##### Table of Contents





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, 2012



| ̈ | 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  x    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   | 
|        |  | Schedule of Investments                  |  |      | 5   | 
|        |  |                                         
|        |  | Bond Core Plus Fund                      |  |      | 36  | 
|        |  | Statement of Assets and Liabilities      |  |      | 36  | 
|        |  | Statement of Operations                  |  |      | 37  | 
|        |  | Statement of Changes in Net Assets       |  |      | 38  | 
|        |  | Financial Highlights                     |  |      | 39  | 
|        |  | Schedule of Investments                  |  |      | 40  | 
|        |  |                                         
|        |  | Large Cap Equity Fund                    |  |      | 48  | 
|        |  | Statement of Assets and Liabilities      |  |      | 48  | 
|        |  | Statement of Operations                  |  |      | 49  | 
|        |  | Statement of Changes in Net Assets       |  |      | 50  | 
|        |  | Financial Highlights                     |  |      | 51  | 
|        |  | Schedule of Investments                  |  |      | 52  | 
|        |  |                                         
|        |  | Small-Mid Cap Equity Fund                |  |      | 59  | 
|        |  | Statement of Assets and Liabilities      |  |      | 59  | 
|        |  | Statement of Operations                  |  |      | 60  | 
|        |  | Statement of Changes in Net Assets       |  |      | 61  | 
|        |  | Financial Highlights                     |  |      | 62  | 
|        |  | Schedule of Investments                  |  |      | 63  | 
|        |  |                                         
|        |  | International All Cap Equity Fund        |  |      | 80  | 
|        |  | Statement of Assets and Liabilities      |  |      | 80  | 
|        |  | Statement of Operations                  |  |      | 81  | 
|        |  | Statement of Changes in Net Assets       |  |      | 82  | 
|        |  | Financial Highlights                     |  |      | 83  | 
|        |  | Schedule of Investments                  |  |      | 84  | 
|        |  |                                         
|        |  | Global All Cap Equity Fund               |  |      | 95  | 
|        |  | Statement of Assets and Liabilities      |  |      | 95  | 
|        |  | Statement of Operations                  |  |      | 96  | 
|        |  | Statement of Changes in Net Assets       |  |      | 97  | 
|        |  | Financial Highlights                     |  |      | 98  | 
|        |  | Schedule of Investments                  |  |      | 99  | 
|        |  |                                         
|        |  | Bond Index Fund                          |  |      | 100 | 
|        |  | Statement of Assets and Liabilities      |  |      | 100 | 
|        |  | Statement of Operations                  |  |      | 101 | 
|        |  | Statement of Changes in Net Assets       |  |      | 102 | 
|        |  | Financial Highlights                     |  |      | 103 | 
|        |  | Schedule of Investments                  |  |      | 104 | 



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| |  |                                      |  |      |     | 
| |  | ------------------------------------ |  | ---- | --- | 
| |  |                                      |  | Page |    
| |  |                                     
| |  | Large Cap Index Equity Fund          |  |      | 105 | 
| |  | Statement of Assets and Liabilities  |  |      | 105 | 
| |  | Statement of Operations              |  |      | 106 | 
| |  | Statement of Changes in Net Assets   |  |      | 107 | 
| |  | Financial Highlights                 |  |      | 108 | 
| |  | Schedule of Investments              |  |      | 109 | 
| |  |                                     
| |  | All Cap Index Equity Fund            |  |      | 110 | 
| |  | Statement of Assets and Liabilities  |  |      | 110 | 
| |  | Statement of Operations              |  |      | 111 | 
| |  | Statement of Changes in Net Assets   |  |      | 112 | 
| |  | Financial Highlights                 |  |      | 113 | 
| |  | Schedule of Investments              |  |      | 114 | 
| |  |                                     
| |  | Mid Cap Index Equity Fund            |  |      | 115 | 
| |  | Statement of Assets and Liabilities  |  |      | 115 | 
| |  | Statement of Operations              |  |      | 116 | 
| |  | Statement of Changes in Net Assets   |  |      | 117 | 
| |  | Financial Highlights                 |  |      | 118 | 
| |  | Schedule of Investments              |  |      | 119 | 
| |  |                                     
| |  | Small Cap Index Equity Fund          |  |      | 120 | 
| |  | Statement of Assets and Liabilities  |  |      | 120 | 
| |  | Statement of Operations              |  |      | 121 | 
| |  | Statement of Changes in Net Assets   |  |      | 122 | 
| |  | Financial Highlights                 |  |      | 123 | 
| |  | Schedule of Investments              |  |      | 124 | 
| |  |                                     
| |  | International Index Equity Fund      |  |      | 125 | 
| |  | Statement of Assets and Liabilities  |  |      | 125 | 
| |  | Statement of Operations              |  |      | 126 | 
| |  | Statement of Changes in Net Assets   |  |      | 127 | 
| |  | Financial Highlights                 |  |      | 128 | 
| |  | Schedule of Investments              |  |      | 129 | 
| |  |                                     
| |  | Real Asset Return Fund               |  |      | 130 | 
| |  | Statement of Assets and Liabilities  |  |      | 130 | 
| |  | Statement of Operations              |  |      | 131 | 
| |  | Statement of Changes in Net Assets   |  |      | 132 | 
| |  | Financial Highlights                 |  |      | 133 | 
| |  | Schedule of Investments              |  |      | 134 | 
| |  |                                     
| |  | Alternative Alpha Fund               |  |      | 135 | 
| |  | Statement of Assets and Liabilities  |  |      | 135 | 
| |  | Statement of Operations              |  |      | 136 | 
| |  | Statement of Changes in Net Assets   |  |      | 137 | 
| |  | Financial Highlights                 |  |      | 138 | 
| |  | Schedule of Investments              |  |      | 139 | 
| |  |                                     
| |  | Lifetime Income Retirement Date Fund |  |      | 140 | 
| |  | Statement of Assets and Liabilities  |  |      | 140 | 
| |  | Statement of Operations              |  |      | 141 | 
| |  | Statement of Changes in Net Assets   |  |      | 142 | 
| |  | Financial Highlights                 |  |      | 143 | 
| |  | Schedule of Investments              |  |      | 144 | 



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##### Table of Contents

| |  |                                     |  |      |     | 
| |  | ----------------------------------- |  | ---- | --- | 
| |  |                                     |  | Page |    
| |  |                                    
| |  | 2010 Retirement Date Fund           |  |      | 145 | 
| |  | Statement of Assets and Liabilities |  |      | 145 | 
| |  | Statement of Operations             |  |      | 146 | 
| |  | Statement of Changes in Net Assets  |  |      | 147 | 
| |  | Financial Highlights                |  |      | 148 | 
| |  | Schedule of Investments             |  |      | 149 | 
| |  |                                    
| |  | 2020 Retirement Date Fund           |  |      | 150 | 
| |  | Statement of Assets and Liabilities |  |      | 150 | 
| |  | Statement of Operations             |  |      | 151 | 
| |  | Statement of Changes in Net Assets  |  |      | 152 | 
| |  | Financial Highlights                |  |      | 153 | 
| |  | Schedule of Investments             |  |      | 154 | 
| |  |                                    
| |  | 2030 Retirement Date Fund           |  |      | 155 | 
| |  | Statement of Assets and Liabilities |  |      | 155 | 
| |  | Statement of Operations             |  |      | 156 | 
| |  | Statement of Changes in Net Assets  |  |      | 157 | 
| |  | Financial Highlights                |  |      | 158 | 
| |  | Schedule of Investments             |  |      | 159 | 
| |  |                                    
| |  | 2040 Retirement Date Fund           |  |      | 160 | 
| |  | Statement of Assets and Liabilities |  |      | 160 | 
| |  | Statement of Operations             |  |      | 161 | 
| |  | Statement of Changes in Net Assets  |  |      | 162 | 
| |  | Financial Highlights                |  |      | 163 | 
| |  | Schedule of Investments             |  |      | 164 | 
| |  |                                    
| |  | 2050 Retirement Date Fund           |  |      | 165 | 
| |  | Statement of Assets and Liabilities |  |      | 165 | 
| |  | Statement of Operations             |  |      | 166 | 
| |  | Statement of Changes in Net Assets  |  |      | 167 | 
| |  | Financial Highlights                |  |      | 168 | 
| |  | Schedule of Investments             |  |      | 169 | 
| |  |                                    
| |  | Conservative Risk Fund              |  |      | 170 | 
| |  | Statement of Assets and Liabilities |  |      | 170 | 
| |  | Statement of Operations             |  |      | 171 | 
| |  | Statement of Changes in Net Assets  |  |      | 172 | 
| |  | Financial Highlights                |  |      | 173 | 
| |  | Schedule of Investments             |  |      | 174 | 
| |  |                                    
| |  | Moderate Risk Fund                  |  |      | 175 | 
| |  | Statement of Assets and Liabilities |  |      | 175 | 
| |  | Statement of Operations             |  |      | 176 | 
| |  | Statement of Changes in Net Assets  |  |      | 177 | 
| |  | Financial Highlights                |  |      | 178 | 
| |  | Schedule of Investments             |  |      | 179 | 



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|           |  |                                                                                                |     |      |     | 
|---------- |  | ---------------------------------------------------------------------------------------------- | --- | ---- | --- | 
|           |  |                                                                                                |     | Page |    
|           |  |                                                                                               
|           |  | Aggressive Risk Fund                                                                           |     |      | 180 | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 180 | 
|           |  | Statement of Operations                                                                        |     |      | 181 | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 182 | 
|           |  | Financial Highlights                                                                           |     |      | 183 | 
|           |  | Schedule of Investments                                                                        |     |      | 184 | 
|           |  |                                                                                               
|           |  | Balanced Fund                                                                                  |     |      | 185 | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 185 | 
|           |  | Statement of Operations                                                                        |     |      | 186 | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 187 | 
|           |  | Financial Highlights                                                                           |     |      | 188 | 
|           |  | Schedule of Investments                                                                        |     |      | 189 | 
|           |  |                                                                                               
|           |  | Collective Trust                                                                               |     |      | 190 | 
|           |  | Combined Statement of Assets and Liabilities                                                   |     |      | 190 | 
|           |  | Combined Statement of Operations                                                               |     |      | 192 | 
|           |  | Combined Statement of Changes in Net Assets                                                    |     |      | 193 | 
|           |  |                                                                                               
|           |  | Notes to Financial Statements (Unaudited)                                                      |     |      | 194 | 
|           |  |                                                                                               
|           |  | Item 
2. Managements Discussion and Analysis of Financial Condition and Results of Operations |     |      | 226 | 
|           |  |                                                                                               
|           |  | Item 4. Controls and Procedures                                                                |     |      | 246 | 
|           |  |                                                                                               
|PART II.   |  | OTHER INFORMATION                                                                              |     |      | 246 | 
|           |  |                                                                                               
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                            |     |      | 246 | 
|           |  |                                                                                               
|           |  | Item 6. Exhibits                                                                               |     |      | 246 | 
|           | 
|SIGNATURES |  |                                                                                                | 247 |     



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##### Table of Contents

PART I. FINANCIAL INFORMATION.



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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statements of Assets and Liabilities





|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------- | ------------- | - | -------------------- | - | ------------- | -
|                                                                                                                                                 |  | June 30, 2012    Unaudited |               |   | December 31,    2011 |  
|Assets                                                                                                                                           |  |                            |               |   |                      |   |               |  
|Investments, at Fair Value (including Wrapper Contracts, at Value of $0 and $0, respectively) (cost $876,878,167 and
$866,813,202, respectively) |  | $                          | 911,199,847   |   |                      | $ | 893,870,854   |  
|Northern Trust Global Investments - Collective Government Short Term Investment Fund (cost $99,390,326 and $115,820,756,
respectively)           |  |                            | 99,390,326    |   |                      |   | 115,820,756   |  
|Receivable for fund units sold                                                                                                                   |  |                            | 387,876       |   |                      |   | 1,452,753     |  
|Interest and dividends receivable                                                                                                                |  |                            | 1,154         |   |                      |   | 1,019         |  
|Other assets                                                                                                                                     |  |                            | 30,537        |   |                      |   | 39,257        |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|Total assets                                                                                                                                     |  |                            | 1,011,009,740 |   |                      |   | 1,011,184,639 |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|                                                                                                                                                 |  |                           
|Liabilities                                                                                                                                      |  |                            |               |   |                      |   |               |  
|INGprogram fee payable                                                                                                                          |  |                            | 422,062       |   |                      |   | 428,403       |  
|Trustee, management and administration fees payable                                                                                              |  |                            | 71,734        |   |                      |   | 75,725        |  
|ABA Retirement Fundsprogram fee payable                                                                                                         |  |                            | 58,233        |   |                      |   | 61,465        |  
|Payable for legal and audit services                                                                                                             |  |                            | 35,834        |   |                      |   | 142,250       |  
|Payable for compliance consultant fees                                                                                                           |  |                            | 79,689        |   |                      |   | 74,967        |  
|Payable for reports to unitholders                                                                                                               |  |                            | 20,848        |   |                      |   | 20,031        |  
|Payable for registration fees                                                                                                                    |  |                            | 182,613       |   |                      |   | 136,158       |  
|Other accruals                                                                                                                                   |  |                            | 7,529         |   |                      |   | 13,601        |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|Total liabilities                                                                                                                                |  |                            | 878,542       |   |                      |   | 952,600       |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|Net Assets at fair value                                                                                                                         |  |                            | 1,010,131,198 |   |                      |   | 1,010,232,039 |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|Adjustment from fair value to contract value for fully benefitresponsive contracts                                                               |  |                            | (34,321,680   | ) |                      |   | (27,057,652   | )
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  
|Net Assets(equivalent to $36.30 and $36.06 per unit based on 26,881,745and 27,266,480 units outstanding,
respectively)                           |  | $                          | 975,809,518   |   |                      | $ | 983,174,387   |  
|                                                                                                                                                 |  |                            |               |   |                      |   |               |  



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



1



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statements of Operations

Unaudited





|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|--------------------------------------------------------------- |  | --------------------------------------------- | --------- | - | -------------------------------------------- | - | --------- | ---------------------------------------------- |  | - | ---------------------------------------------- | - |  | - | --------- | 
|                                                                |  | For the period April 1, 2012 to June 30,
2012 |           |   | For the period April 1 2011 to June 30, 2011 |   |           | For the period January 1, 2012 toJune 30, 2012 |  |   | For the period January 1, 2011to June 30, 2011 |  
|Investment income                                               |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Dividends                                                       |  | $                                             | 5,301,822 |   |                                              | $ | 4,536,295 |                                                |  | $ | 10,722,935                                     |   |  | $ | 9,394,246 | 
|Interestaffiliated issuers                                     |  |                                               | 40,457    |   |                                              |   | 44,109    |                                                |  |   | 83,439                                         |   |  |   | 92,767    | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Total investment income                                         |  |                                               | 5,342,279 |   |                                              |   | 4,580,404 |                                                |  |   | 10,806,374                                     |   |  |   | 9,487,013 | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|                                                                |  |                                               |           |  
|Expenses                                                        |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|INGprogram fee                                                 |  |                                               | 1,264,528 |   |                                              |   | 1,255,220 |                                                |  |   | 2,488,217                                      |   |  |   | 2,518,581 | 
|Trustee, management and administration fees                     |  |                                               | 216,558   |   |                                              |   | 213,356   |                                                |  |   | 434,950                                        |   |  |   | 426,745   | 
|Investment advisory fee                                         |  |                                               | 367,747   |   |                                              |   | 361,396   |                                                |  |   | 735,728                                        |   |  |   | 719,037   | 
|ABA Retirement Fundsprogram fee                                |  |                                               | 176,657   |   |                                              |   | 175,136   |                                                |  |   | 351,656                                        |   |  |   | 349,560   | 
|Legal and audit fees                                            |  |                                               | 69,124    |   |                                              |   | 75,478    |                                                |  |   | 136,781                                        |   |  |   | 152,049   | 
|Compliance consultant fees                                      |  |                                               | 40,167    |   |                                              |   | 39,647    |                                                |  |   | 80,439                                         |   |  |   | 79,864    | 
|Reports to unitholders                                          |  |                                               | 4,820     |   |                                              |   | 6,377     |                                                |  |   | 9,653                                          |   |  |   | 12,836    | 
|Registration fees                                               |  |                                               | 46,916    |   |                                              |   | 52,649    |                                                |  |   | 93,953                                         |   |  |   | 106,058   | 
|Other fees                                                      |  |                                               | 9,640     |   |                                              |   | 9,530     |                                                |  |   | 19,306                                         |   |  |   | 19,160    | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Total expenses                                                  |  |                                               | 2,196,157 |   |                                              |   | 2,188,789 |                                                |  |   | 4,350,683                                      |   |  |   | 4,383,890 | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Less: Expense reimbursement                                     |  |                                               | (32,121   | ) |                                              |   |          |                                                |  |   | (71,023                                        | ) |  |   |          | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Net expenses                                                    |  |                                               | 2,164,036 |   |                                              |   | 2,188,789 |                                                |  |   | 4,279,660                                      |   |  |   | 4,383,890 | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|Net investment income (loss)                                    |  |                                               | 3,178,243 |   |                                              |   | 2,391,615 |                                                |  |   | 6,526,714                                      |   |  |   | 5,103,123 | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 
|                                                                |  |                                               |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                             | 3,178,243 |   |                                              | $ | 2,391,615 |                                                |  | $ | 6,526,714                                      |   |  | $ | 5,103,123 | 
|                                                                |  |                                               |           |   |                                              |   |           |                                                |  |   |                                                |   |  |   |           | 



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



2



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited





|                                                                   |  |                                               |              |  
|------------------------------------------------------------------ |  | --------------------------------------------- | ------------ | -
|                                                                   |  | For the six-monthperiod
ended   June 30, 2012 |             
|From operations                                                    |  |                                               |              |  
|Net investment income (loss)                                       |  | $                                             | 6,526,714    |  
|                                                                   |  |                                               |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                               | 6,526,714    |  
|                                                                   |  |                                               |              |  
|From unitholder transactions                                       |  |                                               |              |  
|Proceeds from units issued                                         |  |                                               | 110,493,470  |  
|Cost of units redeemed                                             |  |                                               | (124,385,053 | )
|                                                                   |  |                                               |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                               | (13,891,583  | )
|                                                                   |  |                                               |              |  
|Net increase (decrease) in net assets                              |  |                                               | (7,364,869   | )
|Net Assets                                                         |  |                                               |              |  
|Beginning of period                                                |  |                                               | 983,174,387  |  
|                                                                   |  |                                               |              |  
|End of period                                                      |  | $                                             | 975,809,518  |  
|                                                                   |  |                                               |              |  
|Number of units                                                    |  |                                               |              |  
|Outstanding-beginning of period                                    |  |                                               | 27,266,480   |  
|Issued                                                             |  |                                               | 3,054,367    |  
|Redeemed                                                           |  |                                               | (3,439,102   | )
|                                                                   |  |                                               |              |  
|Outstanding-end of period                                          |  |                                               | 26,881,745   |  
|                                                                   |  |                                               |              |  





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



3



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|----------------------------------------------- |  | --------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | ----------------------------------------------- | - |  | - | ------- | -
|                                                |  | For the period April 1, 2012 to June 30,
2012 |         |   | For the period April 1, 2011 to June 30,
2011 |   |         | For the period January 1, 2012 to June 30,
2012 |  |   | For the period January 1, 2011 to June 30,
2011 |  
|Investment income                              |  | $                                             | 0.20    |   |                                               | $ | 0.17    |                                                 |  | $ | 0.40                                            |   |  | $ | 0.35    |  
|Expenses,                                    |  |                                               | (0.08   | ) |                                               |   | (0.08   | )                                               |  |   | (0.16                                           | ) |  |   | (0.16   | )
|                                                |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net investment income (loss)                    |  |                                               | 0.12    |   |                                               |   | 0.09    |                                                 |  |   | 0.24                                            |   |  |   | 0.19    |  
|                                                |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net increase (decrease) in unit value           |  |                                               | 0.12    |   |                                               |   | 0.09    |                                                 |  |   | 0.24                                            |   |  |   | 0.19    |  
|Net asset value at beginning of period          |  |                                               | 36.18   |   |                                               |   | 35.75   |                                                 |  |   | 36.06                                           |   |  |   | 35.65   |  
|                                                |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net asset value at end of period                |  | $                                             | 36.30   |   |                                               | $ | 35.84   |                                                 |  | $ | 36.30                                           |   |  | $ | 35.84   |  
|                                                |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratios/Supplemental Data:                       |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratio of net expenses to average net assets*, |  |                                               | 0.89    | % |                                               |   | 0.91    | %                                               |  |   | 0.88                                            | % |  |   | 0.92    | %
|Ratio of net investment income                  |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|(loss) to average net assets*                   |  |                                               | 1.31    | % |                                               |   | 0.99    | %                                               |  |   | 1.35                                            | % |  |   | 1.07    | %
|Total return**                                  |  |                                               | 0.33    | % |                                               |   | 0.25    | %                                               |  |   | 0.67                                            | % |  |   | 0.53    | %
|Net assets at end of period (in thousands)      |  | $                                             | 975,810 |   |                                               | $ | 966,109 |                                                 |  | $ | 975,810                                         |   |  | $ | 966,109 |  



|* | 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



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                  |  |                  |  |             |  |                  |  |                 |             |                           |  |                             |             |  |                                    |  |             |                                             |  |  |                                 |   |  |  |             | 
|------------------------------------------------- |  | ---------------- |  | ----------- |  | ---------------- |  | --------------- | ----------- | ------------------------- |  | --------------------------- | ----------- |  | ---------------------------------- |  | ----------- | ------------------------------------------- |  |  | ------------------------------- | - |  |  | ----------- | 
|Issuer Name                                       |  | Issuer    Rating |  | Contract ID |  | Maturity    Date |  | Rate  Frequency |             | Effective Annual Rate (%) |  | Investments atFair Value($) |             |  | WrapperContracts at Fair Value ($) |  |             | Adjustments ofFair Valueto ContractValue($) |  |  | Investments atContract Value($) |  
|SYNTHETIC GUARANTEEDINVESTMENT CONTRACTS- (90.2%) | 
|ING                                               |  | A-               |  | 60313       |  | NoStatedMaturity |  | Variable        |             | 2.43                      |  |                             | 364,927,809 |  |                                    |  |            |                                             |  |  | (12,014,150                     | ) |  |  | 352,913,659 | 
|PRUDENTIAL INSURANCE CO. OF AMERICA               |  | AA-              |  | GA-62318    |  | NoStatedMaturity |  | Variable        |             | 2.32                      |  |                             | 359,710,671 |  |                                    |  |            |                                             |  |  | (15,816,270                     | ) |  |  | 343,894,401 | 
|UNITED OF OMAHA LIFE INSURANCE CO.                |  | A+               |  | SVW-15429   |  | NoStatedMaturity |  | Variable        |             | 2.56                      |  |                             | 186,561,367 |  |                                    |  |            |                                             |  |  | (6,491,260                      | ) |  |  | 180,070,107 | 
|                                                  |  |                  |  |             |  |                  |  |                 |             |                           |  |                             |             |  |                                    |  |             |                                             |  |  |                                 |   |  |  |             | 
|TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS   |  |                  |  |             |  |                  |  |                 | 911,199,847 |                           |  |                             |            |  |                                    |  | (34,321,680 | )                                           |  |  | 876,878,167                     |  
|                                                  |  |                  |  |             |  |                  |  |                 |             |                           |  |                             |             |  |                                    |  |             |                                             |  |  |                                 |   |  |  |             | 



|                                                                                                   |  |                    |  |               |  |                  |  |                            |  |                                    |  |                                             |  |                               
|-------------------------------------------------------------------------------------------------- |  | ------------------ |  | ------------- |  | ---------------- |  | -------------------------- |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------
|Description                                                                                        |  | Principal    Units |  | Rate      (%) |  | Maturity    Date |  | Investment atFair Value($) |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|UNDERLYING SECURITIES OFSYNTHETIC GUARANTEEDINVESTMENT CONTRACTS GALLIARDMANAGED PORTFOLIO  55.9%
|Agency  6.7%                                                                                      |  |                    |  |               |  |                  |  |                            |  |                                    |  |                                             |  |                               
|Federal Home Loan Banks MN29                                                                       |  | 2,080,000          |  | 3.63          |  | 05/29/2013       |  | 2,143,461                  |  |                                    |  |                                             |  |                               



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



5



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                           |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|------------------------------------------ |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Agency (Continued)                         |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Federal Home Loan Mortgage Corp. AO25      |  |                    | 4,400,000 |  |               |  | 4.63 |                  |  |  | 10/25/2012                 |  |  |                                    | 4,462,172 |                                             |  |                                |  |  |  | 
|Federal Home Loan Mortgage Corp. FA25      |  |                    | 8,300,000 |  |               |  | 1.38 |                  |  |  | 02/25/2014                 |  |  |                                    | 8,439,772 |                                             |  |                                |  |  |  | 
|Federal Home Loan Mortgage Corp. JD28      |  |                    | 4,275,000 |  |               |  | 3.75 |                  |  |  | 06/28/2013                 |  |  |                                    | 4,425,309 |                                             |  |                                |  |  |  | 
|Federal Home Loan Mortgage Corp. JD29      |  |                    | 4,350,000 |  |               |  | 1.00 |                  |  |  | 06/29/2017                 |  |  |                                    | 4,360,571 |                                             |  |                                |  |  |  | 
|Federal Home Loan Mortgage Corp. JJ9       |  |                    | 3,335,000 |  |               |  | 1.38 |                  |  |  | 01/09/2013                 |  |  |                                    | 3,354,843 |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association AO15 |  |                    | 2,495,000 |  |               |  | 4.63 |                  |  |  | 10/15/2013                 |  |  |                                    | 2,633,547 |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association JD26 |  |                    | 7,250,000 |  |               |  | 1.50 |                  |  |  | 06/26/2013                 |  |  |                                    | 7,339,030 |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association JJ12 |  |                    | 410,000   |  |               |  | 3.88 |                  |  |  | 07/12/2013                 |  |  |                                    | 425,359   |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association MN19 |  |                    | 4,400,000 |  |               |  | 4.75 |                  |  |  | 11/19/2012                 |  |  |                                    | 4,476,956 |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association MN27 |  |                    | 5,105,000 |  |               |  | 0.50 |                  |  |  | 05/27/2015                 |  |  |                                    | 5,101,273 |                                             |  |                                |  |  |  | 
|Federal National Mortgage Association MS15 |  |                    | 7,660,000 |  |               |  | 4.38 |                  |  |  | 03/15/2013                 |  |  |                                    | 7,881,144 |                                             |  |                                |  |  |  | 
|Overseas Private Investment Corp.          |  |                    | 4,100,000 |  |               |  |     |                  |  |  | 04/15/2013                 |  |  |                                    | 4,097,130 |                                             |  |                                |  |  |  | 
|Overseas Private Investment Corp.          |  |                    | 3,500,000 |  |               |  |     |                  |  |  | 05/02/2013                 |  |  |                                    | 3,508,295 |                                             |  |                                |  |  |  | 
|Overseas Private Investment Corp.          |  |                    | 2,000,000 |  |               |  |     |                  |  |  | 05/02/2013                 |  |  |                                    | 2,050,200 |                                             |  |                                |  |  |  | 
|Overseas Private Investment Corp.          |  |                    | 600,000   |  |               |  |     |                  |  |  | 05/02/2014                 |  |  |                                    | 618,660   |                                             |  |                                |  |  |  | 



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



6



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|---------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | ---------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                                            |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |            | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                 |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|Agency (Continued)                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|Petroleos Mexicanos JD20                                               |  |                    | 2,800,000 |  |               |  | 1.95 |                  |  |  | 12/20/2022                 |  |  |                                    | 2,800,000  |                                             |  |                                |  |  |  | 
|                                                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|                                                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    | 68,117,722 |                                             |  |                                |  |  |  | 
|                                                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|Asset Backed  7.3%                                                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                |  |  |  | 
|Ally Auto Receivables Trust, Series 2011-2, Class A3 Mo-15             |  |                    | 2,700,000 |  |               |  | 1.18 |                  |  |  | 04/15/2015                 |  |  |                                    | 2,714,418  |                                             |  |                                |  |  |  | 
|Ally Auto Receivables Trust, Series 2011-3, Class A3 Mo-15             |  |                    | 2,980,000 |  |               |  | 0.97 |                  |  |  | 08/17/2015                 |  |  |                                    | 2,992,307  |                                             |  |                                |  |  |  | 
|Ally Auto Receivables Trust, Series 2011-4, Class A2 Mo-15             |  |                    | 764,149   |  |               |  | 0.65 |                  |  |  | 03/17/2014                 |  |  |                                    | 764,424    |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust Mo-8                          |  |                    | 986,956   |  |               |  | 0.90 |                  |  |  | 09/08/2014                 |  |  |                                    | 987,608    |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A2 Mo-8 |  |                    | 329,540   |  |               |  | 0.84 |                  |  |  | 06/09/2014                 |  |  |                                    | 329,642    |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A2 Mo-8 |  |                    | 403,506   |  |               |  | 0.84 |                  |  |  | 11/10/2014                 |  |  |                                    | 403,958    |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust, Series 2011-4, Class A2 Mo-8 |  |                    | 328,683   |  |               |  | 0.92 |                  |  |  | 03/09/2015                 |  |  |                                    | 329,265    |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust, Series 2012-1, Class A2 Mo-8 |  |                    | 1,825,000 |  |               |  | 0.91 |                  |  |  | 01/08/2014                 |  |  |                                    | 1,828,997  |                                             |  |                                |  |  |  | 



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



7



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|---------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                                            |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                 |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Asset Backed (Continued)                                               |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|AmeriCredit Automobile Receivables Trust, Series 2012-3, Class A2 Mo-9 |  |                    | 2,250,000 |  |               |  | 0.71 |                  |  |  | 03/09/2014                 |  |  |                                    | 2,250,067 |                                             |  |                                |  |  |  | 
|Brazos Higher Education Authority, Series 2011-1, Class A1 FMAN25      |  |                    | 955,920   |  |               |  | 0.92 |                  |  |  | 02/25/2020                 |  |  |                                    | 955,929   |                                             |  |                                |  |  |  | 
|Brazos Higher Education Authority, Series 2011-2, Class A1 JAJO25      |  |                    | 970,493   |  |               |  | 1.02 |                  |  |  | 01/27/2020                 |  |  |                                    | 968,630   |                                             |  |                                |  |  |  | 
|CNH Equipment Trust, Series 2011-A, Class A2 Mo-15                     |  |                    | 68,672    |  |               |  | 0.62 |                  |  |  | 06/16/2014                 |  |  |                                    | 68,675    |                                             |  |                                |  |  |  | 
|CNH Equipment Trust, Series 2011-B, Class A2 Mo-15                     |  |                    | 1,975,439 |  |               |  | 0.71 |                  |  |  | 12/15/2014                 |  |  |                                    | 1,976,012 |                                             |  |                                |  |  |  | 
|CNH Equipment Trust, Series 2011-C, Class A2 Mo-15                     |  |                    | 2,775,000 |  |               |  | 0.90 |                  |  |  | 10/15/2013                 |  |  |                                    | 2,781,133 |                                             |  |                                |  |  |  | 
|CNH Equipment Trust, Series 2012-B, Class A3 Mo-15                     |  |                    | 2,800,000 |  |               |  | 0.86 |                  |  |  | 12/15/2015                 |  |  |                                    | 2,800,876 |                                             |  |                                |  |  |  | 
|Discover Card Master Trust, Series 2012-A1, Class A1 Mo-15             |  |                    | 2,250,000 |  |               |  | 0.81 |                  |  |  | 08/15/2017                 |  |  |                                    | 2,252,903 |                                             |  |                                |  |  |  | 
|Educational Funding of the South, Inc., Series 2011-1, Class A1 JAJO25 |  |                    | 1,834,395 |  |               |  | 1.02 |                  |  |  | 10/25/2021                 |  |  |                                    | 1,834,401 |                                             |  |                                |  |  |  | 
|Ford Credit Auto Owner Trust, Series 2011-A, Class A3 Mo-15            |  |                    | 1,827,556 |  |               |  | 0.97 |                  |  |  | 01/15/2015                 |  |  |                                    | 1,832,582 |                                             |  |                                |  |  |  | 
|Ford Credit Auto Owner Trust, Series 2011-B, Class A3 Mo-15            |  |                    | 1,150,000 |  |               |  | 0.84 |                  |  |  | 06/15/2015                 |  |  |                                    | 1,152,921 |                                             |  |                                |  |  |  | 
|GE Capital CC Master Trust, Series 2012-5, Class A Mo-15               |  |                    | 2,450,000 |  |               |  | 0.95 |                  |  |  | 06/15/2018                 |  |  |                                    | 2,449,346 |                                             |  |                                |  |  |  | 



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



8



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                 |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|-------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                                                      |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                           |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Asset Backed (Continued)                                                         |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A Mo-20              |  |                    | 400,000   |  |               |  | 0.84 |                  |  |  | 07/20/2016                 |  |  |                                    | 401,656   |                                             |  |                                |  |  |  | 
|GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A3 Mo-20             |  |                    | 1,700,000 |  |               |  | 1.00 |                  |  |  | 10/20/2014                 |  |  |                                    | 1,705,134 |                                             |  |                                |  |  |  | 
|GE Equipment Midticket LLC, Series 2011-1, Class A2 Mo-22                        |  |                    | 2,502,625 |  |               |  | 0.72 |                  |  |  | 05/22/2014                 |  |  |                                    | 2,503,351 |                                             |  |                                |  |  |  | 
|GE Equipment Transportation LLC, Series 2012-1, Class A3 Mo-22                   |  |                    | 1,700,000 |  |               |  | 0.99 |                  |  |  | 11/23/2015                 |  |  |                                    | 1,703,808 |                                             |  |                                |  |  |  | 
|Honda Auto Receivables Owner Trust, Series 2011-2, Class A3 Mo-18                |  |                    | 2,175,000 |  |               |  | 0.94 |                  |  |  | 03/18/2015                 |  |  |                                    | 2,182,091 |                                             |  |                                |  |  |  | 
|Honda Auto Receivables Owner Trust, Series 2012-1, Class A3 Mo-15                |  |                    | 1,650,000 |  |               |  | 0.77 |                  |  |  | 01/15/2016                 |  |  |                                    | 1,651,535 |                                             |  |                                |  |  |  | 
|John Deere Owner Trust, Series 2011-A, Class A3 Mo-15                            |  |                    | 1,875,000 |  |               |  | 1.29 |                  |  |  | 01/15/2016                 |  |  |                                    | 1,888,200 |                                             |  |                                |  |  |  | 
|John Deere Owner Trust, Series 2012-A, Class A3 Mo-15                            |  |                    | 2,500,000 |  |               |  | 0.75 |                  |  |  | 03/15/2016                 |  |  |                                    | 2,502,875 |                                             |  |                                |  |  |  | 
|Mercedes-Benz Auto Receivables Trust, Series 2011-1, Class A3 Mo-15              |  |                    | 1,450,000 |  |               |  | 0.85 |                  |  |  | 03/16/2015                 |  |  |                                    | 1,454,321 |                                             |  |                                |  |  |  | 
|Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 Mo-20 |  |                    | 2,717,847 |  |               |  | 0.85 |                  |  |  | 09/20/2022                 |  |  |                                    | 2,717,847 |                                             |  |                                |  |  |  | 



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



9



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|----------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                                         |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                              |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Asset Backed (Continued)                                                            |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes JD12                                                          |  |                    | 1,500,000 |  |               |  | 1.40 |                  |  |  | 06/12/2015                 |  |  |                                    | 1,529,610 |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes Mo-12                                                         |  |                    | 2,725,000 |  |               |  | 0.26 |                  |  |  | 06/12/2013                 |  |  |                                    | 2,724,210 |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes Mo-9                                                          |  |                    | 2,305,314 |  |               |  | 0.70 |                  |  |  | 10/07/2020                 |  |  |                                    | 2,309,994 |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes, Series 2010-A1, Class A Mo-7                                 |  |                    | 4,319,102 |  |               |  | 0.60 |                  |  |  | 12/07/2020                 |  |  |                                    | 4,334,564 |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes, Series 2011-R4, Class 1A Mo-7                                |  |                    | 575,446   |  |               |  | 0.63 |                  |  |  | 03/06/2020                 |  |  |                                    | 575,716   |                                             |  |                                 |  |  |  | 
|NCUA Guaranteed Notes, Series 2011-R6, Class 1A Mo-7                                |  |                    | 1,046,560 |  |               |  | 0.63 |                  |  |  | 05/07/2020                 |  |  |                                    | 1,046,887 |                                             |  |                                 |  |  |  | 
|Nissan Auto Receivables Owner Trust, Series 2011-A, Class A3 Mo-15                  |  |                    | 2,675,000 |  |               |  | 1.18 |                  |  |  | 02/16/2015                 |  |  |                                    | 2,692,468 |                                             |  |                                 |  |  |  | 
|North Carolina State Education Assistance Authority, Series 2011-2, Class A1 JAJO25 |  |                    | 1,389,393 |  |               |  | 0.92 |                  |  |  | 10/26/2020                 |  |  |                                    | 1,377,861 |                                             |  |                                 |  |  |  | 
|Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A1 JAJO1    |  |                    | 1,387,507 |  |               |  | 0.96 |                  |  |  | 10/01/2018                 |  |  |                                    | 1,385,246 |                                             |  |                                 |  |  |  | 
|Santander Drive Auto Receivables Trust, Series 2011-1, Class A2 Mo-15               |  |                    | 746,611   |  |               |  | 0.94 |                  |  |  | 02/18/2014                 |  |  |                                    | 746,745   |                                             |  |                                 |  |  |  | 
|Santander Drive Auto Receivables Trust, Series 2011-2, Class A2 Mo-15               |  |                    | 476,332   |  |               |  | 1.04 |                  |  |  | 04/15/2014                 |  |  |                                    | 476,699   |                                             |  |                                 |  |  |  | 



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



10



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|------------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | ---------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                                           |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |            | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                                |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Asset Backed (Continued)                                                              |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Santander Drive Auto Receivables Trust, Series 2011-3, Class A2 Mo-15                 |  |                    | 1,023,057 |  |               |  | 1.11 |                  |  |  | 08/15/2014                 |  |  |                                    | 1,025,287  |                                             |  |                                 |  |  |  | 
|Santander Drive Auto Receivables Trust, Series 2012-2, Class A2 Mo-15                 |  |                    | 900,000   |  |               |  | 0.91 |                  |  |  | 10/15/2013                 |  |  |                                    | 901,629    |                                             |  |                                 |  |  |  | 
|SLM Student Loan Trust, Series 2010-1, Class A Mo-25                                  |  |                    | 1,123,141 |  |               |  | 0.65 |                  |  |  | 03/25/2025                 |  |  |                                    | 1,124,657  |                                             |  |                                 |  |  |  | 
|United States Small Business Administration, Series 2006-10A, Class 1 MS1             |  |                    | 424,197   |  |               |  | 5.52 |                  |  |  | 03/10/2016                 |  |  |                                    | 455,991    |                                             |  |                                 |  |  |  | 
|United States Small Business Administration, Series 2006-10B, Class A MS1             |  |                    | 413,175   |  |               |  | 5.54 |                  |  |  | 09/10/2016                 |  |  |                                    | 451,721    |                                             |  |                                 |  |  |  | 
|                                                                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|                                                                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    | 73,544,197 |                                             |  |                                 |  |  |  | 
|                                                                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Commercial Mortgage Backed Securities  3.8%                                          |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-2, Class A4 Mo-1 |  |                    | 2,500,000 |  |               |  | 5.73 |                  |  |  | 05/10/2045                 |  |  |                                    | 2,850,174  |                                             |  |                                 |  |  |  | 
|Banc of America Merrill Lynch Commercial Mortgage, Inc. 2 A4 Mo-1                     |  |                    | 655,000   |  |               |  | 5.06 |                  |  |  | 03/11/2041                 |  |  |                                    | 678,515    |                                             |  |                                 |  |  |  | 
|Banc of America Merrill Lynch Commercial Mortgage, Inc. 2 A5 Mo-1                     |  |                    | 2,575,000 |  |               |  | 4.86 |                  |  |  | 07/10/2043                 |  |  |                                    | 2,801,935  |                                             |  |                                 |  |  |  | 



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



11



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|------------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                                           |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                                |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Commercial Mortgage Backed Securities (Continued)                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-5, Class A4 Mo-1 |  |                    | 1,700,000 |  |               |  | 5.12 |                  |  |  | 10/10/2045                 |  |  |                                    | 1,896,282 |                                             |  |                                 |  |  |  | 
|Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-1, Class A4 Mo-1 |  |                    | 1,500,000 |  |               |  | 5.37 |                  |  |  | 09/10/2045                 |  |  |                                    | 1,666,770 |                                             |  |                                 |  |  |  | 
|CFCRE Commercial Mortgage Trust, Series 2011-C2, Class A1 Mo-1                        |  |                    | 2,232,471 |  |               |  | 1.56 |                  |  |  | 12/15/2021                 |  |  |                                    | 2,250,778 |                                             |  |                                 |  |  |  | 
|Credit Suisse First Boston Mortgage Securities Corp. C5 A4 Mo-1                       |  |                    | 2,500,000 |  |               |  | 5.10 |                  |  |  | 08/15/2038                 |  |  |                                    | 2,756,475 |                                             |  |                                 |  |  |  | 
|GE Capital Mortgage Corp., Series 2005-C3, Class A7A Mo-1                             |  |                    | 2,500,000 |  |               |  | 4.97 |                  |  |  | 07/10/2045                 |  |  |                                    | 2,749,000 |                                             |  |                                 |  |  |  | 
|GS Mortgage Security Corp. II, Series 2005-GG4, Class A4A Mo-1                        |  |                    | 1,775,000 |  |               |  | 4.75 |                  |  |  | 07/10/2039                 |  |  |                                    | 1,916,219 |                                             |  |                                 |  |  |  | 
|JP Morgan Chase Commercial Mortgage Securities Corp. LDP5 A4 Mo-1                     |  |                    | 2,300,000 |  |               |  | 5.36 |                  |  |  | 12/15/2044                 |  |  |                                    | 2,573,056 |                                             |  |                                 |  |  |  | 
|JP Morgan Chase Commercial Mortgage Securities Corp. ML1A A2 Mo-1                     |  |                    | 1,900,000 |  |               |  | 4.77 |                  |  |  | 03/12/2039                 |  |  |                                    | 1,926,315 |                                             |  |                                 |  |  |  | 
|JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class A4 Mo-1 |  |                    | 1,700,000 |  |               |  | 5.34 |                  |  |  | 08/12/2037                 |  |  |                                    | 1,867,705 |                                             |  |                                 |  |  |  | 



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



12



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|-------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | ---------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                          |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |            | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                               |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Commercial Mortgage Backed Securities (Continued)                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|LB-UBS Commercial Mortgage Trust C2 A4 Mo-11                         |  |                    | 2,550,000 |  |               |  | 4.37 |                  |  |  | 03/15/2036                 |  |  |                                    | 2,666,229  |                                             |  |                                 |  |  |  | 
|Merrill Lynch Mortgage Trust Mo-1                                    |  |                    | 2,413,000 |  |               |  | 4.75 |                  |  |  | 06/12/2043                 |  |  |                                    | 2,624,113  |                                             |  |                                 |  |  |  | 
|Merrill Lynch Mortgage Trust, Series 2004 KEY2, Class A2 Mo-1        |  |                    | 219,759   |  |               |  | 4.17 |                  |  |  | 08/12/2039                 |  |  |                                    | 221,495    |                                             |  |                                 |  |  |  | 
|Morgan Stanley Capital I, Inc. HQ5 A4 Mo-1                           |  |                    | 2,575,000 |  |               |  | 5.17 |                  |  |  | 01/14/2042                 |  |  |                                    | 2,776,417  |                                             |  |                                 |  |  |  | 
|Morgan Stanley Capital I, Inc., Series 2005-IQ10, Class A4A Mo-1     |  |                    | 2,500,000 |  |               |  | 5.23 |                  |  |  | 09/15/2042                 |  |  |                                    | 2,761,425  |                                             |  |                                 |  |  |  | 
|Morgan Stanley Dean Witter Capital I, Series 2002-IQ3, Class A4 Mo-1 |  |                    | 1,523,190 |  |               |  | 5.08 |                  |  |  | 09/15/2037                 |  |  |                                    | 1,534,371  |                                             |  |                                 |  |  |  | 
|                                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|                                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    | 38,517,274 |                                             |  |                                 |  |  |  | 
|                                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|Corporate  10.0%                                                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |            |                                             |  |                                 |  |  |  | 
|American Express Credit Corp. JD12                                   |  |                    | 400,000   |  |               |  | 1.75 |                  |  |  | 06/12/2015                 |  |  |                                    | 404,544    |                                             |  |                                 |  |  |  | 
|AT&T, Inc. FA15                                                      |  |                    | 1,500,000 |  |               |  | 4.85 |                  |  |  | 02/15/2014                 |  |  |                                    | 1,597,890  |                                             |  |                                 |  |  |  | 
|AT&T, Inc. MS15                                                      |  |                    | 250,000   |  |               |  | 5.10 |                  |  |  | 09/15/2014                 |  |  |                                    | 272,958    |                                             |  |                                 |  |  |  | 
|Bank of Montreal JAJO29                                              |  |                    | 1,800,000 |  |               |  | 0.94 |                  |  |  | 04/29/2014                 |  |  |                                    | 1,805,940  |                                             |  |                                 |  |  |  | 
|Bank of New York Mellon Corp. FA20                                   |  |                    | 700,000   |  |               |  | 1.20 |                  |  |  | 02/20/2015                 |  |  |                                    | 703,787    |                                             |  |                                 |  |  |  | 
|BB&T Corp. AO28                                                      |  |                    | 450,000   |  |               |  | 2.05 |                  |  |  | 04/28/2014                 |  |  |                                    | 459,207    |                                             |  |                                 |  |  |  | 
|BB&T Corp. JAJO28                                                    |  |                    | 1,250,000 |  |               |  | 1.17 |                  |  |  | 04/28/2014                 |  |  |                                    | 1,256,825  |                                             |  |                                 |  |  |  | 
|Berkshire Hathaway Finance Corp. MN15                                |  |                    | 770,000   |  |               |  | 1.60 |                  |  |  | 05/15/2017                 |  |  |                                    | 775,359    |                                             |  |                                 |  |  |  | 



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



13



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                          |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|----------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                               |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Corporate (Continued)                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|BHP Billiton Finance USA Ltd. FA24        |  |                    | 1,100,000 |  |               |  | 1.63 |                  |  |  | 02/24/2017                 |  |  |                                    | 1,107,557 |                                             |  |                                 |  |  |  | 
|BNP Paribas FA23                          |  |                    | 1,250,000 |  |               |  | 3.60 |                  |  |  | 02/23/2016                 |  |  |                                    | 1,264,375 |                                             |  |                                 |  |  |  | 
|BNP Paribas JAJO10                        |  |                    | 450,000   |  |               |  | 1.36 |                  |  |  | 01/10/2014                 |  |  |                                    | 440,595   |                                             |  |                                 |  |  |  | 
|BNY Mellon N.A. JD15                      |  |                    | 1,132,000 |  |               |  | 4.75 |                  |  |  | 12/15/2014                 |  |  |                                    | 1,221,496 |                                             |  |                                 |  |  |  | 
|Bottling Group LLC MS15                   |  |                    | 750,000   |  |               |  | 6.95 |                  |  |  | 03/15/2014                 |  |  |                                    | 828,862   |                                             |  |                                 |  |  |  | 
|BP Capital Markets PLC AO1                |  |                    | 450,000   |  |               |  | 3.13 |                  |  |  | 10/01/2015                 |  |  |                                    | 478,408   |                                             |  |                                 |  |  |  | 
|Campbell Soup Co. FA15                    |  |                    | 750,000   |  |               |  | 3.38 |                  |  |  | 08/15/2014                 |  |  |                                    | 791,385   |                                             |  |                                 |  |  |  | 
|Carolina Power & Light Co. AO1            |  |                    | 950,000   |  |               |  | 5.15 |                  |  |  | 04/01/2015                 |  |  |                                    | 1,056,124 |                                             |  |                                 |  |  |  | 
|Carolina Power & Light Co. JD15           |  |                    | 800,000   |  |               |  | 5.25 |                  |  |  | 12/15/2015                 |  |  |                                    | 910,336   |                                             |  |                                 |  |  |  | 
|Caterpillar Financial Services Corp. AO1  |  |                    | 450,000   |  |               |  | 1.65 |                  |  |  | 04/01/2014                 |  |  |                                    | 457,249   |                                             |  |                                 |  |  |  | 
|Caterpillar Financial Services Corp. FA17 |  |                    | 1,125,000 |  |               |  | 6.13 |                  |  |  | 02/17/2014                 |  |  |                                    | 1,221,671 |                                             |  |                                 |  |  |  | 
|Caterpillar Financial Services Corp. FA17 |  |                    | 300,000   |  |               |  | 4.75 |                  |  |  | 02/17/2015                 |  |  |                                    | 328,131   |                                             |  |                                 |  |  |  | 
|Chevron Corp. MS3                         |  |                    | 1,500,000 |  |               |  | 3.95 |                  |  |  | 03/03/2014                 |  |  |                                    | 1,582,515 |                                             |  |                                 |  |  |  | 
|Cisco Systems, Inc. MS14                  |  |                    | 1,750,000 |  |               |  | 1.63 |                  |  |  | 03/14/2014                 |  |  |                                    | 1,783,232 |                                             |  |                                 |  |  |  | 
|Citigroup, Inc. JAJO1                     |  |                    | 325,000   |  |               |  | 1.39 |                  |  |  | 04/01/2014                 |  |  |                                    | 319,800   |                                             |  |                                 |  |  |  | 
|Citigroup, Inc. MS2                       |  |                    | 1,300,000 |  |               |  | 2.65 |                  |  |  | 03/02/2015                 |  |  |                                    | 1,299,844 |                                             |  |                                 |  |  |  | 
|City of Farmers Branch TX FA15            |  |                    | 125,000   |  |               |  | 4.02 |                  |  |  | 02/15/2016                 |  |  |                                    | 137,652   |                                             |  |                                 |  |  |  | 
|City of Fort Worth TX MS1                 |  |                    | 250,000   |  |               |  | 5.13 |                  |  |  | 03/01/2021                 |  |  |                                    | 278,142   |                                             |  |                                 |  |  |  | 
|City of Madison WI AO1                    |  |                    | 500,000   |  |               |  | 1.25 |                  |  |  | 10/01/2014                 |  |  |                                    | 510,815   |                                             |  |                                 |  |  |  | 
|City of Madison WI AO1                    |  |                    | 500,000   |  |               |  | 3.00 |                  |  |  | 10/01/2015                 |  |  |                                    | 535,430   |                                             |  |                                 |  |  |  | 
|City of Norfolk VA JJ1                    |  |                    | 1,550,000 |  |               |  | 2.09 |                  |  |  | 01/01/2014                 |  |  |                                    | 1,560,726 |                                             |  |                                 |  |  |  | 
|City of Suffolk VA FA1                    |  |                    | 235,000   |  |               |  | 3.29 |                  |  |  | 02/01/2014                 |  |  |                                    | 245,089   |                                             |  |                                 |  |  |  | 



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



14



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                           |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|---------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Corporate (Continued)                                      |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Coca-Cola Co. MN15                                         |  |                    | 450,000   |  |               |  | 1.50 |                  |  |  | 11/15/2015                 |  |  |                                    | 459,761   |                                             |  |                                 |  |  |  | 
|Coca-Cola Co. MS15                                         |  |                    | 835,000   |  |               |  | 3.63 |                  |  |  | 03/15/2014                 |  |  |                                    | 877,568   |                                             |  |                                 |  |  |  | 
|Cooperatieve Centrale Raiffeisen- Boerenleenbank B.A. JJ19 |  |                    | 1,450,000 |  |               |  | 3.38 |                  |  |  | 01/19/2017                 |  |  |                                    | 1,492,326 |                                             |  |                                 |  |  |  | 
|County of Charles MD MS1                                   |  |                    | 650,000   |  |               |  | 5.00 |                  |  |  | 03/01/2013                 |  |  |                                    | 669,026   |                                             |  |                                 |  |  |  | 
|County of Kent MI AO1                                      |  |                    | 1,250,000 |  |               |  | 2.00 |                  |  |  | 04/01/2013                 |  |  |                                    | 1,264,088 |                                             |  |                                 |  |  |  | 
|County of La Crosse WII AO1                                |  |                    | 385,000   |  |               |  | 2.45 |                  |  |  | 10/01/2015                 |  |  |                                    | 406,918   |                                             |  |                                 |  |  |  | 
|County of Travis TX MS1                                    |  |                    | 365,000   |  |               |  | 2.79 |                  |  |  | 03/01/2016                 |  |  |                                    | 388,528   |                                             |  |                                 |  |  |  | 
|Credit Suisse JJ14                                         |  |                    | 1,250,000 |  |               |  | 2.20 |                  |  |  | 01/14/2014                 |  |  |                                    | 1,258,125 |                                             |  |                                 |  |  |  | 
|Credit Suisse USA, Inc. JJ15                               |  |                    | 500,000   |  |               |  | 4.88 |                  |  |  | 01/15/2015                 |  |  |                                    | 536,491   |                                             |  |                                 |  |  |  | 
|Deutsche Bank A.G./London JJ11                             |  |                    | 1,150,000 |  |               |  | 3.25 |                  |  |  | 01/11/2016                 |  |  |                                    | 1,183,523 |                                             |  |                                 |  |  |  | 
|Diageo Capital PLC MN11                                    |  |                    | 500,000   |  |               |  | 1.50 |                  |  |  | 05/11/2017                 |  |  |                                    | 501,840   |                                             |  |                                 |  |  |  | 
|Diageo Finance B.V. JJ15                                   |  |                    | 1,150,000 |  |               |  | 3.25 |                  |  |  | 01/15/2015                 |  |  |                                    | 1,217,574 |                                             |  |                                 |  |  |  | 
|Duke Energy Ohio, Inc. JD15                                |  |                    | 270,000   |  |               |  | 2.10 |                  |  |  | 06/15/2013                 |  |  |                                    | 274,093   |                                             |  |                                 |  |  |  | 
|EI du Pont de Nemours & Co. MS15                           |  |                    | 1,000,000 |  |               |  | 4.75 |                  |  |  | 03/15/2015                 |  |  |                                    | 1,103,830 |                                             |  |                                 |  |  |  | 
|EI du Pont de Nemours & Co. MS25                           |  |                    | 400,000   |  |               |  | 1.75 |                  |  |  | 03/25/2014                 |  |  |                                    | 407,964   |                                             |  |                                 |  |  |  | 
|General Dynamics Corporation FA1                           |  |                    | 500,000   |  |               |  | 5.25 |                  |  |  | 02/01/2014                 |  |  |                                    | 536,195   |                                             |  |                                 |  |  |  | 
|General Electric Capital Corp. JAJO7                       |  |                    | 400,000   |  |               |  | 1.09 |                  |  |  | 04/07/2014                 |  |  |                                    | 399,648   |                                             |  |                                 |  |  |  | 
|General Electric Capital Corp. JJ7                         |  |                    | 1,750,000 |  |               |  | 2.10 |                  |  |  | 01/07/2014                 |  |  |                                    | 1,777,212 |                                             |  |                                 |  |  |  | 
|General Electric Capital Corp. MN9                         |  |                    | 400,000   |  |               |  | 2.25 |                  |  |  | 11/09/2015                 |  |  |                                    | 408,116   |                                             |  |                                 |  |  |  | 
|Genzyme Corp. JD15                                         |  |                    | 1,050,000 |  |               |  | 3.63 |                  |  |  | 06/15/2015                 |  |  |                                    | 1,126,472 |                                             |  |                                 |  |  |  | 
|GlaxoSmithKline Capital PLC MN8                            |  |                    | 800,000   |  |               |  | 0.75 |                  |  |  | 05/08/2015                 |  |  |                                    | 799,912   |                                             |  |                                 |  |  |  | 
|GlaxoSmithKline Capital, Inc. AO15                         |  |                    | 400,000   |  |               |  | 4.38 |                  |  |  | 04/15/2014                 |  |  |                                    | 426,100   |                                             |  |                                 |  |  |  | 
|Goldman Sachs Group, Inc. FA7                              |  |                    | 450,000   |  |               |  | 3.63 |                  |  |  | 02/07/2016                 |  |  |                                    | 450,050   |                                             |  |                                 |  |  |  | 
|Goldman Sachs Group, Inc. FMAN7                            |  |                    | 1,500,000 |  |               |  | 1.47 |                  |  |  | 02/07/2014                 |  |  |                                    | 1,482,075 |                                             |  |                                 |  |  |  | 



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



15



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                          |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|----------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                               |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Corporate (Continued)                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Honeywell International, Inc. FA15        |  |                    | 1,300,000 |  |               |  | 3.88 |                  |  |  | 02/15/2014                 |  |  |                                    | 1,372,124 |                                             |  |                                 |  |  |  | 
|HSBC Bank USA AO1                         |  |                    | 1,550,000 |  |               |  | 4.63 |                  |  |  | 04/01/2014                 |  |  |                                    | 1,615,736 |                                             |  |                                 |  |  |  | 
|Intel Corp. AO1                           |  |                    | 980,000   |  |               |  | 1.95 |                  |  |  | 10/01/2016                 |  |  |                                    | 1,015,603 |                                             |  |                                 |  |  |  | 
|International Business Machines Corp. JJ5 |  |                    | 1,300,000 |  |               |  | 2.00 |                  |  |  | 01/05/2016                 |  |  |                                    | 1,342,289 |                                             |  |                                 |  |  |  | 
|John Deere Capital Corp. MS3              |  |                    | 1,500,000 |  |               |  | 1.60 |                  |  |  | 03/03/2014                 |  |  |                                    | 1,523,595 |                                             |  |                                 |  |  |  | 
|JPMorgan Chase & Co                       |  |                    | 2,050,000 |  |               |  | 3.45 |                  |  |  | 03/01/2016                 |  |  |                                    | 2,124,784 |                                             |  |                                 |  |  |  | 
|Key Bank N.A. MS26                        |  |                    | 1,265,000 |  |               |  | 5.09 |                  |  |  | 03/26/2015                 |  |  |                                    | 1,377,876 |                                             |  |                                 |  |  |  | 
|Metropolitan Council MS1                  |  |                    | 800,000   |  |               |  | 2.50 |                  |  |  | 03/01/2013                 |  |  |                                    | 810,936   |                                             |  |                                 |  |  |  | 
|Microsoft Corp. JD1                       |  |                    | 1,925,000 |  |               |  | 2.95 |                  |  |  | 06/01/2014                 |  |  |                                    | 2,012,222 |                                             |  |                                 |  |  |  | 
|New York State Dormitory Authority MS15   |  |                    | 1,400,000 |  |               |  | 1.30 |                  |  |  | 03/15/2014                 |  |  |                                    | 1,420,062 |                                             |  |                                 |  |  |  | 
|Occidental Petroleum Corp. FA1            |  |                    | 600,000   |  |               |  | 2.50 |                  |  |  | 02/01/2016                 |  |  |                                    | 628,890   |                                             |  |                                 |  |  |  | 
|Peco Energy Co. AO15                      |  |                    | 425,000   |  |               |  | 5.60 |                  |  |  | 10/15/2013                 |  |  |                                    | 451,915   |                                             |  |                                 |  |  |  | 
|PepsiAmericas, Inc. FA15                  |  |                    | 1,050,000 |  |               |  | 4.38 |                  |  |  | 02/15/2014                 |  |  |                                    | 1,110,900 |                                             |  |                                 |  |  |  | 
|Port of Seattle WA JD1                    |  |                    | 1,000,000 |  |               |  | 3.07 |                  |  |  | 12/01/2015                 |  |  |                                    | 1,039,120 |                                             |  |                                 |  |  |  | 
|Potomac Electric Power Co. AO15           |  |                    | 500,000   |  |               |  | 4.65 |                  |  |  | 04/15/2014                 |  |  |                                    | 531,010   |                                             |  |                                 |  |  |  | 
|Praxair, Inc. MS31                        |  |                    | 1,611,000 |  |               |  | 4.38 |                  |  |  | 03/31/2014                 |  |  |                                    | 1,712,509 |                                             |  |                                 |  |  |  | 
|Protective Life Secured Trusts MS28       |  |                    | 900,000   |  |               |  | 5.45 |                  |  |  | 09/28/2012                 |  |  |                                    | 910,134   |                                             |  |                                 |  |  |  | 
|Province of Ontario Canada JJ27           |  |                    | 1,450,000 |  |               |  | 1.38 |                  |  |  | 01/27/2014                 |  |  |                                    | 1,468,662 |                                             |  |                                 |  |  |  | 
|Public Service Co. of Colorado AO1        |  |                    | 1,200,000 |  |               |  | 5.50 |                  |  |  | 04/01/2014                 |  |  |                                    | 1,299,012 |                                             |  |                                 |  |  |  | 
|Public Service Electric & Gas Co. JJ1     |  |                    | 225,000   |  |               |  | 5.00 |                  |  |  | 01/01/2013                 |  |  |                                    | 229,856   |                                             |  |                                 |  |  |  | 
|Public Service Electric & Gas Co. MN1     |  |                    | 250,000   |  |               |  | 2.70 |                  |  |  | 05/01/2015                 |  |  |                                    | 262,840   |                                             |  |                                 |  |  |  | 
|Puget Sound Energy, Inc. AO1              |  |                    | 1,435,000 |  |               |  | 5.20 |                  |  |  | 10/01/2015                 |  |  |                                    | 1,614,017 |                                             |  |                                 |  |  |  | 



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

16



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                     |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|-------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                                                          |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                               |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Corporate (Continued)                                                |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Rio Tinto Finance USA Ltd. MN20                                      |  |                    | 1,250,000 |  |               |  | 2.50 |                  |  |  | 05/20/2016                 |  |  |                                    | 1,299,075 |                                             |  |                                 |  |  |  | 
|Rio Tinto Finance USA Ltd. MS22                                      |  |                    | 400,000   |  |               |  | 2.00 |                  |  |  | 03/22/2017                 |  |  |                                    | 407,764   |                                             |  |                                 |  |  |  | 
|Rosemount-Apple Valley-Eagan Independent School District No. 196 FA1 |  |                    | 200,000   |  |               |  | 4.25 |                  |  |  | 02/01/2016                 |  |  |                                    | 222,008   |                                             |  |                                 |  |  |  | 
|Royal Bank of Canada MS13                                            |  |                    | 1,725,000 |  |               |  | 1.15 |                  |  |  | 03/13/2015                 |  |  |                                    | 1,728,916 |                                             |  |                                 |  |  |  | 
|Sanofi MS28                                                          |  |                    | 750,000   |  |               |  | 1.63 |                  |  |  | 03/28/2014                 |  |  |                                    | 762,615   |                                             |  |                                 |  |  |  | 
|Shell International Finance B.V. JD28                                |  |                    | 1,600,000 |  |               |  | 3.10 |                  |  |  | 06/28/2015                 |  |  |                                    | 1,706,992 |                                             |  |                                 |  |  |  | 
|Simon Property Group L.P. JD1                                        |  |                    | 450,000   |  |               |  | 5.75 |                  |  |  | 12/01/2015                 |  |  |                                    | 502,785   |                                             |  |                                 |  |  |  | 
|Simon Property Group L.P. JD15                                       |  |                    | 1,250,000 |  |               |  | 5.10 |                  |  |  | 06/15/2015                 |  |  |                                    | 1,360,100 |                                             |  |                                 |  |  |  | 
|Southern California Edison Co. JJ15                                  |  |                    | 550,000   |  |               |  | 5.00 |                  |  |  | 01/15/2014                 |  |  |                                    | 587,043   |                                             |  |                                 |  |  |  | 
|Southern California Edison Co. MS15                                  |  |                    | 1,250,000 |  |               |  | 5.75 |                  |  |  | 03/15/2014                 |  |  |                                    | 1,354,663 |                                             |  |                                 |  |  |  | 
|Southern California Gas Co. AO1                                      |  |                    | 850,000   |  |               |  | 4.80 |                  |  |  | 10/01/2012                 |  |  |                                    | 858,908   |                                             |  |                                 |  |  |  | 
|Southern California Gas Co. MS15                                     |  |                    | 250,000   |  |               |  | 5.50 |                  |  |  | 03/15/2014                 |  |  |                                    | 269,882   |                                             |  |                                 |  |  |  | 
|State Street Corp. MS7                                               |  |                    | 1,400,000 |  |               |  | 2.88 |                  |  |  | 03/07/2016                 |  |  |                                    | 1,482,894 |                                             |  |                                 |  |  |  | 
|Target Corp. JAJO18                                                  |  |                    | 360,000   |  |               |  | 0.64 |                  |  |  | 07/18/2014                 |  |  |                                    | 361,022   |                                             |  |                                 |  |  |  | 
|Target Corp. JJ18                                                    |  |                    | 160,000   |  |               |  | 1.13 |                  |  |  | 07/18/2014                 |  |  |                                    | 161,483   |                                             |  |                                 |  |  |  | 
|Thermo Fisher Scientific, Inc.                                       |  |                    | 500,000   |  |               |  | 3.20 |                  |  |  | 05/01/2015                 |  |  |                                    | 531,625   |                                             |  |                                 |  |  |  | 
|Toronto-Dominion Bank JJ14                                           |  |                    | 620,000   |  |               |  | 1.38 |                  |  |  | 07/14/2014                 |  |  |                                    | 627,700   |                                             |  |                                 |  |  |  | 
|Total Capital Canada Ltd. JJ28                                       |  |                    | 1,650,000 |  |               |  | 1.63 |                  |  |  | 01/28/2014                 |  |  |                                    | 1,675,872 |                                             |  |                                 |  |  |  | 



