100% of the Funds net assets were invested in the SSgA Russell All
Cap® Index Non-Lending Series Fund Class A, which is a separate collective investment fund maintained by
State Street Bank that invests in securities contained in the Russell 3000® Index. This underlying funds
annual financial statements are available upon request.

Mid Cap Index Equity
Fundreplication of the total return of the S&P MidCap 400®, after taking into account Fund
expenses. As of June 30, 2011, 100% of the Funds net assets were invested indirectly through the SSgA S&P
MidCap® Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State
Street Bank that invests in securities contained in the S&P MidCap 400®. This underlying funds annual
financial statements are available upon request.

Small Cap Index Equity
Fundreplication of the total return of the Russell 2000® Index, after taking into account Fund
expenses. As of June 30, 2011, 100% of the Funds net assets were invested indirectly through the SSgA Russell Small
Cap® Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State
Street Bank that invests in securities in the Russell 2000® Index. This underlying funds annual financial
statements are available upon request.

International Index Equity Fundreplication of the total
return of the Morgan Stanley Capital International All-Country World Ex-U.S. (MSCI ACWI ex-US) Index, after taking into account Fund expenses. As of June 30, 2011, 100% of the Funds net assets were invested indirectly through
the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State Street Bank that invests in securities in the MSCI ACWI ex-US Index. This underlying funds annual financial
statements are available upon request.

Real Asset Return Fund

Real Asset Return Fundcapital appreciation in excess of inflation as measured by the All
Items Less Food and Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100, which we refer to as the Core Consumer Price Index or Core CPI (which excludes food and energy). The Fund invests in the SSgA Dow Jones
UBS-Commodity IndexSMNon-Lending Series Fund
Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A and SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, which comprise a diversified portfolio of primarily commodity



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futures, real estate investment trusts, which we refer to as REITs and Treasury Inflation Protected Securities, which we refer to as U.S. TIPS.

Retirement Date Funds

Retirement Date Fundsa series of diversified investment funds each of which is designed to correspond to a particular time horizon to retirement. The five Retirement Date Funds, designated as
the Lifetime Income Retirement Date Fund, 2010 Retirement Date Fund, 2020 Retirement Date Fund, 2030 Retirement Date Fund and 2040 Retirement Date Fund, respectively, offer five separate target retirement date strategies. With the
exception of the Lifetime Income Retirement Date Fund, which is designed for those currently beyond their retirement date, each Retirement Date Funds asset mix will, over time, become progressively more conservative as the specified date to
most conservative asset mix draws nearer.

The Retirement Date Funds utilize a broad range of asset classes and a quarterly
rebalancing process to provide diversification of returns and risks consistent with the stated time horizon to most conservative asset mix. Investment in each such asset class is obtained by investing in index strategies or other pooled strategies
designed for low tracking error. As of June 30, 2011, each of the Funds invested 100% of its assets in separate State Street Bank collective investment funds listed below.

Lifetime Income Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement Income Non-Lending Series Fund Class A.

2010 Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement 2010 Non-Lending Series Fund Class A.

2020 Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement 2020 Non-Lending Series
Fund Class A.

2030 Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement 2030
Non-Lending Series Fund Class A.

2040 Retirement Date Fundinvests 100% of its net assets in the SSgA Target
Retirement 2040 Non-Lending Series Fund Class A.

Each of these underlying funds annual financial statements is available upon request.

Target Risk Funds

Target Risk Fundsa series of diversified investment funds each of which is designed to correspond to a particular investment risk level. The three Target Risk Funds, designated as the
Conservative Risk Fund, the Moderate Risk Fund and the Aggressive Risk Fund, offer three separate strategies, each with a distinct asset mix.

The Conservative Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds and
cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA International Index Non-Lending Series Fund Class A, SSgA U.S. Bond Index
Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All
Cap® Index Non-Lending Series Fund Class A, SSgA U.S. Inflation Protected Bond Index Non-Lending Series
Fund Class A and Northern Trust Global Investments Collective Short Term Investment Fund. The Conservative Risk Fund is the most conservative strategy among the Target Risk Funds. The Conservative Risk Fund is designed for investors who prefer
lower volatility of returns and higher expected income.

The Moderate Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds, commodities and cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA
Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap® Index Non-Lending Series Fund Class A, SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund
Class A, and Northern Trust Global Investments Collective Short Term



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Investment Fund. The Moderate Risk Fund is designed for investors who seek a combination of capital appreciation and income. This Fund is expected to have higher volatility of returns than the
Conservative Risk Fund but lower volatility than the Aggressive Risk Fund.

The
Aggressive Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds, commodities and cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The
Fund invests in SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones UBS-Commodity
IndexSMNon-Lending Series Fund Class A, SSgA U.S.
Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap® Index Non-Lending Series Fund Class A, and SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A. The Aggressive Risk Fund is designed for
investors who want to maximize growth and capital appreciation. This Fund is expected to have the highest volatility of returns among the Target Risk Funds.

Balanced Fund

Balanced Fundcurrent income and
long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. As of June 30, 2011, 40.4% and 59.6% of the Funds net assets were invested in the Bond Core Plus Fund and Large Cap
Equity Fund, respectively. The Fund ceased offering its units on July 2, 2009.

All the Managed funds (Large Cap Equity
Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and Bond Core Plus Fund) may invest in Northern Trust Global Investments (NTGI)  Collective Short Term Investment Fund (STIF) and SARF may invest in the
NTGI Collective Government Short-Term Investment Fund (GSTIF). The annual financial statements of STIF and GSTIF are available upon request.

The Collective Trust may offer and sell an unlimited number of units representing interests in separate Funds of the Collective Trust, each unit to be offered and sold at the per unit net asset value of
the corresponding Fund.

2. Summary of Significant Accounting Policies

The accompanying statements of assets and liabilities and the related statements of operations and of changes in net
assets and certain financial data have been prepared in conformity with U.S. Generally Accepted Accounting Principles (GAAP). Certain prior-year amounts have been reclassified to conform to the current year presentation.

The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the
instructions for Quarterly Reports on Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). In the opinion of management, all material adjustments, consisting only of normal recurring
adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes
thereto should be read in conjunction with the Funds financial statements included in the Trusts Annual Report on Form 10-K for the period ended December 31, 2010, as filed with the SEC on March 18, 2011.

Basis of Presentation

Pursuant to rules and regulations of the SEC, combined financial statements are presented for the Collective Trust as a whole, as the SEC registrant, and also for each Fund and the Balanced Fund
individually. The Collective Trusts Declaration of Trust provides that any creditor of, or other person having any claim of any type against, a Fund (including the Balanced Fund), may look only to the assets of such Fund for payment of
obligations of such Fund, and that every contract, instrument, certificate or undertaking of or on behalf of any Fund shall be conclusively deemed to have been executed only by or for that Fund and no Fund shall be answerable for any obligation
assumed or liability incurred by any other Fund. Accordingly, the assets of each Fund comprising the Collective Trust include only those funds and other assets that are paid to, held by or distributed to the Collective Trust on account of and for
the benefit of that Fund, including, without limitation, funds delivered to the Collective Trust for the purchase of Units in that Fund.



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A. Security Valuation

The Collective Trust follows authoritative accounting guidance that governs the application of GAAP that requires fair value measurements
of the Funds and the Balanced Funds assets and liabilities. Fair value is an estimate of the price a Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market
for the security.

The Funds and the Balanced Fund follow a three-tiered hierarchy based on the use of observable market data
and unobservable inputs to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
uncertainty, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model, and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Funds and the Balanced Funds investments. These inputs are summarized
in the three broad levels as follows:



| |  |  | Level 1 - unadjusted quoted prices in active markets for identical securities.
| | - |  | ------------------------------------------------------------------------------



| |  |  | Level 2 - other significant observable inputs. Observable inputs are inputs that other market participants would use in valuing a portfolio instrument.
These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others in active markets and markets that are not active.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Level 3 - significant unobservable inputs (including a Funds own assumptions in determining the fair value of investments).
| | - |  | ----------------------------------------------------------------------------------------------------------------------------

Northern Trust Investments has delegated to Northern Trust the responsibility to determine the value of
each Fund and the Balanced Fund based on the market value of each Funds and the Balanced Funds portfolio of securities. Northern Trust generally values each Funds and the Balanced Funds portfolio of securities, such as
equities, based on closing market prices or readily available market quotations and classifies these securities as Level 1. When closing market prices or market quotations are not readily available or are considered by Northern Trust to be
unreliable, the fair value of the particular securities or assets is determined in good faith by Northern Trust Investments pursuant to procedures adopted by Northern Trust Investments. For market prices and quotations, as well as some fair value
methods of pricing, Northern Trust and Northern Trust Investments may rely upon securities prices provided by pricing services, the persons or entities Northern Trust Investments has retained to assist it in the exercise of its investment
responsibility with respect to the Funds and the Balanced Fund (the Investment Advisors) or independent dealers.

When Northern Trust determines that the closing market price on the primary exchange where the security is traded is not readily
available or no longer accurately reflects the value of the security at the time of calculation of the Funds or Balanced Funds net asset value, Northern Trust Investments endeavors to value the security at the amount the owner might
reasonably expect to receive upon the securitys current sale. In so doing, the Trustee considers all factors it deems appropriate, including, if relevant, external factors such as general market developments and news events. These investments
are typically classified as Level 2 or 3 depending upon the priority of the significant inputs.

With respect to non-U.S.
securities, if a significant event has occurred between the closing of the foreign exchange or market on which such securities trade and the calculation of net asset value, a valuation adjustment may be appropriate. Specifically, under appropriate
circumstances, the Trustee will utilize a fair value statistical model for the International All Cap Equity Fund to make fair value adjustments to the prices of non-U.S. securities based on movements in the U.S. markets after the close of foreign
markets. These securities are generally reflected as Level 2. If a significant event occurs other than general movements in the U.S. markets, Northern Trust will determine whether that event might affect the value of the non-U.S. securities and
whether, if so, the securities should be valued in accordance with Northern Trust Investments fair value procedures.



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Unless believed no longer to accurately reflect value or to be reliable, foreign
securities not traded directly or in the form of American Depositary Receipts (ADRs) in the United States are valued in the local currency at the last sale price on the applicable exchange on which such securities trade and such values are converted
into the U.S. dollar equivalent at current exchange rates.

Fixed income securities may be priced using a pricing matrix to
determine the value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed
income securities. United States Treasury securities and other obligations issued or guaranteed by the United States Government, its agencies or instrumentalities are valued at representative quoted prices provided by a vendor. These are typically
categorized as Level 2.

To the extent that a Fund or the Balanced Fund invests in the shares of bank collective trust funds
or of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their net asset values per share as reported by the funds and are categorized as Level 2.

Interest rate swaps are marked-to-market daily based upon quotations from brokers or market makers and the change in value, if any, is
recorded as unrealized appreciation or depreciation. An industry-recognized model is used to calculate the value of interest rate swaps. The model discounts the cash flows at each coupon adjustment date utilizing interest rate yield curve data that
is based on current market sentiment and is validated against recent trading activity. Interest rates are compared with the market in order to validate results. These are typically categorized as Level 2.

Futures and option contracts are valued at the last settlement price at the end of each day on the board of trade or exchange upon which
they are traded and are categorized as Level 1.

Spot and forward foreign currency exchange contracts are generally valued
using an independent pricing service. These investments are categorized as Level 2.

STIF and GSTIF are valued on the basis of
amortized cost, which approximates fair value, unless otherwise determined by the trustee of such fund. Amortized cost involves valuing an instrument initially at its cost and thereafter assuming a constant amortization to maturity of any discount
or premium, regardless of the impact of fluctuating interest rates or changes in the creditworthiness of the issuer of the instrument on the market value of the instrument.

The Level 3 corporate bond amount in the Bond Core Plus Fund consists of a single private placement position; unobservable market data was used to price this position. The Level 3 equity amount in the
Small-Mid Cap Equity Fund consists of a single private equity position; it is not traded in an active market and is subject to transfer restrictions. The main input to determine fair market value is based solely on cash assets less accrued
liabilities for estimated tax and administrative expenses.

There have been no significant transfers in and out of Level 1 and
Level 2 fair value measurements for any of the Funds and the Balanced Fund for the six-month period ended June 30, 2011.

The following is a summary of the valuation of the Funds and the Balanced Funds assets and liabilities, as well as a
reconciliation of Level 3 assets for which significant unobservable inputs were used in determining value as of June 30, 2011:



|                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Stable Asset Return Fund  |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                    |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Investments in securities |  | $       |  |  |         | $ | 880,650,777 |         |  | $ |      |  |  | $ | 880,650,777 | 
|Short-Term Investments    |  | $       |  |  |         | $ | 109,669,845 |         |  | $ |      |  |  | $ | 109,669,845 | 
|                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                     |  | $       |  |  |         | $ | 990,320,622 |         |  | $ |      |  |  | $ | 990,320,622 | 
|                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 



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|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|-------------------------------------- |  | ------- | --------- | - | ------- | - | ----------- | ------- |  | - | --------- |  |  | - | ----------- | -
|Bond Core Plus Fund **                 |  | Level 1 |           |   | Level 2 |   |             | Level 3 |  |   | Total     | 
|Assets                                 |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Fixed Income                           |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|U.S. Corporate Asset-Backed Securities |  | $       |          |   |         | $ | 1,995,398   |         |  | $ |          |  |  | $ | 1,995,398   |  
|U.S. Government & Agency Obligations   |  |         |          |   |         |   | 231,468,943 |         |  |   |          |  |  |   | 231,468,943 |  
|Foreign Government Obligations         |  |         |          |   |         |   | 9,324,817   |         |  |   |          |  |  |   | 9,324,817   |  
|Municipals                             |  |         |          |   |         |   | 530,995     |         |  |   |          |  |  |   | 530,995     |  
|Corporate Bonds                        |  |         |          |   |         |   | 81,436,099  |         |  |   | 4,370,000 |  |  |   | 85,806,099  |  
|Bank Loans                             |  |         |          |   |         |   | 5,827,726   |         |  |   |          |  |  |   | 5,827,726   |  
|Convertible Preferred Stock            |  |         | 1,590,000 |   |         |   |            |         |  |   |          |  |  |   | 1,590,000   |  
|ABA Members Collateral Fund            |  |         |          |   |         |   | 34,069,032  |         |  |   |          |  |  |   | 34,069,032  |  
|Derivatives*                           |  |         | 574,173   |   |         |   | 489,463     |         |  |   |          |  |  |   | 1,063,636   |  
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Total                                  |  | $       | 2,164,173 |   |         | $ | 365,142,473 |         |  | $ | 4,370,000 |  |  | $ | 371,676,646 |  
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|                                       |  |         |           |  
|Liabilities                            |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Fixed Income                           |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|U.S. Government & Agency Obligations   |  | $       |          |   |         | $ | (37,201,452 | )       |  | $ |          |  |  | $ | (37,201,452 | )
|Written Options                        |  |         | (19,550   | ) |         |   |             |         |  |   |           |  |  |   | (19,550     | )
|Derivatives*                           |  |         | (136,677  | ) |         |   | (562,064    | )       |  |   |          |  |  |   | (698,741    | )
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Total                                  |  | $       | (156,227  | ) |         | $ | (37,763,516 | )       |  | $ |          |  |  | $ | (37,919,743 | )
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  



|                                         |  |                 |           | 
|---------------------------------------- |  | --------------- | --------- | 
|Bond Core Plus Fund Level 3 Roll Forward |  | Corporate Bonds |          
|Balance as of January 1, 2011            |  | $               | 4,104,000 | 
|Accrued discounts/premiums               |  |                 |          | 
|Realized gain (loss)                     |  |                 |          | 
|Unrealized gain (loss)                   |  |                 | 266,000   | 
|Purchases                                |  |                 |          | 
|Sales                                    |  |                 |          | 
|Transfers into Level 3                   |  |                 |          | 
|Transfers (out) of Level 3               |  |                 |          | 
|                                         |  |                 |           | 
|Balance as of June 30, 2011              |  | $               | 4,370,000 | 
|                                         |  |                 |           | 

The amount of change in unrealized gain (loss) on investments held by the Bond Core Plus Fund in Level 3
securities still held at June 30, 2011 was $(38,000), which is included in the statement of operations as part of the net change in unrealized gain (loss) on investments.



|                                             |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ---------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Large Cap Equity Fund **                     |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total | 
|Assets                                       |  |         |             |  |         |   |            |         |  |   |       | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |            |         |  |   |       | 
|Consumer Discretionary                       |  | $       | 103,679,474 |  |         | $ |           |         |  | $ |      |  |  | $ | 103,679,474 | 
|Consumer Staples                             |  |         | 69,569,208  |  |         |   |           |         |  |   |      |  |  |   | 69,569,208  | 
|Energy                                       |  |         | 88,392,908  |  |         |   |           |         |  |   |      |  |  |   | 88,392,908  | 
|Financial                                    |  |         | 76,250,352  |  |         |   |           |         |  |   |      |  |  |   | 76,250,352  | 
|Health Care                                  |  |         | 128,592,893 |  |         |   |           |         |  |   |      |  |  |   | 128,592,893 | 
|Industrial                                   |  |         | 83,074,739  |  |         |   |           |         |  |   |      |  |  |   | 83,074,739  | 
|Information Technology                       |  |         | 145,047,696 |  |         |   |           |         |  |   |      |  |  |   | 145,047,696 | 
|Material                                     |  |         | 27,549,126  |  |         |   |           |         |  |   |      |  |  |   | 27,549,126  | 
|Telecommunication Services                   |  |         | 24,117,967  |  |         |   |           |         |  |   |      |  |  |   | 24,117,967  | 
|Utilities                                    |  |         | 22,785,475  |  |         |   |           |         |  |   |      |  |  |   | 22,785,475  | 
|Investment Funds                             |  |         |            |  |         |   | 31,307,735 |         |  |   |      |  |  |   | 31,307,735  | 



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|                                             |  |         |             |  |         |   |            |         |  |   |        |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ---------- | ------- |  | - | ------ |  |  | - | ----------- | 
|Large Cap Equity Fund **                     |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total  | 
|ABA Members Collateral Fund                  |  |         |            |  |         |   | 34,075,828 |         |  |   |       |  |  |   | 34,075,828  | 
|Short-Term Investments                       |  |         |            |  |         |   | 12,301,884 |         |  |   |       |  |  |   | 12,301,884  | 
|                                             |  |         |             |  |         |   |            |         |  |   |        |  |  |   |             | 
|Total                                        |  | $       | 769,059,838 |  |         | $ | 77,685,447 |         |  | $ |       |  |  | $ | 846,745,285 | 
|                                             |  |         |             |  |         |   |            |         |  |   |        |  |  |   |             | 
|                                             |  |         |             | 
|Small-Mid Cap Equity Fund **                 |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total  | 
|Assets                                       |  |         |             |  |         |   |            |         |  |   |        | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |            |         |  |   |        | 
|Consumer Discretionary                       |  | $       | 39,783,058  |  |         | $ |           |         |  | $ |       |  |  | $ | 39,783,058  | 
|Consumer Staples                             |  |         | 10,795,796  |  |         |   |           |         |  |   |       |  |  |   | 10,795,796  | 
|Energy                                       |  |         | 24,413,980  |  |         |   |           |         |  |   |       |  |  |   | 24,413,980  | 
|Financial                                    |  |         | 59,394,693  |  |         |   |           |         |  |   | 14,828 |  |  |   | 59,409,521  | 
|Health Care                                  |  |         | 35,921,245  |  |         |   |           |         |  |   |       |  |  |   | 35,921,245  | 
|Industrial                                   |  |         | 42,479,797  |  |         |   |           |         |  |   |       |  |  |   | 42,479,797  | 
|Information Technology                       |  |         | 51,198,968  |  |         |   |           |         |  |   |       |  |  |   | 51,198,968  | 
|Material                                     |  |         | 18,422,032  |  |         |   |           |         |  |   |       |  |  |   | 18,422,032  | 
|Telecommunication Service                    |  |         | 2,016,843   |  |         |   |           |         |  |   |       |  |  |   | 2,016,843   | 
|Utilities                                    |  |         | 11,517,594  |  |         |   |           |         |  |   |       |  |  |   | 11,517,594  | 
|Investment Funds                             |  |         |            |  |         |   | 13,491,940 |         |  |   |       |  |  |   | 13,491,940  | 
|ABA Members Collateral Fund                  |  |         |            |  |         |   | 65,726,642 |         |  |   |       |  |  |   | 65,726,642  | 
|Short-Term Investments                       |  |         |            |  |         |   | 6,321,846  |         |  |   |       |  |  |   | 6,321,846   | 
|                                             |  |         |             |  |         |   |            |         |  |   |        |  |  |   |             | 
|Total                                        |  | $       | 295,944,006 |  |         | $ | 85,540,428 |         |  | $ | 14,828 |  |  | $ | 381,499,262 | 
|                                             |  |         |             |  |         |   |            |         |  |   |        |  |  |   |             | 



|                                               |  |                                             |        | 
|---------------------------------------------- |  | ------------------------------------------- | ------ | 
|Small-Mid Cap Equity Fund
Level 3 Roll Forward |  | Common Stock and/orOther Equity Investments |       
|Balance as of January 1, 2011                  |  | $                                           | 14,828 | 
|Accrued discounts/premiums                     |  |                                             |       | 
|Realized gain (loss)                           |  |                                             |       | 
|Unrealized appreciation (depreciation)         |  |                                             |       | 
|Purchases                                      |  |                                             |       | 
|Sales                                          |  |                                             |       | 
|Transfers into Level 3                         |  |                                             |       | 
|Transfers (out) of Level 3                     |  |                                             |       | 
|                                               |  |                                             |        | 
|Balance as of June 30, 2011                    |  | $                                           | 14,828 | 
|                                               |  |                                             |        | 

The amount of change in unrealized gain (loss) on investments held by the Small-Mid Cap Equity Fund in
Level 3 securities at June 30, 2011 was $0, which is included in the statement of operations as part of the net change in unrealized gain (loss) on investments.



96



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

Unaudited



|                                             |  |         |           |  |         |   |            |         |  |   |       |  |  |   |            | 
|-------------------------------------------- |  | ------- | --------- |  | ------- | - | ---------- | ------- |  | - | ----- |  |  | - | ---------- | 
|International All Cap Equity Fund **         |  | Level 1 |           |  | Level 2 |   |            | Level 3 |  |   | Total | 
|Assets                                       |  |         |           |  |         |   |            |         |  |   |       | 
|Common Stock and/or Other Equity Investments |  |         |           |  |         |   |            |         |  |   |       | 
|Australia                                    |  | $       |          |  |         | $ | 4,025,376  |         |  | $ |      |  |  | $ | 4,025,376  | 
|Austria                                      |  |         |          |  |         |   | 813,497    |         |  |   |      |  |  |   | 813,497    | 
|Belgium                                      |  |         | 319,055   |  |         |   | 2,466,371  |         |  |   |      |  |  |   | 2,785,426  | 
|Brazil                                       |  |         | 1,863,640 |  |         |   |           |         |  |   |      |  |  |   | 1,863,640  | 
|Canada                                       |  |         | 2,681,509 |  |         |   |           |         |  |   |      |  |  |   | 2,681,509  | 
|China                                        |  |         | 224,400   |  |         |   | 1,437,484  |         |  |   |      |  |  |   | 1,661,884  | 
|Czech Republic                               |  |         |          |  |         |   | 779,204    |         |  |   |      |  |  |   | 779,204    | 
|Denmark                                      |  |         |          |  |         |   | 200,593    |         |  |   |      |  |  |   | 200,593    | 
|Finland                                      |  |         |          |  |         |   | 854,010    |         |  |   |      |  |  |   | 854,010    | 
|France                                       |  |         |          |  |         |   | 12,813,237 |         |  |   |      |  |  |   | 12,813,237 | 
|Germany                                      |  |         | 440,096   |  |         |   | 13,313,455 |         |  |   |      |  |  |   | 13,753,551 | 
|Greece                                       |  |         |          |  |         |   | 2,358,965  |         |  |   |      |  |  |   | 2,358,965  | 
|Hong Kong                                    |  |         |          |  |         |   | 5,873,067  |         |  |   |      |  |  |   | 5,873,067  | 
|Ireland                                      |  |         | 1,129,541 |  |         |   | 1,182,073  |         |  |   |      |  |  |   | 2,311,614  | 
|Israel                                       |  |         | 392,265   |  |         |   | 404,917    |         |  |   |      |  |  |   | 797,182    | 
|Italy                                        |  |         |          |  |         |   | 2,810,832  |         |  |   |      |  |  |   | 2,810,832  | 
|Japan                                        |  |         | 297,800   |  |         |   | 25,799,260 |         |  |   |      |  |  |   | 26,097,060 | 
|Luxembourg                                   |  |         |          |  |         |   | 478,832    |         |  |   |      |  |  |   | 478,832    | 
|Malaysia                                     |  |         |          |  |         |   | 590,452    |         |  |   |      |  |  |   | 590,452    | 
|Mexico                                       |  |         | 808,528   |  |         |   |           |         |  |   |      |  |  |   | 808,528    | 
|Netherlands                                  |  |         | 227,616   |  |         |   | 6,845,227  |         |  |   |      |  |  |   | 7,072,843  | 
|Norway                                       |  |         |          |  |         |   | 1,240,900  |         |  |   |      |  |  |   | 1,240,900  | 
|Papua New Guinea                             |  |         |          |  |         |   | 1,405,107  |         |  |   |      |  |  |   | 1,405,107  | 
|Philippines                                  |  |         | 806,925   |  |         |   |           |         |  |   |      |  |  |   | 806,925    | 
|Poland                                       |  |         |          |  |         |   | 1,728,840  |         |  |   |      |  |  |   | 1,728,840  | 
|Portugal                                     |  |         |          |  |         |   | 289,337    |         |  |   |      |  |  |   | 289,337    | 
|Singapore                                    |  |         |          |  |         |   | 3,503,753  |         |  |   |      |  |  |   | 3,503,753  | 
|South Africa                                 |  |         |          |  |         |   | 6,076,670  |         |  |   |      |  |  |   | 6,076,670  | 
|South Korea                                  |  |         |          |  |         |   | 4,421,071  |         |  |   |      |  |  |   | 4,421,071  | 
|Spain                                        |  |         |          |  |         |   | 2,480,580  |         |  |   |      |  |  |   | 2,480,580  | 
|Sweden                                       |  |         |          |  |         |   | 3,014,796  |         |  |   |      |  |  |   | 3,014,796  | 
|Switzerland                                  |  |         | 1,151,245 |  |         |   | 12,096,369 |         |  |   |      |  |  |   | 13,247,614 | 
|Taiwan                                       |  |         | 412,492   |  |         |   | 5,395,927  |         |  |   |      |  |  |   | 5,808,419  | 
|Thailand                                     |  |         |          |  |         |   | 1,217,775  |         |  |   |      |  |  |   | 1,217,775  | 
|United Kingdom                               |  |         | 3,747,095 |  |         |   | 21,830,017 |         |  |   |      |  |  |   | 25,577,112 | 
|United States                                |  |         | 605,944   |  |         |   |           |         |  |   |      |  |  |   | 605,944    | 
|ABA Members Collateral Fund                  |  |         |          |  |         |   | 6,489,821  |         |  |   |      |  |  |   | 6,489,821  | 
|Exchange-Traded Fund                         |  |         | 7,183,855 |  |         |   |           |         |  |   |      |  |  |   | 7,183,855  | 



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

Unaudited



|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  
|------------------------------------ |  | ------- | ---------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | -
|International All Cap Equity Fund ** |  | Level 1 |            |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |            |  |         |   |             |         |  |   |       | 
|Short-Term Investments               |  |         |           |  |         |   | 4,064,258   |         |  |   |      |  |  |   | 4,064,258   |  
|Derivatives*                         |  |         |           |  |         |   | 189         |         |  |   |      |  |  |   | 189         |  
|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  
|Total                                |  | $       | 22,292,006 |  |         | $ | 158,302,262 |         |  | $ |      |  |  | $ | 180,594,268 |  
|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  
|                                     |  |         |            | 
|Liabilities                          |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  
|Derivatives*                         |  | $       |           |  |         | $ | (581        | )       |  | $ |      |  |  | $ | (581        | )
|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  
|Total                                |  | $       |           |  |         | $ | (581        | )       |  | $ |      |  |  | $ | (581        | )
|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             |  



|* | Derivatives include unrealized appreciation/depreciation on open futures contracts, foreign forward currency contracts and interest rate swap contracts.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------

|** | For Level 2 investments, all applicable Funds (Bond Core Plus Fund, International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund) value
their direct and indirect investments in the ABA Members Collateral Fund at their fair values, and have recognized unrealized losses. However, the Funds have continued to value their investments in the ABA Members Collateral Fund for purposes of
participant transactions at the amortized cost based values used by the ABA Members Collateral Fund for daily transactions. See Note 6. Securities Lending for further information about the ABA Members Collateral Fund.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Bond Index Fund                 |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 64,538,155  |         |  | $ |      |  |  | $ | 64,538,155  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 64,538,155  |         |  | $ |      |  |  | $ | 64,538,155  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                |  |         |   | 
|Large Cap Index Equity Fund     |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 65,136,406  |         |  | $ |      |  |  | $ | 65,136,406  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 65,136,406  |         |  | $ |      |  |  | $ | 65,136,406  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                |  |         |   | 
|All Cap Index Equity Fund       |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 302,086,396 |         |  | $ |      |  |  | $ | 302,086,396 | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 302,086,396 |         |  | $ |      |  |  | $ | 302,086,396 | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                |  |         |   | 
|Mid Cap Index Equity Fund       |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 63,892,537  |         |  | $ |      |  |  | $ | 63,892,537  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 63,892,537  |         |  | $ |      |  |  | $ | 63,892,537  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                |  |         |   | 
|Small Cap Index Equity Fund     |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 36,888,231  |         |  | $ |      |  |  | $ | 36,888,231  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 36,888,231  |         |  | $ |      |  |  | $ | 36,888,231  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                |  |         |   | 
|International Index Equity Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                          |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds     |  | $       |  |  |         | $ | 55,802,840  |         |  | $ |      |  |  | $ | 55,802,840  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                           |  | $       |  |  |         | $ | 55,802,840  |         |  | $ |      |  |  | $ | 55,802,840  | 
|                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

Unaudited



|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------------------ |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Real Asset Return Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 20,744,478  |         |  | $ |      |  |  | $ | 20,744,478  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 20,744,478  |         |  | $ |      |  |  | $ | 20,744,478  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Lifetime Income Retirement
Date Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 36,483,716  |         |  | $ |      |  |  | $ | 36,483,716  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 36,483,716  |         |  | $ |      |  |  | $ | 36,483,716  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2010 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 66,788,938  |         |  | $ |      |  |  | $ | 66,788,938  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 66,788,938  |         |  | $ |      |  |  | $ | 66,788,938  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2020 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 150,401,557 |         |  | $ |      |  |  | $ | 150,401,557 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 150,401,557 |         |  | $ |      |  |  | $ | 150,401,557 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2030 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 114,636,252 |         |  | $ |      |  |  | $ | 114,636,252 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 114,636,252 |         |  | $ |      |  |  | $ | 114,636,252 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2040 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 74,823,265  |         |  | $ |      |  |  | $ | 74,823,265  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 74,823,265  |         |  | $ |      |  |  | $ | 74,823,265  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Conservative Risk Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 18,057,218  |         |  | $ |      |  |  | $ | 18,057,218  | 
|Short-Term Investments               |  |         |  |  |         |   | 951,477     |         |  |   |      |  |  |   | 951,477     | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 19,008,695  |         |  | $ |      |  |  | $ | 19,008,695  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Moderate Risk Fund                   |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 42,637,378  |         |  | $ |      |  |  | $ | 42,637,378  | 
|Short-Term Investments               |  |         |  |  |         |   | 998,429     |         |  |   |      |  |  |   | 998,429     | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 43,635,807  |         |  | $ |      |  |  | $ | 43,635,807  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Aggressive Risk Fund                 |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 15,871,483  |         |  | $ |      |  |  | $ | 15,871,483  | 



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

Unaudited



|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|--------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Short-Term Investments      |  |         |  |  |         |   | 45          |         |  |   |      |  |  |   | 45          | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 15,871,528  |         |  | $ |      |  |  | $ | 15,871,528  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|Balanced Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 262,318,938 |         |  | $ |      |  |  | $ | 262,318,938 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 262,318,938 |         |  | $ |      |  |  | $ | 262,318,938 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 

B. Stable Asset Return Fund (SARF)

The Trustee restructured the SARF on December 8, 2010. In connection therewith, effective December 8, 2010, the Trustee entered
into Investment Advisor Agreements with Galliard Capital Management, Inc. (Galliard), Jennison Associates LLC (Jennison) and Pacific Investment Management Company, LLC (PIMCO), pursuant to which Galliard, Jennison
and PIMCO, respectively, will provide investment advisory services with respect to portions of the Stable Asset Return Fund. In addition, Galliard is responsible for making recommendations regarding the appointment and retention of investment
advisors for the portions of the Stable Asset Return Fund for which it does not serve as an investment advisor. As of June 30, 2011, approximately 56%, 17% and 16% of the assets of the Stable Asset Return Fund were allocated to Galliard,
Jennison and PIMCO, respectively. In addition, as of June 30, 2011, approximately 12% of the assets of the Fund were allocated to the NTGI Collective Government Short-Term Investment Fund, which provides a liquidity buffer for the
Stable Asset Return Fund.

In connection with the restructuring of the Stable Asset Return Fund described above, effective as
of the close of business on December 7, 2010, the Trustee terminated the Investment Management Agreement dated as of July 1, 2010 between the Trustee and State Street Global Advisors, a division of State Street Bank and Trust Company
(State Street Bank), pursuant to which State Street Bank provided investment advisory services with respect to the Stable Asset Return Fund.

Prior to December 8, 2010, the SARF invested in Stable Asset Fund Trust (SAFT), a collective fund whose investments include insurance company, bank and financial institution investment
contracts, high quality short-term fixed income securities and investments in STIF and the State Street Bank Mortgage Backed Securities Non-Lending Fund. SAFT had entered into a global fully benefit responsive investment contract with four different
financial institutions which are so called SGICs, Security-Backed Contracts or Wrap Contracts as described below. On a daily basis, the SARF accrued dividend income based on the income credited by SAFT. The SARF
did not distribute income and any increase to net assets was reflected by an increase in the unit value. Each month the dividend income earned by the SARF was reinvested into SAFT. At the time of the sale of SAFT, investments and cash were delivered
in-kind to the Stable Asset Return Fund. No gain/loss was realized on the transaction.

The SARF invests in SGICs, which are
fully benefit responsive book value contracts with underlying fixed income securities. The SARF has entered into such investment contracts with four different financial institutions which allow participants to transact at contract value (principal
plus accrued interest) without experiencing the price fluctuations of the underlying fixed income securities. SGICs are offered only to qualified employer-sponsored defined contribution plans that allow the net assets of the SARF to be reported at
contract value. The minimum quality for SGIC issuers is A3/A- and all fixed income securities must be rated investment grade (BBB-/Baa3 or better) at the time of purchase. The Statement of Assets and Liabilities presents the fair value of the
investment contracts held with a separate adjustment to contract value. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis.

The SGICs that the SARF has invested in wrap specific fixed income investments owned by the SARF and amortizes the realized and unrealized gains or losses on those investments over the
Funds duration via the Funds crediting rate (which is the rate earned by participants in the SARF on the reference investments). As long as the requirements of the SGICs are satisfied, the issuer provides assurance that the adjustments
to the interest



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crediting rate do not result in a future interest crediting rate that is less than zero. An interest crediting rate less than zero would result in a loss of principal or accrued interest.

Risks arise when entering into any investment contract due to the potential inability of the issuer or contract holder to
meet the terms of the contract. In addition, security-backed contracts have the risk of default or the lack of liquidity of the underlying portfolio assets.

The primary variables impacting the future crediting rates of security-backed contracts include:



| |  |  | the current yield of the assets underlying the contract,
| | - |  | --------------------------------------------------------



| |  |  | the duration of the assets underlying the contract, and
| | - |  | -------------------------------------------------------



| |  |  | the existing difference between the fair value and contract value of the assets within the contract.
| | - |  | ----------------------------------------------------------------------------------------------------

SARF uses the following compound crediting rate formula for security-backed contracts:

CR = [(FV/CV)(1/D)*(1+Y)]-1-F, where:

CR = crediting rate

FV = fair value of underlying portfolio

CV = contract value

D = weighted average duration of the underlying portfolio

Y = annualized weighted
average yield to maturity of the underlying portfolio

F = wrap contract and investment advisory fees

The investment advisory fee for the SARF, which is included as part of the crediting rate, is disclosed for financial reporting purposes
and is shown as Investment advisory fee in the accompanying Statement of Operations in the amount of $636,993 for the six-month period ended June 30, 2011.

Because changes in market interest rates affect the yield to maturity and the market value of the underlying investments, they can have a material impact on the wrap contracts interest crediting
rate. In addition, participant withdrawals and transfers from the SARF are paid at contract value but funded through the market value liquidation of the underlying investments, which may also impact the interest crediting rate. Gains and losses in
the market value of the underlying investments relative to the wrap contract value are included in Adjustment from Fair Value to Contract Value on the SARFs Statement of Assets and Liabilities. If the Adjustment from Fair Value to Contract
Value is positive for a given contract, this indicates that the wrap contract value is greater than the market value of the underlying investments. To the extent that the underlying portfolio of a security-backed contract has unrealized and/or
realized losses, a positive adjustment is made to the adjustment from fair value to contract value under contract value accounting. As a result, the future crediting rate may be lower over time than the then-current market rates. Similarly, if the
underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future crediting rate may be higher than the then-current market rates.

All wrap contracts provide for a minimum interest crediting rate of zero percent, under certain conditions. In the event that the
interest crediting rate should fall to zero and the requirements of the wrap contract are satisfied, the wrap issuers would pay the shortfall needed to maintain the interest crediting rate at zero. This helps to protect participants principal
and accrued interest.

i. Events Limiting Contract Value Treatment

SGICs are valued at contract value principally because participants are able to transact at contract value when initiating
benefit-responsive withdrawals, taking loans or making investment option transfers permitted by the participating plan. A benefit-responsive withdrawal includes a payment to a participant arising from retirement, termination of employment,
disability or death.



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Only an event initiated by the Trustee at the level of the Collective Trust, such as
termination of the SARF, would have the potential to limit the ability of the SARF to transact at contract value with plan participants. As of June 30, 2011, the occurrence of an event that would limit the ability of the SARF to transact at
contract value with the participants was not probable.

ii. Termination Events by the Issuer

Investment contracts generally impose conditions on both SARF and the issuer. Assuming conditions are met and neither the
SARF nor the issuer is in default, the SARF can buy and sell covered investments and process withdrawals through the sale of covered investments in accordance with the SARFs liquidity hierarchy.

If an event of default, within the meaning of a SGIC, occurs and is not cured, the non-defaulting party may terminate the contract. The
following (among other events) may cause the SARF to be in default: a breach of material obligation under the contract; a material misrepresentation; a material amendment to the trust agreement, in the administration of the trust or in the
investment of fund assets without consent from the issuer; and an uncured violation of the SARFs Investment Guidelines.

The issuer may be in default if it breaches a material obligation under the SGIC; makes a material misrepresentation; has a decline in
its long-term credit rating below a threshold set forth in the contract; or is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, the
SARF were unable to obtain a replacement SGIC, withdrawing plans may experience losses if the value of the SARFs assets no longer covered by the contract is below contract value. The SARF may seek to add additional SGIC issuers over time to
diversify the SARFs exposure to such risk, but there is no assurance that the SARF will be able to do so. The combination of the default of a SGIC issuer and an inability to obtain a replacement agreement and/or an agreed upon plan with the
issuer to converge fair value and contract value (in the event fair value is less than contract value) could render the SARF unable to achieve its objective of maintaining a stable contract value.

The terms of a SGIC generally provide for settlement of payments only upon termination of the contract or total liquidation of the
covered investments. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default. If the contract terminates due to issuer default (other than a default occurring
because of a decline in its rating), the issuer will generally be required to pay to the SARF the excess, if any, of contract value over market value on the date of termination. If a SGIC terminates due to a decline in the ratings of the issuer, the
issuer may be required to pay to the SARF the cost of acquiring a replacement contract (i.e. replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer must pay to the SARF the
excess of contract value over market value to the extent necessary for the SARF to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

iii. Adjustments to Contract Value

At June 30, 2011, all SGICs held by the SARF were deemed fully benefit-responsive. The change in the difference between the fair value and contract value of the SARFs fully benefit-responsive
investment contracts during the six-month period ended June 30, 2011 is reflected below:



|                                |  |              |             |   |                  |   |             |        |  |   |            |  
|------------------------------- |  | ------------ | ----------- | - | ---------------- | - | ----------- | ------ |  | - | ---------- | -
|                                |  | June 30,2011 |             |   | December 31,2010 |   |             | Change | 
|Investments (at fair value)     |  | $            | 880,650,777 |   |                  | $ | 871,972,224 |        |  | $ | 8,678,553  |  
|Investments (at contract value) |  |              | 857,098,086 |   |                  |   | 858,340,833 |        |  |   | (1,242,747 | )
|Adjustment to fair value        |  |              | (23,552,691 | ) |                  |   | (13,631,391 | )      |  |   | (9,921,300 | )

Sensitivity Analysis

The following tables are intended to provide certain sensitivity analyses disclosures. These are estimates calculated based on the current Crediting Rate, are not intended to serve as a projection or
guarantee of future rates



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of return to be earned by the SARF and make an assumption that there is no change in the duration of the underlying investment portfolio.

Hypothetical change in current yield and no participant transactions, base case1.



|                   |  |                                     |      |   |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|------------------ |  | ----------------------------------- | ---- | - | ----------- |  | ---- | ----------- |  |  | ----------- | - |  | ----------- | ---- | - |  |  | ---- | -
|                   |  | WeightedAverage CreditInterest Rate |      |   | 50%Decrease |  |      | 25%Decrease |  |  | 25%Increase |   |  | 50%Increase |     
|June 30, 2011      |  |                                     | 1.71 | % |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|September 30, 2011 |  |                                     |      |   |             |  | 2.14 | %           |  |  | 2.23        | % |  |             | 2.40 | % |  |  | 2.47 | %
|December 31, 2011  |  |                                     |      |   |             |  | 2.00 | %           |  |  | 2.12        | % |  |             | 2.36 | % |  |  | 2.47 | %
|March 31, 2012     |  |                                     |      |   |             |  | 1.88 | %           |  |  | 2.03        | % |  |             | 2.32 | % |  |  | 2.47 | %
|June 30, 2012      |  |                                     |      |   |             |  | 1.76 | %           |  |  | 1.94        | % |  |             | 2.29 | % |  |  | 2.46 | %

Hypothetical change in current yield and 10% participant redemptions, base
case2.



|                   |  |                                     |      |   |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|------------------ |  | ----------------------------------- | ---- | - | ----------- |  | ---- | ----------- |  |  | ----------- | - |  | ----------- | ---- | - |  |  | ---- | -
|                   |  | WeightedAverage CreditInterest Rate |      |   | 50%Decrease |  |      | 25%Decrease |  |  | 25%Increase |   |  | 50%Increase |     
|June 30, 2011      |  |                                     | 1.71 | % |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|September 30, 2011 |  |                                     |      |   |             |  | 2.22 | %           |  |  | 2.31        | % |  |             | 2.48 | % |  |  | 2.56 | %
|December 31, 2011  |  |                                     |      |   |             |  | 2.08 | %           |  |  | 2.20        | % |  |             | 2.43 | % |  |  | 2.55 | %
|March 31, 2012     |  |                                     |      |   |             |  | 1.94 | %           |  |  | 2.10        | % |  |             | 2.39 | % |  |  | 2.54 | %
|June 30, 2012      |  |                                     |      |   |             |  | 1.83 | %           |  |  | 2.01        | % |  |             | 2.36 | % |  |  | 2.53 | %



|1 | Assumes an immediate hypothetical change in market yield (relative to current contract value yield), with no change to the duration of the underlying investment
portfolio and no contributions or withdrawals.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 | Assumes an immediate hypothetical change in market yield (relative to current contract value yield), combined with an immediate, one-time hypothetical 10% decrease
in the net assets of the Collective Trust due to participant-initiated unitholder transfers, with no change to the duration of the underlying investment portfolio.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Average yields



|                                                    |  |  |      |  
|--------------------------------------------------- |  |  | ---- | -
|Based on actual income (1)                          |  |  | 1.55 | %
|Based on interest rate credited to participants (2) |  |  | 1.70 | %



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2011 by the fair value of investments on June 30, 2011.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2011 by the fair value of investments on June 30, 2011.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

C. Security Transactions and Related Investment Income

Security transactions are accounted for on the trade date (the date on which the order to buy or sell is executed). Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Interest income is increased by accretion of discount and reduced by amortization of premium. Realized gains and losses are reported on the basis of the identified
cost of securities delivered.

A Funds portfolio of investments may include securities purchased on a when-issued basis,
which may be settled in the month after the issue date. Interest income is not accrued until the settlement date.

Certain
collective investment funds and registered investment companies in which certain of the Funds or the Balanced Fund invest may retain investment income and net realized gains. Accordingly, realized and unrealized



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gains and losses reported by a Fund or the Balanced Fund may include a component attributable to investment income of the underlying funds.

D. Foreign Currency Transactions

The accounting records of the Funds and the Balanced Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at year-end. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Reported net realized gains and losses on foreign currency transactions represent net gains and losses from disposition of foreign
currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of
changes in foreign currency exchange rates on investments in securities and derivatives (other than foreign currency contracts) are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but
are included with the net realized and unrealized gain or loss on investments in securities.

Net unrealized foreign exchange
gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases or decreases in unrealized appreciation/depreciation on foreign currency related
transactions.