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



17



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|-------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | ----------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                            |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |             | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued) |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|Corporate (Continued)                  |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|Total Capital S.A. JD24                |  |                    | 400,000   |  |               |  | 3.00 |                  |  |  | 06/24/2015                 |  |  |                                    | 424,508     |                                             |  |                                 |  |  |  | 
|Toyota Motor Credit Corp. JJ11         |  |                    | 1,250,000 |  |               |  | 2.80 |                  |  |  | 01/11/2016                 |  |  |                                    | 1,313,325   |                                             |  |                                 |  |  |  | 
|Toyota Motor Credit Corp. JJ12         |  |                    | 500,000   |  |               |  | 2.05 |                  |  |  | 01/12/2017                 |  |  |                                    | 511,070     |                                             |  |                                 |  |  |  | 
|Travelers Cos., Inc. JD1               |  |                    | 1,800,000 |  |               |  | 5.50 |                  |  |  | 12/01/2015                 |  |  |                                    | 2,031,480   |                                             |  |                                 |  |  |  | 
|U.S. BanCorp JJ27                      |  |                    | 600,000   |  |               |  | 2.45 |                  |  |  | 07/27/2015                 |  |  |                                    | 622,770     |                                             |  |                                 |  |  |  | 
|Unilever Capital Corp. FA15            |  |                    | 1,250,000 |  |               |  | 3.65 |                  |  |  | 02/15/2014                 |  |  |                                    | 1,312,762   |                                             |  |                                 |  |  |  | 
|United Parcel Service, Inc. AO1        |  |                    | 500,000   |  |               |  | 3.88 |                  |  |  | 04/01/2014                 |  |  |                                    | 527,535     |                                             |  |                                 |  |  |  | 
|United Technology Corp. JD1            |  |                    | 230,000   |  |               |  | 1.20 |                  |  |  | 06/01/2015                 |  |  |                                    | 232,677     |                                             |  |                                 |  |  |  | 
|University of California JJ1           |  |                    | 625,000   |  |               |  | 0.89 |                  |  |  | 07/01/2013                 |  |  |                                    | 627,469     |                                             |  |                                 |  |  |  | 
|US Bank N.A./Cincinnati OH FA4         |  |                    | 1,150,000 |  |               |  | 6.30 |                  |  |  | 02/04/2014                 |  |  |                                    | 1,245,024   |                                             |  |                                 |  |  |  | 
|Verizon Communications, Inc. MS28      |  |                    | 250,000   |  |               |  | 1.95 |                  |  |  | 03/28/2014                 |  |  |                                    | 255,513     |                                             |  |                                 |  |  |  | 
|Wal-Mart Stores, Inc. AO15             |  |                    | 700,000   |  |               |  | 1.63 |                  |  |  | 04/15/2014                 |  |  |                                    | 713,342     |                                             |  |                                 |  |  |  | 
|Wal-Mart Stores, Inc. MN15             |  |                    | 1,200,000 |  |               |  | 3.20 |                  |  |  | 05/15/2014                 |  |  |                                    | 1,259,568   |                                             |  |                                 |  |  |  | 
|Wisconsin Public Service Corp. JD1     |  |                    | 1,060,000 |  |               |  | 4.80 |                  |  |  | 12/01/2013                 |  |  |                                    | 1,113,540   |                                             |  |                                 |  |  |  | 
|Yale University AO15                   |  |                    | 1,370,000 |  |               |  | 2.90 |                  |  |  | 10/15/2014                 |  |  |                                    | 1,443,815   |                                             |  |                                 |  |  |  | 
|                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    | 100,493,216 |                                             |  |                                 |  |  |  | 
|                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|Mortgage Pass  Through  19.6%        |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |             |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467149 Mo-1           |  |                    | 1,845,137 |  |               |  | 2.82 |                  |  |  | 01/01/2016                 |  |  |                                    | 1,948,225   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467186 Mo-1           |  |                    | 3,800,000 |  |               |  | 2.82 |                  |  |  | 02/01/2016                 |  |  |                                    | 4,015,764   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467379 Mo-1           |  |                    | 1,861,671 |  |               |  | 2.77 |                  |  |  | 02/01/2016                 |  |  |                                    | 1,964,416   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467617 Mo-1           |  |                    | 1,497,000 |  |               |  | 2.93 |                  |  |  | 03/01/2016                 |  |  |                                    | 1,587,254   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467646 Mo-1           |  |                    | 809,574   |  |               |  | 3.07 |                  |  |  | 03/01/2016                 |  |  |                                    | 859,986     |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467730 Mo-1           |  |                    | 3,006,624 |  |               |  | 3.18 |                  |  |  | 04/01/2016                 |  |  |                                    | 3,206,745   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #467964 Mo-1           |  |                    | 4,375,000 |  |               |  | 2.92 |                  |  |  | 04/01/2016                 |  |  |                                    | 4,634,306   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #468311 Mo-1           |  |                    | 3,032,153 |  |               |  | 2.82 |                  |  |  | 06/01/2016                 |  |  |                                    | 3,210,231   |                                             |  |                                 |  |  |  | 



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

18



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|-------------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------- |  |  |  | 
|Description                            |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued) |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Mortgage Pass  Through (Continued)    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                    |           |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #470107 Mo-1           |  |                    | 2,722,386 |  |               |  | 1.94 |                  |  |  | 01/01/2017                 |  |  |                                    | 2,809,285 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #725206 Mo-1           |  |                    | 1,646,561 |  |               |  | 5.50 |                  |  |  | 02/01/2034                 |  |  |                                    | 1,810,196 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #725222 Mo-1           |  |                    | 2,517,489 |  |               |  | 5.50 |                  |  |  | 02/01/2034                 |  |  |                                    | 2,767,677 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #791030 Mo-1           |  |                    | 1,419,486 |  |               |  | 2.66 |                  |  |  | 07/01/2034                 |  |  |                                    | 1,509,807 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AB2791 Mo-1           |  |                    | 3,949,907 |  |               |  | 3.50 |                  |  |  | 04/01/2021                 |  |  |                                    | 4,176,750 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AB3885 Mo-1           |  |                    | 2,206,794 |  |               |  | 3.00 |                  |  |  | 11/01/2021                 |  |  |                                    | 2,325,939 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AB4843 Mo-1           |  |                    | 2,946,469 |  |               |  | 2.50 |                  |  |  | 04/01/2022                 |  |  |                                    | 3,069,690 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AI3571 Mo-1           |  |                    | 3,065,671 |  |               |  | 3.31 |                  |  |  | 06/01/2041                 |  |  |                                    | 3,215,368 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AI4379 Mo-1           |  |                    | 2,297,113 |  |               |  | 3.29 |                  |  |  | 11/01/2041                 |  |  |                                    | 2,416,126 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AJ2155 Mo-1           |  |                    | 1,848,287 |  |               |  | 2.71 |                  |  |  | 10/01/2041                 |  |  |                                    | 1,922,921 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AJ3160 Mo-1           |  |                    | 2,592,266 |  |               |  | 2.66 |                  |  |  | 10/01/2041                 |  |  |                                    | 2,694,505 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AJ3295 Mo-1           |  |                    | 2,959,270 |  |               |  | 2.67 |                  |  |  | 11/01/2041                 |  |  |                                    | 3,076,753 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AJ9748 Mo-1           |  |                    | 4,923,022 |  |               |  | 3.50 |                  |  |  | 01/01/2027                 |  |  |                                    | 5,207,278 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK2348 Mo-1           |  |                    | 5,239,830 |  |               |  | 2.33 |                  |  |  | 02/01/2042                 |  |  |                                    | 5,437,528 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK4888 Mo-1           |  |                    | 2,573,445 |  |               |  | 2.48 |                  |  |  | 03/01/2042                 |  |  |                                    | 2,666,115 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK5978 Mo-1           |  |                    | 848,650   |  |               |  | 3.50 |                  |  |  | 03/01/2027                 |  |  |                                    | 897,651   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK5980 Mo-1           |  |                    | 502,678   |  |               |  | 3.50 |                  |  |  | 03/01/2027                 |  |  |                                    | 531,702   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK5982 Mo-1           |  |                    | 836,295   |  |               |  | 3.50 |                  |  |  | 03/01/2027                 |  |  |                                    | 884,583   |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK5983 Mo-1           |  |                    | 2,888,119 |  |               |  | 3.50 |                  |  |  | 03/01/2027                 |  |  |                                    | 3,054,879 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK8176 Mo-1           |  |                    | 2,691,182 |  |               |  | 2.35 |                  |  |  | 03/01/2042                 |  |  |                                    | 2,784,673 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AK8952 Mo-1           |  |                    | 2,470,306 |  |               |  | 2.35 |                  |  |  | 05/01/2042                 |  |  |                                    | 2,558,792 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #AO4573 Mo-1           |  |                    | 2,664,355 |  |               |  | 2.17 |                  |  |  | 06/01/2042                 |  |  |                                    | 2,749,934 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #MA0740 Mo-1           |  |                    | 2,825,363 |  |               |  | 3.50 |                  |  |  | 05/01/2021                 |  |  |                                    | 2,993,359 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #MA0793 Mo-1           |  |                    | 5,425,785 |  |               |  | 3.50 |                  |  |  | 07/01/2021                 |  |  |                                    | 5,737,388 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #MA0815 Mo-1           |  |                    | 4,423,360 |  |               |  | 3.50 |                  |  |  | 08/01/2021                 |  |  |                                    | 4,677,393 |                                             |  |                                 |  |  |  | 
|Fannie Mae Pool #MA0845 Mo-1           |  |                    | 6,406,141 |  |               |  | 3.50 |                  |  |  | 09/01/2021                 |  |  |                                    | 6,774,045 |                                             |  |                                 |  |  |  | 



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



19



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                   |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|---------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------- |  |  | 
|Description                                                                        |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                                             |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|Mortgage Pass Through (Continued)                                                 |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool #MA0865 Mo-1                                                       |  |                    | 1,878,215 |  |               | 3.00 |                  |  | 10/01/2021 |                            |  |  | 1,979,619                          |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool #MA0909 Mo-1                                                       |  |                    | 3,004,642 |  |               | 3.00 |                  |  | 11/01/2021 |                            |  |  | 3,166,863                          |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool #MA0957 Mo-1                                                       |  |                    | 2,472,824 |  |               | 3.00 |                  |  | 12/01/2022 |                            |  |  | 2,606,332                          |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool #MA1036 Mo-1                                                       |  |                    | 2,595,760 |  |               | 2.50 |                  |  | 03/01/2022 |                            |  |  | 2,704,315                          |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool #MA1079 Mo-1                                                       |  |                    | 4,980,299 |  |               | 2.50 |                  |  | 05/01/2022 |                            |  |  | 5,188,575                          |  |                                             |  |                                 |  |  | 
|Fannie Mae Pool Mo-1                                                               |  |                    | 2,700,000 |  |               | 2.50 |                  |  | 06/01/2022 |                            |  |  | 2,761,171                          |  |                                             |  |                                 |  |  | 
|Fannie Mae REMICS, Series 2005-100, Class BA Mo-1                                  |  |                    | 1,282,210 |  |               | 5.50 |                  |  | 04/25/2024 |                            |  |  | 1,312,415                          |  |                                             |  |                                 |  |  | 
|Fannie Mae REMICS, Series 2005-8, Class CA Mo-1                                    |  |                    | 625,107   |  |               | 5.00 |                  |  | 10/25/2023 |                            |  |  | 641,741                            |  |                                             |  |                                 |  |  | 
|Fannie Mae REMICS, Series 2006-64, Class PB Mo-1                                   |  |                    | 3,810,282 |  |               | 5.50 |                  |  | 09/25/2033 |                            |  |  | 3,889,955                          |  |                                             |  |                                 |  |  | 
|Fannie Mae REMICS, Series 2008-80, Class ME Mo-1                                   |  |                    | 425,646   |  |               | 5.00 |                  |  | 05/25/2032 |                            |  |  | 442,825                            |  |                                             |  |                                 |  |  | 
|Fannie Mae REMICS, Series 2011-41, Class NB Mo-1                                   |  |                    | 1,543,436 |  |               | 4.00 |                  |  | 10/25/2036 |                            |  |  | 1,616,116                          |  |                                             |  |                                 |  |  | 
|Federal Home Loan Banks, Series QR 9012, Class 1 Mo-15                             |  |                    | 8,308,521 |  |               | 5.00 |                  |  | 08/15/2012 |                            |  |  | 8,614,607                          |  |                                             |  |                                 |  |  | 
|FHLMC Multifamily Structured Pass Through Certificates, Series K701, Class A2 Mo-1 |  |                    | 2,500,000 |  |               | 3.88 |                  |  | 11/25/2017 |                            |  |  | 2,772,200                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Gold Pool #G04774 Mo-1                                                 |  |                    | 3,379,352 |  |               | 4.50 |                  |  | 01/01/2038 |                            |  |  | 3,615,400                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Gold Pool #J19194 Mo-1                                                 |  |                    | 5,277,512 |  |               | 3.00 |                  |  | 05/01/2027 |                            |  |  | 5,565,981                          |  |                                             |  |                                 |  |  | 



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



20



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                        |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|------------------------------------------------------- |  | ------------------ | --------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------- |  |  | 
|Description                                             |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract 
Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)                  |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|Mortgage Pass - Through (Continued)                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1B8747 Mo-1                  |  |                    | 1,242,796 |  |               | 2.97 |                  |  | 09/01/2041 |                            |  |  | 1,306,278                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1B8804 Mo-1                  |  |                    | 2,195,135 |  |               | 2.80 |                  |  | 10/01/2041 |                            |  |  | 2,297,582                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1B8908 Mo-1                  |  |                    | 1,696,418 |  |               | 2.75 |                  |  | 11/01/2041 |                            |  |  | 1,765,836                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1J1467 Mo-1                  |  |                    | 1,255,926 |  |               | 2.51 |                  |  | 12/01/2036 |                            |  |  | 1,339,596                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1J1516 Mo-1                  |  |                    | 1,751,802 |  |               | 6.41 |                  |  | 02/01/2037 |                            |  |  | 1,899,549                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #1N0273 Mo-1                  |  |                    | 801,731   |  |               | 2.58 |                  |  | 08/01/2036 |                            |  |  | 850,790                            |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #2B0244 Mo-1                  |  |                    | 2,655,016 |  |               | 2.48 |                  |  | 02/01/2042 |                            |  |  | 2,749,561                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #2B0307 Mo-1                  |  |                    | 4,685,978 |  |               | 2.44 |                  |  | 03/01/2042 |                            |  |  | 4,851,768                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Non Gold Pool #2B0438 Mo-1                  |  |                    | 2,713,050 |  |               | 2.40 |                  |  | 05/01/2042 |                            |  |  | 2,808,251                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Reference REMIC, Series R003, Class VA Mo-1 |  |                    | 1,323,849 |  |               | 5.50 |                  |  | 08/15/2016 |                            |  |  | 1,354,363                          |  |                                             |  |                                 |  |  | 
|Freddie Mac Reference REMIC, Series R011, Class AB Mo-1 |  |                    | 517,968   |  |               | 5.50 |                  |  | 12/15/2020 |                            |  |  | 529,985                            |  |                                             |  |                                 |  |  | 
|Freddie Mac REMICS, Series 2684, Class PE Mo-1          |  |                    | 1,769,995 |  |               | 5.00 |                  |  | 01/15/2033 |                            |  |  | 1,862,990                          |  |                                             |  |                                 |  |  | 
|Freddie Mac REMICS, Series 2764, Class UE Mo-1          |  |                    | 630,000   |  |               | 5.00 |                  |  | 10/15/2032 |                            |  |  | 674,686                            |  |                                             |  |                                 |  |  | 



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

21



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|---------------------------------------------- |  | ---------------- | ---------- |  | --------- |  | ---- | -------------- |  |  | -------------------------- |  |  | ---------------------------------- | ----------- | -------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                    |  | Principal  Units |            |  | Rate  (%) |  |      | Maturity  Date |  |  | Investment atFair
Value($) |  |  | WrapperContracts at Fair Value ($) |             | Adjustments ofFair
Valueto 
ContractValue($) |  | Investment atContract Value($)
|GALLIARD MANAGED PORTFOLIO (Continued)         |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|Mortgage Pass - Through (Continued)            |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 2797, Class PG Mo-1 |  |                  | 493,517    |  |           |  | 5.50 |                |  |  | 01/15/2033                 |  |  |                                    | 515,148     |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 2810, Class PD Mo-1 |  |                  | 192,035    |  |           |  | 6.00 |                |  |  | 06/15/2033                 |  |  |                                    | 201,585     |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 2864, Class LE Mo-1 |  |                  | 303,333    |  |           |  | 5.00 |                |  |  | 06/15/2033                 |  |  |                                    | 313,428     |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 2955, Class OG Mo-1 |  |                  | 253,327    |  |           |  | 5.00 |                |  |  | 07/15/2033                 |  |  |                                    | 261,297     |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 2962, Class JQ Mo-1 |  |                  | 200,312    |  |           |  | 5.50 |                |  |  | 01/15/2034                 |  |  |                                    | 210,332     |                                              |  |                                |  |  |  | 
|Freddie Mac REMICS, Series 3351, Class PK Mo-1 |  |                  | 1,733,677  |  |           |  | 5.50 |                |  |  | 01/15/2032                 |  |  |                                    | 1,748,136   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #725641 Mo-1                |  |                  | 3,729,798  |  |           |  | 5.24 |                |  |  | 05/20/2060                 |  |  |                                    | 4,214,251   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #731464 Mo-1                |  |                  | 1,714,171  |  |           |  | 5.36 |                |  |  | 05/20/2060                 |  |  |                                    | 1,936,442   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #742601 Mo-1                |  |                  | 1,451,650  |  |           |  | 5.31 |                |  |  | 07/20/2060                 |  |  |                                    | 1,649,602   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #757312 Mo-1                |  |                  | 703,667    |  |           |  | 4.30 |                |  |  | 12/20/2060                 |  |  |                                    | 769,885     |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #82958 Mo-1                 |  |                  | 2,432,899  |  |           |  | 2.50 |                |  |  | 10/20/2041                 |  |  |                                    | 2,537,513   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #82997 Mo-1                 |  |                  | 1,721,766  |  |           |  | 2.50 |                |  |  | 12/20/2041                 |  |  |                                    | 1,795,802   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool #MA0046 Mo-1                |  |                  | 2,543,184  |  |           |  | 2.50 |                |  |  | 04/20/2042                 |  |  |                                    | 2,655,084   |                                              |  |                                |  |  |  | 
|Ginnie Mae II Pool Mo-1                        |  |                  | 3,710,174  |  |           |  | 5.59 |                |  |  | 02/20/2060                 |  |  |                                    | 4,203,234   |                                              |  |                                |  |  |  | 
|TBA (Galliard)                                 |  |                  | 4,000,000  |  |           |  | 2.50 |                |  |  | 07/01/2022                 |  |  |                                    | 4,161,876   |                                              |  |                                |  |  |  | 
|                                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    | 198,520,229 |                                              |  |                                |  |  |  | 
|Municipal  0.3%                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|State of Ohio MN1                              |  |                  | 500,000    |  |           |  | 1.87 |                |  |  | 05/01/2015                 |  |  |                                    | 512,775     |                                              |  |                                |  |  |  | 
|State of Oregon FA1                            |  |                  | 800,000    |  |           |  | 0.58 |                |  |  | 08/01/2012                 |  |  |                                    | 800,168     |                                              |  |                                |  |  |  | 
|State of Oregon FA1                            |  |                  | 500,000    |  |           |  | 2.25 |                |  |  | 08/01/2015                 |  |  |                                    | 521,645     |                                              |  |                                |  |  |  | 
|State of Washington FA1                        |  |                  | 1,000,000  |  |           |  | 2.76 |                |  |  | 08/01/2015                 |  |  |                                    | 1,062,500   |                                              |  |                                |  |  |  | 
|                                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|                                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    | 2,897,088   |                                              |  |                                |  |  |  | 
|                                               |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|US Treasury  7.4%                             |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|US Treasury Inflation Indexed Bonds            |  |                  |            |  |           |  |      |                |  |  |                            |  |  |                                    |             |                                              |  |                                |  |  |  | 
|AO15                                           |  |                  | 18,025,000 |  |           |  | 0.13 |                |  |  | 04/15/2016                 |  |  |                                    | 19,556,595  |                                              |  |                                |  |  |  | 



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

22



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|------------------------------------------------------------------------------------ |  | ------------------ | ---------- |  | ------------- |  | ----- | ---------------- |  |  | -------------------------- |  |  | ---------------------------------- | ----------- |  | ------------------------------------------- |  | - | ------------------------------ |  |  | ------------ | - |  |  | ---------------- | 
|Description                                                                          |  | Principal    Units |            |  | Rate      (%) |  |       | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |             |  | Adjustments ofFair
Valueto ContractValue($) |  |   | Investment atContract Value($) | 
|GALLIARD MANAGED PORTFOLIO (Continued)                                               |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|US Treasury (Continued)                                                              |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|US Treasury Inflation Indexed Bonds AO15                                             |  |                    | 8,275,000  |  |               |  | 0.13  |                  |  |  | 04/15/2017                 |  |  |                                    | 8,848,943   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|US Treasury Note AO31                                                                |  |                    | 16,595,000 |  |               |  | 2.75  |                  |  |  | 10/31/2013                 |  |  |                                    | 17,135,001  |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|US Treasury Note JJ15                                                                |  |                    | 11,650,000 |  |               |  | 1.00  |                  |  |  | 01/15/2014                 |  |  |                                    | 11,772,442  |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|US Treasury Note MN31                                                                |  |                    | 16,900,000 |  |               |  | 2.00  |                  |  |  | 11/30/2013                 |  |  |                                    | 17,305,938  |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 74,618,919  |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |      
|Collective Investment Funds  0.8%                                                   |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Northern Trust Global Investments - Collective Government Short-Term Investment Fund |  |                    | 7,722,865  |  |               |  |      |                  |  |  |                            |  |  |                                    | 7,722,865   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |      
|TOTAL ING                                                                            |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 203,570,007 |  |                                             |  |  |                                |  |  | (8,281,744   | ) |  |  | 195,288,263      | 
|TOTAL PRUDENTIAL INSURANCE CO. OF AMERICA                                            |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 174,300,136 |  |                                             |  |  |                                |  |  | (8,784,675   | ) |  |  | 165,515,461      | 
|TOTAL UNITED OF OMAHA LIFE INSURANCE CO.                                             |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 186,561,367 |  |                                             |  |  |                                |  |  | (6,491,260)  |   |  |  | 180,070,107      | 
|TOTAL GALLIARD MANAGED PORTFOLIO                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 564,431,510 |  |                                             |  |  |                                |  |  | (23,557,679) |   |  |  | $    540,873,831 | 
|JENNISON MANAGED PORTFOLIO  18.3%                                                   |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Agency  0.8%                                                                        |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Financing Corp. Fico                                                                 |  |                    | 3,315,000  |  |               |  |      |                  |  |  | 11/30/2017                 |  |  |                                    | 3,092,242   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Financing Corp. Fico                                                                 |  |                    | 500,000    |  |               |  |      |                  |  |  | 11/30/2017                 |  |  |                                    | 466,402     |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Financing Corp. Fico                                                                 |  |                    | 1,655,000  |  |               |  |      |                  |  |  | 02/08/2018                 |  |  |                                    | 1,526,651   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Financing Corp. Fico                                                                 |  |                    | 1,683,000  |  |               |  |      |                  |  |  | 08/03/2018                 |  |  |                                    | 1,541,644   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |      
|Financing Corp. Fico                                                                 |  |                    | 485,000    |  |               |  | 10.35 |                  |  |  | 08/03/2018                 |  |  |                                    | 730,262     |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|Financing Corp. Fico                                                                 |  |                    | 400,000    |  |               |  | 9.65  |                  |  |  | 11/02/2018                 |  |  |                                    | 593,271     |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    | 7,950,472   |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 
|                                                                                     |  |                    |            |  |               |  |       |                  |  |  |                            |  |  |                                    |             |  |                                             |  |   |                                |  |  |              |   |  |  |                  | 



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

23



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                   |  |                    |           |  |               |      |                  |            |                            |  |           |                                    |  |                                             |  |                                |  | 
|------------------------------------------------------------------ |  | ------------------ | --------- |  | ------------- | ---- | ---------------- | ---------- | -------------------------- |  | --------- | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  | 
|Description                                                        |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |            | Investment atFair Value($) |  |           | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|JENNISON MANAGED PORTFOLIO (Continued)                             |  |                    |           |  |               |      |                  |            |                            |  |           |                                    |  |                                             |  |                                |  | 
|Asset Backed  0.8%                                                |  |                    |           |  |               |      |                  |            |                            |  |           |                                    |  |                                             |  |                                |  | 
|Ally Auto Receivables Trust, Series 12-1, Class A2                 |  |                    | 1,200,000 |  |               | 0.71 |                  | 10/15/2013 |                            |  | 1,201,512 |                                    |  |                                             |  |                                |  | 
|Ally Auto Receivables Trust, Series 2011-5, Class A3               |  |                    | 400,000   |  |               | 0.99 |                  | 01/15/2015 |                            |  | 402,404   |                                    |  |                                             |  |                                |  | 
|Ally Master Owner Trust, Series 2011-1, Class A2                   |  |                    | 875,000   |  |               | 2.15 |                  | 02/15/2014 |                            |  | 890,864   |                                    |  |                                             |  |                                |  | 
|Ally Master Owner Trust, Series 2011-3, Class A2                   |  |                    | 355,000   |  |               | 1.81 |                  | 05/15/2014 |                            |  | 360,204   |                                    |  |                                             |  |                                |  | 
|Ally Master Owner Trust, Series 2012-1, Class A2                   |  |                    | 590,000   |  |               | 1.44 |                  | 03/15/2015 |                            |  | 593,528   |                                    |  |                                             |  |                                |  | 
|Detroit Edison Securitization Funding LLC, Series 2001-1, Class A6 |  |                    | 1,527,000 |  |               | 6.62 |                  | 03/01/2015 |                            |  | 1,702,513 |                                    |  |                                             |  |                                |  | 
|Ford Credit Auto Owner Trust, Series 11-B, Class A3                |  |                    | 295,000   |  |               | 0.84 |                  | 03/15/2014 |                            |  | 295,749   |                                    |  |                                             |  |                                |  | 
|Ford Credit Floorplan Master Owner Trust, Series 11-1, Class A1    |  |                    | 540,000   |  |               | 2.12 |                  | 02/15/2014 |                            |  | 551,151   |                                    |  |                                             |  |                                |  | 
|GMAC Commercial Mortgage Securities, Inc., Series 03-C2, Class A1  |  |                    | 237,835   |  |               | 4.58 |                  | 05/01/2013 |                            |  | 241,219   |                                    |  |                                             |  |                                |  | 
|NCUA Guaranteed Notes, Series 10-C1, Class A2                      |  |                    | 700,000   |  |               | 2.90 |                  | 12/27/2017 |                            |  | 746,375   |                                    |  |                                             |  |                                |  | 
|PSE&G Transition Funding LLC, Series 2001-1, Class A7              |  |                    | 900,000   |  |               | 6.75 |                  | 06/15/2014 |                            |  | 986,040   |                                    |  |                                             |  |                                |  | 



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

24



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|------------------------------------------------------------------------------------ |  | ------------------ | --------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  |  | 
|Description                                                                          |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|JENNISON MANAGED PORTFOLIO (Continued)                                               |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Asset Backed (Continued)                                                             |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|RSB Bondco LLC, Series 07-A, Class A3                                                |  |                    | 515,000   |  |               | 5.82 |                  |  | 04/01/2017 |                            |  |  | 615,533                            |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                 
|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  | 8,587,092                          |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                 
|Collective Investment Funds  0.5%                                                   |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Northern Trust Global Investments - Collective Government Short Term Investment Fund |  |                    | 5,356,324 |  |               |     |                  |  |            |                            |  |  | 5,356,318                          |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                 
|Commercial Mortgage Backed Securities  0.0%                                         |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A6                  |  |                    | 33,267    |  |               | 5.14 |                  |  | 01/01/2013 |                            |  |  | 33,386                             |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                                                                     |  |                    |           |  |               |      |                 
|Corporate  6.5%                                                                     |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|AEP Texas Central Transition Funding LLC, Series 06-A, Class A2                      |  |                    | 1,145,785 |  |               | 4.98 |                  |  | 07/01/2013 |                            |  |  | 1,173,405                          |  |                                             |  |                                |  |  | 
|AEP Texas Central Transition Funding LLC, Series 06-A, Class A4                      |  |                    | 350,000   |  |               | 5.17 |                  |  | 01/01/2018 |                            |  |  | 409,010                            |  |                                             |  |                                |  |  | 
|Allstate Life Global Funding Trusts                                                  |  |                    | 1,100,000 |  |               | 5.38 |                  |  | 04/30/2013 |                            |  |  | 1,142,394                          |  |                                             |  |                                |  |  | 
|American Express Credit Corp.                                                        |  |                    | 795,000   |  |               | 2.38 |                  |  | 03/24/2017 |                            |  |  | 811,997                            |  |                                             |  |                                |  |  | 
|Amgen, Inc.                                                                          |  |                    | 1,025,000 |  |               | 3.88 |                  |  | 11/15/2021 |                            |  |  | 1,078,433                          |  |                                             |  |                                |  |  | 
|Amgen, Inc.                                                                          |  |                    | 715,000   |  |               | 5.65 |                  |  | 06/15/2042 |                            |  |  | 797,575                            |  |                                             |  |                                |  |  | 
|Anheuser-Busch InBev Worldwide, Inc.                                                 |  |                    | 1,650,000 |  |               | 3.63 |                  |  | 04/15/2015 |                            |  |  | 1,763,900                          |  |                                             |  |                                |  |  | 



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

25



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|----------------------------------------------- |  | ------------------ | --------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  |  | 
|Description                                     |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|JENNISON MANAGED PORTFOLIO (Continued)          |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Corporate (Continued)                           |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Apache Corp.                                    |  |                    | 390,000   |  |               | 3.25 |                  |  | 04/15/2022 |                            |  |  | 405,889                            |  |                                             |  |                                |  |  | 
|AT&T, Inc.                                      |  |                    | 800,000   |  |               | 6.30 |                  |  | 01/15/2038 |                            |  |  | 994,744                            |  |                                             |  |                                |  |  | 
|AT&T, Inc.                                      |  |                    | 390,000   |  |               | 5.55 |                  |  | 08/15/2041 |                            |  |  | 466,136                            |  |                                             |  |                                |  |  | 
|Bank of America Corp.                           |  |                    | 1,725,000 |  |               | 5.42 |                  |  | 03/15/2017 |                            |  |  | 1,786,134                          |  |                                             |  |                                |  |  | 
|Bank of America Corp.                           |  |                    | 180,000   |  |               | 5.65 |                  |  | 05/01/2018 |                            |  |  | 189,279                            |  |                                             |  |                                |  |  | 
|Bank of America Corp.                           |  |                    | 875,000   |  |               | 5.49 |                  |  | 03/15/2019 |                            |  |  | 898,537                            |  |                                             |  |                                |  |  | 
|Barclays Bank PLC                               |  |                    | 835,000   |  |               | 5.13 |                  |  | 01/08/2020 |                            |  |  | 906,134                            |  |                                             |  |                                |  |  | 
|Becton Dickinson and Co.                        |  |                    | 130,000   |  |               | 3.13 |                  |  | 11/08/2021 |                            |  |  | 136,059                            |  |                                             |  |                                |  |  | 
|Berkshire Hathaway Finance Corp.                |  |                    | 1,750,000 |  |               | 5.40 |                  |  | 05/15/2018 |                            |  |  | 2,058,980                          |  |                                             |  |                                |  |  | 
|Carolina Power & Light Co.                      |  |                    | 160,000   |  |               | 3.00 |                  |  | 09/15/2021 |                            |  |  | 167,246                            |  |                                             |  |                                |  |  | 
|Caterpillar Financial Services Corp.            |  |                    | 700,000   |  |               | 7.05 |                  |  | 10/01/2018 |                            |  |  | 905,261                            |  |                                             |  |                                |  |  | 
|Caterpillar, Inc.                               |  |                    | 240,000   |  |               | 3.90 |                  |  | 05/27/2021 |                            |  |  | 266,446                            |  |                                             |  |                                |  |  | 
|Citigroup, Inc.                                 |  |                    | 1,650,000 |  |               | 5.50 |                  |  | 02/15/2017 |                            |  |  | 1,719,481                          |  |                                             |  |                                |  |  | 
|Citigroup, Inc.                                 |  |                    | 925,000   |  |               | 6.13 |                  |  | 08/25/2036 |                            |  |  | 898,295                            |  |                                             |  |                                |  |  | 
|Comcast Corp.                                   |  |                    | 1,750,000 |  |               | 6.50 |                  |  | 01/15/2017 |                            |  |  | 2,075,010                          |  |                                             |  |                                |  |  | 
|Deutsche Bank AG./London                        |  |                    | 330,000   |  |               | 2.38 |                  |  | 01/11/2013 |                            |  |  | 331,904                            |  |                                             |  |                                |  |  | 
|Deutsche Telekom International Finance B.V.     |  |                    | 785,000   |  |               | 4.88 |                  |  | 07/08/2014 |                            |  |  | 834,871                            |  |                                             |  |                                |  |  | 
|Devon Energy Corp.                              |  |                    | 1,015,000 |  |               | 3.25 |                  |  | 05/15/2022 |                            |  |  | 1,026,876                          |  |                                             |  |                                |  |  | 
|Diageo Capital PLC                              |  |                    | 755,000   |  |               | 5.50 |                  |  | 09/30/2016 |                            |  |  | 880,489                            |  |                                             |  |                                |  |  | 
|Diageo Investment Corp.                         |  |                    | 205,000   |  |               | 2.88 |                  |  | 05/11/2022 |                            |  |  | 210,392                            |  |                                             |  |                                |  |  | 
|DIRECTV Holdings LLC/DIRECTVFinancing Co., Inc. |  |                    | 970,000   |  |               | 3.50 |                  |  | 03/01/2016 |                            |  |  | 1,021,876                          |  |                                             |  |                                |  |  | 
|Dominion Resources, Inc./VA                     |  |                    | 180,000   |  |               | 1.95 |                  |  | 08/15/2016 |                            |  |  | 183,370                            |  |                                             |  |                                |  |  | 
|Encana Corp.                                    |  |                    | 905,000   |  |               | 3.90 |                  |  | 11/15/2021 |                            |  |  | 891,606                            |  |                                             |  |                                |  |  | 
|Fiserv, Inc.                                    |  |                    | 340,000   |  |               | 3.13 |                  |  | 06/15/2016 |                            |  |  | 352,111                            |  |                                             |  |                                |  |  | 



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

26



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|-------------------------------------- |  | ------------------ | --------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  |  | 
|Description                            |  | Principal    Units |           |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|JENNISON MANAGED PORTFOLIO (Continued) |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Corporate (Continued)                  |  |                    |           |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|General Electric Capital Corp.         |  |                    | 1,060,000 |  |               | 4.38 |                  |  | 09/16/2020 |                            |  |  | 1,140,422                          |  |                                             |  |                                |  |  | 
|General Electric Capital Corp.         |  |                    | 515,000   |  |               | 5.30 |                  |  | 02/11/2021 |                            |  |  | 576,836                            |  |                                             |  |                                |  |  | 
|General Electric Capital Corp.         |  |                    | 395,000   |  |               | 5.88 |                  |  | 01/14/2038 |                            |  |  | 453,302                            |  |                                             |  |                                |  |  | 
|GlaxoSmithKline Capital PLC            |  |                    | 850,000   |  |               | 1.50 |                  |  | 05/08/2017 |                            |  |  | 850,791                            |  |                                             |  |                                |  |  | 
|Goldman Sachs Group, Inc.              |  |                    | 790,000   |  |               | 5.95 |                  |  | 01/18/2018 |                            |  |  | 842,472                            |  |                                             |  |                                |  |  | 
|Goldman Sachs Group, Inc.              |  |                    | 1,430,000 |  |               | 5.25 |                  |  | 07/27/2021 |                            |  |  | 1,439,052                          |  |                                             |  |                                |  |  | 
|Hewlett-Packard Co.                    |  |                    | 490,000   |  |               | 2.20 |                  |  | 12/01/2015 |                            |  |  | 494,768                            |  |                                             |  |                                |  |  | 
|Hewlett-Packard Co.                    |  |                    | 260,000   |  |               | 4.38 |                  |  | 09/15/2021 |                            |  |  | 267,613                            |  |                                             |  |                                |  |  | 
|HSBC Holdings PLC                      |  |                    | 780,000   |  |               | 4.00 |                  |  | 03/30/2022 |                            |  |  | 804,695                            |  |                                             |  |                                |  |  | 
|HSBC Holdings PLC                      |  |                    | 410,000   |  |               | 6.80 |                  |  | 06/01/2038 |                            |  |  | 469,613                            |  |                                             |  |                                |  |  | 
|JPMorgan Chase & Co.                   |  |                    | 1,500,000 |  |               | 6.00 |                  |  | 01/15/2018 |                            |  |  | 1,721,460                          |  |                                             |  |                                |  |  | 
|JPMorgan Chase Bank N.A.               |  |                    | 1,085,000 |  |               | 6.00 |                  |  | 10/01/2017 |                            |  |  | 1,215,102                          |  |                                             |  |                                |  |  | 
|Kellogg Co.                            |  |                    | 150,000   |  |               | 1.75 |                  |  | 05/17/2017 |                            |  |  | 149,442                            |  |                                             |  |                                |  |  | 
|Kraft Foods, Inc.                      |  |                    | 1,450,000 |  |               | 6.50 |                  |  | 08/11/2017 |                            |  |  | 1,763,128                          |  |                                             |  |                                |  |  | 
|Kroger Co.                             |  |                    | 740,000   |  |               | 6.40 |                  |  | 08/15/2017 |                            |  |  | 882,635                            |  |                                             |  |                                |  |  | 
|Lockheed Martin Corp.                  |  |                    | 695,000   |  |               | 3.35 |                  |  | 09/15/2021 |                            |  |  | 716,615                            |  |                                             |  |                                |  |  | 
|MetLife, Inc.                          |  |                    | 1,500,000 |  |               | 6.75 |                  |  | 06/01/2016 |                            |  |  | 1,755,975                          |  |                                             |  |                                |  |  | 
|Morgan Stanley                         |  |                    | 1,350,000 |  |               | 5.95 |                  |  | 12/28/2017 |                            |  |  | 1,376,527                          |  |                                             |  |                                |  |  | 
|Morgan Stanley                         |  |                    | 335,000   |  |               | 7.30 |                  |  | 05/13/2019 |                            |  |  | 358,966                            |  |                                             |  |                                |  |  | 
|News America, Inc.                     |  |                    | 835,000   |  |               | 6.15 |                  |  | 03/01/2037 |                            |  |  | 946,097                            |  |                                             |  |                                |  |  | 
|News America, Inc.                     |  |                    | 805,000   |  |               | 6.65 |                  |  | 11/15/2037 |                            |  |  | 935,692                            |  |                                             |  |                                |  |  | 
|Northrop Grumman Corp.                 |  |                    | 890,000   |  |               | 1.85 |                  |  | 11/15/2015 |                            |  |  | 901,543                            |  |                                             |  |                                |  |  | 
|Pacific Gas & Electric Co.             |  |                    | 1,525,000 |  |               | 5.63 |                  |  | 11/30/2017 |                            |  |  | 1,839,455                          |  |                                             |  |                                |  |  | 
|PepsiCo, Inc.                          |  |                    | 955,000   |  |               | 2.75 |                  |  | 03/05/2022 |                            |  |  | 959,737                            |  |                                             |  |                                |  |  | 
|Philip Morris International, Inc.      |  |                    | 975,000   |  |               | 1.63 |                  |  | 03/20/2017 |                            |  |  | 983,639                            |  |                                             |  |                                |  |  | 
|PNC Funding Corp.                      |  |                    | 590,000   |  |               | 2.70 |                  |  | 09/19/2016 |                            |  |  | 611,948                            |  |                                             |  |                                |  |  | 



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

27



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|-------------------------------------- |  | ------------------ | ---------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- |  |  | ---------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  |  | 
|Description                            |  | Principal    Units |            |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |  | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|JENNISON MANAGED PORTFOLIO (Continued) |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Corporate (Continued)                  |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|Raytheon Co.                           |  |                    | 735,000    |  |               | 6.40 |                  |  | 12/15/2018 |                            |  |  | 920,832                            |  |                                             |  |                                |  |  | 
|Sanofi                                 |  |                    | 585,000    |  |               | 2.63 |                  |  | 03/29/2016 |                            |  |  | 614,110                            |  |                                             |  |                                |  |  | 
|Southwestern Electric Power Co.        |  |                    | 800,000    |  |               | 5.88 |                  |  | 03/01/2018 |                            |  |  | 924,416                            |  |                                             |  |                                |  |  | 
|Spectra Energy Capital LLC             |  |                    | 550,000    |  |               | 8.00 |                  |  | 10/01/2019 |                            |  |  | 702,718                            |  |                                             |  |                                |  |  | 
|Suncor Energy, Inc.                    |  |                    | 1,525,000  |  |               | 6.10 |                  |  | 06/01/2018 |                            |  |  | 1,801,254                          |  |                                             |  |                                |  |  | 
|Thermo Fisher Scientific, Inc.         |  |                    | 415,000    |  |               | 3.20 |                  |  | 05/01/2015 |                            |  |  | 440,987                            |  |                                             |  |                                |  |  | 
|Thermo Fisher Scientific, Inc.         |  |                    | 250,000    |  |               | 3.20 |                  |  | 03/01/2016 |                            |  |  | 267,602                            |  |                                             |  |                                |  |  | 
|Time Warner Cable, Inc.                |  |                    | 725,000    |  |               | 8.25 |                  |  | 02/14/2014 |                            |  |  | 807,200                            |  |                                             |  |                                |  |  | 
|Time Warner Cable, Inc.                |  |                    | 370,000    |  |               | 7.30 |                  |  | 07/01/2038 |                            |  |  | 470,085                            |  |                                             |  |                                |  |  | 
|Time Warner Cable, Inc.                |  |                    | 265,000    |  |               | 5.50 |                  |  | 09/01/2041 |                            |  |  | 285,484                            |  |                                             |  |                                |  |  | 
|Time Warner, Inc.                      |  |                    | 835,000    |  |               | 3.15 |                  |  | 07/15/2015 |                            |  |  | 876,942                            |  |                                             |  |                                |  |  | 
|Total Capital S.A.                     |  |                    | 1,625,000  |  |               | 3.00 |                  |  | 06/24/2015 |                            |  |  | 1,718,519                          |  |                                             |  |                                |  |  | 
|Toyota Motor Credit Corp.              |  |                    | 1,055,000  |  |               | 2.00 |                  |  | 09/15/2016 |                            |  |  | 1,078,147                          |  |                                             |  |                                |  |  | 
|Travelers Cos., Inc.                   |  |                    | 775,000    |  |               | 5.75 |                  |  | 12/15/2017 |                            |  |  | 934,278                            |  |                                             |  |                                |  |  | 
|United Technologies Corp.              |  |                    | 825,000    |  |               | 3.10 |                  |  | 06/01/2022 |                            |  |  | 865,177                            |  |                                             |  |                                |  |  | 
|Verizon Communications, Inc.           |  |                    | 775,000    |  |               | 5.50 |                  |  | 04/01/2017 |                            |  |  | 904,193                            |  |                                             |  |                                |  |  | 
|Wal-Mart Stores, Inc.                  |  |                    | 385,000    |  |               | 5.63 |                  |  | 04/15/2041 |                            |  |  | 500,076                            |  |                                             |  |                                |  |  | 
|Waste Management, Inc.                 |  |                    | 195,000    |  |               | 2.60 |                  |  | 09/01/2016 |                            |  |  | 200,994                            |  |                                             |  |                                |  |  | 
|                                       |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                       |  |                    |            |  |               |      |                  |  |            |                            |  |  | 65,554,379                         |  |                                             |  |                                |  |  | 
|                                       |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|                                       |  |                    |            |  |               |      |                 
|US Treasury  9.7%                     |  |                    |            |  |               |      |                  |  |            |                            |  |  |                                    |  |                                             |  |                                |  |  | 
|US Treasury Bond                       |  |                    | 6,125,000  |  |               | 3.75 |                  |  | 08/15/2041 |                            |  |  | 7,381,360                          |  |                                             |  |                                |  |  | 
|US Treasury Bond                       |  |                    | 3,985,000  |  |               | 3.12 |                  |  | 11/15/2041 |                            |  |  | 4,281,205                          |  |                                             |  |                                |  |  | 
|US Treasury Bond                       |  |                    | 650,000    |  |               | 3.13 |                  |  | 02/15/2042 |                            |  |  | 697,827                            |  |                                             |  |                                |  |  | 
|US Treasury Note                       |  |                    | 19,750,000 |  |               | 1.38 |                  |  | 10/15/2012 |                            |  |  | 19,818,730                         |  |                                             |  |                                |  |  | 
|US Treasury Note                       |  |                    | 6,745,000  |  |               | 1.38 |                  |  | 11/15/2012 |                            |  |  | 6,774,880                          |  |                                             |  |                                |  |  | 



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

28



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|----------------------------------------- |  | ------------------ | ---------- |  | ------------- | ---- | ---------------- |  | ---------- | -------------------------- | - |  | ---------------------------------- |  | ---------- | ------------------------------------------- |  | - | ------------------------------ |  |  |  |  |  |  | 
|Description                               |  | Principal    Units |            |  | Rate      (%) |      | Maturity    Date |  |            | Investment atFair Value($) |   |  | WrapperContracts at Fair Value ($) |  |            | Adjustments ofFair Valueto
ContractValue($) |  |   | Investment atContract Value($) | 
|JENNISON MANAGED PORTFOLIO (Continued)    |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|US Treasury (Continued)                   |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|US Treasury Note                          |  |                    | 51,270,000 |  |               | 0.25 |                  |  | 10/31/2013 |                            |   |  | 51,245,391                         |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|US Treasury Note                          |  |                    | 865,000    |  |               | 0.63 |                  |  | 05/31/2017 |                            |   |  | 860,995                            |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|US Treasury Note                          |  |                    | 5,300,000  |  |               | 2.00 |                  |  | 02/15/2022 |                            |   |  | 5,477,391                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|US Treasury Note                          |  |                    | 1,380,000  |  |               | 1.75 |                  |  | 05/15/2022 |                            |   |  | 1,391,109                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  | 97,928,888                         |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|TOTAL PRUDENTIAL INSURANCE CO. OF AMERICA |  |                    |            |  |               |      | 185,410,535      |  |            |                            |  |  |                                    |  | (7,031,595 | )                                           |  |   | 178,378,940                    | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|TOTAL JENNISON MANAGED PORTFOLIO          |  |                    |            |  |               |      | 185,410,535      |  |            |                            |  |  |                                    |  | (7,031,595 | )                                           |  | $ | 178,378,940                    | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|PIMCO MANAGED PORTFOLIO  16.0%           |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                | 
|Corporate  2.3%                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Barclays Bank PLC                         |  |                    | 2,000,000  |  |               | 6.75 |                  |  | 05/22/2019 |                            |   |  | 2,336,370                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Citigroup, Inc. GLBL SR NT                |  |                    | 2,000,000  |  |               | 8.50 |                  |  | 05/22/2019 |                            |   |  | 2,473,402                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Goldman Sachs Group, Inc. GLBL SR NT      |  |                    | 2,000,000  |  |               | 7.50 |                  |  | 02/15/2019 |                            |   |  | 2,283,826                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Hewlett-Packard Co.                       |  |                    | 1,500,000  |  |               | 0.75 |                  |  | 05/24/2013 |                            |   |  | 1,497,123                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|HSBC Bank USA                             |  |                    | 800,000    |  |               | 2.38 |                  |  | 02/13/2015 |                            |   |  | 809,629                            |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|JPMorgan Chase & Co.                      |  |                    | 3,000,000  |  |               | 3.45 |                  |  | 03/01/2016 |                            |   |  | 3,112,109                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Kraft Foods, Inc.                         |  |                    | 1,500,000  |  |               | 1.33 |                  |  | 07/10/2013 |                            |   |  | 1,505,867                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Lloyds TSB Bank PLC                       |  |                    | 1,500,000  |  |               | 2.82 |                  |  | 01/24/2014 |                            |   |  | 1,508,987                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Merrill Lynch & Co., Inc.                 |  |                    | 2,700,000  |  |               | 6.88 |                  |  | 04/25/2018 |                            |   |  | 3,024,782                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Morgan Stanley                            |  |                    | 2,650,000  |  |               | 7.30 |                  |  | 05/13/2019 |                            |   |  | 2,866,513                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|Wachovia Corp.                            |  |                    | 1,500,000  |  |               | 5.50 |                  |  | 05/01/2013 |                            |   |  | 1,558,936                          |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  | 22,977,544                         |  |            |                                             |  |   |                                |  |  |  |  |  |  | 
|                                          |  |                    |            |  |               |      |                  |  |            |                            |   |  |                                    |  |            |                                             |  |   |                                |  |  |  |  |  |  | 



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

29



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                            |  |                |           |  |             |  |      |              |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|------------------------------------------- |  | -------------- | --------- |  | ----------- |  | ---- | ------------ |  |  | -------------------------- |  |  | ---------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                                 |  | PrincipalUnits |           |  | Rate    (%) |  |      | MaturityDate |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value ($) |           | Adjustments ofFair Valueto
ContractValue($) |  | Investment atContract Value($)
|PIMCO MANAGED PORTFOLIO (Continued)         |  |                |           |  |             |  |      |              |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Mortgage Pass  Through  6.1%              |  |                |           |  |             |  |      |              |  |  |                            |  |  |                                    |           |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AA4746                     |  |                | 103,898   |  |             |  | 3.50 |              |  |  | 11/01/2025                 |  |  |                                    | 109,929   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AA4777                     |  |                | 1,316,206 |  |             |  | 3.50 |              |  |  | 12/01/2025                 |  |  |                                    | 1,417,701 |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AB1609                     |  |                | 875,485   |  |             |  | 4.00 |              |  |  | 10/01/2025                 |  |  |                                    | 931,900   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AB1767                     |  |                | 1,346,444 |  |             |  | 3.50 |              |  |  | 11/01/2025                 |  |  |                                    | 1,424,604 |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AD1608                     |  |                | 43,830    |  |             |  | 4.00 |              |  |  | 02/01/2025                 |  |  |                                    | 46,654    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AD8171                     |  |                | 70,189    |  |             |  | 3.50 |              |  |  | 08/01/2025                 |  |  |                                    | 74,263    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AE0828                     |  |                | 2,777,137 |  |             |  | 3.50 |              |  |  | 02/01/2041                 |  |  |                                    | 2,922,862 |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AE2978                     |  |                | 65,710    |  |             |  | 4.00 |              |  |  | 08/01/2025                 |  |  |                                    | 69,945    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AE3507                     |  |                | 954,289   |  |             |  | 3.50 |              |  |  | 02/01/2026                 |  |  |                                    | 1,009,685 |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AE3962                     |  |                | 203,301   |  |             |  | 4.00 |              |  |  | 09/01/2025                 |  |  |                                    | 216,402   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH0562                     |  |                | 583,889   |  |             |  | 3.50 |              |  |  | 01/01/2026                 |  |  |                                    | 625,812   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH0634                     |  |                | 27,524    |  |             |  | 3.50 |              |  |  | 01/01/2026                 |  |  |                                    | 29,466    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH1708                     |  |                | 67,059    |  |             |  | 3.50 |              |  |  | 03/01/2026                 |  |  |                                    | 70,952    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH3613                     |  |                | 552,405   |  |             |  | 3.50 |              |  |  | 01/01/2026                 |  |  |                                    | 584,472   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH4828                     |  |                | 1,410,840 |  |             |  | 4.00 |              |  |  | 02/01/2026                 |  |  |                                    | 1,502,636 |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH5210                     |  |                | 641,070   |  |             |  | 4.00 |              |  |  | 05/01/2026                 |  |  |                                    | 682,781   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH6516                     |  |                | 24,733    |  |             |  | 4.00 |              |  |  | 04/01/2026                 |  |  |                                    | 26,343    |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH7635                     |  |                | 865,632   |  |             |  | 4.00 |              |  |  | 08/01/2026                 |  |  |                                    | 921,954   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AH9908                     |  |                | 268,319   |  |             |  | 4.00 |              |  |  | 04/01/2026                 |  |  |                                    | 285,777   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AI9734                     |  |                | 106,783   |  |             |  | 3.50 |              |  |  | 08/01/2026                 |  |  |                                    | 112,982   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AJ4459                     |  |                | 905,488   |  |             |  | 3.50 |              |  |  | 11/01/2041                 |  |  |                                    | 953,002   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #AL0605                     |  |                | 433,691   |  |             |  | 4.00 |              |  |  | 08/01/2026                 |  |  |                                    | 461,637   |                                             |  |                                |  |  |  | 
|Fannie Mae Pool #MA0849                     |  |                | 71,411    |  |             |  | 4.00 |              |  |  | 09/01/2026                 |  |  |                                    | 76,058    |                                             |  |                                |  |  |  | 
|Fannie Mae REMICS, Series 2011-87, Class FJ |  |                | 3,027,121 |  |             |  | 0.80 |              |  |  | 09/25/2041                 |  |  |                                    | 3,038,943 |                                             |  |                                |  |  |  | 
|Fannie Mae TBA AUG 30YR                     |  |                | 1,000,000 |  |             |  | 5.00 |              |  |  | 08/13/2042                 |  |  |                                    | 1,082,188 |                                             |  |                                |  |  |  | 



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

30



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|----------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ----------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                         |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value  ($) |           | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|PIMCO MANAGED PORTFOLIO (Continued) |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|Mortgage PassThrough (Continued)   |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|Fannie Mae TBA JUL 30YR             |  |                    | 4,000,000 |  |               |  | 5.00 |                  |  |  | 07/12/2042                 |  |  |                                     | 4,329,376 |                                             |  |                                |  |  |  | 
|Fannie Mae TBA JUL 30YR             |  |                    | 2,000,000 |  |               |  | 4.00 |                  |  |  | 07/12/2042                 |  |  |                                     | 2,129,063 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool #A9-4882      |  |                    | 6,860,483 |  |               |  | 4.00 |                  |  |  | 11/01/2040                 |  |  |                                     | 7,388,215 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool #A9-6689      |  |                    | 5,565,962 |  |               |  | 4.00 |                  |  |  | 01/01/2041                 |  |  |                                     | 5,994,115 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool #A9-6946      |  |                    | 4,126,447 |  |               |  | 4.00 |                  |  |  | 02/01/2041                 |  |  |                                     | 4,443,868 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #E0-2696 |  |                    | 217,728   |  |               |  | 4.00 |                  |  |  | 05/01/2025                 |  |  |                                     | 230,296   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #E0-2697 |  |                    | 780,192   |  |               |  | 4.00 |                  |  |  | 06/01/2025                 |  |  |                                     | 825,226   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #E0-2703 |  |                    | 495,507   |  |               |  | 4.00 |                  |  |  | 07/01/2025                 |  |  |                                     | 524,108   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #E0-2860 |  |                    | 181,612   |  |               |  | 4.00 |                  |  |  | 03/01/2026                 |  |  |                                     | 192,321   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #G1-3854 |  |                    | 849,503   |  |               |  | 4.00 |                  |  |  | 07/01/2025                 |  |  |                                     | 898,537   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #G1-8348 |  |                    | 34,168    |  |               |  | 4.00 |                  |  |  | 05/01/2025                 |  |  |                                     | 36,140    |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #G1-8358 |  |                    | 172,254   |  |               |  | 4.00 |                  |  |  | 07/01/2025                 |  |  |                                     | 182,196   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #G1-8379 |  |                    | 115,449   |  |               |  | 4.00 |                  |  |  | 02/01/2026                 |  |  |                                     | 122,257   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #G1-8391 |  |                    | 586,560   |  |               |  | 4.00 |                  |  |  | 06/01/2026                 |  |  |                                     | 621,150   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-1909 |  |                    | 571,507   |  |               |  | 4.00 |                  |  |  | 03/01/2025                 |  |  |                                     | 604,495   |                                             |  |                                |  |  |  | 



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

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                    |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|----------------------------------- |  | ------------------ | --------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ----------------------------------- | --------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                         |  | Principal    Units |           |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value  ($) |           | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|PIMCO MANAGED PORTFOLIO (Continued) |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|Mortgage Pass Through (Continued)  |  |                    |           |  |               |  |      |                  |  |  |                            |  |  |                                     |           |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-2045 |  |                    | 24,155    |  |               |  | 4.00 |                  |  |  | 05/01/2025                 |  |  |                                     | 25,550    |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-2397 |  |                    | 247,875   |  |               |  | 4.00 |                  |  |  | 06/01/2025                 |  |  |                                     | 262,183   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-2567 |  |                    | 402,131   |  |               |  | 4.00 |                  |  |  | 07/01/2025                 |  |  |                                     | 425,342   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-3008 |  |                    | 3,208,004 |  |               |  | 4.00 |                  |  |  | 10/01/2025                 |  |  |                                     | 3,393,173 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-3047 |  |                    | 1,296,638 |  |               |  | 4.00 |                  |  |  | 09/01/2025                 |  |  |                                     | 1,371,482 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-3139 |  |                    | 53,886    |  |               |  | 4.00 |                  |  |  | 10/01/2025                 |  |  |                                     | 56,996    |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-3245 |  |                    | 312,369   |  |               |  | 4.00 |                  |  |  | 10/01/2025                 |  |  |                                     | 330,399   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-3928 |  |                    | 288,929   |  |               |  | 4.00 |                  |  |  | 12/01/2025                 |  |  |                                     | 305,607   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-4450 |  |                    | 2,871,861 |  |               |  | 4.00 |                  |  |  | 02/01/2026                 |  |  |                                     | 3,041,217 |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-5186 |  |                    | 290,578   |  |               |  | 4.00 |                  |  |  | 04/01/2026                 |  |  |                                     | 307,713   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-5232 |  |                    | 758,545   |  |               |  | 4.00 |                  |  |  | 05/01/2026                 |  |  |                                     | 803,277   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-5513 |  |                    | 181,991   |  |               |  | 4.00 |                  |  |  | 05/01/2026                 |  |  |                                     | 192,723   |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-5643 |  |                    | 397,852   |  |               |  | 4.00 |                  |  |  | 06/01/2026                 |  |  |                                     | 421,314   |                                             |  |                                |  |  |  | 



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



32



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                    |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|----------------------------------- |  | ------------------ | ---------- |  | ------------- |  | ---- | ---------------- |  |  | -------------------------- |  |  | ----------------------------------- | ---------- | ------------------------------------------- |  | ------------------------------ |  |  |  | 
|Description                         |  | Principal    Units |            |  | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |  |  | WrapperContracts at Fair Value  ($) |            | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|PIMCO MANAGED PORTFOLIO (Continued) |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|Mortgage Pass Through (Continued)  |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|Freddie Mac Gold Pool 15YR #J1-6147 |  |                    | 210,765    |  |               |  | 4.00 |                  |  |  | 07/01/2026                 |  |  |                                     | 223,192    |                                             |  |                                |  |  |  | 
|Ginnie Mae I JUL 30YR               |  |                    | 3,000,000  |  |               |  | 3.50 |                  |  |  | 07/19/2042                 |  |  |                                     | 3,209,531  |                                             |  |                                |  |  |  | 
|                                    |  |                    |            |  |               |  |     
|                                    |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|                                    |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     | 61,570,010 |                                             |  |                                |  |  |  | 
|                                    |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|                                    |  |                    |            |  |               |  |     
|US Treasury  7.6%                  |  |                    |            |  |               |  |      |                  |  |  |                            |  |  |                                     |            |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 13,200,000 |  |               |  |     |                  |  |  | 08/09/2012                 |  |  |                                     | 13,199,406 |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 800,000    |  |               |  | 0.09 |                  |  |  | 08/23/2012                 |  |  |                                     | 799,951    |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 1,500,000  |  |               |  | 0.15 |                  |  |  | 08/30/2012                 |  |  |                                     | 1,499,883  |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 1,900,000  |  |               |  | 0.08 |                  |  |  | 09/20/2012                 |  |  |                                     | 1,899,704  |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 700,000    |  |               |  |     |                  |  |  | 09/27/2012                 |  |  |                                     | 699,861    |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 600,000    |  |               |  | 0.17 |                  |  |  | 03/07/2013                 |  |  |                                     | 599,339    |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 1,800,000  |  |               |  | 0.19 |                  |  |  | 05/02/2013                 |  |  |                                     | 1,797,192  |                                             |  |                                |  |  |  | 
|US Treasury Bills                   |  |                    | 16,900,000 |  |               |  | 0.17 |                  |  |  | 05/30/2013                 |  |  |                                     | 16,870,831 |                                             |  |                                |  |  |  | 
|US Treasury Bond                    |  |                    | 600,000    |  |               |  | 6.25 |                  |  |  | 08/15/2023                 |  |  |                                     | 871,594    |                                             |  |                                |  |  |  | 
|US Treasury Bond                    |  |                    | 300,000    |  |               |  | 3.88 |                  |  |  | 08/15/2040                 |  |  |                                     | 369,375    |                                             |  |                                |  |  |  | 
|US Treasury Bond                    |  |                    | 500,000    |  |               |  | 3.75 |                  |  |  | 08/15/2041                 |  |  |                                     | 603,047    |                                             |  |                                |  |  |  | 
|US Treasury Inflation Indexed Bonds |  |                    | 2,944,760  |  |               |  | 1.12 |                  |  |  | 01/15/2021                 |  |  |                                     | 3,392,455  |                                             |  |                                |  |  |  | 
|US Treasury Inflation Indexed Bonds |  |                    | 4,491,344  |  |               |  | 0.63 |                  |  |  | 07/15/2021                 |  |  |                                     | 5,006,447  |                                             |  |                                |  |  |  | 
|US Treasury Inflation Indexed Bonds |  |                    | 2,846,116  |  |               |  | 0.12 |                  |  |  | 01/15/2022                 |  |  |                                     | 3,013,991  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 5,000,000  |  |               |  | 2.13 |                  |  |  | 12/31/2015                 |  |  |                                     | 5,278,905  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 2,000,000  |  |               |  | 1.88 |                  |  |  | 08/31/2017                 |  |  |                                     | 2,110,312  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 1,000,000  |  |               |  | 2.75 |                  |  |  | 02/28/2018                 |  |  |                                     | 1,103,828  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 1,000,000  |  |               |  | 2.38 |                  |  |  | 05/31/2018                 |  |  |                                     | 1,083,594  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 4,000,000  |  |               |  | 2.25 |                  |  |  | 07/31/2018                 |  |  |                                     | 4,306,564  |                                             |  |                                |  |  |  | 
|US Treasury Note                    |  |                    | 6,300,000  |  |               |  | 2.12 |                  |  |  | 08/15/2021                 |  |  |                                     | 6,622,875  |                                             |  |                                |  |  |  | 



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



33



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|------------------------------------------------------------------------------------ |  | ------------------ | ---------- | ----------- | ------------- |  | ---- | ---------------- |  |  | -------------------------- | ----------- | - | ----------------------------------- | ----------- | ----------- | ------------------------------------------- |  | - | ------------------------------ | - |  | ---------- | ----------- |  |  | ----------- | 
|Description                                                                          |  | Principal    Units |            |             | Rate      (%) |  |      | Maturity    Date |  |  | Investment atFair Value($) |             |   | WrapperContracts at Fair Value  ($) |             |             | Adjustments ofFair Valueto ContractValue($) |  |   | Investment atContract Value($) |  
|PIMCO MANAGED PORTFOLIO (Continued)                                                  |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|US Treasury (Continued)                                                              |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|US Treasury Note                                                                     |  |                    | 5,900,000  |             |               |  | 2.00 |                  |  |  | 11/15/2021                 |             |   |                                     | 6,118,023   |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |     
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     | 77,247,177  |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |     
|Collective Investment Funds  0.1%                                                   |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|Northern Trust Global Investments - Collective Government Short-Term Investment Fund |  |                    | 626,821    |             |               |  |     |                  |  |  | 12/01/2015                 |             |   |                                     | 626,821     |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|SECURITY SOLD, NOT YET PURCHASED  (-0.1%)                                           |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |  
|Fannie Mae TBA JUL 15YR                                                              |  |                    | (1,000,000 | )           |               |  | 4.00 |                  |  |  | 07/17/2027                 |             |   |                                     | (1,063,750  | )           |                                             |  |   |                                |   |  |            |             |  |  |             | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|TOTAL ING                                                                            |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     | 161,357,802 |             |                                             |  |  |                                |   |  | (3,732,406 | )           |  |  | 157,625,396 | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|TOTAL PIMCO MANAGED PORTFOLIO                                                        |  |                    |            |             |               |  |      |                  |  |  |                            | 161,357,802 |   |                                     |             |            |                                             |  |   | (3,732,406                     | ) |  | $          | 157,625,396 | 
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 
|TOTAL SYNTHETIC GUARANTEED INVESTMENTCONTRACTS                                       |  |                    |            | 911,199,847 |               |  |      |                 |  |  |                            | (34,321,680 | ) |                                     | $           | 876,878,167 |                                            
|                                                                                     |  |                    |            |             |               |  |      |                  |  |  |                            |             |   |                                     |             |             |                                             |  |   |                                |   |  |            |             |  |  |             | 



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



34



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                     |  |                    |            |  |               |  |                  |  |                            |   |               |                                     |  |                                             |  |                                |  | 
|------------------------------------------------------------------------------------ |  | ------------------ | ---------- |  | ------------- |  | ---------------- |  | -------------------------- | - | ------------- | ----------------------------------- |  | ------------------------------------------- |  | ------------------------------ |  | 
|Description                                                                          |  | Principal    Units |            |  | Rate      (%) |  | Maturity    Date |  | Investment atFair
Value($) |   |               | WrapperContracts at Fair Value  ($) |  | Adjustments ofFair Valueto ContractValue($) |  | Investment atContract Value($)
|SHORT-TERM INVESTMENTS  9.8%                                                        |  |                    |            |  |               |  |                  |  |                            |   |               |                                     |  |                                             |  |                                |  | 
|Northern Trust Global Investments - Collective Government Short Term Investment Fund |  |                    | 99,390,326 |  |               |  |                  |  |                            |   | 99,390,326    |                                     |  |                                             |  |                                |  | 
|                                                                                     |  |                    |            |  |               |  |                  |  |                            |   |               |                                     |  |                                             |  |                                |  | 
|(Cost $99,390,326)                                                                   |  |                    |            |  |               |  |                  |  |                            |   |               |                                     |  |                                             |  |                                |  | 
|                                                                                     |  |                    |            |  |               |  |                 
|TOTAL INVESTMENTS  100.0%                                                           |  |                    |            |  |               |  |                  |  |                            | $ | 1,010,590,173 |                                     |  |                                             |  |                                |  | 
|                                                                                     |  |                    |            |  |               |  |                  |  |                            |   |               |                                     |  |                                             |  |                                |  | 

The Synthetic Guaranteed Investment Contracts are being reflected at gross market value. The receivables
and payables are included in the statement of assets and liabilities as part of the cost of the investments at value.