E. Income Taxes

The Collective Trust has received a favorable determination letter dated March 9, 1992 from the Internal Revenue Service, which concluded that the Collective Trust is a trust arrangement described in
Rev. Rul. 81-100, 1981, C.B. 326 (subsequently modified by Rev. Rul. 2004-67, 2004-28 I.R.B. 28) and exempt from Federal income tax pursuant to Section 501(a) of the Internal Revenue Code. Accordingly, no provision for Federal income taxes is
required.

Management is required to determine whether a tax position of the Collective Trust is more likely than not to be
sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of
benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording a tax liability that would reduce net assets. For the open tax years as of December 31, 2010,
management determined that no uncertainties would have a material impact on the Collective Trusts financial statements. Authoritative accounting guidance establishes financial accounting and disclosure requirements for recognition and
measurement of tax positions taken or expected to be taken in any tax jurisdiction. However, managements conclusions regarding tax liabilities may be subject to review and adjustment at a later date based on factors including, but not limited
to, further guidance and on-going analyses of tax laws, regulations and interpretations thereof.

F. Sales and Redemptions
of Units of Participation and Distributions

The units offered represent interests in the Funds established under the
Collective Trust. The Collective Trust may offer and sell an unlimited number of units. Each unit will be offered and sold daily at the offering Funds net asset value. The Collective Trust ceased offering units of the Balanced Fund on
July 2, 2009 although assets held under the Program and invested therein through July 1, 2009 may continue to remain invested therein.

Pursuant to the Collective Trusts Declaration of Trust, the Funds and the Balanced Fund are not required to distribute their net investment income or gains from the sale of portfolio investments.

G. TBA Commitments and Roll Transactions

The Bond Core Plus Fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price for a TBA
has been established, the principal value has not been finalized. However, the amount of the TBA commitment will not fluctuate more than 1.0% from the principal amount. The Bond Core Plus Fund holds, and maintains until the settlement date, cash or
liquid securities in an amount sufficient to meet the purchase price. TBA commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines



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prior to the settlement date, and such risk is in addition to the risk of decline in the value of other assets of the Bond Core Plus Fund. These contracts also present a risk from the potential
inability of counterparties to meet their contractual obligations. During the period prior to settlement, the Bond Core Plus Fund will not be entitled to accrue interest and/or receive principal payments on the securities to be purchased. Unsettled
TBA commitments are valued at the current market value of the underlying securities, generally according to the procedures described under Note 2.A. Security Valuation above. The Bond Core Plus Fund may dispose of a commitment prior to
settlement if the Investment Advisor to the Bond Core Plus Fund deems it appropriate to do so. Upon settlement date, the Bond Core Plus Fund may take delivery of the securities or defer (roll) the delivery to the next month.

The Funds and the Balanced Fund through their investments in other collective funds may have exposure indirectly to this type of
derivative instrument.

H. Futures Contracts

The Bond Core Plus Fund uses, on a limited basis, futures contracts to manage exposure to the bond market, and as a substitute for acquiring market positions in securities comparable to those held by the
Fund (with respect to the portion of its portfolio that is held in cash items). Buying futures tends to increase a funds exposure to the underlying instrument. Selling futures tends to decrease a funds exposure to the underlying
instrument, or hedge other investments. Futures contracts involve, to varying degrees, credit and market risks.

The Fund
enters into futures contracts only on exchanges or boards of trade where the exchange or board of trade acts as the counterparty to the transaction. Thus, credit risk on such transactions is limited to the failure of the exchange or board of trade.
Losses in value may arise from changes in the value of the underlying instruments or from illiquidity in the secondary market for the contracts. In addition, there is the risk that there may not be an exact correlation between a futures contract and
the underlying index.

Upon entering into a futures contract, the Fund is required to deposit either in cash or securities an
amount (initial margin) equal to a certain percentage of the nominal value of the contract. Subsequent payments are made or received by the Fund periodically, depending on the daily fluctuation in the value of the underlying securities,
and are recorded as unrealized gains or losses by the Fund. A gain or loss is realized when the contract is closed or expires.

At June 30, 2011, the Bond Core Plus Fund held the following futures contracts:



|                  |  |                    |     |  |                |   |             |                  |  |                                       |  |   |         |  
|----------------- |  | ------------------ | --- |  | -------------- | - | ----------- | ---------------- |  | ------------------------------------- |  | - | ------- | -
|Futures Contracts |  | Number ofContracts |     |  | Notional Value |   |             | Settlement Month |  | UnrealizedAppreciation/(Depreciation) | 
|Long              |  |                    |     |  |                |   |             |                  |  |                                       |  |   |         |  
|90 Day Eurodollar |  |                    | 479 |  |                | $ | 119,247,050 |                  |  | December 2011                         |  | $ | 347,800 |  
|90 Day Eurodollar |  |                    | 213 |  |                |   | 51,242,475  |                  |  | September 2015                        |  |   | (90,883 | )
|90 Day Eurodollar |  |                    | 107 |  |                |   | 25,795,025  |                  |  | June 2015                             |  |   | (45,794 | )
|90 Day Eurodollar |  |                    | 82  |  |                |   | 20,014,150  |                  |  | March 2012                            |  |   | 135,095 |  
|90 Day Eurodollar |  |                    | 79  |  |                |   | 19,654,213  |                  |  | March 2012                            |  |   | 91,213  |  
|5 Year Eurodollar |  |                    | 4   |  |                |   | 466,320     |                  |  | September 2011                        |  |   | 65      |  
|                  |  |                    |     |  |                |   |             |                  |  |                                       |  |   |         |  
|                  |  |                    |     |  |                |   |             |                  |  |                                       |  | $ | 437,496 |  
|                  |  |                    |     |  |                |   |             |                  |  |                                       |  |   |         |  

For the six-month period ended June 30, 2011, the Bond Core Plus Fund had an average notional
exposure of $35,302,266 related to futures contracts.

The Funds and the Balanced Fund through their investments in other
collective funds may have exposure indirectly to this type of derivative instrument.



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I. Forward Foreign Currency Contracts

The Bond Core Plus Fund and the International All Cap Equity Fund use forward foreign currency contracts to facilitate transactions in
foreign securities or as a hedge against the foreign currency exposure of either specific transactions or portfolio positions. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign
currency for an agreed-upon price on an agreed-upon future date. Such contracts are valued based upon the difference in the forward exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, and any
resulting unrealized gains or losses are recorded in the Funds financial statements. The Fund records realized gains or losses at the time the forward contract is extinguished by entry into a closing transaction or by delivery of the currency.
Risks in foreign currency contracts arise from the possible inability of counterparties to meet the contracts terms and from movements in currency values.

As of June 30, 2011, the Bond Core Plus Fund held the following forward foreign currency contracts:



|         |  |                            |  |                   |  |                                  |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  
|-------- |  | -------------------------- |  | ----------------- |  | -------------------------------- | --------- |  | ------------------------- | - | --------- | -------------- |  |  | ------------------------------------- |  |  | - | -------- | -
|Type     |  | Counterparty               |  | Currency          |  | Contract Amountin Local Currency |           |  | ContractValue inUS Dollar |   |           | SettlementDate |  |  | UnrealizedAppreciation/(Depreciation) | 
|Purchase |  | Morgan Stanley & Co., Inc. |  | Brazilian Real    |  |                                  | 393,075   |  |                           | $ | 231,003   |                |  |  | 7/5/2011                              |  |  | $ | 20,532   |  
|Purchase |  | UBS AG                     |  | Brazilian Real    |  |                                  | 255,315   |  |                           |   | 155,433   |                |  |  | 8/2/2011                              |  |  |   | 6,784    |  
|Purchase |  | Morgan Stanley & Co., Inc. |  | Brazilian Real    |  |                                  | 137,760   |  |                           |   | 83,607    |                |  |  | 9/2/2011                              |  |  |   | 3,414    |  
|Purchase |  | JPMorgan Chase Bank, N.A.  |  | Euro              |  |                                  | 708,000   |  |                           |   | 1,032,395 |                |  |  | 7/18/2011                             |  |  |   | (6,215   | )
|Purchase |  | JPMorgan Chase Bank, N.A.  |  | Euro              |  |                                  | 906,000   |  |                           |   | 1,319,970 |                |  |  | 7/18/2011                             |  |  |   | (6,807   | )
|Purchase |  | Morgan Stanley & Co., Inc. |  | Mexican Peso      |  |                                  | 45,147    |  |                           |   | 3,692     |                |  |  | 7/7/2011                              |  |  |   | 162      |  
|Purchase |  | Morgan Stanley & Co., Inc. |  | Mexican Peso      |  |                                  | 45,147    |  |                           |   | 3,788     |                |  |  | 11/18/2011                            |  |  |   | 17       |  
|Sale     |  | Bank of America, N.A.      |  | Australian Dollar |  |                                  | 8,794,000 |  |                           |   | 9,162,469 |                |  |  | 7/29/2011                             |  |  |   | (233,807 | )
|Sale     |  | UBS AG                     |  | Brazilian Real    |  |                                  | 255,315   |  |                           |   | 156,252   |                |  |  | 7/5/2011                              |  |  |   | (7,129   | )
|Sale     |  | Morgan Stanley & Co., Inc. |  | Brazilian Real    |  |                                  | 137,760   |  |                           |   | 84,645    |                |  |  | 7/5/2011                              |  |  |   | (3,510   | )
|Sale     |  | UBS AG                     |  | Brazilian Real    |  |                                  | 255,315   |  |                           |   | 157,933   |                |  |  | 8/2/2011                              |  |  |   | (4,285   | )
|Sale     |  | JPMorgan Chase Bank, N.A.  |  | Euro              |  |                                  | 1,949,000 |  |                           |   | 2,812,232 |                |  |  | 7/18/2011                             |  |  |   | (12,662  | )
|Sale     |  | JPMorgan Chase Bank, N.A.  |  | Euro              |  |                                  | 5,000     |  |                           |   | 7,059     |                |  |  | 7/18/2011                             |  |  |   | (188     | )
|Sale     |  | Morgan Stanley & Co., Inc. |  | Mexican Peso      |  |                                  | 45,147    |  |                           |   | 3,838     |                |  |  | 7/7/2011                              |  |  |   | (15      | )
|         |  |                            |  |                   |  |                                  |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  
|         |  |                            |  |                   |  |                                  |           |  |                           |   |           |                |  |  |                                       |  |  | $ | (243,709 | )
|         |  |                            |  |                   |  |                                  |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  



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As of June 30, 2011, the International All Cap Equity Fund held the following
forward foreign currency contracts:



|         |  |                                     |  |                   |  |                                  |            |  |                           |   |         |                |  |  |                                       |  |  |   |      |  
|-------- |  | ----------------------------------- |  | ----------------- |  | -------------------------------- | ---------- |  | ------------------------- | - | ------- | -------------- |  |  | ------------------------------------- |  |  | - | ---- | -
|Type     |  | Counterparty                        |  | Currency          |  | Contract Amountin Local Currency |            |  | ContractValue inUS Dollar |   |         | SettlementDate |  |  | UnrealizedAppreciation/(Depreciation) | 
|Purchase |  | UBS AG                              |  | British Pound     |  |                                  | 8,140      |  |                           | $ | 13,027  |                |  |  | 7/1/2011                              |  |  | $ | 38   |  
|Purchase |  | UBS AG                              |  | British Pound     |  |                                  | 13,804     |  |                           |   | 22,120  |                |  |  | 7/4/2011                              |  |  |   | 34   |  
|Purchase |  | Brown Brothers Harriman             |  | Norwegian Krone   |  |                                  | 623,357    |  |                           |   | 115,823 |                |  |  | 7/5/2011                              |  |  |   | (324 | )
|Sale     |  | UBS AG                              |  | Japanese Yen      |  |                                  | 1,056,197  |  |                           |   | 13,027  |                |  |  | 7/1/2011                              |  |  |   | (93  | )
|Sale     |  | UBS AG                              |  | Japanese Yen      |  |                                  | 1,793,927  |  |                           |   | 22,120  |                |  |  | 7/4/2011                              |  |  |   | (164 | )
|Sale     |  | CSFB Global Foreign Exchange London |  | Japanese Yen      |  |                                  | 279,000    |  |                           |   | 3,467   |                |  |  | 7/5/2011                              |  |  |   | 1    |  
|Sale     |  | Hong Kong Bank Kuala Lumpur         |  | Malaysian Ringgit |  |                                  | 21,648     |  |                           |   | 7,175   |                |  |  | 7/1/2011                              |  |  |   | 6    |  
|Sale     |  | Hong Kong Bank Kuala Lumpur         |  | Malaysian Ringgit |  |                                  | 59,697     |  |                           |   | 19,823  |                |  |  | 7/5/2011                              |  |  |   | 61   |  
|Sale     |  | Hong Kong Bank Kuala Lumpur         |  | Malaysian Ringgit |  |                                  | 8,477      |  |                           |   | 2,805   |                |  |  | 7/5/2011                              |  |  |   | 9    |  
|Sale     |  | Hong Kong Shanghai Bank Seoul       |  | South Korean Won  |  |                                  | 25,168,987 |  |                           |   | 23,613  |                |  |  | 7/5/2011                              |  |  |   | 40   |  
|         |  |                                     |  |                   |  |                                  |            |  |                           |   |         |                |  |  |                                       |  |  |   |      |  
|         |  |                                     |  |                   |  |                                  |            |  |                           |   |         |                |  |  |                                       |  |  | $ | (392 | )
|         |  |                                     |  |                   |  |                                  |            |  |                           |   |         |                |  |  |                                       |  |  |   |      |  

For the six-month period ended June 30, 2011, the Bond Core Plus Fund and International All Cap
Equity Fund had an average notional exposure of $10,725,651 and $31,682,266, respectively, related to forward foreign currency contracts.

The Funds and the Balanced Fund through their investments in other collective funds may have exposure indirectly to this type of derivative instrument.

J. Interest Rate Swap Contracts

The Bond Core Plus Fund invests in swap contracts. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund uses interest rate
swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange of commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Swap contracts
typically have a term of one to ten years, but typically require periodic interim settlement in cash, at which time the specified variable interest rate is reset for the next settlement period. During the period that the swap contract is open, the
contract is marked-to-market as the net amount due to or from the Fund in accordance with the terms of the contract based on the closing level of the interest accrual through valuation date. Changes in the value of swap contracts are recorded as
unrealized gains or losses. Periodic cash settlements on interest rate swaps are recorded as adjustments to realized gains or losses. Up-front payments or receipts are recorded to realized gains or losses upon termination of the swap contract.

Entering into a swap contract involves, to varying degrees, elements of credit, market and interest rate risk in excess of
the amounts reported in the Statement of Assets and Liabilities. Notional principal amounts are used to express the extent of involvement in the transactions, but are not delivered under the contracts. Accordingly, credit



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risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, the Fund enters into swap contracts with counterparties whose
creditworthiness has been approved by the Investment Advisor to the Fund. The Fund bears the market risk arising from any change in interest rates. Based on market fluctuation cash collateral may be exchanged between the parties to decrease the
amount of counterparty default risk.

As of June 30, 2011, the Bond Core Plus Fund held the following interest rate swap
contracts:



|                |  |                                          |  |                 |            |  |                  |         |           |  |        |             |  |   |                         |   |  |                                       |        |   |  |   |          |  
|--------------- |  | ---------------------------------------- |  | --------------- | ---------- |  | ---------------- | ------- | --------- |  | ------ | ----------- |  | - | ----------------------- | - |  | ------------------------------------- | ------ | - |  | - | -------- | -
|                |  |                                          |  |                 |            |  | Rate Type        |         |           |  |        |             |  |   |                         |   | 
|Notional Amount |  | Swap Counterparty (a)                    |  | TerminationDate |            |  | FloatingRate (b) |         | FixedRate |  |        | MarketValue |  |   | PremiumsPaid/(received) |   |  | UnrealizedAppreciation/(Depreciation) |       
|3,908,759 BRL   |  | Morgan Stanley Capital Services Inc.     |  |                 | 01/02/2012 |  |                  | CDI-BRL |           |  | 10.115 | %           |  | $ | (230,981                | ) |  | $                                     | (8,998 | ) |  | $ | (221,983 | )
|2,547,544 BRL   |  | UBS Ag                                   |  |                 | 01/02/2012 |  |                  | CDI-BRL |           |  | 10.575 | %           |  |   | (70,371                 | ) |  |                                       | (4,908 | ) |  |   | (65,463  | )
|621,657 BRL     |  | UBS Ag                                   |  |                 | 01/02/2012 |  |                  | CDI-BRL |           |  | 11.020 | %           |  |   | 7,204                   |   |  |                                       |       |   |  |   | 7,204    |  
|13,254,914 BRL  |  | Merrill Lynch Capital Services, Inc.     |  |                 | 01/02/2014 |  |                  | CDI-BRL |           |  | 11.860 | %           |  |   | 129,243                 |   |  |                                       | 26,082 |   |  |   | 103,161  |  
|6,233,423 BRL   |  | Barclays Bank PLC                        |  |                 | 01/02/2014 |  |                  | CDI-BRL |           |  | 11.990 | %           |  |   | 23,850                  |   |  |                                       | 2,333  |   |  |   | 21,517   |  
|4,605,045 BRL   |  | Morgan Stanley Capital Services Inc.     |  |                 | 01/02/2013 |  |                  | CDI-BRL |           |  | 12.590 | %           |  |   | 78,991                  |   |  |                                       | 5,808  |   |  |   | 73,183   |  
|15,910,274 BRL  |  | Credit Suisse First Boston International |  |                 | 01/02/2013 |  |                  | CDI-BRL |           |  | 12.480 | %           |  |   | 229,342                 |   |  |                                       | (3,169 | ) |  |   | 232,511  |  
|1,455,962 BRL   |  | Barclays Bank PLC                        |  |                 | 01/02/2013 |  |                  | CDI-BRL |           |  | 11.910 | %           |  |   | 9,398                   |   |  |                                       | 6,306  |   |  |   | 3,092    |  
|22,800,000 MXN  |  | Morgan Stanley Capital Services Inc.     |  |                 | 03/05/2013 |  |                  | CDI-MXN |           |  | 6.500  | %           |  |   | 17,114                  |   |  |                                       | (772   | ) |  |   | 17,886   |  
|                |  |                                          |  |                 |            |  |                  |         |           |  |        |             |  |   |                         |   |  |                                       |        |   |  |   |          |  
|                |  |                                          |  |                 |            |  |                  |         |           |  |        |             |  | $ | 193,790                 |   |  | $                                     | 22,682 |   |  | $ | 171,108  |  
|                |  |                                          |  |                 |            |  |                  |         |           |  |        |             |  |   |                         |   |  |                                       |        |   |  |   |          |  



|(a) | Fund receives the fixed rate and pays the floating rate.
|--- | --------------------------------------------------------

|(b) | CDI  BRL is the interbank lending rate of Brazil as published by the Central Bank of Brazil.
|--- | ---------------------------------------------------------------------------------------------

|(c) | CDI  MXN is the interbank lending rate of Mexico as published by the Central Bank of Mexico.
|--- | ---------------------------------------------------------------------------------------------

For the six-month period ended June 30, 2011, the Bond Core Plus Fund had an average notional exposure of $4,066,667 related to
interest rate swap contracts.

The Funds and the Balanced Fund through their investments in other collective funds may have
exposure indirectly to this type of derivative instrument.

K. Option and Swaption Contracts

The Bond Core Plus Fund purchases or writes option contracts to manage exposure to fluctuations in interest rates or hedge the fair value
of other Fund investments. The premium paid by the Fund for the purchase of a call or put option is included in the Funds Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current market
value of the option purchased. If an option which the Fund has purchased expires on its stipulated expiration date, the Fund realizes a loss for the amount of the cost of the option. If the Fund enters into a closing transaction, it realizes a gain
or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be
decreased by the premium originally paid. If the



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Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid.

The premium received by the Fund for a written option is recorded as a liability. The liability is marked-to-market based on the
options quoted daily settlement price. When an option expires or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the
option was sold) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated. When a written call option is exercised, the Fund realizes a gain or loss from the sale of the
underlying security and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received will reduce the cost of the security which the Fund is
obligated to purchase.

As of June 30, 2011, the Bond Core Plus Fund held the following written option contracts:



|                                |  |                   |    |  |         |   |        | 
|------------------------------- |  | ----------------- | -- |  | ------- | - | ------ | 
|Written Put Option Contracts    |  | NumberofContracts |    |  | Premium |  
|Outstanding , beginning of Year |  |                   |   |  |         | $ |       | 
|Options Written                 |  |                   | 23 |  |         |   | 23,460 | 
|Options Exercised               |  |                   |   |  |         |   |       | 
|Options Expired                 |  |                   |   |  |         |   |       | 
|Options Closed                  |  |                   |   |  |         |   |       | 
|                                |  |                   |    |  |         |   |        | 
|Outstanding, period end         |  |                   | 23 |  |         |   | 23,460 | 
|                                |  |                   |    |  |         |   |        | 

For the six-month period ended June 30, 2011, the Bond Core Plus Fund had an average notional
exposure of $3,910 related to written option contracts.

The Bond Core Plus Fund may also purchase or write swaption contracts
to manage exposure to fluctuations in interest rates or hedge the fair value of other Fund investments. Swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter
into a swap contract on a future date. If a call swaption is exercised, the purchaser will enter into a swap to receive the fixed rate and pay a floating rate in exchange. Exercising a put would entitle the purchaser to pay a fixed rate and receive
a floating rate.

Swaption contracts are marked-to-market at the net amount due to or from the Fund in accordance with the
terms of the contract based on the closing level of the relevant market rate of interest. Changes in the value of the swaption are reported as unrealized gains or losses. Realized gain or loss is recognized when the swaption contract expires or is
closed. When the Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the swaption written. Premiums received from writing swaptions that expire unexercised are treated by
the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the
premium is less than the amount paid for the closing purchase, as a realized loss.

Entering into option and swaption
contracts involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities. To reduce credit risk from potential counterparty default, the Fund enters into
these contracts with counterparties whose creditworthiness has been approved by the advisor. The Fund bears the market risk arising from any change in index values or interest rates.

The Funds and the Balanced Fund through their investments in other collective funds may have exposure indirectly to this type of
derivative instrument.



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L. Derivative Market and Credit Risk

In the normal course of business the Bond Core Plus Fund trades financial instruments and enters into financial transactions where risk of
potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk).

Similar to credit risk, the Bond Core Plus Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Bond Core Plus Fund has unsettled or open transactions
will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Bond Core Plus Fund to credit risk, consist principally of cash due from
counterparties and investments.

The Investment Advisor to the Bond Core Plus Fund seeks to minimize credit risks to the Bond
Core Plus Fund by performing extensive reviews of each counterparty and obtains approval from the Investment Advisors counterparty risk committee prior to entering into transactions with a third party. All transactions in listed securities are
settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once the Bond Core Plus Fund has received payment. Payment is made on a purchase once the securities
have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Bond Core Plus
Fund restricts its exposure to credit losses by entering into master agreements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions to include certain safeguards for derivatives and non-standard
settlement trades. The credit risk associated with favorable contracts is reduced by master netting arrangements so that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Bond Core Plus
Funds overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The Bond Core Plus Fund is party to the International Swaps and Derivatives Association, Inc. Master Agreements (ISDA Master
Agreements) with select counterparties that govern transactions, over-the-counter derivative and foreign exchange contracts, entered into by the Bond Core Plus Fund with those counterparties. The ISDA Master Agreements maintain provisions for
general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding
transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (Master
Forward Agreements) between the Bond Core Plus Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and
maintenance of collateral. Cash collateral provided, and received, by the Bond Core Plus Fund for each type of derivative contract at June 30, 2011 is presented as Deposit with broker or Due to broker, respectively, on the accompanying
Statement of Assets and Liabilities.

The Bond Core Plus Fund had the following derivatives (not designated as hedges) grouped
into appropriate risk categories that illustrate how and why the Fund uses derivative instruments:

Asset Derivatives



|                    |  |                       |  |                    |           |  |                     |   |        |       |  |   |           | 
|------------------- |  | --------------------- |  | ------------------ | --------- |  | ------------------- | - | ------ | ----- |  | - | --------- | 
|                    |  |                       |  | June 30, 2011      |          
|                    |  |                       |  | Interest Rate Risk |           |  | ForeignExchangeRisk |   |        | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                  | 574,173   |  |                     | $ |       |       |  | $ | 574,173   | 
|                    |  | Forward Contracts (b) |  |                    |          |  |                     |   | 30,909 |       |  |   | 30,909    | 
|                    |  | Swap Contracts (c)    |  |                    | 458,554   |  |                     |   |       |       |  |   | 458,554   | 
|                    |  |                       |  |                    |           |  |                     |   |        |       |  |   |           | 
|                    |  | Total Value           |  | $                  | 1,032,727 |  |                     | $ | 30,909 |       |  | $ | 1,063,636 | 
|                    |  |                       |  |                    |           |  |                     |   |        |       |  |   |           | 



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|                    |  |                       |  |                    |         |  |                     |   |        |       |  |   |         | 
|------------------- |  | --------------------- |  | ------------------ | ------- |  | ------------------- | - | ------ | ----- |  | - | ------- | 
|                    |  |                       |  | December 31, 2010  |        
|                    |  |                       |  | Interest Rate Risk |         |  | ForeignExchangeRisk |   |        | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                  | 2,538   |  |                     | $ |       |       |  | $ | 2,538   | 
|                    |  | Forward Contracts (b) |  |                    |        |  |                     |   | 80,308 |       |  |   | 80,308  | 
|                    |  | Swap Contracts (c)    |  |                    | 388,862 |  |                     |   |       |       |  |   | 388,862 | 
|                    |  |                       |  |                    |         |  |                     |   |        |       |  |   |         | 
|                    |  | Total Value           |  | $                  | 391,400 |  |                     | $ | 80,308 |       |  | $ | 471,708 | 
|                    |  |                       |  |                    |         |  |                     |   |        |       |  |   |         | 

Liability Derivatives



|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |         | 
|------------------- |  | --------------------- |  | ------------------ | ------- |  | ------------------- | - | ------- | ----- |  | - | ------- | 
|                    |  |                       |  | June 30, 2011      |        
|                    |  |                       |  | Interest Rate Risk |         |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                  | 136,677 |  |                     | $ |        |       |  | $ | 136,677 | 
|                    |  | Forward Contracts (b) |  |                    |        |  |                     |   | 274,618 |       |  |   | 274,618 | 
|                    |  | Swap Contracts (c)    |  |                    | 287,446 |  |                     |   |        |       |  |   | 287,446 | 
|                    |  | Options Contracts (d) |  |                    | 19,550  |  |                     |   |         |       |  |   | 19,550  | 
|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |         | 
|                    |  | Total Value           |  | $                  | 443,673 |  |                     | $ | 274,618 |       |  | $ | 718,291 | 
|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |         | 



|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |           | 
|------------------- |  | --------------------- |  | ------------------ | ------- |  | ------------------- | - | ------- | ----- |  | - | --------- | 
|                    |  |                       |  | December 31, 2010  |        
|                    |  |                       |  | Interest Rate Risk |         |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                  | 813     |  |                     | $ |        |       |  | $ | 813       | 
|                    |  | Forward Contracts (b) |  |                    |        |  |                     |   | 738,989 |       |  |   | 738,989   | 
|                    |  | Swap Contracts (c)    |  |                    | 292,117 |  |                     |   |        |       |  |   | 292,117   | 
|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |           | 
|                    |  | Total Value           |  | $                  | 292,930 |  |                     | $ | 738,989 |       |  | $ | 1,031,919 | 
|                    |  |                       |  |                    |         |  |                     |   |         |       |  |   |           | 

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts.



|(a) | Net Assets Unrealized-Appreciation/Depreciation (Includes cumulative appreciation/depreciation of futures contracts as reported in Note 2.H: Futures Contracts. Only
current days variation margin is reported within the Statement of Assets and Liabilities)
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | Gross unrealized appreciation/depreciation of forward currency exchange contracts
|--- | ---------------------------------------------------------------------------------

|(c) | Swap contracts, at value
|--- | ------------------------

|(d) | Options written, at value
|--- | -------------------------



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|                    |  |                       |  |                                              |         |  |                     |   |            |       |  |   |            |  
|------------------- |  | --------------------- |  | -------------------------------------------- | ------- |  | ------------------- | - | ---------- | ----- |  | - | ---------- | -
|                    |  |                       |  | For the six-month period ended June 30, 2011 |        
|                    |  |                       |  | Interest Rate Risk                           |         |  | ForeignExchangeRisk |   |            | Total | 
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                                              |         |  |                     |   |            |       |  |   |            |  
|                    |  | Futures Contracts (a) |  | $                                            | 282,665 |  |                     | $ |           |       |  | $ | 282,665    |  
|                    |  | Forward Contracts (b) |  |                                              |        |  |                     |   | (1,023,986 | )     |  |   | (1,023,986 | )
|                    |  | Swap Contracts (c)    |  |                                              |        |  |                     |   |           |       |  |   |           |  
|                    |  |                       |  |                                              |         |  |                     |   |            |       |  |   |            |  
|                    |  | Total Value           |  | $                                            | 282,665 |  |                     | $ | (1,023,986 | )     |  | $ | (741,321   | )
|                    |  |                       |  |                                              |         |  |                     |   |            |       |  |   |            |  



|                    |  |                       |  |                                              |           |  |                     |   |         |       |  |   |           | 
|------------------- |  | --------------------- |  | -------------------------------------------- | --------- |  | ------------------- | - | ------- | ----- |  | - | --------- | 
|                    |  |                       |  | For the six-month period ended June 30, 2010 |          
|                    |  |                       |  | Interest Rate Risk                           |           |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                                              |           |  |                     |   |         |       |  |   |           | 
|                    |  | Futures Contracts (a) |  | $                                            | 2,241,768 |  |                     | $ |        |       |  | $ | 2,241,768 | 
|                    |  | Forward Contracts (b) |  |                                              |          |  |                     |   | 643,517 |       |  |   | 643,517   | 
|                    |  | Swap Contracts (c)    |  |                                              | 195,107   |  |                     |   |        |       |  |   | 195,107   | 
|                    |  |                       |  |                                              |           |  |                     |   |         |       |  |   |           | 
|                    |  | Total Value           |  | $                                            | 2,436,875 |  |                     | $ | 643,517 |       |  | $ | 3,080,392 | 
|                    |  |                       |  |                                              |           |  |                     |   |         |       |  |   |           | 

Each of the above derivatives is located in the following Statement of Operations accounts.



|(a) | Net realized gain/(loss) futures contracts
|--- | ------------------------------------------

|(b) | Net realized gain/(loss) foreign currency transactions (Statement of Operations includes both forwards and foreign currency transactions)
|--- | -----------------------------------------------------------------------------------------------------------------------------------------

|(c) | Net realized gain/(loss) swap contracts
|--- | ---------------------------------------



|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |         | 
|------------------- |  | ----------------------------------------------- |  | -------------------------------------------- | ------- |  | ------------------- | - | ------- | ----- |  | - | ------- | 
|                    |  |                                                 |  | For the six-month period ended June 30, 2011 |        
|                    |  |                                                 |  | Interest Rate Risk                           |         |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund |  | Change in UnrealizedAppreciation (Depreciation) |  |                                              |         |  |                     |   |         |       |  |   |         | 
|                    |  | Futures Contracts (a)                           |  | $                                            | 435,771 |  |                     | $ |        |       |  | $ | 435,771 | 
|                    |  | Forward Contracts (b)                           |  |                                              |        |  |                     |   | 413,143 |       |  |   | 413,143 | 
|                    |  | Swap Contracts (c)                              |  |                                              | 80,634  |  |                     |   |        |       |  |   | 80,634  | 
|                    |  | Written Options (d)                             |  |                                              | 3,910   |  |                     |   |         |       |  |   | 3,910   | 
|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |         | 
|                    |  | Total Value                                     |  | $                                            | 520,315 |  |                     | $ | 413,143 |       |  | $ | 933,458 | 
|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |         | 



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|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |           | 
|------------------- |  | ----------------------------------------------- |  | -------------------------------------------- | ------- |  | ------------------- | - | ------- | ----- |  | - | --------- | 
|                    |  |                                                 |  | For the six-month period ended June 30, 2010 |        
|                    |  |                                                 |  | Interest Rate Risk                           |         |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund |  | Change in UnrealizedAppreciation (Depreciation) |  |                                              |         |  |                     |   |         |       |  |   |           | 
|                    |  | Futures Contracts (a)                           |  | $                                            | 598,458 |  |                     | $ |        |       |  | $ | 598,458   | 
|                    |  | Forward Contracts (b)                           |  |                                              |        |  |                     |   | 758,219 |       |  |   | 758,219   | 
|                    |  | Swap Contracts (c)                              |  |                                              | 359,492 |  |                     |   |        |       |  |   | 359,492   | 
|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |           | 
|                    |  | Total Value                                     |  | $                                            | 957,950 |  |                     | $ | 758,219 |       |  | $ | 1,716,169 | 
|                    |  |                                                 |  |                                              |         |  |                     |   |         |       |  |   |           | 

Each of the above derivatives is located in the following Statement of Operations accounts.



|(a) | Net unrealized appreciation/(depreciation) futures contracts
|--- | ------------------------------------------------------------

|(b) | Net unrealized appreciation/(depreciation) foreign currency transactions (Statement of Operations includes both forwards and foreign currency transactions)
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | Net unrealized appreciation/(depreciation) swap contracts
|--- | ---------------------------------------------------------

|(d) | Net unrealized appreciation/(depreciation) Written Options
|--- | ----------------------------------------------------------

M. Use of Estimates

The preparation of financial statements in accordance
with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

N. Indemnifications

In the normal course of business, the Collective Trust enters into contracts that contain a variety of representations and that may contain general indemnifications. The Collective Trusts maximum
exposure under these provisions is unknown, as this would involve future claims that may be made against the Collective Trust. The Collective Trust expects the risk of loss to be remote.

3. Investment Advisory, Investment Management and Related Party Transactions

Prior to July 1, 2010, State Street had retained the services of the Investment Advisors listed below to advise it
with respect to its investment responsibility and had allocated the assets of certain of the Funds among the Investment Advisors. In connection with the substitution of Northern Trust Investments for State Street as trustee of the Collective Trust
effective July 1, 2010, State Street terminated the Investment Advisor Agreements between it and the Investment Advisors. Northern Trust Investments entered into successor Investment Advisor Agreements with such Investment Advisors with the
same or better terms as the previous contracts with State Street pursuant to which the Investment Advisors continue to provide investment advice to one or more of the Funds offered as investment options under the Program. As of June 30, 2011,
the line-up of Investment Advisors to the Funds is as follows:



|                                           |  |                                                                
|------------------------------------------ |  | ---------------------------------------------------------------
|Investment Advisor                         |  | Fund to which the Investment
Advisor Provides Investment Advice
|Galliard Capital Management, Inc.          |  | Stable Asset Return Fund                                       
|Pacific Investment Management Company, LLC |  | Stable Asset Return Fund and Bond Core Plus Fund               
|Columbus Circle Investors                  |  | Large Cap Equity Fund                                          
|C.S. McKee, L.P.                           |  | Large Cap Equity Fund                                          
|Delaware Investment Advisers               |  | Large Cap Equity Fund                                          
|Jennison Associates LLC                    |  | Stable Asset Return Fund and Large Cap Equity Fund             
|Allianz Global Investors Capital LLC       |  | Small-Mid Cap Equity Fund                                      



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|                                              |  |                                                                
|--------------------------------------------- |  | ---------------------------------------------------------------
|Investment Advisor                            |  | Fund to which the Investment Advisor Provides Investment Advice
|Denver Investment Advisors LLC                |  | Small-Mid Cap Equity Fund                                      
|Frontier Capital Management Co. LLC           |  | Small-Mid Cap Equity Fund                                      
|LSV Asset Management                          |  | Small-Mid Cap Equity Fund and International All Cap Equity Fund
|Lombardia Capital Partners, LLC               |  | Small-Mid Cap Equity Fund                                      
|Riverbridge Partners LLC                      |  | Small-Mid Cap Equity Fund                                      
|Systematic Financial Management, L.P.         |  | Small-Mid Cap Equity Fund                                      
|TCW Investment Management Company             |  | Small-Mid Cap Equity Fund                                      
|Altrinsic Global Advisors LLC                 |  | International All Cap Equity Fund                              
|Eagle Global Advisors LLC                     |  | International All Cap Equity Fund                              
|First State Investments International Limited |  | International All Cap Equity Fund                              
|Martin Currie Inc.                            |  | International All Cap Equity Fund                              

Northern Trust Investments has entered into agreements for the services of the Investment Advisors listed
above to advise it with respect to its investment responsibility and has allocated the assets of certain of the Funds among the Investment Advisors. Subject to review by Northern Trust Investments, each Investment Advisor invests and reinvests the
assets allocated to it in accordance with the investment policies of the applicable Fund as described above. Northern Trust Investments exercises discretion with respect to the selection and retention of the Investment Advisors, consistent with the
investment policy for the Program developed by Northern Trust Investments and approved by ABA Retirement Funds. Northern Trust Investments may remove an Investment Advisor at any time and Northern Trust Investments may also change at any time the
allocation of assets among Investment Advisors where a fund has more than one Investment Advisor.

In addition, effective
July 1, 2010, Northern Trust Investments entered into Investment Management Agreements with State Street Bank pursuant to which the assets of certain of the Funds continue, as of and after July 1, 2010, to be invested in collective
investment funds maintained by State Street Global Advisors, a division of State Street Bank. The Investment Management Agreement with State Street Bank with respect to the SARF was terminated on December 8, 2010, while the agreement with
respect to the Index Funds remains in place.

A fee is paid to each Investment Advisor based on the value of the assets
allocated to that Investment Advisor and the respective breakpoints agreed to in the Investment Advisors contract. These fees are accrued on a daily basis and paid monthly or quarterly from the allocated assets. Actual fees incurred for each
Investment Advisor during the three-month and six-month periods ended June 30, 2011 and June 30, 2010 are listed below; the annual asset-based fees range from the highest rate of .65% to the lowest rate of .15% among the various Investment
Advisors.



|                                                                                  |  |                                                   |         |  |                                                 |   |         |                                                   |  |   |                                                 |  |  |   |         | 
|--------------------------------------------------------------------------------- |  | ------------------------------------------------- | ------- |  | ----------------------------------------------- | - | ------- | ------------------------------------------------- |  | - | ----------------------------------------------- |  |  | - | ------- | 
|Investment Advisor                                                                |  | Fees for the three-monthperiod endedJune 30, 2011 |         |  | Fees for the six-monthperiod endedJune 30, 2011 |   |         | Fees for the three-monthperiod endedJune 30, 2010 |  |   | Fees for the six-monthperiod endedJune 30, 2010 | 
|Altrinsic Global Advisors, LLC (International All Cap Equity Fund)                |  | $                                                 | 43,830  |  |                                                 | $ | 86,828  |                                                   |  | $ | 41,765                                          |  |  | $ | 92,377  | 
|C.S. McKee, L.P. (Large Cap Equity Fund)                                          |  |                                                   | 170,460 |  |                                                 |   | 340,085 |                                                   |  |   | 156,622                                         |  |  |   | 330,842 | 
|Columbus Circle Investors (Large Cap Equity Fund)                                 |  |                                                   | 169,199 |  |                                                 |   | 336,775 |                                                   |  |   | 156,317                                         |  |  |   | 277,324 | 
|Delaware Investment Advisers (Large Cap Equity Fund)                              |  |                                                   | 124,366 |  |                                                 |   | 247,312 |                                                   |  |   | 113,450                                         |  |  |   | 203,019 | 
|Denver Investment Advisors LLC (Small-Mid Cap Equity Fund)                        |  |                                                   | 78,987  |  |                                                 |   | 172,167 |                                                   |  |   | 66,447                                          |  |  |   | 126,563 | 
|Eagle Global Advisors LLC (International All Cap Equity Fund)                     |  |                                                   | 25,763  |  |                                                 |   | 50,958  |                                                   |  |   | 23,883                                          |  |  |   | 51,201  | 
|First State Investments International Limited (International All Cap Equity Fund) |  |                                                   | 61,796  |  |                                                 |   | 121,023 |                                                   |  |   | 42,706                                          |  |  |   | 86,980  | 
|Frontier Capital Management Co. LLC (Small-Mid Cap Equity Fund)                   |  |                                                   | 34,065  |  |                                                 |   | 67,674  |                                                   |  |   | 31,842                                          |  |  |   | 62,888  | 



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|                                                                         |  |                                                   |           |  |                                                 |   |           |                                                   |  |   |                                                 |  |  |   |           | 
|------------------------------------------------------------------------ |  | ------------------------------------------------- | --------- |  | ----------------------------------------------- | - | --------- | ------------------------------------------------- |  | - | ----------------------------------------------- |  |  | - | --------- | 
|Investment Advisor                                                       |  | Fees for the three-monthperiod endedJune 30, 2011 |           |  | Fees for the six-monthperiod endedJune 30, 2011 |   |           | Fees for the three-monthperiod endedJune 30, 2010 |  |   | Fees for the six-monthperiod endedJune 30, 2010 | 
|Galliard Capital Management, Inc. (Stable Asset Return Fund) *           |  |                                                   | 180,773   |  |                                                 |   | 360,952   |                                                   |  |   |                                                |  |  |   |          | 
|Jennison Associates, LLC (Stable Asset Return Fund) *                    |  |                                                   | 43,076    |  |                                                 |   | 85,679    |                                                   |  |   |                                                |  |  |   |          | 
|Jennison Associates LLC (Large Cap Equity Fund)                          |  |                                                   | 103,603   |  |                                                 |   | 206,020   |                                                   |  |   | 94,668                                          |  |  |   | 208,635   | 
|Lombardia Capital Partners, LLC (Small-Mid Cap Equity Fund) **           |  |                                                   | 26,168    |  |                                                 |   | 26,168    |                                                   |  |   |                                                |  |  |   |          | 
|LSV Asset Management (International All Cap Equity Fund)                 |  |                                                   | 43,823    |  |                                                 |   | 86,723    |                                                   |  |   | 41,373                                          |  |  |   | 75,589    | 
|LSV Asset Management (Small-Mid Cap Equity Fund)                         |  |                                                   | 57,401    |  |                                                 |   | 124,696   |                                                   |  |   | 47,551                                          |  |  |   | 91,902    | 
|Martin Currie Inc. (International All Cap Equity Fund)                   |  |                                                   | 35,326    |  |                                                 |   | 70,047    |                                                   |  |   | 33,409                                          |  |  |   | 70,515    | 
|OFI Institutional Asset Management, Inc. (Small-Mid Cap Equity Fund) *** |  |                                                   |          |  |                                                 |   |          |                                                   |  |   | 46,259                                          |  |  |   | 97,862    | 
|Allianz Global Investors Capital LLC (Small-Mid Cap Equity Fund)         |  |                                                   | 37,963    |  |                                                 |   | 76,236    |                                                   |  |   | 35,869                                          |  |  |   | 70,187    | 
|Pacific Investment Management Company LLC (Bond Core Plus Fund)          |  |                                                   | 235,447   |  |                                                 |   | 453,457   |                                                   |  |   | 261,843                                         |  |  |   | 523,763   | 
|Pacific Investment Management Company, LLC (Stable Asset Return Fund) *  |  |                                                   | 96,402    |  |                                                 |   | 190,362   |                                                   |  |   |                                                |  |  |   |          | 
|Riverbridge Partners (Small-Mid Cap Equity Fund)                         |  |                                                   | 42,084    |  |                                                 |   | 83,336    |                                                   |  |   | 38,676                                          |  |  |   | 77,007    | 
|Systematic Financial Management, L.P. (Small-Mid Cap Equity Fund)        |  |                                                   | 56,792    |  |                                                 |   | 112,850   |                                                   |  |   | 62,019                                          |  |  |   | 122,761   | 
|TCW Investment Management Company (Small-Mid Cap Equity Fund)            |  |                                                   | 37,942    |  |                                                 |   | 75,465    |                                                   |  |   | 35,213                                          |  |  |   | 70,059    | 
|                                                                         |  |                                                   |           |  |                                                 |   |           |                                                   |  |   |                                                 |  |  |   |           | 
|                                                                         |  | $                                                 | 1,705,266 |  |                                                 | $ | 3,374,813 |                                                   |  | $ | 1,329,912                                       |  |  | $ | 2,639,474 | 
|                                                                         |  |                                                   |           |  |                                                 |   |           |                                                   |  |   |                                                 |  |  |   |           | 



|* | Fee listed is from December 8, 2010, the date on which such Investment Advisor commenced providing investment advice with respect to the Stable Asset Return Fund.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|** | Fee listed is from May 10, 2011, the date on which Lombardia Capital Partners, LLC commenced providing investment advice with respect to the Small-Mid Cap Equity
Fund.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|*** | Effective June 17, 2010, the Investment Advisory Agreement between OFI Institutional Asset Management, Inc. and State Street was terminated.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------

Program Fee

A separate program fee (Program fee) is paid to each of the Program recordkeeper and ABA Retirement Funds. These fees are allocated to each Fund based on net asset value and are accrued daily
and paid monthly from the assets of the Funds.

The ABA Retirement Funds Program fee is based on the value of Program assets
and the following annual fee rate in effect during the six-month period ended June 30, 2011 and during the year ended December 31, 2010:



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|                 |  |                                         |      |  
|---------------- |  | --------------------------------------- | ---- | -
|Value of Assets  |  | Rate of ABA RetirementFunds Program Fee |     
|First $3 billion |  |                                         | .075 | %
|Next $1 billion  |  |                                         | .065 | %
|Next $1 billion  |  |                                         | .035 | %
|Next $1 billion  |  |                                         | .025 | %
|Over $6 billion  |  |                                         | .015 | %

For the three-month periods ended June 30, 2011 and June 30, 2010 and for the six-month periods
ended June 30, 2011 and June 30, 2010, the ABA Retirement Funds received Program fees of $694,170, $636,168, $1,360,847 and $1,260,884, respectively. This Program fee is accrued daily and paid monthly based on the aggregate assets of the
Funds and the Balanced Fund as of the last business day of the preceding month. The Funds and the Balanced Fund bear their respective portions of this Program fee pro rata based on their respective net assets as of the time of calculation thereof.