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

Bond Core Plus Fund

Statements of Assets and Liabilities





|                                                                                                                                        |  |                            |             |     |                      |   |             |    
|--------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------- | ----------- | --- | -------------------- | - | ----------- | ---
|                                                                                                                                        |  | June 30, 2012    Unaudited |             |     | December 31,    2011 |  
|                                                                                                                                        |  |                           
|Assets                                                                                                                                  |  |                            |             |     |                      |   |             |    
|Investments, at value (cost $344,057,572 and $412,679,606, respectively)                                                                |  | $                          | 360,097,140 | (a) |                      | $ | 423,989,643 | (b)
|Investments in collective investment funds, at value (cost $15,340,211 and $26,089,651, respectively)                                   |  |                            | 15,080,281  |     |                      |   | 25,558,988  |    
|Investments in affiliated funds, at value:                                                                                              |  |                            |             |     |                      |   |             |    
|Northern Trust Global Investments - Collective Short-Term InvestmentFund (cost $793,750 and $0 and units of 793,750 and
0,respectively) |  |                            | 793,750     |     |                      |   |            |    
|Foreign currency, at value (cost $63,191 and $76,399, respectively)                                                                     |  |                            | 62,915      |     |                      |   | 72,661      |    
|Cash                                                                                                                                    |  |                            | 11,635      |     |                      |   | 1,181,300   |    
|Deposit with broker for investments sold on TBA commitment transactions                                                                 |  |                            | 836,140     |     |                      |   | 275,000     |    
|Receivable for investments sold on TBA commitment transactions                                                                          |  |                            | 130,714,053 |     |                      |   | 88,956,055  |    
|Receivable for investments sold                                                                                                         |  |                            | 97,537,601  |     |                      |   | 15,695,396  |    
|Receivable for fund units sold                                                                                                          |  |                            | 136,723     |     |                      |   | 8,305,185   |    
|Interest and dividends receivable                                                                                                       |  |                            | 2,205,789   |     |                      |   | 2,610,970   |    
|Receivable for futures variation margin                                                                                                 |  |                            | 18,984      |     |                      |   | 32,925      |    
|Unrealized appreciation of forward currency exchange contracts                                                                          |  |                            |            |     |                      |   | 27,605      |    
|Swap premiums paid                                                                                                                      |  |                            | 26,904      |     |                      |   | 40,470      |    
|Unrealized appreciation on swap agreements                                                                                              |  |                            | 1,308,323   |     |                      |   | 644,658     |    
|Other assets                                                                                                                            |  |                            | 11,874      |     |                      |   | 14,636      |    
|                                                                                                                                        |  |                            |             |     |                      |   |             |    
|Total assets                                                                                                                            |  |                            | 608,842,112 |     |                      |   | 567,405,492 |    
|                                                                                                                                        |  |                            |             |     |                      |   |             |    
|Liabilities                                                                                                                             |  |                            |             |     |                      |   |             |    
|Securities sold, not yet purchased, at fair value (proceeds $53,012,109 and $67,367,772, respectively)                                  |  |                            | 53,159,087  |     |                      |   | 67,605,673  |    
|Payable for cash collateral received on securities loaned                                                                               |  |                            | 15,340,211  |     |                      |   | 26,089,651  |    
|Payable for investments purchased on TBA commitment transactions                                                                        |  |                            | 107,964,766 |     |                      |   | 87,342,049  |    
|Payable for investments purchased                                                                                                       |  |                            | 50,719,145  |     |                      |   | 10,958,991  |    
|Payable for fund units redeemed                                                                                                         |  |                            | 1,275,000   |     |                      |   |            |    
|Swap premiums received                                                                                                                  |  |                            | 10,777      |     |                      |   | 3,971       |    
|Unrealized depreciation on swap agreements                                                                                              |  |                            | 1,404       |     |                      |   | 14,427      |    
|Due to broker for open swap contracts                                                                                                   |  |                            | 1,230,684   |     |                      |   | 620,000     |    
|Due to broker for investments purchased on TBA commitment transactions                                                                  |  |                            | 866,250     |     |                      |   | 46,250      |    
|Unrealized depreciation of forward currency exchange contracts                                                                          |  |                            | 147,573     |     |                      |   | 388,756     |    
|Investment advisory fee payable                                                                                                         |  |                            | 77,713      |     |                      |   | 77,400      |    
|INGprogram fee payable                                                                                                                 |  |                            | 164,028     |     |                      |   | 158,934     |    
|Trustee, management and administration fees payable                                                                                     |  |                            | 28,176      |     |                      |   | 28,119      |    
|ABA Retirement Fundsprogram fee payable                                                                                                |  |                            | 22,877      |     |                      |   | 22,804      |    
|Other accruals                                                                                                                          |  |                            | 125,879     |     |                      |   | 147,184     |    
|                                                                                                                                        |  |                            |             |     |                      |   |             |    
|Total liabilities                                                                                                                       |  |                            | 231,133,570 |     |                      |   | 193,504,209 |    
|                                                                                                                                        |  |                            |             |     |                      |   |             |    
|Net Assets(equivalent to $28.34 and $27.22 per unit based on13,325,818 and 13,737,292 units outstanding,
respectively)                  |  | $                          | 377,708,542 |     |                      | $ | 373,901,283 |    
|                                                                                                                                        |  |                            |             |     |                      |   |             |    





|(a) | Includes securities on loan with a value of $15,034,749 (See Note 5).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $25,564,628.
|--- | --------------------------------------------------------



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



36



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statements of Operations

Unaudited





|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|--------------------------------------------------------------- |  | --------------------------------------------- | ---------- | - | --------------------------------------------- | - | --------- | ----------------------------------------------- |  | - | ----------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the period April 1, 2012 to June 30, 2012 |            |   | For the period April 1, 2011 to June 30, 2011 |   |           | For the period January 1, 2012 to June 30, 2012 |  |   | For the period January 1, 2011 to June 30, 2011 |  
|Investment income                                               |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Dividends                                                       |  | $                                             | 28,125     |   |                                               | $ | 28,125    |                                                 |  | $ | 56,250                                          |   |  | $ | 56,250     |  
|Interest                                                        |  |                                               | 3,048,199  |   |                                               |   | 2,661,465 |                                                 |  |   | 6,090,476                                       |   |  |   | 5,673,338  |  
|Interestaffiliated issuers                                     |  |                                               | 506        |   |                                               |   | 1,443     |                                                 |  |   | 866                                             |   |  |   | 21,142     |  
|Securities lending income, net                                  |  |                                               | 5,920      |   |                                               |   | 12,980    |                                                 |  |   | 15,077                                          |   |  |   | 22,009     |  
|                                                                |  |                                               |            |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Total investment income                                         |  |                                               | 3,082,750  |   |                                               |   | 2,704,013 |                                                 |  |   | 6,162,669                                       |   |  |   | 5,772,739  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Expenses                                                        |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|INGprogram fee                                                 |  |                                               | 491,110    |   |                                               |   | 492,555   |                                                 |  |   | 963,376                                         |   |  |   | 988,486    |  
|Trustee, management and administration fees                     |  |                                               | 84,439     |   |                                               |   | 83,739    |                                                 |  |   | 168,428                                         |   |  |   | 167,485    |  
|Investment advisory fee                                         |  |                                               | 236,056    |   |                                               |   | 236,525   |                                                 |  |   | 471,095                                         |   |  |   | 455,653    |  
|ABA Retirement Fundsprogram fee                                |  |                                               | 68,880     |   |                                               |   | 68,738    |                                                 |  |   | 136,418                                         |   |  |   | 137,192    |  
|Legal and audit fees                                            |  |                                               | 26,908     |   |                                               |   | 29,568    |                                                 |  |   | 53,010                                          |   |  |   | 59,593     |  
|Compliance consultant fees                                      |  |                                               | 15,625     |   |                                               |   | 15,531    |                                                 |  |   | 31,162                                          |   |  |   | 31,301     |  
|Reports to unitholders                                          |  |                                               | 1,875      |   |                                               |   | 2,498     |                                                 |  |   | 3,739                                           |   |  |   | 5,031      |  
|Registration fees                                               |  |                                               | 18,250     |   |                                               |   | 20,625    |                                                 |  |   | 36,397                                          |   |  |   | 41,568     |  
|Other fees                                                      |  |                                               | 4,600      |   |                                               |   | 5,583     |                                                 |  |   | 9,279                                           |   |  |   | 10,309     |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Total expenses                                                  |  |                                               | 947,743    |   |                                               |   | 955,362   |                                                 |  |   | 1,872,904                                       |   |  |   | 1,896,618  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Less: Expense reimbursement                                     |  |                                               | (12,434    | ) |                                               |   |          |                                                 |  |   | (27,434                                         | ) |  |   |           |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net expenses                                                    |  |                                               | 935,309    |   |                                               |   | 955,362   |                                                 |  |   | 1,845,470                                       |   |  |   | 1,896,618  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net investment income (loss)                                    |  |                                               | 2,147,441  |   |                                               |   | 1,748,651 |                                                 |  |   | 4,317,199                                       |   |  |   | 3,876,121  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Investments                                                     |  |                                               | 1,705,296  |   |                                               |   | (185,185  | )                                               |  |   | 4,381,676                                       |   |  |   | (3,629,905 | )
|Foreign currency transactions                                   |  |                                               | 326,278    |   |                                               |   | (664,292  | )                                               |  |   | (491,931                                        | ) |  |   | (1,023,986 | )
|Futures contracts                                               |  |                                               | 263        |   |                                               |   | 272,513   |                                                 |  |   | 2,058,606                                       |   |  |   | 282,665    |  
|Swap contracts                                                  |  |                                               | 601,193    |   |                                               |   |          |                                                 |  |   | 955,946                                         |   |  |   |           |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                               | 2,633,030  |   |                                               |   | (576,964  | )                                               |  |   | 6,904,297                                       |   |  |   | (4,371,226 | )
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Investments                                                     |  |                                               | 5,127,772  |   |                                               |   | 4,404,156 |                                                 |  |   | 5,092,776                                       |   |  |   | 7,818,736  |  
|Foreign currency transactions                                   |  |                                               | (253,949   | ) |                                               |   | 478,073   |                                                 |  |   | 215,925                                         |   |  |   | 413,143    |  
|Futures contracts                                               |  |                                               | 1,562      |   |                                               |   | 209,854   |                                                 |  |   | (1,832,019                                      | ) |  |   | 435,771    |  
|Swap contracts                                                  |  |                                               | 345,329    |   |                                               |   | 26,391    |                                                 |  |   | 684,470                                         |   |  |   | 80,634     |  
|Written options                                                 |  |                                               |           |   |                                               |   | (2,012    | )                                               |  |   |                                                |   |  |   | 3,910      |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                               | 5,220,714  |   |                                               |   | 5,116,462 |                                                 |  |   | 4,161,152                                       |   |  |   | 8,752,194  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                               | 7,853,744  |   |                                               |   | 4,539,498 |                                                 |  |   | 11,065,449                                      |   |  |   | 4,380,968  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                             | 10,001,185 |   |                                               | $ | 6,288,149 |                                                 |  | $ | 15,382,648                                      |   |  | $ | 8,257,089  |  
|                                                                |  |                                               |            |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |            |  



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

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited





|                                                                   |  |                                            |             |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ----------- | -
|                                                                   |  | For the six-monthperiod endedJune 30, 2012 |            
|From operations                                                    |  |                                            |             |  
|Net investment income (loss)                                       |  | $                                          | 4,317,199   |  
|Net realized gain (loss)                                           |  |                                            | 6,904,297   |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 4,161,152   |  
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 15,382,648  |  
|                                                                   |  |                                            |             |  
|From unitholder transactions                                       |  |                                            |             |  
|Proceeds from units issued                                         |  |                                            | 28,238,845  |  
|Cost of units redeemed                                             |  |                                            | (39,814,234 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | (11,575,389 | )
|                                                                   |  |                                            |             |  
|Net increase (decrease) in net assets                              |  |                                            | 3,807,259   |  
|Net Assets                                                         |  |                                            |             |  
|Beginning of period                                                |  |                                            | 373,901,283 |  
|                                                                   |  |                                            |             |  
|End of period                                                      |  | $                                          | 377,708,542 |  
|                                                                   |  |                                            |             |  
|Number of units                                                    |  |                                            |             |  
|Outstanding-beginning of period                                    |  |                                            | 13,737,292  |  
|Issued                                                             |  |                                            | 1,017,519   |  
|Redeemed                                                           |  |                                            | (1,428,993  | )
|                                                                   |  |                                            |             |  
|Outstanding-end of period                                          |  |                                            | 13,325,818  |  
|                                                                   |  |                                            |             |  



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

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|------------------------------------------------------------ |  | --------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | ----------------------------------------------- | - |  | - | ------- | -
|                                                             |  | For the period April 1, 2012 to June 30,
2012 |         |   | For the period April 1, 2011 to June 30,
2011 |   |         | For the period January 1, 2012 to June 30,
2012 |  |   | For the period January 1, 2011 to June 30,
2011 |  
|Investment income                                           |  | $                                             | 0.23    |   |                                               | $ | 0.19    |                                                 |  | $ | 0.45                                            |   |  | $ | 0.40    |  
|Expenses,                                                 |  |                                               | (0.07   | ) |                                               |   | (0.07   | )                                               |  |   | (0.14                                           | ) |  |   | (0.13   | )
|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net investment income (loss)                                 |  |                                               | 0.16    |   |                                               |   | 0.12    |                                                 |  |   | 0.31                                            |   |  |   | 0.27    |  
|Net realized and unrealized gain (loss)                      |  |                                               | 0.57    |   |                                               |   | 0.31    |                                                 |  |   | 0.81                                            |   |  |   | 0.29    |  
|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                               | 0.73    |   |                                               |   | 0.43    |                                                 |  |   | 1.12                                            |   |  |   | 0.56    |  
|Net asset value at beginning of period                       |  |                                               | 27.61   |   |                                               |   | 25.74   |                                                 |  |   | 27.22                                           |   |  |   | 25.61   |  
|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net asset value at end of period                             |  | $                                             | 28.34   |   |                                               | $ | 26.17   |                                                 |  | $ | 28.34                                           |   |  | $ | 26.17   |  
|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratios/Supplemental Data:                                    |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratio of net expenses to average net assets*,              |  |                                               | 0.99    | % |                                               |   | 1.02    | %                                               |  |   | 0.98                                            | % |  |   | 1.01    | %
|Ratio of net investment income (loss) to average net assets* |  |                                               | 2.28    | % |                                               |   | 1.86    | %                                               |  |   | 2.30                                            | % |  |   | 2.07    | %
|                                                             |  |                                               |         |   |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Portfolio turnover**,                                     |  |                                               | 102     | % |                                               |   | 56      | %                                               |  |   | 216                                             | % |  |   | 162     | %
|Total return**                                               |  |                                               | 2.64    | % |                                               |   | 1.67    | %                                               |  |   | 4.11                                            | % |  |   | 2.19    | %
|Net assets at end of period (in thousands)                   |  | $                                             | 377,709 |   |                                               | $ | 370,931 |                                                 |  | $ | 377,709                                         |   |  | $ | 370,931 |  



|* | 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.



39



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                           |  |                       |            |  |       |   |            | 
|-------------------------------------------------------------------------- |  | --------------------- | ---------- |  | ----- | - | ---------- | 
|                                                                           |  | Principal      Amount |            |  | Value |  
|U.S. CORPORATE ASSET-BACKED SECURITIES  0.9%                              |  |                       |            |  |       |   |            | 
|Collateralized Mortgage Obligations (CMO)  0.9%                           |  |                       |            |  |       |   |            | 
|Bear Stearns Adjustable Rate Mortgage Trust 5.68% 2/25/2033(a)             |  | $                     | 31,351     |  |       | $ | 31,100     | 
|Bear Stearns Alt-A Trust 2.88% 5/25/2035(a)                                |  |                       | 687,949    |  |       |   | 588,817    | 
|Bear Stearns Second Lien Trust 0.47% 12/25/2036(a)(b)                      |  |                       | 128,415    |  |       |   | 126,983    | 
|Credit Suisse First Boston Mortgage Securities Corp. 2.12% 5/25/2032(a)    |  |                       | 5,418      |  |       |   | 5,015      | 
|FHLMC Structured Pass Through Securities 1.53% 7/25/2044(a)                |  |                       | 1,889,629  |  |       |   | 1,963,444  | 
|Merrill Lynch Mortgage Investors, Inc. 0.46% 2/25/2036(a)                  |  |                       | 566,115    |  |       |   | 412,810    | 
|Residential Funding Mortgage Securities I 6.50% 3/25/2032                  |  |                       | 38,771     |  |       |   | 40,757     | 
|Salomon Brothers Mortgage Securities VII, Inc. 0.75% 5/25/2032(a)(b)       |  |                       | 44,099     |  |       |   | 39,225     | 
|WaMu Mortgage Pass Through Certificates 0.54% 7/25/2045(a)                 |  |                       | 407,746    |  |       |   | 330,844    | 
|Washington Mutual MSC Mortgage Pass-Through Certificates2.21% 2/25/2033(a) |  |                       | 4,024      |  |       |   | 3,456      | 
|                                                                           |  |                       |            |  |       |   |            | 
|                                                                           |  |                       |            |  |       |   | 3,542,451  | 
|                                                                           |  |                       |            |  |       |   |            | 
|TOTAL U.S. CORPORATE ASSET-BACKED SECURITIES(cost $3,799,768)              |  |                       |            |  |       |   | 3,542,451  | 
|                                                                           |  |                       |            |  |       |   |            | 
|                                                                           |  |                      
|U.S. GOVERNMENT & AGENCY OBLIGATIONS  65.5%                               |  |                       |            |  |       |   |            | 
|AGENCY MORTGAGE BACKED SECURITIES  39.9%                                  |  |                       |            |  |       |   |            | 
|Federal Home Loan Mortgage Corp. (FHLMC)  2.6%                            |  |                       |            |  |       |   |            | 
|FHLMC                                                                      |  |                       |            |  |       |   |            | 
|4.00% 9/1/2040 - 12/1/2040                                                 |  |                       | 6,060,236  |  |       |   | 6,439,298  | 
|4.50% 1/1/2029 - 8/1/2041                                                  |  |                       | 2,611,208  |  |       |   | 2,795,340  | 
|7.00% 9/1/2037                                                             |  |                       | 193,836    |  |       |   | 219,642    | 
|7.50% 7/1/2021 - 9/1/2032                                                  |  |                       | 272,419    |  |       |   | 325,354    | 
|8.00% 11/1/2029 - 6/1/2031                                                 |  |                       | 85,578     |  |       |   | 102,843    | 
|8.50% 3/1/2030 - 10/1/2030                                                 |  |                       | 29,921     |  |       |   | 36,927     | 
|9.50% 4/15/2020                                                            |  |                       | 3,911      |  |       |   | 4,254      | 
|10.00% 9/1/2017 - 11/1/2020                                                |  |                       | 13,211     |  |       |   | 15,257     | 
|10.50% 12/1/2020 - 2/1/2021                                                |  |                       | 2,709      |  |       |   | 3,228      | 
|11.00% 9/1/2020                                                            |  |                       | 1,256      |  |       |   | 1,512      | 
|                                                                           |  |                       |            |  |       |   |            | 
|                                                                           |  |                       |            |  |       |   | 9,943,655  | 
|                                                                           |  |                       |            |  |       |   |            | 
|Federal National Mortgage Association (FNMA)  32.9%                       |  |                       |            |  |       |   |            | 
|FNMA                                                                       |  |                       |            |  |       |   |            | 
|1.56% 4/1/2032(a)                                                          |  |                       | 60,835     |  |       |   | 63,460     | 
|2.50% 12/31/2040(c)                                                        |  |                       | 20,000,000 |  |       |   | 20,606,260 | 
|3.50% 9/1/2018 - 2/1/2041                                                  |  |                       | 37,012,208 |  |       |   | 39,065,250 | 
|4.00% 6/1/2013 - 1/1/2072(c)                                               |  |                       | 44,772,616 |  |       |   | 47,656,463 | 
|4.50% 11/1/2040 - 12/31/2049(c)                                            |  |                       | 1,023,667  |  |       |   | 1,098,800  | 
|5.00% 1/1/2021 - 7/1/2039(c)                                               |  |                       | 11,178,057 |  |       |   | 12,096,885 | 
|6.00% 8/1/2012 - 8/1/2037                                                  |  |                       | 1,484,942  |  |       |   | 1,636,392  | 
|7.00% 8/1/2030 - 6/1/2032                                                  |  |                       | 527,345    |  |       |   | 621,186    | 
|7.50% 3/1/2030 - 2/1/2032                                                  |  |                       | 139,633    |  |       |   | 166,131    | 
|8.00% 5/1/2029 - 4/1/2032                                                  |  |                       | 350,412    |  |       |   | 429,952    | 
|8.50% 9/25/2020 - 1/1/2031                                                 |  |                       | 496,875    |  |       |   | 614,722    | 



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



40



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                         |  |                       |            |  |       |   |             | 
|-------------------------------------------------------- |  | --------------------- | ---------- |  | ----- | - | ----------- | 
|                                                         |  | Principal      Amount |            |  | Value |  
|U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)         |  |                       |            |  |       |   |             | 
|AGENCY MORTGAGE BACKED SECURITIES (Continued)            |  |                       |            |  |       |   |             | 
|Federal National Mortgage Association (FNMA) (Continued) |  |                       |            |  |       |   |             | 
|9.50%   4/1/2030                                         |  | $                     | 50,365     |  |       | $ | 60,799      | 
|10.00% 5/1/2022 - 11/1/2024                              |  |                       | 31,517     |  |       |   | 37,082      | 
|10.50% 10/1/2018                                         |  |                       | 4,327      |  |       |   | 5,058       | 
|11.00% 9/1/2019                                          |  |                       | 5,604      |  |       |   | 6,349       | 
|11.50% 11/1/2019                                         |  |                       | 1,028      |  |       |   | 1,144       | 
|                                                         |  |                       |            |  |       |   |             | 
|                                                         |  |                       |            |  |       |   | 124,165,933 | 
|                                                         |  |                       |            |  |       |   |             | 
|Government National Mortgage Association (GNMA)  4.4%   |  |                       |            |  |       |   |             | 
|GNMA                                                     |  |                       |            |  |       |   |             | 
|1.63%   9/20/2027 - 12/20/2027(a)                        |  |                       | 31,966     |  |       |   | 33,107      | 
|2.00%   7/20/2025 - 10/20/2025(a)                        |  |                       | 29,203     |  |       |   | 30,246      | 
|2.38%   4/20/2025 - 5/20/2025(a)                         |  |                       | 42,814     |  |       |   | 44,468      | 
|2.50%   2/20/2025 - 7/20/2025(a)                         |  |                       | 60,369     |  |       |   | 62,896      | 
|3.00%   5/20/2025(a)                                     |  |                       | 5,895      |  |       |   | 6,187       | 
|3.50%   12/31/2064(c)                                    |  |                       | 15,000,000 |  |       |   | 16,042,965  | 
|9.00%   12/15/2017                                       |  |                       | 15,555     |  |       |   | 17,392      | 
|9.50%   12/15/2017 - 12/15/2021                          |  |                       | 44,051     |  |       |   | 48,096      | 
|10.00% 5/15/2019 - 2/15/2025                             |  |                       | 156,050    |  |       |   | 177,199     | 
|10.50% 9/15/2017 - 3/15/2020                             |  |                       | 25,551     |  |       |   | 28,808      | 
|11.00% 9/15/2015 - 2/15/2025                             |  |                       | 18,976     |  |       |   | 20,548      | 
|                                                         |  |                       |            |  |       |   |             | 
|                                                         |  |                       |            |  |       |   | 16,511,912  | 
|                                                         |  |                       |            |  |       |   |             | 
|U.S. GOVERNMENT OBLIGATIONS  25.6%                      |  |                       |            |  |       |   |             | 
|U.S. Treasury Bonds  9.6%                               |  |                       |            |  |       |   |             | 
|United States Treasury Bonds                             |  |                       |            |  |       |   |             | 
|3.00%   5/15/2042(d)                                     |  |                       | 1,000,000  |  |       |   | 1,047,344   | 
|3.13%   11/15/2041                                       |  |                       | 3,800,000  |  |       |   | 4,085,000   | 
|3.88%   8/15/2040                                        |  |                       | 2,500,000  |  |       |   | 3,077,735   | 
|4.38%   2/15/2038 - 5/15/2041                            |  |                       | 7,400,000  |  |       |   | 9,872,421   | 
|7.50%   11/15/2024                                       |  |                       | 200,000    |  |       |   | 323,219     | 
|8.13%   5/15/2021                                        |  |                       | 2,300,000  |  |       |   | 3,587,821   | 
|8.75%   8/15/2020(d)                                     |  |                       | 9,100,000  |  |       |   | 14,352,411  | 
|                                                         |  |                       |            |  |       |   |             | 
|                                                         |  |                       |            |  |       |   | 36,345,951  | 
|                                                         |  |                       |            |  |       |   |             | 
|U.S. Treasury Inflation Protected Securities  5.4%      |  |                       |            |  |       |   |             | 
|United States Treasury Inflation Protected Securities    |  |                       |            |  |       |   |             | 
|0.13%   1/15/2022(d)                                     |  |                       | 6,500,000  |  |       |   | 6,989,887   | 
|1.13%   1/15/2021                                        |  |                       | 8,200,000  |  |       |   | 9,923,228   | 
|2.13%   2/15/2040 - 2/15/2041                            |  |                       | 2,200,000  |  |       |   | 3,302,804   | 
|                                                         |  |                       |            |  |       |   |             | 
|                                                         |  |                       |            |  |       |   | 20,215,919  | 
|                                                         |  |                       |            |  |       |   |             | 



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

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                     |  |                       |            |  |       |   |             | 
|------------------------------------------------------------------------------------ |  | --------------------- | ---------- |  | ----- | - | ----------- | 
|                                                                                     |  | Principal      Amount |            |  | Value |  
|U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)                                     |  |                       |            |  |       |   |             | 
|U.S. GOVERNMENT OBLIGATIONS (Continued)                                              |  |                       |            |  |       |   |             | 
|U.S. Treasury Notes  10.6%                                                          |  |                       |            |  |       |   |             | 
|United States Treasury Notes                                                         |  |                       |            |  |       |   |             | 
|1.75% 5/15/2022(d)                                                                   |  | $                     | 3,200,000  |  |       | $ | 3,226,000   | 
|1.88% 8/31/2017 - 9/30/2017                                                          |  |                       | 6,700,000  |  |       |   | 7,067,993   | 
|2.00% 11/15/2021                                                                     |  |                       | 15,800,000 |  |       |   | 16,381,392  | 
|2.13% 8/15/2021                                                                      |  |                       | 700,000    |  |       |   | 735,766     | 
|2.63% 2/29/2016 - 8/15/2020(d)                                                       |  |                       | 11,500,000 |  |       |   | 12,609,978  | 
|                                                                                     |  |                      
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                       |            |  |       |   | 40,021,129  | 
|                                                                                     |  |                       |            |  |       |   |             | 
|TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS(cost $233,730,188)                        |  |                       |            |  |       |   | 247,204,499 | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                      
|FOREIGN GOVERNMENT OBLIGATIONS  2.0%                                                |  |                       |            |  |       |   |             | 
|AUSTRALIA  2.0%                                                                     |  |                       |            |  |       |   |             | 
|Australia Government Bond                                                            |  |                       |            |  |       |   |             | 
|4.75%, 6/15/2016                                                                     |  | AUD                   | 4,200,000  |  |       |   | 4,665,051   | 
|6.00%, 2/15/2017                                                                     |  | AUD                   | 2,400,000  |  |       |   | 2,829,134   | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                       |            |  |       |   | 7,494,185   | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                      
|TOTAL FOREIGN GOVERNMENT OBLIGATIONS (cost $6,105,549)                               |  |                       |            |  |       |   | 7,494,185   | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                      
|MUNICIPALS  4.5%                                                                    |  |                       |            |  |       |   |             | 
|California  1.1%                                                                    |  |                       |            |  |       |   |             | 
|California State G.O. Unlimited Bonds, Build America Bonds                           |  |                       |            |  |       |   |             | 
|7.60%, 11/1/2040                                                                     |  |                       | 1,700,000  |  |       |   | 2,194,649   | 
|California State Various Purpose Taxable G.O. Unlimited Bonds, BuildAmerica Bonds    |  |                       |            |  |       |   |             | 
|7.55%, 4/1/2039                                                                      |  |                       | 900,000    |  |       |   | 1,165,932   | 
|7.50%, 4/1/2034                                                                      |  |                       | 400,000    |  |       |   | 500,728     | 
|Los Angeles Community College District G.O. Unlimited Bonds, BuildAmerica Bonds      |  |                       |            |  |       |   |             | 
|6.75%, 8/1/2049                                                                      |  |                       | 300,000    |  |       |   | 407,121     | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                       |            |  |       |   | 4,268,430   | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                      
|Illinois  1.0%                                                                      |  |                       |            |  |       |   |             | 
|Chicago Transit Authority Sales & Transfer Tax Receipts PensionFunding TRB, Series A |  |                       |            |  |       |   |             | 
|6.90%, 12/1/2040                                                                     |  |                       | 1,600,000  |  |       |   | 1,885,936   | 
|Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Bonds,Series B       |  |                       |            |  |       |   |             | 
|6.90%, 12/1/2040                                                                     |  |                       | 1,600,000  |  |       |   | 1,931,728   | 
|                                                                                     |  |                       |            |  |       |   |             | 
|                                                                                     |  |                       |            |  |       |   | 3,817,664   | 
|                                                                                     |  |                       |            |  |       |   |             | 



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

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                      |  |                       |           |  |       |   |            | 
|------------------------------------------------------------------------------------- |  | --------------------- | --------- |  | ----- | - | ---------- | 
|                                                                                      |  | Principal      Amount |           |  | Value |  
|MUNICIPALS (Continued)                                                                |  |                       |           |  |       |   |            | 
|Indiana  0.2%                                                                        |  |                       |           |  |       |   |            | 
|Purdue University Student Fee Revenue Bonds, Series W                                 |  |                       |           |  |       |   |            | 
|5.00%, 7/1/2024                                                                       |  | $                     | 500,000   |  |       | $ | 561,915    | 
|                                                                                      |  |                       |           |  |       |   |            | 
|North Carolina  1.0%                                                                 |  |                       |           |  |       |   |            | 
|North Carolina State Infrastructure Finance Corp. Capital Improvement COP,Series A    |  |                       |           |  |       |   |            | 
|5.00%, 5/1/2025                                                                       |  |                       | 3,300,000 |  |       |   | 3,735,138  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|Texas  1.2%                                                                          |  |                       |           |  |       |   |            | 
|Lower Colorado River Authority Transmission Services Revenue RefundingBonds, Series A |  |                       |           |  |       |   |            | 
|5.00%, 5/15/2025                                                                      |  |                       | 4,000,000 |  |       |   | 4,593,120  | 
|                                                                                      |  |                      
|                                                                                      |  |                       |           |  |       |   |            | 
|TOTAL MUNICIPALS (cost $14,522,199)                                                   |  |                       |           |  |       |   | 16,976,267 | 
|                                                                                      |  |                       |           |  |       |   |            | 
|                                                                                      |  |                      
|BANK LOANS  0.7%                                                                     |  |                       |           |  |       |   |            | 
|Financial  0.1%                                                                      |  |                       |           |  |       |   |            | 
|International Lease Finance Corp. 0.12%, 4/12/16(a)(e)                                |  |                       | 500,000   |  |       |   | 501,875    | 
|                                                                                      |  |                       |           |  |       |   |            | 
|Utilities  0.6%                                                                      |  |                       |           |  |       |   |            | 
|Texas Competitive Electric Holdings Co. LLC 0.78%, 10/10/14(a)(e)                     |  |                       | 3,450,157 |  |       |   | 2,159,484  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|TOTAL BANK LOANS (cost $3,889,144)                                                    |  |                       |           |  |       |   | 2,661,359  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|                                                                                      |  |                      
|CORPORATE BONDS  21.3%                                                               |  |                       |           |  |       |   |            | 
|BASIC MATERIALS  0.5%                                                                |  |                       |           |  |       |   |            | 
|Iron/Steel  0.5%                                                                     |  |                       |           |  |       |   |            | 
|Steel Dynamics, Inc. 7.38%, 11/1/2012                                                 |  |                       | 2,000,000 |  |       |   | 2,020,000  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|COMMUNICATIONS  1.4%                                                                 |  |                       |           |  |       |   |            | 
|Media  1.0%                                                                          |  |                       |           |  |       |   |            | 
|CSC Holdings LLC 8.50%, 6/15/2015                                                     |  |                       | 3,500,000 |  |       |   | 3,657,500  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|Telecommunications  0.4%                                                             |  |                       |           |  |       |   |            | 
|Qwest Corp. 6.50%, 6/1/2017                                                           |  |                       | 1,500,000 |  |       |   | 1,685,276  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|                                                                                      |  |                       |           |  |       |   | 5,342,776  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|                                                                                      |  |                      
|CONSUMER, CYCLICAL  0.0%                                                             |  |                       |           |  |       |   |            | 
|Retail  0.0%                                                                         |  |                       |           |  |       |   |            | 
|CVS Pass-Through Trust 6.20%, 10/10/2025(b)                                           |  |                       | 52,081    |  |       |   | 56,789     | 
|                                                                                      |  |                       |           |  |       |   |            | 
|ENERGY  1.1%                                                                         |  |                       |           |  |       |   |            | 
|Coal  0.1%                                                                           |  |                       |           |  |       |   |            | 
|Peabody Energy Corp. 7.88%, 11/1/2026                                                 |  |                       | 200,000   |  |       |   | 204,500    | 
|                                                                                      |  |                       |           |  |       |   |            | 
|Oil & Gas  1.0%                                                                      |  |                       |           |  |       |   |            | 
|EOG Resources, Inc. 1.22%, 2/3/2014(a)                                                |  |                       | 3,900,000 |  |       |   | 3,932,744  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|                                                                                      |  |                       |           |  |       |   | 4,137,244  | 
|                                                                                      |  |                       |           |  |       |   |            | 
|FINANCIAL  18.3%                                                                     |  |                       |           |  |       |   |            | 
|Banks  12.7%                                                                         |  |                       |           |  |       |   |            | 
|Ally Financial, Inc. 3.87%, 6/20/2014(a)                                              |  |                       | 800,000   |  |       |   | 792,384    | 



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

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                     |  |                       |           |  |       |   |            | 
|---------------------------------------------------- |  | --------------------- | --------- |  | ----- | - | ---------- | 
|                                                     |  | Principal      Amount |           |  | Value |  
|CORPORATE BONDS (Continued)                          |  |                       |           |  |       |   |            | 
|FINANCIAL (Continued)                                |  |                       |           |  |       |   |            | 
|Banks (Continued)                                    |  |                       |           |  |       |   |            | 
|Banco do Brasil S.A. 1.99%, 6/28/2013(e)             |  | $                     | 3,800,000 |  |       | $ | 3,760,457  | 
|Barclays Bank PLC                                    |  |                       |           |  |       |   |            | 
|2.50%, 1/23/2013                                     |  |                       | 2,000,000 |  |       |   | 2,014,578  | 
|6.05%, 12/4/2017(b)                                  |  |                       | 3,000,000 |  |       |   | 3,031,329  | 
|Citigroup, Inc.                                      |  |                       |           |  |       |   |            | 
|2.47%, 8/13/2013(a)(d)                               |  |                       | 2,500,000 |  |       |   | 2,517,367  | 
|6.13%, 11/21/2017                                    |  |                       | 900,000   |  |       |   | 997,131    | 
|Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. |  |                       |           |  |       |   |            | 
|4.50%, 1/11/2021                                     |  |                       | 3,000,000 |  |       |   | 3,182,949  | 
|Dexia Credit Local S.A. 2.75%, 4/29/2014(b)          |  |                       | 500,000   |  |       |   | 487,920    | 
|Goldman Sachs Group, Inc.                            |  |                       |           |  |       |   |            | 
|0.92%, 3/22/2016(a)                                  |  |                       | 1,600,000 |  |       |   | 1,447,797  | 
|6.25%, 9/1/2017                                      |  |                       | 6,500,000 |  |       |   | 7,067,248  | 
|6.75%, 10/1/2037                                     |  |                       | 200,000   |  |       |   | 196,011    | 
|JPMorgan Chase & Co.                                 |  |                       |           |  |       |   |            | 
|4.25%, 10/15/2020                                    |  |                       | 1,400,000 |  |       |   | 1,470,720  | 
|4.95%, 3/25/2020(d)                                  |  |                       | 1,400,000 |  |       |   | 1,543,224  | 
|6.30%, 4/23/2019                                     |  |                       | 1,400,000 |  |       |   | 1,636,225  | 
|Lloyds TSB Bank PLC                                  |  |                       |           |  |       |   |            | 
|2.82%, 1/24/2014(a)                                  |  |                       | 500,000   |  |       |   | 502,766    | 
|4.38%, 1/12/2015(b)                                  |  |                       | 3,300,000 |  |       |   | 3,408,002  | 
|5.80%, 1/13/2020(b)                                  |  |                       | 500,000   |  |       |   | 534,505    | 
|12.00%, 12/29/2049(a)(b)                             |  |                       | 3,800,000 |  |       |   | 3,974,952  | 
|Morgan Stanley                                       |  |                       |           |  |       |   |            | 
|0.76%, 1/9/2014(a)                                   |  |                       | 400,000   |  |       |   | 380,420    | 
|0.95%, 10/15/2015(a)                                 |  |                       | 700,000   |  |       |   | 623,594    | 
|1.45%, 4/29/2013(a)                                  |  |                       | 1,800,000 |  |       |   | 1,774,998  | 
|5.55%, 4/27/2017                                     |  |                       | 4,400,000 |  |       |   | 4,445,619  | 
|6.00%, 4/28/2015                                     |  |                       | 1,400,000 |  |       |   | 1,447,188  | 
|Wells Fargo & Co. 7.98%, 3/29/2049(a)                |  |                       | 600,000   |  |       |   | 658,500    | 
|                                                     |  |                       |           |  |       |   |            | 
|                                                     |  |                       |           |  |       |   | 47,895,884 | 
|                                                     |  |                       |           |  |       |   |            | 
|Diversified Financial Services  4.2%                |  |                       |           |  |       |   |            | 
|Bear Stearns Cos. LLC                                |  |                       |           |  |       |   |            | 
|5.70%, 11/15/2014                                    |  |                       | 900,000   |  |       |   | 973,881    | 
|6.40%, 10/2/2017                                     |  |                       | 400,000   |  |       |   | 461,273    | 
|7.25%, 2/1/2018                                      |  |                       | 900,000   |  |       |   | 1,075,975  | 
|Ford Motor Credit Co. LLC 7.00%, 10/1/2013           |  |                       | 3,600,000 |  |       |   | 3,841,279  | 
|Lehman Brothers Holdings, Inc. 5.63%, 1/24/2013(f)   |  |                       | 5,300,000 |  |       |   | 1,212,375  | 
|Merrill Lynch & Co., Inc.                            |  |                       |           |  |       |   |            | 
|5.00%, 1/15/2015                                     |  |                       | 3,500,000 |  |       |   | 3,621,286  | 
|6.40%, 8/28/2017                                     |  |                       | 4,100,000 |  |       |   | 4,459,775  | 
|                                                     |  |                       |           |  |       |   |            | 
|                                                     |  |                       |           |  |       |   | 15,645,844 | 
|                                                     |  |                       |           |  |       |   |            | 



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

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                            |  |                       |            |  |       |   |             | 
|--------------------------------------------------------------------------- |  | --------------------- | ---------- |  | ----- | - | ----------- | 
|                                                                            |  | Principal      Amount |            |  | Value |  
|CORPORATE BONDS (Continued)                                                 |  |                       |            |  |       |   |             | 
|FINANCIAL (Continued)                                                       |  |                       |            |  |       |   |             | 
|Insurance  1.4%                                                            |  |                       |            |  |       |   |             | 
|American International Group, Inc. 8.25%, 8/15/2018                         |  | $                     | 4,500,000  |  |       | $ | 5,432,342   | 
|                                                                            |  |                       |            |  |       |   |             | 
|                                                                            |  |                       |            |  |       |   | 68,974,070  | 
|                                                                            |  |                       |            |  |       |   |             | 
|TOTAL CORPORATE BONDS (cost $80,510,724)                                    |  |                       |            |  |       |   | 80,530,879  | 
|                                                                            |  |                       |            |  |       |   |             | 
|                                                                            |  |                      
|CONVERTIBLE PREFERRED STOCK  0.5%                                          |  |                       |            |  |       |   |             | 
|FINANCIAL  0.5%                                                            |  |                       |            |  |       |   |             | 
|Banks  0.5%                                                                |  |                       |            |  |       |   |             | 
|Wells Fargo & Co. 7.50%, 12/31/2049                                         |  |                       | 1,500      |  |       |   | 1,687,500   | 
|                                                                            |  |                       |            |  |       |   |             | 
|TOTAL CONVERTIBLE PREFERRED STOCK (cost $1,500,000)                         |  |                       |            |  |       |   | 1,687,500   | 
|                                                                            |  |                       |            |  |       |   |             | 
|                                                                            |  |                      
|SHORT-TERM INVESTMENTS  0.2%                                               |  |                       |            |  |       |   |             | 
|Affiliated Funds  0.2%                                                     |  |                       |            |  |       |   |             | 
|Northern Trust Global Investments -Collective Short-Term Investment Fund(g) |  |                       | 793,750    |  |       |   | 793,750     | 
|                                                                            |  |                       |            |  |       |   |             | 
|TOTAL SHORT-TERM INVESTMENTS (cost $793,750)                                |  |                       |            |  |       |   | 793,750     | 
|                                                                            |  |                       |            |  |       |   |             | 
|                                                                            |  |                      
|INVESTMENT FUNDS  4.0%                                                     |  |                       |            |  |       |   |             | 
|Cash Collateral Pool  4.0%                                                 |  |                       |            |  |       |   |             | 
|ABA Members Collateral Fund(h)                                              |  |                       | 15,340,211 |  |       |   | 15,080,281  | 
|                                                                            |  |                       |            |  |       |   |             | 
|TOTAL INVESTMENT FUNDS (cost $15,340,211)                                   |  |                       |            |  |       |   | 15,080,281  | 
|                                                                            |  |                       |            |  |       |   |             | 
|TOTAL INVESTMENTS 99.6%(cost $360,191,533)                                 |  |                       |            |  |       |   | 375,971,171 | 
|                                                                            |  |                       |            |  |       |   |             | 



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

45



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                               |  |                       |             |   |       |   |             |  
|-------------------------------------------------------------- |  | --------------------- | ----------- | - | ----- | - | ----------- | -
|                                                               |  | Principal      Amount |             |   | Value |  
|SECURITY SOLD, NOT YET PURCHASED  (14.1)%                     |  |                       |             |   |       |   |             |  
|AGENCY MORTGAGE BACKED SECURITIES  (14.1)%                    |  |                       |             |   |       |   |             |  
|Federal National Mortgage Association (FNMA)  (14.1)%         |  |                       |             |   |       |   |             |  
|3.50% 12/31/2040(c)                                            |  | $                     | (7,000,000  | ) |       | $ | (7,395,941  | )
|4.00% 12/31/2049(c)                                            |  |                       | (42,000,000 | ) |       |   | (44,664,396 | )
|6.00% 8/1/2029(c)                                              |  |                       | (1,000,000  | ) |       |   | (1,098,750  | )
|                                                               |  |                       |             |   |       |   |             |  
|                                                               |  |                       |             |   |       |   | (53,159,087 | )
|                                                               |  |                       |             |   |       |   |             |  
|TOTAL SECURITY SOLD, NOT YET PURCHASED(proceeds ($53,012,109)) |  |                       |             |   |       |   | (53,159,087 | )
|TOTAL NET INVESTMENTS  85.5%
(cost $307,179,424)              |  |                       |             |   |       |   | 322,812,084 |  
|Other Assets Less Liabilities  14.5%                          |  |                       |             |   |       |   | 54,896,458  |  
|                                                               |  |                       |             |   |       |   |             |  
|NET ASSETS  100.0%                                            |  |                       |             |   |       | $ | 377,708,542 |  
|                                                               |  |                       |             |   |       |   |             |  



|(a) | Indicates a variable rate security. The rate shown reflects the current rate in effect at year end.
|--- | ---------------------------------------------------------------------------------------------------

|(b) | Security is exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to
qualified institutional investors.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | When Issued Security
|--- | --------------------

|(d) | All or a portion of security is on loan.
|--- | ----------------------------------------

|(e) | Interest rates represent the annualized yield.
|--- | ----------------------------------------------

|(f) | Issuer has defaulted on terms of debt obligation.
|--- | -------------------------------------------------

|(g) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------

|(h) | Represents security purchased with cash collateral received for securities on loan.
|--- | -----------------------------------------------------------------------------------



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

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited



As of June 30, 2012, the Bond Core Plus Fund held the following futures contracts:



|                                 |  |                 |     |   |               |   |           |                 |  |  |                                       |  |  |   |       | 
|-------------------------------- |  | --------------- | --- | - | ------------- | - | --------- | --------------- |  |  | ------------------------------------- |  |  | - | ----- | 
|Futures Contracts                |  | NumberContracts |     |   | NotionalValue |   |           | SettlementMonth |  |  | UnrealizedAppreciation/(Depreciation) | 
|Short                            |  |                 |     |   |               |   |           |                 |  |  |                                       |  |  |   |       | 
|10 Year US Treasury Note Futures |  |                 | (27 | ) |               | $ | 3,601,125 |                 |  |  | September 2012                        |  |  | $ |      | 
|5 Year Treasury Note Futures     |  |                 | (20 | ) |               |   | 2,479,375 |                 |  |  | September 2012                        |  |  |   | 1,562 | 
|                                 |  |                 |     |   |               |   |           |                 |  |  |                                       |  |  |   |       | 
|                                 |  |                 |     |   |               |   |           |                 |  |  |                                       |  |  | $ | 1,562 | 
|                                 |  |                 |     |   |               |   |           |                 |  |  |                                       |  |  |   |       | 

As of June 30, 2012, the Bond Core Plus Fund held the following forward foreign currency contracts:



|         |  |                           |  |                   |  |                                |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  
|-------- |  | ------------------------- |  | ----------------- |  | ------------------------------ | --------- |  | ------------------------- | - | --------- | -------------- |  |  | ------------------------------------- |  |  | - | -------- | -
|Type     |  | Counterparty              |  | Currency          |  | ContractAmountin LocalCurrency |           |  | ContractValue inUS Dollar |   |           | SettlementDate |  |  | UnrealizedAppreciation/(Depreciation) | 
|Purchase |  | UBS Securities            |  | Brazilian Real    |  |                                | 137,760   |  |                           | $ | 69,653    |                |  |  | 08/02/12                              |  |  | $ | (1,567   | )
|Purchase |  | JPMorgan Chase Bank, N.A. |  | Mexican Peso      |  |                                | 45,147    |  |                           |   | 3,454     |                |  |  | 08/15/12                              |  |  |   | (85      | )
|Sale     |  | Bank of America           |  | Australian Dollar |  |                                | 6,968,000 |  |                           |   | 6,964,516 |                |  |  | 08/09/12                              |  |  |   | (138,642 | )
|Sale     |  | JPMorgan Chase Bank, N.A. |  | Australian Dollar |  |                                | 414,000   |  |                           |   | 414,751   |                |  |  | 08/09/12                              |  |  |   | (7,279   | )
|         |  |                           |  |                   |  |                                |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  
|         |  |                           |  |                   |  |                                |           |  |                           |   |           |                |  |  |                                       |  |  | $ | (147,573 | )
|         |  |                           |  |                   |  |                                |           |  |                           |   |           |                |  |  |                                       |  |  |   |          |  

At June 30, 2012, the Bond Core Plus Fund held the following interest rate swap contracts:



|                |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|--------------- |  | ----------------------- |  | --------------- | ---------- |  | ------------ |  | ------- | --------- |  |  | ----------- | - |  | ----------------------- | --------- | - | ------------------------------------- | - | ------ | - |  | - | --------- | -
|                |  |                         |  |                 |            |  | Rate Type    |  |         |           |  |  |             |   |  |                         |          
|Notional Amount |  | Swap
Counterparty (a)   |  | TerminationDate |            |  | FloatingRate |  |         | FixedRate |  |  | MarketValue |   |  | PremiumsPaid/(Received) |           |   | UnrealizedAppreciation/(Depreciation) |  
|1,300,000       |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|AUD             |  | Goldman Sachs           |  |                 | 03/15/2023 |  |              |  | CDI-AUD | (b)       |  |  | 4.00        | % |  | $                       | (10,821   | ) |                                       | $ | (9,417 | ) |  | $ | (1,404    | )
|7,960,069       |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|BRL             |  | Barclays Bank PLC       |  |                 | 01/02/2014 |  |              |  | CDI-BRL | (c)       |  |  | 12.51       | % |  |                         | 376,289   |   |                                       |   | 5,158  |   |  |   | 371,131   |  
|15,045,258      |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|BRL             |  | Bank of America         |  |                 | 01/02/2015 |  |              |  | CDI-BRL | (c)       |  |  | 9.89        | % |  |                         | 283,870   |   |                                       |   |       |   |  |   | 283,870   |  
|22,943,367      |  | Morgan Stanley          |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|BRL             |  | Capital Services, Inc.  |  |                 | 01/02/2015 |  |              |  | CDI-BRL | (c)       |  |  | 9.93        | % |  |                         | 445,872   |   |                                       |   | 10,564 |   |  |   | 435,308   |  
|231,060 BRL     |  | UBS AG                  |  |                 | 01/02/2015 |  |              |  | CDI-BRL | (c)       |  |  | 9.93        | % |  |                         | 4,487     |   |                                       |   | 229    |   |  |   | 4,258     |  
|8,396,284       |  | Morgan Stanley          |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|BRL             |  | Capital Services, Inc.  |  |                 | 01/02/2014 |  |              |  | CDI-BRL | (c)       |  |  | 10.58       | % |  |                         | 185,811   |   |                                       |   | 5,721  |   |  |   | 180,090   |  
|200,000 EUR     |  | Barclays Bank PLC       |  |                 | 03/21/2017 |  |              |  | CDI-EUR | (d)       |  |  | 2.00        | % |  |                         | 8,556     |   |                                       |   | (1,087 | ) |  |   | 9,643     |  
|200,000 EUR     |  | Credit SuisseSecurities |  |                 | 03/21/2017 |  |              |  | CDI-EUR | (d)       |  |  | 2.00        | % |  |                         | 8,556     |   |                                       |   | 5,232  |   |  |   | 3,324     |  
|22,800,000      |  | Morgan Stanley          |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|MXN             |  | Capital Services, Inc.  |  |                 | 03/05/2013 |  |              |  | CDI-MXN | (e)       |  |  | 6.50        | % |  |                         | 20,426    |   |                                       |   | (273   | ) |  |   | 20,699    |  
|                |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  
|                |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  | $                       | 1,323,046 |   |                                       | $ | 16,127 |   |  | $ | 1,306,919 |  
|                |  |                         |  |                 |            |  |              |  |         |           |  |  |             |   |  |                         |           |   |                                       |   |        |   |  |   |           |  



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

(b) CDI  AUD
is the interbank lending rate of Australia as published by the Central Bank of Australia.

(c) CDI  BRL is the interbank
lending rate of Brazil as published by the Central Bank of Brazil.

(d) CDI  EUR is the interbank lending rate of Europe
as published by the Central Bank of Europe.

(e) CDI  MXN is the interbank lending rate of Mexico as published by the
Central Bank of Mexico.



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

Large Cap Equity Fund

Statements of Assets and Liabilities





|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                                                |  | June 30, 2012Unaudited |             |     | December 31,2011 |  
|Assets                                                                                                                                                          |  |                        |             |     |                  |   |             |    
|Investments, at value (cost $542,987,275 and $557,471,281,respectively)                                                                                         |  | $                      | 679,163,180 | (a) |                  | $ | 660,612,311 | (b)
|Investments in collective investment funds, at value (cost$52,670,848 and $41,022,900, respectively)                                                            |  |                        | 52,040,000  |     |                  |   | 41,974,267  |    
|Investments in affiliated funds, at value:                                                                                                                      |  |                        |             |     |                  |   |             |    
|Northern Trust Global Investments - Collective Short-TermInvestment Fund (cost $29,512,967 and $29,284,852 and units
of29,512,967 and 29,284,852, respectively) |  |                        | 29,512,967  |     |                  |   | 29,284,852  |    
|Receivable for investments sold                                                                                                                                 |  |                        | 6,344,261   |     |                  |   | 7,076,087   |    
|Receivable for fund units sold                                                                                                                                  |  |                        | 1,698,541   |     |                  |   |            |    
|Interest and dividends receivable                                                                                                                               |  |                        | 831,933     |     |                  |   | 927,020     |    
|Tax reclaims receivable                                                                                                                                         |  |                        | 62,020      |     |                  |   | 45,917      |    
|Other assets                                                                                                                                                    |  |                        | 24,374      |     |                  |   | 28,293      |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Total assets                                                                                                                                                    |  |                        | 769,677,276 |     |                  |   | 739,948,747 |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Liabilities                                                                                                                                                     |  |                        |             |     |                  |   |             |    
|Payable for cash collateral received on securities loaned                                                                                                       |  |                        | 16,478,803  |     |                  |   | 6,639,182   |    
|Payable for investments purchased                                                                                                                               |  |                        | 13,623,766  |     |                  |   | 16,225,712  |    
|Payable for fund units redeemed                                                                                                                                 |  |                        | 21,906      |     |                  |   | 8,254,448   |    
|Investment advisory fee payable                                                                                                                                 |  |                        | 172,402     |     |                  |   | 175,491     |    
|INGprogram fee payable                                                                                                                                         |  |                        | 309,116     |     |                  |   | 315,108     |    
|Trustee, management and administration fees payable                                                                                                             |  |                        | 53,019      |     |                  |   | 55,738      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                        |  |                        | 43,029      |     |                  |   | 45,211      |    
|Other accruals                                                                                                                                                  |  |                        | 252,319     |     |                  |   | 302,107     |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Total liabilities                                                                                                                                               |  |                        | 30,954,360  |     |                  |   | 32,012,997  |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    
|Net Assets(equivalent to $15.42 and $14.13 per unit based on47,917,659 and 50,103,061 units outstanding,
respectively)                                          |  | $                      | 738,722,916 |     |                  | $ | 707,935,750 |    
|                                                                                                                                                                |  |                        |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $16,063,043 (See Note 5).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $6,493,974.
|--- | -------------------------------------------------------



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



48



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statements of Operations

Unaudited



|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|---------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | 
|                                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |             |   | For the periodApril 1, 2011 toJune 30, 2011 |   |             | For the PeriodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                                            |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Dividends (net of foreign tax expense of $0, $0, $280, and $0, respectively) |  | $                                           | 3,335,010   |   |                                             | $ | 3,616,253   |                                               |  | $ | 6,520,031                                     |   |  | $ | 6,828,625  | 
|Interestaffiliated issuers                                                  |  |                                             | 14,075      |   |                                             |   | 8,692       |                                               |  |   | 24,422                                        |   |  |   | 17,473     | 
|Securities lending income, net                                               |  |                                             | 12,952      |   |                                             |   | 12,267      |                                               |  |   | 18,630                                        |   |  |   | 34,373     | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Total investment income                                                      |  |                                             | 3,362,037   |   |                                             |   | 3,637,212   |                                               |  |   | 6,563,083                                     |   |  |   | 6,880,471  | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Expenses                                                                     |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|INGprogram fee                                                              |  |                                             | 980,287     |   |                                             |   | 1,086,686   |                                               |  |   | 1,929,841                                     |   |  |   | 2,155,586  | 
|Trustee, management and administration fees                                  |  |                                             | 168,413     |   |                                             |   | 184,776     |                                               |  |   | 334,576                                       |   |  |   | 365,354    | 
|Investment advisory fee                                                      |  |                                             | 536,785     |   |                                             |   | 579,296     |                                               |  |   | 1,080,284                                     |   |  |   | 1,149,414  | 
|ABA Retirement Fundsprogram fee                                             |  |                                             | 137,401     |   |                                             |   | 151,678     |                                               |  |   | 273,196                                       |   |  |   | 299,286    | 
|Legal and audit fees                                                         |  |                                             | 53,152      |   |                                             |   | 64,304      |                                               |  |   | 105,728                                       |   |  |   | 129,130    | 
|Compliance consultant fees                                                   |  |                                             | 30,707      |   |                                             |   | 33,777      |                                               |  |   | 62,002                                        |   |  |   | 67,826     | 
|Reports to unitholders                                                       |  |                                             | 3,684       |   |                                             |   | 5,432       |                                               |  |   | 7,440                                         |   |  |   | 10,901     | 
|Registration fees                                                            |  |                                             | 35,865      |   |                                             |   | 44,855      |                                               |  |   | 72,418                                        |   |  |   | 90,072     | 
|Other fees                                                                   |  |                                             | 7,369       |   |                                             |   | 8,122       |                                               |  |   | 14,881                                        |   |  |   | 16,272     | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Total expenses                                                               |  |                                             | 1,953,663   |   |                                             |   | 2,158,926   |                                               |  |   | 3,880,366                                     |   |  |   | 4,283,841  | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Less: Expense reimbursement                                                  |  |                                             | (25,746     | ) |                                             |   |            |                                               |  |   | (55,778                                       | ) |  |   |           | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net expenses                                                                 |  |                                             | 1,927,917   |   |                                             |   | 2,158,926   |                                               |  |   | 3,824,588                                     |   |  |   | 4,283,841  | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net investment income (loss)                                                 |  |                                             | 1,434,120   |   |                                             |   | 1,478,286   |                                               |  |   | 2,738,495                                     |   |  |   | 2,596,630  | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net realized and unrealized gain (loss)                                      |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net realized gain (loss) on:                                                 |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Investments                                                                  |  |                                             | 7,531,514   |   |                                             |   | 19,459,374  |                                               |  |   | 30,797,633                                    |   |  |   | 45,559,610 | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net realized gain (loss)                                                     |  |                                             | 7,531,514   |   |                                             |   | 19,459,374  |                                               |  |   | 30,797,633                                    |   |  |   | 45,559,610 | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Change in net unrealized appreciation (depreciation) on:                     |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Investments                                                                  |  |                                             | (39,751,823 | ) |                                             |   | (11,917,858 | )                                             |  |   | 31,452,660                                    |   |  |   | 6,166,114  | 
|Foreign currency transactions                                                |  |                                             | (2          | ) |                                             |   |            |                                               |  |   |                                              |   |  |   | 3          | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Change in net unrealized appreciation (depreciation)                         |  |                                             | (39,751,825 | ) |                                             |   | (11,917,858 | )                                             |  |   | 31,452,660                                    |   |  |   | 6,166,117  | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net realized and unrealized gain (loss)                                      |  |                                             | (32,220,311 | ) |                                             |   | 7,541,516   |                                               |  |   | 62,250,293                                    |   |  |   | 51,725,727 | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 
|Net increase (decrease) in net assets resulting from operations              |  | $                                           | (30,786,191 | ) |                                             | $ | 9,019,802   |                                               |  | $ | 64,988,788                                    |   |  | $ | 54,322,357 | 
|                                                                             |  |                                             |             |   |                                             |   |             |                                               |  |   |                                               |   |  |   |            | 



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

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                            |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------ | ----------- | -
|                                                                            |  | For the six-monthperiod endedJune 30, 2012 |            
|From operations                                                             |  |                                            |             |  
|Net investment income (loss)                                                |  | $                                          | 2,738,495   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                            | 30,797,633  |  
|Change in net unrealized appreciation (depreciation)                        |  |                                            | 31,452,660  |  
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                            | 64,988,788  |  
|                                                                            |  |                                            |             |  
|From unitholder transactions                                                |  |                                            |             |  
|Proceeds from units issued                                                  |  |                                            | 36,130,051  |  
|Cost of units redeemed                                                      |  |                                            | (70,331,673 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                            | (34,201,622 | )
|                                                                            |  |                                            |             |  
|Net increase (decrease) in net assets                                       |  |                                            | 30,787,166  |  
|Net Assets                                                                  |  |                                            |             |  
|Beginning of period                                                         |  |                                            | 707,935,750 |  
|                                                                            |  |                                            |             |  
|End of period                                                               |  | $                                          | 738,722,916 |  
|                                                                            |  |                                            |             |  
|Number of units                                                             |  |                                            |             |  
|Outstanding-beginning of period                                             |  |                                            | 50,103,061  |  
|Issued                                                                      |  |                                            | 2,369,303   |  
|Redeemed                                                                    |  |                                            | (4,554,705  | )
|                                                                            |  |                                            |             |  
|Outstanding-end of period                                                   |  |                                            | 47,917,659  |  
|                                                                            |  |                                            |             |  



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

Large Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|----------------------------------------------- |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                              |  | $                                           | 0.07    |    |                                             | $ | 0.07    |                                               |  | $ | 0.13                                          |   |  | $ | 0.13    |  
|Expenses,                                    |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | ) |  |   | (0.08   | )
|                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net investment income (loss)                    |  |                                             | 0.03    |    |                                             |   | 0.03    |                                               |  |   | 0.05                                          |   |  |   | 0.05    |  
|Net realized and unrealized gain (loss)         |  |                                             | (0.66   | )  |                                             |   | 0.13    |                                               |  |   | 1.24                                          |   |  |   | 0.91    |  
|                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in unit value           |  |                                             | (0.63   | )  |                                             |   | 0.16    |                                               |  |   | 1.29                                          |   |  |   | 0.96    |  
|Net asset value at beginning of period          |  |                                             | 16.05   |    |                                             |   | 14.83   |                                               |  |   | 14.13                                         |   |  |   | 14.03   |  
|                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net asset value at end of period                |  | $                                           | 15.42   |    |                                             | $ | 14.99   |                                               |  | $ | 15.42                                         |   |  | $ | 14.99   |  
|                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|                                                |  |                                             |         |   
|Ratios/Supplemental Data:                       |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratio of net expenses to average net assets*, |  |                                             | 1.04    | %  |                                             |   | 1.06    | %                                             |  |   | 1.02                                          | % |  |   | 1.06    | %
|Ratio of net investment income                  |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|(loss) to average net assets*                   |  |                                             | 0.78    | %  |                                             |   | 0.73    | %                                             |  |   | 0.73                                          | % |  |   | 0.64    | %
|Portfolio turnover**,                        |  |                                             | 10      | %  |                                             |   | 13      | %                                             |  |   | 22                                            | % |  |   | 32      | %
|Total return**                                  |  |                                             | (3.93   | )% |                                             |   | 1.08    | %                                             |  |   | 9.13                                          | % |  |   | 6.84    | %
|Net assets at end of period (in thousands)      |  | $                                           | 738,723 |    |                                             | $ | 810,311 |                                               |  | $ | 738,723                                       |   |  | $ | 810,311 |  



|* | 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.