Effective May 1, 2009, the Collective Trust pays a Program fee to ING Services equal to (A) $135,250 for each of
the first twelve calendar months after that date, (B) $177,850 for each of the next twelve calendar months, and (C) $152,850 for each of the remaining calendar months of the term of the Program Services Agreement among ABA Retirement
Funds, ING Life Insurance and Annuity Company and ING Services; plus, for each calendar month of the term of the Program Services Agreement, a fee based on the aggregate assets of the Funds and the Balanced Fund at the following annual rate:



|                 |  |                                         |      |  
|---------------- |  | --------------------------------------- | ---- | -
|Value of Assets  |  | Rate of ING Services ProgramExpense Fee |     
|First $4 billion |  |                                         | .470 | %
|Next $1 billion  |  |                                         | .360 | %
|Next $1 billion  |  |                                         | .215 | %
|Over $6 billion  |  |                                         | .220 | %

For the three-month periods ended June 30, 2011 and June 30, 2010 and for the six-month periods
ended June 30, 2011 and June 30, 2010, the Program fee paid to ING Services was $4,973,965, $4,490,514, $9,802,043 and $8,871,122, respectively.

This Program fee is accrued daily and paid monthly based on the aggregate assets of the Funds as of the last business day of the preceding month. The Funds bear their respective portions of this Program
fee pro rata based on their respective net asset values as of the time of calculation thereof. The Program Services Agreement contains certain service standards applicable to the performance of recordkeeping services by ING Services and imposes
penalties that reduce the Program fee if these service standards are not met. A service penalty of $50,000 was imposed on ING Services during the six-month period ended June 30, 2011, and is reflected net of the fees stated above.

Benefit payments under the Program generally are made by check. Within two business days before the check becomes payable, funds for the
payment of benefits are transferred to a non-interest bearing account with Northern Trust. No separate fee is charged for benefit payments; rather, Northern Trust retains any earnings attributable to outstanding benefit checks, and these earnings
have been taken into account in setting Northern Trusts fees under the Program.

Trust Management, Administration
and Custody Fee

A fee was paid to State Street Bank for the six-month period ended June 30, 2010 for its trust
management, administration and custody of the assets in the investment options (other than Self-Managed Brokerage Accounts). This trust, management, administration and custody fee was accrued daily and paid monthly at the following annual



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rates based on the aggregate assets of the Funds and the Balanced Fund as of the last business day of the preceding month:



|                   |  |      |      |  
|------------------ |  | ---- | ---- | -
|Value of Assets    |  | Rate |     
|First $1.0 billion |  |      | .202 | %
|Next $1.8 billion  |  |      | .067 | %
|Over $2.8 billion  |  |      | .029 | %

For the three-month and six-month periods ended June 30, 2010, State Street Bank received trust,
management and administration fees of $843,186 and $1,683,013, respectively.

From on or about July 1, 2009 through
June 30, 2010, the Collective Trust paid Northern Trust an annual fee of $500,000 for its services as investment fiduciary. Northern Trusts annual fee accrued on a daily basis and was paid monthly from the assets of the respective Funds,
which bore their respective portions of this fee based on their respective net asset values as of the time of calculation of the fee. For the six month period ended June 30, 2010, the investment fiduciary fee paid to Northern Trust totaled
$250,000.

Effective July 1, 2010, a fee is paid to Northern Trust for its trust management, administration and custody
of the assets in the investment options (other than Self-Managed Brokerage Accounts). This fee is accrued on a daily basis and paid monthly from the net assets of the Funds and the Balanced Fund, excluding the Retirement Date Funds, at the following
annual rates:



|                 |  |      |      |  
|---------------- |  | ---- | ---- | -
|Value of Assets  |  | Rate |     
|First $1 billion |  |      | .115 | %
|Next $2 billion  |  |      | .080 | %
|Over $3 billion  |  |      | .065 | %

Northern Trust is paid a trust, management and administration fee at an annual rate of .115% of the value
of assets held by the respective Retirement Date Funds.

For the three-month and six-month periods ended June 30, 2011,
Northern Trust received trust, management and administration fees of $875,308 and $1,717,693, respectively.

Management FeesIndex
Funds and Indexed Portions of Managed Funds

A fee is paid to State Street Bank for the investment management services it
performs relating to the assets in the Index Funds listed below and the indexed portions of the Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund. These fees are accrued on a daily basis and paid monthly
from the relevant assets of the respective Funds and are based on respective net asset values as of the time of calculation.

Until June 30, 2010, the fees for the indexed portions of the Managed Funds and the fees for the respective Index Funds were at the
following annual rates:



|                            |  |      |     |  
|--------------------------- |  | ---- | --- | -
|Fund                        |  | Rate |    
|Bond Index Fund             |  |      | .04 | %
|Large Cap Index Equity Fund |  |      | .02 | %
|All Cap Index Equity Fund   |  |      | .05 | %
|Mid Cap Index Equity Fund   |  |      | .05 | %



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|                                  |  |      |     |  
|--------------------------------- |  | ---- | --- | -
|Fund                              |  | Rate |    
|Small Cap Index Equity Fund       |  |      | .05 | %
|International Index Equity Fund   |  |      | .10 | %
|Large Cap Equity Fund             |  |      | .05 | %
|Small-Mid Cap Equity Fund         |  |      | .04 | %
|International All Cap Equity Fund |  |      | .12 | %

Effective July 1, 2010, the fees for the indexed portions of the Managed Funds and the fees for the
respective Index Funds are at the following annual rates:



|                                  |  |      |     |  
|--------------------------------- |  | ---- | --- | -
|Fund                              |  | Rate |    
|Bond Index Fund                   |  |      | .04 | %
|Large Cap Index Equity Fund       |  |      | .02 | %
|All Cap Index Equity Fund         |  |      | .04 | %
|Mid Cap Index Equity Fund         |  |      | .04 | %
|Small Cap Index Equity Fund       |  |      | .04 | %
|International Index Equity Fund   |  |      | .12 | %
|Large Cap Equity Fund             |  |      | .03 | %
|Small-Mid Cap Equity Fund         |  |      | .04 | %
|International All Cap Equity Fund |  |      | .12 | %

State Street Bank received the following fees paid from the Funds listed below during the three-month and
six-month periods ended June 30, 2011 and June 30, 2010:



|                                  |  |                                                  |        |  |                                                |   |         |                                                  |  |   |                                                |  |  |   |         | 
|--------------------------------- |  | ------------------------------------------------ | ------ |  | ---------------------------------------------- | - | ------- | ------------------------------------------------ |  | - | ---------------------------------------------- |  |  | - | ------- | 
|                                  |  | Fees for thethree-month periodendedJune 30, 2011 |        |  | Fees for thesix-month periodEndedJune 30, 2011 |   |         | Fees for thethree-month periodendedJune 30, 2010 |  |   | Fees for thesix-month periodEndedJune 30, 2010 | 
|Bond Index Fund                   |  | $                                                | 6,110  |  |                                                | $ | 12,181  |                                                  |  | $ | 4,284                                          |  |  | $ | 8,174   | 
|Large Cap Index Equity Fund       |  |                                                  | 3,050  |  |                                                |   | 5,995   |                                                  |  |   | 1,978                                          |  |  |   | 3,774   | 
|All Cap Index Equity Fund         |  |                                                  | 27,154 |  |                                                |   | 57,513  |                                                  |  |   | 33,767                                         |  |  |   | 66,712  | 
|Mid Cap Index Equity Fund         |  |                                                  | 5,509  |  |                                                |   | 10,779  |                                                  |  |   | 3,938                                          |  |  |   | 7,290   | 
|Small Cap Index Equity Fund       |  |                                                  | 3,456  |  |                                                |   | 6,744   |                                                  |  |   | 2,427                                          |  |  |   | 4,452   | 
|International Index Equity Fund   |  |                                                  | 15,951 |  |                                                |   | 31,100  |                                                  |  |   | 7,072                                          |  |  |   | 13,519  | 
|Large Cap Equity Fund             |  |                                                  | 6,664  |  |                                                |   | 9,500   |                                                  |  |   | 8,343                                          |  |  |   | 20,907  | 
|Small-Mid Cap Equity Fund         |  |                                                  | 2,760  |  |                                                |   | 3,744   |                                                  |  |   | 940                                            |  |  |   | 1,632   | 
|International All Cap Equity Fund |  |                                                  | 4,211  |  |                                                |   | 6,658   |                                                  |  |   | 2,052                                          |  |  |   | 3,114   | 
|                                  |  |                                                  |        |  |                                                |   |         |                                                  |  |   |                                                |  |  |   |         | 
|                                  |  | $                                                | 74,865 |  |                                                | $ | 144,214 |                                                  |  | $ | 64,801                                         |  |  | $ | 129,574 | 
|                                  |  |                                                  |        |  |                                                |   |         |                                                  |  |   |                                                |  |  |   |         | 



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The Real Asset Return Fund is subject to an annual management fee of .078% of the assets
invested in the Real Asset Return Fund, payable to State Street Bank. The fee is accrued daily and paid monthly. Prior to July 1, 2010, the Real Asset Return Fund was subject to a management fee of .09% of the total assets invested in the Real
Asset Return Fund, payable to State Street Bank. For the three-month periods ended June 30, 2011 and June 30, 2010, and for the six-month periods ended June 30, 2011 and June 30, 2010, State Street Bank received Real Asset Return
Fund management fees of $3,779, $1,929, $6,642 and $3,329, respectively.

The Retirement Date Funds are subject to an annual
management fee of .10% of the assets invested in the Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the three-month periods ended June 30, 2011 and June 30, 2010, and for the six-month
periods ended June 30, 2011 and June 30, 2010, State Street Bank received Retirement Date Funds management fees of $109,845, $87,372, $219,694 and $170,479, respectively.

Effective July 1, 2010, the Target Risk Funds are subject to an annual management fees of .042%, .055% and .063% of the assets
invested in the Conservative Risk Fund, Moderate Risk Funds and Aggressive Risk Fund, respectively, payable to State Street Bank. The fee is accrued daily and paid monthly. Prior to July 1, 2010, the Target Risk Funds were subject to an annual
management fee of .06% of the assets invested in the Target Risk Funds, payable to State Street Bank. For the three-month periods ended June 30, 2011 and June 30, 2010, and for the six-month periods ended June 30, 2011 and
June 30, 2010, State Street Bank received Target Risk Fund management fees of $9,714, $5,314, $18,651 and $9,429, respectively.

Investment Advisor Fees Managed Funds

From July 1, 2010 through December 8, 2010, the Stable Asset Return Fund paid State Street Bank a fee at the annual rate of .05% of the assets of the Fund, which was accrued on a daily basis and
paid monthly from the assets of the Fund. The amount paid to State Street Bank for the period from July 1, 2010 through December 8, 2010 was $217,418. No fee structure was in place prior to July 1, 2010.

Effective December 8, 2010, the new investment advisors for the Stable Asset Return Fund are paid a weighted average fee at an
annual rate of approximately .15%.

If the aggregate market value of the Bond Core Plus Funds assets and the assets of
certain other unaffiliated accounts totals $600 million or above (as of June 30, 2011, the aggregate value of such assets was $2.3 billion), the Fund pays its Investment Advisor a fee at the following annual rate:



|                   |  |      |     |  
|------------------ |  | ---- | --- | -
|Value of Assets    |  | Rate |    
|First $600 million |  |      | .25 | %
|Next $700 million  |  |      | .20 |  
|Over $1300 million |  |      | .15 |  

If the aggregate market value of the Funds assets and the assets of certain other unaffiliated
accounts falls below $600 million, the following fee schedule applies:



|                  |  |      |      |  
|----------------- |  | ---- | ---- | -
|Value of Assets   |  | Rate |     
|First $25 million |  |      | .50  | %
|Next $25 million  |  |      | .375 |  
|Over $50 million  |  |      | .25  |  

The table below provides the respective blended annual rates of aggregate fees payable by each of the
Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund to its respective Investment Advisors. These aggregate advisory fee rates are stated as a percentage of the assets of each Fund and are calculated
utilizing assets, fee rates and asset allocations as of June 30, 2011:



|                                  |  |      |      |  
|--------------------------------- |  | ---- | ---- | -
|Fund                              |  | Rate |     
|Large Cap Equity Fund             |  |      | .285 | %
|Small-Mid Cap Equity Fund         |  |      | .476 |  
|International All Cap Equity Fund |  |      | .493 |  



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Northern Trust Investments is paid a fee of .15% of the excess cash in the Managed Funds
(Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund, Bond Core Plus Fund and the SARF) that is swept to the STIF for the Managed Funds and to the GSTIF for the SARF. Northern Trust Investments was paid $5,004,
$2,059, $1,628, $1,078 and $41,145 for the three-month period ended June 30, 2011, and was paid $9,722, $4,247, $3,072, $2,196 and $82,044 for the six-month period ended June 30, 2011, from the Large Cap Equity Fund, Small-Mid Cap Equity
Fund, International All Cap Equity Fund, Bond Core Plus Fund and the SARF, respectively.

The Balanced Fund ceased offering
its units on July 2, 2009 and investment of the equity portion of the Balanced Fund was invested through the Large Cap Equity Fund and investment of the debt portion of the Balanced Fund was invested through the Bond Core Plus Fund. Effective
with this change, fees are no longer charged directly to the Balanced Fund as the fees are charged to the Large Cap Equity Fund and the Bond Core Plus Fund in which the Balanced Fund invests.

Operational and Offering Costs

Recurring expenses incurred in connection
with operating the Collective Trust, such as printing, legal, registration, consulting and auditing expenses, are considered operational expenses and are accrued throughout the year. For the three-month and six-month periods ended June 30,
2011, these expenses totaled $723,798 and $1,439,750, respectively. Fees in the amount of approximately $54,567 for the registration of $470 million of Units with the SEC were paid during 2011 and are an operational cost. These operational costs are
allocated to all of the Funds and the Balanced Fund based on net assets.

For purposes of these fee allocations, assets of the
Balanced Fund invested through the Large Cap Equity Fund or the Bond Core Plus Fund are included under the Large Cap Equity Fund or the Bond Core Plus Fund, as applicable, and not under the Balanced Fund.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities and the Funds assets invested in collective
investment funds, excluding U.S. Government securities and short-term investments were as follows:



|                                     |  |                                             |             |  |       |   |             | 
|------------------------------------ |  | ------------------------------------------- | ----------- |  | ----- | - | ----------- | 
|                                     |  | For the six-month period endedJune 30, 2011 |            
|                                     |  | Purchases                                   |             |  | Sales |  
|Bond Core Plus Fund                  |  | $                                           | 17,180,544  |  |       | $ | 5,180,547   | 
|Large Cap Equity Fund                |  |                                             | 255,191,709 |  |       |   | 302,418,482 | 
|Small-Mid Cap Equity Fund            |  |                                             | 199,184,076 |  |       |   | 216,766,163 | 
|International All Cap Equity Fund    |  |                                             | 37,485,362  |  |       |   | 41,594,372  | 
|Bond Index Fund                      |  |                                             | 10,411,628  |  |       |   | 3,903,510   | 
|Large Cap Index Equity Fund          |  |                                             | 12,049,165  |  |       |   | 5,481,175   | 
|All Cap Index Equity Fund            |  |                                             | 6,886,659   |  |       |   | 16,814,854  | 
|Mid Cap Index Equity Fund            |  |                                             | 19,363,647  |  |       |   | 3,885,105   | 
|Small Cap Index Equity Fund          |  |                                             | 11,992,330  |  |       |   | 3,750,943   | 
|International Index Equity Fund      |  |                                             | 11,188,550  |  |       |   | 1,377,764   | 
|Real Asset Return Fund               |  |                                             | 10,044,712  |  |       |   | 2,904,645   | 
|Lifetime Income Retirement Date Fund |  |                                             | 3,764,617   |  |       |   | 4,321,308   | 
|2010 Retirement Date Fund            |  |                                             | 6,745,497   |  |       |   | 12,598,641  | 
|2020 Retirement Date Fund            |  |                                             | 17,469,087  |  |       |   | 9,887,900   | 
|2030 Retirement Date Fund            |  |                                             | 10,861,634  |  |       |   | 10,484,906  | 
|2040 Retirement Date Fund            |  |                                             | 8,321,279   |  |       |   | 3,179,951   | 
|Conservative Risk Fund               |  |                                             | 8,820,248   |  |       |   | 6,813,443   | 



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Unaudited



|                     |  |                                             |            |  |       |  |            | 
|-------------------- |  | ------------------------------------------- | ---------- |  | ----- |  | ---------- | 
|                     |  | For the six-month period endedJune 30, 2011 |           
|                     |  | Purchases                                   |            |  | Sales | 
|Moderate Risk Fund   |  |                                             | 17,020,161 |  |       |  | 7,235,503  | 
|Aggressive Risk Fund |  |                                             | 6,601,985  |  |       |  | 4,131,085  | 
|Balanced Fund        |  |                                             | 11,976,372 |  |       |  | 32,645,026 | 

The aggregate cost of purchases and proceeds from sales of U.S. Government securities were as follows:



|                    |  |                                         |             |  |       |   |             | 
|------------------- |  | --------------------------------------- | ----------- |  | ----- | - | ----------- | 
|                    |  | For six-month period endedJune 30, 2011 |            
|                    |  | Purchases                               |             |  | Sales |  
|Bond Core Plus Fund |  | $                                       | 476,889,878 |  |       | $ | 527,730,252 | 

5. Risks Associated with Investments of the Collective Trust

The Funds and the Balanced Fund are subject to a variety of market and financial risks applicable to those markets.
Common stocks, the most familiar type of equity security, represent an equity (ownership) interest in a corporation. Although common stocks and other equity securities have a history of long-term growth in value, their prices may fluctuate
dramatically in the short term in response to changes in market conditions, interest rates and other company, political and economic developments. In addition, investments in non-U.S. securities, including emerging markets equities, and in small
capitalization and mid-capitalization equity securities, involve special risks. For instance, smaller companies may be impacted by economic conditions more severely. Foreign securities risks include less investor protections, government failure or
nationalization of businesses, exchange rate risk and exchange restrictions, poorly developed financial reporting requirements, broker/dealer regulation, or foreign government taxation, financial markets or legal systems. Certain Funds and the
Balanced Fund, in addition to the more general risks associated with equity investing, are subject to the more particular risks associated with investing in stocks, as different types of stocks tend to shift into and out of favor depending on market
and economic conditions. The value of the Funds and the Balanced Fund to the extent so invested in the equity markets will fluctuate, and the holders of units in the Funds and the Balanced Fund should be able to tolerate changes, sometimes sudden or
substantial, in the value of their investment.

The Funds and the Balanced Fund, to the extent invested in fixed income
securities, including all lending through collateral holdings, are subject to the risks associated with investing in such instruments. Fixed income securities such as bonds are issued to evidence loans that investors make to corporations and
governments, either foreign or domestic. If prevailing interest rates fall, the market value of fixed income securities that trade on a yield basis tends to rise. On the other hand, if prevailing interest rates rise, the market value of fixed income
securities generally will fall. In general, the shorter the maturity, the lower the yield but the greater the price stability. These factors may have an effect on the value of the Funds and the Balanced Fund. A change in the level of prevailing
interest rates will tend to cause the net asset value of the Funds or the Balanced Fund to change. If such interest rate changes are sustained over time, the yield of the Funds or the Balanced Fund will fluctuate accordingly.

Fixed income securities, including corporate bonds, also are subject to credit risk. When a security is purchased, its anticipated yield
is dependent on the timely payment by the borrower of each interest and principal installment. Credit analysis and bond ratings take into account the relative likelihood that such timely payment will result. Bonds with a lower credit rating tend to
have higher yields than bonds of similar maturity with a better credit rating. However, to the extent the Funds or the Balanced Fund invest in securities with medium or lower credit quality, they are subject to a higher level of credit risk than
investments in investment-grade securities. The credit quality of non investment-grade securities is considered speculative by recognized ratings agencies with respect to the issuers continuing ability to pay interest and principal.
Lower-grade securities may have less liquidity and a higher incidence of default than higher-grade securities. Furthermore, as economic, political and business developments unfold, lower-quality bonds, which possess lower levels of protection with
respect to timely payment, usually exhibit more price fluctuation than do higher-quality bonds of like maturity and the value of the Funds and the Balanced Fund will reflect this volatility. Moreover, Funds that invest in fixed income securities may
rely on ratings issued by one or more nationally recognized credit rating agencies to assess the credit quality of securities in



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Notes to Financial StatementsContinued

Unaudited



which they propose to invest. There may be limitations on the quality of such ratings. For instance, certain asset backed securities such as subprime collateralized mortgage obligations
(CMOs) and securities backed by bond insurance that initially received relatively high ratings were, in connection with the credit markets turbulence, subsequently significantly downgraded. There is a risk of loss associated with
securities even if initially highly rated, particularly in the case of collateralized debt obligations and other structured-finance investments that are often of relatively higher complexity.

Recent events in both the equity and fixed income markets and in particular the financial sector have resulted in an unusually high
degree of volatility in the market, the Funds and the Balanced Fund. Certain sectors of the fixed income markets also experienced an unusually high degree of illiquidity during 2010 which adversely affected the Funds and the Balanced Fund to the
extent invested in those sectors during 2010.

6. Securities Lending

Certain Funds and the Balanced Fund are authorized to participate in the direct securities lending program administered
by State Street Bank, under which securities held by the Funds and the Balanced Fund are loaned by State Street Bank, as the Funds and the Balanced Funds lending agent, to certain brokers and other financial institutions (the
Borrowers). The Borrowers provide cash, securities or letters of credit as collateral against loans in an amount at least equal to 100% of the fair value of the loaned securities. The Borrowers are required to maintain the collateral at
not less than 100% of the fair value of the loaned securities. Cash collateral is invested in the ABA Members Collateral Fund (as defined below).

Effective July 1, 2010 and thereafter, the Funds that directly engage in securities lending (Bond Core Plus Fund, International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity
Fund) and the Balanced Fund which indirectly engages in securities lending no longer invest in the State Street Quality D Short-Term Investment Fund (Quality D). Instead, the cash collateral received by the Funds that directly engage in
securities lending was reinvested in a newly formed cash collateral pooled fund (the ABA Members Collateral Fund) managed by State Street Bank as securities lending agent (Lending Agent) and dedicated solely to the Funds that
directly engage in securities lending. At the time of its formation, the ABA Members Collateral Fund had a comparable investment portfolio and net asset value per unit as did Quality D. Thereafter, the overall level of securities loans made by the
Funds will have a direct impact on the overall level of cash collateral held in the ABA Members Collateral Fund. For purposes of daily admissions and redemptions, the short-term portfolio instruments in the ABA Members Collateral Fund are currently
valued on the basis of amortized cost, as provided for in the Investment Guidelines of the ABA Members Collateral Fund. Participant units in the ABA Members Collateral Fund are issued and redeemed on each business day (valuation date).
Participant units in the ABA Members Collateral Fund, were, through June 30, 2011, purchased and redeemed at a constant net asset value of $1.00 per unit for normal course transactions, such as new loans and returns of borrowed securities and
adjustments upon the mark to market of securities on loan. In the event that a significant disparity develops between the constant net asset value and the market-based net asset value of the ABA Members Collateral Fund, the Lending Agent will notify
the Trustee that special circumstances exist and continued redemption at a constant $1.00 net asset value would create inequitable results for the unitholders. In these circumstances, the Lending Agent, in its sole discretion and acting
in a manner it deems appropriate and fair on behalf of all of the unitholders, may direct that units be redeemed for all transactions or certain transactions at the market-based net asset value, engage in in-kind redemptions, or take other action to
avoid inequitable results to unitholders until such time as the disparity between the market-based and the constant net asset value per unit is deemed to be immaterial.

The ABA Members Collateral Funds per unit net asset values, and the net asset value of the Funds and the Balanced Fund investing directly or indirectly in the ABA Members Collateral Fund, are
reflected at fair value and differ from the per unit net asset values calculated for purpose of transactions experienced by participants in their accounts. The difference is driven by GAAP valuation of the ABA Members Collateral Fund.

The Funds and the Balanced Fund are subject to the risks associated with the lending of securities, including the risks associated with
defaults by the Borrowers of such securities and the credit, liquidity and other risks arising out of the investment of cash collateral received from the Borrowers.



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Notes to Financial StatementsContinued

Unaudited



During the year ended December 31, 2010, certain Funds (the All Cap Index Equity
Fund and the Retirement Date Funds) also invested in collective investment funds which lend a portion of their securities to qualified Borrowers under identical collateral requirements described above. In July 2010, State Street Bank notified
clients that, effective August 2010, they were terminating the withdrawal limitations that were put in place in March 2009 relating to the State Street Bank common and collective trust funds that engage in securities lending. The Trustee determined
it was in the best interests of the Collective Trust to redeem the remaining balance from the State Street Bank collective lending funds which redemption was completed on September 16, 2010. From and after September 16, 2010, the All Cap
Index Equity Fund and the Retirement Date Funds are non-lending funds.

A portion of the income generated upon investment of
cash collateral is remitted to the Borrowers, and the remainder is allocated between the Fund or the Balanced Fund lending the securities and State Street Bank in its capacity as lending agent. At June 30, 2011, the Funds fair value of
securities on loan and investments of collateral value received at amortized cost and fair value for securities loaned was as follows:



|                                  |  |                                |            |  |                                    |   |            |           |  |   |            | 
|--------------------------------- |  | ------------------------------ | ---------- |  | ---------------------------------- | - | ---------- | --------- |  | - | ---------- | 
|                                  |  |                                |            |  | Investments of Collateral Received |  
|Fund                              |  | Fair Value ofLoaned Securities |            |  | AmortizedCost                      |   |            | FairValue | 
|Bond Core Plus Fund               |  | $                              | 33,725,267 |  |                                    | $ | 34,404,928 |           |  | $ | 34,069,032 | 
|Large Cap Equity Fund             |  |                                | 33,626,927 |  |                                    |   | 34,411,791 |           |  |   | 34,075,828 | 
|Small-Mid Cap Equity Fund         |  |                                | 64,761,761 |  |                                    |   | 66,374,658 |           |  |   | 65,726,642 | 
|International All Cap Equity Fund |  |                                | 6,259,077  |  |                                    |   | 6,553,806  |           |  |   | 6,489,821  | 

Units of the ABA Members Collateral Fund continue to be issued and redeemed at a constant $1.00 net asset
value per unit; however, certain dollar amount withdrawal limitations would apply to redemptions in connection with discontinuing participation in the securities lending program. At June 30, 2011, the market value of the investments in the ABA
Members Collateral Fund, as reported by its trustee, was approximately 99.024% of amortized cost. The accompanying financial statements of the Funds and the Balanced Fund have valued their direct investments in the ABA Members Collateral Fund at
their fair values, and have recognized unrealized losses. However, the Funds and the Balanced Fund have continued to value their investments in the ABA Members Collateral Fund for purposes of participant transactions at the amortized cost-based
values used by the ABA Members Collateral Fund for daily transactions.

7. Participant Ownership

As of June 30, 2011, the following Fund had a participant owning greater than 5% of the outstanding units of such
Fund: One participant owned 6.10% of the outstanding units of the 2010 Retirement Date Fund.



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|Item 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|------- | --------------------------------------------------------------------------------------

Quarter and Six Month Period Ended June 30, 2011

Stable Asset Return Fund

The Stable Asset Return Fund seeks to provide
current income consistent with the preservation of principal and liquidity. The Stable Asset Return Fund invests in investment contracts, which we refer to as Traditional Investment Contracts, so-called Synthetic GICs with associated
underlying assets, and high-quality, fixed-income instruments. Such investments may be made directly by the Fund or indirectly through its investment in other collective investment funds maintained by one or more banks, including Northern Trust
Investments, Inc., which we refer to as Northern Trust Investments.

For the quarter ended June 30, 2011, the Stable
Asset Return Fund experienced a total return, net of expenses, of 0.25%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.24% for the same period. The 3 Year Constant Maturity Treasury Yield does not
include an allowance for the fees that an investor would pay for investing in the instruments that comprise that benchmark or for fund expenses. Further, the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market
Fund Average produced an investment record of 0.46% for the period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 0.53%. By comparison, 3 Year Constant Maturity Treasury Yield produced an
investment record of 0.53% for the same period while the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average produced an investment record of 0.95% for the period. The Ryan Labs Three Year GIC Index
portion of the combination benchmark does not include an allowance for the fees that an investor would pay for investing in the instruments that comprise that benchmark or for fund expenses.

Effective with the reorganization of the Stable Asset Return Fund on December 8, 2010, the benchmark for the Fund is the 3 Year
Constant Maturity Treasury Yield. The Stable Asset Return Fund outperformed the 3 Year Constant Maturity Treasury Yield but underperformed the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average
(the historical benchmark prior to the reorganization of the Fund) for the quarter ended June 30, 2011. The funds market to book value ratio increased slightly during the quarter from 101.3% to 102.0%, reflecting strong performance in the
underlying fixed income bond portfolios. Positions in government agency mortgage backed securities and the defensive corporate sectors all posted positive excess returns. The credit quality of the underlying bond portfolios remained high with 78% of
the securities rated U.S. Treasury/Agency or AAA.

The Stable Asset Return Fund performed in line with the 3 Year
Constant Maturity Treasury Yield but underperformed the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average for the six month period ended June 30, 2011. During this time, an underweight to
Treasurys added value, though the yield moderately fell as interest reinvestment rates remained low. The current crediting rate of 1.7% will increase to approximately 2.0% as of August 1, 2011 based on data available on June 30, 2011. For
a further discussion of the Funds crediting rate, please see Note 2, Summary of Significant Accounting PoliciesStable Asset Return Fund (SARF).

Bond Core Plus Fund

The Bond Core Plus Fund seeks to achieve a total
return from current income and capital appreciation by investing primarily in a diversified portfolio of fixed income securities.

For the quarter ended June 30, 2011, the Bond Core Plus Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of 1.67%.
By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.29% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 2.19%, compared to
an investment record of 2.72% for the benchmark for the same period. The Barclays Capital U.S. 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 or for
fund expenses.

The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond Index for the quarter ended
June 30, 2011. Falling interest rates as well as continued sovereign debt concerns in Greece drove the underperformance.

The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond Index for the six month period ended June 30, 2011.
Falling interest rates in the second quarter (reversing the course of the first quarter) as well as continued sovereign debt concerns in Greece drove the underperformance.



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Large Cap Equity Fund

The Large Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market. The Fund invests primarily in common stocks and other equity-type securities of
larger-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion.

The
Large Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts
independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the
general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended June 30, 2011, the Large Cap Equity Fund experienced a total return, net of expenses, of 1.08%. By comparison, the Russell
1000® Index produced an investment record of 0.12% for the same period. For the six month period ended
June 30, 2011, the Fund experienced a total return, net of expenses, of 6.84%, compared to an investment record of 6.37% for the benchmark for the same period. The Russell 1000 Index does not include an allowance for the fees that an investor
would pay for investing in the securities that comprise that Index or for fund expenses.

For the quarter ended June 30,
2011, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 23% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000
Growth Index, against which the performance of this portion of the Fund is compared. Strong stock selection in the defensive-oriented healthcare sector more than overcame weakness within the industrials sector. In contrast to the first quarter,
higher quality and larger capitalization companies which are typically the focus of the investment discipline exhibited stronger relative performance.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 2011) positively contributed to
the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Led by the financials and healthcare sectors, six sectors exhibited strong performance. Despite
weakness among the banks and other financials, holdings in American Express were a major contributor, with the stock rising over 15% on shrinking loan losses and increased spending by more affluent consumers.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment
Advisers (approximately 26% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Outperformance
was driven by an underweight to financials as well as an overweight and good stock selection in healthcare, which was the best performing sector in the index.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 20% as of June 30, 2011) positively
contributed to the performance of the Fund, as well as outperformed the Russell 1000 Growth Index, against which the performance of this portion of the Fund is compared. Gains were strong in consumer staples, consumer discretionary, and healthcare
sectors, while the energy, information technology, industrials, and financials sectors performed poorly. Consumer discretionary positions contributed most to portfolio returns as both security selection and an overweight position in the sector were
beneficial.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the
assistance of Columbus Circle Investors (approximately 23% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth Index, against which the performance of this portion of the
Fund is compared. Poor stock selection within technology and financials sectors and an underweight in energy were most detrimental to performance.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 2011) positively
contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. An underweight to the poor performing financials sector as well as strong stock
selection in the healthcare sector were the primary drivers of outperformance.

For the six month period ended June 30,
2011, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000
Value Index, against which the performance of this portion of the Fund is compared. The primary drivers of performance were an underweight to the poor performing financials sector and positive stock selection in the energy and healthcare sectors.



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For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund
advised with the assistance of Jennison Associates LLC (approximately 20% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Growth Index, against which the performance of this
portion of the Fund is compared. Gains were strongest in the utilities, healthcare, energy, and consumer staples sectors. Security selection and an overweight position in consumer discretionary and information technology were also positive.

Small-Mid Cap Equity Fund

The Small-Mid Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market. The Fund invests primarily in common stocks and other equity-type securities of
U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

The Small-Mid
Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts
independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the
general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended June 30, 2011, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of -1.0%. By comparison, the Russell 2500 Index produced an investment record of
-0.59% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 7.61%, compared to an investment record of 8.06% for the benchmark for the same period. The Russell 2500 Index
does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 15% as of
June 30, 2011) negatively contributed to the performance of the Fund, but outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. While there are several sectors that provided positive
results during the quarter, the three most significant contributors were the healthcare, energy and consumer staples sectors. However, consumer cyclicals and utilities were modest detractors.

For the period from on or about May 10, 2011 (the date on which Lombardia Capital Partners, LLC commenced providing investment
assistance with respect to the Small Mid-Cap Equity Fund) to June 30, 2011, the portion of the Small Mid-Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 14% as of June 30, 2011) negatively
contributed to the performance of the Fund, as well as underperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Good stock selection in five of ten sectors was modestly offset by weak
selection in the industrials and health care sectors.

For the quarter ended June 30, 2011, the portion of the Small-Mid
Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Growth Index, against
which the performance of this portion of the Fund is compared. Overweights to the industrials and information technology sectors were the leading contributors to underperformance. Additionally, stock selection in materials and processing detracted
from relative performance.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised
with the assistance of LSV Asset Management (approximately 14% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion
of the Fund is compared. An overweight to information technology as well as an underweight to the utilities sector were the leading drivers of underperformance. A slightly smaller average capitalization size as well as a value bias relative to the
Index also detracted from performance.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund
advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell 2000 Growth Index, against which the
performance of this portion of the Fund is compared. Stock selection in technology accounted for the vast majority of the portfolios underperformance as many of the winners earlier in the year fell and were sold off in profit-taking and sector
rotation. Returns were also curtailed to a lesser extent by security selection in healthcare and an overweight to energy.

For
the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2011) positively contributed to the performance of the Fund, as well as
outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Stock selection in the information technology sector was a lead driver of performance. Additionally, stock selection in, and an
overweight to, the healthcare sector helped produce positive returns, while stock selection in the consumer sectors detracted from performance.



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For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund
advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Value Index, against which the
performance of this portion of the Fund is compared. Outperformance was driven primarily by stock selection, while sector allocation, in aggregate, detracted from results. Stock selection in the consumer discretionary, information technology and
industrials sectors added the most value, while the healthcare and consumer staples sectors performed poorly.

For the quarter
ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 2011) positively contributed to the performance of the Fund, as well as
outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Strong stock selection in both the information technology and consumer staples sectors were the leading drivers of outperformance.
Stock selection in retailers and consumer discretionary also added value.

For the six month period ended June 30, 2011,
the portion of the Small-Mid Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 15% as of June 30, 2011) negatively contributed to the performance of the Fund, but
outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. The top contributing sectors in the first six months of the year were consumer staples, basic materials, and interest rate sensitive
securities. Within the consumer staples holdings, Tupperware Brands was the key driver in the sectors outperformance. However, holdings in the technology, utilities, and REIT sectors detracted from performance.

For the period from on or about May 10, 2011 (the date on which Lombardia Capital Partners, LLC commenced providing investment
assistance with respect to the Small Mid-Cap Equity Fund) to June 30, 2011, the portion of the Small Mid-Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 14% as of June 30, 2011) negatively
contributed to the performance of the Fund, as well as underperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Good stock selection in five of ten sectors was modestly offset by weak
selection in the industrials and health care sectors.

For the six month period ended June 30, 2011, the portion of the
Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Growth
Index, against which the performance of this portion of the Fund is compared. Performance was hindered most by stock selection within the consumer discretionary sector. While no single stock was down substantially, a number were negatively affected
by rising oil prices, which tends to depress consumer spending.

For the six month period ended June 30, 2011, the
portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value
Index, against which the performance of this portion of the Fund is compared. An overweight to information technology as well as an underweight to the utilities sector were the leading drivers of underperformance. A slightly smaller average
capitalization size as well as a value bias relative to the Index also detracted from performance.

For the six month period
ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 2011) positively contributed to the performance of the Fund, as well as
outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Security selection in the technology and consumer discretionary sectors contributed positively during this time period. Atheros
Communications and Terremark Worldwide were two of the largest contributors to the portfolio for the period as both contracted to be acquired at premiums in the month of January.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of
Riverbridge Partners (approximately 10% as of June 30, 2011) positively contributed to the performance of the Fund, but underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. While
stock selection within the information technology sector contributed to the performance of the portfolio, this was offset slightly by the portfolios underweight to the energy sector, which benefitted from rising crude oil prices.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic
Financial Management, L.P. (approximately 14% as of June 30, 2011) negatively contributed to the performance of the Fund, but outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared.
Outperformance was driven primarily by stock selection, while sector allocation, in aggregate, detracted from results. Stock selection in the consumer discretionary, information technology and industrials sectors added the most value, while the
healthcare and consumer staples sectors performed relatively poorly.

For the six month period ended June 30, 2011, the
portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 2011) positively contributed to the performance of the



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Fund, as well as outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Stock selection in the information technology, consumer
staples, energy and healthcare sectors all contributed to strong relative returns.

International All Cap Equity Fund

The International All Cap Equity Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily
non-U.S. equity securities. The Fund seeks to diversify investments broadly among developed and emerging countries and generally to have at least three different countries represented in the portfolio. The Fund seeks to achieve, over an extended
period of time, total returns comparable to or superior to broad measures of international (non-U.S.) stock markets.

For the
quarter ended June 30, 2011, the International All Cap Equity Fund experienced a total return, net of expenses, of 2.13%. By comparison, the Morgan Stanley Capital International (MSCI) All-Country World (ACWI) ex-US
Index produced an investment record 0.38% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.42%, compared to an investment record of 3.80% for the benchmark for the
same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The International All Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or
more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct investment style in selecting securities. Each Investment
Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the
context of its own investment style.

For the quarter ended June 30, 2011, the portion of the International All Cap
Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI Europe, Australasia, Far East
(EAFE) Value ND Index, against which the performance of this portion of the Fund is compared. Outperformance was primarily driven by an underweight in financials as well as positions in the healthcare and consumer staples sectors.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of
Eagle Global Advisors LLC (approximately 15% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is
compared. An overweight to information technology and an underweight to materials were the primary drivers of strong performance. Performance was also enhanced by good stock selection in eight of the ten sectors as well as an underweight to Japan.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of
First State Investments International Limited (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this
portion of the Fund is compared. Stock selection in Taiwan was positive over the quarter, particularly in the technology sector. An overweight in the consumer staples sector and stock selection in the telecom services sector were also positive to
relative performance.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised
with the assistance of LSV Asset Management (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of
the Fund is compared. In general, sector allocation was slightly negative over the period, although stock selection added value. An overweight along with positive stock selection in the healthcare sector also improved relative performance.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of
Martin Currie Inc. (approximately 15% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared.
Outperformance was driven largely by stock selection and, in particular, a bias towards higher quality stocks. From a sector standpoint, consumer discretionary, telecommunications, materials, energy, healthcare and industrials all added value.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the
assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, but underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the
Fund is compared. Holdings in the information technology, industrial, and materials sectors all had a negative impact on relative performance.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of June 30,
2011) positively contributed to the performance of the Fund, as



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well as outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Stock selection in the financials, energy and industrials sectors all
contributed to performance and was positive in seven of ten sectors. Regionally, the portfolio benefited from being underweight to Japan and overweight to Germany and Switzerland during the period.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of
First State Investments International Limited (approximately 22% as of June 30, 2011) negatively contributed to the performance of the Fund, but outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of
the Fund is compared. An overweight position and strong stock selection in the telecom services sector and stock selection in the financials sector produced positive relative returns over the six month period. Regionally, the portfolio benefited
from stock selection in Taiwan.

For the six month period ended June 30, 2011, the portion of the International All Cap
Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Value ND Index, against which the performance
of this portion of the Fund is compared. An overweight to the healthcare sector added value, and stock selection was strong in the healthcare, financials, and telecom sectors.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of June 30, 2011)
positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Outperformance was primarily driven by stock selection, with sector
allocation mildly detracting from performance. Stock selection was also particularly strong in the consumer discretionary, healthcare, industrials and energy sectors.

Bond Index Fund

The Bond Index Fund seeks to replicate, after taking into
account Fund expenses, the total rate of return of the Barclays Capital U.S. Aggregate Bond Index by investing generally in securities which are representative of the domestic investment-grade bond market as included in such Index.

For the quarter ended June 30, 2011, the Bond Index Fund experienced a total return, net of expenses, of 2.02%. By comparison, the
Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.29% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 2.27%, compared to an investment
record of 2.72% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund
expenses.

The performance of the Bond Index Fund for the quarter and six month period ended June 30, 2011 was consistent
with the Barclays Capital U.S. Aggregate Bond Index after taking expenses into account.

Large Cap Index Equity Fund

The Large Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return
of the S&P 500® by investing generally in securities included in such Index. The S&P 500 represents
approximately 75% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2011, the
Large Cap Index Equity Fund experienced a total return, net of expenses, of -0.11%. By comparison, the S&P 500 produced an investment record of 0.10% for the same period. For the six month period ended June 30, 2011, the Fund experienced a
total return, net of expenses, of 5.64%, compared to an investment record of 6.02% for the benchmark for the same period. The S&P 500 does not include an allowance for the fees that an investor would pay for investing in the securities that
comprise that Index or for fund expenses.

The performance of the Large Cap Index Equity Fund for the quarter and six month
period ended June 30, 2011 was consistent with the S&P 500 after taking expenses into account.

All Cap Index Equity Fund

The All Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total
rate of return of the Russell 3000® Index by investing in stocks included in the Russell 3000 Index, with the
overall objective of achieving long-term growth of capital. The Russell 3000 Index represents approximately 98% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2011, the All Cap Index Equity Fund experienced a total return, net of expenses, of -0.19%. By comparison, the Russell 3000 Index produced an investment record of
-0.03% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.99%, compared to an investment record of 6.35% for the benchmark for the same period. The Russell 3000 Index
does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.



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The performance of the All Cap Index Equity Fund for the quarter and six month period ended
June 30, 2011 was consistent with the Russell 3000 Index after taking into account expenses.

Mid Cap Index Equity Fund

The Mid Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total
rate of return of the S&P MidCap 400® by investing generally in securities included in such Index. The
S&P MidCap 400 includes 400 companies and, as of June 30, 2011, represented approximately 7% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2011, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of -0.93%. By comparison, the S&P MidCap 400 produced an investment record of
-0.73% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 8.14%, compared to an investment record of 8.56% for the benchmark for the same period. The S&P MidCap 400
does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Mid-Cap Index Equity Fund for the quarter and six month period ended June 30, 2011 was consistent with the S&P MidCap 400 after taking expenses into account.

Small Cap Index Equity Fund

The Small Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the Russell 2000® Index by investing generally in securities included in such Index. The Russell 2000 Index is comprised of the approximately 2,000 companies in the Russell 3000 Index
with the smallest market capitalization and represents approximately 10% of the Russell 3000 Index total market capitalization.

For the quarter ended June 30, 2011, the Small Cap Index Equity Fund experienced a total return, net of expenses, of -1.79%. By
comparison, the Russell 2000 Index produced an investment record of -1.61% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.81%, compared to an investment record of
6.21% for the benchmark for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Small Cap Index Equity Fund for the quarter and six month period ended June 30, 2011 was consistent with the
Russell 2000 Index after taking expenses into account.

International Index Equity Fund

The investment objective of the International Index Equity Fund is to replicate, after taking into account Fund expenses, the total rate
of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 1,870 securities in 44 markets, with securities of emerging markets representing approximately
24% of the Index.

For the quarter ended June 30, 2011, the International Index Equity Fund experienced a total return,
net of expenses, of 0.30%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 0.38% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 3.46%,
compared to an investment record of 3.80% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund
expenses.

The performance of the International Index Equity Fund for the quarter and six month period ended June 30,
2011 was consistent with the MSCI ACWI ex-US Index after taking expenses into account.

Real Asset Return Fund

The investment objective of the Real Asset Return Fund is to provide capital appreciation in excess of inflation as measured by the All
Items Less Food and Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100 through investment in a diversified portfolio of primarily Treasury Inflation Protected Securities, commodity futures and real estate
investment trusts.

The Fund seeks to achieve its objective by investing indirectly in various index or
other collective investment funds maintained by State Street Bank and Trust Company, which we refer to as State Street Bank. During the quarter ended June 30, 2011, these funds included the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund and the SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund.



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The composite benchmark for the Real Asset Return Fund is the composite investment record of
the benchmarks for the three underlying asset classes to which the Real Asset Return Fund allocates assets. During the quarter ended June 30, 2011, the composite benchmark for the Real Asset Return Fund included the Dow Jones U.S. Select REIT
Index, the Dow Jones-UBS Commodity Index and the Barclays Capital U.S. Treasury Inflation Protected Securities Index and was weighted based on the Funds target allocations to the asset classes to which these underlying benchmarks relate.