51



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |         |  |       |   |            | 
|---------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                         |  | Shares |         |  | Value |  
|COMMON STOCK  91.9%                     |  |        |         |  |       |   |            | 
|BASIC MATERIALS  2.7%                   |  |        |         |  |       |   |            | 
|Chemicals  1.9%                         |  |        |         |  |       |   |            | 
|E.I. du Pont de Nemours & Co.(a)         |  |        | 113,400 |  |       | $ | 5,734,638  | 
|LyondellBasell Industries N.V., Class A  |  |        | 39,700  |  |       |   | 1,598,719  | 
|Monsanto Co.                             |  |        | 70,965  |  |       |   | 5,874,483  | 
|Sherwin-Williams Co.                     |  |        | 8,500   |  |       |   | 1,124,975  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 14,332,815 | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |       
|Mining  0.8%                            |  |        |         |  |       |   |            | 
|Freeport-McMoRan Copper & Gold, Inc.     |  |        | 176,000 |  |       |   | 5,996,320  | 
|                                         |  |        |         |  |       |   |            | 
|TOTAL BASIC MATERIALS (cost $16,255,336) |  |        |         |  |       |   | 20,329,135 | 
|                                         |  |        |         |  |       |   |            | 
|COMMUNICATIONS  11.3%                   |  |        |         |  |       |   |            | 
|Internet  4.2%                          |  |        |         |  |       |   |            | 
|Amazon.com, Inc.*                        |  |        | 17,045  |  |       |   | 3,892,226  | 
|Baidu, Inc. ADR*                         |  |        | 18,266  |  |       |   | 2,100,225  | 
|eBay, Inc.*                              |  |        | 170,500 |  |       |   | 7,162,705  | 
|Facebook, Inc., Class A(a)*              |  |        | 30,372  |  |       |   | 945,177    | 
|Google, Inc., Class A*                   |  |        | 12,117  |  |       |   | 7,028,708  | 
|LinkedIn Corp., Class A(a)*              |  |        | 25,941  |  |       |   | 2,756,750  | 
|priceline.com, Inc.*                     |  |        | 7,655   |  |       |   | 5,086,900  | 
|Rackspace Hosting, Inc.*                 |  |        | 18,322  |  |       |   | 805,069    | 
|Tencent Holdings Ltd. ADR                |  |        | 37,557  |  |       |   | 1,104,927  | 
|Youku, Inc. ADR(a)*                      |  |        | 6,319   |  |       |   | 136,996    | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 31,019,683 | 
|                                         |  |        |         |  |       |   |            | 
|Media  2.2%                             |  |        |         |  |       |   |            | 
|CBS Corp., Class B (Non Voting)          |  |        | 97,100  |  |       |   | 3,182,938  | 
|Comcast Corp., Class A                   |  |        | 224,700 |  |       |   | 7,183,659  | 
|Time Warner Cable, Inc.                  |  |        | 50,900  |  |       |   | 4,178,890  | 
|Walt Disney Co.                          |  |        | 40,387  |  |       |   | 1,958,769  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 16,504,256 | 
|                                         |  |        |         |  |       |   |            | 
|Telecommunications  4.9%                |  |        |         |  |       |   |            | 
|AT&T, Inc.                               |  |        | 509,900 |  |       |   | 18,183,034 | 
|Cisco Systems, Inc.                      |  |        | 330,800 |  |       |   | 5,679,836  | 
|Crown Castle International Corp.*        |  |        | 16,153  |  |       |   | 947,535    | 
|Motorola Solutions, Inc.                 |  |        | 118,642 |  |       |   | 5,707,867  | 
|Verizon Communications, Inc.             |  |        | 128,900 |  |       |   | 5,728,316  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 36,246,588 | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |       
|TOTAL COMMUNICATIONS (cost $62,599,880)  |  |        |         |  |       |   | 83,770,527 | 
|                                         |  |        |         |  |       |   |            | 
|CONSUMER, CYCLICAL  10.8%               |  |        |         |  |       |   |            | 
|Apparel  1.6%                           |  |        |         |  |       |   |            | 
|Burberry Group PLC ADR                   |  |        | 30,863  |  |       |   | 1,285,444  | 
|Coach, Inc.                              |  |        | 28,240  |  |       |   | 1,651,475  | 
|Michael Kors Holdings Ltd.*              |  |        | 35,952  |  |       |   | 1,504,232  | 
|NIKE, Inc., Class B                      |  |        | 55,519  |  |       |   | 4,873,458  | 



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



52



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                            |  |        |         |  |       |   |            | 
|------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                            |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                    |  |        |         |  |       |   |            | 
|CONSUMER, CYCLICAL (Continued)              |  |        |         |  |       |   |            | 
|Apparel (Continued)                         |  |        |         |  |       |   |            | 
|Ralph Lauren Corp.                          |  |        | 14,546  |  |       | $ | 2,037,313  | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |        |         |  |       |   | 11,351,922 | 
|                                            |  |        |         |  |       |   |            | 
|Auto Manufacturers  0.3%                   |  |        |         |  |       |   |            | 
|Ford Motor Co.(a)                           |  |        | 253,400 |  |       |   | 2,430,106  | 
|                                            |  |        |         |  |       |   |            | 
|Auto Parts & Equipment  0.7%               |  |        |         |  |       |   |            | 
|BorgWarner, Inc.(a)*                        |  |        | 73,846  |  |       |   | 4,843,559  | 
|                                            |  |        |         |  |       |   |            | 
|Leisure Time  0.2%                         |  |        |         |  |       |   |            | 
|Harley-Davidson, Inc.                       |  |        | 35,499  |  |       |   | 1,623,369  | 
|                                            |  |        |         |  |       |   |            | 
|Lodging  0.5%                              |  |        |         |  |       |   |            | 
|Las Vegas Sands Corp.                       |  |        | 58,500  |  |       |   | 2,544,165  | 
|MGM Resorts International*                  |  |        | 125,500 |  |       |   | 1,400,580  | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |        |         |  |       |   | 3,944,745  | 
|                                            |  |        |         |  |       |   |            | 
|Retail  7.5%                               |  |        |         |  |       |   |            | 
|Bed Bath & Beyond, Inc.*                    |  |        | 24,467  |  |       |   | 1,512,061  | 
|Chipotle Mexican Grill, Inc.*               |  |        | 7,930   |  |       |   | 3,013,004  | 
|Costco Wholesale Corp.                      |  |        | 30,191  |  |       |   | 2,868,145  | 
|CVS Caremark Corp.                          |  |        | 123,400 |  |       |   | 5,766,482  | 
|Dunkin Brands Group, Inc.                  |  |        | 38,656  |  |       |   | 1,327,447  | 
|Home Depot, Inc.                            |  |        | 75,600  |  |       |   | 4,006,044  | 
|Inditex S.A. ADR                            |  |        | 63,596  |  |       |   | 1,313,257  | 
|Kohls Corp.                                |  |        | 62,600  |  |       |   | 2,847,674  | 
|Limited Brands, Inc.                        |  |        | 37,600  |  |       |   | 1,599,128  | 
|Lowes Cos., Inc.                           |  |        | 204,300 |  |       |   | 5,810,292  | 
|Lululemon Athletica, Inc.(a)*               |  |        | 46,051  |  |       |   | 2,746,021  | 
|Panera Bread Co., Class A*                  |  |        | 4,074   |  |       |   | 568,079    | 
|Starbucks Corp.                             |  |        | 138,147 |  |       |   | 7,365,998  | 
|TJX Cos., Inc.                              |  |        | 41,037  |  |       |   | 1,761,718  | 
|Tractor Supply Co.                          |  |        | 9,900   |  |       |   | 822,294    | 
|Ulta Salon Cosmetics & Fragrance, Inc.      |  |        | 12,000  |  |       |   | 1,120,560  | 
|Wal-Mart Stores, Inc.                       |  |        | 102,900 |  |       |   | 7,174,188  | 
|Yum! Brands, Inc.                           |  |        | 57,263  |  |       |   | 3,688,882  | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |        |         |  |       |   | 55,311,274 | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |       
|TOTAL CONSUMER, CYCLICAL (cost $64,746,882) |  |        |         |  |       |   | 79,504,975 | 
|                                            |  |        |         |  |       |   |            | 
|CONSUMER, NON-CYCLICAL  22.0%              |  |        |         |  |       |   |            | 
|Agriculture  1.3%                          |  |        |         |  |       |   |            | 
|Archer-Daniels-Midland Co.                  |  |        | 181,000 |  |       |   | 5,343,120  | 
|Philip Morris International, Inc.           |  |        | 48,700  |  |       |   | 4,249,562  | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |        |         |  |       |   | 9,592,682  | 
|                                            |  |        |         |  |       |   |            | 
|Beverages  1.2%                            |  |        |         |  |       |   |            | 
|Beam, Inc.                                  |  |        | 60,500  |  |       |   | 3,780,645  | 
|Coca-Cola Co.                               |  |        | 62,800  |  |       |   | 4,910,332  | 
|                                            |  |        |         |  |       |   |            | 
|                                            |  |        |         |  |       |   | 8,690,977  | 
|                                            |  |        |         |  |       |   |            | 



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



53



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |         |  |       |   |            | 
|---------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                         |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                 |  |        |         |  |       |   |            | 
|CONSUMER, NON-CYCLICAL (Continued)       |  |        |         |  |       |   |            | 
|Biotechnology  1.6%                     |  |        |         |  |       |   |            | 
|Alexion Pharmaceuticals, Inc.*           |  |        | 41,075  |  |       | $ | 4,078,747  | 
|Biogen Idec, Inc.*                       |  |        | 20,861  |  |       |   | 3,011,911  | 
|Gilead Sciences, Inc.*                   |  |        | 46,600  |  |       |   | 2,389,648  | 
|Illumina, Inc.(a)*                       |  |        | 5,323   |  |       |   | 214,996    | 
|Vertex Pharmaceuticals, Inc.*            |  |        | 38,477  |  |       |   | 2,151,634  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 11,846,936 | 
|                                         |  |        |         |  |       |   |            | 
|Commercial Services  1.2%               |  |        |         |  |       |   |            | 
|Mastercard, Inc., Class A                |  |        | 21,414  |  |       |   | 9,210,376  | 
|                                         |  |        |         |  |       |   |            | 
|Cosmetics/Personal Care  1.0%           |  |        |         |  |       |   |            | 
|Estee Lauder Cos., Inc., Class A         |  |        | 65,634  |  |       |   | 3,552,112  | 
|Procter & Gamble Co.                     |  |        | 62,100  |  |       |   | 3,803,625  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 7,355,737  | 
|                                         |  |        |         |  |       |   |            | 
|Food  2.2%                              |  |        |         |  |       |   |            | 
|Kraft Foods, Inc., Class A               |  |        | 144,900 |  |       |   | 5,596,038  | 
|Safeway, Inc.(a)                         |  |        | 291,200 |  |       |   | 5,285,280  | 
|Whole Foods Market, Inc.(a)              |  |        | 58,941  |  |       |   | 5,618,256  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 16,499,574 | 
|                                         |  |        |         |  |       |   |            | 
|HealthcareProducts  1.7%               |  |        |         |  |       |   |            | 
|Baxter International, Inc.               |  |        | 207,600 |  |       |   | 11,033,940 | 
|Intuitive Surgical, Inc.*                |  |        | 2,200   |  |       |   | 1,218,338  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 12,252,278 | 
|                                         |  |        |         |  |       |   |            | 
|HealthcareServices  2.6%               |  |        |         |  |       |   |            | 
|Covance, Inc.*                           |  |        | 51,600  |  |       |   | 2,469,060  | 
|Humana, Inc.                             |  |        | 28,800  |  |       |   | 2,230,272  | 
|Laboratory Corp. of America Holdings(a)* |  |        | 39,300  |  |       |   | 3,639,573  | 
|Quest Diagnostics, Inc.                  |  |        | 139,700 |  |       |   | 8,368,030  | 
|UnitedHealth Group, Inc.                 |  |        | 37,870  |  |       |   | 2,215,395  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 18,922,330 | 
|                                         |  |        |         |  |       |   |            | 
|Household Products/Wares  0.8%          |  |        |         |  |       |   |            | 
|Kimberly-Clark Corp.                     |  |        | 69,200  |  |       |   | 5,796,884  | 
|                                         |  |        |         |  |       |   |            | 
|Pharmaceuticals  8.4%                   |  |        |         |  |       |   |            | 
|Allergan, Inc.                           |  |        | 61,285  |  |       |   | 5,673,152  | 
|AmerisourceBergen Corp.                  |  |        | 151,400 |  |       |   | 5,957,590  | 
|Bristol-Myers Squibb Co.                 |  |        | 43,070  |  |       |   | 1,548,366  | 
|Cardinal Health, Inc.                    |  |        | 137,400 |  |       |   | 5,770,800  | 
|Express Scripts Holding Co.*             |  |        | 122,997 |  |       |   | 6,866,923  | 
|Johnson & Johnson                        |  |        | 84,500  |  |       |   | 5,708,820  | 
|Mead Johnson Nutrition Co.               |  |        | 19,721  |  |       |   | 1,587,738  | 
|Merck & Co., Inc.                        |  |        | 140,100 |  |       |   | 5,849,175  | 
|Novo Nordisk A/S ADR                     |  |        | 19,183  |  |       |   | 2,788,057  | 
|Perrigo Co.                              |  |        | 375     |  |       |   | 44,224     | 
|Pfizer, Inc.                             |  |        | 456,900 |  |       |   | 10,508,700 | 



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



54



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                 |  |        |         |  |       |   |             | 
|------------------------------------------------ |  | ------ | ------- |  | ----- | - | ----------- | 
|                                                 |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                         |  |        |         |  |       |   |             | 
|CONSUMER, NON-CYCLICAL (Continued)               |  |        |         |  |       |   |             | 
|Pharmaceuticals (Continued)                      |  |        |         |  |       |   |             | 
|Shire PLC ADR                                    |  |        | 26,785  |  |       | $ | 2,313,956   | 
|Valeant Pharmaceuticals International, Inc.*     |  |        | 35,440  |  |       |   | 1,587,358   | 
|Watson Pharmaceuticals, Inc.*                    |  |        | 82,400  |  |       |   | 6,096,776   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |        |         |  |       |   | 62,301,635  | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |       
|TOTAL CONSUMER, NON-CYCLICAL (cost $126,446,042) |  |        |         |  |       |   | 162,469,409 | 
|                                                 |  |        |         |  |       |   |             | 
|ENERGY  9.1%                                    |  |        |         |  |       |   |             | 
|Oil & Gas  6.5%                                 |  |        |         |  |       |   |             | 
|Apache Corp.                                     |  |        | 61,900  |  |       |   | 5,440,391   | 
|Cabot Oil & Gas Corp.                            |  |        | 44,358  |  |       |   | 1,747,705   | 
|Chevron Corp.                                    |  |        | 139,400 |  |       |   | 14,706,700  | 
|Concho Resources, Inc.*                          |  |        | 21,699  |  |       |   | 1,847,019   | 
|ConocoPhillips                                   |  |        | 160,000 |  |       |   | 8,940,800   | 
|Hess Corp.                                       |  |        | 102,400 |  |       |   | 4,449,280   | 
|Marathon Oil Corp.                               |  |        | 233,200 |  |       |   | 5,962,924   | 
|Noble Energy, Inc.                               |  |        | 18,100  |  |       |   | 1,535,242   | 
|Occidental Petroleum Corp.                       |  |        | 24,031  |  |       |   | 2,061,139   | 
|Phillips 66*                                     |  |        | 39,900  |  |       |   | 1,326,276   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |        |         |  |       |   | 48,017,476  | 
|                                                 |  |        |         |  |       |   |             | 
|Oil & Gas Services  1.8%                        |  |        |         |  |       |   |             | 
|FMC Technologies, Inc.*                          |  |        | 20,600  |  |       |   | 808,138     | 
|Halliburton Co.                                  |  |        | 320,900 |  |       |   | 9,110,351   | 
|National Oilwell Varco, Inc.                     |  |        | 55,314  |  |       |   | 3,564,434   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |        |         |  |       |   | 13,482,923  | 
|                                                 |  |        |         |  |       |   |             | 
|Pipelines  0.8%                                 |  |        |         |  |       |   |             | 
|Williams Cos., Inc.                              |  |        | 189,200 |  |       |   | 5,452,744   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |       
|TOTAL ENERGY (cost $57,624,127)                  |  |        |         |  |       |   | 66,953,143  | 
|                                                 |  |        |         |  |       |   |             | 
|FINANCIAL  10.9%                                |  |        |         |  |       |   |             | 
|Banks  5.0%                                     |  |        |         |  |       |   |             | 
|Bank of New York Mellon Corp.                    |  |        | 429,700 |  |       |   | 9,431,915   | 
|Capital One Financial Corp.                      |  |        | 73,375  |  |       |   | 4,010,677   | 
|Goldman Sachs Group, Inc.                        |  |        | 50,946  |  |       |   | 4,883,684   | 
|JPMorgan Chase & Co.                             |  |        | 152,800 |  |       |   | 5,459,544   | 
|Morgan Stanley                                   |  |        | 80,774  |  |       |   | 1,178,493   | 
|U.S. Bancorp                                     |  |        | 117,300 |  |       |   | 3,772,368   | 
|Wells Fargo & Co.                                |  |        | 259,700 |  |       |   | 8,684,368   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |        |         |  |       |   | 37,421,049  | 
|                                                 |  |        |         |  |       |   |             | 
|Diversified Financial Services  2.7%            |  |        |         |  |       |   |             | 
|American Express Co.                             |  |        | 189,306 |  |       |   | 11,019,502  | 
|Discover Financial Services                      |  |        | 114,116 |  |       |   | 3,946,131   | 
|Visa, Inc., Class A                              |  |        | 38,600  |  |       |   | 4,772,118   | 
|                                                 |  |        |         |  |       |   |             | 
|                                                 |  |        |         |  |       |   | 19,737,751  | 
|                                                 |  |        |         |  |       |   |             | 



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



55



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |         |  |       |   |            | 
|---------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                         |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                 |  |        |         |  |       |   |            | 
|FINANCIAL (Continued)                    |  |        |         |  |       |   |            | 
|Insurance  2.8%                         |  |        |         |  |       |   |            | 
|Allstate Corp.                           |  |        | 267,400 |  |       | $ | 9,383,066  | 
|Marsh & McLennan Cos., Inc.              |  |        | 181,000 |  |       |   | 5,833,630  | 
|Travelers Cos., Inc.                     |  |        | 89,100  |  |       |   | 5,688,144  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 20,904,840 | 
|                                         |  |        |         |  |       |   |            | 
|Real Estate Investment Trusts  0.4%     |  |        |         |  |       |   |            | 
|American Tower Corp.                     |  |        | 38,941  |  |       |   | 2,722,365  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |       
|TOTAL FINANCIAL (cost $70,035,949)       |  |        |         |  |       |   | 80,786,005 | 
|                                         |  |        |         |  |       |   |            | 
|INDUSTRIAL  9.9%                        |  |        |         |  |       |   |            | 
|Aerospace/Defense  2.7%                 |  |        |         |  |       |   |            | 
|Boeing Co.                               |  |        | 27,683  |  |       |   | 2,056,847  | 
|Northrop Grumman Corp.                   |  |        | 90,300  |  |       |   | 5,760,237  | 
|Raytheon Co.                             |  |        | 103,000 |  |       |   | 5,828,770  | 
|United Technologies Corp.                |  |        | 86,827  |  |       |   | 6,558,043  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 20,203,897 | 
|                                         |  |        |         |  |       |   |            | 
|Building Materials  0.1%                |  |        |         |  |       |   |            | 
|Masco Corp.                              |  |        | 59,800  |  |       |   | 829,426    | 
|                                         |  |        |         |  |       |   |            | 
|Electrical Components & Equipment  0.5% |  |        |         |  |       |   |            | 
|Emerson Electric Co.                     |  |        | 75,900  |  |       |   | 3,535,422  | 
|                                         |  |        |         |  |       |   |            | 
|Electronics  0.9%                       |  |        |         |  |       |   |            | 
|Agilent Technologies, Inc.               |  |        | 54,527  |  |       |   | 2,139,640  | 
|Honeywell International, Inc.            |  |        | 82,500  |  |       |   | 4,606,800  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 6,746,440  | 
|                                         |  |        |         |  |       |   |            | 
|Environmental Control  0.8%             |  |        |         |  |       |   |            | 
|Waste Management, Inc.                   |  |        | 169,200 |  |       |   | 5,651,280  | 
|                                         |  |        |         |  |       |   |            | 
|MachineryConstruction & Mining  0.5%   |  |        |         |  |       |   |            | 
|Caterpillar, Inc.                        |  |        | 40,400  |  |       |   | 3,430,364  | 
|                                         |  |        |         |  |       |   |            | 
|MachineryDiversified  0.9%             |  |        |         |  |       |   |            | 
|Cummins, Inc.                            |  |        | 27,300  |  |       |   | 2,645,643  | 
|Deere & Co.                              |  |        | 41,414  |  |       |   | 3,349,150  | 
|Roper Industries, Inc.                   |  |        | 9,319   |  |       |   | 918,667    | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 6,913,460  | 
|                                         |  |        |         |  |       |   |            | 
|Metal Fabricate/Hardware  0.5%          |  |        |         |  |       |   |            | 
|Precision Castparts Corp.                |  |        | 19,828  |  |       |   | 3,261,508  | 
|                                         |  |        |         |  |       |   |            | 
|Miscellaneous Manufacturing  2.0%       |  |        |         |  |       |   |            | 
|Dover Corp.                              |  |        | 95,200  |  |       |   | 5,103,672  | 
|General Electric Co.                     |  |        | 459,500 |  |       |   | 9,575,980  | 
|                                         |  |        |         |  |       |   |            | 
|                                         |  |        |         |  |       |   | 14,679,652 | 
|                                         |  |        |         |  |       |   |            | 
|Transportation  1.0%                    |  |        |         |  |       |   |            | 
|FedEx Corp.                              |  |        | 33,700  |  |       |   | 3,087,257  | 



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



56



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |        |         |  |       |   |             | 
|-------------------------------------- |  | ------ | ------- |  | ----- | - | ----------- | 
|                                       |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)               |  |        |         |  |       |   |             | 
|INDUSTRIAL (Continued)                 |  |        |         |  |       |   |             | 
|Transportation (Continued)             |  |        |         |  |       |   |             | 
|Union Pacific Corp.                    |  |        | 38,581  |  |       | $ | 4,603,099   | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 7,690,356   | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL INDUSTRIAL (cost $58,257,588)    |  |        |         |  |       |   | 72,941,805  | 
|                                       |  |        |         |  |       |   |             | 
|TECHNOLOGY  13.1%                     |  |        |         |  |       |   |             | 
|Computers  5.9%                       |  |        |         |  |       |   |             | 
|Accenture PLC, Class A                 |  |        | 51,900  |  |       |   | 3,118,671   | 
|Apple, Inc.*                           |  |        | 37,526  |  |       |   | 21,915,184  | 
|EMC Corp.*                             |  |        | 350,425 |  |       |   | 8,981,393   | 
|International Business Machines Corp.  |  |        | 15,528  |  |       |   | 3,036,966   | 
|NetApp, Inc.*                          |  |        | 27,389  |  |       |   | 871,518     | 
|SanDisk Corp.*                         |  |        | 89,600  |  |       |   | 3,268,608   | 
|Teradata Corp.*                        |  |        | 35,017  |  |       |   | 2,521,574   | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 43,713,914  | 
|                                       |  |        |         |  |       |   |             | 
|Office/Business Equipment  0.8%       |  |        |         |  |       |   |             | 
|Xerox Corp.                            |  |        | 721,200 |  |       |   | 5,675,844   | 
|                                       |  |        |         |  |       |   |             | 
|Semiconductors  3.0%                  |  |        |         |  |       |   |             | 
|ARM Holdings PLC ADR(a)                |  |        | 27,866  |  |       |   | 662,932     | 
|Avago Technologies Ltd.                |  |        | 88,705  |  |       |   | 3,184,509   | 
|Intel Corp.                            |  |        | 473,400 |  |       |   | 12,616,110  | 
|QUALCOMM, Inc.                         |  |        | 103,338 |  |       |   | 5,753,860   | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 22,217,411  | 
|                                       |  |        |         |  |       |   |             | 
|Software  3.4%                        |  |        |         |  |       |   |             | 
|Citrix Systems, Inc.*                  |  |        | 26,500  |  |       |   | 2,224,410   | 
|Intuit, Inc.                           |  |        | 16,121  |  |       |   | 956,781     | 
|Microsoft Corp.                        |  |        | 197,000 |  |       |   | 6,026,230   | 
|Oracle Corp.                           |  |        | 125,200 |  |       |   | 3,718,440   | 
|Red Hat, Inc.*                         |  |        | 37,132  |  |       |   | 2,097,216   | 
|Salesforce.com, Inc.*                  |  |        | 32,676  |  |       |   | 4,517,784   | 
|VeriFone Systems, Inc.*                |  |        | 41,200  |  |       |   | 1,363,308   | 
|VMware, Inc., Class A*                 |  |        | 45,331  |  |       |   | 4,126,934   | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 25,031,103  | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL TECHNOLOGY (cost $74,004,054)    |  |        |         |  |       |   | 96,638,272  | 
|                                       |  |        |         |  |       |   |             | 
|UTILITIES  2.1%                       |  |        |         |  |       |   |             | 
|Electric  2.1%                        |  |        |         |  |       |   |             | 
|Edison International                   |  |        | 124,100 |  |       |   | 5,733,420   | 
|NextEra Energy, Inc.                   |  |        | 76,900  |  |       |   | 5,291,489   | 
|Public Service Enterprise Group, Inc.  |  |        | 146,000 |  |       |   | 4,745,000   | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 15,769,909  | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL UTILITIES (cost $13,017,417)     |  |        |         |  |       |   | 15,769,909  | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL COMMON STOCK (cost $542,987,275) |  |        |         |  |       |   | 679,163,180 | 
|                                       |  |        |         |  |       |   |             | 



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



57



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                             |  |        |            |  |       |   |             |  
|---------------------------------------------------------------------------- |  | ------ | ---------- |  | ----- | - | ----------- | -
|                                                                             |  | Shares |            |  | Value |  
|INVESTMENT FUNDS  7.1%                                                      |  |        |            |  |       |   |             |  
|Cash Collateral Pool  2.2%                                                  |  |        |            |  |       |   |             |  
|ABA Members Collateral Fund(b)                                               |  |        | 16,478,803 |  |       | $ | 16,199,580  |  
|                                                                             |  |        |            |  |       |   |             |  
|Collective Investment Funds  4.9%                                           |  |        |            |  |       |   |             |  
|SSgA Russell Large Cap Index Non-Lending Fund                                |  |        | 2,625,095  |  |       |   | 35,840,420  |  
|                                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENT FUNDS (cost $52,670,848)                                    |  |        |            |  |       |   | 52,040,000  |  
|                                                                             |  |        |            |  |       |   |             |  
|                                                                             |  |       
|                                                                             |  | Units  |            |  | Value |  
|SHORT-TERM INVESTMENTS  4.0%                                                |  |        |            |  |       |   |             |  
|Affiliated Funds  4.0%                                                      |  |        |            |  |       |   |             |  
|Northern Trust Global Investments - Collective Short-Term Investment Fund(c) |  |        | 29,512,967 |  |       | $ | 29,512,967  |  
|                                                                             |  |        |            |  |       |   |             |  
|TOTAL SHORT-TERM INVESTMENTS (cost $29,512,967)                              |  |        |            |  |       |   | 29,512,967  |  
|                                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENTS  103.0%
(cost $625,171,090)                               |  |        |            |  |       |   | 760,716,147 |  
|Liabilities Less Other Assets  (3.0)%                                       |  |        |            |  |       |   | (21,993,231 | )
|                                                                             |  |        |            |  |       |   |             |  
|NET ASSETS  100.0%                                                          |  |        |            |  |       | $ | 738,722,916 |  
|                                                                             |  |        |            |  |       |   |             |  



|(a) | All or a portion of security is on loan.
|--- | ----------------------------------------

|(b) | Represents security purchased with cash collateral received for securities on loan.
|--- | -----------------------------------------------------------------------------------

|(c) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------

|* | Non-income producing security.
|- | ------------------------------

ADR  American Depository Receipt



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



58



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statements of Assets and Liabilities





|                                                                                                                                                           |  |                            |             |     |                      |   |             |    
|---------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------- | ----------- | --- | -------------------- | - | ----------- | ---
|                                                                                                                                                           |  | June 30, 2012    Unaudited |             |     | December 31,    2011 |  
|Assets                                                                                                                                                     |  |                            |             |     |                      |   |             |    
|Investments, at value (cost $220,017,952 and $226,578,853, respectively)                                                                                   |  | $                          | 243,114,030 | (a) |                      | $ | 242,350,167 | (b)
|Investments in collective investment funds, at value (cost $47,444,313 and $45,675,550, respectively)                                                      |  |                            | 46,573,077  |     |                      |   | 45,084,249  |    
|Investments in affiliated funds, at value:                                                                                                                 |  |                            |             |     |                      |   |             |    
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund (cost $7,762,786 and $8,045,895 and units of
7,762,786 and 8,045,895,respectively) |  |                            | 7,762,786   |     |                      |   | 8,045,895   |    
|Cash                                                                                                                                                       |  |                            |            |     |                      |   | 5,530       |    
|Receivable for investments sold                                                                                                                            |  |                            | 2,469,680   |     |                      |   | 2,592,641   |    
|Receivable for fund units sold                                                                                                                             |  |                            | 883         |     |                      |   |            |    
|Interest and dividends receivable                                                                                                                          |  |                            | 275,516     |     |                      |   | 265,297     |    
|Tax reclaims receivable                                                                                                                                    |  |                            | 5,962       |     |                      |   | 4,828       |    
|Other assets                                                                                                                                               |  |                            | 8,876       |     |                      |   | 10,246      |    
|                                                                                                                                                           |  |                           
|                                                                                                                                                           |  |                            |             |     |                      |   |             |    
|Total assets                                                                                                                                               |  |                            | 300,210,810 |     |                      |   | 298,358,853 |    
|                                                                                                                                                           |  |                            |             |     |                      |   |             |    
|Liabilities                                                                                                                                                |  |                            |             |     |                      |   |             |    
|Due to custodian                                                                                                                                           |  |                            | 23,922      |     |                      |   |            |    
|Payable for cash collateral received on securities loaned                                                                                                  |  |                            | 34,543,781  |     |                      |   | 33,416,793  |    
|Payable for investments purchased                                                                                                                          |  |                            | 3,571,409   |     |                      |   | 4,290,927   |    
|Payable for fund units redeemed                                                                                                                            |  |                            | 3,152       |     |                      |   | 25,088      |    
|Investment advisory fee payable                                                                                                                            |  |                            | 100,204     |     |                      |   | 105,100     |    
|INGprogram fee payable                                                                                                                                    |  |                            | 108,653     |     |                      |   | 114,466     |    
|Trustee, management and administration fees payable                                                                                                        |  |                            | 18,897      |     |                      |   | 20,265      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                   |  |                            | 15,337      |     |                      |   | 16,424      |    
|Other accruals                                                                                                                                             |  |                            | 92,639      |     |                      |   | 113,421     |    
|                                                                                                                                                           |  |                           
|                                                                                                                                                           |  |                            |             |     |                      |   |             |    
|Total liabilities                                                                                                                                          |  |                            | 38,477,994  |     |                      |   | 38,102,484  |    
|                                                                                                                                                           |  |                            |             |     |                      |   |             |    
|Net Assets(equivalent to $17.02 and $15.99 per unit based on 15,379,071 and 16,272,262 units outstanding,
respectively)                                    |  | $                          | 261,732,816 |     |                      | $ | 260,256,369 |    
|                                                                                                                                                           |  |                            |             |     |                      |   |             |    



|(a) | Includes securities on loan with a value of $33,650,587 (See Note 5).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $32,550,879.
|--- | --------------------------------------------------------



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



59



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statements of Operations

Unaudited



|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|---------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | ------------------------------------------- | - | ----------- | -------------------------------------------- |  | - | -------------------------------------------- | - |  | - | ----------- | -
|                                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |             |   | For the periodApril 1, 2011 toJune 30, 2011 |   |             | For the PeriodJanuary 1, 2012toJune 30, 2012 |  |   | For the periodJanuary 1, 2011toJune 30, 2011 |  
|Investment income                                                            |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Dividends (net of foreign tax expense of $0, $424, $0 and $52, respectively) |  | $                                           | 1,043,538   |   |                                             | $ | 908,117     |                                              |  | $ | 2,204,118                                    |   |  | $ | 1,920,690   |  
|Interestaffiliated issuers                                                  |  |                                             | 3,966       |   |                                             |   | 3,645       |                                              |  |   | 13,587                                       |   |  |   | 7,848       |  
|Securities lending income, net                                               |  |                                             | 61,079      |   |                                             |   | 94,563      |                                              |  |   | 109,862                                      |   |  |   | 178,809     |  
|                                                                             |  |                                             |             |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Total investment income                                                      |  |                                             | 1,108,583   |   |                                             |   | 1,006,325   |                                              |  |   | 2,327,567                                    |   |  |   | 2,107,347   |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|                                                                             |  |                                             |             |  
|Expenses                                                                     |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|INGprogram fee                                                              |  |                                             | 352,605     |   |                                             |   | 428,882     |                                              |  |   | 703,625                                      |   |  |   | 841,119     |  
|Trustee, management and administration fees                                  |  |                                             | 60,824      |   |                                             |   | 72,899      |                                              |  |   | 121,971                                      |   |  |   | 142,556     |  
|Investment advisory fee                                                      |  |                                             | 315,147     |   |                                             |   | 376,246     |                                              |  |   | 645,285                                      |   |  |   | 746,583     |  
|ABA Retirement Fundsprogram fee                                             |  |                                             | 49,626      |   |                                             |   | 59,841      |                                              |  |   | 99,825                                       |   |  |   | 116,780     |  
|Legal and audit fees                                                         |  |                                             | 19,098      |   |                                             |   | 25,157      |                                              |  |   | 38,525                                       |   |  |   | 50,259      |  
|Compliance consultant fees                                                   |  |                                             | 10,992      |   |                                             |   | 13,215      |                                              |  |   | 22,555                                       |   |  |   | 26,399      |  
|Reports to unitholders                                                       |  |                                             | 1,319       |   |                                             |   | 2,125       |                                              |  |   | 2,707                                        |   |  |   | 4,243       |  
|Registration fees                                                            |  |                                             | 12,838      |   |                                             |   | 17,549      |                                              |  |   | 26,344                                       |   |  |   | 35,058      |  
|Other fees                                                                   |  |                                             | 2,637       |   |                                             |   | 3,177       |                                              |  |   | 5,412                                        |   |  |   | 6,763       |  
|                                                                             |  |                                             |             |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Total expenses                                                               |  |                                             | 825,086     |   |                                             |   | 999,091     |                                              |  |   | 1,666,249                                    |   |  |   | 1,969,760   |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Less: Expense reimbursement                                                  |  |                                             | (9,362      | ) |                                             |   |            |                                              |  |   | (20,478                                      | ) |  |   |            |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net expenses                                                                 |  |                                             | 815,724     |   |                                             |   | 999,091     |                                              |  |   | 1,645,771                                    |   |  |   | 1,969,760   |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net investment income (loss)                                                 |  |                                             | 292,859     |   |                                             |   | 7,234       |                                              |  |   | 681,796                                      |   |  |   | 137,587     |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net realized and unrealized gain (loss)                                      |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net realized gain (loss) on:                                                 |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Investments                                                                  |  |                                             | 3,811,892   |   |                                             |   | 21,758,447  |                                              |  |   | 9,314,806                                    |   |  |   | 37,522,292  |  
|                                                                             |  |                                             |             |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net realized gain (loss)                                                     |  |                                             | 3,811,892   |   |                                             |   | 21,758,447  |                                              |  |   | 9,314,806                                    |   |  |   | 37,522,292  |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Change in net unrealized appreciation (depreciation) on:                     |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Investments                                                                  |  |                                             | (18,861,726 | ) |                                             |   | (25,022,841 | )                                            |  |   | 7,044,829                                    |   |  |   | (14,397,511 | )
|                                                                             |  |                                             |             |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Change in net unrealized appreciation (depreciation)                         |  |                                             | (18,861,726 | ) |                                             |   | (25,022,841 | )                                            |  |   | 7,044,829                                    |   |  |   | (14,397,511 | )
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net realized and unrealized gain (loss)                                      |  |                                             | (15,049,834 | ) |                                             |   | (3,264,394  | )                                            |  |   | 16,359,635                                   |   |  |   | 23,124,781  |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  
|Net increase (decrease) in net assets resulting from operations              |  | $                                           | (14,756,975 | ) |                                             | $ | (3,257,160  | )                                            |  | $ | 17,041,431                                   |   |  | $ | 23,262,368  |  
|                                                                             |  |                                             |             |   |                                             |   |             |                                              |  |   |                                              |   |  |   |             |  



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



60



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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 ended    June 30, 2012 |            
|From operations                                                    |  |                                                 |             |  
|Net investment income (loss)                                       |  | $                                               | 681,796     |  
|Net realized gain (loss) from investments                          |  |                                                 | 9,314,806   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 7,044,829   |  
|                                                                   |  |                                                 |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 17,041,431  |  
|                                                                   |  |                                                 |             |  
|From unitholder transactions                                       |  |                                                 |             |  
|Proceeds from units issued                                         |  |                                                 | 9,968,667   |  
|Cost of units redeemed                                             |  |                                                 | (25,533,651 | )
|                                                                   |  |                                                 |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (15,564,984 | )
|                                                                   |  |                                                 |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 1,476,447   |  
|                                                                   |  |                                                 |             |  
|Net Assets                                                         |  |                                                 |             |  
|Beginning of period                                                |  |                                                 | 260,256,369 |  
|                                                                   |  |                                                 |             |  
|End of period                                                      |  | $                                               | 261,732,816 |  
|                                                                   |  |                                                 |             |  
|Number of units                                                    |  |                                                 |             |  
|Outstanding-beginning of period                                    |  |                                                 | 16,272,262  |  
|Issued                                                             |  |                                                 | 577,171     |  
|Redeemed                                                           |  |                                                 | (1,470,362  | )
|                                                                   |  |                                                 |             |  
|Outstanding-end of period                                          |  |                                                 | 15,379,071  |  
|                                                                   |  |                                                 |             |  



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



61



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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, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                           |  | $                                           | 0.07    |    |                                             | $ | 0.06    |                                               |  | $ | 0.15                                          |   |  | $ | 0.12    |  
|Expenses,                                                 |  |                                             | (0.05   | )  |                                             |   | (0.06   | )                                             |  |   | (0.10                                         | ) |  |   | (0.11   | )
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.02    |    |                                             |   |        |                                               |  |   | 0.05                                          |   |  |   | 0.01    |  
|Net realized and unrealized gain (loss)                      |  |                                             | (0.96   | )  |                                             |   | (0.18   | )                                             |  |   | 0.98                                          |   |  |   | 1.25    |  
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | (0.94   | )  |                                             |   | (0.18   | )                                             |  |   | 1.03                                          |   |  |   | 1.26    |  
|Net asset value at beginning of period                       |  |                                             | 17.96   |    |                                             |   | 18.00   |                                               |  |   | 15.99                                         |   |  |   | 16.56   |  
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net asset value at end of period                             |  | $                                           | 17.02   |    |                                             | $ | 17.82   |                                               |  | $ | 17.02                                         |   |  | $ | 17.82   |  
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratio of net expenses to average net assets*,              |  |                                             | 1.24    | %  |                                             |   | 1.26    | %                                             |  |   | 1.21                                          | % |  |   | 1.25    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.44    | %  |                                             |   | 0.01    | %                                             |  |   | 0.50                                          | % |  |   | 0.09    | %
|Portfolio turnover**,                                     |  |                                             | 16      | %  |                                             |   | 42      | %                                             |  |   | 33                                            | % |  |   | 64      | %
|Total return**                                               |  |                                             | (5.23   | )% |                                             |   | (1.00   | )%                                            |  |   | 6.44                                          | % |  |   | 7.61    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 261,733 |    |                                             | $ | 312,787 |                                               |  | $ | 261,733                                       |   |  | $ | 312,787 |  



|* | 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.



62



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |        |  |       |   |            | 
|---------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                         |  | Shares |        |  | Value |  
|COMMON STOCK  92.9%                     |  |        |        |  |       |   |            | 
|BASIC MATERIALS  5.4%                   |  |        |        |  |       |   |            | 
|Chemicals  2.8%                         |  |        |        |  |       |   |            | 
|Agrium, Inc.                             |  |        | 2,450  |  |       | $ | 216,752    | 
|American Vanguard Corp.                  |  |        | 11,050 |  |       |   | 293,819    | 
|Ashland, Inc.                            |  |        | 14,600 |  |       |   | 1,011,926  | 
|Cabot Corp.                              |  |        | 16,360 |  |       |   | 665,852    | 
|Celanese Corp., Class A                  |  |        | 4,070  |  |       |   | 140,903    | 
|CF Industries Holdings, Inc.             |  |        | 1,800  |  |       |   | 348,732    | 
|Cytec Industries, Inc.                   |  |        | 12,975 |  |       |   | 760,854    | 
|Eastman Chemical Co.                     |  |        | 7,600  |  |       |   | 382,812    | 
|FMC Corp.                                |  |        | 10,100 |  |       |   | 540,148    | 
|Innophos Holdings, Inc.                  |  |        | 8,350  |  |       |   | 471,441    | 
|Kronos Worldwide, Inc.(a)                |  |        | 12,400 |  |       |   | 195,796    | 
|OM Group, Inc.*                          |  |        | 8,200  |  |       |   | 155,800    | 
|PolyOne Corp.                            |  |        | 13,300 |  |       |   | 181,944    | 
|PPG Industries, Inc.                     |  |        | 3,525  |  |       |   | 374,073    | 
|RPM International, Inc.                  |  |        | 12,035 |  |       |   | 327,352    | 
|Sensient Technologies Corp.              |  |        | 28,418 |  |       |   | 1,043,793  | 
|Sherwin-Williams Co.                     |  |        | 2,470  |  |       |   | 326,905    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 7,438,902  | 
|                                         |  |        |        |  |       |   |            | 
|Forest Products & Paper  1.2%           |  |        |        |  |       |   |            | 
|Boise, Inc.                              |  |        | 35,100 |  |       |   | 230,958    | 
|Buckeye Technologies, Inc.               |  |        | 28,300 |  |       |   | 806,267    | 
|Domtar Corp.                             |  |        | 5,100  |  |       |   | 391,221    | 
|MeadWestvaco Corp.                       |  |        | 18,100 |  |       |   | 520,375    | 
|P.H. Glatfelter Co.                      |  |        | 17,094 |  |       |   | 279,829    | 
|Schweitzer-Mauduit International, Inc.   |  |        | 13,250 |  |       |   | 902,855    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 3,131,505  | 
|                                         |  |        |        |  |       |   |            | 
|Iron/Steel  0.7%                        |  |        |        |  |       |   |            | 
|Allegheny Technologies, Inc.             |  |        | 22,120 |  |       |   | 705,407    | 
|Cliffs Natural Resources, Inc.           |  |        | 10,900 |  |       |   | 537,261    | 
|Nucor Corp.                              |  |        | 12,800 |  |       |   | 485,120    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 1,727,788  | 
|                                         |  |        |        |  |       |   |            | 
|Mining  0.7%                            |  |        |        |  |       |   |            | 
|Compass Minerals International, Inc.     |  |        | 5,100  |  |       |   | 389,028    | 
|Globe Specialty Metals, Inc.             |  |        | 31,625 |  |       |   | 424,723    | 
|Horsehead Holding Corp.*                 |  |        | 42,953 |  |       |   | 427,812    | 
|Kaiser Aluminum Corp.                    |  |        | 10,188 |  |       |   | 528,146    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 1,769,709  | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |       
|TOTAL BASIC MATERIALS (cost $13,175,974) |  |        |        |  |       |   | 14,067,904 | 
|                                         |  |        |        |  |       |   |            | 
|COMMUNICATIONS  5.9%                    |  |        |        |  |       |   |            | 
|Internet  2.6%                          |  |        |        |  |       |   |            | 
|Baidu, Inc. ADR*                         |  |        | 3,900  |  |       |   | 448,422    | 
|BroadSoft, Inc.(a)*                      |  |        | 16,199 |  |       |   | 469,123    | 



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



63



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |        |  |       |   |            | 
|---------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                         |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                 |  |        |        |  |       |   |            | 
|COMMUNICATIONS (Continued)               |  |        |        |  |       |   |            | 
|Internet (Continued)                     |  |        |        |  |       |   |            | 
|Cogent Communications Group, Inc.(a)*    |  |        | 12,220 |  |       | $ | 235,235    | 
|Constant Contact, Inc.(a)*               |  |        | 33,947 |  |       |   | 606,972    | 
|Ctrip.com International Ltd. ADR(a)*     |  |        | 21,700 |  |       |   | 363,692    | 
|DealerTrack Holdings, Inc.*              |  |        | 21,376 |  |       |   | 643,631    | 
|ExactTarget, Inc.(a)*                    |  |        | 7,800  |  |       |   | 170,508    | 
|F5 Networks, Inc.*                       |  |        | 4,300  |  |       |   | 428,108    | 
|LinkedIn Corp., Class A(a)*              |  |        | 2,500  |  |       |   | 265,675    | 
|Pandora Media, Inc.(a)*                  |  |        | 20,725 |  |       |   | 225,281    | 
|Rackspace Hosting, Inc.*                 |  |        | 5,700  |  |       |   | 250,458    | 
|Shutterfly, Inc.(a)*                     |  |        | 9,200  |  |       |   | 282,348    | 
|SINA Corp.(a)*                           |  |        | 4,100  |  |       |   | 212,421    | 
|Splunk, Inc.(a)*                         |  |        | 8,300  |  |       |   | 233,230    | 
|SPS Commerce, Inc.*                      |  |        | 13,985 |  |       |   | 424,864    | 
|TripAdvisor, Inc.*                       |  |        | 12,050 |  |       |   | 538,515    | 
|ValueClick, Inc.*                        |  |        | 37,100 |  |       |   | 608,069    | 
|Youku.com, Inc. ADR(a)*                  |  |        | 18,697 |  |       |   | 405,351    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 6,811,903  | 
|                                         |  |        |        |  |       |   |            | 
|Media  0.8%                             |  |        |        |  |       |   |            | 
|CBS Corp., Class B (Non Voting)          |  |        | 11,075 |  |       |   | 363,039    | 
|Discovery Communications, Inc., Class A* |  |        | 6,200  |  |       |   | 334,800    | 
|DISH Network Corp., Class A              |  |        | 10,900 |  |       |   | 311,195    | 
|Gannett Co., Inc.(a)                     |  |        | 18,500 |  |       |   | 272,505    | 
|Meredith Corp.                           |  |        | 22,143 |  |       |   | 707,247    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 1,988,786  | 
|                                         |  |        |        |  |       |   |            | 
|Telecommunications  2.5%                |  |        |        |  |       |   |            | 
|Acme Packet, Inc.(a)*                    |  |        | 27,825 |  |       |   | 518,936    | 
|Amdocs Ltd.*                             |  |        | 5,000  |  |       |   | 148,600    | 
|Anixter International, Inc.              |  |        | 3,937  |  |       |   | 208,858    | 
|Aruba Networks, Inc.(a)*                 |  |        | 17,000 |  |       |   | 255,850    | 
|Black Box Corp.                          |  |        | 28,942 |  |       |   | 830,635    | 
|Crown Castle International Corp.*        |  |        | 10,530 |  |       |   | 617,690    | 
|Harris Corp.                             |  |        | 9,100  |  |       |   | 380,835    | 
|IPG Photonics Corp.(a)*                  |  |        | 18,375 |  |       |   | 800,966    | 
|NeuStar, Inc., Class A*                  |  |        | 6,750  |  |       |   | 225,450    | 
|Oplink Communications, Inc.*             |  |        | 36,098 |  |       |   | 488,406    | 
|Plantronics, Inc.                        |  |        | 44,315 |  |       |   | 1,480,121  | 
|Sycamore Networks, Inc.*                 |  |        | 39,513 |  |       |   | 573,729    | 
|USA Mobility, Inc.                       |  |        | 12,700 |  |       |   | 163,322    | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |        |        |  |       |   | 6,693,398  | 
|                                         |  |        |        |  |       |   |            | 
|                                         |  |       
|TOTAL COMMUNICATIONS (cost $15,389,050)  |  |        |        |  |       |   | 15,494,087 | 
|                                         |  |        |        |  |       |   |            | 
|CONSUMER, CYCLICAL  13.6%               |  |        |        |  |       |   |            | 
|Airlines  0.4%                          |  |        |        |  |       |   |            | 
|Alaska Air Group, Inc.*                  |  |        | 3,780  |  |       |   | 135,702    | 



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

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                      |  |        |        |  |       |   |           | 
|------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                      |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)              |  |        |        |  |       |   |           | 
|CONSUMER, CYCLICAL (Continued)        |  |        |        |  |       |   |           | 
|Airlines (Continued)                  |  |        |        |  |       |   |           | 
|Copa Holdings S.A., Class A           |  |        | 2,177  |  |       | $ | 179,559   | 
|SkyWest, Inc.(a)                      |  |        | 54,088 |  |       |   | 353,195   | 
|United Continental Holdings, Inc.(a)* |  |        | 16,340 |  |       |   | 397,552   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 1,066,008 | 
|                                      |  |        |        |  |       |   |           | 
|Apparel  1.0%                        |  |        |        |  |       |   |           | 
|CROCS, Inc.*                          |  |        | 15,465 |  |       |   | 249,760   | 
|Ennis, Inc.                           |  |        | 32,754 |  |       |   | 503,757   | 
|Gildan Activewear, Inc.(a)            |  |        | 18,100 |  |       |   | 498,112   | 
|Jones Group, Inc.(a)                  |  |        | 78,500 |  |       |   | 750,460   | 
|Michael Kors Holdings Ltd.*           |  |        | 12,300 |  |       |   | 514,632   | 
|Steven Madden Ltd.*                   |  |        | 7,650  |  |       |   | 242,887   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 2,759,608 | 
|                                      |  |        |        |  |       |   |           | 
|Auto Manufacturers  0.3%             |  |        |        |  |       |   |           | 
|Navistar International Corp.*         |  |        | 4,700  |  |       |   | 133,339   | 
|Tesla Motors, Inc.(a)*                |  |        | 7,675  |  |       |   | 240,151   | 
|Wabash National Corp.*                |  |        | 76,181 |  |       |   | 504,318   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 877,808   | 
|                                      |  |        |        |  |       |   |           | 
|Auto Parts & Equipment  1.0%         |  |        |        |  |       |   |           | 
|Autoliv, Inc.(a)                      |  |        | 7,300  |  |       |   | 399,018   | 
|BorgWarner, Inc.(a)*                  |  |        | 7,350  |  |       |   | 482,086   | 
|Cooper Tire & Rubber Co.              |  |        | 33,390 |  |       |   | 585,661   | 
|Dana Holding Corp.                    |  |        | 12,400 |  |       |   | 158,844   | 
|Delphi Automotive PLC*                |  |        | 6,325  |  |       |   | 161,288   | 
|Standard Motor Products, Inc.         |  |        | 11,200 |  |       |   | 157,696   | 
|Tenneco, Inc.*                        |  |        | 7,175  |  |       |   | 192,433   | 
|TRW Automotive Holdings Corp.*        |  |        | 10,900 |  |       |   | 400,684   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 2,537,710 | 
|                                      |  |        |        |  |       |   |           | 
|Distribution/Wholesale  1.6%         |  |        |        |  |       |   |           | 
|Beacon Roofing Supply, Inc.(a)*       |  |        | 22,530 |  |       |   | 568,207   | 
|Fastenal Co.                          |  |        | 12,300 |  |       |   | 495,813   | 
|Fossil, Inc.*                         |  |        | 1,850  |  |       |   | 141,599   | 
|Ingram Micro, Inc., Class A*          |  |        | 8,900  |  |       |   | 155,483   | 
|LKQ Corp.*                            |  |        | 32,535 |  |       |   | 1,086,669 | 
|MRC Global, Inc.(a)*                  |  |        | 9,400  |  |       |   | 200,032   | 
|Owens & Minor, Inc.                   |  |        | 25,360 |  |       |   | 776,777   | 
|Titan Machinery, Inc.(a)*             |  |        | 9,250  |  |       |   | 280,922   | 
|WESCO International, Inc.*            |  |        | 6,560  |  |       |   | 377,528   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 4,083,030 | 
|                                      |  |        |        |  |       |   |           | 
|Entertainment  0.2%                  |  |        |        |  |       |   |           | 
|Pinnacle Entertainment, Inc.(a)*      |  |        | 26,925 |  |       |   | 259,018   | 
|Shuffle Master, Inc.*                 |  |        | 12,550 |  |       |   | 173,190   | 
|                                      |  |        |        |  |       |   |           | 
|                                      |  |        |        |  |       |   | 432,208   | 
|                                      |  |        |        |  |       |   |           | 



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



65



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                          |  |        |        |  |       |   |           | 
|----------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                          |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                  |  |        |        |  |       |   |           | 
|CONSUMER, CYCLICAL (Continued)            |  |        |        |  |       |   |           | 
|Home Builders  0.3%                      |  |        |        |  |       |   |           | 
|MDC Holdings, Inc.(a)                     |  |        | 10,350 |  |       | $ | 338,134   | 
|Thor Industries, Inc.                     |  |        | 20,124 |  |       |   | 551,599   | 
|                                          |  |        |        |  |       |   |           | 
|                                          |  |        |        |  |       |   | 889,733   | 
|                                          |  |        |        |  |       |   |           | 
|Home Furnishings  0.4%                   |  |        |        |  |       |   |           | 
|Harman International Industries, Inc.     |  |        | 12,202 |  |       |   | 483,199   | 
|Skullcandy, Inc.(a)*                      |  |        | 14,450 |  |       |   | 204,468   | 
|Whirlpool Corp.                           |  |        | 7,100  |  |       |   | 434,236   | 
|                                          |  |        |        |  |       |   |           | 
|                                          |  |        |        |  |       |   | 1,121,903 | 
|                                          |  |        |        |  |       |   |           | 
|Housewares  0.2%                         |  |        |        |  |       |   |           | 
|Newell Rubbermaid, Inc.                   |  |        | 10,300 |  |       |   | 186,842   | 
|Toro Co.                                  |  |        | 5,900  |  |       |   | 432,411   | 
|                                          |  |        |        |  |       |   |           | 
|                                          |  |        |        |  |       |   | 619,253   | 
|                                          |  |        |        |  |       |   |           | 
|Leisure Time  0.4%                       |  |        |        |  |       |   |           | 
|Harley-Davidson, Inc.                     |  |        | 7,800  |  |       |   | 356,694   | 
|Life Time Fitness, Inc.(a)*               |  |        | 12,523 |  |       |   | 582,445   | 
|                                          |  |        |        |  |       |   |           | 
|                                          |  |        |        |  |       |   | 939,139   | 
|                                          |  |        |        |  |       |   |           | 
|Lodging  0.4%                            |  |        |        |  |       |   |           | 
|Starwood Hotels & Resorts Worldwide, Inc. |  |        | 6,970  |  |       |   | 369,689   | 
|Wyndham Worldwide Corp.                   |  |        | 11,350 |  |       |   | 598,599   | 
|                                          |  |        |        |  |       |   |           | 
|                                          |  |        |        |  |       |   | 968,288   | 
|                                          |  |        |        |  |       |   |           | 
|Retail  7.2%                             |  |        |        |  |       |   |           | 
|Arcos Dorados Holdings, Inc., Class A(a)  |  |        | 39,600 |  |       |   | 585,288   | 
|Ascena Retail Group, Inc.*                |  |        | 28,843 |  |       |   | 537,057   | 
|Bed Bath & Beyond, Inc.*                  |  |        | 8,000  |  |       |   | 494,400   | 
|Best Buy Co., Inc.                        |  |        | 9,400  |  |       |   | 197,024   | 
|Big Lots, Inc.*                           |  |        | 8,300  |  |       |   | 338,557   | 
|Bob Evans Farms, Inc.                     |  |        | 21,730 |  |       |   | 873,546   | 
|Brinker International, Inc.               |  |        | 8,500  |  |       |   | 270,895   | 
|CarMax, Inc.*                             |  |        | 18,700 |  |       |   | 485,078   | 
|Caseys General Stores, Inc.              |  |        | 14,600 |  |       |   | 861,254   | 
|Cash America International, Inc.          |  |        | 14,970 |  |       |   | 659,279   | 
|CEC Entertainment, Inc.(a)                |  |        | 18,050 |  |       |   | 656,478   | 
|Cheesecake Factory, Inc.*                 |  |        | 17,320 |  |       |   | 553,547   | 
|Chicos FAS, Inc.                         |  |        | 13,100 |  |       |   | 194,404   | 
|Cracker Barrel Old Country Store, Inc.    |  |        | 9,219  |  |       |   | 578,953   | 
|Dicks Sporting Goods, Inc.               |  |        | 15,980 |  |       |   | 767,040   | 
|Dillards, Inc., Class A                  |  |        | 10,750 |  |       |   | 684,560   | 
|Dollar Tree, Inc.*                        |  |        | 9,698  |  |       |   | 521,752   | 
|Finish Line, Inc., Class A                |  |        | 33,700 |  |       |   | 704,667   | 
|Foot Locker, Inc.                         |  |        | 31,025 |  |       |   | 948,744   | 
|GameStop Corp., Class A(a)                |  |        | 7,500  |  |       |   | 137,700   | 
|Gap, Inc.                                 |  |        | 22,900 |  |       |   | 626,544   | 
|GNC Holdings, Inc., Class A               |  |        | 16,875 |  |       |   | 661,500   | 



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



66



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                |  |        |        |  |       |   |            | 
|----------------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                                |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                        |  |        |        |  |       |   |            | 
|CONSUMER, CYCLICAL (Continued)                  |  |        |        |  |       |   |            | 
|Retail (Continued)                              |  |        |        |  |       |   |            | 
|Jos. A. Bank Clothiers, Inc.*                   |  |        | 7,245  |  |       | $ | 307,623    | 
|Kohls Corp.                                    |  |        | 8,300  |  |       |   | 377,567    | 
|Macys, Inc.                                    |  |        | 20,250 |  |       |   | 695,588    | 
|MSC Industrial Direct Co., Inc., Class A        |  |        | 9,660  |  |       |   | 633,213    | 
|Nu Skin Enterprises, Inc., Class A(a)           |  |        | 22,608 |  |       |   | 1,060,315  | 
|OReilly Automotive, Inc.*                      |  |        | 4,100  |  |       |   | 343,457    | 
|Pier 1 Imports, Inc.                            |  |        | 32,050 |  |       |   | 526,581    | 
|Pricesmart, Inc.(a)                             |  |        | 3,845  |  |       |   | 259,576    | 
|PVH Corp.                                       |  |        | 4,210  |  |       |   | 327,496    | 
|RadioShack Corp.(a)                             |  |        | 12,100 |  |       |   | 46,464     | 
|Regis Corp.(a)                                  |  |        | 30,520 |  |       |   | 548,139    | 
|Ruths Hospitality Group, Inc.*                 |  |        | 27,178 |  |       |   | 179,375    | 
|Stage Stores, Inc.(a)                           |  |        | 31,530 |  |       |   | 577,630    | 
|Stein Mart, Inc.(a)*                            |  |        | 22,200 |  |       |   | 176,490    | 
|Tim Hortons, Inc.                               |  |        | 7,240  |  |       |   | 381,114    | 
|Tractor Supply Co.                              |  |        | 1,700  |  |       |   | 141,202    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 18,920,097 | 
|                                                |  |        |        |  |       |   |            | 
|Storage/Warehousing  0.2%                      |  |        |        |  |       |   |            | 
|Mobile Mini, Inc.(a)*                           |  |        | 36,007 |  |       |   | 518,501    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |       
|TOTAL CONSUMER, CYCLICAL (cost $31,702,313)     |  |        |        |  |       |   | 35,733,286 | 
|                                                |  |        |        |  |       |   |            | 
|CONSUMER, NON-CYCLICAL  18.9%                  |  |        |        |  |       |   |            | 
|Agriculture  0.3%                              |  |        |        |  |       |   |            | 
|Archer-Daniels-Midland Co.                      |  |        | 18,100 |  |       |   | 534,312    | 
|Lorillard, Inc.                                 |  |        | 2,000  |  |       |   | 263,900    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 798,212    | 
|                                                |  |        |        |  |       |   |            | 
|Beverages  0.4%                                |  |        |        |  |       |   |            | 
|Brown-Forman Corp., Class B                     |  |        | 2,340  |  |       |   | 226,629    | 
|Coca-Cola Enterprises, Inc.                     |  |        | 14,125 |  |       |   | 396,065    | 
|Monster Beverage Corp.*                         |  |        | 4,300  |  |       |   | 306,160    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 928,854    | 
|                                                |  |        |        |  |       |   |            | 
|Biotechnology  1.4%                            |  |        |        |  |       |   |            | 
|Amarin Corp. PLC ADR(a)*                        |  |        | 19,770 |  |       |   | 285,874    | 
|Ariad Pharmaceuticals, Inc.*                    |  |        | 12,300 |  |       |   | 211,683    | 
|Charles River Laboratories International, Inc.* |  |        | 8,200  |  |       |   | 268,632    | 
|Cubist Pharmaceuticals, Inc.*                   |  |        | 6,565  |  |       |   | 248,879    | 
|Emergent Biosolutions, Inc.(a)*                 |  |        | 28,575 |  |       |   | 432,911    | 
|Human Genome Sciences, Inc.(a)*                 |  |        | 66,503 |  |       |   | 873,185    | 
|Illumina, Inc.(a)*                              |  |        | 8,400  |  |       |   | 339,276    | 
|Myriad Genetics, Inc.*                          |  |        | 18,300 |  |       |   | 434,991    | 
|Seattle Genetics, Inc.(a)*                      |  |        | 4,900  |  |       |   | 124,411    | 
|Vertex Pharmaceuticals, Inc.*                   |  |        | 6,500  |  |       |   | 363,480    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 3,583,322  | 
|                                                |  |        |        |  |       |   |            | 



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



67



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                        |  |        |        |  |       |   |            | 
|--------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                        |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                |  |        |        |  |       |   |            | 
|CONSUMER, NON-CYCLICAL (Continued)      |  |        |        |  |       |   |            | 
|Commercial Services  7.2%              |  |        |        |  |       |   |            | 
|Acacia Research Corp.*                  |  |        | 13,550 |  |       | $ | 504,602    | 
|Alliance Data Systems Corp.*            |  |        | 5,340  |  |       |   | 720,900    | 
|American Public Education, Inc.(a)*     |  |        | 17,628 |  |       |   | 564,096    | 
|American Reprographics Co.*             |  |        | 56,060 |  |       |   | 281,982    | 
|Barrett Business Services, Inc.         |  |        | 12,473 |  |       |   | 263,679    | 
|Brinks Co.                             |  |        | 25,050 |  |       |   | 580,659    | 
|Capella Education Co.*                  |  |        | 4,325  |  |       |   | 150,337    | 
|CBIZ, Inc.*                             |  |        | 72,106 |  |       |   | 428,310    | 
|Chemed Corp.(a)                         |  |        | 12,275 |  |       |   | 741,901    | 
|Convergys Corp.                         |  |        | 24,900 |  |       |   | 367,773    | 
|CoStar Group, Inc.(a)*                  |  |        | 7,785  |  |       |   | 632,142    | 
|Deluxe Corp.(a)                         |  |        | 49,573 |  |       |   | 1,236,351  | 
|Forrester Research, Inc.(a)             |  |        | 5,885  |  |       |   | 199,266    | 
|FTI Consulting, Inc.*                   |  |        | 13,829 |  |       |   | 397,584    | 
|Gartner, Inc.*                          |  |        | 7,900  |  |       |   | 340,095    | 
|Grand Canyon Education, Inc.*           |  |        | 32,211 |  |       |   | 674,498    | 
|Green Dot Corp., Class A(a)*            |  |        | 20,450 |  |       |   | 452,354    | 
|Hertz Global Holdings, Inc.*            |  |        | 50,175 |  |       |   | 642,240    | 
|HMS Holdings Corp.*                     |  |        | 3,585  |  |       |   | 119,416    | 
|Korn/Ferry International*               |  |        | 47,010 |  |       |   | 674,593    | 
|Lender Processing Services, Inc.(a)     |  |        | 27,210 |  |       |   | 687,869    | 
|MAXIMUS, Inc.                           |  |        | 30,755 |  |       |   | 1,591,571  | 
|Medifast, Inc.(a)*                      |  |        | 13,750 |  |       |   | 270,600    | 
|Moodys Corp.                           |  |        | 4,800  |  |       |   | 175,440    | 
|PARELEX International Corp.*            |  |        | 6,375  |  |       |   | 179,966    | 
|Quanta Services, Inc.*                  |  |        | 20,230 |  |       |   | 486,936    | 
|Rent-A-Center, Inc.                     |  |        | 22,371 |  |       |   | 754,798    | 
|Resources Connection, Inc.(a)           |  |        | 17,924 |  |       |   | 220,465    | 
|Ritchie Bros. Auctioneers, Inc.(a)      |  |        | 25,938 |  |       |   | 551,183    | 
|Robert Half International, Inc.         |  |        | 21,900 |  |       |   | 625,683    | 
|Rollins, Inc.                           |  |        | 43,590 |  |       |   | 975,108    | 
|ServiceSource International, Inc.(a)*   |  |        | 21,182 |  |       |   | 293,371    | 
|Solar Cayman Ltd.(b)(c)*                |  |        | 33,700 |  |       |   |           | 
|Total System Services, Inc.             |  |        | 17,550 |  |       |   | 419,972    | 
|United Rentals, Inc.(a)*                |  |        | 29,335 |  |       |   | 998,563    | 
|Verisk Analytics, Inc., Class A*        |  |        | 5,420  |  |       |   | 266,989    | 
|VistaPrint N.V.(a)*                     |  |        | 11,740 |  |       |   | 379,202    | 
|                                        |  |        |        |  |       |   |            | 
|                                        |  |        |        |  |       |   | 18,850,494 | 
|                                        |  |        |        |  |       |   |            | 
|Food  1.5%                             |  |        |        |  |       |   |            | 
|Cal-Maine Foods, Inc.                   |  |        | 2,174  |  |       |   | 85,003     | 
|Chiquita Brands International, Inc.(a)* |  |        | 16,000 |  |       |   | 80,000     | 
|Fresh Del Monte Produce, Inc.           |  |        | 13,500 |  |       |   | 316,845    | 
|Fresh Market, Inc.*                     |  |        | 9,165  |  |       |   | 491,519    | 
|Hain Celestial Group, Inc.*             |  |        | 4,000  |  |       |   | 220,160    | 



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



68



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                     |  |        |        |  |       |   |            | 
|------------------------------------ |  | ------ | ------ |  | ----- | - | ---------- | 
|                                     |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)             |  |        |        |  |       |   |            | 
|CONSUMER, NON-CYCLICAL (Continued)   |  |        |        |  |       |   |            | 
|Food (Continued)                     |  |        |        |  |       |   |            | 
|Kroger Co.                           |  |        | 11,600 |  |       | $ | 269,004    | 
|Nash Finch Co.(a)                    |  |        | 30,590 |  |       |   | 657,073    | 
|Safeway, Inc.(a)                     |  |        | 26,100 |  |       |   | 473,715    | 
|Smart Balance, Inc.(a)*              |  |        | 10,050 |  |       |   | 94,369     | 
|Smithfield Foods, Inc.*              |  |        | 14,200 |  |       |   | 307,146    | 
|United Natural Foods, Inc.*          |  |        | 15,132 |  |       |   | 830,142    | 
|                                     |  |        |        |  |       |   |            | 
|                                     |  |        |        |  |       |   | 3,824,976  | 
|                                     |  |        |        |  |       |   |            | 
|Healthcare - Products  3.8%         |  |        |        |  |       |   |            | 
|Abaxis, Inc.*                        |  |        | 13,152 |  |       |   | 486,624    | 
|ABIOMED, Inc.(a)*                    |  |        | 12,650 |  |       |   | 288,673    | 
|Align Technology, Inc.(a)*           |  |        | 10,048 |  |       |   | 336,206    | 
|AngioDynamics, Inc.*                 |  |        | 7,698  |  |       |   | 92,453     | 
|Cepheid, Inc.*                       |  |        | 22,403 |  |       |   | 1,002,534  | 
|Cooper Cos., Inc.                    |  |        | 5,420  |  |       |   | 432,299    | 
|Edwards Lifesciences Corp.*          |  |        | 2,140  |  |       |   | 221,062    | 
|Greatbatch, Inc.(a)*                 |  |        | 5,600  |  |       |   | 127,176    | 
|Hill-Rom Holdings, Inc.              |  |        | 14,833 |  |       |   | 457,598    | 
|Insulet Corp.*                       |  |        | 10,075 |  |       |   | 215,303    | 
|Intuitive Surgical, Inc.*            |  |        | 2,250  |  |       |   | 1,246,027  | 
|Luminex Corp.*                       |  |        | 10,780 |  |       |   | 264,002    | 
|Meridian Bioscience, Inc.(a)         |  |        | 31,530 |  |       |   | 645,104    | 
|OraSure Technologies, Inc.*          |  |        | 24,425 |  |       |   | 274,537    | 
|Sirona Dental Systems, Inc.*         |  |        | 10,850 |  |       |   | 488,359    | 
|STERIS Corp.                         |  |        | 13,250 |  |       |   | 415,653    | 
|Symmetry Medical, Inc.*              |  |        | 61,967 |  |       |   | 531,677    | 
|Techne Corp.                         |  |        | 6,572  |  |       |   | 487,642    | 
|Volcano Corp.(a)*                    |  |        | 10,640 |  |       |   | 304,836    | 
|West Pharmaceutical Services, Inc.   |  |        | 21,250 |  |       |   | 1,072,913  | 
|Zimmer Holdings, Inc.                |  |        | 10,700 |  |       |   | 688,652    | 
|                                     |  |        |        |  |       |   |            | 
|                                     |  |        |        |  |       |   | 10,079,330 | 
|                                     |  |        |        |  |       |   |            | 
|Healthcare - Services  1.7%         |  |        |        |  |       |   |            | 
|Aetna, Inc.                          |  |        | 14,200 |  |       |   | 550,534    | 
|Amsurg Corp.*                        |  |        | 15,064 |  |       |   | 451,619    | 
|Bio-Reference Labs, Inc.(a)*         |  |        | 20,649 |  |       |   | 542,656    | 
|Community Health Systems, Inc.*      |  |        | 9,400  |  |       |   | 263,482    | 
|DaVita, Inc.*                        |  |        | 2,550  |  |       |   | 250,435    | 
|Health Net, Inc.*                    |  |        | 5,700  |  |       |   | 138,339    | 
|IPC The Hospitalist Co., Inc.(a)*    |  |        | 15,746 |  |       |   | 713,609    | 
|Kindred Healthcare, Inc.*            |  |        | 69,867 |  |       |   | 686,793    | 
|MEDNAX, Inc.*                        |  |        | 12,595 |  |       |   | 863,261    | 
|                                     |  |        |        |  |       |   |            | 
|                                     |  |        |        |  |       |   | 4,460,728  | 
|                                     |  |        |        |  |       |   |            | 
|Household Products/Wares  0.1%      |  |        |        |  |       |   |            | 
|American Greetings Corp., Class A(a) |  |        | 8,100  |  |       |   | 118,422    | 



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



69



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                |  |        |        |  |       |   |            | 
|----------------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                                |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                        |  |        |        |  |       |   |            | 
|CONSUMER, NON-CYCLICAL (Continued)              |  |        |        |  |       |   |            | 
|Household Products/Wares (Continued)            |  |        |        |  |       |   |            | 
|Tumi Holdings, Inc.(a)*                         |  |        | 10,225 |  |       | $ | 178,937    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 297,359    | 
|                                                |  |        |        |  |       |   |            | 
|Pharmaceuticals  2.5%                          |  |        |        |  |       |   |            | 
|Cardinal Health, Inc.                           |  |        | 17,300 |  |       |   | 726,600    | 
|Catalyst Health Solutions, Inc.*                |  |        | 6,030  |  |       |   | 563,443    | 
|Endo Health Solutions, Inc.*                    |  |        | 6,400  |  |       |   | 198,272    | 
|Herbalife Ltd.                                  |  |        | 7,350  |  |       |   | 355,226    | 
|Ironwood Pharmaceuticals, Inc.(a)*              |  |        | 11,300 |  |       |   | 155,714    | 
|McKesson Corp.                                  |  |        | 2,100  |  |       |   | 196,875    | 
|Mead Johnson Nutrition Co.                      |  |        | 3,700  |  |       |   | 297,887    | 
|Medicis Pharmaceutical Corp., Class A           |  |        | 24,930 |  |       |   | 851,359    | 
|Mylan, Inc.*                                    |  |        | 26,300 |  |       |   | 562,031    | 
|Neogen Corp.(a)*                                |  |        | 13,894 |  |       |   | 641,903    | 
|Onyx Pharmaceuticals, Inc.*                     |  |        | 1,800  |  |       |   | 119,610    | 
|Par Pharmaceutical Cos., Inc.*                  |  |        | 11,000 |  |       |   | 397,540    | 
|Perrigo Co.                                     |  |        | 1,370  |  |       |   | 161,564    | 
|Questcor Pharmaceuticals, Inc.(a)*              |  |        | 10,950 |  |       |   | 582,978    | 
|Shire PLC ADR                                   |  |        | 2,830  |  |       |   | 244,484    | 
|Watson Pharmaceuticals, Inc.*                   |  |        | 6,800  |  |       |   | 503,132    | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |        |        |  |       |   | 6,558,618  | 
|                                                |  |        |        |  |       |   |            | 
|                                                |  |       
|TOTAL CONSUMER, NON-CYCLICAL (cost $42,578,626) |  |        |        |  |       |   | 49,381,893 | 
|                                                |  |        |        |  |       |   |            | 
|ENERGY  5.5%                                   |  |        |        |  |       |   |            | 
|Oil & Gas  4.0%                                |  |        |        |  |       |   |            | 
|Berry Petroleum Co., Class A(a)                 |  |        | 30,394 |  |       |   | 1,205,426  | 
|Cabot Oil & Gas Corp.                           |  |        | 3,700  |  |       |   | 145,780    | 
|Callon Petroleum Co.*                           |  |        | 48,712 |  |       |   | 207,513    | 
|Carrizo Oil & Gas, Inc.(a)*                     |  |        | 22,475 |  |       |   | 528,387    | 
|Comstock Resources, Inc.(a)*                    |  |        | 52,740 |  |       |   | 865,991    | 
|Concho Resources, Inc.*                         |  |        | 4,240  |  |       |   | 360,909    | 
|Continental Resources, Inc.*                    |  |        | 3,850  |  |       |   | 256,487    | 
|Energen Corp.                                   |  |        | 21,725 |  |       |   | 980,449    | 
|Goodrich Petroleum Corp.(a)*                    |  |        | 47,135 |  |       |   | 653,291    | 
|Hess Corp.                                      |  |        | 9,400  |  |       |   | 408,430    | 
|HollyFrontier Corp.                             |  |        | 24,050 |  |       |   | 852,092    | 
|InterOil Corp.(a)*                              |  |        | 5,540  |  |       |   | 386,138    | 
|Kodiak Oil & Gas Corp.(a)*                      |  |        | 33,070 |  |       |   | 271,505    | 
|Marathon Petroleum Corp.                        |  |        | 7,400  |  |       |   | 332,408    | 
|Murphy Oil Corp.                                |  |        | 9,200  |  |       |   | 462,668    | 
|PDC Energy, Inc.*                               |  |        | 7,875  |  |       |   | 193,095    | 
|Petroquest Energy, Inc.*                        |  |        | 22,524 |  |       |   | 112,620    | 
|Quicksilver Resources, Inc.(a)*                 |  |        | 90,439 |  |       |   | 490,180    | 
|Stone Energy Corp.*                             |  |        | 23,954 |  |       |   | 606,994    | 
|Unit Corp.*                                     |  |        | 5,300  |  |       |   | 195,517    | 



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



70



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                      |  |        |         |  |       |   |            | 
|------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                      |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)              |  |        |         |  |       |   |            | 
|ENERGY (Continued)                    |  |        |         |  |       |   |            | 
|Oil & Gas (Continued)                 |  |        |         |  |       |   |            | 
|Valero Energy Corp.                   |  |        | 28,100  |  |       | $ | 678,615    | 
|W&T Offshore, Inc.(a)                 |  |        | 16,400  |  |       |   | 250,920    | 
|                                      |  |        |         |  |       |   |            | 
|                                      |  |        |         |  |       |   | 10,445,415 | 
|                                      |  |        |         |  |       |   |            | 
|Oil & Gas Services  1.5%             |  |        |         |  |       |   |            | 
|Core Laboratories N.V.                |  |        | 8,050   |  |       |   | 932,995    | 
|FMC Technologies, Inc.*               |  |        | 13,600  |  |       |   | 533,528    | 
|Lufkin Industries, Inc.               |  |        | 9,538   |  |       |   | 518,104    | 
|Oceaneering International, Inc.       |  |        | 15,000  |  |       |   | 717,900    | 
|Oil States International, Inc.*       |  |        | 7,050   |  |       |   | 466,710    | 
|Superior Energy Services, Inc.*       |  |        | 22,875  |  |       |   | 462,761    | 
|Tesco Corp.*                          |  |        | 28,472  |  |       |   | 341,664    | 
|                                      |  |        |         |  |       |   |            | 
|                                      |  |        |         |  |       |   | 3,973,662  | 
|                                      |  |        |         |  |       |   |            | 
|TOTAL ENERGY (cost $14,489,622)       |  |        |         |  |       |   | 14,419,077 | 
|                                      |  |        |         |  |       |   |            | 
|FINANCIAL  19.8%                     |  |        |         |  |       |   |            | 
|Banks  4.6%                          |  |        |         |  |       |   |            | 
|BancorpSouth, Inc.                    |  |        | 33,509  |  |       |   | 486,551    | 
|Bank of Hawaii Corp.                  |  |        | 11,665  |  |       |   | 536,007    | 
|Bank of the Ozarks, Inc.              |  |        | 15,250  |  |       |   | 458,720    | 
|BBCN Bancorp, Inc.*                   |  |        | 53,652  |  |       |   | 584,270    | 
|Cass Information Systems, Inc.(a)     |  |        | 8,749   |  |       |   | 352,147    | 
|Comerica, Inc.                        |  |        | 29,225  |  |       |   | 897,500    | 
|Community Bank System, Inc.(a)        |  |        | 36,778  |  |       |   | 997,419    | 
|Cullen/Frost Bankers, Inc.            |  |        | 6,792   |  |       |   | 390,472    | 
|Fifth Third Bancorp                   |  |        | 60,225  |  |       |   | 807,015    | 
|FNB Corp.                             |  |        | 45,952  |  |       |   | 499,498    | 
|Fulton Financial Corp.                |  |        | 71,230  |  |       |   | 711,588    | 
|Hancock Holding Co.                   |  |        | 10,515  |  |       |   | 320,077    | 
|Huntington Bancshares, Inc.           |  |        | 38,600  |  |       |   | 247,040    | 
|KeyCorp                               |  |        | 151,350 |  |       |   | 1,171,449  | 
|PNC Financial Services Group, Inc.    |  |        | 6,500   |  |       |   | 397,215    | 
|Regions Financial Corp.               |  |        | 96,450  |  |       |   | 651,038    | 
|Trustmark Corp.(a)                    |  |        | 34,640  |  |       |   | 847,987    | 
|Webster Financial Corp.               |  |        | 21,250  |  |       |   | 460,275    | 
|Westamerica Bancorporation(a)         |  |        | 16,270  |  |       |   | 767,781    | 
|Wintrust Financial Corp.              |  |        | 13,160  |  |       |   | 467,180    | 
|                                      |  |        |         |  |       |   |            | 
|                                      |  |        |         |  |       |   | 12,051,229 | 
|                                      |  |        |         |  |       |   |            | 
|Diversified Financial Services  4.0% |  |        |         |  |       |   |            | 
|Aircastle Ltd.                        |  |        | 19,700  |  |       |   | 237,385    | 
|Ameriprise Financial, Inc.            |  |        | 12,900  |  |       |   | 674,154    | 
|Discover Financial Services           |  |        | 33,825  |  |       |   | 1,169,669  | 
|Encore Capital Group, Inc.*           |  |        | 17,655  |  |       |   | 522,941    | 
|Financial Engines, Inc.(a)*           |  |        | 32,840  |  |       |   | 704,418    | 
|GFI Group, Inc.                       |  |        | 41,000  |  |       |   | 145,960    | 



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



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                               |  |        |         |  |       |   |            | 
|---------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                               |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                       |  |        |         |  |       |   |            | 
|FINANCIAL (Continued)                          |  |        |         |  |       |   |            | 
|Diversified Financial Services (Continued)     |  |        |         |  |       |   |            | 
|Invesco Ltd.                                   |  |        | 11,300  |  |       | $ | 255,380    | 
|Investment Technology Group, Inc.*             |  |        | 25,302  |  |       |   | 232,778    | 
|Jefferies Group, Inc.(a)                       |  |        | 15,500  |  |       |   | 201,345    | 
|Knight Capital Group, Inc., Class A*           |  |        | 24,492  |  |       |   | 292,434    | 
|National Financial Partners Corp.*             |  |        | 28,000  |  |       |   | 375,200    | 
|Nelnet, Inc., Class A                          |  |        | 13,800  |  |       |   | 317,400    | 
|Portfolio Recovery Associates, Inc.*           |  |        | 7,629   |  |       |   | 696,223    | 
|Raymond James Financial, Inc.                  |  |        | 37,055  |  |       |   | 1,268,763  | 
|SLM Corp.                                      |  |        | 40,500  |  |       |   | 636,255    | 
|T. Rowe Price Group, Inc.                      |  |        | 15,170  |  |       |   | 955,103    | 
|Waddell & Reed Financial, Inc., Class A        |  |        | 21,640  |  |       |   | 655,259    | 
|WisdomTree Investments, Inc.(a)*               |  |        | 65,300  |  |       |   | 429,021    | 
|World Acceptance Corp.*                        |  |        | 11,237  |  |       |   | 739,395    | 
|                                               |  |        |         |  |       |   |            | 
|                                               |  |        |         |  |       |   | 10,509,083 | 
|                                               |  |        |         |  |       |   |            | 
|Insurance  5.9%                               |  |        |         |  |       |   |            | 
|ACE Ltd.                                       |  |        | 9,650   |  |       |   | 715,355    | 
|Allied World Assurance Co. Holdings A.G.       |  |        | 5,100   |  |       |   | 405,297    | 
|Allstate Corp.                                 |  |        | 31,625  |  |       |   | 1,109,721  | 
|Alterra Capital Holdings Ltd.                  |  |        | 33,550  |  |       |   | 783,393    | 
|American Equity Investment Life Holding Co.(a) |  |        | 102,741 |  |       |   | 1,131,178  | 
|American Financial Group, Inc.                 |  |        | 15,200  |  |       |   | 596,296    | 
|Arthur J. Gallagher & Co.                      |  |        | 8,590   |  |       |   | 301,251    | 
|Aspen Insurance Holdings Ltd.                  |  |        | 21,250  |  |       |   | 614,125    | 
|Chubb Corp.                                    |  |        | 3,000   |  |       |   | 218,460    | 
|Donegal Group, Inc., Class A                   |  |        | 17,025  |  |       |   | 226,092    | 
|Endurance Specialty Holdings Ltd.              |  |        | 32,900  |  |       |   | 1,260,728  | 
|FBL Financial Group, Inc., Class A             |  |        | 7,939   |  |       |   | 222,371    | 
|Fidelity National Financial, Inc., Class A     |  |        | 18,700  |  |       |   | 360,162    | 
|Hanover Insurance Group, Inc.                  |  |        | 6,300   |  |       |   | 246,519    | 
|Hartford Financial Services Group, Inc.        |  |        | 21,100  |  |       |   | 371,993    | 
|HCC Insurance Holdings, Inc.                   |  |        | 27,431  |  |       |   | 861,333    | 
|Horace Mann Educators Corp.(a)                 |  |        | 13,800  |  |       |   | 241,224    | 
|Kemper Corp.                                   |  |        | 12,500  |  |       |   | 384,375    | 
|Lincoln National Corp.                         |  |        | 40,800  |  |       |   | 892,296    | 
|Montpelier Re Holdings Ltd.                    |  |        | 12,400  |  |       |   | 263,996    | 
|Principal Financial Group, Inc.                |  |        | 9,800   |  |       |   | 257,054    | 
|Protective Life Corp.(a)                       |  |        | 19,810  |  |       |   | 582,612    | 
|StanCorp Financial Group, Inc.(a)              |  |        | 19,050  |  |       |   | 707,898    | 
|Tower Group, Inc.                              |  |        | 50,245  |  |       |   | 1,048,613  | 
|Unum Group                                     |  |        | 24,300  |  |       |   | 464,859    | 
|Validus Holdings Ltd.(a)                       |  |        | 32,716  |  |       |   | 1,047,894  | 
|                                               |  |        |         |  |       |   |            | 
|                                               |  |        |         |  |       |   | 15,315,095 | 
|                                               |  |        |         |  |       |   |            | 
|Investment Companies  0.5%                    |  |        |         |  |       |   |            | 
|Ares Capital Corp.                             |  |        | 55,800  |  |       |   | 890,568    | 



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



72



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                     |  |        |         |  |       |   |            | 
|------------------------------------ |  | ------ | ------- |  | ----- | - | ---------- | 
|                                     |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)             |  |        |         |  |       |   |            | 
|FINANCIAL (Continued)                |  |        |         |  |       |   |            | 
|Investment Companies (Continued)     |  |        |         |  |       |   |            | 
|Fifth Street Finance Corp.           |  |        | 20,071  |  |       | $ | 200,309    | 
|Solar Capital Ltd.                   |  |        | 14,243  |  |       |   | 317,049    | 
|                                     |  |        |         |  |       |   |            | 
|                                     |  |        |         |  |       |   | 1,407,926  | 
|                                     |  |        |         |  |       |   |            | 
|Real Estate Investment Trusts  4.8% |  |        |         |  |       |   |            | 
|American Capital Agency Corp.(a)     |  |        | 8,550   |  |       |   | 287,365    | 
|BioMed Realty Trust, Inc.            |  |        | 37,850  |  |       |   | 707,038    | 
|Brandywine Realty Trust(a)           |  |        | 147,335 |  |       |   | 1,818,114  | 
|Capstead Mortgage Corp.              |  |        | 20,100  |  |       |   | 279,591    | 
|CBL & Associates Properties, Inc.    |  |        | 54,875  |  |       |   | 1,072,257  | 
|Chimera Investment Corp.             |  |        | 71,800  |  |       |   | 169,448    | 
|CommonWealth REIT                    |  |        | 17,600  |  |       |   | 336,512    | 
|CubeSmart                            |  |        | 41,800  |  |       |   | 487,806    | 
|Digital Realty Trust, Inc.           |  |        | 6,650   |  |       |   | 499,215    | 
|DuPont Fabros Technology, Inc.(a)    |  |        | 27,425  |  |       |   | 783,258    | 
|Equity Lifestyle Properties, Inc.    |  |        | 5,950   |  |       |   | 410,372    | 
|First Potomac Realty Trust           |  |        | 16,371  |  |       |   | 192,687    | 
|Glimcher Realty Trust                |  |        | 36,849  |  |       |   | 376,597    | 
|Government Properties Income Trust   |  |        | 18,740  |  |       |   | 423,899    | 
|Hatteras Financial Corp.             |  |        | 17,050  |  |       |   | 487,630    | 
|Home Properties, Inc.                |  |        | 5,190   |  |       |   | 318,458    | 
|Hospitality Properties Trust         |  |        | 24,900  |  |       |   | 616,773    | 
|Kilroy Realty Corp.                  |  |        | 6,550   |  |       |   | 317,086    | 
|LTC Properties, Inc.                 |  |        | 16,350  |  |       |   | 593,178    | 
|Medical Properties Trust, Inc.       |  |        | 79,961  |  |       |   | 769,225    | 
|Omega Healthcare Investors, Inc.     |  |        | 38,586  |  |       |   | 868,185    | 
|Ramco-Gershenson Properties Trust    |  |        | 17,848  |  |       |   | 224,349    | 
|Two Harbors Investment Corp.         |  |        | 30,100  |  |       |   | 311,836    | 
|Weyerhaeuser Co.                     |  |        | 11,250  |  |       |   | 251,550    | 
|                                     |  |        |         |  |       |   |            | 
|                                     |  |        |         |  |       |   | 12,602,429 | 
|                                     |  |        |         |  |       |   |            | 
|TOTAL FINANCIAL (cost $46,546,343)   |  |        |         |  |       |   | 51,885,762 | 
|                                     |  |        |         |  |       |   |            | 
|GOVERNMENT  0.2%                    |  |        |         |  |       |   |            | 
|Multi-National  0.2%                |  |        |         |  |       |   |            | 
|Banco Latinoamericano de Comercio    |  |        |         |  |       |   |            | 
|Exterior S.A., Class E               |  |        | 19,500  |  |       |   | 417,885    | 
|                                     |  |        |         |  |       |   |            | 
|TOTAL GOVERNMENT (cost $242,624)     |  |        |         |  |       |   | 417,885    | 
|                                     |  |        |         |  |       |   |            | 
|INDUSTRIAL  10.8%                   |  |        |         |  |       |   |            | 
|Aerospace/Defense  1.5%             |  |        |         |  |       |   |            | 
|Alliant Techsystems, Inc.            |  |        | 8,000   |  |       |   | 404,560    | 
|BE Aerospace, Inc.*                  |  |        | 11,260  |  |       |   | 491,612    | 
|Cubic Corp.                          |  |        | 8,000   |  |       |   | 384,640    | 
|Curtiss-Wright Corp.                 |  |        | 10,050  |  |       |   | 312,052    | 
|Exelis, Inc.                         |  |        | 5,600   |  |       |   | 55,216     | 



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



73



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                         |  |        |        |  |       |   |           | 
|---------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                         |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                 |  |        |        |  |       |   |           | 
|INDUSTRIAL (Continued)                   |  |        |        |  |       |   |           | 
|Aerospace/Defense (Continued)            |  |        |        |  |       |   |           | 
|L-3 Communications Holdings, Inc.        |  |        | 9,200  |  |       | $ | 680,892   | 
|Northrop Grumman Corp.                   |  |        | 6,100  |  |       |   | 389,119   | 
|Raytheon Co.                             |  |        | 10,000 |  |       |   | 565,900   | 
|Triumph Group, Inc.                      |  |        | 10,095 |  |       |   | 568,046   | 
|                                         |  |        |        |  |       |   |           | 
|                                         |  |        |        |  |       |   | 3,852,037 | 
|                                         |  |        |        |  |       |   |           | 
|Electrical Components & Equipment  0.8% |  |        |        |  |       |   |           | 
|AMETEK, Inc.                             |  |        | 11,750 |  |       |   | 586,443   | 
|Belden, Inc.                             |  |        | 14,040 |  |       |   | 468,234   | 
|EnerSys*                                 |  |        | 12,962 |  |       |   | 454,577   | 
|GrafTech International Ltd.*             |  |        | 45,996 |  |       |   | 443,861   | 
|Universal Display Corp.(a)*              |  |        | 3,500  |  |       |   | 125,790   | 
|                                         |  |        |        |  |       |   |           | 
|                                         |  |        |        |  |       |   | 2,078,905 | 
|                                         |  |        |        |  |       |   |           | 
|Electronics  2.5%                       |  |        |        |  |       |   |           | 
|Agilent Technologies, Inc.               |  |        | 13,100 |  |       |   | 514,044   | 
|Benchmark Electronics, Inc.*             |  |        | 19,706 |  |       |   | 274,899   | 
|CTS Corp.(a)                             |  |        | 72,830 |  |       |   | 686,059   | 
|FARO Technologies, Inc.(a)*              |  |        | 8,085  |  |       |   | 340,217   | 
|FEI Co.*                                 |  |        | 5,025  |  |       |   | 240,396   | 
|Gentex Corp.                             |  |        | 20,342 |  |       |   | 424,537   | 
|Imax Corp.(a)*                           |  |        | 10,600 |  |       |   | 254,718   | 
|Jabil Circuit, Inc.                      |  |        | 27,000 |  |       |   | 548,910   | 
|National Instruments Corp.               |  |        | 29,305 |  |       |   | 787,132   | 
|Park Electrochemical Corp.(a)            |  |        | 36,389 |  |       |   | 941,747   | 
|PerkinElmer, Inc.                        |  |        | 11,625 |  |       |   | 299,925   | 
|Plexus Corp.*                            |  |        | 11,260 |  |       |   | 317,532   | 
|TE Connectivity Ltd.                     |  |        | 16,200 |  |       |   | 516,942   | 
|Tech Data Corp.*                         |  |        | 3,700  |  |       |   | 178,229   | 
|Vishay Intertechnology, Inc.*            |  |        | 22,700 |  |       |   | 214,061   | 
|                                         |  |        |        |  |       |   |           | 
|                                         |  |        |        |  |       |   | 6,539,348 | 
|                                         |  |        |        |  |       |   |           | 
|Engineering & Construction  0.9%        |  |        |        |  |       |   |           | 
|Aegion Corp.*                            |  |        | 18,027 |  |       |   | 322,503   | 
|Chicago Bridge & Iron Co. N.V.           |  |        | 5,660  |  |       |   | 214,854   | 
|EMCOR Group, Inc.                        |  |        | 6,200  |  |       |   | 172,484   | 
|Granite Construction, Inc.               |  |        | 5,735  |  |       |   | 149,741   | 
|KBR, Inc.                                |  |        | 8,800  |  |       |   | 217,448   | 
|McDermott International, Inc.*           |  |        | 16,800 |  |       |   | 187,152   | 
|Tutor Perini Corp.*                      |  |        | 51,675 |  |       |   | 654,722   | 
|URS Corp.                                |  |        | 10,000 |  |       |   | 348,800   | 
|                                         |  |        |        |  |       |   |           | 
|                                         |  |        |        |  |       |   | 2,267,704 | 
|                                         |  |        |        |  |       |   |           | 
|Environmental Control  0.1%             |  |        |        |  |       |   |           | 
|Waste Connections, Inc.                  |  |        | 11,230 |  |       |   | 336,002   | 
|                                         |  |        |        |  |       |   |           | 
|Hand/Machine Tools  0.4%                |  |        |        |  |       |   |           | 
|Franklin Electric Co., Inc.              |  |        | 15,616 |  |       |   | 798,446   | 



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



74



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                             |  |        |        |  |       |   |           | 
|-------------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                             |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                     |  |        |        |  |       |   |           | 
|INDUSTRIAL (Continued)                       |  |        |        |  |       |   |           | 
|Hand/Machine Tools (Continued)               |  |        |        |  |       |   |           | 
|Snap-on, Inc.                                |  |        | 2,200  |  |       | $ | 136,950   | 
|Stanley Black & Decker, Inc.                 |  |        | 3,800  |  |       |   | 244,568   | 
|                                             |  |        |        |  |       |   |           | 
|                                             |  |        |        |  |       |   | 1,179,964 | 
|                                             |  |        |        |  |       |   |           | 
|MachineryDiversified  0.7%                 |  |        |        |  |       |   |           | 
|AGCO Corp.*                                  |  |        | 13,025 |  |       |   | 595,634   | 
|Manitowoc Co., Inc.(a)                       |  |        | 17,885 |  |       |   | 209,254   | 
|Rockwell Automation, Inc.                    |  |        | 6,700  |  |       |   | 442,602   | 
|Zebra Technologies Corp., Class A*           |  |        | 15,738 |  |       |   | 540,758   | 
|                                             |  |        |        |  |       |   |           | 
|                                             |  |        |        |  |       |   | 1,788,248 | 
|                                             |  |        |        |  |       |   |           | 
|Metal Fabricate/Hardware  0.6%              |  |        |        |  |       |   |           | 
|Dynamic Materials Corp.(a)                   |  |        | 16,851 |  |       |   | 292,028   | 
|Haynes International, Inc.(a)                |  |        | 4,889  |  |       |   | 249,045   | 
|Timken Co.                                   |  |        | 24,425 |  |       |   | 1,118,421 | 
|                                             |  |        |        |  |       |   |           | 
|                                             |  |        |        |  |       |   | 1,659,494 | 
|                                             |  |        |        |  |       |   |           | 
|Miscellaneous Manufacturing  0.7%           |  |        |        |  |       |   |           | 
|Actuant Corp., Class A                       |  |        | 13,600 |  |       |   | 369,376   | 
|Eaton Corp.                                  |  |        | 10,900 |  |       |   | 431,967   | 
|Pall Corp.                                   |  |        | 4,470  |  |       |   | 245,001   | 
|Polypore International, Inc.(a)*             |  |        | 16,450 |  |       |   | 664,415   | 
|                                             |  |        |        |  |       |   |           | 
|                                             |  |        |        |  |       |   | 1,710,759 | 
|                                             |  |        |        |  |       |   |           | 
|Packaging & Containers  0.5%                |  |        |        |  |       |   |           | 
|Crown Holdings, Inc.*                        |  |        | 6,050  |  |       |   | 208,664   | 
|Greif, Inc., Class A                         |  |        | 8,255  |  |       |   | 338,455   | 
|Owens-Illinois, Inc.*                        |  |        | 8,700  |  |       |   | 166,779   | 
|Rock-Tenn Co., Class A                       |  |        | 3,000  |  |       |   | 163,650   | 
|Sealed Air Corp.                             |  |        | 7,400  |  |       |   | 114,256   | 
|Sonoco Products Co.                          |  |        | 11,865 |  |       |   | 357,730   | 
|                                             |  |        |        |  |       |   |           | 
|                                             |  |        |        |  |       |   | 1,349,534 | 
|                                             |  |        |        |  |       |   |           | 
|Shipbuilding  0.0%                          |  |        |        |  |       |   |           | 
|Huntington Ingalls Industries, Inc.*         |  |        | 1,016  |  |       |   | 40,884    | 
|                                             |  |        |        |  |       |   |           | 
|Transportation  1.8%                        |  |        |        |  |       |   |           | 
|Air Transport Services Group, Inc.*          |  |        | 45,292 |  |       |   | 235,518   | 
|Bristow Group, Inc.(a)                       |  |        | 30,591 |  |       |   | 1,244,136 | 
|Celadon Group, Inc.                          |  |        | 12,356 |  |       |   | 202,391   | 
|Echo Global Logistics, Inc.(a)*              |  |        | 18,823 |  |       |   | 358,766   | 
|Expeditors International of Washington, Inc. |  |        | 11,700 |  |       |   | 453,375   | 
|Forward Air Corp.(a)                         |  |        | 8,380  |  |       |   | 270,423   | 
|HUB Group, Inc., Class A*                    |  |        | 4,000  |  |       |   | 144,800   | 
|Ryder System, Inc.                           |  |        | 7,775  |  |       |   | 279,978   | 
|Scorpio Tankers, Inc.*                       |  |        | 48,468 |  |       |   | 309,711   | 
|Swift Transportation Co.*                    |  |        | 18,425 |  |       |   | 174,116   | 
|Teekay Tankers Ltd., Class A(a)              |  |        | 27,800 |  |       |   | 126,768   | 



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



75



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                             |  |        |        |  |       |   |            | 
|-------------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                             |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                     |  |        |        |  |       |   |            | 
|INDUSTRIAL (Continued)                       |  |        |        |  |       |   |            | 
|Transportation (Continued)                   |  |        |        |  |       |   |            | 
|Tidewater, Inc.                              |  |        | 14,350 |  |       | $ | 665,266    | 
|UTi Worldwide, Inc.                          |  |        | 9,400  |  |       |   | 137,334    | 
|Vitran Corp., Inc.*                          |  |        | 25,631 |  |       |   | 153,786    | 
|                                             |  |        |        |  |       |   |            | 
|                                             |  |        |        |  |       |   | 4,756,368  | 
|                                             |  |        |        |  |       |   |            | 
|Trucking & Leasing  0.3%                    |  |        |        |  |       |   |            | 
|GATX Corp.                                   |  |        | 10,835 |  |       |   | 417,147    | 
|Greenbrier Cos., Inc.*                       |  |        | 18,075 |  |       |   | 317,759    | 
|                                             |  |        |        |  |       |   |            | 
|                                             |  |        |        |  |       |   | 734,906    | 
|                                             |  |        |        |  |       |   |            | 
|TOTAL INDUSTRIAL (cost $27,773,237)          |  |        |        |  |       |   | 28,294,153 | 
|                                             |  |        |        |  |       |   |            | 
|TECHNOLOGY  8.7%                            |  |        |        |  |       |   |            | 
|Computers  2.1%                             |  |        |        |  |       |   |            | 
|3D Systems Corp.(a)*                         |  |        | 8,405  |  |       |   | 286,947    | 
|CACI International, Inc., Class A*           |  |        | 13,057 |  |       |   | 718,396    | 
|Cadence Design Systems, Inc.*                |  |        | 78,525 |  |       |   | 862,990    | 
|Computer Sciences Corp.                      |  |        | 4,400  |  |       |   | 109,208    | 
|Diebold, Inc.                                |  |        | 12,925 |  |       |   | 477,062    | 
|Fusion-io, Inc.(a)*                          |  |        | 6,836  |  |       |   | 142,804    | 
|IHS, Inc., Class A*                          |  |        | 5,400  |  |       |   | 581,742    | 
|Jack Henry & Associates, Inc.                |  |        | 6,000  |  |       |   | 207,120    | 
|Maxwell Technologies, Inc.(a)*               |  |        | 18,600 |  |       |   | 122,016    | 
|MICROS Systems, Inc.*                        |  |        | 5,660  |  |       |   | 289,792    | 
|Mitek Systems, Inc.(a)*                      |  |        | 32,187 |  |       |   | 125,207    | 
|NetApp, Inc.*                                |  |        | 3,400  |  |       |   | 108,188    | 
|Seagate Technology PLC                       |  |        | 19,800 |  |       |   | 489,654    | 
|Stratasys, Inc.(a)*                          |  |        | 8,493  |  |       |   | 420,828    | 
|Teradata Corp.*                              |  |        | 3,500  |  |       |   | 252,035    | 
|Western Digital Corp.*                       |  |        | 11,300 |  |       |   | 344,424    | 
|                                             |  |        |        |  |       |   |            | 
|                                             |  |        |        |  |       |   | 5,538,413  | 
|                                             |  |        |        |  |       |   |            | 
|Office/Business Equipment  0.1%             |  |        |        |  |       |   |            | 
|Xerox Corp.                                  |  |        | 19,000 |  |       |   | 149,530    | 
|                                             |  |        |        |  |       |   |            | 
|Semiconductors  2.7%                        |  |        |        |  |       |   |            | 
|ARM Holdings PLC ADR(a)                      |  |        | 23,131 |  |       |   | 550,287    | 
|Avago Technologies Ltd.                      |  |        | 20,180 |  |       |   | 724,462    | 
|Broadcom Corp., Class A*                     |  |        | 5,450  |  |       |   | 184,210    | 
|Cabot Microelectronics Corp.                 |  |        | 10,320 |  |       |   | 301,447    | 
|Cavium, Inc.(a)*                             |  |        | 37,775 |  |       |   | 1,057,700  | 
|Fairchild Semiconductor International, Inc.* |  |        | 37,900 |  |       |   | 534,390    | 
|Inphi Corp.(a)*                              |  |        | 39,925 |  |       |   | 378,489    | 
|Integrated Silicon Solution, Inc.*           |  |        | 26,009 |  |       |   | 262,431    | 
|International Rectifier Corp.*               |  |        | 8,596  |  |       |   | 171,834    | 
|Intersil Corp., Class A                      |  |        | 35,450 |  |       |   | 377,542    | 
|KLA-Tencor Corp.                             |  |        | 3,700  |  |       |   | 182,225    | 



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



76



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                             |  |        |        |  |       |   |            | 
|-------------------------------------------- |  | ------ | ------ |  | ----- | - | ---------- | 
|                                             |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                     |  |        |        |  |       |   |            | 
|TECHNOLOGY (Continued)                       |  |        |        |  |       |   |            | 
|Semiconductors (Continued)                   |  |        |        |  |       |   |            | 
|Lam Research Corp.*                          |  |        | 9,925  |  |       | $ | 374,570    | 
|Maxim Integrated Products, Inc.              |  |        | 5,900  |  |       |   | 151,276    | 
|Power Integrations, Inc.(a)                  |  |        | 12,055 |  |       |   | 449,652    | 
|Semtech Corp.*                               |  |        | 26,935 |  |       |   | 655,059    | 
|Skyworks Solutions, Inc.*                    |  |        | 21,425 |  |       |   | 586,402    | 
|Teradyne, Inc.*                              |  |        | 13,000 |  |       |   | 182,780    | 
|                                             |  |        |        |  |       |   |            | 
|                                             |  |        |        |  |       |   | 7,124,756  | 
|                                             |  |        |        |  |       |   |            | 
|Software  3.8%                              |  |        |        |  |       |   |            | 
|Akamai Technologies, Inc.*                   |  |        | 4,400  |  |       |   | 139,700    | 
|American Software, Inc., Class A             |  |        | 44,907 |  |       |   | 357,011    | 
|athenahealth, Inc.(a)*                       |  |        | 16,817 |  |       |   | 1,331,402  | 
|Autodesk, Inc.*                              |  |        | 4,500  |  |       |   | 157,455    | 
|Blackbaud, Inc.                              |  |        | 3,670  |  |       |   | 94,209     | 
|CA, Inc.                                     |  |        | 11,000 |  |       |   | 297,990    | 
|Cerner Corp.*                                |  |        | 2,800  |  |       |   | 231,448    | 
|Citrix Systems, Inc.*                        |  |        | 2,260  |  |       |   | 189,704    | 
|Concur Technologies, Inc.(a)*                |  |        | 8,000  |  |       |   | 544,800    | 
|Digi International, Inc.*                    |  |        | 34,030 |  |       |   | 348,467    | 
|Ebix, Inc.(a)                                |  |        | 36,944 |  |       |   | 737,033    | 
|Fidelity National Information Services, Inc. |  |        | 5,325  |  |       |   | 181,476    | 
|InnerWorkings, Inc.(a)*                      |  |        | 33,540 |  |       |   | 453,796    | 
|Intuit, Inc.                                 |  |        | 5,980  |  |       |   | 354,913    | 
|Pegasystems, Inc.(a)                         |  |        | 9,619  |  |       |   | 317,234    | 
|QLIK Technologies, Inc.*                     |  |        | 29,293 |  |       |   | 647,961    | 
|Rosetta Stone, Inc.(a)*                      |  |        | 13,552 |  |       |   | 187,560    | 
|Salesforce.com, Inc.*                        |  |        | 6,300  |  |       |   | 871,038    | 
|SciQuest, Inc.*                              |  |        | 14,345 |  |       |   | 257,636    | 
|ServiceNow, Inc.*                            |  |        | 950    |  |       |   | 23,370     | 
|Ultimate Software Group, Inc.*               |  |        | 12,975 |  |       |   | 1,156,332  | 
|VeriFone Systems, Inc.*                      |  |        | 5,000  |  |       |   | 165,450    | 
|Verint Systems, Inc.(a)*                     |  |        | 12,776 |  |       |   | 377,020    | 
|VMware, Inc., Class A*                       |  |        | 4,850  |  |       |   | 441,544    | 
|                                             |  |        |        |  |       |   |            | 
|                                             |  |        |        |  |       |   | 9,864,549  | 
|                                             |  |        |        |  |       |   |            | 
|TOTAL TECHNOLOGY (cost $18,511,319)          |  |        |        |  |       |   | 22,677,248 | 
|                                             |  |        |        |  |       |   |            | 
|UTILITIES  4.1%                             |  |        |        |  |       |   |            | 
|Electric  3.1%                              |  |        |        |  |       |   |            | 
|American Electric Power Co., Inc.            |  |        | 14,600 |  |       |   | 582,540    | 
|Avista Corp.                                 |  |        | 12,800 |  |       |   | 341,760    | 
|Cleco Corp.                                  |  |        | 13,525 |  |       |   | 565,751    | 
|CMS Energy Corp.                             |  |        | 38,700 |  |       |   | 909,450    | 
|El Paso Electric Co.                         |  |        | 9,700  |  |       |   | 321,652    | 
|Empire District Electric Co.                 |  |        | 21,911 |  |       |   | 462,322    | 
|Entergy Corp.                                |  |        | 10,400 |  |       |   | 706,056    | 



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



77



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                       |  |        |            |  |       |   |             | 
|------------------------------------------------------ |  | ------ | ---------- |  | ----- | - | ----------- | 
|                                                       |  | Shares |            |  | Value |  
|COMMON STOCK (Continued)                               |  |        |            |  |       |   |             | 
|UTILITIES (Continued)                                  |  |        |            |  |       |   |             | 
|Electric (Continued)                                   |  |        |            |  |       |   |             | 
|FirstEnergy Corp.                                      |  |        | 4,125      |  |       | $ | 202,909     | 
|Hawaiian Electric Industries, Inc.                     |  |        | 2,194      |  |       |   | 62,573      | 
|Portland General Electric Co.                          |  |        | 73,344     |  |       |   | 1,955,351   | 
|PPL Corp.                                              |  |        | 30,300     |  |       |   | 842,643     | 
|Public Service Enterprise Group, Inc.                  |  |        | 20,300     |  |       |   | 659,750     | 
|TECO Energy, Inc.                                      |  |        | 9,800      |  |       |   | 176,988     | 
|UNS Energy Corp.                                       |  |        | 9,200      |  |       |   | 353,372     | 
|                                                       |  |        |            |  |       |   |             | 
|                                                       |  |        |            |  |       |   | 8,143,117   | 
|                                                       |  |        |            |  |       |   |             | 
|Gas  0.9%                                             |  |        |            |  |       |   |             | 
|Atmos Energy Corp.                                     |  |        | 28,362     |  |       |   | 994,655     | 
|NiSource, Inc.                                         |  |        | 34,900     |  |       |   | 863,775     | 
|UGI Corp.                                              |  |        | 13,100     |  |       |   | 385,533     | 
|                                                       |  |        |            |  |       |   |             | 
|                                                       |  |        |            |  |       |   | 2,243,963   | 
|                                                       |  |        |            |  |       |   |             | 
|Water  0.1%                                           |  |        |            |  |       |   |             | 
|American Water Works Co., Inc.                         |  |        | 10,375     |  |       |   | 355,655     | 
|                                                       |  |        |            |  |       |   |             | 
|TOTAL UTILITIES (cost $9,608,844)                      |  |        |            |  |       |   | 10,742,735  | 
|                                                       |  |        |            |  |       |   |             | 
|TOTAL COMMON STOCK (cost $220,017,952)                 |  |        |            |  |       |   | 243,114,030 | 
|                                                       |  |        |            |  |       |   |             | 
|                                                       |  |       
|INVESTMENT FUNDS  17.8%                               |  |        |            |  |       |   |             | 
|Cash Collateral Pool  13.0%                           |  |        |            |  |       |   |             | 
|ABA Members Collateral Fund(d)                         |  |        | 34,543,781 |  |       |   | 33,958,461  | 
|                                                       |  |        |            |  |       |   |             | 
|Collective Investment Funds  4.8%                     |  |        |            |  |       |   |             | 
|SSgA S&P MidCap Index Non-Lending Series Fund, Class A |  |        | 351,902    |  |       |   | 12,614,616  | 
|                                                       |  |        |            |  |       |   |             | 
|                                                       |  |       
|TOTAL INVESTMENT FUNDS (cost $47,444,313)              |  |        |            |  |       |   | 46,573,077  | 
|                                                       |  |        |            |  |       |   |             | 



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



78



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American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                           |  |       |           |  |       |   |             |  
|-------------------------------------------------------------------------- |  | ----- | --------- |  | ----- | - | ----------- | -
|                                                                           |  | Units |           |  | Value |  
|SHORT-TERM INVESTMENTS  2.9%                                              |  |       |           |  |       |   |             |  
|Affiliated Funds  2.9%                                                    |  |       |           |  |       |   |             |  
|Northern Trust Global Investments-Collective Short-Term Investment Fund(e) |  |       | 7,762,786 |  |       | $ | 7,762,786   |  
|                                                                           |  |       |           |  |       |   |             |  
|TOTAL SHORT-TERM INVESTMENTS (cost $7,762,786)                             |  |       |           |  |       |   | 7,762,786   |  
|                                                                           |  |       |           |  |       |   |             |  
|TOTAL INVESTMENTS  113.6%
(cost $275,225,051)                             |  |       |           |  |       |   | 297,449,893 |  
|Liabilities Less Other Assets  (13.6)%                                    |  |       |           |  |       |   | (35,717,077 | )
|                                                                           |  |       |           |  |       |   |             |  
|NET ASSETS  100.0%                                                        |  |       |           |  |       | $ | 261,732,816 |  
|                                                                           |  |       |           |  |       |   |             |  



|(a) | All or a portion of security is on loan.
|--- | ----------------------------------------

|(b) | Security is exempt from registration under rule 144A of the securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to
qualified institutional investors.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | Security is delisted and being valued as level 3 position.
|--- | ----------------------------------------------------------

|(d) | Represents security purchased with cash collateral received for securities on loan.
|--- | -----------------------------------------------------------------------------------

|(e) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------

|* | Non-income producing security.
|- | ------------------------------

ADRAmerican Depositary Receipt



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



79



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statements of Assets and Liabilities





|                                                                                                                                                          |  |                          |             |     |                    |   |             |    
|--------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ----------- | --- | ------------------ | - | ----------- | ---
|                                                                                                                                                          |  | June 30, 2012  Unaudited |             |     | December 31,  2011 |  
|Assets                                                                                                                                                    |  |                          |             |     |                    |   |             |    
|Investments, at value (cost $131,564,912 and $135,743,316, respectively)                                                                                  |  | $                        | 127,372,911 | (a) |                    | $ | 130,246,755 | (b)
|Investments in collective investment funds, at value (cost $12,884,088 and$12,799,577, respectively)                                                      |  |                          | 12,789,172  |     |                    |   | 12,443,938  |    
|Investments in affiliated funds, at value:                                                                                                                |  |                          |             |     |                    |   |             |    
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund(cost $2,611,799 and $4,059,329 and units of
2,611,799 and 4,059,329,respectively) |  |                          | 2,611,799   |     |                    |   | 4,059,329   |    
|Foreign currency, at value (cost $850,037 and $252,967, respectively)                                                                                     |  |                          | 846,998     |     |                    |   | 252,216     |    
|Receivable for investments sold                                                                                                                           |  |                          | 717,940     |     |                    |   | 550,909     |    
|Receivable for fund units sold                                                                                                                            |  |                          | 208,736     |     |                    |   | 190,244     |    
|Interest and dividends receivable                                                                                                                         |  |                          | 375,650     |     |                    |   | 219,848     |    
|Unrealized appreciation of forward currency exchange contracts                                                                                            |  |                          | 117         |     |                    |   |            |    
|Tax reclaims receivable                                                                                                                                   |  |                          | 492,056     |     |                    |   | 316,123     |    
|Other assets                                                                                                                                              |  |                          | 4,688       |     |                    |   | 5,782       |    
|                                                                                                                                                          |  |                         
|                                                                                                                                                          |  |                          |             |     |                    |   |             |    
|Total assets                                                                                                                                              |  |                          | 145,420,067 |     |                    |   | 148,285,144 |    
|                                                                                                                                                          |  |                          |             |     |                    |   |             |    
|Liabilities                                                                                                                                               |  |                          |             |     |                    |   |             |    
|Due to custodian                                                                                                                                          |  |                          | 1,150       |     |                    |   |            |    
|Payable for cash collateral received on securities loaned                                                                                                 |  |                          | 5,743,272   |     |                    |   | 5,118,463   |    
|Payable for investments purchased                                                                                                                         |  |                          | 1,267,027   |     |                    |   | 1,909,294   |    
|Payable for fund units redeemed                                                                                                                           |  |                          | 3,277       |     |                    |   |            |    
|Investment advisory fee payable                                                                                                                           |  |                          | 52,232      |     |                    |   | 59,455      |    
|INGprogram fee payable                                                                                                                                   |  |                          | 57,001      |     |                    |   | 62,863      |    
|Trustee, management and administration fees payable                                                                                                       |  |                          | 9,737       |     |                    |   | 11,128      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                  |  |                          | 7,891       |     |                    |   | 9,020       |    
|Other accruals                                                                                                                                            |  |                          | 50,020      |     |                    |   | 62,740      |    
|                                                                                                                                                          |  |                          |             |     |                    |   |             |    
|Total liabilities                                                                                                                                         |  |                          | 7,191,607   |     |                    |   | 7,232,963   |    
|                                                                                                                                                          |  |                          |             |     |                    |   |             |    
|Net Assets(equivalent to $25.24 and $24.41 per unit based on 5,476,172 and5,779,527 units outstanding,
respectively)                                      |  | $                        | 138,228,460 |     |                    | $ | 141,052,181 |    
|                                                                                                                                                          |  |                          |             |     |                    |   |             |    



|(a) | Includes securities on loan with a value of $5,464,604 (See Note 5).
|--- | --------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $4,876,357.
|--- | -------------------------------------------------------



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



80



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statements of Operations

Unaudited



|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|----------------------------------------------------------------------------------------------- |  | --------------------------------------------- | ----------- | - | --------------------------------------------- | - | --------- | ----------------------------------------------- |  | - | ----------------------------------------------- | - |  | - | --------- | -
|                                                                                                |  | For the period April 1, 2012 to June 30,
2012 |             |   | For the period April 1, 2011 to June 30,
2011 |   |           | For the period January 1, 2012 to June 30,
2012 |  |   | For the period January 1, 2011 to June 30,
2011 |  
|Investment income                                                                               |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Dividends (net of foreign tax expense of$108,487, $132,963, $149,982 and$209,202, respectively) |  | $                                             | 1,917,028   |   |                                               | $ | 2,443,942 |                                                 |  | $ | 2,909,415                                       |   |  | $ | 3,351,759 |  
|Interestaffiliated issuers                                                                     |  |                                               | 2,074       |   |                                               |   | 2,707     |                                                 |  |   | 4,057                                           |   |  |   | 4,691     |  
|Securities lending income, net                                                                  |  |                                               | 15,133      |   |                                               |   | 45,723    |                                                 |  |   | 25,370                                          |   |  |   | 55,697    |  
|                                                                                                |  |                                               |             |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Total investment income                                                                         |  |                                               | 1,934,235   |   |                                               |   | 2,492,372 |                                                 |  |   | 2,938,842                                       |   |  |   | 3,412,147 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Expenses                                                                                        |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|INGprogram fee                                                                                 |  |                                               | 187,063     |   |                                               |   | 233,504   |                                                 |  |   | 375,214                                         |   |  |   | 461,038   |  
|Trustee, management and administration fees                                                     |  |                                               | 32,072      |   |                                               |   | 39,725    |                                                 |  |   | 65,047                                          |   |  |   | 78,161    |  
|Investment advisory fee                                                                         |  |                                               | 165,959     |   |                                               |   | 216,377   |                                                 |  |   | 349,385                                         |   |  |   | 425,309   |  
|ABA Retirement Fundsprogram fee                                                                |  |                                               | 26,169      |   |                                               |   | 32,610    |                                                 |  |   | 53,076                                          |   |  |   | 64,028    |  
|Legal and audit fees                                                                            |  |                                               | 10,042      |   |                                               |   | 13,844    |                                                 |  |   | 20,439                                          |   |  |   | 27,575    |  
|Compliance consultant fees                                                                      |  |                                               | 5,802       |   |                                               |   | 7,272     |                                                 |  |   | 11,991                                          |   |  |   | 14,484    |  
|Reports to unitholders                                                                          |  |                                               | 696         |   |                                               |   | 1,170     |                                                 |  |   | 1,439                                           |   |  |   | 2,328     |  
|Registration fees                                                                               |  |                                               | 6,778       |   |                                               |   | 9,657     |                                                 |  |   | 14,006                                          |   |  |   | 19,234    |  
|Other fees                                                                                      |  |                                               | 3,131       |   |                                               |   | 1,825     |                                                 |  |   | 5,462                                           |   |  |   | 3,795     |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Total expenses                                                                                  |  |                                               | 437,712     |   |                                               |   | 555,984   |                                                 |  |   | 896,059                                         |   |  |   | 1,095,952 |  
|                                                                                                |  |                                               |             |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Less: Expense reimbursement                                                                     |  |                                               | (4,999      | ) |                                               |   |          |                                                 |  |   | (10,948                                         | ) |  |   |          |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net expenses                                                                                    |  |                                               | 432,713     |   |                                               |   | 555,984   |                                                 |  |   | 885,111                                         |   |  |   | 1,095,952 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net investment income (loss)                                                                    |  |                                               | 1,501,522   |   |                                               |   | 1,936,388 |                                                 |  |   | 2,053,731                                       |   |  |   | 2,316,195 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net realized and unrealized gain (loss)                                                         |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net realized gain (loss) on:                                                                    |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Investments                                                                                     |  |                                               | 998,515     |   |                                               |   | 2,213,739 |                                                 |  |   | 1,542,386                                       |   |  |   | 6,667,831 |  
|Foreign currency transactions                                                                   |  |                                               | (48,645     | ) |                                               |   | 74,216    |                                                 |  |   | (41,804                                         | ) |  |   | 105,333   |  
|                                                                                                |  |                                               |             |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net realized gain (loss)                                                                        |  |                                               | 949,870     |   |                                               |   | 2,287,955 |                                                 |  |   | 1,500,582                                       |   |  |   | 6,773,164 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:                                        |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Investments                                                                                     |  |                                               | (12,149,246 | ) |                                               |   | (544,969  | )                                               |  |   | 1,565,283                                       |   |  |   | 116,178   |  
|Foreign currency transactions                                                                   |  |                                               | (20,638     | ) |                                               |   | 10,714    |                                                 |  |   | (14,599                                         | ) |  |   | (18,920   | )
|                                                                                                |  |                                               |             |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)                                            |  |                                               | (12,169,884 | ) |                                               |   | (534,255  | )                                               |  |   | 1,550,684                                       |   |  |   | 97,258    |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net realized and unrealized gain (loss)                                                         |  |                                               | (11,220,014 | ) |                                               |   | 1,753,700 |                                                 |  |   | 3,051,266                                       |   |  |   | 6,870,422 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations                                 |  | $                                             | (9,718,492  | ) |                                               | $ | 3,690,088 |                                                 |  | $ | 5,104,997                                       |   |  | $ | 9,186,617 |  
|                                                                                                |  |                                               |             |   |                                               |   |           |                                                 |  |   |                                                 |   |  |   |           |  



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



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                              |             |  
|--------------------------------------------------------------------------- |  | -------------------------------------------- | ----------- | -
|                                                                            |  | For the six-monthperiod ended  June 30,
2012 |            
|From operations                                                             |  |                                              |             |  
|Net investment income (loss)                                                |  | $                                            | 2,053,731   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                              | 1,500,582   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                              | 1,550,684   |  
|                                                                            |  |                                              |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                              | 5,104,997   |  
|                                                                            |  |                                              |             |  
|From unitholder transactions                                                |  |                                              |             |  
|Proceeds from units issued                                                  |  |                                              | 10,854,811  |  
|Cost of units redeemed                                                      |  |                                              | (18,783,529 | )
|                                                                            |  |                                              |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                              | (7,928,718  | )
|                                                                            |  |                                              |             |  
|Net increase (decrease) in net assets                                       |  |                                              | (2,823,721  | )
|Net Assets                                                                  |  |                                              |             |  
|Beginning of period                                                         |  |                                              | 141,052,181 |  
|                                                                            |  |                                              |             |  
|End of period                                                               |  | $                                            | 138,228,460 |  
|                                                                            |  |                                              |             |  
|Number of units                                                             |  |                                              |             |  
|Outstanding-beginning of period                                             |  |                                              | 5,779,527   |  
|Issued                                                                      |  |                                              | 420,253     |  
|Redeemed                                                                    |  |                                              | (723,608    | )
|                                                                            |  |                                              |             |  
|Outstanding-end of period                                                   |  |                                              | 5,476,172   |  
|                                                                            |  |                                              |             |  



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



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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 period April 1, 2012 to June 30,
2012 |         |    | For the period April 1, 2011 to June 30,
2011 |   |         | For the period January 1, 2012 to June 30,
2012 |  |   | For the period January 1, 2011 to June 30,
2011 |  
|Investment income                                          |  | $                                             | 0.35    |    |                                               | $ | 0.40    |                                                 |  | $ | 0.52                                            |   |  | $ | 0.55    |  
|Expenses,                                                |  |                                               | (0.08   | )  |                                               |   | (0.09   | )                                               |  |   | (0.16                                           | ) |  |   | (0.17   | )
|                                                            |  |                                               |         |    |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net investment income (loss)                                |  |                                               | 0.27    |    |                                               |   | 0.31    |                                                 |  |   | 0.36                                            |   |  |   | 0.38    |  
|Net realized and unrealized gain (loss)                     |  |                                               | (2.01   | )  |                                               |   | 0.29    |                                                 |  |   | 0.47                                            |   |  |   | 1.10    |  
|                                                            |  |                                               |         |    |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net increase (decrease) in unit value                       |  |                                               | (1.74   | )  |                                               |   | 0.60    |                                                 |  |   | 0.83                                            |   |  |   | 1.48    |  
|Net asset value at beginning of period                      |  |                                               | 26.98   |    |                                               |   | 28.18   |                                                 |  |   | 24.41                                           |   |  |   | 27.30   |  
|                                                            |  |                                               |         |    |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Net asset value at end of period                            |  | $                                             | 25.24   |    |                                               | $ | 28.78   |                                                 |  | $ | 25.24                                           |   |  | $ | 28.78   |  
|                                                            |  |                                               |         |    |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratios/Supplemental Data:                                   |  |                                               |         |    |                                               |   |         |                                                 |  |   |                                                 |   |  |   |         |  
|Ratio of net expenses to average net assets*,             |  |                                               | 1.24    | %  |                                               |   | 1.26    | %                                               |  |   | 1.23                                            | % |  |   | 1.26    | %
|Ratio of net investment income(loss) to average net assets* |  |                                               | 4.32    | %  |                                               |   | 4.40    | %                                               |  |   | 2.85                                            | % |  |   | 2.67    | %
|Portfolio turnover**,                                    |  |                                               | 65      | %  |                                               |   | 10      | %                                               |  |   | 77                                              | % |  |   | 22      | %
|Total return**                                              |  |                                               | (6.45   | )% |                                               |   | 2.13    | %                                               |  |   | 3.40                                            | % |  |   | 5.42    | %
|Net assets at end of period (in thousands)                  |  | $                                             | 138,228 |    |                                               | $ | 174,945 |                                                 |  | $ | 138,228                                         |   |  | $ | 174,945 |  



|* | 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.