For the quarter ended June 30, 2011, the Fund experienced a total return, net of expenses, of 0.99%. By comparison, the
composite benchmark produced an investment record of 1.23% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 4.81%, compared to an investment record of 5.29% for the
benchmark for the same period. None of the indices comprising the composite benchmark includes an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of the Real Asset Return Fund for the quarter and six month period ended June 30, 2011 was consistent with its
composite benchmark after taking expenses into account.

Retirement Date Funds

The Retirement Date Funds provide a series of diversified investment funds each of which is designed to correspond to a particular time
horizon to retirement. Each Retirement Date Fund has an initial investment strategy representing specific risk and reward characteristics that take into account the remaining time horizon to the most conservative investment mix. The longer the time
horizon to the year in which a Retirement Date Fund will reach its most conservative investment mix, the greater is the Retirement Date Funds initial risk and potential reward profile. The Lifetime Income Retirement Date Fund seeks to avoid
significant loss of principal for investors who are considerably beyond their retirement date and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund also has a target
equity exposure of 30%). The 2010 Retirement Date Fund currently seeks to provide a blend of capital appreciation and stability of principal for participants retiring in or around the year 2010. The 2020 Retirement Date Fund currently seeks to
provide a mix of long-term capital appreciation and stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide mostly long-term capital appreciation for
participants planning to retire in or around the year 2030 and is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in
or around the year 2040 and is comprised mainly of stocks for significant growth potential.

The
Retirement Date Funds seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2011, these funds included, in the case of some or all
of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High Yield Bond Index Non-Lending Series Fund, the SSgA U.S.
Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P 500® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA S&P
MidCap® Index Non-Lending Series Fund, the SSgA Russell Small Cap® Index Non-Lending Series Fund and the SSgA/Tuckerman Global Real Estate Securities Index Non-Lending Series Fund.

The composite benchmark for each of the Retirement Date Funds is the composite investment record of the respective benchmarks
for the underlying asset classes to which each Retirement Date Fund allocates its assets from time to time. During the quarter ended June 30, 2011, the respective benchmarks comprising the composite benchmarks included some or all of the
Barclays Capital U.S. Long Government Bond Index, the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital US High Yield Very Liquid Index, the Barclays Capital 1-3 Year Government/Credit Index, the Barclays Capital U.S. Treasury
Inflation Protected Securities Index, the S&P 500, the MSCI ACWI ex-US IMI Index, the S&P MidCap 400, the Russell 2000 Index and the FTSE EPRA/NAREIT Global Developed Liquid Index and were weighted based on each Funds respective target
allocations to the asset classes to which such underlying benchmarks relate.

For the quarter ended June 30, 2011, the
Retirement Date Funds experienced a total return, net of expenses, of 1.31% for the Lifetime Income Retirement Date Fund, 1.37% for the 2010 Retirement Date Fund, 0.76% for the 2020 Retirement Date Fund, 0.36% for the 2030 Retirement Date Fund and
0.00% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 1.54%, 1.59%, 0.92%, 0.52% and 0.20%, respectively, for the same period. None of the indices comprising
the composite benchmarks includes an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of each Retirement Date Fund for the quarter ended June 30, 2011 was consistent with its respective composite benchmark after taking into account expenses.

For the six month period ended June 30, 2011, the Retirement Date Funds experienced a total return, net of expenses, of 3.78% for
the Lifetime Income Retirement Date Fund, 4.07% for the 2010 Retirement Date Fund, 4.55% for the 2020 Retirement Date Fund,



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4.82% for the 2030 Retirement Date Fund and 4.95% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 4.24%,
4.60%, 4.95%, 5.15% and 5.38%, respectively, for the same period. None of the indices comprising the composite benchmarks includes an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for
fund expenses.

The performance of each Retirement Date Fund for the six month period ended June 30, 2011 was consistent
with its respective composite benchmark after taking into account expenses and the effect of participation in securities lending.

Target
Risk Funds

The Target Risk Funds provide a series of diversified investment funds each of which is designed to correspond
to a particular investment risk level. Each Target Risk Fund has an investment strategy representing specific risk and reward characteristics. The Conservative Risk Fund seeks to avoid significant loss of principal and is comprised primarily of
bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund also has a target equity exposure of 26%). The Moderate Risk Fund seeks to provide long-term capital appreciation and more limited stability of
principal for participants. The Aggressive Risk Fund seeks to provide long-term capital appreciation for participants and is comprised mainly of stocks for maximum growth potential.

The Target Risk Funds seek to achieve their objectives by investing in various index or other collective investment
funds maintained by State Street Bank. During the quarter ended June 30, 2011, these funds included, in the case of some or all of the Target Risk Funds and in varying allocations, the SSgA Russell All Cap® Index Non-Lending Series Fund, the SSgA International Index Non-Lending Series Fund, the SSgA Global Equity ex U.S.
Index Non-Lending Series Fund, the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund and the SSgA Dow Jones UBS-Commodity Index
Non-Lending Series Fund.

The composite benchmark for each of the Target Risk Funds is the composite
investment record of the respective benchmarks for the underlying asset classes to which each Target Risk Fund allocates its assets. During the quarter ended June 30, 2011, the respective benchmarks comprising the composite benchmarks included
some or all of the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, the Dow Jones U.S. Select REIT Index, the Dow Jones-UBS Commodity Index, the Russell 3000® Index, the Merrill Lynch 3-Month T-Bill, the MSCI EAFE Index and the MSCI ACWI ex-US Index and were weighted based
on each Funds respective target allocations to the asset classes to which such underlying benchmarks relate.

For the
quarter ended June 30, 2011, the Target Risk Funds experienced a total return, net of expenses, of 1.88% for the Conservative Risk Fund, 0.90% for the Moderate Risk Fund and 0.18% for the Aggressive Risk Fund. By comparison, the composite
benchmark for each Target Risk Fund produced an investment record of 2.05%, 1.09% and 0.36%, respectively, for the same period. For the six month period ended June 30, 2011, the Target Risk Funds experienced a total return, net of expenses, of
3.84% for the Conservative Risk Fund, 4.25% for the Moderate Risk Fund and 4.85% for the Aggressive Risk Fund, compared to an investment record of 4.23%, 4.69% and 5.22%, respectively, of the respective composite benchmark for the same period. None
of the indices comprising the composite benchmarks includes an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of each Target Risk Fund for the quarter and the six month period ended June 30, 2011 was consistent with its
respective composite benchmark after taking expenses into account.

Balanced Fund

Certain assets contributed to the Program are held in the Balanced Fund. However, the Collective Trust no longer offers Units in the
Balanced Fund.

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. The Fund invests in publicly traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market
instruments.

For the quarter ended June 30, 2011, the Balanced Fund experienced a total return, net of expenses, of
1.34%. By comparison, a combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of 1.00% for the same period. For the six month period ended
June 30, 2011, the Balanced Fund experienced a total return, net of expenses, of 4.99%, as compared to an investment record of 4.93% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. 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 or for fund expenses.



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For the quarter ended June 30, 2011, the equity segment of the Balanced Fund, which is
invested through the Large Cap Equity Fund, outperformed the Russell 1000 Index. For the six month period ended June 30, 2011, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, outperformed the
Russell 1000 Index. Please refer to the discussion of the investment performance of the Large Cap Equity Fund for such periods, above, for a description of the performance of the equity segment of the Balanced Fund for such periods.

For the quarter ended June 30, 2011, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund,
underperformed the Barclays Capital U.S. Aggregate Bond Index. For the six month period ended June 30, 2011, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, underperformed the Barclays Capital U.S.
Aggregate Bond Index. Please refer to a discussion of the investment performance of the Bond Core Plus Fund for such periods, above, for a description of the performance of the debt segment of the Balanced Fund for such periods.

Quarter and Six Month Period Ended June 30, 2010

Stable Asset Return Fund

The Stable Asset Return Fund seeks to provide
current income consistent with the preservation of principal and liquidity. The Fund does not make any direct investments, but invests all of its assets indirectly through the State Street Global Advisors Stable Asset Fund Trust, which we refer to
as SAFT, a collective investment fund maintained and managed by State Street Bank and Trust Company, which we refer to as State Street Bank. State Street Global Advisors, which we refer to as SSgA, is the investment management division of State
Street Bank. SAFT in turn invests in investment contracts, which we refer to as Traditional Investment Contracts, so called Synthetic GICs, which represent individual high-quality fixed-income and asset-backed instruments subject to
benefit responsive wrap contracts, and collective investment funds maintained by State Street Bank that invest in high-quality fixed income and asset-backed securities. SAFT also invests a portion of its assets in the SSgA Short Term Investment
Fund, which we refer to as STIF, a short-term income collective investment fund maintained by State Street Bank. STIF also invests in high-quality short-term fixed income and asset-backed instruments.

For the quarter ended June 30, 2010, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.34%. By
comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 0.64% for the same period. Further, to account for
reductions in the Funds yield due to increases in money market-type investments resulting from uncertainties in the Synthetic GIC market and an increased emphasis on credit quality, the combination benchmark less 0.5% per year, on an
annualized basis, produced an investment record of 0.52% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of 0.71%, compared to an investment record of 1.33% for the
combination benchmark for the same period and an investment record of 1.08% for the combination benchmark less 0.5% per year for the same period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not include an
allowance for the fees that an investor would pay for investing in the instruments that comprise that Index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark less 0.5% per year for the quarter ended June 30, 2010. The portfolios interest rate sensitivity and asset allocation
continue to be managed in a conservative fashion with investments remaining focused on Treasurys, agency debentures and agency mortgaged-backed securities. The decline in interest rates during the quarter improved the market-to-book ratio but also
reduced the yield in the portfolio. The duration of the portfolio was reduced during the quarter, which will be a benefit in the event of an increase in interest rates or widening in credit spreads.

The Stable Asset Return Fund underperformed the combination benchmark less 0.5% per year for the six month period ended
June 30, 2010. As a whole, the portfolio has been positioned more conservatively and with a shorter duration bias than the combination benchmark. While this conservative posture has been a positive in these volatile markets, the short duration
positioning has been a negative factor as rates have recently rallied approximately 50 basis points. With shorter-term interest rates at or near historic lows, the portfolios positioning leads to a lower yield than the benchmark. However, the
portfolio will benefit in the event of an increase in interest rates or widening in credit spreads.

Bond Core Plus Fund

The Bond Core Plus Fund, formerly named the Intermediate Bond Fund, seeks to achieve a total return from current income and capital
appreciation by investing primarily in a diversified portfolio of fixed income securities.

For the quarter ended
June 30, 2010, the Bond Core Plus Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of 3.06%. By comparison, the Barclays Capital U.S. Aggregate Bond Index
produced an investment record of 3.49% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of 4.94%, compared to an investment record of 5.33% for the benchmark for the same
period. The Barclays Capital U.S. 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 or for fund expenses.



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The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond Index for
the quarter ended June 30, 2010. Underperformance was primarily attributable to a small allocation to high yield corporate bonds and a focus on financials in the investment grade corporate sector. An overweight to the U.S. added value, as did
the portfolios curve steepening bias.

The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond
Index for the six month period ended June 30, 2010. A small allocation to high yield corporate bonds detracted from returns as corporate bonds underperformed like-duration Treasuries. However, a focus on high yield bank credits mitigated
negative returns as banking credit spreads tightened in June.

Large Cap Equity Fund

The Large Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market.
The Fund invests primarily in common stocks and other equity-type securities of larger-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion. A portion of the Fund (approximately 10% as of
June 30, 2010) is invested to replicate the performance of the Russell 1000® Index, which is comprised of
the approximately 1,000 largest companies in the Russell 3000® Index. The remainder of the Fund is actively
managed.

The Large Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to
one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments, N.A., which we refer to as Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct
investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of Northern Trust Investments. The
performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended
June 30, 2010, the Large Cap Equity Fund experienced a total return, net of expenses, of -11.88%. By comparison, the Russell 1000 Index produced an investment record of -11.44% for the same period. For the six month period ended June 30,
2010, the Fund experienced a total return, net of expenses, of -7.24%, compared to an investment record of -6.40% for the benchmark for the same period. The Russell 1000 Index does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise that Index or for fund expenses.

For the quarter ended June 30, 2010, the
portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 21% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth
Index, against which the performance of this portion of the Fund is compared. Negative stock selection in the consumer discretionary sector, primarily among retail holdings, had the biggest negative impact on relative returns. Within the information
technology sector, favorable issue selection, primarily within the semiconductor sector, added value.

For the quarter ended
June 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 27% as of June 30, 2010) positively contributed to the performance of the Fund, but underperformed the Russell 1000
Value Index, against which the performance of this portion of the Fund is compared. Solid issue selection in the consumer discretionary and healthcare sectors boosted relative returns. However, poor stock selection within the energy sector accounted
for a significant portion of the performance shortfall.

For the quarter ended June 30, 2010, the portion of the Large
Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 25% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the
performance of this portion of the Fund is compared. Outperformance was attributable to a combination of good stock selection and sector allocations. Given the pull-back in the market, the portfolios overweight to defensive sectors like
healthcare and consumer staples added relative value.

For the quarter ended June 30, 2010, the portion of the Large Cap
Equity Fund advised with the assistance of Jennison Associates LLC (approximately 18% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth Index, against which the
performance of this portion of the Fund is compared. Underperformance was primarily attributable to poor stock selection. Stock selection in the consumer discretionary, financial and healthcare sectors had the greatest impact on relative performance
of the portfolio.

For the quarter ended June 30, 2010, the performance of the indexed portion of the Large Cap Equity
Fund was consistent with the Russell 1000 Index after taking into account expenses and the effect of participation in securities lending. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for the
Quarter and Six Month Period Ended June 30, 2010 for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

For the period from on or about January 19, 2010 (the date on which Columbus Circle Investors commenced providing investment
assistance with respect to the Large Cap Equity Fund) to June 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 21% as of June 30, 2010) positively contributed to the
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of the Fund, as well as outperformed the Russell 1000 Growth Index, against which the performance of this portion of the Fund is compared. Favorable stock selection and no exposure to the energy
sector positively contributed to relative results.

For the six month period ended June 30, 2010, the portion of the
Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 27% as of June 30, 2010) positively contributed to the performance of the Fund, but underperformed the Russell 1000 Value Index, against which the performance
of this portion of the Fund is compared. Stock selection was the main driver of performance during the period, while the biggest detractors were investments in the energy and technology sectors.

For the period from on or about January 19, 2010 (the date on which Delaware Investment Advisers commenced providing investment
assistance with respect to the Large Cap Equity Fund) to June 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 25% as of June 30, 2010) positively contributed to
the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Outperformance was primarily attributable to stock selection, especially within the healthcare,
materials and information technology sectors.

For the six month period ended June 30, 2010, the portion of the Large Cap
Equity Fund advised with the assistance of Jennison Associates LLC (approximately 18% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth Index, against which the
performance of this portion of the Fund is compared. Underperformance in the period was primarily attributable to stock selection, with technology, consumer discretionary and financial sectors detracting the most from relative results.

For the six month period ended June 30, 2010, the performance of the indexed portion of the Large Cap Equity Fund was consistent
with the Russell 1000 Index after taking into account expenses and the effect of participation in securities lending. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for the Quarter and Six
Month Period Ended June 30, 2010 for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

Small-Mid Cap Equity Fund

The Small-Mid Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market. The Fund
invests primarily in common stocks and other equity-type securities of U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

The Small-Mid Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more
Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor
must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the context
of its own investment style.

For the quarter ended June 30, 2010, the Small-Mid Cap Equity Fund
experienced a total return, net of expenses, of -9.65%. By comparison, the Russell 2500TMIndex produced an investment record of -10.00% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of -0.90%, compared to an
investment record of -1.70% for the benchmark for the same period. The Russell 2500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses. Please see
Effect on Performance of Certain Funds that Participate in Securities Lending for the Quarter and Six Month Period Ended June 30, 2010 for a discussion of the effect of participation in the State Street Bank securities
lending program on the financial statement-reported performance of the Fund.

For the quarter ended June 30, 2010, the
portion of the Small-Mid Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 22% as of June 30, 2010) positively contributed to the performance of the Fund, as well as
outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Outperformance was primarily attributable to good stock selection across most sectors.

For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital
Management Co. LLC (approximately 10% as of June 30, 2010) negatively contributed to the performance of the Fund, but outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Driving
relative returns was stock selection in the industrials and healthcare sectors. In addition, stock selection was strong in energy, as holdings in land-based resources performed well.

For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset
Management (approximately 22% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Within
the healthcare, consumer discretionary and consumer staples sectors, favorable stock selection added value. However, strength in those areas was not sufficient to offset shortfall elsewhere. Lackluster stock selection in the technology sector had
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For the period from April 1, 2010 to June 17, 2010 (the date of termination of the
investment advisory agreement with OFI Institutional Asset Management, Inc.), the portion of the Small-Mid Cap Equity Fund formerly advised with the assistance of OFI Institutional Asset Management, Inc. (approximately 15% as of such termination on
June 17, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Stock selection was positive in most sectors,
with selection in consumer discretionary, consumer staples and industrials being particularly strong.

For the quarter ended
June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as
underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Overall stock selection was the largest detractor from relative results while sector allocations had a marginal impact. The
portfolio held relatively weaker positions in the financials sector, which provided the largest headwind. Positions in technology and consumer staples also detracted from performance while healthcare positions were additive.

For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge
Partners (approximately 10% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. The largest
contributor to performance was stock selection in the healthcare and financials sectors. The portfolios focus on personalized medicine contributed to relative returns as stocks falling under that category helped performance.

For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic
Financial Management, L.P. (approximately 15% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is
compared. Underperformance was due in part to poor stock selection in the energy sector due to exposure to offshore drillers and metallurgical coal. Poor stock selection in the materials and financials sectors and an underweight to utilities and
consumer staples further detracted.

For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund
advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Growth Index, against which the
performance of this portion of the Fund is compared. Strong stock selection in the technology and energy sectors were primary contributors to relative performance.

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 22%
as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Strong stock selection and sector
allocation played a major role in driving relative returns, with stock selection in the energy and information technology sectors being the strongest contributors to relative performance.

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier
Capital Management Co. LLC (approximately 10% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is
compared. Relative returns were hampered by stock selection in the financials sector, as holdings in some asset management firms underperformed. Conversely, stock selection in the energy and healthcare sectors was additive.

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset
Management (approximately 22% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Strong
stock selection across most sectors helped drive performance. The leading sector contributors during the period were the healthcare, consumer discretionary and consumer staples sectors.

For the period from January 1, 2010 to June 17, 2010 (the date of termination of the investment advisory agreement with OFI
Institutional Asset Management, Inc.), the portion of the Small-Mid Cap Equity Fund formerly advised with the assistance of OFI Institutional Asset Management, Inc. (approximately 15% as of such termination on June 17, 2010) positively
contributed to the performance of the Fund, but underperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Underperformance was primarily attributable to stock selection in the technology
sector. However, the portfolio benefitted from strong stock selection in the consumer discretionary sector.

For the six month
period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 2010) negatively contributed to the performance of the Fund, but
was in line with the investment record of the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Stock selection in the healthcare and consumer discretionary sectors was particularly strong. Positions
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For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity
Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Growth Index, against which the performance of this
portion of the Fund is compared. Outperformance was due to a combination of good stock selection and sector allocations. Stock selection was positive in most sectors, with selections in healthcare, financial and information technology being
particularly strong. Additionally, no exposure to the energy sector, which was the worst performing sector in the benchmark, positively contributed to relative results.

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 15% as of June 30,
2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Overall stock selection was the largest detractor while
sector allocations had a marginal impact. The portfolio held relatively weaker positions in the financials sector, which provided the largest headwind. Positions in the technology sector also detracted from performance while positions in healthcare
and consumer discretionary were additive.

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap
Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Growth Index, against which
the performance of this portion of the Fund is compared. Driving relative returns was stock selection in the technology, industrial and energy sectors.

International All Cap Equity Fund

The International All Cap Equity Fund,
formerly named the International Equity Fund, seeks to provide long-term capital appreciation through a diversified portfolio of primarily non-U.S. equity securities. The Fund seeks to diversify investments broadly among developed and emerging
countries and generally to have at least three different countries represented in the portfolio. The Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to broad measures of the international (non-U.S.)
stock market.

For the quarter ended June 30, 2010, the International All Cap Equity Fund experienced a total return, net
of expenses, of -13.19%. By comparison, the Morgan Stanley Capital International (MSCI) All-Country World (ACWI) ex-US Index produced an investment record of -12.45% for the same period and the MSCI Europe, Australasia, Far
East Index, which we refer to as the MSCI Europe, Australasia, Far East (EAFE) Index, produced an investment record of -13.97% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return,
net of expenses, of -11.76%, compared to an investment record of -11.06% for the MSCI ACWI ex-US Index and -13.23% for the MSCI EAFE Index for the same period. Neither the MSCI ACWI ex-US Index nor the MSCI EAFE Index includes an allowance for the
fees that an investor would pay for investing in the securities that comprise those Indices or for fund expenses.

The
International All Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment
Advisor acts independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and
subject to the general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 24% as of June 30, 2010)
negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Regionally, an overweight to Canada, specifically with positions in
gold-related companies, positively contributed to relative returns. The portfolio also benefited from a slight overweight to Japan and the yen and a modest underweight to Europe and the euro.

For the quarter ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Eagle
Global Advisors LLC (approximately 15% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared.
Stock selection in the materials sector was a significant detractor from relative performance. Positions in the industrial, consumer discretionary and telecomm sectors also negatively impacted performance. The portfolios overweight in consumer
staples and underweight in financials helped to offset negative performance.

For the quarter ended June 30, 2010, the
portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 18% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed
the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. The portfolio benefited from strong stock selection as well as strong sector and country positioning. Strong stock selection in the materials
sector was a main contributor to relative performance, and an underweight to materials also helped relative returns.

For the
quarter ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 24% as of June 30, 2010) negatively contributed to the performance of the Fund, but
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the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. The biggest contributor to relative returns was strong stock selection in the materials and
healthcare sectors. Regionally, the portfolio benefitted by strong stock selection and a slight overweight in Japan.

For the
quarter ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as
underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Weak stock selection across the sectors was the main contributor to the performance shortfall. An overweight in the consumer
discretionary sector also negatively impacted performance. Regionally, an underweight and poor stock selection in the U.K. detracted from relative results.

For the six month period ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 24% as of June 30,
2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Regionally, stock selection in continental Europe and Japan
boosted relative returns. Strong stock selection throughout the portfolio was the driving force on relative results.

For the
six month period ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of June 30, 2010) negatively contributed to the performance of the
Fund, as well as underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Underperformance was primarily attributable to stock selection in the consumer discretionary and financials
sectors. Regionally, positions in continental Europe and Japan underperformed, while positions in the Pacific (excluding Japan) and the U.K. contributed positively to relative performance.

For the six month period ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of
First State Investments International Limited (approximately 18% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this
portion of the Fund is compared. The portfolio benefited from strong stock selection as well as strong sector and country positioning. In particular, stock selection in the information technology and telecom services sectors positively contributed
to relative results. Regionally, the portfolio benefited from stock selection in Brazil and South Africa.