83



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                               |  |        |         |  |       |   |           | 
|------------------------------ |  | ------ | ------- |  | ----- | - | --------- | 
|                               |  | Shares |         |  | Value |  
|COMMON STOCK  91.8%           |  |        |         |  |       |   |           | 
|Argentina  0.1%               |  |        |         |  |       |   |           | 
|MercadoLibre, Inc.             |  |        | 1,722   |  |       | $ | 130,528   | 
|Australia  3.0%               |  |        |         |  |       |   |           | 
|Bank of Queensland Ltd.(a)     |  |        | 23,500  |  |       |   | 160,678   | 
|BHP Billiton Ltd.              |  |        | 16,691  |  |       |   | 543,913   | 
|Coca-Cola Amatil Ltd.          |  |        | 11,272  |  |       |   | 154,773   | 
|Commonwealth Bank of Australia |  |        | 1,306   |  |       |   | 71,452    | 
|Goodman Fielder Ltd.           |  |        | 136,800 |  |       |   | 77,780    | 
|GrainCorp Ltd.                 |  |        | 12,500  |  |       |   | 122,566   | 
|Incitec Pivot Ltd.             |  |        | 174,541 |  |       |   | 514,387   | 
|Macquarie Group Ltd.           |  |        | 8,200   |  |       |   | 220,717   | 
|Metcash Ltd.(a)                |  |        | 51,500  |  |       |   | 178,212   | 
|National Australia Bank Ltd.   |  |        | 15,800  |  |       |   | 383,599   | 
|Oil Search Ltd.                |  |        | 21,768  |  |       |   | 148,485   | 
|OneSteel Ltd.*                 |  |        | 122,500 |  |       |   | 110,929   | 
|Pacific Brands Ltd.            |  |        | 191,000 |  |       |   | 98,570    | 
|Rio Tinto Ltd.                 |  |        | 6,625   |  |       |   | 389,299   | 
|Spotless Group Ltd.            |  |        | 104,500 |  |       |   | 273,542   | 
|St. Barbara Ltd.*              |  |        | 59,600  |  |       |   | 108,315   | 
|Telstra Corp. Ltd.             |  |        | 63,600  |  |       |   | 240,935   | 
|Wesfarmers Ltd.                |  |        | 4,279   |  |       |   | 131,695   | 
|Westpac Banking Corp.          |  |        | 8,600   |  |       |   | 187,035   | 
|                               |  |        |         |  |       |   |           | 
|                               |  |        |         |  |       |   | 4,116,882 | 
|                               |  |        |         |  |       |   |           | 
|Austria  0.3%                 |  |        |         |  |       |   |           | 
|OMV A.G.                       |  |        | 8,100   |  |       |   | 254,298   | 
|Voestalpine A.G.               |  |        | 3,900   |  |       |   | 103,407   | 
|                               |  |        |         |  |       |   |           | 
|                               |  |        |         |  |       |   | 357,705   | 
|                               |  |        |         |  |       |   |           | 
|Belgium  2.4%                 |  |        |         |  |       |   |           | 
|AGFA-Gevaert N.V.*             |  |        | 23,000  |  |       |   | 37,628    | 
|Anheuser-Busch InBev N.V.      |  |        | 38,025  |  |       |   | 2,956,310 | 
|Delhaize Group S.A.            |  |        | 3,900   |  |       |   | 142,850   | 
|KBC Groep N.V.                 |  |        | 4,400   |  |       |   | 93,411    | 
|Umicore S.A.                   |  |        | 3,412   |  |       |   | 157,736   | 
|                               |  |        |         |  |       |   |           | 
|                               |  |        |         |  |       |   | 3,387,935 | 
|                               |  |        |         |  |       |   |           | 
|Bermuda  0.1%                 |  |        |         |  |       |   |           | 
|Hiscox Ltd.                    |  |        | 14,880  |  |       |   | 99,682    | 
|                               |  |        |         |  |       |   |           | 
|Brazil  1.4%                  |  |        |         |  |       |   |           | 
|B.R. Malls Participacoes S.A.  |  |        | 9,200   |  |       |   | 105,351   | 
|Banco Bradesco S.A.            |  |        | 32,480  |  |       |   | 399,107   | 
|Tractebel Energia S.A.         |  |        | 43,300  |  |       |   | 793,564   | 
|WEG S.A.                       |  |        | 72,300  |  |       |   | 694,743   | 
|                               |  |        |         |  |       |   |           | 
|                               |  |        |         |  |       |   | 1,992,765 | 
|                               |  |        |         |  |       |   |           | 



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



84



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                  |  |        |           |  |       |   |           | 
|------------------------------------------------- |  | ------ | --------- |  | ----- | - | --------- | 
|                                                  |  | Shares |           |  | Value |  
|COMMON STOCK (Continued)                          |  |        |           |  |       |   |           | 
|Canada  3.0%                                     |  |        |           |  |       |   |           | 
|Agrium, Inc.                                      |  |        | 5,955     |  |       | $ | 526,839   | 
|Bank of Nova Scotia                               |  |        | 1,134     |  |       |   | 58,739    | 
|Brookfield Asset Management, Inc., Class A        |  |        | 13,627    |  |       |   | 451,054   | 
|Canadian National Railway Co.                     |  |        | 1,813     |  |       |   | 153,312   | 
|Canadian Natural Resources Ltd.                   |  |        | 16,080    |  |       |   | 431,304   | 
|Cenovus Energy, Inc.                              |  |        | 4,900     |  |       |   | 155,781   | 
|Encana Corp.                                      |  |        | 15,810    |  |       |   | 329,188   | 
|Goldcorp, Inc.                                    |  |        | 2,287     |  |       |   | 86,096    | 
|Kinross Gold Corp.                                |  |        | 49,090    |  |       |   | 400,654   | 
|Lundin Mining Corp.*                              |  |        | 74,690    |  |       |   | 309,564   | 
|Talisman Energy, Inc.                             |  |        | 41,940    |  |       |   | 480,701   | 
|Tim Hortons, Inc.                                 |  |        | 2,229     |  |       |   | 117,495   | 
|Toronto-Dominion Bank                             |  |        | 5,470     |  |       |   | 428,068   | 
|Yamana Gold, Inc.                                 |  |        | 9,870     |  |       |   | 151,998   | 
|                                                  |  |        |           |  |       |   |           | 
|                                                  |  |        |           |  |       |   | 4,080,793 | 
|                                                  |  |        |           |  |       |   |           | 
|China  1.0%                                      |  |        |           |  |       |   |           | 
|Baidu, Inc. ADR*                                  |  |        | 1,451     |  |       |   | 166,836   | 
|China Telecom Corp. Ltd., Class H                 |  |        | 1,430,000 |  |       |   | 627,290   | 
|Industrial & Commercial Bank of China, Class H    |  |        | 391,000   |  |       |   | 218,639   | 
|Lenovo Group Ltd.                                 |  |        | 218,000   |  |       |   | 186,000   | 
|NetEase, Inc. ADR*                                |  |        | 2,489     |  |       |   | 146,478   | 
|                                                  |  |        |           |  |       |   |           | 
|                                                  |  |        |           |  |       |   | 1,345,243 | 
|                                                  |  |        |           |  |       |   |           | 
|Denmark  0.9%                                    |  |        |           |  |       |   |           | 
|Chr Hansen Holding A/S                            |  |        | 5,969     |  |       |   | 153,401   | 
|Novo Nordisk A/S, Class B                         |  |        | 6,303     |  |       |   | 911,993   | 
|Pandora A/S                                       |  |        | 13,500    |  |       |   | 126,838   | 
|                                                  |  |        |           |  |       |   |           | 
|                                                  |  |        |           |  |       |   | 1,192,232 | 
|                                                  |  |        |           |  |       |   |           | 
|Finland  0.2%                                    |  |        |           |  |       |   |           | 
|Huhtamaki OYJ                                     |  |        | 10,600    |  |       |   | 157,332   | 
|Nokia OYJ(a)                                      |  |        | 72,700    |  |       |   | 149,772   | 
|                                                  |  |        |           |  |       |   |           | 
|                                                  |  |        |           |  |       |   | 307,104   | 
|                                                  |  |        |           |  |       |   |           | 
|France  5.8%                                     |  |        |           |  |       |   |           | 
|Air Liquide S.A.(a)                               |  |        | 2,045     |  |       |   | 233,981   | 
|Alstom S.A.(a)                                    |  |        | 8,170     |  |       |   | 259,519   | 
|Arkema S.A.                                       |  |        | 3,891     |  |       |   | 254,960   | 
|AXA S.A.                                          |  |        | 14,600    |  |       |   | 195,419   | 
|BNP Paribas S.A.                                  |  |        | 21,860    |  |       |   | 843,919   | 
|Bouygues S.A.(a)                                  |  |        | 2,961     |  |       |   | 79,797    | 
|Carrefour S.A.(a)                                 |  |        | 17,880    |  |       |   | 330,400   | 
|Cie Generale dOptique Essilor International S.A. |  |        | 2,433     |  |       |   | 226,022   | 
|Ciments Francais S.A.                             |  |        | 1,500     |  |       |   | 90,833    | 
|Credit Agricole S.A.*                             |  |        | 23,900    |  |       |   | 105,505   | 
|Danone S.A.                                       |  |        | 2,385     |  |       |   | 148,074   | 
|Dassault Systemes S.A.                            |  |        | 3,892     |  |       |   | 365,640   | 



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



85



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                |  |        |        |  |       |   |           | 
|----------------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                                |  | Shares |        |  | Value |  
|COMMON STOCK (Continued)                        |  |        |        |  |       |   |           | 
|France (Continued)                              |  |        |        |  |       |   |           | 
|Eutelsat Communications S.A.                    |  |        | 2,550  |  |       | $ | 78,408    | 
|France Telecom S.A.                             |  |        | 9,500  |  |       |   | 125,023   | 
|Iliad S.A.                                      |  |        | 365    |  |       |   | 52,814    | 
|Ingenico                                        |  |        | 3,945  |  |       |   | 191,456   | 
|LOreal S.A.                                    |  |        | 6,321  |  |       |   | 740,497   | 
|Pernod-Ricard S.A.(a)                           |  |        | 4,053  |  |       |   | 433,596   | 
|Publicis Groupe S.A.(a)                         |  |        | 2,230  |  |       |   | 101,986   | 
|Sanofi                                          |  |        | 12,117 |  |       |   | 918,889   | 
|Schneider Electric S.A.                         |  |        | 2,432  |  |       |   | 135,514   | 
|SCOR S.E.                                       |  |        | 7,700  |  |       |   | 186,829   | 
|Societe Generale S.A.*                          |  |        | 3,035  |  |       |   | 71,560    | 
|Societe Television Francaise 1(a)               |  |        | 14,500 |  |       |   | 116,110   | 
|Technip S.A.                                    |  |        | 2,556  |  |       |   | 266,744   | 
|Total S.A.                                      |  |        | 19,190 |  |       |   | 866,070   | 
|Vivendi S.A.                                    |  |        | 20,355 |  |       |   | 378,430   | 
|Zodiac Aerospace(a)                             |  |        | 2,498  |  |       |   | 254,192   | 
|                                                |  |        |        |  |       |   |           | 
|                                                |  |        |        |  |       |   | 8,052,187 | 
|                                                |  |        |        |  |       |   |           | 
|Germany  7.1%                                  |  |        |        |  |       |   |           | 
|Adidas A.G.                                     |  |        | 6,219  |  |       |   | 446,065   | 
|Allianz S.E. (Registered)                       |  |        | 10,130 |  |       |   | 1,018,670 | 
|BASF S.E.                                       |  |        | 17,085 |  |       |   | 1,187,270 | 
|Bayerische Motoren Werke A.G.                   |  |        | 7,533  |  |       |   | 545,852   | 
|Brenntag A.G.                                   |  |        | 2,062  |  |       |   | 228,126   | 
|Daimler A.G. (Registered)                       |  |        | 11,410 |  |       |   | 513,177   | 
|Deutsche Bank A.G. (Registered)                 |  |        | 5,800  |  |       |   | 210,801   | 
|Deutsche Boerse A.G.                            |  |        | 2,120  |  |       |   | 114,427   | 
|Deutsche Post A.G. (Registered)                 |  |        | 3,421  |  |       |   | 60,593    | 
|E.ON A.G.                                       |  |        | 29,637 |  |       |   | 638,425   | 
|Fresenius Medical Care A.G. & Co. KGaA          |  |        | 2,370  |  |       |   | 167,761   | 
|Fresenius SE & Co. KGaA                         |  |        | 4,485  |  |       |   | 465,095   | 
|HeidelbergCement A.G.                           |  |        | 1,679  |  |       |   | 80,606    | 
|Hugo Boss A.G.(a)                               |  |        | 1,711  |  |       |   | 169,245   | 
|Infineon Technologies A.G.                      |  |        | 14,397 |  |       |   | 97,623    | 
|Kabel Deutschland Holding A.G.*                 |  |        | 4,704  |  |       |   | 292,757   | 
|Lanxess A.G.                                    |  |        | 3,700  |  |       |   | 233,403   | 
|Merck KGaA                                      |  |        | 1,000  |  |       |   | 99,796    | 
|Metro A.G.                                      |  |        | 5,700  |  |       |   | 166,280   | 
|Muenchener Rueckversicherungs A.G. (Registered) |  |        | 2,823  |  |       |   | 398,316   | 
|RWE A.G.                                        |  |        | 4,200  |  |       |   | 171,700   | 
|SAP A.G.                                        |  |        | 14,324 |  |       |   | 845,923   | 
|Siemens A.G. (Registered)                       |  |        | 7,110  |  |       |   | 597,679   | 
|Symrise A.G.                                    |  |        | 17,370 |  |       |   | 527,679   | 
|ThyssenKrupp A.G.(a)                            |  |        | 5,000  |  |       |   | 81,460    | 
|Volkswagen A.G.                                 |  |        | 2,800  |  |       |   | 422,464   | 
|                                                |  |        |        |  |       |   |           | 
|                                                |  |        |        |  |       |   | 9,781,193 | 
|                                                |  |        |        |  |       |   |           | 



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



86



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                          |  |        |         |  |       |   |           | 
|----------------------------------------- |  | ------ | ------- |  | ----- | - | --------- | 
|                                          |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                  |  |        |         |  |       |   |           | 
|Greece  0.6%                             |  |        |         |  |       |   |           | 
|Coca Cola Hellenic Bottling Co. S.A. ADR* |  |        | 36,383  |  |       | $ | 646,890   | 
|Public Power Corp. S.A.                   |  |        | 14,200  |  |       |   | 34,050    | 
|Titan Cement Co. S.A.*                    |  |        | 5,700   |  |       |   | 100,758   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 781,698   | 
|                                          |  |        |         |  |       |   |           | 
|Hong Kong  2.4%                          |  |        |         |  |       |   |           | 
|AIA Group Ltd.                            |  |        | 374,400 |  |       |   | 1,290,918 | 
|ASM Pacific Technology Ltd.               |  |        | 29,800  |  |       |   | 380,016   | 
|Cheung Kong Holdings Ltd.                 |  |        | 27,891  |  |       |   | 344,295   | 
|Citic Pacific Ltd.                        |  |        | 79,000  |  |       |   | 120,208   | 
|First Pacific Co. Ltd.                    |  |        | 142,000 |  |       |   | 147,578   | 
|Hong Kong & China Gas Co. Ltd.            |  |        | 216,030 |  |       |   | 458,910   | 
|Johnson Electric Holdings Ltd.            |  |        | 294,500 |  |       |   | 179,480   | 
|Kingboard Chemical Holdings Ltd.          |  |        | 45,500  |  |       |   | 88,470    | 
|Link REIT                                 |  |        | 14,000  |  |       |   | 57,238    | 
|Singamas Container Holdings Ltd.          |  |        | 568,000 |  |       |   | 123,381   | 
|Yue Yuen Industrial Holdings Ltd.         |  |        | 56,500  |  |       |   | 177,857   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 3,368,351 | 
|                                          |  |        |         |  |       |   |           | 
|India  0.6%                              |  |        |         |  |       |   |           | 
|Infosys Ltd. ADR(a)                       |  |        | 19,198  |  |       |   | 865,062   | 
|                                          |  |        |         |  |       |   |           | 
|Indonesia  0.5%                          |  |        |         |  |       |   |           | 
|Telekomunikasi Indonesia Tbk PT           |  |        | 310,500 |  |       |   | 270,200   | 
|Telekomunikasi Indonesia Tbk PT ADR       |  |        | 13,166  |  |       |   | 458,572   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 728,772   | 
|                                          |  |        |         |  |       |   |           | 
|Ireland  1.0%                            |  |        |         |  |       |   |           | 
|Covidien PLC                              |  |        | 14,940  |  |       |   | 799,290   | 
|Experian PLC                              |  |        | 13,478  |  |       |   | 190,401   | 
|Shire PLC                                 |  |        | 4,638   |  |       |   | 133,305   | 
|WPP PLC                                   |  |        | 23,920  |  |       |   | 290,744   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 1,413,740 | 
|                                          |  |        |         |  |       |   |           | 
|Israel  0.4%                             |  |        |         |  |       |   |           | 
|Bank Hapoalim BM                          |  |        | 41,600  |  |       |   | 128,892   | 
|Check Point Software Technologies Ltd.*   |  |        | 7,556   |  |       |   | 374,702   | 
|Israel Discount Bank Ltd., Class A*       |  |        | 99,840  |  |       |   | 104,189   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 607,783   | 
|                                          |  |        |         |  |       |   |           | 
|Italy  1.2%                              |  |        |         |  |       |   |           | 
|Enel S.p.A.                               |  |        | 96,300  |  |       |   | 310,783   | 
|Eni S.p.A.(a)                             |  |        | 24,297  |  |       |   | 518,556   | 
|Finmeccanica S.p.A.(a)*                   |  |        | 20,300  |  |       |   | 82,096    | 
|Pirelli & C. S.p.A.                       |  |        | 9,548   |  |       |   | 100,723   | 
|Prada S.p.A.                              |  |        | 28,600  |  |       |   | 194,368   | 
|Saipem S.p.A.                             |  |        | 6,838   |  |       |   | 304,549   | 
|Telecom Italia S.p.A.                     |  |        | 161,800 |  |       |   | 159,451   | 
|                                          |  |        |         |  |       |   |           | 
|                                          |  |        |         |  |       |   | 1,670,526 | 
|                                          |  |        |         |  |       |   |           | 



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



87



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                   |  |        |         |  |       |   |         | 
|---------------------------------- |  | ------ | ------- |  | ----- | - | ------- | 
|                                   |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)           |  |        |         |  |       |   |         | 
|Japan  13.5%                      |  |        |         |  |       |   |         | 
|Amada Co. Ltd.                     |  |        | 50,446  |  |       | $ | 299,241 | 
|Aozora Bank Ltd.                   |  |        | 64,000  |  |       |   | 152,768 | 
|Bank of Yokohama Ltd.              |  |        | 158,860 |  |       |   | 750,389 | 
|COMSYS Holdings Corp.              |  |        | 23,600  |  |       |   | 277,259 | 
|Daito Trust Construction Co. Ltd.  |  |        | 3,800   |  |       |   | 360,504 | 
|FANUC Corp.                        |  |        | 4,400   |  |       |   | 722,971 | 
|Fast Retailing Co. Ltd.            |  |        | 3,100   |  |       |   | 622,371 | 
|Fuji Seal International, Inc.      |  |        | 11,500  |  |       |   | 219,492 | 
|Geo Holdings Corp.                 |  |        | 200     |  |       |   | 222,835 | 
|Heiwa Corp.                        |  |        | 7,200   |  |       |   | 135,018 | 
|Hitachi Ltd.                       |  |        | 17,000  |  |       |   | 104,561 | 
|Inpex Corp.                        |  |        | 87      |  |       |   | 487,793 | 
|Japan Tobacco, Inc.                |  |        | 10,800  |  |       |   | 320,071 | 
|JFE Shoji Trade Corp.*             |  |        | 65,000  |  |       |   | 288,752 | 
|J-Oil Mills, Inc.                  |  |        | 51,000  |  |       |   | 153,371 | 
|Kaken Pharmaceutical Co. Ltd.      |  |        | 19,000  |  |       |   | 266,084 | 
|KDDI Corp.                         |  |        | 60      |  |       |   | 387,054 | 
|Keihin Corp.                       |  |        | 6,000   |  |       |   | 88,817  | 
|Keiyo Bank Ltd.                    |  |        | 31,000  |  |       |   | 143,841 | 
|Kissei Pharmaceutical Co. Ltd.     |  |        | 6,500   |  |       |   | 115,852 | 
|Komatsu Ltd.                       |  |        | 6,200   |  |       |   | 148,614 | 
|Lawson, Inc.                       |  |        | 2,100   |  |       |   | 146,934 | 
|Marubeni Corp.                     |  |        | 44,000  |  |       |   | 292,878 | 
|Matsumotokiyoshi Holdings Co. Ltd. |  |        | 8,900   |  |       |   | 197,471 | 
|Miraca Holdings, Inc.              |  |        | 3,600   |  |       |   | 149,703 | 
|Mitsubishi Corp.                   |  |        | 38,252  |  |       |   | 772,513 | 
|Mitsubishi Heavy Industries Ltd.   |  |        | 36,000  |  |       |   | 146,192 | 
|Mizuho Financial Group, Inc.       |  |        | 98,200  |  |       |   | 166,251 | 
|Morinaga Milk Industry Co. Ltd.    |  |        | 40,000  |  |       |   | 153,458 | 
|MS&AD Insurance Group Holdings     |  |        | 25,956  |  |       |   | 454,358 | 
|Murata Manufacturing Co. Ltd.      |  |        | 3,600   |  |       |   | 188,866 | 
|Nihon Kohden Corp.                 |  |        | 5,900   |  |       |   | 179,673 | 
|Nikon Corp.                        |  |        | 16,100  |  |       |   | 489,150 | 
|Nintendo Co. Ltd.                  |  |        | 3,281   |  |       |   | 382,874 | 
|Nippon Electric Glass Co. Ltd.     |  |        | 14,000  |  |       |   | 83,275  | 
|Nippon Flour Mills Co. Ltd.        |  |        | 49,000  |  |       |   | 215,332 | 
|Nippon Telegraph & Telephone Corp. |  |        | 9,000   |  |       |   | 418,196 | 
|Nishi-Nippon City Bank Ltd.        |  |        | 76,000  |  |       |   | 185,215 | 
|Nissan Shatai Co. Ltd.             |  |        | 10,000  |  |       |   | 106,391 | 
|Nitori Holdings Co. Ltd.           |  |        | 950     |  |       |   | 89,965  | 
|NKSJ Holdings, Inc.                |  |        | 26,245  |  |       |   | 559,423 | 
|NS Solutions Corp.                 |  |        | 6,800   |  |       |   | 116,294 | 
|NTT DoCoMo, Inc.                   |  |        | 200     |  |       |   | 332,865 | 
|ORIX Corp.                         |  |        | 8,860   |  |       |   | 824,746 | 
|Otsuka Holdings Co. Ltd.           |  |        | 10,000  |  |       |   | 306,430 | 



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



88



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                               |  |        |         |  |       |   |            | 
|---------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                               |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                       |  |        |         |  |       |   |            | 
|Japan (Continued)                              |  |        |         |  |       |   |            | 
|Rakuten, Inc.                                  |  |        | 25,600  |  |       | $ | 265,132    | 
|Rohto Pharmaceutical Co. Ltd.                  |  |        | 15,000  |  |       |   | 192,966    | 
|Sankyu, Inc.                                   |  |        | 46,000  |  |       |   | 165,072    | 
|Sapporo Hokuyo Holdings, Inc.                  |  |        | 49,500  |  |       |   | 153,322    | 
|Sega Sammy Holdings, Inc.                      |  |        | 8,500   |  |       |   | 172,894    | 
|Shionogi & Co. Ltd.                            |  |        | 16,100  |  |       |   | 218,957    | 
|SMC Corp.                                      |  |        | 2,589   |  |       |   | 448,130    | 
|Softbank Corp.                                 |  |        | 13,500  |  |       |   | 501,962    | 
|Sugi Holdings Co. Ltd.                         |  |        | 7,868   |  |       |   | 258,442    | 
|Sumitomo Corp.                                 |  |        | 18,700  |  |       |   | 261,645    | 
|Sumitomo Metal Mining Co. Ltd.                 |  |        | 12,668  |  |       |   | 142,596    | 
|Sumitomo Mitsui Trust Holdings, Inc.           |  |        | 213,454 |  |       |   | 637,747    | 
|Suzuki Motor Corp.                             |  |        | 36,405  |  |       |   | 746,289    | 
|THK Co. Ltd.                                   |  |        | 14,783  |  |       |   | 280,049    | 
|Toagosei Co. Ltd.                              |  |        | 53,000  |  |       |   | 207,212    | 
|Toyota Motor Corp.                             |  |        | 13,100  |  |       |   | 528,049    | 
|Unicharm Corp.                                 |  |        | 4,200   |  |       |   | 239,283    | 
|                                               |  |        |         |  |       |   |            | 
|                                               |  |        |         |  |       |   | 18,645,858 | 
|                                               |  |        |         |  |       |   |            | 
|Macau  0.1%                                   |  |        |         |  |       |   |            | 
|Sands China Ltd.                               |  |        | 42,000  |  |       |   | 134,541    | 
|                                               |  |        |         |  |       |   |            | 
|Malaysia  1.2%                                |  |        |         |  |       |   |            | 
|Axiata Group Bhd.                              |  |        | 965,200 |  |       |   | 1,666,634  | 
|                                               |  |        |         |  |       |   |            | 
|Mexico  0.8%                                  |  |        |         |  |       |   |            | 
|Grupo Televisa S.A.B. ADR                      |  |        | 54,063  |  |       |   | 1,161,273  | 
|                                               |  |        |         |  |       |   |            | 
|Netherlands  3.3%                             |  |        |         |  |       |   |            | 
|ASML Holding N.V.                              |  |        | 5,199   |  |       |   | 264,940    | 
|European Aeronautic Defence and Space Co. N.V. |  |        | 6,760   |  |       |   | 239,739    | 
|Gemalto N.V.(a)                                |  |        | 2,321   |  |       |   | 166,926    | 
|Heineken N.V.                                  |  |        | 16,723  |  |       |   | 873,564    | 
|ING Groep N.V.CVA*                            |  |        | 29,600  |  |       |   | 199,716    | 
|Koninklijke Ahold N.V.                         |  |        | 29,700  |  |       |   | 368,042    | 
|Koninklijke Vopak N.V.                         |  |        | 3,396   |  |       |   | 217,784    | 
|Mediq N.V.                                     |  |        | 10,700  |  |       |   | 131,630    | 
|Royal Dutch Shell PLC, Class B                 |  |        | 44,552  |  |       |   | 1,554,942  | 
|Unilever N.V.CVA                              |  |        | 16,581  |  |       |   | 554,999    | 
|                                               |  |        |         |  |       |   |            | 
|                                               |  |        |         |  |       |   | 4,572,282  | 
|                                               |  |        |         |  |       |   |            | 
|Norway  1.0%                                  |  |        |         |  |       |   |            | 
|DnB ASA                                        |  |        | 17,500  |  |       |   | 174,078    | 
|Norsk Hydro ASA(a)                             |  |        | 108,030 |  |       |   | 487,519    | 
|Statoil ASA                                    |  |        | 23,204  |  |       |   | 554,803    | 
|Telenor ASA                                    |  |        | 9,896   |  |       |   | 165,026    | 
|                                               |  |        |         |  |       |   |            | 
|                                               |  |        |         |  |       |   | 1,381,426  | 
|                                               |  |        |         |  |       |   |            | 
|Peru  0.1%                                    |  |        |         |  |       |   |            | 
|Credicorp Ltd.                                 |  |        | 1,550   |  |       |   | 195,130    | 
|                                               |  |        |         |  |       |   |            | 



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



89



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                           |  |        |         |  |       |   |           | 
|------------------------------------------ |  | ------ | ------- |  | ----- | - | --------- | 
|                                           |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                   |  |        |         |  |       |   |           | 
|Philippines  0.6%                         |  |        |         |  |       |   |           | 
|Philippine Long Distance Telephone Co.     |  |        | 1,310   |  |       | $ | 82,480    | 
|Philippine Long Distance Telephone Co. ADR |  |        | 12,264  |  |       |   | 779,990   | 
|                                           |  |        |         |  |       |   |           | 
|                                           |  |        |         |  |       |   | 862,470   | 
|                                           |  |        |         |  |       |   |           | 
|Poland  0.8%                              |  |        |         |  |       |   |           | 
|Telekomunikacja Polska S.A.                |  |        | 230,785 |  |       |   | 1,078,918 | 
|                                           |  |        |         |  |       |   |           | 
|Portugal  0.1%                            |  |        |         |  |       |   |           | 
|Jeronimo Martins SGPS S.A.                 |  |        | 12,108  |  |       |   | 204,328   | 
|                                           |  |        |         |  |       |   |           | 
|Singapore  0.8%                           |  |        |         |  |       |   |           | 
|DBS Group Holdings Ltd.                    |  |        | 21,000  |  |       |   | 231,793   | 
|Golden Agri-Resources Ltd.(a)              |  |        | 962,570 |  |       |   | 514,564   | 
|SembCorp Industries Ltd.                   |  |        | 32,000  |  |       |   | 130,824   | 
|SembCorp Marine Ltd.(a)                    |  |        | 19,000  |  |       |   | 72,545    | 
|United Overseas Bank Ltd.                  |  |        | 13,000  |  |       |   | 193,184   | 
|                                           |  |        |         |  |       |   |           | 
|                                           |  |        |         |  |       |   | 1,142,910 | 
|                                           |  |        |         |  |       |   |           | 
|South Africa  4.3%                        |  |        |         |  |       |   |           | 
|AngloGold Ashanti Ltd.                     |  |        | 18,026  |  |       |   | 617,561   | 
|Aspen Pharmacare Holdings Ltd.*            |  |        | 35,782  |  |       |   | 551,977   | 
|FirstRand Ltd.                             |  |        | 50,020  |  |       |   | 162,016   | 
|MTN Group Ltd.                             |  |        | 37,302  |  |       |   | 644,490   | 
|Shoprite Holdings Ltd.                     |  |        | 44,300  |  |       |   | 818,148   | 
|Standard Bank Group Ltd.                   |  |        | 97,227  |  |       |   | 1,318,381 | 
|Tiger Brands Ltd.                          |  |        | 59,022  |  |       |   | 1,772,068 | 
|                                           |  |        |         |  |       |   |           | 
|                                           |  |        |         |  |       |   | 5,884,641 | 
|                                           |  |        |         |  |       |   |           | 
|South Korea  3.0%                         |  |        |         |  |       |   |           | 
|E-Mart Co. Ltd.                            |  |        | 1,772   |  |       |   | 389,211   | 
|LG Electronics, Inc.                       |  |        | 4,577   |  |       |   | 246,919   | 
|NHN Corp.                                  |  |        | 2,944   |  |       |   | 645,622   | 
|Samsung Electronics Co. Ltd.               |  |        | 926     |  |       |   | 981,766   | 
|Samsung Fire & Marine Insurance Co. Ltd.   |  |        | 7,668   |  |       |   | 1,518,242 | 
|Shinhan Financial Group Co. Ltd.           |  |        | 8,960   |  |       |   | 311,851   | 
|                                           |  |        |         |  |       |   |           | 
|                                           |  |        |         |  |       |   | 4,093,611 | 
|                                           |  |        |         |  |       |   |           | 
|Spain  1.1%                               |  |        |         |  |       |   |           | 
|Banco Bilbao Vizcaya Argentaria S.A.       |  |        | 16,400  |  |       |   | 118,206   | 
|Banco Santander S.A.                       |  |        | 82,018  |  |       |   | 547,807   | 
|Grifols S.A.*                              |  |        | 10,669  |  |       |   | 270,630   | 
|Inditex S.A.                               |  |        | 3,006   |  |       |   | 310,925   | 
|Repsol YPF S.A.                            |  |        | 8,500   |  |       |   | 136,671   | 
|Telefonica S.A.                            |  |        | 14,000  |  |       |   | 184,711   | 
|                                           |  |        |         |  |       |   |           | 
|                                           |  |        |         |  |       |   | 1,568,950 | 
|                                           |  |        |         |  |       |   |           | 
|Sweden  1.7%                              |  |        |         |  |       |   |           | 
|Atlas Copco AB, Class A(a)                 |  |        | 21,763  |  |       |   | 469,872   | 
|Billerud AB(a)                             |  |        | 16,000  |  |       |   | 147,961   | 
|Boliden AB(a)                              |  |        | 17,100  |  |       |   | 239,187   | 



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



90



---

##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                             |  |        |         |  |       |   |            | 
|-------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | 
|                                             |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)                     |  |        |         |  |       |   |            | 
|Sweden (Continued)                           |  |        |         |  |       |   |            | 
|Electrolux AB, Class B                       |  |        | 4,679   |  |       | $ | 93,418     | 
|Elekta AB, Class B(a)                        |  |        | 2,939   |  |       |   | 134,024    | 
|Saab AB, Class B                             |  |        | 11,000  |  |       |   | 187,139    | 
|Swedbank AB, Class A                         |  |        | 2,515   |  |       |   | 39,770     | 
|Telefonaktiebolaget LM Ericsson, Class B(a)  |  |        | 69,190  |  |       |   | 631,326    | 
|Trelleborg AB, Class B(a)                    |  |        | 31,000  |  |       |   | 286,455    | 
|Volvo AB, Class B                            |  |        | 8,407   |  |       |   | 96,303     | 
|                                             |  |        |         |  |       |   |            | 
|                                             |  |        |         |  |       |   | 2,325,455  | 
|                                             |  |        |         |  |       |   |            | 
|Switzerland  7.7%                           |  |        |         |  |       |   |            | 
|Adecco S.A. (Registered)*                    |  |        | 1,194   |  |       |   | 53,140     | 
|Baloise Holding A.G. (Registered)            |  |        | 3,300   |  |       |   | 217,872    | 
|BKW A.G.                                     |  |        | 400     |  |       |   | 13,385     | 
|Clariant A.G. (Registered)*                  |  |        | 14,600  |  |       |   | 144,164    | 
|Credit Suisse Group A.G. (Registered)        |  |        | 10,800  |  |       |   | 197,321    | 
|Foster Wheeler A.G.*                         |  |        | 20,902  |  |       |   | 362,232    | 
|Geberit A.G. (Registered)*                   |  |        | 1,546   |  |       |   | 304,982    | 
|Georg Fischer A.G. (Registered)*             |  |        | 500     |  |       |   | 173,004    | 
|Glencore International PLC                   |  |        | 65,029  |  |       |   | 302,121    | 
|Holcim Ltd. (Registered)*                    |  |        | 21,462  |  |       |   | 1,189,144  | 
|Lindt & Spruengli A.G. (Registered)*         |  |        | 6       |  |       |   | 220,447    | 
|Nestle S.A. (Registered)                     |  |        | 22,348  |  |       |   | 1,333,212  | 
|Noble Corp.*                                 |  |        | 13,060  |  |       |   | 424,842    | 
|Novartis A.G. (Registered)                   |  |        | 23,768  |  |       |   | 1,325,899  | 
|Partners Group Holding A.G.                  |  |        | 1,697   |  |       |   | 301,723    | 
|Petroplus Holdings A.G.(a)(b)*               |  |        | 12,100  |  |       |   |           | 
|Roche Holding A.G. (Genusschein)             |  |        | 8,276   |  |       |   | 1,428,795  | 
|Swiss Life Holding A.G. (Registered)*        |  |        | 1,400   |  |       |   | 132,123    | 
|Swiss Re A.G.*                               |  |        | 5,100   |  |       |   | 320,426    | 
|Syngenta A.G. (Registered)                   |  |        | 2,194   |  |       |   | 749,063    | 
|UBS A.G. (Registered)*                       |  |        | 28,430  |  |       |   | 332,502    | 
|Valora Holding A.G. (Registered)             |  |        | 1,000   |  |       |   | 185,795    | 
|Wolseley PLC                                 |  |        | 5,360   |  |       |   | 200,271    | 
|Xstrata PLC                                  |  |        | 22,551  |  |       |   | 284,652    | 
|Zurich Insurance Group A.G.*                 |  |        | 1,800   |  |       |   | 406,153    | 
|                                             |  |        |         |  |       |   |            | 
|                                             |  |        |         |  |       |   | 10,603,268 | 
|                                             |  |        |         |  |       |   |            | 
|Taiwan  2.3%                                |  |        |         |  |       |   |            | 
|AU Optronics Corp.                           |  |        | 163,000 |  |       |   | 66,708     | 
|Chunghwa Telecom Co. Ltd.                    |  |        | 102,200 |  |       |   | 321,848    | 
|Delta Electronics, Inc.                      |  |        | 196,000 |  |       |   | 607,214    | 
|Quanta Computer, Inc.                        |  |        | 61,000  |  |       |   | 164,223    | 
|Taiwan Semiconductor Manufacturing Co. Ltd.* |  |        | 532,000 |  |       |   | 1,456,155  | 
|Uni-President Enterprises Corp.              |  |        | 315,232 |  |       |   | 506,425    | 
|                                             |  |        |         |  |       |   |            | 
|                                             |  |        |         |  |       |   | 3,122,573  | 
|                                             |  |        |         |  |       |   |            | 



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



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                    |  |        |         |  |       |   |           | 
|----------------------------------- |  | ------ | ------- |  | ----- | - | --------- | 
|                                    |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)            |  |        |         |  |       |   |           | 
|Thailand  0.7%                     |  |        |         |  |       |   |           | 
|Kasikornbank PCL (Registered)       |  |        | 151,100 |  |       | $ | 789,155   | 
|Siam Commercial Bank PCL            |  |        | 43,100  |  |       |   | 199,452   | 
|                                    |  |        |         |  |       |   |           | 
|                                    |  |        |         |  |       |   | 988,607   | 
|                                    |  |        |         |  |       |   |           | 
|Turkey  0.3%                       |  |        |         |  |       |   |           | 
|Akbank T.A.S.                       |  |        | 99,756  |  |       |   | 366,090   | 
|                                    |  |        |         |  |       |   |           | 
|United Kingdom  15.4%              |  |        |         |  |       |   |           | 
|Admiral Group PLC                   |  |        | 2,135   |  |       |   | 39,935    | 
|Aggreko PLC                         |  |        | 5,997   |  |       |   | 195,086   | 
|Anglo American PLC                  |  |        | 15,371  |  |       |   | 504,345   | 
|Antofagasta PLC                     |  |        | 12,331  |  |       |   | 211,640   | 
|ARM Holdings PLC                    |  |        | 57,160  |  |       |   | 455,208   | 
|AstraZeneca PLC                     |  |        | 12,800  |  |       |   | 572,172   | 
|Aviva PLC                           |  |        | 27,600  |  |       |   | 118,147   | 
|Babcock International Group PLC     |  |        | 23,401  |  |       |   | 313,140   | 
|BAE Systems PLC                     |  |        | 83,600  |  |       |   | 378,338   | 
|Barclays PLC                        |  |        | 85,000  |  |       |   | 217,592   | 
|Berkeley Group Holdings PLC*        |  |        | 11,226  |  |       |   | 248,751   | 
|BG Group PLC                        |  |        | 31,721  |  |       |   | 649,289   | 
|BP PLC                              |  |        | 69,100  |  |       |   | 463,002   | 
|BP PLC ADR                          |  |        | 11,130  |  |       |   | 451,210   | 
|British American Tobacco PLC        |  |        | 21,875  |  |       |   | 1,113,450 | 
|BT Group PLC                        |  |        | 125,800 |  |       |   | 417,036   | 
|Burberry Group PLC                  |  |        | 24,993  |  |       |   | 521,357   | 
|Cable & Wireless Communications PLC |  |        | 318,700 |  |       |   | 148,312   | 
|Capita PLC                          |  |        | 11,207  |  |       |   | 115,243   | 
|Carnival PLC                        |  |        | 3,390   |  |       |   | 116,012   | 
|Compass Group PLC                   |  |        | 50,677  |  |       |   | 531,586   | 
|Cookson Group PLC                   |  |        | 17,600  |  |       |   | 162,999   | 
|Debenhams PLC                       |  |        | 134,100 |  |       |   | 181,925   | 
|Diageo PLC                          |  |        | 28,540  |  |       |   | 734,232   | 
|Firstgroup PLC                      |  |        | 42,200  |  |       |   | 148,530   | 
|GlaxoSmithKline PLC                 |  |        | 68,187  |  |       |   | 1,546,266 | 
|Home Retail Group PLC               |  |        | 78,000  |  |       |   | 104,169   | 
|HSBC Holdings PLC                   |  |        | 6,800   |  |       |   | 60,962    | 
|InterContinental Hotels Group PLC   |  |        | 6,402   |  |       |   | 154,727   | 
|Intertek Group PLC                  |  |        | 3,906   |  |       |   | 164,167   | 
|Johnson Matthey PLC                 |  |        | 12,445  |  |       |   | 431,534   | 
|Kazakhmys PLC                       |  |        | 6,400   |  |       |   | 72,861    | 
|Kingfisher PLC                      |  |        | 14,363  |  |       |   | 64,945    | 
|Legal & General Group PLC           |  |        | 154,100 |  |       |   | 308,998   | 
|Lloyds Banking Group PLC*           |  |        | 80,693  |  |       |   | 39,692    | 
|Marks & Spencer Group PLC           |  |        | 54,000  |  |       |   | 276,076   | 
|Morgan Crucible Co. PLC             |  |        | 27,400  |  |       |   | 119,743   | 
|Old Mutual PLC                      |  |        | 87,062  |  |       |   | 207,212   | 
|Pearson PLC                         |  |        | 23,024  |  |       |   | 457,302   | 



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



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                       |  |        |         |  |       |   |             | 
|-------------------------------------- |  | ------ | ------- |  | ----- | - | ----------- | 
|                                       |  | Shares |         |  | Value |  
|COMMON STOCK (Continued)               |  |        |         |  |       |   |             | 
|United Kingdom (Continued)             |  |        |         |  |       |   |             | 
|Petrofac Ltd.                          |  |        | 22,804  |  |       | $ | 498,554     | 
|Reckitt Benckiser Group PLC            |  |        | 3,316   |  |       |   | 174,899     | 
|Rolls-Royce Holdings PLC*              |  |        | 44,059  |  |       |   | 594,422     | 
|SABMiller PLC                          |  |        | 21,382  |  |       |   | 858,896     | 
|Standard Chartered PLC                 |  |        | 52,436  |  |       |   | 1,143,199   | 
|Telecity Group PLC*                    |  |        | 18,167  |  |       |   | 228,736     | 
|Thomas Cook Group PLC                  |  |        | 66,400  |  |       |   | 15,619      | 
|Trinity Mirror PLC*                    |  |        | 75,700  |  |       |   | 32,343      | 
|Tullow Oil PLC                         |  |        | 3,569   |  |       |   | 82,391      | 
|Unilever PLC                           |  |        | 34,088  |  |       |   | 1,145,720   | 
|Vodafone Group PLC                     |  |        | 161,730 |  |       |   | 454,422     | 
|Vodafone Group PLC ADR                 |  |        | 31,860  |  |       |   | 897,815     | 
|Weir Group PLC                         |  |        | 11,165  |  |       |   | 269,298     | 
|WH Smith PLC                           |  |        | 29,500  |  |       |   | 251,849     | 
|Whitbread PLC                          |  |        | 4,280   |  |       |   | 136,585     | 
|Willis Group Holdings PLC              |  |        | 24,230  |  |       |   | 884,153     | 
|WM Morrison Supermarkets PLC           |  |        | 88,000  |  |       |   | 367,285     | 
|WS Atkins PLC                          |  |        | 16,000  |  |       |   | 173,100     | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 21,226,477  | 
|                                       |  |        |         |  |       |   |             | 
|United States  1.0%                   |  |        |         |  |       |   |             | 
|Bunge Ltd.                             |  |        | 7,170   |  |       |   | 449,846     | 
|Philip Morris International, Inc.      |  |        | 6,280   |  |       |   | 547,993     | 
|Schlumberger Ltd.                      |  |        | 6,240   |  |       |   | 405,038     | 
|                                       |  |        |         |  |       |   |             | 
|                                       |  |        |         |  |       |   | 1,402,877   | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL COMMON STOCK (cost $131,260,562) |  |        |         |  |       |   | 126,908,500 | 
|                                       |  |        |         |  |       |   |             | 
|PREFERRED STOCK  0.3%                 |  |        |         |  |       |   |             | 
|Germany  0.3%                         |  |        |         |  |       |   |             | 
|Henkel A.G. & Co. KGaA                 |  |        | 6,990   |  |       |   | 464,240     | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL PREFERRED STOCK (cost $304,350)  |  |        |         |  |       |   | 464,240     | 
|                                       |  |        |         |  |       |   |             | 
|RIGHTS  0.0%                          |  |        |         |  |       |   |             | 
|France  0.0%                          |  |        |         |  |       |   |             | 
|Air Liquide S.A.*                      |  |        | 15      |  |       |   | 171         | 
|                                       |  |        |         |  |       |   |             | 
|TOTAL RIGHTS (cost $)                 |  |        |         |  |       |   | 171         | 
|                                       |  |        |         |  |       |   |             | 
|Total (cost $131,564,912)              |  |        |         |  |       |   | 127,372,911 | 
|                                       |  |        |         |  |       |   |             | 



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



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American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                           |  |        |           |  |       |   |             |  
|-------------------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ----------- | -
|                                                                           |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  9.3%                                                    |  |        |           |  |       |   |             |  
|Cash Collateral Pool  4.1%                                                |  |        |           |  |       |   |             |  
|ABA Members Collateral Fund(c)                                             |  |        | 5,743,272 |  |       | $ | 5,645,956   |  
|                                                                           |  |        |           |  |       |   |             |  
|Collective Investment Funds  5.2%                                         |  |        |           |  |       |   |             |  
|iShares MSCI Emerging Markets Index(d)                                     |  |        | 593,389   |  |       |   | 7,143,216   |  
|                                                                           |  |        |           |  |       |   |             |  
|TOTAL INVESTMENT FUNDS (cost $12,884,088)                                  |  |        |           |  |       |   | 12,789,172  |  
|                                                                           |  |        |           |  |       |   |             |  
|                                                                           |  |       
|                                                                           |  | Units  |           |  | Value |  
|SHORT-TERM INVESTMENTS  1.9%                                              |  |        |           |  |       |   |             |  
|Affiliated Funds  1.9%                                                    |  |        |           |  |       |   |             |  
|Northern Trust Global InvestmentsCollective ShortTerm Investment Fund(e) |  |        | 2,611,799 |  |       | $ | 2,611,799   |  
|                                                                           |  |        |           |  |       |   |             |  
|TOTAL SHORT-TERM INVESTMENTS (cost $2,611,799)                             |  |        |           |  |       |   | 2,611,799   |  
|                                                                           |  |        |           |  |       |   |             |  
|TOTAL INVESTMENTS 103.3%
(cost $147,060,799)                              |  |        |           |  |       |   | 142,773,882 |  
|Liabilities Less Other Assets  (3.3)%                                     |  |        |           |  |       |   | (4,545,422  | )
|                                                                           |  |        |           |  |       |   |             |  
|NET ASSETS  100.0%                                                        |  |        |           |  |       | $ | 138,228,460 |  
|                                                                           |  |        |           |  |       |   |             |  



|(a) | All or a portion of security is on loan.
|--- | ----------------------------------------

|(b) | Security is delisted and being valued as level 3 position.
|--- | ----------------------------------------------------------

|(c) | Represents security purchased with cash collateral received for securities on loan.
|--- | -----------------------------------------------------------------------------------

|(d) | This fund is a regulated investment company (RIC).
|--- | --------------------------------------------------

|(e) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern
|--- | -----------------------------------------------------------------------------------------------------------------

Trust Company.

|* | Non-income producing security.
|- | ------------------------------

ADRAmerican Depositary Receipt

CVACertificaten Van Aandelen

MSCIMorgan Stanley Capital International

As of June 30, 2012, the International All Cap Equity Fund held the following forward foreign currency
contracts:



|     |  |              |                     |  |          |  |              |                                  |  |  |                           |  |  |                |         |  |                                       |  |          |  |  |   |     | 
|---- |  | ------------ | ------------------- |  | -------- |  | ------------ | -------------------------------- |  |  | ------------------------- |  |  | -------------- | ------- |  | ------------------------------------- |  | -------- |  |  | - | --- | 
|Type |  | Counterparty |                     |  | Currency |  |              | Contract Amount inLocal Currency |  |  | ContractValue inUS Dollar |  |  | SettlementDate |         |  | UnrealizedAppreciation/(Depreciation) | 
|Sale |  |              | State Street Boston |  |          |  | Japanese Yen |                                  |  |  | 20,743,000                |  |  | $              | 259,918 |  |                                       |  | 09/20/12 |  |  | $ | 117 | 
|     |  |              |                     |  |          |  |              |                                  |  |  |                           |  |  |                |         |  |                                       |  |          |  |  |   |     | 
|     |  |              |                     |  |          |  |              |                                  |  |  |                           |  |  |                |         |  |                                       |  |          |  |  | $ | 117 | 
|     |  |              |                     |  |          |  |              |                                  |  |  |                           |  |  |                |         |  |                                       |  |          |  |  |   |     | 



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



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American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statement of Assets and Liabilities





|                                                                                                   |  |                            |           | 
|-------------------------------------------------------------------------------------------------- |  | -------------------------- | --------- | 
|                                                                                                   |  | June 30, 2012    Unaudited |          
|Assets                                                                                             |  |                            |           | 
|Investments in affiliated funds, at value:                                                         |  |                            |           | 
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund (cost $73 and units of 73) |  | $                          | 73        | 
|American Bar Association Members/Northern Trust Collective Trust investment funds, at value:       |  |                            |           | 
|International All Cap Equity Fund (cost $672,016 and units of 26,078)                              |  |                            | 655,178   | 
|Large Cap Equity Fund (cost $394,385 and units of 25,582)                                          |  |                            | 396,984   | 
|Small Mid Cap Equity Fund (cost $55,450 and units of 3,225)                                        |  |                            | 55,765    | 
|Receivable for fund units sold                                                                     |  |                            | 330       | 
|                                                                                                   | 
|                                                                                                   |  |                            |           | 
|Total assets                                                                                       |  |                            | 1,108,330 | 
|                                                                                                   |  |                            |           | 
|                                                                                                   | 
|Net Assets(equivalent to $15.46 per unit based on 71,699 units outstanding)                        |  | $                          | 1,108,330 | 
|                                                                                                   |  |                            |           | 



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



95



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American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statements of Operations

Unaudited





|                                                                |  |                                             |         |   |                                                   |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |   | For the periodJanuary 
17,2012(a) toJune 30, 2012 |  
|Investment income                                               |  |                                             |         |   |                                                   |   |         |  
|Interestaffiliated issuers                                     |  | $                                           | 7       |   |                                                   | $ | 7       |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Total investment income                                         |  |                                             | 7       |   |                                                   |   | 7       |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss) on:                                    |  |                                             |         |   |                                                   |   |         |  
|International All Cap Equity Fund                               |  |                                             | (3,235  | ) |                                                   |   | (2,692  | )
|Large Cap Equity Fund                                           |  |                                             | 903     |   |                                                   |   | 1,251   |  
|Small-Mid Cap Equity Fund                                       |  |                                             | (205    | ) |                                                   |   | (159    | )
|                                                                |  |                                            
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss)                                        |  |                                             | (2,537  | ) |                                                   |   | (1,600  | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |         |   |                                                   |   |         |  
|Investments                                                     |  |                                             | (32,396 | ) |                                                   |   | (13,925 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (32,396 | ) |                                                   |   | (13,925 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                             | (34,933 | ) |                                                   |   | (15,525 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (34,926 | ) |                                                   | $ | (15,518 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  





|(a) | Commencement of operations.
|--- | ---------------------------



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



96



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American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |           |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | --------- | -
|                                                                   |  | For the periodJanuary 17,2012(a) toJune 30, 2012 |          
|From operations                                                    |  |                                                  |           |  
|Net investment income (loss)                                       |  | $                                                | 7         |  
|Net realized gain (loss)                                           |  |                                                  | (1,600    | )
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (13,925   | )
|                                                                   |  |                                                  |           |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | (15,518   | )
|                                                                   |  |                                                  |           |  
|From unitholder transactions                                       |  |                                                  |           |  
|Proceeds from units issued                                         |  |                                                  | 1,255,094 |  
|Cost of units redeemed                                             |  |                                                  | (131,246  | )
|                                                                   |  |                                                  |           |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 1,123,848 |  
|                                                                   |  |                                                  |           |  
|Net increase (decrease) in net assets                              |  |                                                  | 1,108,330 |  
|Net Assets                                                         |  |                                                  |           |  
|Beginning of period                                                |  |                                                  |          |  
|                                                                   |  |                                                  |           |  
|End of period                                                      |  | $                                                | 1,108,330 |  
|                                                                   |  |                                                  |           |  
|Number of units                                                    |  |                                                  |           |  
|Outstanding-beginning of period                                    |  |                                                  |          |  
|Issued                                                             |  |                                                  | 80,384    |  
|Redeemed                                                           |  |                                                  | (8,685    | )
|                                                                   |  |                                                  |           |  
|Outstanding-end of period                                          |  |                                                  | 71,699    |  
|                                                                   |  |                                                  |           |  



|(a) | Commencement of operations.
|--- | ---------------------------



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



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American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                                |  |                                             |       |     |                                                   |   |       |    
|--------------------------------------------------------------- |  | ------------------------------------------- | ----- | --- | ------------------------------------------------- | - | ----- | ---
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |       |     | For the periodJanuary 
17,2012(a) toJune 30, 2012 |  
|Net investment income (loss)                                    |  | $                                           |      | (b) |                                                   | $ |      | (b)
|Net realized and unrealized gain (loss)                         |  |                                             | (0.94 | )   |                                                   |   | 0.46  |    
|                                                                |  |                                             |       |     |                                                   |   |       |    
|Net increase (decrease) in unit value                           |  |                                             | (0.94 | )   |                                                   |   | 0.46  |    
|Net asset value at beginning of period                          |  |                                             | 16.40 |     |                                                   |   | 15.00 |    
|                                                                |  |                                             |       |     |                                                   |   |       |    
|Net asset value at end of period                                |  | $                                           | 15.46 |     |                                                   | $ | 15.46 |    
|                                                                |  |                                             |       |     |                                                   |   |       |    
|Ratios/Supplemental Data:                                       |  |                                             |       |     |                                                   |   |       |    
|Ratio of net expenses to average net assets*,                  |  |                                             | 0.00  | %   |                                                   |   | 0.00  | %  
|Ratio of net investment income (loss) to average net assets(c)* |  |                                             | 0.00  | %   |                                                   |   | 0.00  | %  
|Portfolio turnover(d)**                                         |  |                                             | 14    | %   |                                                   |   | 22    | %  
|Total return**                                                  |  |                                             | (5.73 | )%  |                                                   |   | 3.07  | %  
|Net assets at end of period (in thousands)                      |  | $                                           | 1,108 |     |                                                   | $ | 1,108 |    



|(a) | Commencement of operations.
|--- | ---------------------------

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

|(c) | Does not reflect net investment income from the portion of the Fund invested in the International All Cap Equity Fund, Large Cap Equity Fund, and Small-Mid Cap Equity
Fund which retain all net investment income and make no distributions.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | With respect to the portion of the Funds assets invested in International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund, portfolio
turnover reflects purchases and sales of the International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund, rather than portfolio turnover of the underlying portfolio of International All Cap Equity Fund, Large Cap Equity
Fund and Small-Mid Cap Equity Fund.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

| | Expenses include only those expenses charged directly to the Fund and does not include expenses charged to the collective investment funds, including International All
Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund in which the Fund invests a portion of its assets.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



98



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American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                           |  |        |        |  |       |   |           | 
|-------------------------------------------------------------------------- |  | ------ | ------ |  | ----- | - | --------- | 
|                                                                           |  | Shares |        |  | Value |  
|INVESTMENT FUNDS  100.0%                                                  |  |        |        |  |       |   |           | 
|Collective Investment Funds  100.0%                                       |  |        |        |  |       |   |           | 
|International All Cap Equity Fund                                          |  |        | 26,078 |  |       | $ | 655,178   | 
|Large Cap Equity Fund                                                      |  |        | 25,582 |  |       |   | 396,984   | 
|Small-Mid Cap Equity Fund                                                  |  |        | 3,225  |  |       |   | 55,765    | 
|                                                                           |  |        |        |  |       |   |           | 
|TOTAL INVESTMENT FUNDS (cost $1,121,851)                                   |  |        |        |  |       |   | 1,107,927 | 
|                                                                           |  |        |        |  |       |   |           | 
|                                                                           |  |       
|                                                                           |  | Units  |        |  | Value |  
|SHORT-TERM INVESTMENTS  0.0%                                              |  |        |        |  |       |   |           | 
|Affiliated Funds  0.0%                                                    |  |        |        |  |       |   |           | 
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund(a) |  |        | 73     |  |       | $ | 73        | 
|                                                                           |  |        |        |  |       |   |           | 
|TOTAL SHORT-TERM INVESTMENTS (cost $73)                                    |  |        |        |  |       |   | 73        | 
|                                                                           |  |        |        |  |       |   |           | 
|TOTAL INVESTMENTS  100.0%
(cost $1,121,924)                               |  |        |        |  |       |   | 1,108,000 | 
|Other Assets Less Liabilities  0.0%                                       |  |        |        |  |       |   | 330       | 
|                                                                           |  |        |        |  |       |   |           | 
|NET ASSETS  100.0%                                                        |  |        |        |  |       | $ | 1,108,330 | 
|                                                                           |  |        |        |  |       |   |           | 



|(a) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------



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



99



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American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities





|                                                                                                                                           |  |                            |            |  |                      |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------- | ---------- |  | -------------------- | - | ---------- | ---
|                                                                                                                                           |  | June 30, 2012    Unaudited |            |  | December 31,    2011 |  
|Assets                                                                                                                                     |  |                            |            |  |                      |   |            |    
|Investments in collective investment funds, at value:                                                                                      |  |                            |            |  |                      |   |            |    
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $84,491,153 and $75,820,526 and units of 7,479,821 and 6,843,396,
respectively) |  | $                          | 92,263,587 |  |                      | $ | 82,462,925 |    
|Receivable for fund units sold                                                                                                             |  |                            | 145,659    |  |                      |   | 140,514    |    
|Other assets                                                                                                                               |  |                            | 2,793      |  |                      |   | 2,990      |    
|                                                                                                                                           |  |                            |            |  |                      |   |            |    
|Total assets                                                                                                                               |  |                            | 92,412,039 |  |                      |   | 82,606,429 |    
|                                                                                                                                           |  |                            |            |  |                      |   |            |    
|Liabilities                                                                                                                                |  |                            |            |  |                      |   |            |    
|Payable for investments purchased                                                                                                          |  |                            | 145,686    |  |                      |   | 140,514    |    
|Investment advisory fee payable                                                                                                            |  |                            | 8,744      |  |                      |   | 7,817      |    
|INGprogram fee payable                                                                                                                    |  |                            | 39,653     |  |                      |   | 34,119     |    
|Trustee, management and administration fees payable                                                                                        |  |                            | 6,658      |  |                      |   | 6,032      |    
|ABA Retirement Fundsprogram fee payable                                                                                                   |  |                            | 5,419      |  |                      |   | 4,895      |    
|Payable for legal and audit services                                                                                                       |  |                            | 3,486      |  |                      |   | 10,283     |    
|Payable for compliance consultant fees                                                                                                     |  |                            | 6,800      |  |                      |   |           | (a)
|Other accruals                                                                                                                             |  |                            | 16,648     |  |                      |   | 16,375     |    
|                                                                                                                                           |  |                           
|                                                                                                                                           |  |                            |            |  |                      |   |            |    
|Total liabilities                                                                                                                          |  |                            | 233,094    |  |                      |   | 220,035    |    
|                                                                                                                                           |  |                            |            |  |                      |   |            |    
|Net Assets(equivalent to $13.44 and $13.18 per unit based on 6,858,696 and 6,251,267 units outstanding,
respectively)                      |  | $                          | 92,178,945 |  |                      | $ | 82,386,394 |    
|                                                                                                                                           |  |                            |            |  |                      |   |            |    



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



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



100



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American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited





|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | ------------------------------------------- | - | --------- | -------------------------------------------- |  | - | -------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |           |   | For the periodApril 1, 2011 toJune 30, 2011 |   |           | For the periodJanuary 1, 2012toJune 30, 2012 |  |   | For the periodJanuary 1, 2011toJune 30, 2011 |  
|Investment income                                               |  | $                                           |          |   |                                             | $ |          |                                              |  | $ |                                             |   |  | $ |          |  
|                                                                |  |                                             |           |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Expenses                                                        |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 116,270   |   |                                             |   | 78,111    |                                              |  |   | 224,968                                      |   |  |   | 151,985   |  
|Trustee, management and administration fees                     |  |                                             | 19,846    |   |                                             |   | 13,288    |                                              |  |   | 38,999                                       |   |  |   | 25,765    |  
|Investment advisory fee                                         |  |                                             | 9,473     |   |                                             |   | 6,110     |                                              |  |   | 17,645                                       |   |  |   | 12,181    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 16,188    |   |                                             |   | 10,907    |                                              |  |   | 31,733                                       |   |  |   | 21,106    |  
|Legal and audit fees                                            |  |                                             | 6,355     |   |                                             |   | 4,778     |                                              |  |   | 12,364                                       |   |  |   | 9,261     |  
|Compliance consultant fees                                      |  |                                             | 3,702     |   |                                             |   | 2,510     |                                              |  |   | 7,279                                        |   |  |   | 4,864     |  
|Reports to unitholders                                          |  |                                             | 444       |   |                                             |   | 404       |                                              |  |   | 873                                          |   |  |   | 782       |  
|Registration fees                                               |  |                                             | 4,325     |   |                                             |   | 3,333     |                                              |  |   | 8,502                                        |   |  |   | 6,460     |  
|Other fees                                                      |  |                                             | 889       |   |                                             |   | 604       |                                              |  |   | 1,752                                        |   |  |   | 1,168     |  
|                                                                |  |                                             |           |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Total expenses                                                  |  |                                             | 177,492   |   |                                             |   | 120,045   |                                              |  |   | 344,115                                      |   |  |   | 233,572   |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (2,913    | ) |                                             |   |          |                                              |  |   | (6,351                                       | ) |  |   |          |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net expenses                                                    |  |                                             | 174,579   |   |                                             |   | 120,045   |                                              |  |   | 337,764                                      |   |  |   | 233,572   |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (174,579  | ) |                                             |   | (120,045  | )                                            |  |   | (337,764                                     | ) |  |   | (233,572  | )
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Investments                                                     |  |                                             | 445,194   |   |                                             |   | 130,618   |                                              |  |   | 932,672                                      |   |  |   | 300,982   |  
|                                                                |  |                                             |           |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 445,194   |   |                                             |   | 130,618   |                                              |  |   | 932,672                                      |   |  |   | 300,982   |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Investments                                                     |  |                                             | 1,381,068 |   |                                             |   | 1,186,213 |                                              |  |   | 1,130,035                                    |   |  |   | 1,276,081 |  
|                                                                |  |                                             |           |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 1,381,068 |   |                                             |   | 1,186,213 |                                              |  |   | 1,130,035                                    |   |  |   | 1,276,081 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | 1,826,262 |   |                                             |   | 1,316,831 |                                              |  |   | 2,062,707                                    |   |  |   | 1,577,063 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 1,651,683 |   |                                             | $ | 1,196,786 |                                              |  | $ | 1,724,943                                    |   |  | $ | 1,343,491 |  
|                                                                |  |                                             |           |   |                                             |   |           |                                              |  |   |                                              |   |  |   |           |  



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



101



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American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited





|                                                                   |  |                                                |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ----------- | -
|                                                                   |  | For the 
six-monthperiod ended   June 30, 2012 |            
|From operations                                                    |  |                                                |             |  
|Net investment income (loss)                                       |  | $                                              | (337,764    | )
|Net realized gain (loss)                                           |  |                                                | 932,672     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | 1,130,035   |  
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | 1,724,943   |  
|                                                                   |  |                                                |             |  
|From unitholder transactions                                       |  |                                                |             |  
|Proceeds from units issued                                         |  |                                                | 23,082,033  |  
|Cost of units redeemed                                             |  |                                                | (15,014,425 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 8,067,608   |  
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets                              |  |                                                | 9,792,551   |  
|Net Assets                                                         |  |                                                |             |  
|Beginning of period                                                |  |                                                | 82,386,394  |  
|                                                                   |  |                                                |             |  
|End of period                                                      |  | $                                              | 92,178,945  |  
|                                                                   |  |                                                |             |  
|Number of units                                                    |  |                                                |             |  
|Outstanding-beginning of period                                    |  |                                                | 6,251,267   |  
|Issued                                                             |  |                                                | 1,738,812   |  
|Redeemed                                                           |  |                                                | (1,131,383  | )
|                                                                   |  |                                                |             |  
|Outstanding-end of period                                          |  |                                                | 6,858,696   |  
|                                                                   |  |                                                |             |  



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



102



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.03  | )  |                                             |   | (0.02  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                             |   | (0.02  | )                                             |  |   | (0.05                                         | )  |  |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.28   |    |                                             |   | 0.27   |                                               |  |   | 0.31                                          |    |  |   | 0.33   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.25   |    |                                             |   | 0.25   |                                               |  |   | 0.26                                          |    |  |   | 0.28   |   
|Net asset value at beginning of period                       |  |                                             | 13.19  |    |                                             |   | 12.35  |                                               |  |   | 13.18                                         |    |  |   | 12.32  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 13.44  |    |                                             | $ | 12.60  |                                               |  | $ | 13.44                                         |    |  | $ | 12.60  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.78   | %  |                                             |   | 0.78   | %                                             |  |   | 0.77                                          | %  |  |   | 0.80   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.78  | )% |                                             |   | (0.78  | )%                                            |  |   | (0.77                                         | )% |  |   | (0.80  | )%
|Portfolio turnover**,                                     |  |                                             | 3      | %  |                                             |   | 3      | %                                             |  |   | 8                                             | %  |  |   | 7      | % 
|Total return**                                               |  |                                             | 1.90   | %  |                                             |   | 2.02   | %                                             |  |   | 1.97                                          | %  |  |   | 2.27   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 92,179 |    |                                             | $ | 64,472 |                                               |  | $ | 92,179                                        |    |  | $ | 64,472 |   



|* | 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.



103



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American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Schedule of Investments

June 30, 2012

Unaudited





|                                                      |  |        |           |  |       |   |            |  
|----------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                      |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                             |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                  |  |        |           |  |       |   |            |  
|SSgA U.S. Bond Index Non-Lending Series Fund, Class A |  |        | 7,479,821 |  |       | $ | 92,263,587 |  
|                                                      |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $84,491,153)             |  |        |           |  |       |   | 92,263,587 |  
|                                                      |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $84,491,153)         |  |        |           |  |       |   | 92,263,587 |  
|Liabilities Less Other Assets  (0.1)%                |  |        |           |  |       |   | (84,642    | )
|                                                      |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                   |  |        |           |  |       | $ | 92,178,945 |  
|                                                      |  |        |           |  |       |   |            |  



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



104



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statements of Assets and Liabilities





|                                                                                                                                          |  |                          |            |  |                    |   |            | 
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ---------- |  | ------------------ | - | ---------- | 
|                                                                                                                                          |  | June 30, 2012  Unaudited |            |  | December 31,  2011 |  
|Assets                                                                                                                                    |  |                          |            |  |                    |   |            | 
|Investments in collective investment funds, at value:                                                                                     |  |                          |            |  |                    |   |            | 
|SSgA S&P 500® Index Non-Lending Series Fund Class A (cost $76,910,330 and $62,136,017 and units of 3,745,273 and
3,145,677, respectively) |  | $                        | 88,706,795 |  |                    | $ | 68,037,847 | 
|Receivable for fund units sold                                                                                                            |  |                          | 83,848     |  |                    |   | 88,462     | 
|Other assets                                                                                                                              |  |                          | 2,748      |  |                    |   | 2,501      | 
|                                                                                                                                          |  |                          |            |  |                    |   |            | 
|                                                                                                                                          |  |                         
|Total assets                                                                                                                              |  |                          | 88,793,391 |  |                    |   | 68,128,810 | 
|                                                                                                                                          |  |                          |            |  |                    |   |            | 
|Liabilities                                                                                                                               |  |                          |            |  |                    |   |            | 
|Due to custodian                                                                                                                          |  |                          |           |  |                    |   | 8          | 
|Payable for investments purchased                                                                                                         |  |                          | 83,848     |  |                    |   | 88,462     | 
|Investment advisory fee payable                                                                                                           |  |                          | 4,227      |  |                    |   | 2,772      | 
|INGprogram fee payable                                                                                                                   |  |                          | 36,589     |  |                    |   | 28,240     | 
|Trustee, management and administration fees payable                                                                                       |  |                          | 6,120      |  |                    |   | 5,003      | 
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |                          | 4,951      |  |                    |   | 4,052      | 
|Payable for legal and audit services                                                                                                      |  |                          | 3,254      |  |                    |   | 9,252      | 
|Payable for compliance consultant fees                                                                                                    |  |                          | 6,286      |  |                    |   | 4,751      | 
|Other Accruals                                                                                                                            |  |                          | 15,614     |  |                    |   | 10,838     | 
|                                                                                                                                          |  |                          |            |  |                    |   |            | 
|                                                                                                                                          |  |                         
|Total liabilities                                                                                                                         |  |                          | 160,889    |  |                    |   | 153,378    | 
|                                                                                                                                          |  |                          |            |  |                    |   |            | 
|Net Assets(equivalent to $19.79 and $18.14 per unit based on 4,478,069 and 3,747,123 units outstanding,
respectively)                     |  | $                        | 88,632,502 |  |                    | $ | 67,975,432 | 
|                                                                                                                                          |  |                          |            |  |                    |   |            | 



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



105



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American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ----------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the yearApril 1, 2011 toJune 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Interest                                                        |  | $                                           |           |   |                                           | $ |         |                                               |  | $ | 8                                             |   |  | $ |          |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Total investment income                                         |  |                                             |           |   |                                           |   |         |                                               |  |   | 8                                             |   |  |   |          |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Expenses                                                        |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 111,589    |   |                                           |   | 83,321   |                                               |  |   | 209,806                                       |   |  |   | 158,956   |  
|Trustee, management and administration fees                     |  |                                             | 19,012     |   |                                           |   | 14,142   |                                               |  |   | 35,815                                        |   |  |   | 26,920    |  
|Investment advisory fee                                         |  |                                             | 4,655      |   |                                           |   | 3,050    |                                               |  |   | 8,877                                         |   |  |   | 5,995     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 15,510     |   |                                           |   | 11,609   |                                               |  |   | 29,556                                        |   |  |   | 22,054    |  
|Legal and audit fees                                            |  |                                             | 6,015      |   |                                           |   | 4,962    |                                               |  |   | 11,471                                        |   |  |   | 9,612     |  
|Compliance consultant fees                                      |  |                                             | 3,503      |   |                                           |   | 2,607    |                                               |  |   | 6,751                                         |   |  |   | 5,049     |  
|Reports to unitholders                                          |  |                                             | 420        |   |                                           |   | 419      |                                               |  |   | 810                                           |   |  |   | 811       |  
|Registration fees                                               |  |                                             | 4,091      |   |                                           |   | 3,462    |                                               |  |   | 7,885                                         |   |  |   | 6,705     |  
|Other fees                                                      |  |                                             | 841        |   |                                           |   | 649      |                                               |  |   | 1,620                                         |   |  |   | 1,237     |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 165,636    |   |                                           |   | 124,221  |                                               |  |   | 312,591                                       |   |  |   | 237,339   |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (2,826     | ) |                                           |   |         |                                               |  |   | (5,919                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 162,810    |   |                                           |   | 124,221  |                                               |  |   | 306,672                                       |   |  |   | 237,339   |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (162,810   | ) |                                           |   | (124,221 | )                                             |  |   | (306,664                                      | ) |  |   | (237,339  | )
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 459,114    |   |                                           |   | 797,910  |                                               |  |   | 945,378                                       |   |  |   | 1,225,849 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 459,114    |   |                                           |   | 797,910  |                                               |  |   | 945,378                                       |   |  |   | 1,225,849 |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (2,768,128 | ) |                                           |   | (723,890 | )                                             |  |   | 5,894,635                                     |   |  |   | 2,206,665 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (2,768,128 | ) |                                           |   | (723,890 | )                                             |  |   | 5,894,635                                     |   |  |   | 2,206,665 |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (2,309,014 | ) |                                           |   | 74,020   |                                               |  |   | 6,840,013                                     |   |  |   | 3,432,514 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (2,471,824 | ) |                                           | $ | (50,201  | )                                             |  | $ | 6,533,349                                     |   |  | $ | 3,195,175 |  
|                                                                |  |                                             |            |   |                                           |   |          |                                               |  |   |                                               |   |  |   |           |  



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



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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, 2012 |            
|From operations                                                    |  |                                             |             |  
|Net investment income (loss)                                       |  | $                                           | (306,664    | )
|Net realized gain (loss)                                           |  |                                             | 945,378     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 5,894,635   |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 6,533,349   |  
|                                                                   |  |                                             |             |  
|From unitholder transactions                                       |  |                                             |             |  
|Proceeds from units issued                                         |  |                                             | 25,459,243  |  
|Cost of units redeemed                                             |  |                                             | (11,335,522 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 14,123,721  |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets                              |  |                                             | 20,657,070  |  
|Net Assets                                                         |  |                                             |             |  
|Beginning of period                                                |  |                                             | 67,975,432  |  
|                                                                   |  |                                             |             |  
|End of period                                                      |  | $                                           | 88,632,502  |  
|                                                                   |  |                                             |             |  
|Number of units                                                    |  |                                             |             |  
|Outstanding-beginning of period                                    |  |                                             | 3,747,123   |  
|Issued                                                             |  |                                             | 1,309,729   |  
|Redeemed                                                           |  |                                             | (578,783    | )
|                                                                   |  |                                             |             |  
|Outstanding-end of period                                          |  |                                             | 4,478,069   |  
|                                                                   |  |                                             |             |  



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



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|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)                      |  |                                             | (0.56  | )  |                                             |   | 0.02   |                                               |  |   | 1.72                                          |    |  |   | 1.08   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.60  | )  |                                             |   | (0.02  | )                                             |  |   | 1.65                                          |    |  |   | 1.01   |   
|Net asset value at beginning of period                       |  |                                             | 20.39  |    |                                             |   | 18.93  |                                               |  |   | 18.14                                         |    |  |   | 17.90  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 19.79  |    |                                             | $ | 18.91  |                                               |  | $ | 19.79                                         |    |  | $ | 18.91  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.77   | %  |                                             |   | 0.79   | %                                             |  |   | 0.75                                          | %  |  |   | 0.78   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.77  | )% |                                             |   | (0.79  | )%                                            |  |   | (0.75                                         | )% |  |   | (0.78  | )%
|Portfolio turnover**,                                     |  |                                             | 2      | %  |                                             |   | 5      | %                                             |  |   | 4                                             | %  |  |   | 9      | % 
|Total return**                                               |  |                                             | (2.94  | )% |                                             |   | (0.11  | )%                                            |  |   | 9.10                                          | %  |  |   | 5.64   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 88,633 |    |                                             | $ | 65,074 |                                               |  | $ | 88,633                                        |    |  | $ | 65,074 |   



|* | 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.



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American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                     |  |        |           |  |       |   |            |  
|---------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                     |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                            |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                 |  |        |           |  |       |   |            |  
|SSgA S&P 500® Index Non-Lending Series Fund, Class A |  |        | 3,745,273 |  |       | $ | 88,706,795 |  
|                                                     |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $76,910,330)            |  |        |           |  |       |   | 88,706,795 |  
|                                                     |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $76,910,330)        |  |        |           |  |       |   | 88,706,795 |  
|Liabilities Less Other Assets  (0.1)%               |  |        |           |  |       |   | (74,293    | )
|                                                     |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                  |  |        |           |  |       | $ | 88,632,502 |  
|                                                     |  |        |           |  |       |   |            |  



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



109



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American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statements of Assets and Liabilities





|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | ---
|                                                                                                                                                      |  | June 30, 2012Unaudited |             |  | December 31,2011 |  
|Assets                                                                                                                                                |  |                        |             |  |                  |   |             |    
|Investments in collective investment funds, at value:                                                                                                 |  |                        |             |  |                  |   |             |    
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $227,562,716 and $231,370,558 and units of 15,699,918
and 16,110,008, respectively) |  | $                      | 284,105,719 |  |                  | $ | 266,749,521 |    
|Receivable for investments sold                                                                                                                       |  |                        | 74,580      |  |                  |   | 498,107     |    
|Other assets                                                                                                                                          |  |                        | 9,372       |  |                  |   | 9,977       |    
|                                                                                                                                                      |  |                       
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total assets                                                                                                                                          |  |                        | 284,189,671 |  |                  |   | 267,257,605 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Liabilities                                                                                                                                           |  |                        |             |  |                  |   |             |    
|Payable for fund units redeemed                                                                                                                       |  |                        | 74,580      |  |                  |   | 498,107     |    
|Investment advisory fee payable                                                                                                                       |  |                        | 28,182      |  |                  |   | 22,285      |    
|INGprogram fee payable                                                                                                                               |  |                        | 117,940     |  |                  |   | 116,047     |    
|Trustee, management and administration fees payable                                                                                                   |  |                        | 20,216      |  |                  |   | 20,537      |    
|ABA Retirement Fundsprogram fee payable                                                                                                              |  |                        | 16,392      |  |                  |   | 16,650      |    
|Payable for legal and audit services                                                                                                                  |  |                        | 10,513      |  |                  |   | 39,130      |    
|Payable for compliance consultant fees                                                                                                                |  |                        | 22,996      |  |                  |   |            | (a)
|Payable for reports to unitholders                                                                                                                    |  |                        | 6,158       |  |                  |   |            | (b)
|Payable for registration fees                                                                                                                         |  |                        | 52,422      |  |                  |   |            | (c)
|Other accruals                                                                                                                                        |  |                        | 2,164       |  |                  |   | 68,958      |    
|                                                                                                                                                      |  |                       
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total liabilities                                                                                                                                     |  |                        | 351,563     |  |                  |   | 781,714     |    
|                                                                                                                                                      |  |                       
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Net Assets(equivalent to $38.83 and $35.67 per unit based on 7,309,394 and 7,471,321 units outstanding,
respectively)                                 |  | $                      | 283,838,108 |  |                  | $ | 266,475,891 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    



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

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

|(c) | Payable for registration fees is included in other accruals.
|--- | ------------------------------------------------------------



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



110



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All Cap Index Equity Fund

Statements of Operations

Unaudited





|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | ------------------------------------------ | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |             |   | For the periodApril 1,
2011toJune 30, 2011 |   |            | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |            |   |                                            | $ |           |                                               |  | $ |                                              |   |  | $ |           |  
|                                                                |  |                                             |             |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Expenses                                                        |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|INGprogram fee                                                 |  |                                             | 374,240     |   |                                            |   | 406,101    |                                               |  |   | 733,397                                       |   |  |   | 797,367    |  
|Trustee, management and administration fees                     |  |                                             | 64,273      |   |                                            |   | 69,076     |                                               |  |   | 126,840                                       |   |  |   | 135,177    |  
|Investment advisory fee                                         |  |                                             | 29,345      |   |                                            |   | 27,154     |                                               |  |   | 61,846                                        |   |  |   | 57,513     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 52,437      |   |                                            |   | 56,702     |                                               |  |   | 103,800                                       |   |  |   | 110,735    |  
|Legal and audit fees                                            |  |                                             | 20,137      |   |                                            |   | 24,025     |                                               |  |   | 40,036                                        |   |  |   | 47,844     |  
|Compliance consultant fees                                      |  |                                             | 11,710      |   |                                            |   | 12,620     |                                               |  |   | 23,555                                        |   |  |   | 25,130     |  
|Reports to unitholders                                          |  |                                             | 1,405       |   |                                            |   | 2,030      |                                               |  |   | 2,827                                         |   |  |   | 4,039      |  
|Registration fees                                               |  |                                             | 13,678      |   |                                            |   | 16,758     |                                               |  |   | 27,513                                        |   |  |   | 33,372     |  
|Other fees                                                      |  |                                             | 2,810       |   |                                            |   | 3,033      |                                               |  |   | 5,653                                         |   |  |   | 6,030      |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |             |  
|Total expenses                                                  |  |                                             | 570,035     |   |                                            |   | 617,499    |                                               |  |   | 1,125,467                                     |   |  |   | 1,217,207  |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Less: Expense reimbursement                                     |  |                                             | (9,812      | ) |                                            |   |           |                                               |  |   | (21,171                                       | ) |  |   |           |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net expenses                                                    |  |                                             | 560,223     |   |                                            |   | 617,499    |                                               |  |   | 1,104,296                                     |   |  |   | 1,217,207  |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net investment income (loss)                                    |  |                                             | (560,223    | ) |                                            |   | (617,499   | )                                             |  |   | (1,104,296                                    | ) |  |   | (1,217,207 | )
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | 2,010,517   |   |                                            |   | 2,379,322  |                                               |  |   | 3,733,364                                     |   |  |   | 3,860,639  |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                             | 2,010,517   |   |                                            |   | 2,379,322  |                                               |  |   | 3,733,364                                     |   |  |   | 3,860,639  |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Investments                                                     |  |                                             | (11,474,608 | ) |                                            |   | (2,425,343 | )                                             |  |   | 21,164,040                                    |   |  |   | 14,735,769 |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|                                                                |  |                                             |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (11,474,608 | ) |                                            |   | (2,425,343 | )                                             |  |   | 21,164,040                                    |   |  |   | 14,735,769 |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | (9,464,091  | ) |                                            |   | (46,021    | )                                             |  |   | 24,897,404                                    |   |  |   | 18,596,408 |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (10,024,314 | ) |                                            | $ | (663,520   | )                                             |  | $ | 23,793,108                                    |   |  | $ | 17,379,201 |  
|                                                                |  |                                             |             |   |                                            |   |            |                                               |  |   |                                               |   |  |   |            |  



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



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All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited





|                                                                   |  |                                             |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | -
|                                                                   |  | For the six- monthperiod endedJune 30, 2012 |            
|From operations                                                    |  |                                             |             |  
|Net investment income (loss)                                       |  | $                                           | (1,104,296  | )
|Net realized gain (loss)                                           |  |                                             | 3,733,364   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 21,164,040  |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 23,793,108  |  
|                                                                   |  |                                             |             |  
|From unitholder transactions                                       |  |                                             |             |  
|Proceeds from units issued                                         |  |                                             | 18,601,783  |  
|Cost of units redeemed                                             |  |                                             | (25,032,674 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (6,430,891  | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets                              |  |                                             | 17,362,217  |  
|Net Assets                                                         |  |                                             |             |  
|Beginning of period                                                |  |                                             | 266,475,891 |  
|                                                                   |  |                                             |             |  
|End of period                                                      |  | $                                           | 283,838,108 |  
|                                                                   |  |                                             |             |  
|Number of units                                                    |  |                                             |             |  
|Outstanding-beginning of period                                    |  |                                             | 7,471,321   |  
|Issued                                                             |  |                                             | 484,657     |  
|Redeemed                                                           |  |                                             | (646,584    | )
|                                                                   |  |                                             |             |  
|Outstanding-end of period                                          |  |                                             | 7,309,394   |  
|                                                                   |  |                                             |             |  



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



112



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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, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |    |  | $ |        |   
|Expenses,                                                 |  |                                             | (0.08   | )  |                                             |   | (0.08   | )                                             |  |   | (0.15                                         | )  |  |   | (0.15   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.08   | )  |                                             |   | (0.08   | )                                             |  |   | (0.15                                         | )  |  |   | (0.15   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (1.27   | )  |                                             |   | 0.01    |                                               |  |   | 3.31                                          |    |  |   | 2.28    |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (1.35   | )  |                                             |   | (0.07   | )                                             |  |   | 3.16                                          |    |  |   | 2.13    |   
|Net asset value at beginning of period                       |  |                                             | 40.18   |    |                                             |   | 37.74   |                                               |  |   | 35.67                                         |    |  |   | 35.54   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 38.83   |    |                                             | $ | 37.67   |                                               |  | $ | 38.83                                         |    |  | $ | 37.67   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.80    | %  |                                             |   | 0.81    | %                                             |  |   | 0.78                                          | %  |  |   | 0.81    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.80   | )% |                                             |   | (0.81   | )%                                            |  |   | (0.78                                         | )% |  |   | (0.81   | )%
|Portfolio turnover**,                                     |  |                                             | 1       | %  |                                             |   | 1       | %                                             |  |   | 2                                             | %  |  |   | 2       | % 
|Total return**                                               |  |                                             | (3.36   | )% |                                             |   | (0.19   | )%                                            |  |   | 8.86                                          | %  |  |   | 5.99    | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 283,838 |    |                                             | $ | 301,757 |                                               |  | $ | 283,838                                       |    |  | $ | 301,757 |   



|* | 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 col- lective 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.



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American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |            |  |       |   |             |  
|------------------------------------------------------------ |  | ------ | ---------- |  | ----- | - | ----------- | -
|                                                             |  | Shares |            |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |            |  |       |   |             |  
|Collective Investment Funds  100.1%                         |  |        |            |  |       |   |             |  
|SSgA Russell All Cap® Index Non-Lending Series Fund, Class A |  |        | 15,699,918 |  |       | $ | 284,105,719 |  
|                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENT FUNDS (cost $227,562,716)                   |  |        |            |  |       |   | 284,105,719 |  
|                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENTS  100.1%
(cost $227,562,716)               |  |        |            |  |       |   | 284,105,719 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |            |  |       |   | (267,611    | )
|                                                             |  |        |            |  |       |   |             |  
|NET ASSETS  100.0%                                          |  |        |            |  |       | $ | 283,838,108 |  
|                                                             |  |        |            |  |       |   |             |  



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



114



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American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Assets and Liabilities



|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                             |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                       |  |                        |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                        |  |                        |            |  |                  |   |            | 
|SSgA S&P MidCap® Index Non-Lending Series Fund Class A (cost $63,953,693 and $54,827,517 and units of 1,969,119 and
1,742,515, respectively) |  | $                      | 70,586,992 |  |                  | $ | 57,872,403 | 
|Receivable for fund units sold                                                                                                               |  |                        | 76,408     |  |                  |   | 48,894     | 
|Other assets                                                                                                                                 |  |                        | 2,277      |  |                  |   | 2,176      | 
|                                                                                                                                             |  |                       
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                 |  |                        | 70,665,677 |  |                  |   | 57,923,473 | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                  |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                            |  |                        | 76,408     |  |                  |   | 48,894     | 
|Investment advisory fee payable                                                                                                              |  |                        | 6,943      |  |                  |   | 4,883      | 
|INGprogram fee payable                                                                                                                      |  |                        | 29,007     |  |                  |   | 24,784     | 
|Trustee, management and administration fees payable                                                                                          |  |                        | 5,042      |  |                  |   | 4,375      | 
|ABA Retirement Fundsprogram fee payable                                                                                                     |  |                        | 4,074      |  |                  |   | 3,555      | 
|Payable for legal and audit services                                                                                                         |  |                        | 2,638      |  |                  |   | 8,121      | 
|Payable for compliance consultant fees                                                                                                       |  |                        | 5,286      |  |                  |   | 4,137      | 
|Other accruals                                                                                                                               |  |                        | 13,285     |  |                  |   | 9,594      | 
|                                                                                                                                             |  |                       
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                            |  |                        | 142,683    |  |                  |   | 108,343    | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Net Assets(equivalent to $25.88 and $24.07 per unit based on 2,724,980 and 2,402,100 units outstanding,
respectively)                        |  | $                      | 70,522,994 |  |                  | $ | 57,815,130 | 
|                                                                                                                                             |  |                        |            |  |                  |   |            | 



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



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American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 1, 2011 toJune 30, 2011 |   |            | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |           |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 91,352     |   |                                             |   | 79,313     |                                               |  |   | 174,798                                       |   |  |   | 142,529   |  
|Trustee, management and administration fees                     |  |                                             | 15,755     |   |                                             |   | 13,447     |                                               |  |   | 30,024                                        |   |  |   | 24,132    |  
|Investment advisory fee                                         |  |                                             | 8,022      |   |                                             |   | 5,509      |                                               |  |   | 14,676                                        |   |  |   | 10,779    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 12,854     |   |                                             |   | 11,039     |                                               |  |   | 24,787                                        |   |  |   | 19,774    |  
|Legal and audit fees                                            |  |                                             | 4,941      |   |                                             |   | 4,747      |                                               |  |   | 9,572                                         |   |  |   | 8,693     |  
|Compliance consultant fees                                      |  |                                             | 2,878      |   |                                             |   | 2,493      |                                               |  |   | 5,635                                         |   |  |   | 4,566     |  
|Reports to unitholders                                          |  |                                             | 345        |   |                                             |   | 401        |                                               |  |   | 676                                           |   |  |   | 734       |  
|Registration fees                                               |  |                                             | 3,362      |   |                                             |   | 3,311      |                                               |  |   | 6,582                                         |   |  |   | 6,063     |  
|Other fees                                                      |  |                                             | 691        |   |                                             |   | 620        |                                               |  |   | 1,352                                         |   |  |   | 1,120     |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Total expenses                                                  |  |                                             | 140,200    |   |                                             |   | 120,880    |                                               |  |   | 268,102                                       |   |  |   | 218,390   |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (2,354     | ) |                                             |   |           |                                               |  |   | (4,984                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 137,846    |   |                                             |   | 120,880    |                                               |  |   | 263,118                                       |   |  |   | 218,390   |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (137,846   | ) |                                             |   | (120,880   | )                                             |  |   | (263,118                                      | ) |  |   | (218,390  | )
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 672,644    |   |                                             |   | 794,556    |                                               |  |   | 1,011,626                                     |   |  |   | 1,175,526 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 672,644    |   |                                             |   | 794,556    |                                               |  |   | 1,011,626                                     |   |  |   | 1,175,526 |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (4,242,031 | ) |                                             |   | (1,279,589 | )                                             |  |   | 3,588,413                                     |   |  |   | 2,851,326 |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (4,242,031 | ) |                                             |   | (1,279,589 | )                                             |  |   | 3,588,413                                     |   |  |   | 2,851,326 |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (3,569,387 | ) |                                             |   | (485,033   | )                                             |  |   | 4,600,039                                     |   |  |   | 4,026,852 |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (3,707,233 | ) |                                             | $ | (605,913   | )                                             |  | $ | 4,336,921                                     |   |  | $ | 3,808,462 |  
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |   |  |   |           |  



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



116



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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, 2012 |            
|From operations                                                    |  |                                              |             |  
|Net investment income (loss)                                       |  | $                                            | (263,118    | )
|Net realized gain (loss)                                           |  |                                              | 1,011,626   |  
|Change in net unrealized appreciation (depreciation)               |  |                                              | 3,588,413   |  
|                                                                   |  |                                              |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                              | 4,336,921   |  
|                                                                   |  |                                              |             |  
|From unitholder transactions                                       |  |                                              |             |  
|Proceeds from units issued                                         |  |                                              | 18,790,129  |  
|Cost of units redeemed                                             |  |                                              | (10,419,186 | )
|                                                                   |  |                                              |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                              | 8,370,943   |  
|                                                                   |  |                                              |             |  
|Net increase (decrease) in net assets                              |  |                                              | 12,707,864  |  
|Net Assets                                                         |  |                                              |             |  
|Beginning of period                                                |  |                                              | 57,815,130  |  
|                                                                   |  |                                              |             |  
|End of period                                                      |  | $                                            | 70,522,994  |  
|                                                                   |  |                                              |             |  
|Number of units                                                    |  |                                              |             |  
|Outstanding-beginning of period                                    |  |                                              | 2,402,100   |  
|Issued                                                             |  |                                              | 721,975     |  
|Redeemed                                                           |  |                                              | (399,095    | )
|                                                                   |  |                                              |             |  
|Outstanding-end of period                                          |  |                                              | 2,724,980   |  
|                                                                   |  |                                              |             |  



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



117



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.10                                         | )  |  |   | (0.10  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.10                                         | )  |  |   | (0.10  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (1.34  | )  |                                             |   | (0.20  | )                                             |  |   | 1.91                                          |    |  |   | 2.11   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (1.39  | )  |                                             |   | (0.25  | )                                             |  |   | 1.81                                          |    |  |   | 2.01   |   
|Net asset value at beginning of period                       |  |                                             | 27.27  |    |                                             |   | 26.95  |                                               |  |   | 24.07                                         |    |  |   | 24.69  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 25.88  |    |                                             | $ | 26.70  |                                               |  | $ | 25.88                                         |    |  | $ | 26.70  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.79   | %  |                                             |   | 0.82   | %                                             |  |   | 0.77                                          | %  |  |   | 0.80   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.79  | )% |                                             |   | (0.82  | )%                                            |  |   | (0.77                                         | )% |  |   | (0.80  | )%
|Portfolio turnover**,                                     |  |                                             | 3      | %  |                                             |   | 4      | %                                             |  |   | 5                                             | %  |  |   | 7      | % 
|Total return**                                               |  |                                             | (5.10  | )% |                                             |   | (0.93  | )%                                            |  |   | 7.52                                          | %  |  |   | 8.14   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 70,523 |    |                                             | $ | 63,828 |                                               |  | $ | 70,523                                        |    |  | $ | 63,828 |   





|* | 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.



118



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                        |  |        |           |  |       |   |            |  
|------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                        |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                               |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                    |  |        |           |  |       |   |            |  
|SSgA S&P MidCap® Index Non-Lending Series Fund, Class A |  |        | 1,969,119 |  |       | $ | 70,586,992 |  
|                                                        |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $63,953,693)               |  |        |           |  |       |   | 70,586,992 |  
|                                                        |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%                              |  |        |           |  |       |   |            |  
|(cost $63,953,693)                                      |  |        |           |  |       |   | 70,586,992 |  
|Liabilities Less Other Assets  (0.1)%                  |  |        |           |  |       |   | (63,998    | )
|                                                        |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                     |  |        |           |  |       | $ | 70,522,994 |  
|                                                        |  |        |           |  |       |   |            |  



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



119



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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, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                              |  |                        |            |  |                  |   |            |    
|Investments in collective investment funds, at value:                                                                                               |  |                        |            |  |                  |   |            |    
|SSgA Russell Small Cap® Index Non-Lending Series Fund Class A (cost $35,297,255 and $31,103,960 and units of 1,546,261 and 1,407,293, respectively) |  | $                      | 37,911,236 |  |                  | $ | 31,792,166 |    
|Receivable for fund units sold                                                                                                                      |  |                        | 24,797     |  |                  |   | 53,053     |    
|Other assets                                                                                                                                        |  |                        | 1,223      |  |                  |   | 1,197      |    
|                                                                                                                                                    |  |                       
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                                        |  |                        | 37,937,256 |  |                  |   | 31,846,416 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                         |  |                        |            |  |                  |   |            |    
|Due to custodian                                                                                                                                    |  |                        |           |  |                  |   | 53,053     |    
|Payable for investments purchased                                                                                                                   |  |                        | 24,797     |  |                  |   |           |    
|Investment advisory fee payable                                                                                                                     |  |                        | 3,650      |  |                  |   | 2,996      |    
|INGprogram fee payable                                                                                                                             |  |                        | 15,283     |  |                  |   | 13,374     |    
|Trustee, management and administration fees payable                                                                                                 |  |                        | 2,561      |  |                  |   | 2,374      |    
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 2,094      |  |                  |   | 1,920      |    
|Payable for legal and audit services                                                                                                                |  |                        | 1,378      |  |                  |   | 4,697      |    
|Payable for compliance consultant fees                                                                                                              |  |                        | 2,867      |  |                  |   |           | (a)
|Payable for reports to unitholders                                                                                                                  |  |                        | 696        |  |                  |   |           | (b)
|Payable for registration fees                                                                                                                       |  |                        | 6,384      |  |                  |   |           | (c)
|Other accruals                                                                                                                                      |  |                        | 253        |  |                  |   | 7,985      |    
|                                                                                                                                                    |  |                       
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                   |  |                        | 59,963     |  |                  |   | 86,399     |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $26.71 and $24.70 per unit based on 1,418,265 and 1,285,785 units outstanding,
respectively)                               |  | $                      | 37,877,293 |  |                  | $ | 31,760,017 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    





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

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

|(c) | Payable for registration fees is included in other accruals.
|--- | ------------------------------------------------------------



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



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Small Cap Index Equity Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | -------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 
1, 2011 toJune 30, 2011 |   |            | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |           |   |                                              | $ |           |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Expenses                                                        |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 48,413     |   |                                              |   | 48,109     |                                               |  |   | 93,483                                        |   |  |   | 87,357    |  
|Trustee, management and administration fees                     |  |                                             | 8,275      |   |                                              |   | 8,167      |                                               |  |   | 16,015                                        |   |  |   | 14,802    |  
|Investment advisory fee                                         |  |                                             | 3,837      |   |                                              |   | 3,456      |                                               |  |   | 7,492                                         |   |  |   | 6,744     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 6,752      |   |                                              |   | 6,705      |                                               |  |   | 13,197                                        |   |  |   | 12,129    |  
|Legal and audit fees                                            |  |                                             | 2,617      |   |                                              |   | 2,849      |                                               |  |   | 5,119                                         |   |  |   | 5,299     |  
|Compliance consultant fees                                      |  |                                             | 1,515      |   |                                              |   | 1,496      |                                               |  |   | 3,004                                         |   |  |   | 2,783     |  
|Reports to unitholders                                          |  |                                             | 182        |   |                                              |   | 241        |                                               |  |   | 361                                           |   |  |   | 448       |  
|Registration fees                                               |  |                                             | 1,770      |   |                                              |   | 1,988      |                                               |  |   | 3,510                                         |   |  |   | 3,697     |  
|Other fees                                                      |  |                                             | 364        |   |                                              |   | 370        |                                               |  |   | 721                                           |   |  |   | 679       |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 73,725     |   |                                              |   | 73,381     |                                               |  |   | 142,902                                       |   |  |   | 133,938   |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (1,265     | ) |                                              |   |           |                                               |  |   | (2,687                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 72,460     |   |                                              |   | 73,381     |                                               |  |   | 140,215                                       |   |  |   | 133,938   |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (72,460    | ) |                                              |   | (73,381    | )                                             |  |   | (140,215                                      | ) |  |   | (133,938  | )
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 619,679    |   |                                              |   | 607,612    |                                               |  |   | 792,712                                       |   |  |   | 1,018,185 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 619,679    |   |                                              |   | 607,612    |                                               |  |   | 792,712                                       |   |  |   | 1,018,185 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (1,944,264 | ) |                                              |   | (1,254,305 | )                                             |  |   | 1,925,775                                     |   |  |   | 809,910   |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (1,944,264 | ) |                                              |   | (1,254,305 | )                                             |  |   | 1,925,775                                     |   |  |   | 809,910   |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (1,324,585 | ) |                                              |   | (646,693   | )                                             |  |   | 2,718,487                                     |   |  |   | 1,828,095 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (1,397,045 | ) |                                              | $ | (720,074   | )                                             |  | $ | 2,578,272                                     |   |  | $ | 1,694,157 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  



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



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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, 2012 |           
|From operations                                                    |  |                                              |            |  
|Net investment income (loss)                                       |  | $                                            | (140,215   | )
|Net realized gain (loss)                                           |  |                                              | 792,712    |  
|Change in net unrealized appreciation (depreciation)               |  |                                              | 1,925,775  |  
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                              | 2,578,272  |  
|                                                                   |  |                                              |            |  
|From unitholder transactions                                       |  |                                              |            |  
|Proceeds from units issued                                         |  |                                              | 10,269,167 |  
|Cost of units redeemed                                             |  |                                              | (6,730,163 | )
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                              | 3,539,004  |  
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets                              |  |                                              | 6,117,276  |  
|Net Assets                                                         |  |                                              |            |  
|Beginning of period                                                |  |                                              | 31,760,017 |  
|                                                                   |  |                                              |            |  
|End of period                                                      |  | $                                            | 37,877,293 |  
|                                                                   |  |                                              |            |  
|Number of units                                                    |  |                                              |            |  
|Outstanding-beginning of period                                    |  |                                              | 1,285,785  |  
|Issued                                                             |  |                                              | 388,466    |  
|Redeemed                                                           |  |                                              | (255,986   | )
|                                                                   |  |                                              |            |  
|Outstanding-end of period                                          |  |                                              | 1,418,265  |  
|                                                                   |  |                                              |            |  



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



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.05  | )  |                                             |   | (0.06  | )                                             |  |   | (0.10                                         | )  |  |   | (0.11  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.05  | )  |                                             |   | (0.06  | )                                             |  |   | (0.10                                         | )  |  |   | (0.11  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.96  | )  |                                             |   | (0.44  | )                                             |  |   | 2.11                                          |    |  |   | 1.62   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (1.01  | )  |                                             |   | (0.50  | )                                             |  |   | 2.01                                          |    |  |   | 1.51   |   
|Net asset value at beginning of period                       |  |                                             | 27.72  |    |                                             |   | 27.99  |                                               |  |   | 24.70                                         |    |  |   | 25.98  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 26.71  |    |                                             | $ | 27.49  |                                               |  | $ | 26.71                                         |    |  | $ | 27.49  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.79   | %  |                                             |   | 0.81   | %                                             |  |   | 0.77                                          | %  |  |   | 0.80   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.79  | )% |                                             |   | (0.81  | )%                                            |  |   | (0.77                                         | )% |  |   | (0.80  | )%
|Portfolio turnover**,                                     |  |                                             | 8      | %  |                                             |   | 6      | %                                             |  |   | 10                                            | %  |  |   | 11     | % 
|Total return**                                               |  |                                             | (3.64  | )% |                                             |   | (1.79  | )%                                            |  |   | 8.14                                          | %  |  |   | 5.81   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 37,877 |    |                                             | $ | 36,850 |                                               |  | $ | 37,877                                        |    |  | $ | 36,850 |   





|* | 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 0.020% 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.



123



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American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                               |  |        |           |  |       |   |            |  
|-------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                               |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                      |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                           |  |        |           |  |       |   |            |  
|SSgA Russell Small Cap® Index Non-Lending Series Fund, Class A |  |        | 1,546,261 |  |       | $ | 37,911,236 |  
|                                                               |  |       
|                                                               |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $35,297,255)                      |  |        |           |  |       |   | 37,911,236 |  
|                                                               |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1% (cost $35,297,255)                  |  |        |           |  |       |   | 37,911,236 |  
|Liabilities Less Other Assets  (0.1)%                         |  |        |           |  |       |   | (33,943    | )
|                                                               |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                            |  |        |           |  |       | $ | 37,877,293 |  
|                                                               |  |        |           |  |       |   |            |  



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



124



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American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statements of Assets and Liabilities



|                                                                                                                                                       |  |                        |            |     |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------- | ---------- | --- | ---------------- | - | ---------- | 
|                                                                                                                                                       |  | June 30, 2012Unaudited |            |     | December 31,2011 |  
|Assets                                                                                                                                                 |  |                        |            |     |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                                  |  |                        |            |     |                  |   |            | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $55,460,417 and $51,057,680 and units of 4,481,101
and 4,126,478, respectively) |  | $                      | 53,943,489 |     |                  | $ | 48,040,457 | 
|Receivable for fund units sold                                                                                                                         |  |                        | 91,564     |     |                  |   |           | 
|Other assets                                                                                                                                           |  |                        | 1,784      |     |                  |   | 1,896      | 
|                                                                                                                                                       |  |                       
|                                                                                                                                                       |  |                        |            |     |                  |   |            | 
|Total assets                                                                                                                                           |  |                        | 54,036,837 |     |                  |   | 48,042,353 | 
|                                                                                                                                                       |  |                        |            |     |                  |   |            | 
|Liabilities                                                                                                                                            |  |                        |            |     |                  |   |            | 
|Payable for investments purchased                                                                                                                      |  |                        | 91,564     |     |                  |   |           | 
|Investment advisory fee payable                                                                                                                        |  |                        | 15,264     |     |                  |   | 14,402     | 
|INGprogram fee payable                                                                                                                                |  |                        | 21,936     |     |                  |   | 21,189     | 
|Trustee, management and administration fees payable                                                                                                    |  |                        | 3,649      |     |                  |   | 3,744      | 
|ABA Retirement Fundsprogram fee payable                                                                                                               |  |                        | 2,960      |     |                  |   | 3,040      | 
|Payable for legal and audit services                                                                                                                   |  |                        | 1,955      |     |                  |   | 7,147      | 
|Payable for compliance consultant fees                                                                                                                 |  |                        |           | (a) |                  |   | 3,700      | 
|Payable for reports to unitholders                                                                                                                     |  |                        |           | (b) |                  |   | 937        | 
|Other accruals                                                                                                                                         |  |                        | 15,181     |     |                  |   | 7,615      | 
|                                                                                                                                                       |  |                       
|                                                                                                                                                       |  |                        |            |     |                  |   |            | 
|Total liabilities                                                                                                                                      |  |                        | 152,509    |     |                  |   | 61,774     | 
|                                                                                                                                                       |  |                        |            |     |                  |   |            | 
|Net Assets(equivalent to $25.53 and $24.80 per unit based on 2,110,342 and 1,934,800 units outstanding,
respectively)                                  |  | $                      | 53,884,328 |     |                  | $ | 47,980,579 | 
|                                                                                                                                                       |  |                        |            |     |                  |   |            | 



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

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



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



125



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American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 1, 2011 toJune 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 69,689     |   |                                             |   | 68,984   |                                               |  |   | 136,614                                       |   |  |   | 128,961   |  
|Trustee, management and administration fees                     |  |                                             | 11,861     |   |                                             |   | 11,738   |                                               |  |   | 23,481                                        |   |  |   | 21,867    |  
|Investment advisory fee                                         |  |                                             | 15,718     |   |                                             |   | 15,951   |                                               |  |   | 31,998                                        |   |  |   | 31,100    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 9,678      |   |                                             |   | 9,635    |                                               |  |   | 19,249                                        |   |  |   | 17,916    |  
|Legal and audit fees                                            |  |                                             | 3,730      |   |                                             |   | 4,167    |                                               |  |   | 7,427                                         |   |  |   | 7,847     |  
|Compliance consultant fees                                      |  |                                             | 2,164      |   |                                             |   | 2,189    |                                               |  |   | 4,365                                         |   |  |   | 4,122     |  
|Reports to unitholders                                          |  |                                             | 260        |   |                                             |   | 353      |                                               |  |   | 524                                           |   |  |   | 663       |  
|Registration fees                                               |  |                                             | 2,528      |   |                                             |   | 2,908    |                                               |  |   | 5,098                                         |   |  |   | 5,474     |  
|Other fees                                                      |  |                                             | 520        |   |                                             |   | 537      |                                               |  |   | 1,049                                         |   |  |   | 1,001     |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 116,148    |   |                                             |   | 116,462  |                                               |  |   | 229,805                                       |   |  |   | 218,951   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (1,817     | ) |                                             |   |         |                                               |  |   | (3,925                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 114,331    |   |                                             |   | 116,462  |                                               |  |   | 225,880                                       |   |  |   | 218,951   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (114,331   | ) |                                             |   | (116,462 | )                                             |  |   | (225,880                                      | ) |  |   | (218,951  | )
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 17,923     |   |                                             |   | 101,626  |                                               |  |   | 101,009                                       |   |  |   | 209,165   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 17,923     |   |                                             |   | 101,626  |                                               |  |   | 101,009                                       |   |  |   | 209,165   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (3,883,382 | ) |                                             |   | 137,434  |                                               |  |   | 1,500,295                                     |   |  |   | 1,589,795 |  
|                                                                |  |                                             |            |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (3,883,382 | ) |                                             |   | 137,434  |                                               |  |   | 1,500,295                                     |   |  |   | 1,589,795 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (3,865,459 | ) |                                             |   | 239,060  |                                               |  |   | 1,601,304                                     |   |  |   | 1,798,960 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (3,979,790 | ) |                                             | $ | 122,598  |                                               |  | $ | 1,375,424                                     |   |  | $ | 1,580,009 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  



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



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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, 2012 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (225,880   | )
|Net realized gain (loss)                                           |  |                                            | 101,009    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 1,500,295  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 1,375,424  |  
|                                                                   |  |                                            |            |  
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 9,707,771  |  
|Cost of units redeemed                                             |  |                                            | (5,179,446 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 4,528,325  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 5,903,749  |  
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 47,980,579 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 53,884,328 |  
|                                                                   |  |                                            |            |  
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,934,800  |  
|Issued                                                             |  |                                            | 372,337    |  
|Redeemed                                                           |  |                                            | (196,795   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 2,110,342  |  
|                                                                   |  |                                            |            |  



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



127



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.06  | )  |                                             |   | (0.07  | )                                             |  |   | (0.11                                         | )  |  |   | (0.13  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.06  | )  |                                             |   | (0.07  | )                                             |  |   | (0.11                                         | )  |  |   | (0.13  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (1.93  | )  |                                             |   | 0.16   |                                               |  |   | 0.84                                          |    |  |   | 1.13   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (1.99  | )  |                                             |   | 0.09   |                                               |  |   | 0.73                                          |    |  |   | 1.00   |   
|Net asset value at beginning of period                       |  |                                             | 27.52  |    |                                             |   | 29.85  |                                               |  |   | 24.80                                         |    |  |   | 28.94  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 25.53  |    |                                             | $ | 29.94  |                                               |  | $ | 25.53                                         |    |  | $ | 29.94  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.88   | %  |                                             |   | 0.87   | %                                             |  |   | 0.86                                          | %  |  |   | 0.88   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.88  | )% |                                             |   | (0.87  | )%                                            |  |   | (0.86                                         | )% |  |   | (0.88  | )%
|Portfolio turnover**,                                     |  |                                             | 1      | %  |                                             |   | 1      | %                                             |  |   | 3                                             | %  |  |   | 3      | % 
|Total return**                                               |  |                                             | (7.23  | )% |                                             |   | 0.30   | %                                             |  |   | 2.94                                          | %  |  |   | 3.46   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 55,884 |    |                                             | $ | 55,726 |                                               |  | $ | 53,884                                        |    |  | $ | 55,726 |   



|* | 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 0.050% and .0520% for the periods June 30, 2012 and 2011, respectively, 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

International Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                  |  |        |           |  |       |   |            |  
|----------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                                  |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                         |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                              |  |        |           |  |       |   |            |  
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A |  |        | 4,481,101 |  |       | $ | 53,943,489 |  
|                                                                  |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $55,460,417)                         |  |        |           |  |       |   | 53,943,489 |  
|                                                                  |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $55,460,417)                     |  |        |           |  |       |   | 53,943,489 |  
|Liabilities Less Other Assets  (0.1)%                            |  |        |           |  |       |   | (59,161    | )
|                                                                  |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                               |  |        |           |  |       | $ | 53,884,328 |  
|                                                                  |  |        |           |  |       |   |            |  



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



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American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statements of Assets and Liabilities



|                                                                                                                                                           |  |                        |            |  |                  |   |            | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                           |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                                     |  |                        |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                                      |  |                        |            |  |                  |   |            | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $12,130,470 and $10,050,949 and units of 545,198
and 465,031, respectively) |  | $                      | 13,331,174 |  |                  | $ | 10,934,737 | 
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $7,602,968 and $5,881,168 and units of 835,858 and 635,799,
respectively)        |  |                        | 6,889,976  |  |                  |   | 5,441,170  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $5,994,384 and $5,154,528 and units of 206,142 and 184,970,
respectively)                  |  |                        | 6,959,353  |  |                  |   | 5,439,402  | 
|Cash                                                                                                                                                       |  |                        |           |  |                  |   | 24,095     | 
|Receivable for investments sold                                                                                                                            |  |                        | 113,763    |  |                  |   | 471,321    | 
|Other assets                                                                                                                                               |  |                        | 811        |  |                  |   | 838        | 
|                                                                                                                                                           |  |                       
|                                                                                                                                                           |  |                        |            |  |                  |   |            | 
|Total assets                                                                                                                                               |  |                        | 27,295,077 |  |                  |   | 22,311,563 | 
|                                                                                                                                                           |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                                |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                          |  |                        | 65,962     |  |                  |   | 489,340    | 
|Payable for fund units redeemed                                                                                                                            |  |                        | 47,801     |  |                  |   | 6,076      | 
|Investment advisory fee payable                                                                                                                            |  |                        | 4,875      |  |                  |   | 4,005      | 
|INGprogram fee payable                                                                                                                                    |  |                        | 11,472     |  |                  |   | 9,000      | 
|Trustee, management and administration fees payable                                                                                                        |  |                        | 1,938      |  |                  |   | 1,604      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                   |  |                        | 1,568      |  |                  |   | 1,292      | 
|Other accruals                                                                                                                                             |  |                        | 7,711      |  |                  |   | 7,651      | 
|                                                                                                                                                           |  |                       
|                                                                                                                                                           |  |                        |            |  |                  |   |            | 
|Total liabilities                                                                                                                                          |  |                        | 141,327    |  |                  |   | 518,968    | 
|                                                                                                                                                           |  |                        |            |  |                  |   |            | 
|Net Assets(equivalent to $18.22 and $17.47 per unit based on 1,489,958 and 1,247,711 units outstanding,
respectively)                                      |  | $                      | 27,153,750 |  |                  | $ | 21,792,595 | 
|                                                                                                                                                           |  |                        |            |  |                  |   |            | 



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



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American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |   | For the periodApril 1, 2011 toJune 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |        |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |        |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Expenses                                                        |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|INGprogram fee                                                 |  |                                             | 33,885  |   |                                             |   | 24,523   |                                               |  |   | 63,778                                        |   |  |   | 43,395  |  
|Trustee, management and administration fees                     |  |                                             | 5,799   |   |                                             |   | 4,179    |                                               |  |   | 11,024                                        |   |  |   | 7,367   |  
|Investment advisory fee                                         |  |                                             | 5,012   |   |                                             |   | 3,779    |                                               |  |   | 9,802                                         |   |  |   | 6,642   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 4,730   |   |                                             |   | 3,431    |                                               |  |   | 9,005                                         |   |  |   | 6,037   |  
|Legal and audit fees                                            |  |                                             | 1,844   |   |                                             |   | 1,516    |                                               |  |   | 3,502                                         |   |  |   | 2,683   |  
|Compliance consultant fees                                      |  |                                             | 1,082   |   |                                             |   | 796      |                                               |  |   | 2,069                                         |   |  |   | 1,409   |  
|Reports to unitholders                                          |  |                                             | 129     |   |                                             |   | 127      |                                               |  |   | 248                                           |   |  |   | 226     |  
|Registration fees                                               |  |                                             | 1,263   |   |                                             |   | 1,057    |                                               |  |   | 2,416                                         |   |  |   | 1,871   |  
|Other fees                                                      |  |                                             | 258     |   |                                             |   | 205      |                                               |  |   | 495                                           |   |  |   | 356     |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Total expenses                                                  |  |                                             | 54,002  |   |                                             |   | 39,613   |                                               |  |   | 102,339                                       |   |  |   | 69,986  |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Less: Expense reimbursement                                     |  |                                             | (839    | ) |                                             |   |         |                                               |  |   | (1,784                                        | ) |  |   |        |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net expenses                                                    |  |                                             | 53,163  |   |                                             |   | 39,613   |                                               |  |   | 100,555                                       |   |  |   | 69,986  |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net investment income (loss)                                    |  |                                             | (53,163 | ) |                                             |   | (39,613  | )                                             |  |   | (100,555                                      | ) |  |   | (69,986 | )
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized gain (loss) on:                                    |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Investments                                                     |  |                                             | 243,573 |   |                                             |   | 447,539  |                                               |  |   | 395,615                                       |   |  |   | 671,525 |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized gain (loss)                                        |  |                                             | 243,573 |   |                                             |   | 447,539  |                                               |  |   | 395,615                                       |   |  |   | 671,525 |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Investments                                                     |  |                                             | 132,633 |   |                                             |   | (248,466 | )                                             |  |   | 724,017                                       |   |  |   | 129,371 |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 132,633 |   |                                             |   | (248,466 | )                                             |  |   | 724,017                                       |   |  |   | 129,371 |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                             | 376,206 |   |                                             |   | 199,073  |                                               |  |   | 1,119,632                                     |   |  |   | 800,896 |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 323,043 |   |                                             | $ | 159,460  |                                               |  | $ | 1,019,077                                     |   |  | $ | 730,910 |  
|                                                                |  |                                             |         |   |                                             |   |          |                                               |  |   |                                               |   |  |   |         |  



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



131



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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, 2012 |           
|From operations                                                    |  |                                             |            |  
|Net investment income (loss)                                       |  | $                                           | (100,555   | )
|Net realized gain (loss)                                           |  |                                             | 395,615    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 724,017    |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,019,077  |  
|                                                                   |  |                                             |            |  
|From unitholder transactions                                       |  |                                             |            |  
|Proceeds from units issued                                         |  |                                             | 8,068,494  |  
|Cost of units redeemed                                             |  |                                             | (3,726,416 | )
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,342,078  |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets                              |  |                                             | 5,361,155  |  
|Net Assets                                                         |  |                                             |            |  
|Beginning of period                                                |  |                                             | 21,792,595 |  
|                                                                   |  |                                             |            |  
|End of period                                                      |  | $                                           | 27,153,750 |  
|                                                                   |  |                                             |            |  
|Number of units                                                    |  |                                             |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,247,711  |  
|Issued                                                             |  |                                             | 449,333    |  
|Redeemed                                                           |  |                                             | (207,086   | )
|                                                                   |  |                                             |            |  
|Outstanding-end of period                                          |  |                                             | 1,489,958  |  
|                                                                   |  |                                             |            |  



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



132



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|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)                      |  |                                             | 0.25   |    |                                             |   | 0.21   |                                               |  |   | 0.82                                          |    |  |   | 0.87   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.21   |    |                                             |   | 0.17   |                                               |  |   | 0.75                                          |    |  |   | 0.80   |   
|Net asset value at beginning of period                       |  |                                             | 18.01  |    |                                             |   | 17.25  |                                               |  |   | 17.47                                         |    |  |   | 16.62  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 18.22  |    |                                             | $ | 17.42  |                                               |  | $ | 18.22                                         |    |  | $ | 17.42  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.81   | %  |                                             |   | 0.82   | %                                             |  |   | 0.80                                          | %  |  |   | 0.82   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.81  | )% |                                             |   | (0.82  | )%                                            |  |   | (0.80                                         | )% |  |   | (0.82  | )%
|Portfolio turnover**,                                     |  |                                             | 6      | %  |                                             |   | 8      | %                                             |  |   | 10                                            | %  |  |   | 17     | % 
|Total return**                                               |  |                                             | 1.17   | %  |                                             |   | 0.99   | %                                             |  |   | 4.29                                          | %  |  |   | 4.81   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 27,154 |    |                                             | $ | 20,721 |                                               |  | $ | 27,154                                        |    |  | $ | 20,721 |   



|* | 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.



133



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American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                          |  |        |         |  |       |   |            |  
|------------------------------------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | -
|                                                                          |  | Shares |         |  | Value |  
|INVESTMENT FUNDS  100.1%                                                 |  |        |         |  |       |   |            |  
|Collective Investment Funds  100.1%                                      |  |        |         |  |       |   |            |  
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund, Class A      |  |        | 835,858 |  |       | $ | 6,889,976  |  
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A |  |        | 545,198 |  |       |   | 13,331,174 |  
|SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A                |  |        | 206,142 |  |       |   | 6,959,353  |  
|                                                                          |  |        |         |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $25,727,822)                                 |  |        |         |  |       |   | 27,180,503 |  
|                                                                          |  |        |         |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $25,727,822)                             |  |        |         |  |       |   | 27,180,503 |  
|Liabilities Less Other Assets  (0.1)%                                    |  |        |         |  |       |   | (26,753    | )
|                                                                          |  |        |         |  |       |   |            |  
|NET ASSETS  100.0%                                                       |  |        |         |  |       | $ | 27,153,750 |  
|                                                                          |  |        |         |  |       |   |            |  



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



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American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statement of Assets and Liabilities



|                                                                             |  |                        |         | 
|---------------------------------------------------------------------------- |  | ---------------------- | ------- | 
|                                                                             |  | June 30, 2012Unaudited |        
|Assets                                                                       |  |                        |         | 
|Investments in collective investment funds, at value:                        |  |                        |         | 
|Wellington CIF II Real Total Return Fund (cost $544,428 and units of 54,332) |  | $                      | 542,230 | 
|Investment companies, at value:                                              |  |                        |         | 
|AQR Risk Parity Fund, Class I (cost $363,219 and units of 33,044)            |  |                        | 366,790 | 
|Receivable for investments sold                                              |  |                        | 1,260   | 
|Interest and dividends receivable                                            |  |                        | 1,035   | 
|Other assets                                                                 |  |                        | 74      | 
|                                                                             | 
|                                                                             |  |                        |         | 
|Total assets                                                                 |  |                        | 911,389 | 
|                                                                             |  |                        |         | 
|Liabilities                                                                  |  |                        |         | 
|Payable for investments purchased                                            |  |                        | 2,295   | 
|INGprogram fee payable                                                      |  |                        | 371     | 
|Trustee, management and administration fees payable                          |  |                        | 57      | 
|ABA Retirement Fundsprogram fee payable                                     |  |                        | 40      | 
|Other accruals                                                               |  |                        | 133     | 
|                                                                             | 
|                                                                             |  |                        |         | 
|Total liabilities                                                            |  |                        | 2,896   | 
|                                                                             |  |                        |         | 
|Net Assets(equivalent to $10.10 per unit based on 89,969 units outstanding)  |  | $                      | 908,493 | 
|                                                                             |  |                        |         | 



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



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American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |        |   |                                                  |   |       |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------ | - | ------------------------------------------------ | - | ----- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |        |   | For the periodJanuary 17,2012(a) toJune 30, 2012 |  
|Investment income                                               |  |                                             |        |   |                                                  |   |       |  
|Dividends                                                       |  | $                                           | 1,828  |   |                                                  | $ | 3,303 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|                                                                |  |                                            
|Total investment income                                         |  |                                             | 1,828  |   |                                                  |   | 3,303 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |        |   |                                                  |   |       |  
|INGprogram fee                                                 |  |                                             | 970    |   |                                                  |   | 1,497 |  
|Trustee, management and administration fees                     |  |                                             | 152    |   |                                                  |   | 231   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 124    |   |                                                  |   | 200   |  
|Legal and audit fees                                            |  |                                             | 49     |   |                                                  |   | 77    |  
|Compliance consultant fees                                      |  |                                             | 30     |   |                                                  |   | 46    |  
|Reports to unitholders                                          |  |                                             | 4      |   |                                                  |   | 6     |  
|Registration fees                                               |  |                                             | 35     |   |                                                  |   | 54    |  
|Other fees                                                      |  |                                             | 8      |   |                                                  |   | 11    |  
|                                                                |  |                                            
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Total expenses                                                  |  |                                             | 1,372  |   |                                                  |   | 2,122 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Less: Expense reimbursement                                     |  |                                             | (72    | ) |                                                  |   | (89   | )
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net expenses                                                    |  |                                             | 1,300  |   |                                                  |   | 2,033 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net investment income (loss)                                    |  |                                             | 528    |   |                                                  |   | 1,270 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net realized and unrealized gain (loss)                         |  |                                             |        |   |                                                  |   |       |  
|Net realized gain (loss) on:                                    |  |                                             |        |   |                                                  |   |       |  
|Investments                                                     |  |                                             | 624    |   |                                                  |   | 900   |  
|                                                                |  |                                            
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net realized gain (loss)                                        |  |                                             | 624    |   |                                                  |   | 900   |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |        |   |                                                  |   |       |  
|Investments                                                     |  |                                             | (1,986 | ) |                                                  |   | 1,373 |  
|                                                                |  |                                            
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (1,986 | ) |                                                  |   | 1,373 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net realized and unrealized gain (loss)                         |  |                                             | (1,362 | ) |                                                  |   | 2,273 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (834   | ) |                                                  | $ | 3,543 |  
|                                                                |  |                                             |        |   |                                                  |   |       |  





|(a) | Commencement of operations.
|--- | ---------------------------



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



136



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American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |         |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ------- | -
|                                                                   |  | For the periodJanuary 17,2012(a) toJune 30, 2012 |        
|From operations                                                    |  |                                                  |         |  
|Net investment income (loss)                                       |  | $                                                | 1,270   |  
|Net realized gain (loss)                                           |  |                                                  | 900     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 1,373   |  
|                                                                   |  |                                                  |         |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 3,543   |  
|                                                                   |  |                                                  |         |  
|From unitholder transactions                                       |  |                                                  |         |  
|Proceeds from units issued                                         |  |                                                  | 998,497 |  
|Cost of units redeemed                                             |  |                                                  | (93,547 | )
|                                                                   |  |                                                  |         |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 904,950 |  
|                                                                   |  |                                                  |         |  
|Net increase (decrease) in net assets                              |  |                                                  | 908,493 |  
|Net Assets                                                         |  |                                                  |         |  
|Beginning of period                                                |  |                                                  |        |  
|                                                                   |  |                                                  |         |  
|End of period                                                      |  | $                                                | 908,493 |  
|                                                                   |  |                                                  |         |  
|Number of units                                                    |  |                                                  |         |  
|Outstanding-beginning of period                                    |  |                                                  |        |  
|Issued                                                             |  |                                                  | 99,204  |  
|Redeemed                                                           |  |                                                  | (9,235  | )
|                                                                   |  |                                                  |         |  
|Outstanding-end of period                                          |  |                                                  | 89,969  |  
|                                                                   |  |                                                  |         |  



|(a) | Commencement of operations.
|--- | ---------------------------



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



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American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                   |   |       |  
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ------------------------------------------------- | - | ----- | -
|                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |       |    | For the periodJanuary 
17,2012(a) toJune 30, 2012 |  
|Investment income                                           |  | $                                           | 0.03  |    |                                                   | $ | 0.05  |  
|Expenses,                                                 |  |                                             | (0.02 | )  |                                                   |   | (0.03 | )
|                                                             |  |                                             |       |    |                                                   |   |       |  
|Net investment income (loss)                                 |  |                                             | 0.01  |    |                                                   |   | 0.02  |  
|Net realized and unrealized gain (loss)                      |  |                                             | (0.04 | )  |                                                   |   | 0.08  |  
|                                                             |  |                                             |       |    |                                                   |   |       |  
|Net increase (decrease) in unit value                        |  |                                             | (0.03 | )  |                                                   |   | 0.10  |  
|Net asset value at beginning of period                       |  |                                             | 10.13 |    |                                                   |   | 10.00 |  
|                                                             |  |                                             |       |    |                                                   |   |       |  
|Net asset value at end of period                             |  | $                                           | 10.10 |    |                                                   | $ | 10.10 |  
|                                                             |  |                                             |       |    |                                                   |   |       |  
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                   |   |       |  
|Ratio of net expenses to average net assets*,              |  |                                             | 0.72  | %  |                                                   |   | 0.73  | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.29  | %  |                                                   |   | 0.45  | %
|Portfolio turnover**,                                     |  |                                             | 10    | %  |                                                   |   | 13    | %
|Total return**                                               |  |                                             | (0.30 | )% |                                                   |   | 1.00  | %
|Net assets at end of period (in thousands)                   |  | $                                           | 908   |    |                                                   | $ | 908   |  





|(a) | Commencement of operations.
|--- | ---------------------------

|* | 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 0.711% for the period June 30, 2012 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

Alternative Alpha Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                           |  |        |        |  |       |   |         |  
|------------------------------------------ |  | ------ | ------ |  | ----- | - | ------- | -
|                                           |  | Shares |        |  | Value |  
|INVESTMENT FUNDS  100.1%                  |  |        |        |  |       |   |         |  
|Collective Investment Funds  59.7%        |  |        |        |  |       |   |         |  
|Wellington CIF II Real Total Return Fund   |  |        | 54,332 |  |       | $ | 542,230 |  
|Investment Companies  40.4%               |  |        | 33,044 |  |       |   | 366,790 |  
|                                           |  |        |        |  |       |   |         |  
|AQR Risk Parity Fund, Class I              |  |        |        |  |       |   |         |  
|                                           |  |       
|TOTAL INVESTMENT FUNDS (cost $907,647)     |  |        |        |  |       |   | 909,020 |  
|                                           |  |        |        |  |       |   |         |  
|TOTAL INVESTMENTS  100.1%
(cost $907,647) |  |        |        |  |       |   | 909,020 |  
|Liabilities Less Other Assets  (0.1)%     |  |        |        |  |       |   | (527    | )
|                                           |  |        |        |  |       |   |         |  
|NET ASSETS  100.0%                        |  |        |        |  |       | $ | 908,493 |  
|                                           |  |        |        |  |       |   |         |  



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



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American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statements of Assets and Liabilities



|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                    |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                              |  |                        |            |  |                  |   |            |    
|Investments in collective investment funds, at value:                                                                                               |  |                        |            |  |                  |   |            |    
|SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $39,597,974 and $33,023,929 and units of 3,276,763 and
2,791,516, respectively) |  | $                      | 43,941,386 |  |                  | $ | 35,605,786 |    
|Receivable for fund units sold                                                                                                                      |  |                        | 26,335     |  |                  |   | 192,696    |    
|Other assets                                                                                                                                        |  |                        | 1,303      |  |                  |   | 1,425      |    
|                                                                                                                                                    |  |                       
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total assets                                                                                                                                        |  |                        | 43,969,024 |  |                  |   | 35,799,907 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                         |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                   |  |                        | 26,335     |  |                  |   | 192,696    |    
|Retirement Date Fund management fee payable                                                                                                         |  |                        | 10,119     |  |                  |   | 8,052      |    
|INGprogram fee payable                                                                                                                             |  |                        | 18,066     |  |                  |   | 15,745     |    
|Trustee, management and administration fees payable                                                                                                 |  |                        | 3,900      |  |                  |   | 3,557      |    
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 2,468      |  |                  |   | 2,260      |    
|Payable for legal and audit services                                                                                                                |  |                        | 1,574      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                              |  |                        | 3,246      |  |                  |   |           | (b)
|Payable for reports to unitholders                                                                                                                  |  |                        | 818        |  |                  |   |           | (c)
|Payable for registration fees                                                                                                                       |  |                        | 7,215      |  |                  |   |           | (d)
|Other accruals                                                                                                                                      |  |                        | 328        |  |                  |   | 14,228     |    
|                                                                                                                                                    |  |                       
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                   |  |                        | 74,069     |  |                  |   | 236,538    |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $12.95 and $12.37 per unit based on 3,390,407 and 2,875,793 units outstanding,
respectively)                               |  | $                      | 43,894,955 |  |                  | $ | 35,563,369 |    
|                                                                                                                                                    |  |                        |            |  |                  |   |            |    





|(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.
|--- | ---------------------------------------------------------------------

|(d) | Payable for registration fees is included in other accruals.
|--- | ------------------------------------------------------------



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



140



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American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------- | - | ------- | -------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |   | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30,2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |        |   |                                             | $ |        |                                              |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |         |  
|Expenses                                                        |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 54,105  |   |                                             |   | 48,175  |                                              |  |   | 104,672                                       |   |  |   | 94,928    |  
|Trustee, management and administration fees                     |  |                                             | 11,911  |   |                                             |   | 10,602  |                                              |  |   | 23,068                                        |   |  |   | 20,755    |  
|Retirement Date Fund management fee                             |  |                                             | 11,527  |   |                                             |   | 8,016   |                                              |  |   | 21,477                                        |   |  |   | 17,015    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 7,548   |   |                                             |   | 6,716   |                                              |  |   | 14,780                                        |   |  |   | 13,171    |  
|Legal and audit fees                                            |  |                                             | 2,933   |   |                                             |   | 2,904   |                                              |  |   | 5,729                                         |   |  |   | 5,728     |  
|Compliance consultant fees                                      |  |                                             | 1,715   |   |                                             |   | 1,526   |                                              |  |   | 3,379                                         |   |  |   | 3,009     |  
|Reports to unitholders                                          |  |                                             | 206     |   |                                             |   | 246     |                                              |  |   | 406                                           |   |  |   | 484       |  
|Registration fees                                               |  |                                             | 2,002   |   |                                             |   | 2,027   |                                              |  |   | 3,946                                         |   |  |   | 3,996     |  
|Other fees                                                      |  |                                             | 412     |   |                                             |   | 407     |                                              |  |   | 811                                           |   |  |   | 762       |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 92,359  |   |                                             |   | 80,619  |                                              |  |   | 178,268                                       |   |  |   | 159,848   |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (1,363  | ) |                                             |   |        |                                              |  |   | (2,963                                        | ) |  |   |          |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 90,996  |   |                                             |   | 80,619  |                                              |  |   | 175,305                                       |   |  |   | 159,848   |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (90,996 | ) |                                             |   | (80,619 | )                                            |  |   | (175,305                                      | ) |  |   | (159,848  | )
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 111,048 |   |                                             |   | 255,498 |                                              |  |   | 260,407                                       |   |  |   | 490,936   |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 111,048 |   |                                             |   | 255,498 |                                              |  |   | 260,407                                       |   |  |   | 490,936   |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 1,839   |   |                                             |   | 294,179 |                                              |  |   | 1,761,555                                     |   |  |   | 998,868   |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 1,839   |   |                                             |   | 294,179 |                                              |  |   | 1,761,555                                     |   |  |   | 998,868   |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | 112,887 |   |                                             |   | 549,677 |                                              |  |   | 2,021,962                                     |   |  |   | 1,489,804 |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 21,891  |   |                                             | $ | 469,058 |                                              |  | $ | 1,846,657                                     |   |  | $ | 1,329,956 |  
|                                                                |  |                                             |         |   |                                             |   |         |                                              |  |   |                                               |   |  |   |           |  