For the period from
on or about January 19, 2010 (the date on which LSV Asset Management commenced providing investment assistance with respect to the International All Cap Equity Fund) to June 30, 2010, the portion of the International All Cap Equity Fund
advised with the assistance of LSV Asset Management (approximately 24% as of June 30, 2010) negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of
the Fund is compared. Strong holdings in Japan led performance for the period. Stock selection in the financials and healthcare sectors was also additive.

For the six month period ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of June 30, 2010)
negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Underperformance was due primarily to poor stock selection. An
overweight in the financials and consumer discretionary sectors also contributed to the performance shortfall. Regionally, lackluster stock selection across all sectors had a negative impact on relative returns.

Bond Index Fund

The
Bond Index Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the Barclays Capital U.S. Aggregate Bond Index by investing generally in securities which are representative of the domestic investment grade
bond market as included in such Index.

For the quarter ended June 30, 2010, the Bond Index Fund experienced a total
return, net of expenses, of 3.38%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 3.49% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net
of expenses, of 4.98%, compared to an investment record of 5.33% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the
securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter and six
month period ended June 30, 2010 was consistent with the Barclays Capital U.S. Aggregate Bond Index after taking expenses into account.

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The Large Cap Index Equity Fund seeks to replicate, after taking into
account Fund expenses, the total rate of return of the S&P 500® by investing generally in securities
included in such Index. The S&P 500 represents approximately 75% of the U.S. equity market based on the market capitalization of the companies in the S&P 500.

For the quarter ended June 30, 2010, the Large Cap Index Equity Fund experienced a total return, net of expenses, of -11.58%. By comparison, the S&P 500 produced an investment record of -11.43%
for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of -7.02%, compared to an investment record of -6.65% for the benchmark for the same period. The S&P 500 does not
include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Large Cap Index Equity Fund for the quarter and six month period ended June 30, 2010 was consistent with the S&P 500 after taking expenses into account.

All Cap Index Equity Fund

The All Cap Index Equity Fund, formerly named the Index Equity Fund, seeks to replicate, after taking into account Fund expenses, the
total return of the Russell 3000 Index by investing in stocks included in the Russell 3000 Index, with the overall objective of achieving long-term growth of capital. 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.

For the quarter ended June 30, 2010, the
All Cap Index Equity Fund experienced a total return, net of expenses, of -11.40%. By comparison, the Russell 3000 Index produced an investment record of -11.32% for the same period. For the six month period ended June 30, 2010, the Fund
experienced a total return, net of expenses, of -6.24%, compared to an investment record of -6.05% for the benchmark for the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in
the securities that comprise that Index or for fund expenses.

The performance of the All Cap Index Equity Fund for the
quarter and six month period ended June 30, 2010 was consistent with the Russell 3000 Index after taking into account expenses and the effect of participation in securities lending. Please see Effect on Performance of Certain
Funds that Participate in Securities Lending for the Quarter and Six Month Period Ended June 30, 2010 for a discussion of the effect of participation in the State Street Bank securities lending program on the financial
statement-reported performance of the Fund.

Mid Cap Index Equity Fund

The Mid Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of
the S&P MidCap 400® by investing generally in securities included in such Index. The S&P MidCap 400
includes 400 companies and, as of December 31, 2009, represented approximately 7% of the U.S. equity market based on the market capitalization of the companies in the S&P MidCap 400.

For the quarter ended June 30, 2010, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of -9.77%. By
comparison, the S&P MidCap 400 produced an investment record of -9.59% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of -1.78%, compared to an investment record of
-1.36 % for the benchmark for the same period. The S&P MidCap 400 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Mid-Cap Index Equity Fund for the quarter and six month period ended June 30, 2010 was consistent with the
S&P MidCap 400 after taking expenses into account.

Small Cap Index Equity Fund

The Small Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return
of the Russell 2000® Index by investing generally in securities included in such Index. The Russell 2000 Index
is comprised of the approximately 2,000 companies in the Russell 3000 Index with the smallest market capitalization and represents approximately 10% of the Russell 3000 Index total market capitalization.

For the quarter ended June 30, 2010, the Small Cap Index Equity Fund experienced a total return, net of expenses, of -10.12%. By
comparison, the Russell 2000 Index produced an investment record of -9.92% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of -2.42%, compared to an investment record of
-1.95% for the benchmark for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Small Cap Index Equity Fund for the quarter and six month period ended June 30, 2010 was consistent with the
Russell 2000 Index after taking expenses into account.

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The investment objective of the International Index Equity Fund is to replicate, after
taking into account Fund expenses, the total rate of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 1,800 securities in 45 markets, with securities
of emerging markets representing approximately 20% of the Index.

For the quarter ended June 30, 2010, the International
Index Equity Fund experienced a total return, net of expenses, of -12.59%. By comparison, the MSCI ACWI ex-US Index produced an investment record of -12.45% for the same period. For the six month period ended June 30, 2010, the Fund experienced
a total return, net of expenses, of -11.49%, compared to an investment record of -11.06% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing
in the securities that comprise that Index or for fund expenses.

The performance of the International Index Equity Fund for
the quarter and six month period ended June 30, 2010 was consistent with the MSCI ACWI ex-US Index after taking expenses into account.

Real Asset Return Fund

The investment objective of the Real Asset Return Fund is to provide capital appreciation in excess of inflation as measured by the All
Items Less Food and Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100 through investment in a diversified portfolio of primarily Treasury Inflation Protected Securities, commodity futures and real estate
investment trusts.

The Fund seeks to achieve its objective by investing indirectly in various index or
other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2010, these funds included the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending
Series Fund and the SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund.

The composite benchmark for the Real Asset Return Fund is the composite performance of the
benchmarks for the three underlying asset classes to which the Real Asset Return Fund allocates assets. During the quarter ended June 30, 2010, the composite benchmark for the Real Asset Return Fund included the Dow Jones U.S. Select REIT
Index, the Dow Jones-UBS Commodity Index and the Barclays Capital U.S. Treasury Inflation Protected Securities Index and were weighted based on the Funds target allocations to the asset classes to which such benchmarks relate.

For the quarter ended June 30, 2010, the Fund experienced a total return, net of expenses, of -0.81%. By comparison, the composite
benchmark produced an investment record of -0.55% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of 1.10%, compared to an investment record of 1.43% for the benchmark for
the same period. None of the indices comprising the composite benchmark include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of the Real Asset Return Fund for the quarter and six month period ended June 30, 2010 was consistent with its
composite benchmark after taking expenses into account.

Retirement Date Funds

The Retirement Date Funds provide a series of balanced investment funds each of which is designed by State Street Bank to correspond to a
particular time horizon to retirement. Each Retirement Date Fund has a different initial investment strategy representing different risk and reward characteristics that reflect the remaining time horizon to the most conservative investment mix. The
longer the time horizon to the year in which a Retirement Date Fund will reach its most conservative investment mix, the greater is the Retirement Date Funds initial risk and potential reward profile. The Lifetime Income Retirement Date Fund
seeks to avoid significant loss of principal for investors who have reached or are beyond their retirement date and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund
also has a target equity exposure of 30%). The 2010 Retirement Date Fund currently seeks to provide a blend of capital appreciation and stability of principal for participants planning to retire in or around the year 2010. The 2020 Retirement Date
Fund currently seeks to provide long-term capital appreciation and more limited stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital
appreciation for participants planning to retire in or around the year 2030 and is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants
planning to retire in or around the year 2040 and is comprised mainly of stocks for significant growth potential.

The
Retirement Date Funds seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2010, these funds included, in the case of some or all
of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index Securities Lending Series Fund, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Securities Lending Series
Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High Yield Bond Index Non-Lending Series Fund, the SSgA U.S.



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Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P 500® Index Securities Lending Series Fund, SSgA S&P 500® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Securities Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the
SSgA S&P MidCap Index Securities Lending Series Fund, the SSgA S&P MidCap® Index Non-Lending Series
Fund, the SSgA Russell Small Cap® Index Securities Lending Series Fund, the SSgA Russell Small Cap Index
Non-Lending Series Fund and the SSgA/Tuckerman Global Real Estate Securities Index Non-Lending Series Fund.

The composite
benchmark for each of the Retirement Date Funds is the composite performance of respective benchmarks for the underlying asset classes to which each of the Retirement Date Funds allocates assets from time to time. During the quarter ended
June 30, 2010, the respective benchmarks comprising the composite benchmarks included some or all of the Barclays Capital U.S. Long Government Bond Index, the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital US High Yield Very
Liquid Index, the Barclays Capital 1-3 Year Government/Credit Index, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, the S&P 500, the MSCI ACWI ex-US Index, the S&P MidCap 400, the Russell 2000 Index and the FTSE
EPRA/NAREIT Global Developed Liquid Index and were weighted based on each Funds respective target allocations to the asset classes to which such benchmarks relate.

For the quarter ended June 30, 2010, the Retirement Date Funds experienced a total return, net of expenses, of -2.41% for the Lifetime Income Retirement Date Fund, -2.59% for the 2010 Retirement Date
Fund, -5.53% for the 2020 Retirement Date Fund, -7.60% for the 2030 Retirement Date Fund and -9.17% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of -2.25%,
-2.57%, -5.53%, -7.58% and -9.11%, respectively, for the same period. None of the indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or
for fund expenses.

The performance of each Retirement Date Fund for the quarter ended June 30, 2010 was consistent with
its respective composite benchmark after taking into account expenses, the effect of participation in securities lending and differences in rebalancing frequency in as much as the target asset allocations of each Retirement Date Fund is rebalanced
quarterly and its composite benchmarks component weights remain static. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for the Quarter and Six Month Period Ended June 30,
2010 for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

For the six month period ended June 30, 2010, the Retirement Date Funds experienced a total return, net of expenses, of -0.18% for the Lifetime Income Retirement Date Fund, 0.24% for the 2010
Retirement Date Fund, -1.94% for the 2020 Retirement Date Fund, -3.62% for the 2030 Retirement Date Fund and -5.05% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record
of 0.41%, 0.57%, -1.71%, -3.45% and -4.79%, respectively, for the same period. None of the indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such
indices or for fund expenses.

The performance of each Retirement Date Fund for the six month period ended June 30, 2010
was consistent with its respective composite benchmark after taking into account expenses, the effect of participation in securities lending and differences in rebalancing frequency in as much as the target asset allocations of each Retirement Date
Fund is rebalanced quarterly and its composite benchmarks component weights remain static. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for the Quarter and Six Month Period Ended
June 30, 2010 for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

Target Risk Funds

The Target Risk Funds provide a series of balanced
investment funds each of which is designed to correspond to a particular investment risk level. Each Target Risk Fund has a different investment strategy representing different risk and reward characteristics. The Conservative Risk Fund seeks to
avoid significant loss of principal and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund also has a target equity exposure of 29%). The Moderate Risk Fund seeks to
provide long-term capital appreciation and more limited stability of principal for participants. The Aggressive Risk Fund seeks to provide long-term capital appreciation for participants and is comprised mainly of stocks for maximum growth
potential.

The Target Risk Funds seek to achieve their objectives by investing in various index or other collective
investment funds maintained by State Street Bank. During the quarter ended June 30, 2010, these funds included, in the case of some or all of the Target Risk Funds and in varying allocations, the SSgA Russell All Cap Index Non-Lending Series
Fund, the SSgA International Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S.
Inflation Protected Bond Index Non-Lending Series Fund, the SSgA Short Term Investment Fund and the SSgA Dow Jones UBS-Commodity Index Non-Lending Series Fund.



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The composite benchmark for each of the Target Risk Funds is the
composite performance of respective benchmarks for the underlying asset classes to which each of the Target Risk Funds allocates assets. During the quarter ended June 30, 2010, the respective benchmarks comprising the composite benchmarks
included some or all of the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, the Dow Jones U.S. Select REIT Index, the Dow Jones-UBS Commodity Index, the Russell 3000® Index, the Merrill Lynch 3-Month T-Bill, the MSCI EAFE Index and the MSCI ACWI ex-US Index and were weighted based
on each Funds respective target allocations to the asset classes to which such benchmarks relate.

For the quarter ended
June 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of -0.88% for the Conservative Risk Fund, -5.07% for the Moderate Risk Fund and -9.03% for the Aggressive Risk Fund. By comparison, the composite benchmark for
each Target Risk Fund produced an investment record of -0.78%, -5.00% and -8.91%, respectively, for the same period. For the six month period ended June 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of 1.60% for
the Conservative Risk Fund, -1.95% for the Moderate Risk Fund and -5.32% for the Aggressive Risk Fund, compared to an investment record of 1.98%, -1.57% and -4.96%, respectively, of the respective composite benchmark for the same period. None of the
indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of each Target Risk Fund for the quarter and six month period ended June 30, 2010 was consistent with its respective
composite benchmark after taking expenses into account.

Balanced Fund

Certain assets contributed to the Program are held in the Balanced Fund. However, the Collective Trust no longer offers Units in the
Balanced Fund.

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. The Fund invests in publicly traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market
instruments.

For the quarter ended June 30, 2010, the Balanced Fund experienced a total return, net of expenses, of
-5.95%. By comparison, a combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of -5.59% for the same period. For the six month period ended
June 30, 2010, the Balanced Fund experienced a total return, net of expenses, of -2.29%, as compared to an investment record of -1.63% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. 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 or for fund expenses.

For the quarter ended June 30, 2010, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, underperformed the Russell 1000 Index. For the six month period
ended June 30, 2010, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, underperformed the Russell 1000 Index. Refer to a discussion of the investment performance of the Large Cap Equity Fund, above,
for a description of the performance of the equity segment of the Balanced Fund for such periods.

For the quarter ended
June 30, 2010, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, underperformed the Barclays Capital U.S. Aggregate Bond Index. For the six month period ended June 30, 2010, the debt segment of the
Balanced Fund, which is invested through the Bond Core Plus Fund, underperformed the Barclays Capital U.S. Aggregate Bond Index. Refer to a discussion of the investment performance of the Bond Core Plus Fund, above, for a description of the
performance of the debt segment of the Balanced Fund for such periods.

Effect on Performance of Certain Funds that Participate in
Securities Lending for the Quarter and Six Month Period Ended June 30, 2010

The per Unit net asset values of the
Funds that participate directly or indirectly in the State Street Bank securities lending program as reflected in their financial statements are based on United States generally accepted accounting principles (GAAP) and may from time to
time differ from the per Unit net asset values calculated for purposes of transactions effected by Participants in their accounts. The difference is driven by differing methods of valuation of securities lending cash collateral funds referred to
below as cash collateral funds.

The Funds listed in the table below, either directly or indirectly through their
investment in other funds and accounts managed by State Street Bank or its affiliates, participated during the periods here under discussion in the State Street Bank securities lending program as described in Note 6 of the Notes to
Financial Statements. The Funds participating in this program typically receive cash collateral at the time of lending with a value in excess of that of the loaned securities, and collateral is increased or decreased, respectively, as the
value of the loaned securities increases or decreases. The cash collateral is invested for the account and risk of the participating funds in the cash collateral funds, which are managed by State Street Bank or its affiliates. For purposes of normal
daily transaction activity, these cash collateral funds, as permitted under their governing agreements, value their investments on the basis of amortized cost, rather than current market values, to the extent that an investment is not in default.
State Street Bank has informed the



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Collective Trust that none of the securities in the cash collateral funds was in default at June 30, 2010 and therefore purchases and redemptions of units in the cash collateral funds
continued at that time to be transacted at a value equivalent to $1.00 per unit (100% of principal invested). On June 30, 2010, a voluntary cash contribution was made by State Street Corporation to the Series Quality Trust for SSgA Funds Trust
Fund (Quality Trust), the cash collateral fund utilized in connection with indirect participation in the State Street Bank securities lending program, to establish a fair market net asset value per unit of Quality Trust of approximately
$1.00, resulting in such cash collateral fund having a net asset value of $1.00 per unit on a market basis at June 30, 2010. However, on a market basis at June 30, 2010, the State Street Quality D Short-Term Investment Fund (Quality
D), the cash collateral fund utilized in connection with direct participation in the State Street Bank securities lending program, had a net asset value of $.989 per unit. These net asset values compared to aggregate values of Quality Trust
and Quality D ranging from $.988 to $.991 per unit at March 31, 2010 and $.977 to $.984 per unit at December 31, 2009.

For financial reporting purposes under GAAP, each of these Funds has valued its direct and indirect investments in the cash collateral funds at their market values, and has recognized either unrealized
gains or unrealized losses in the financial statements for the quarter and six month period ended June 30, 2010. The effect on reported performance of each relevant Fund for the quarter and six month period ended June 30, 2010 as a result
of participation in the State Street Bank securities lending program is presented in the tables below.

Funds that
participated directly in the State Street Bank securities lending program:



|                                  |  |         |       |   |                  |  |       |  
|--------------------------------- |  | ------- | ----- | - | ---------------- |  | ----- | -
|                                  |  | 2010    |      
|                                  |  | Quarter |       |   | Six Month Period | 
|Bond Core Plus Fund               |  |         | -0.07 | % |                  |  | -0.07 | %
|International All Cap Equity Fund |  |         | 0.00  |   |                  |  | 0.11  |  
|Large Cap Equity Fund             |  |         | 0.03  |   |                  |  | 0.12  |  
|Small-Mid Cap Equity Fund         |  |         | 0.04  |   |                  |  | 0.44  |  
|Balanced Fund                     |  |         | -0.01 |   |                  |  | 0.05  |  

Funds that participated indirectly in the State Street Bank securities lending program:



|                                     |  |         |      |   |                  |  |      |  
|------------------------------------ |  | ------- | ---- | - | ---------------- |  | ---- | -
|                                     |  | 2010    |     
|                                     |  | Quarter |      |   | Six Month Period | 
|All Cap Index Equity Fund            |  |         | 0.08 | % |                  |  | 0.19 | %
|Lifetime Income Retirement Date Fund |  |         | 0.05 |   |                  |  | 0.10 |  
|2010 Retirement Date Fund            |  |         | 0.12 |   |                  |  | 0.24 |  
|2020 Retirement Date Fund            |  |         | 0.11 |   |                  |  | 0.21 |  
|2030 Retirement Date Fund            |  |         | 0.10 |   |                  |  | 0.18 |  
|2040 Retirement Date Fund            |  |         | 0.08 |   |                  |  | 0.16 |  

The unrealized gains reflected in the financial statements were the result of reversals of unrealized
losses recognized in previous periods. The unrealized losses reflected in the financial statements were the result of changes in the relative size of the investments of the affected Funds in Quality D.

In the case of the Funds that participate directly in the State Street Bank securities lending program, any unrealized losses (net of any
previously unrealized gains partially reversing these losses) could reverse, in whole or in part, over time to the extent that principal is eventually recovered on maturities or higher prices are realized upon sale of the underlying securities,
although, as with any investment, such events are not assured of occurring. Further, future losses could be experienced for financial reporting purposes if the net asset values per unit of the cash collateral funds on a market basis decrease from
their June 30, 2010 levels. However, all of the Funds that have participated directly or indirectly in the State Street Bank securities lending program have continued to value their investments in the cash collateral funds for purposes of
Participant transactions at amortized cost-based value used by the cash collateral funds for daily transactions. Accordingly, actual returns experienced by Participants in the Funds based on net asset values for transaction purposes do not reflect
the impact of any unrealized gains or losses.



|Item 4. | CONTROLS AND PROCEDURES.
|------- | ------------------------

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures: Under the supervision and with the participation of
the Principal Executive Officer and Principal Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trusts Principal Executive Officer and Principal Financial Officer have concluded that its disclosure controls and procedures are effective as of June 30, 2011.

Internal Control Over Financial Reporting: Under the supervision and with the participation of the Principal Executive Officer and
Principal Financial Officer, the Collective Trust evaluated any change in its internal control over financial reporting that



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occurred during the fiscal quarter ended June 30, 2011 and determined that no change in the Collective Trusts internal control over financial reporting occurred during the fiscal
quarter ended June 30, 2011 that has materially affected, or is reasonably likely to materially affect, the Collective Trusts internal control over financial reporting.

PART II. OTHER INFORMATION.



|Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|------- | ------------------------------------------------------------

During the quarter ended June 30, 2011, the Collective Trust issued an aggregate of approximately $299 million in unregistered Units. Such Units were offered and sold in reliance upon the exemption
from registration under Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain H.R. 10 plans. Proceeds received by the Collective Trust from the
sale or transfer of the Units are applied to the applicable Fund.



|Item 6. | EXHIBITS.
|------- | ---------



|         |  |                                                                                                                                                                                                                                                                                                   
|-------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.6.4   |  | Purchase Order No. 5 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective June 28, 2011, included as Exhibit
10.6.4 to Registrants Current Report on Form 8-K filed July 1, 2011 and incorporated herein by reference thereto.
|         | 
|10.6.5   |  | Purchase Order No. 6 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective June 28, 2011, included as Exhibit
10.6.5 to Registrants Current Report on Form 8-K filed July 1, 2011 and incorporated herein by reference thereto.
|         | 
|31.1     |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                 
|         | 
|31.2     |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                          
|         | 
|32.1     |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                   
|         | 
|32.2     |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                            
|         | 
|101.INS* |  | XBRL Instance Document.                                                                                                                                                                                                                                                                           
|         | 
|101.SCH* |  | XBRL Taxonomy Extension Schema Document.                                                                                                                                                                                                                                                          
|         | 
|101.CAL* |  | XBRL Taxonomy Extension Calculation Linkbase Document.                                                                                                                                                                                                                                            
|         | 
|101.DEF* |  | XBRL Taxonomy Extension Definition Linkbase Document.                                                                                                                                                                                                                                             
|         | 
|101.LAB* |  | XBRL Taxonomy Extension Label Linkbase Document.                                                                                                                                                                                                                                                  
|         | 
|101.PRE* |  | XBRL Extension Presentation Linkbase Document.                                                                                                                                                                                                                                                    



|* | To be filed by amendment.
|- | -------------------------



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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/ NORTHERN TRUST COLLECTIVE TRUST
|                |  |                                                                  
|August 15, 2011 |  | By:                                                               |  | /s/ Thomas R. Benzmiller                                    
|                |  | Name:                                                             |  | Thomas R. Benzmiller                                        
|                |  | Title:                                                            |  | Principal Executive Officer                                 
|                |  |                                                                  
|August 15, 2011 |  | By:                                                               |  | /s/ Randal Rein                                             
|                |  | Name:                                                             |  | Randal Rein                                                 
|                |  | Title:                                                            |  | Principal Financial Officer and
Principal Accounting Officer



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EXHIBIT INDEX



|       |  |                                                                                                                                                                                                                                                                                                   
|------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.6.4 |  | Purchase Order No. 5 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective June 28, 2011, included as Exhibit
10.6.4 to Registrants Current Report on Form 8-K filed July 1, 2011 and incorporated herein by reference thereto.
|       | 
|10.6.5 |  | Purchase Order No. 6 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective June 28, 2011, included as Exhibit
10.6.5 to Registrants Current Report on Form 8-K filed July 1, 2011 and incorporated herein by reference thereto.
|       | 
|31.1   |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                 
|       | 
|31.2   |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                          
|       | 
|32.1   |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                   
|       | 
|32.2   |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                            



146