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



141



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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, 2012 |           
|From operations                                                    |  |                                             |            |  
|Net investment income (loss)                                       |  | $                                           | (175,305   | )
|Net realized gain (loss)                                           |  |                                             | 260,407    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 1,761,555  |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,846,657  |  
|                                                                   |  |                                             |            |  
|From unitholder transactions                                       |  |                                             |            |  
|Proceeds from units issued                                         |  |                                             | 8,963,721  |  
|Cost of units redeemed                                             |  |                                             | (2,478,792 | )
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 6,484,929  |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets                              |  |                                             | 8,331,586  |  
|Net Assets                                                         |  |                                             |            |  
|Beginning of period                                                |  |                                             | 35,563,369 |  
|                                                                   |  |                                             |            |  
|End of period                                                      |  | $                                           | 43,894,955 |  
|                                                                   |  |                                             |            |  
|Number of units                                                    |  |                                             |            |  
|Outstanding-beginning of period                                    |  |                                             | 2,875,793  |  
|Issued                                                             |  |                                             | 708,121    |  
|Redeemed                                                           |  |                                             | (193,507   | )
|                                                                   |  |                                             |            |  
|Outstanding-end of period                                          |  |                                             | 3,390,407  |  
|                                                                   |  |                                             |            |  



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



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|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)                      |  |                                             | 0.03   |    |                                             |   | 0.19   |                                               |  |   | 0.64                                          |    |  |   | 0.50   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             |       |    |                                             |   | 0.16   |                                               |  |   | 0.59                                          |    |  |   | 0.45   |   
|Net asset value at beginning of period                       |  |                                             | 12.95  |    |                                             |   | 12.20  |                                               |  |   | 12.37                                         |    |  |   | 11.91  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 12.95  |    |                                             | $ | 12.36  |                                               |  | $ | 12.95                                         |    |  | $ | 12.36  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.88   | %  |                                             |   | 0.87   | %                                             |  |   | 0.86                                          | %  |  |   | 0.89   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.88  | )% |                                             |   | (0.87  | )%                                            |  |   | (0.86                                         | )% |  |   | (0.89  | )%
|Portfolio turnover**,                                     |  |                                             | 2      | %  |                                             |   | 6      | %                                             |  |   | 5                                             | %  |  |   | 10     | % 
|Total return**                                               |  |                                             | 0.00   | %  |                                             |   | 1.31   | %                                             |  |   | 4.69                                          | %  |  |   | 3.78   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 43,895 |    |                                             | $ | 36,434 |                                               |  | $ | 43,895                                        |    |  | $ | 36,434 |   





|* | 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

Lifetime Income Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

|                                                               |  |        |           |  |       |   |            |  
|-------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                               |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                      |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                           |  |        |           |  |       |   |            |  
|SSgA Target Retirement Income Non-Lending Series Fund, Class A |  |        | 3,276,763 |  |       | $ | 43,941,386 |  
|                                                               |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $39,597,974)                      |  |        |           |  |       |   | 43,941,386 |  
|                                                               |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1% (cost $39,597,974)                  |  |        |           |  |       |   | 43,941,386 |  
|Liabilities Less Other Assets (0.1)%                          |  |        |           |  |       |   | (46,431    | )
|                                                               |  |        |           |  |       |   |            |  
|NET ASSETS 100.0%                                             |  |        |           |  |       | $ | 43,894,955 |  
|                                                               |  |        |           |  |       |   |            |  



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



144



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statements of Assets and Liabilities



|                                                                                                                                                  |  |                         |            |  |                  |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                  |  | June 30, 
2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                            |  |                         |            |  |                  |   |            |    
|Investments in collective investment funds, at value:                                                                                             |  |                         |            |  |                  |   |            |    
|SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $64,188,144 and $57,755,976 and units of 5,042,321 and
4,660,294, respectively) |  | $                       | 73,164,075 |  |                  | $ | 63,771,457 |    
|Receivable for investments sold                                                                                                                   |  |                         | 56,200     |  |                  |   |           |    
|Receivable for fund units sold                                                                                                                    |  |                         |           |  |                  |   | 55,727     |    
|Other assets                                                                                                                                      |  |                         | 2,297      |  |                  |   | 2,543      |    
|                                                                                                                                                  |  |                        
|                                                                                                                                                  |  |                         |            |  |                  |   |            |    
|Total assets                                                                                                                                      |  |                         | 73,222,572 |  |                  |   | 63,829,727 |    
|                                                                                                                                                  |  |                         |            |  |                  |   |            |    
|Liabilities                                                                                                                                       |  |                         |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                 |  |                         |           |  |                  |   | 55,727     |    
|Payable for fund units redeemed                                                                                                                   |  |                         | 56,200     |  |                  |   |           |    
|Retirement Date Fund management fee payable                                                                                                       |  |                         | 17,883     |  |                  |   | 15,173     |    
|INGprogram fee payable                                                                                                                           |  |                         | 31,030     |  |                  |   | 28,145     |    
|Trustee, management and administration fees payable                                                                                               |  |                         | 6,675      |  |                  |   | 6,330      |    
|ABA Retirement Fundsprogram fee payable                                                                                                          |  |                         | 4,258      |  |                  |   | 4,038      |    
|Payable for legal and audit services                                                                                                              |  |                         | 2,704      |  |                  |   | 9,564      |    
|Payable for compliance consultant fees                                                                                                            |  |                         | 5,727      |  |                  |   | 5,050      |    
|Payable for reports to unitholders                                                                                                                |  |                         | 1,497      |  |                  |   |           | (a)
|Other accruals                                                                                                                                    |  |                         | 13,403     |  |                  |   | 11,516     |    
|                                                                                                                                                  |  |                        
|                                                                                                                                                  |  |                         |            |  |                  |   |            |    
|Total liabilities                                                                                                                                 |  |                         | 139,377    |  |                  |   | 135,543    |    
|                                                                                                                                                  |  |                         |            |  |                  |   |            |    
|Net Assets(equivalent to $15.95 and $15.10 per unit based on 4,582,408 and 4,216,985 units outstanding,
respectively)                             |  | $                       | 73,083,195 |  |                  | $ | 63,694,184 |    
|                                                                                                                                                  |  |                         |            |  |                  |   |            |    





|(a) | Payable for reports to unitholders fee 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

2010 Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | --------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |          |   | For the periodApril 1, 2011 toJune 30, 2011 |   |           | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |          |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Expenses                                                        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 93,547   |   |                                             |   | 92,406    |                                               |  |   | 182,765                                       |   |  |   | 183,123   |  
|Trustee, management and administration fees                     |  |                                             | 20,570   |   |                                             |   | 20,380    |                                               |  |   | 40,432                                        |   |  |   | 40,088    |  
|Retirement Date Fund management fee                             |  |                                             | 21,924   |   |                                             |   | 17,201    |                                               |  |   | 36,913                                        |   |  |   | 36,062    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 13,037   |   |                                             |   | 12,910    |                                               |  |   | 25,796                                        |   |  |   | 25,439    |  
|Legal and audit fees                                            |  |                                             | 5,106    |   |                                             |   | 5,541     |                                               |  |   | 10,029                                        |   |  |   | 11,029    |  
|Compliance consultant fees                                      |  |                                             | 2,965    |   |                                             |   | 2,911     |                                               |  |   | 5,895                                         |   |  |   | 5,793     |  
|Reports to unitholders                                          |  |                                             | 355      |   |                                             |   | 468       |                                               |  |   | 707                                           |   |  |   | 931       |  
|Registration fees                                               |  |                                             | 3,463    |   |                                             |   | 3,865     |                                               |  |   | 6,885                                         |   |  |   | 7,693     |  
|Other fees                                                      |  |                                             | 712      |   |                                             |   | 700       |                                               |  |   | 1,415                                         |   |  |   | 1,392     |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 161,679  |   |                                             |   | 156,382   |                                               |  |   | 310,837                                       |   |  |   | 311,550   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (2,383   | ) |                                             |   |          |                                               |  |   | (5,203                                        | ) |  |   |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 159,296  |   |                                             |   | 156,382   |                                               |  |   | 305,634                                       |   |  |   | 311,550   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (159,296 | ) |                                             |   | (156,382  | )                                             |  |   | (305,634                                      | ) |  |   | (311,550  | )
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 583,778  |   |                                             |   | 1,355,360 |                                               |  |   | 1,200,033                                     |   |  |   | 1,759,102 |  
|                                                                |  |                                             |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 583,778  |   |                                             |   | 1,355,360 |                                               |  |   | 1,200,033                                     |   |  |   | 1,759,102 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (6,985   | ) |                                             |   | (255,842  | )                                             |  |   | 2,960,450                                     |   |  |   | 1,368,384 |  
|                                                                |  |                                             |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (6,985   | ) |                                             |   | (255,842  | )                                             |  |   | 2,960,450                                     |   |  |   | 1,368,384 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | 576,793  |   |                                             |   | 1,099,518 |                                               |  |   | 4,160,483                                     |   |  |   | 3,127,486 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 417,497  |   |                                             | $ | 943,136   |                                               |  | $ | 3,854,849                                     |   |  | $ | 2,815,936 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  



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



146



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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, 2012 |           
|From operations                                                    |  |                                              |            |  
|Net investment income (loss)                                       |  | $                                            | (305,634   | )
|Net realized gain (loss)                                           |  |                                              | 1,200,033  |  
|Change in net unrealized appreciation (depreciation)               |  |                                              | 2,960,450  |  
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                              | 3,854,849  |  
|                                                                   |  |                                              |            |  
|From unitholder transactions                                       |  |                                              |            |  
|Proceeds from units issued                                         |  |                                              | 15,183,899 |  
|Cost of units redeemed                                             |  |                                              | (9,649,737 | )
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                              | 5,534,162  |  
|                                                                   |  |                                              |            |  
|Net increase (decrease) in net assets                              |  |                                              | 9,389,011  |  
|Net Assets                                                         |  |                                              |            |  
|Beginning of period                                                |  |                                              | 63,694,184 |  
|                                                                   |  |                                              |            |  
|End of period                                                      |  | $                                            | 73,083,195 |  
|                                                                   |  |                                              |            |  
|Number of units                                                    |  |                                              |            |  
|Outstanding-beginning of period                                    |  |                                              | 4,216,985  |  
|Issued                                                             |  |                                              | 980,199    |  
|Redeemed                                                           |  |                                              | (614,776   | )
|                                                                   |  |                                              |            |  
|Outstanding-end of period                                          |  |                                              | 4,582,408  |  
|                                                                   |  |                                              |            |  



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



147



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.07                                         | )  |  |   | (0.07  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                             |   | (0.03  | )                                             |  |   | (0.07                                         | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.12   |    |                                             |   | 0.23   |                                               |  |   | 0.92                                          |    |  |   | 0.65   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.09   |    |                                             |   | 0.20   |                                               |  |   | 0.85                                          |    |  |   | 0.58   |   
|Net asset value at beginning of period                       |  |                                             | 15.86  |    |                                             |   | 14.62  |                                               |  |   | 15.10                                         |    |  |   | 14.24  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 15.95  |    |                                             | $ | 14.82  |                                               |  | $ | 15.95                                         |    |  | $ | 14.82  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.89   | %  |                                             |   | 0.89   | %                                             |  |   | 0.86                                          | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89  | )% |                                             |   | (0.89  | )%                                            |  |   | (0.86                                         | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                                             | 5      | %  |                                             |   | 6      | %                                             |  |   | 10                                            | %  |  |   | 10     | % 
|Total return**                                               |  |                                             | 0.57   | %  |                                             |   | 1.37   | %                                             |  |   | 5.63                                          | %  |  |   | 4.07   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 73,083 |    |                                             | $ | 66,692 |                                               |  | $ | 73,083                                        |    |  | $ | 66,692 |   





|* | 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.



148



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American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |           |  |       |   |            |  
|------------------------------------------------------------ |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                             |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                         |  |        |           |  |       |   |            |  
|SSgA Target Retirement 2010 Non-Lending Series Fund, Class A |  |        | 5,042,321 |  |       | $ | 73,164,075 |  
|                                                             |  |        |           |  |       |   |            |  
|                                                             |  |       
|TOTAL INVESTMENT FUNDS (cost $64,188,144)                    |  |        |           |  |       |   | 73,164,075 |  
|                                                             |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $64,188,144)                |  |        |           |  |       |   | 73,164,075 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |           |  |       |   | (80,880    | )
|                                                             |  |        |           |  |       |   |            |  
|NET ASSETS  100.0%                                          |  |        |           |  |       | $ | 73,083,195 |  
|                                                             |  |        |           |  |       |   |            |  



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



149



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American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statements of Assets and Liabilities



|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | ---
|                                                                                                                                                      |  | June 30, 2012Unaudited |             |  | December 31,2011 |  
|Assets                                                                                                                                                |  |                        |             |  |                  |   |             |    
|Investments in collective investment funds, at value:                                                                                                 |  |                        |             |  |                  |   |             |    
|SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $161,954,018 and $138,801,236 and units of 12,358,780 and
10,867,668, respectively) |  | $                      | 190,065,671 |  |                  | $ | 155,940,174 |    
|Receivable for fund units sold                                                                                                                        |  |                        | 80,671      |  |                  |   | 350,429     |    
|Other assets                                                                                                                                          |  |                        | 5,926       |  |                  |   | 5,847       |    
|                                                                                                                                                      |  |                       
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total assets                                                                                                                                          |  |                        | 190,152,268 |  |                  |   | 156,296,450 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Liabilities                                                                                                                                           |  |                        |             |  |                  |   |             |    
|Payable for investments purchased                                                                                                                     |  |                        | 80,671      |  |                  |   | 350,429     |    
|Retirement Date Fund management fee payable                                                                                                           |  |                        | 44,889      |  |                  |   | 38,017      |    
|INGprogram fee payable                                                                                                                               |  |                        | 79,768      |  |                  |   | 65,992      |    
|Trustee, management and administration fees payable                                                                                                   |  |                        | 17,179      |  |                  |   | 14,824      |    
|ABA Retirement Fundsprogram fee payable                                                                                                              |  |                        | 10,935      |  |                  |   | 9,468       |    
|Payable for legal and audit services                                                                                                                  |  |                        | 7,063       |  |                  |   | 21,699      |    
|Payable for compliance consultant fees                                                                                                                |  |                        | 14,050      |  |                  |   |            | (a)
|Payable for reports to unitholders                                                                                                                    |  |                        | 3,386       |  |                  |   |            | (b)
|Payable for registration fees                                                                                                                         |  |                        | 30,570      |  |                  |   |            | (c)
|Other accruals                                                                                                                                        |  |                        | 1,419       |  |                  |   | 36,742      |    
|                                                                                                                                                      |  |                       
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Total liabilities                                                                                                                                     |  |                        | 289,930     |  |                  |   | 537,171     |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    
|Net Assets(equivalent to $18.49 and $17.32 per unit based on 10,269,687 and 8,992,112 units outstanding,
respectively)                                |  | $                      | 189,862,338 |  |                  | $ | 155,759,279 |    
|                                                                                                                                                      |  |                        |             |  |                  |   |             |    





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

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

|(c) | Payable for registration 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

2020 Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | --------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |          |   | For the periodApril 1, 2011 toJune 30, 2011 |   |           | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |          |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 240,684  |   |                                             |   | 196,958   |                                               |  |   | 461,290                                       |   |  |   | 379,690   |  
|Trustee, management and administration fees                     |  |                                             | 52,937   |   |                                             |   | 43,403    |                                               |  |   | 101,848                                       |   |  |   | 83,096    |  
|Retirement Date Fund management fee                             |  |                                             | 46,332   |   |                                             |   | 37,522    |                                               |  |   | 90,824                                        |   |  |   | 74,291    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 33,550   |   |                                             |   | 27,494    |                                               |  |   | 65,099                                        |   |  |   | 52,729    |  
|Legal and audit fees                                            |  |                                             | 13,074   |   |                                             |   | 11,791    |                                               |  |   | 25,289                                        |   |  |   | 22,963    |  
|Compliance consultant fees                                      |  |                                             | 7,605    |   |                                             |   | 6,193     |                                               |  |   | 14,875                                        |   |  |   | 12,061    |  
|Reports to unitholders                                          |  |                                             | 913      |   |                                             |   | 996       |                                               |  |   | 1,785                                         |   |  |   | 1,938     |  
|Registration fees                                               |  |                                             | 8,882    |   |                                             |   | 8,224     |                                               |  |   | 17,373                                        |   |  |   | 16,017    |  
|Other fees                                                      |  |                                             | 1,824    |   |                                             |   | 1,492     |                                               |  |   | 3,569                                         |   |  |   | 2,902     |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Total expenses                                                  |  |                                             | 405,801  |   |                                             |   | 334,073   |                                               |  |   | 781,952                                       |   |  |   | 645,687   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (6,098   | ) |                                             |   |          |                                               |  |   | (13,054                                       | ) |  |   |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 399,703  |   |                                             |   | 334,073   |                                               |  |   | 768,898                                       |   |  |   | 645,687   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (399,703 | ) |                                             |   | (334,073  | )                                             |  |   | (768,898                                      | ) |  |   | (645,687  | )
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 620,158  |   |                                             |   | 1,018,848 |                                               |  |   | 1,041,654                                     |   |  |   | 2,213,239 |  
|                                                                |  |                                             |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                             | 620,158  |   |                                             |   | 1,018,848 |                                               |  |   | 1,041,654                                     |   |  |   | 2,213,239 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (933,407 | ) |                                             |   | 409,380   |                                               |  |   | 10,972,715                                    |   |  |   | 4,740,644 |  
|                                                                |  |                                             |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (933,407 | ) |                                             |   | 409,380   |                                               |  |   | 10,972,715                                    |   |  |   | 4,740,644 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (313,249 | ) |                                             |   | 1,428,228 |                                               |  |   | 12,014,369                                    |   |  |   | 6,953,883 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (712,952 | ) |                                             | $ | 1,094,155 |                                               |  | $ | 11,245,471                                    |   |  | $ | 6,308,196 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  



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, 2012 |            
|From operations                                                    |  |                                             |             |  
|Net investment income (loss)                                       |  | $                                           | (768,898    | )
|Net realized gain (loss)                                           |  |                                             | 1,041,654   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 10,972,715  |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 11,245,471  |  
|                                                                   |  |                                             |             |  
|From unitholder transactions                                       |  |                                             |             |  
|Proceeds from units issued                                         |  |                                             | 35,411,672  |  
|Cost of units redeemed                                             |  |                                             | (12,554,084 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 22,857,588  |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets                              |  |                                             | 34,103,059  |  
|Net Assets                                                         |  |                                             |             |  
|Beginning of period                                                |  |                                             | 155,759,279 |  
|                                                                   |  |                                             |             |  
|End of period                                                      |  | $                                           | 189,862,338 |  
|                                                                   |  |                                             |             |  
|Number of units                                                    |  |                                             |             |  
|Outstanding-beginning of period                                    |  |                                             | 8,992,112   |  
|Issued                                                             |  |                                             | 1,965,336   |  
|Redeemed                                                           |  |                                             | (687,761    | )
|                                                                   |  |                                             |             |  
|Outstanding-end of period                                          |  |                                             | 10,269,687  |  
|                                                                   |  |                                             |             |  



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, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |    |  | $ |        |   
|Expenses,                                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | )  |  |   | (0.08   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.08                                         | )  |  |   | (0.08   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.04   | )  |                                             |   | 0.17    |                                               |  |   | 1.25                                          |    |  |   | 0.83    |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.08   | )  |                                             |   | 0.13    |                                               |  |   | 1.17                                          |    |  |   | 0.75    |   
|Net asset value at beginning of period                       |  |                                             | 18.57   |    |                                             |   | 17.10   |                                               |  |   | 17.32                                         |    |  |   | 16.48   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 18.49   |    |                                             | $ | 17.23   |                                               |  | $ | 18.49                                         |    |  | $ | 17.23   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.87    | %  |                                             |   | 0.89    | %                                             |  |   | 0.86                                          | %  |  |   | 0.89    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.87   | )% |                                             |   | (0.89   | )%                                            |  |   | (0.86                                         | )% |  |   | (0.89   | )%
|Portfolio turnover**,                                     |  |                                             | 2       | %  |                                             |   | 3       | %                                             |  |   | 3                                             | %  |  |   | 7       | % 
|Total return**                                               |  |                                             | (0.43   | )% |                                             |   | 0.76    | %                                             |  |   | 6.76                                          | %  |  |   | 4.55    | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 189,862 |    |                                             | $ | 150,194 |                                               |  | $ | 189,862                                       |    |  | $ | 150,194 |   





|* | 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

2020 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |            |  |       |   |             |  
|------------------------------------------------------------ |  | ------ | ---------- |  | ----- | - | ----------- | -
|                                                             |  | Shares |            |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |            |  |       |   |             |  
|Collective Investment Funds  100.1%                         |  |        |            |  |       |   |             |  
|SSgA Target Retirement 2020 Non-Lending Series Fund, Class A |  |        | 12,358,780 |  |       | $ | 190,065,671 |  
|                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENT FUNDS (cost $161,954,018)                   |  |        |            |  |       |   | 190,065,671 |  
|                                                             |  |        |            |  |       |   |             |  
|TOTAL INVESTMENTS  100.1%
(cost $161,954,018)               |  |        |            |  |       |   | 190,065,671 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |            |  |       |   | (203,333    | )
|                                                             |  |        |            |  |       |   |             |  
|NET ASSETS100.0%                                            |  |        |            |  |       | $ | 189,862,338 |  
|                                                             |  |        |            |  |       |   |             |  



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



154



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statements of Assets and Liabilities



|                                                                                                                                                    |  |                        |             |  |                  |   |             | 
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                                                    |  | June 30, 2012Unaudited |             |  | December 31,2011 |  
|Assets                                                                                                                                              |  |                        |             |  |                  |   |             | 
|Investments in collective investment funds, at value:                                                                                               |  |                        |             |  |                  |   |             | 
|SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $116,318,935 and $103,157,991 and units of 8,772,387 and
7,966,237, respectively) |  | $                      | 136,752,743 |  |                  | $ | 115,510,441 | 
|Receivable for fund units sold                                                                                                                      |  |                        | 67,101      |  |                  |   |            | 
|Other assets                                                                                                                                        |  |                        | 4,261       |  |                  |   | 4,341       | 
|                                                                                                                                                    |  |                        |             |  |                  |   |             | 
|                                                                                                                                                    |  |                       
|Total assets                                                                                                                                        |  |                        | 136,824,105 |  |                  |   | 115,514,782 | 
|                                                                                                                                                    |  |                        |             |  |                  |   |             | 
|Liabilities                                                                                                                                         |  |                        |             |  |                  |   |             | 
|Payable for investments purchased                                                                                                                   |  |                        | 67,101      |  |                  |   |            | 
|Retirement Date Fund management fee payable                                                                                                         |  |                        | 32,961      |  |                  |   | 28,176      | 
|INGprogram fee payable                                                                                                                             |  |                        | 56,935      |  |                  |   | 49,466      | 
|Trustee, management and administration fees payable                                                                                                 |  |                        | 12,292      |  |                  |   | 11,138      | 
|ABA Retirement Fundsprogram fee payable                                                                                                            |  |                        | 7,823       |  |                  |   | 7,098       | 
|Payable for legal and audit services                                                                                                                |  |                        | 5,026       |  |                  |   | 16,486      | 
|Payable for compliance consultant fees                                                                                                              |  |                        | 10,271      |  |                  |   | 8,552       | 
|Payable for reports to unitholders                                                                                                                  |  |                        | 2,553       |  |                  |   | 2,259       | 
|Registration fees                                                                                                                                   |  |                        | 22,624      |  |                  |   | 15,521      | 
|Other accruals                                                                                                                                      |  |                        | 1,011       |  |                  |   | 1,711       | 
|                                                                                                                                                    |  |                        |             |  |                  |   |             | 
|                                                                                                                                                    |  |                       
|Total liabilities                                                                                                                                   |  |                        | 218,597     |  |                  |   | 140,407     | 
|                                                                                                                                                    |  |                        |             |  |                  |   |             | 
|Net Assets(equivalent to $20.30 and $18.96 per unit based on 6,728,416 and 6,083,937 units outstanding,
respectively)                               |  | $                      | 136,605,508 |  |                  | $ | 115,374,375 | 
|                                                                                                                                                    |  |                        |             |  |                  |   |             | 



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



155



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American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | -------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 
1, 2011 toJune 30, 2011 |   |            | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |           |   |                                              | $ |           |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 173,176    |   |                                              |   | 154,938    |                                               |  |   | 333,672                                       |   |  |   | 300,735   |  
|Trustee, management and administration fees                     |  |                                             | 38,128     |   |                                              |   | 34,129     |                                               |  |   | 73,740                                        |   |  |   | 65,799    |  
|Retirement Date Fund management fee                             |  |                                             | 33,793     |   |                                              |   | 28,646     |                                               |  |   | 66,169                                        |   |  |   | 56,389    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 24,165     |   |                                              |   | 21,619     |                                               |  |   | 47,117                                        |   |  |   | 41,754    |  
|Legal and audit fees                                            |  |                                             | 9,426      |   |                                              |   | 9,229      |                                               |  |   | 18,310                                        |   |  |   | 18,113    |  
|Compliance consultant fees                                      |  |                                             | 5,466      |   |                                              |   | 4,848      |                                               |  |   | 10,754                                        |   |  |   | 9,514     |  
|Reports to unitholders                                          |  |                                             | 656        |   |                                              |   | 780        |                                               |  |   | 1,291                                         |   |  |   | 1,529     |  
|Registration fees                                               |  |                                             | 6,385      |   |                                              |   | 6,438      |                                               |  |   | 12,561                                        |   |  |   | 12,634    |  
|Other fees                                                      |  |                                             | 1,312      |   |                                              |   | 1,329      |                                               |  |   | 2,581                                         |   |  |   | 2,450     |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Total expenses                                                  |  |                                             | 292,507    |   |                                              |   | 261,956    |                                               |  |   | 566,195                                       |   |  |   | 508,917   |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (4,398     | ) |                                              |   |           |                                               |  |   | (9,463                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 288,109    |   |                                              |   | 261,956    |                                               |  |   | 556,732                                       |   |  |   | 508,917   |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (288,109   | ) |                                              |   | (261,956   | )                                             |  |   | (556,732                                      | ) |  |   | (508,917  | )
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 374,188    |   |                                              |   | 1,774,296  |                                               |  |   | 979,322                                       |   |  |   | 3,000,375 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Net realized gain (loss)                                        |  |                                             | 374,188    |   |                                              |   | 1,774,296  |                                               |  |   | 979,322                                       |   |  |   | 3,000,375 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (2,097,392 | ) |                                              |   | (1,115,850 | )                                             |  |   | 8,081,358                                     |   |  |   | 2,733,126 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (2,097,392 | ) |                                              |   | (1,115,850 | )                                             |  |   | 8,081,358                                     |   |  |   | 2,733,126 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (1,723,204 | ) |                                              |   | 658,446    |                                               |  |   | 9,060,680                                     |   |  |   | 5,733,501 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (2,011,313 | ) |                                              | $ | 396,490    |                                               |  | $ | 8,503,948                                     |   |  | $ | 5,224,584 |  
|                                                                |  |                                             |            |   |                                              |   |            |                                               |  |   |                                               |   |  |   |           |  



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 Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | -
|                                                                   |  | For the 
six-monthperiod endedJune 30, 2012 |            
|From operations                                                    |  |                                             |             |  
|Net investment income (loss)                                       |  | $                                           | (556,732    | )
|Net realized gain (loss)                                           |  |                                             | 979,322     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 8,081,358   |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 8,503,948   |  
|                                                                   |  |                                             |             |  
|From unitholder transactions                                       |  |                                             |             |  
|Proceeds from units issued                                         |  |                                             | 23,570,793  |  
|Cost of units redeemed                                             |  |                                             | (10,843,608 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 12,727,185  |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets                              |  |                                             | 21,231,133  |  
|Net Assets                                                         |  |                                             |             |  
|Beginning of period                                                |  |                                             | 115,374,375 |  
|                                                                   |  |                                             |             |  
|End of period                                                      |  | $                                           | 136,605,508 |  
|                                                                   |  |                                             |             |  
|Number of units                                                    |  |                                             |             |  
|Outstanding-beginning of period                                    |  |                                             | 6,083,937   |  
|Issued                                                             |  |                                             | 1,184,164   |  
|Redeemed                                                           |  |                                             | (539,685    | )
|                                                                   |  |                                             |             |  
|Outstanding-end of period                                          |  |                                             | 6,728,416   |  
|                                                                   |  |                                             |             |  



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

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | -- |  | - | ------- | --
|                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |    |  | $ |        |   
|Expenses,                                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.09                                         | )  |  |   | (0.08   | ) 
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                             |   | (0.04   | )                                             |  |   | (0.09                                         | )  |  |   | (0.08   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.28   | )  |                                             |   | 0.11    |                                               |  |   | 1.43                                          |    |  |   | 0.97    |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.32   | )  |                                             |   | 0.07    |                                               |  |   | 1.34                                          |    |  |   | 0.89    |   
|Net asset value at beginning of period                       |  |                                             | 20.62   |    |                                             |   | 19.27   |                                               |  |   | 18.96                                         |    |  |   | 18.45   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Net asset value at end of period                             |  | $                                           | 20.30   |    |                                             | $ | 19.34   |                                               |  | $ | 20.30                                         |    |  | $ | 19.34   |   
|                                                             |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |    |  |   |         |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.87    | %  |                                             |   | 0.89    | %                                             |  |   | 0.86                                          | %  |  |   | 0.89    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.87   | )% |                                             |   | (0.89   | )%                                            |  |   | (0.86                                         | )% |  |   | (0.89   | )%
|Portfolio turnover**,                                     |  |                                             | 1       | %  |                                             |   | 4       | %                                             |  |   | 4                                             | %  |  |   | 9       | % 
|Total return**                                               |  |                                             | (1.55   | )% |                                             |   | 0.36    | %                                             |  |   | 7.07                                          | %  |  |   | 4.82    | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 136,606 |    |                                             | $ | 114,475 |                                               |  | $ | 136,606                                       |    |  | $ | 114,475 |   



|* | 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

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |           |  |       |   |             |  
|------------------------------------------------------------ |  | ------ | --------- |  | ----- | - | ----------- | -
|                                                             |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |           |  |       |   |             |  
|Collective Investment Funds  100.1%                         |  |        |           |  |       |   |             |  
|SSgA Target Retirement 2030 Non-Lending Series Fund, Class A |  |        | 8,772,387 |  |       | $ | 136,752,743 |  
|                                                             |  |        |           |  |       |   |             |  
|TOTAL INVESTMENT FUNDS (cost $116,318,935)                   |  |        |           |  |       |   | 136,752,743 |  
|                                                             |  |        |           |  |       |   |             |  
|TOTAL INVESTMENTS  100.1%
(cost $116,318,935)               |  |        |           |  |       |   | 136,752,743 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |           |  |       |   | (147,235    | )
|                                                             |  |        |           |  |       |   |             |  
|NET ASSETS  100.0%                                          |  |        |           |  |       | $ | 136,605,508 |  
|                                                             |  |        |           |  |       |   |             |  



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



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American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statements of Assets and Liabilities



|                                                                                                                                                  |  |                        |            |  |                  |   |            |    
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                  |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Investments in collective investment funds, at value:                                                                                             |  |                        |            |  |                  |   |            |    
|SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $76,318,349 and $69,088,608 and units of 5,721,830 and
5,293,839, respectively) |  | $                      | 87,549,715 |  |                  | $ | 75,373,681 |    
|Receivable for fund units sold                                                                                                                    |  |                        | 72,778     |  |                  |   | 326,119    |    
|Other assets                                                                                                                                      |  |                        | 2,763      |  |                  |   | 2,815      |    
|                                                                                                                                                  |  |                        |            |  |                  |   |            |    
|                                                                                                                                                  |  |                       
|Total assets                                                                                                                                      |  |                        | 87,625,256 |  |                  |   | 75,702,615 |    
|                                                                                                                                                  |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                       |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                 |  |                        | 72,778     |  |                  |   | 326,119    |    
|Retirement Date Fund management fee payable                                                                                                       |  |                        | 21,141     |  |                  |   | 18,278     |    
|INGprogram fee payable                                                                                                                           |  |                        | 36,179     |  |                  |   | 32,190     |    
|Trustee, management and administration fees payable                                                                                               |  |                        | 7,811      |  |                  |   | 7,235      |    
|ABA Retirement Fundsprogram fee payable                                                                                                          |  |                        | 4,965      |  |                  |   | 4,618      |    
|Payable for legal and audit services                                                                                                              |  |                        | 3,202      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                            |  |                        | 6,548      |  |                  |   |           | (b)
|Other accruals                                                                                                                                    |  |                        | 16,686     |  |                  |   | 28,400     |    
|                                                                                                                                                  |  |                        |            |  |                  |   |            |    
|                                                                                                                                                  |  |                       
|Total liabilities                                                                                                                                 |  |                        | 169,310    |  |                  |   | 416,840    |    
|                                                                                                                                                  |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $21.87 and $20.44 per unit based on 3,998,393 and 3,683,568 units outstanding,
respectively)                             |  | $                      | 87,455,946 |  |                  | $ | 75,285,775 |    
|                                                                                                                                                  |  |                        |            |  |                  |   |            |    



|(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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2040 Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 1, 2011 toJune 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |           |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |          |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Expenses                                                        |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 111,915    |   |                                             |   | 97,114   |                                               |  |   | 213,491                                       |   |  |   | 186,170   |  
|Trustee, management and administration fees                     |  |                                             | 24,642     |   |                                             |   | 21,394   |                                               |  |   | 47,682                                        |   |  |   | 40,739    |  
|Retirement Date Fund management fee                             |  |                                             | 23,324     |   |                                             |   | 18,460   |                                               |  |   | 42,761                                        |   |  |   | 35,937    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 15,617     |   |                                             |   | 13,553   |                                               |  |   | 30,143                                        |   |  |   | 25,851    |  
|Legal and audit fees                                            |  |                                             | 6,051      |   |                                             |   | 5,809    |                                               |  |   | 11,680                                        |   |  |   | 11,258    |  
|Compliance consultant fees                                      |  |                                             | 3,513      |   |                                             |   | 3,051    |                                               |  |   | 6,864                                         |   |  |   | 5,913     |  
|Reports to unitholders                                          |  |                                             | 422        |   |                                             |   | 490      |                                               |  |   | 824                                           |   |  |   | 950       |  
|Registration fees                                               |  |                                             | 4,104      |   |                                             |   | 4,052    |                                               |  |   | 8,017                                         |   |  |   | 7,853     |  
|Other fees                                                      |  |                                             | 844        |   |                                             |   | 358      |                                               |  |   | 1,648                                         |   |  |   | 1,540     |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Total expenses                                                  |  |                                             | 190,432    |   |                                             |   | 164,281  |                                               |  |   | 363,110                                       |   |  |   | 316,211   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (2,868     | ) |                                             |   |         |                                               |  |   | (6,075                                        | ) |  |   |          |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 187,564    |   |                                             |   | 164,281  |                                               |  |   | 357,035                                       |   |  |   | 316,211   |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (187,564   | ) |                                             |   | (164,281 | )                                             |  |   | (357,035                                      | ) |  |   | (316,211  | )
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 513,090    |   |                                             |   | 493,118  |                                               |  |   | 890,365                                       |   |  |   | 1,007,434 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Net realized gain (loss)                                        |  |                                             | 513,090    |   |                                             |   | 493,118  |                                               |  |   | 890,365                                       |   |  |   | 1,007,434 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             | (2,875,086 | ) |                                             |   | (326,283 | )                                             |  |   | 4,946,293                                     |   |  |   | 2,651,858 |  
|Investments                                                     |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (2,875,086 | ) |                                             |   | (326,283 | )                                             |  |   | 4,946,293                                     |   |  |   | 2,651,858 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (2,361,996 | ) |                                             |   | 166,835  |                                               |  |   | 5,836,658                                     |   |  |   | 3,659,292 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (2,549,560 | ) |                                             | $ | 2,554    |                                               |  | $ | 5,479,623                                     |   |  | $ | 3,343,081 |  
|                                                                |  |                                             |            |   |                                             |   |          |                                               |  |   |                                               |   |  |   |           |  



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



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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, 2012 |           
|From operations                                                    |  |                                             |            |  
|Net investment income (loss)                                       |  | $                                           | (357,035   | )
|Net realized gain (loss)                                           |  |                                             | 890,365    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 4,946,293  |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 5,479,623  |  
|                                                                   |  |                                             |            |  
|From unitholder transactions                                       |  |                                             |            |  
|Proceeds from units issued                                         |  |                                             | 15,755,184 |  
|Cost of units redeemed                                             |  |                                             | (9,064,636 | )
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 6,690,548  |  
|                                                                   |  |                                             |            |  
|Net increase (decrease) in net assets                              |  |                                             | 12,170,171 |  
|Net Assets                                                         |  |                                             |            |  
|Beginning of period                                                |  |                                             | 75,285,775 |  
|                                                                   |  |                                             |            |  
|End of period                                                      |  | $                                           | 87,455,946 |  
|                                                                   |  |                                             |            |  
|Number of units                                                    |  |                                             |            |  
|Outstanding-beginning of period                                    |  |                                             | 3,683,568  |  
|Issued                                                             |  |                                             | 729,427    |  
|Redeemed                                                           |  |                                             | (414,602   | )
|                                                                   |  |                                             |            |  
|Outstanding-end of period                                          |  |                                             | 3,998,393  |  
|                                                                   |  |                                             |            |  



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



162



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.09                                         | )  |  |   | (0.09  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.05  | )  |                                             |   | (0.05  | )                                             |  |   | (0.09                                         | )  |  |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.64  | )  |                                             |   | 0.05   |                                               |  |   | 1.52                                          |    |  |   | 1.11   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.69  | )  |                                             |   |       |                                               |  |   | 1.43                                          |    |  |   | 1.02   |   
|Net asset value at beginning of period                       |  |                                             | 22.56  |    |                                             |   | 21.61  |                                               |  |   | 20.44                                         |    |  |   | 20.59  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 21.87  |    |                                             | $ | 21.61  |                                               |  | $ | 21.87                                         |    |  | $ | 21.61  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.89   | %  |                                             |   | 0.89   | %                                             |  |   | 0.85                                          | %  |  |   | 0.89   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.89  | )% |                                             |   | (0.89  | )%                                            |  |   | (0.85                                         | )% |  |   | (0.89  | )%
|Portfolio turnover**,                                     |  |                                             | 3      | %  |                                             |   | 2      | %                                             |  |   | 5                                             | %  |  |   | 4      | % 
|Total return**                                               |  |                                             | (3.06  | )% |                                             |   | 0.00   | %                                             |  |   | 7.00                                          | %  |  |   | 4.95   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 87,456 |    |                                             | $ | 74,722 |                                               |  | $ | 87,456                                        |    |  | $ | 74,722 |   



|* | 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

2040 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |           |  |       |   |            |  
|------------------------------------------------------------ |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                             |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |           |  |       |   |            |  
|Collective Investment Funds  100.1%                         |  |        |           |  |       |   |            |  
|SSgA Target Retirement 2040 Non-Lending Series Fund, Class A |  |        | 5,721,830 |  |       | $ | 87,549,715 |  
|                                                             |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $76,318,349)                    |  |        |           |  |       |   | 87,549,715 |  
|                                                             |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $76,318,349)                |  |        |           |  |       |   | 87,549,715 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |           |  |       |   | (93,769    | )
|                                                             |  |        |           |  |       |   |            |  
|NET ASSETS100.0%                                            |  |        |           |  |       | $ | 87,455,946 |  
|                                                             |  |        |           |  |       |   |            |  



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



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American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statement of Assets and Liabilities



|                                                                                                |  |                       |         | 
|----------------------------------------------------------------------------------------------- |  | --------------------- | ------- | 
|                                                                                                |  | June 30,2012Unaudited |        
|Assets                                                                                          |  |                       |         | 
|Investments in collective investment funds, at value:                                           |  |                       |         | 
|SSgA Target Retirement 2050 Non-Lending Series Fund Class A (cost $409,383 and units of 31,984) |  | $                     | 411,087 | 
|Receivable for fund units sold                                                                  |  |                       | 1,748   | 
|Other assets                                                                                    |  |                       | 7       | 
|                                                                                                | 
|                                                                                                |  |                       |         | 
|Total assets                                                                                    |  |                       | 412,842 | 
|                                                                                                |  |                       |         | 
|Liabilities                                                                                     |  |                       |         | 
|Payable for investments purchased                                                               |  |                       | 1,748   | 
|Retirement Date Fund management fee payable                                                     |  |                       | 67      | 
|INGprogram fee payable                                                                         |  |                       | 157     | 
|Trustee, management and administration fees payable                                             |  |                       | 28      | 
|ABA Retirement Fundsprogram fee payable                                                        |  |                       | 17      | 
|Other accruals                                                                                  |  |                       | 42      | 
|                                                                                                | 
|                                                                                                |  |                       |         | 
|Total liabilities                                                                               |  |                       | 2,059   | 
|                                                                                                |  |                       |         | 
|Net Assets(equivalent to $20.83 per unit based on 19,718 units outstanding)                     |  | $                     | 410,783 | 
|                                                                                                |  |                       |         | 



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



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American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |      |   |                                                   |   |       |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---- | - | ------------------------------------------------- | - | ----- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |      |   | For the periodJanuary 17, 2012(a)to June 30, 2012 |  
|Investment income                                               |  | $                                           |     |   |                                                   | $ |      |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |      |   |                                                   |   |       |  
|INGprogram fee                                                 |  |                                             | 342  |   |                                                   |   | 426   |  
|Trustee, management and administration fees                     |  |                                             | 68   |   |                                                   |   | 86    |  
|Retirement Date Fund management fee                             |  |                                             | 74   |   |                                                   |   | 91    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 43   |   |                                                   |   | 56    |  
|Legal and audit fees                                            |  |                                             | 18   |   |                                                   |   | 23    |  
|Compliance consultant fees                                      |  |                                             | 11   |   |                                                   |   | 14    |  
|Reports to unitholders                                          |  |                                             | 2    |   |                                                   |   | 2     |  
|Registration fees                                               |  |                                             | 13   |   |                                                   |   | 16    |  
|Other fees                                                      |  |                                             | 2    |   |                                                   |   | 2     |  
|                                                                |  |                                            
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Total expenses                                                  |  |                                             | 573  |   |                                                   |   | 716   |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Less: Expense reimbursement                                     |  |                                             | (6   | ) |                                                   |   | (9    | )
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net expenses                                                    |  |                                             | 567  |   |                                                   |   | 707   |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net investment income (loss)                                    |  |                                             | (567 | ) |                                                   |   | (707  | )
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net realized and unrealized gain (loss)                         |  |                                             |      |   |                                                   |   |       |  
|Net realized gain (loss) on:                                    |  |                                             |      |   |                                                   |   |       |  
|Investments                                                     |  |                                             | 108  |   |                                                   |   | 3,341 |  
|                                                                |  |                                            
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net realized gain (loss)                                        |  |                                             | 108  |   |                                                   |   | 3,341 |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |      |   |                                                   |   |       |  
|Investments                                                     |  |                                             | (434 | ) |                                                   |   | 1,704 |  
|                                                                |  |                                            
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (434 | ) |                                                   |   | 1,704 |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net realized and unrealized gain (loss)                         |  |                                             | (326 | ) |                                                   |   | 5,045 |  
|                                                                |  |                                             |      |   |                                                   |   |       |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (893 | ) |                                                   | $ | 4,338 |  
|                                                                |  |                                             |      |   |                                                   |   |       |  





|(a) | Commencement of operations.
|--- | ---------------------------



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



166



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American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |          |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | -------- | -
|                                                                   |  | For the periodJanuary 17,2012(a) toJune 30, 2012 |         
|From operations                                                    |  |                                                  |          |  
|Net investment income (loss)                                       |  | $                                                | (707     | )
|Net realized gain (loss)                                           |  |                                                  | 3,341    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 1,704    |  
|                                                                   |  |                                                  |          |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 4,338    |  
|                                                                   |  |                                                  |          |  
|From unitholder transactions                                       |  |                                                  |          |  
|Proceeds from units issued                                         |  |                                                  | 524,133  |  
|Cost of units redeemed                                             |  |                                                  | (117,688 | )
|                                                                   |  |                                                  |          |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 406,445  |  
|                                                                   |  |                                                  |          |  
|Net increase (decrease) in net assets                              |  |                                                  | 410,783  |  
|Net Assets                                                         |  |                                                  |          |  
|Beginning of period                                                |  |                                                  |         |  
|                                                                   |  |                                                  |          |  
|End of period                                                      |  | $                                                | 410,783  |  
|                                                                   |  |                                                  |          |  
|Number of units                                                    |  |                                                  |          |  
|Outstanding-beginning of period                                    |  |                                                  |         |  
|Issued                                                             |  |                                                  | 25,318   |  
|Redeemed                                                           |  |                                                  | (5,600   | )
|                                                                   |  |                                                  |          |  
|Outstanding-end of period                                          |  |                                                  | 19,718   |  
|                                                                   |  |                                                  |          |  



|(a) | Commencement of operations.
|--- | ---------------------------



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



167



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American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                   |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ------------------------------------------------- | - | ----- | --
|                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |       |    | For the periodJanuary 17, 2012(a)to June 30, 2012 |  
|Investment income                                           |  | $                                           |      |    |                                                   | $ |      |   
|Expenses,                                                 |  |                                             | (0.04 | )  |                                                   |   | (0.08 | ) 
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.04 | )  |                                                   |   | (0.08 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.61 | )  |                                                   |   | 0.91  |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | (0.65 | )  |                                                   |   | 0.83  |   
|Net asset value at beginning of period                       |  |                                             | 21.48 |    |                                                   |   | 20.00 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net asset value at end of period                             |  | $                                           | 20.83 |    |                                                   | $ | 20.83 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                   |   |       |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.84  | %  |                                                   |   | 0.84  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.84 | )% |                                                   |   | (0.84 | )%
|Portfolio turnover**,                                     |  |                                             | 3     | %  |                                                   |   | 46    | % 
|Total return**                                               |  |                                             | (3.03 | )% |                                                   |   | 4.15  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 411   |    |                                                   | $ | 411   |   



|(a) | Commencement of operations.
|--- | ---------------------------

|* | 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% for the period June 30, 2012 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.



168



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American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                             |  |        |        |  |       |   |         |  
|------------------------------------------------------------ |  | ------ | ------ |  | ----- | - | ------- | -
|                                                             |  | Shares |        |  | Value |  
|INVESTMENT FUNDS  100.1%                                    |  |        |        |  |       |   |         |  
|Collective Investment Funds  100.1%                         |  |        |        |  |       |   |         |  
|SSgA Target Retirement 2050 Non-Lending Series Fund, Class A |  |        | 31,984 |  |       | $ | 411,087 |  
|                                                             |  |        |        |  |       |   |         |  
|TOTAL INVESTMENT FUNDS (cost $409,383)                       |  |        |        |  |       |   | 411,087 |  
|                                                             |  |        |        |  |       |   |         |  
|TOTAL INVESTMENTS  100.1%
(cost $409,383)                   |  |        |        |  |       |   | 411,087 |  
|Liabilities Less Other Assets  (0.1)%                       |  |        |        |  |       |   | (304    | )
|                                                             |  |        |        |  |       |   |         |  
|NET ASSETS  100.0%                                          |  |        |        |  |       | $ | 410,783 |  
|                                                             |  |        |        |  |       |   |         |  



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



169



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statements of Assets and Liabilities



|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                            |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                                      |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                                  |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund (cost $1,503,803 and $1,203,630 and units of
1,503,803 and 1,203,630, respectively) |  | $                      | 1,503,803  |  |                  | $ | 1,203,630  |    
|Investments in collective investment funds, at value:                                                                                                       |  |                        |            |  |                  |   |            |    
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $16,273,378 and $13,478,436 and units of 1,397,751 and 1,176,074,
respectively)                  |  |                        | 17,241,259 |  |                  |   | 14,171,691 |    
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $3,650,629 and $3,031,567 and units of 215,975 and 185,181, respectively)                 |  |                        | 3,908,287  |  |                  |   | 3,066,231  |    
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $2,852,467 and $0 and units of 224,072 and 0,
respectively)                          |  |                        | 2,697,377  |  |                  |   |           |    
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $3,321,421 and $2,747,427 and units of
148,231 and 126,139, respectively)    |  |                        | 3,624,549  |  |                  |   | 2,966,036  |    
|SSgA International Index Non-Lending Series Fund Class A (cost $0 and $2,356,732 and units of 0 and 175,981,
respectively)                                  |  |                        |           |  |                  |   | 2,115,825  |    
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,355,043 and $1,160,384 and units of 46,695 and 41,809,
respectively)                     |  |                        | 1,576,424  |  |                  |   | 1,229,469  |    
|Receivable for investments sold                                                                                                                             |  |                        | 13,859     |  |                  |   | 359,440    |    
|Receivable for fund units sold                                                                                                                              |  |                        | 25,683     |  |                  |   | 49,585     |    
|Interest and dividends receivable                                                                                                                           |  |                        | 108        |  |                  |   | 8          |    
|Other assets                                                                                                                                                |  |                        | 925        |  |                  |   | 886        |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|                                                                                                                                                            |  |                       
|Total assets                                                                                                                                                |  |                        | 30,592,274 |  |                  |   | 25,162,801 |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                                 |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                           |  |                        | 30,091     |  |                  |   | 378,158    |    
|Investment advisory fee payable                                                                                                                             |  |                        | 3,112      |  |                  |   | 2,227      |    
|INGprogram fee payable                                                                                                                                     |  |                        | 13,023     |  |                  |   | 10,578     |    
|Trustee, management and administration fees payable                                                                                                         |  |                        | 2,210      |  |                  |   | 1,877      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                    |  |                        | 1,773      |  |                  |   | 1,518      |    
|Payable for legal and audit services                                                                                                                        |  |                        | 1,153      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                                      |  |                        | 2,144      |  |                  |   |           | (b)
|Other accruals                                                                                                                                              |  |                        | 5,241      |  |                  |   | 8,004      |    
|                                                                                                                                                            |  |                       
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Total liabilities                                                                                                                                           |  |                        | 58,747     |  |                  |   | 402,362    |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $17.05 and $16.44 per unit based on 1,790,499 and 1,505,688 units outstanding,
respectively)                                       |  | $                      | 30,533,527 |  |                  | $ | 24,760,439 |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    



|(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.



170



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American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ---------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |   | For the periodApril 1, 2011June 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Interestaffiliated issuers                                     |  | $                                           | 281     |   |                                          | $ | 267      |                                               |  | $ | 431                                           |   |  | $ | 615      |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Total investment income                                         |  |                                             | 281     |   |                                          |   | 267      |                                               |  |   | 431                                           |   |  |   | 615      |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Expenses                                                        |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 38,374  |   |                                          |   | 24,030   |                                               |  |   | 71,837                                        |   |  |   | 45,058   |  
|Trustee, management and administration fees                     |  |                                             | 6,566   |   |                                          |   | 4,107    |                                               |  |   | 12,407                                        |   |  |   | 7,661    |  
|Investment advisory fee                                         |  |                                             | 3,448   |   |                                          |   | 1,845    |                                               |  |   | 6,351                                         |   |  |   | 3,639    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 5,356   |   |                                          |   | 3,372    |                                               |  |   | 10,141                                        |   |  |   | 6,277    |  
|Legal and audit fees                                            |  |                                             | 2,097   |   |                                          |   | 1,453    |                                               |  |   | 3,952                                         |   |  |   | 2,746    |  
|Compliance consultant fees                                      |  |                                             | 1,226   |   |                                          |   | 763      |                                               |  |   | 2,331                                         |   |  |   | 1,442    |  
|Reports to unitholders                                          |  |                                             | 147     |   |                                          |   | 123      |                                               |  |   | 280                                           |   |  |   | 232      |  
|Registration fees                                               |  |                                             | 1,431   |   |                                          |   | 1,013    |                                               |  |   | 2,722                                         |   |  |   | 1,915    |  
|Other fees                                                      |  |                                             | 295     |   |                                          |   | 183      |                                               |  |   | 560                                           |   |  |   | 346      |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Total expenses                                                  |  |                                             | 58,940  |   |                                          |   | 36,889   |                                               |  |   | 110,581                                       |   |  |   | 69,316   |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Less: Expense reimbursement                                     |  |                                             | (953    | ) |                                          |   |         |                                               |  |   | (2,009                                        | ) |  |   |         |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net expenses                                                    |  |                                             | 57,987  |   |                                          |   | 36,889   |                                               |  |   | 108,572                                       |   |  |   | 69,316   |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net investment income (loss)                                    |  |                                             | (57,706 | ) |                                          |   | (36,622  | )                                             |  |   | (108,141                                      | ) |  |   | (68,701  | )
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 140,241 |   |                                          |   | 618,668  |                                               |  |   | 260,950                                       |   |  |   | 879,472  |  
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss)                                        |  |                                             | 140,241 |   |                                          |   | 618,668  |                                               |  |   | 260,950                                       |   |  |   | 879,472  |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 104,245 |   |                                          |   | (235,473 | )                                             |  |   | 820,252                                       |   |  |   | (131,748 | )
|                                                                |  |                                             |         |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 104,245 |   |                                          |   | (235,473 | )                                             |  |   | 820,252                                       |   |  |   | (131,748 | )
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | 244,486 |   |                                          |   | 383,195  |                                               |  |   | 1,081,202                                     |   |  |   | 747,724  |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 186,780 |   |                                          | $ | 346,573  |                                               |  | $ | 973,061                                       |   |  | $ | 679,023  |  
|                                                                |  |                                             |         |   |                                          |   |          |                                               |  |   |                                               |   |  |   |          |  



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 Changes in Net Assets

Unaudited



|                                                                   |  |                                            |            |  
|------------------------------------------------------------------ |  | ------------------------------------------ | ---------- | -
|                                                                   |  | For the six-monthperiod
endedJune 30, 2012 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (108,141   | )
|Net realized gain (loss)                                           |  |                                            | 260,950    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 820,252    |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 973,061    |  
|                                                                   |  |                                            |            |  
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 9,365,560  |  
|Cost of units redeemed                                             |  |                                            | (4,565,533 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 4,800,027  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 5,773,088  |  
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 24,760,439 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 30,533,527 |  
|                                                                   |  |                                            |            |  
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 1,505,688  |  
|Issued                                                             |  |                                            | 555,928    |  
|Redeemed                                                           |  |                                            | (271,117   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 1,790,499  |  
|                                                                   |  |                                            |            |  



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

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |     |                                             |   |        |                                               |  |   |                                               |     |  |   |        |    
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | --- | ------------------------------------------- | - | ------ | --------------------------------------------- |  | - | --------------------------------------------- | --- |  | - | ------ | ---
|                                                             |  | For the periodApril 1, 2012 toJune 30, 2012 |        |     | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |    
|Investment income                                           |  | $                                           |       | (a) |                                             | $ |       | (a)                                           |  | $ |                                              | (a) |  | $ |       | (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)                      |  |                                             | 0.13   |     |                                             |   | 0.33   |                                               |  |   | 0.67                                          |     |  |   | 0.66   |    
|                                                             |  |                                             |        |     |                                             |   |        |                                               |  |   |                                               |     |  |   |        |    
|Net increase (decrease) in unit value                        |  |                                             | 0.10   |     |                                             |   | 0.30   |                                               |  |   | 0.61                                          |     |  |   | 0.60   |    
|Net asset value at beginning of period                       |  |                                             | 16.95  |     |                                             |   | 15.94  |                                               |  |   | 16.44                                         |     |  |   | 15.64  |    
|                                                             |  |                                             |        |     |                                             |   |        |                                               |  |   |                                               |     |  |   |        |    
|Net asset value at end of period                             |  | $                                           | 17.05  |     |                                             | $ | 16.24  |                                               |  | $ | 17.05                                         |     |  | $ | 16.24  |    
|                                                             |  |                                             |        |     |                                             |   |        |                                               |  |   |                                               |     |  |   |        |    
|Ratios/Supplemental Data:                                    |  |                                             |        |     |                                             |   |        |                                               |  |   |                                               |     |  |   |        |    
|Ratio of net expenses to average net assets*,              |  |                                             | 0.78   | %   |                                             |   | 0.81   | %                                             |  |   | 0.77                                          | %   |  |   | 0.81   | %  
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.78  | )%  |                                             |   | (0.81  | )%                                            |  |   | (0.77                                         | )%  |  |   | (0.80  | )% 
|Portfolio turnover**,                                     |  |                                             | 5      | %   |                                             |   | 24     | %                                             |  |   | 19                                            | %   |  |   | 41     | %  
|Total return**                                               |  |                                             | 0.59   | %   |                                             |   | 1.88   | %                                             |  |   | 3.71                                          | %   |  |   | 3.84   | %  
|Net assets at end of period (in thousands)                   |  | $                                           | 30,534 |     |                                             | $ | 18,986 |                                               |  | $ | 30,534                                        |     |  | $ | 18,986 |    



|(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 0.020% and 0.019% for the periods ended June 30, 2012 and 2011, respectively, 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

Schedule of Investments

June 30, 2012

Unaudited



|                                                                             |  |        |           |  |       |   |            |  
|---------------------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | -
|                                                                             |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  95.2%                                                     |  |        |           |  |       |   |            |  
|Collective Investment Funds  95.2%                                          |  |        |           |  |       |   |            |  
|SSgA Global Equity Ex U.S. Index Non-Lending Series Fund, Class A            |  |        | 224,072   |  |       | $ | 2,697,377  |  
|SSgA Russell All Cap® Index Non-Lending Series Fund, Class A                 |  |        | 215,975   |  |       |   | 3,908,287  |  
|SSgA U.S. Bond Index Non-Lending Series Fund, Class A                        |  |        | 1,397,751 |  |       |   | 17,241,259 |  
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A    |  |        | 148,231   |  |       |   | 3,624,549  |  
|SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A                   |  |        | 46,695    |  |       |   | 1,576,424  |  
|                                                                             |  |       
|                                                                             |  |        |           |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $27,452,938)                                    |  |        |           |  |       |   | 29,047,896 |  
|                                                                             |  |        |           |  |       |   |            |  
|                                                                             |  |       
|                                                                             |  | Units  |           |  | Value |  
|SHORT-TERM INVESTMENTS  4.9%                                                |  |        |           |  |       |   |            |  
|Affiliated Funds  4.9%                                                      |  |        |           |  |       |   |            |  
|Northern Trust Global Investments -
Collective Short-Term Investment Fund(a) |  |        | 1,503,803 |  |       | $ | 1,503,803  |  
|                                                                             |  |        |           |  |       |   |            |  
|TOTAL SHORT-TERM INVESTMENTS (cost $1,503,803)                               |  |        |           |  |       |   | 1,503,803  |  
|                                                                             |  |        |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $28,956,741)                                |  |        |           |  |       |   | 30,551,699 |  
|Liabilities Less Other Assets  (0.1)%                                       |  |        |           |  |       |   | (18,172    | )
|                                                                             |  |        |           |  |       |   |            |  
|NET ASSETS100.0%                                                            |  |        |           |  |       | $ | 30,533,527 |  
|                                                                             |  |        |           |  |       |   |            |  



|(a) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------



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



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statements of Assets and Liabilities





|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | ---
|                                                                                                                                                            |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                                      |  |                        |            |  |                  |   |            |    
|Investments in affiliated funds, at value:                                                                                                                  |  |                        |            |  |                  |   |            |    
|Northern Trust Global InvestmentsCollective Short-Term Investment Fund (cost $1,254,448 and $1,057,034 and units of
1,254,448 and 1,057,034, respectively) |  | $                      | 1,254,448  |  |                  | $ | 1,057,034  |    
|Investments in collective investment funds, at value:                                                                                                       |  |                        |            |  |                  |   |            |    
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $17,947,935 and $15,233,554 and units of 1,545,679 and 1,341,009,
respectively)                  |  |                        | 19,065,954 |  |                  |   | 16,159,164 |    
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $14,466,183 and $13,222,514 and units of 883,169 and 833,667, respectively)               |  |                        | 15,981,824 |  |                  |   | 13,803,854 |    
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $11,930,182 and $10,635,992 and units of 918,354 and
815,891, respectively)          |  |                        | 11,055,150 |  |                  |   | 9,498,599  |    
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $3,402,990 and $2,852,235 and units of
151,757 and 131,268, respectively)    |  |                        | 3,710,768  |  |                  |   | 3,086,627  |    
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $2,364,923 and $2,146,509 and units of 83,155 and 79,480,
respectively)                     |  |                        | 2,807,310  |  |                  |   | 2,337,269  |    
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $1,312,598 and $1,113,795 and units of 141,645 and 118,564,
respectively)         |  |                        | 1,167,578  |  |                  |   | 1,014,668  |    
|Receivable for investments sold                                                                                                                             |  |                        | 73,218     |  |                  |   | 719,938    |    
|Receivable for fund units sold                                                                                                                              |  |                        | 18,797     |  |                  |   | 264,583    |    
|Interest and dividends receivable                                                                                                                           |  |                        | 180        |  |                  |   | 7          |    
|Other assets                                                                                                                                                |  |                        | 1,669      |  |                  |   | 1,758      |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|                                                                                                                                                            |  |                       
|Total assets                                                                                                                                                |  |                        | 55,136,896 |  |                  |   | 47,943,501 |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Liabilities                                                                                                                                                 |  |                        |            |  |                  |   |            |    
|Payable for investments purchased                                                                                                                           |  |                        | 85,399     |  |                  |   | 966,837    |    
|Investment advisory fee payable                                                                                                                             |  |                        | 7,300      |  |                  |   | 6,098      |    
|INGprogram fee payable                                                                                                                                     |  |                        | 23,083     |  |                  |   | 20,016     |    
|Trustee, management and administration fees payable                                                                                                         |  |                        | 3,886      |  |                  |   | 3,554      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                    |  |                        | 3,141      |  |                  |   | 2,872      |    
|Payable for legal and audit services                                                                                                                        |  |                        | 2,025      |  |                  |   |           | (a)
|Payable for compliance consultant fees                                                                                                                      |  |                        | 4,014      |  |                  |   |           | (b)
|Other accruals                                                                                                                                              |  |                        | 10,060     |  |                  |   | 16,684     |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|                                                                                                                                                            |  |                       
|Total liabilities                                                                                                                                           |  |                        | 138,908    |  |                  |   | 1,016,061  |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    
|Net Assets(equivalent to $19.40 and $18.47 per unit based on 2,834,860 and 2,540,564 units outstanding,
respectively)                                       |  | $                      | 54,997,988 |  |                  | $ | 46,927,440 |    
|                                                                                                                                                            |  |                        |            |  |                  |   |            |    



|(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.



175



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American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | --------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |          |   | For the periodApril 1, 2011 toJune 30, 2011 |   |           | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Interestaffiliated issuers                                     |  | $                                           | 338      |   |                                             | $ | 364       |                                               |  | $ | 455                                           |   |  | $ | 616       |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |          |  
|Total investment income                                         |  |                                             | 338      |   |                                             |   | 364       |                                               |  |   | 455                                           |   |  |   | 616       |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Expenses                                                        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|INGprogram fee                                                 |  |                                             | 69,276   |   |                                             |   | 54,775    |                                               |  |   | 131,778                                       |   |  |   | 99,086    |  
|Trustee, management and administration fees                     |  |                                             | 11,830   |   |                                             |   | 9,292     |                                               |  |   | 22,740                                        |   |  |   | 16,777    |  
|Investment advisory fee                                         |  |                                             | 8,031    |   |                                             |   | 5,796     |                                               |  |   | 15,691                                        |   |  |   | 10,580    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 9,650    |   |                                             |   | 7,628     |                                               |  |   | 18,589                                        |   |  |   | 13,747    |  
|Legal and audit fees                                            |  |                                             | 3,773    |   |                                             |   | 3,307     |                                               |  |   | 7,236                                         |   |  |   | 6,075     |  
|Compliance consultant fees                                      |  |                                             | 2,199    |   |                                             |   | 1,737     |                                               |  |   | 4,260                                         |   |  |   | 3,191     |  
|Reports to unitholders                                          |  |                                             | 264      |   |                                             |   | 280       |                                               |  |   | 511                                           |   |  |   | 514       |  
|Registration fees                                               |  |                                             | 2,568    |   |                                             |   | 2,307     |                                               |  |   | 4,976                                         |   |  |   | 4,238     |  
|Other fees                                                      |  |                                             | 527      |   |                                             |   | 418       |                                               |  |   | 1,023                                         |   |  |   | 766       |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |          |  
|Total expenses                                                  |  |                                             | 108,118  |   |                                             |   | 85,540    |                                               |  |   | 206,804                                       |   |  |   | 154,974   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Less: Expense reimbursement                                     |  |                                             | (1,727   | ) |                                             |   |          |                                               |  |   | (3,703                                        | ) |  |   |          |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net expenses                                                    |  |                                             | 106,391  |   |                                             |   | 85,540    |                                               |  |   | 203,101                                       |   |  |   | 154,974   |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net investment income (loss)                                    |  |                                             | (106,053 | ) |                                             |   | (85,176   | )                                             |  |   | (202,646                                      | ) |  |   | (154,358  | )
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | 360,171  |   |                                             |   | 1,313,906 |                                               |  |   | 915,517                                       |   |  |   | 1,679,541 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |          |  
|Net realized gain (loss)                                        |  |                                             | 360,171  |   |                                             |   | 1,313,906 |                                               |  |   | 915,517                                       |   |  |   | 1,679,541 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Investments                                                     |  |                                             | (950,117 | ) |                                             |   | (904,050  | )                                             |  |   | 1,668,191                                     |   |  |   | (67,635   | )
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|                                                                |  |                                             |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (950,117 | ) |                                             |   | (904,050  | )                                             |  |   | 1,668,191                                     |   |  |   | (67,635   | )
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | (589,946 | ) |                                             |   | 409,856   |                                               |  |   | 2,583,708                                     |   |  |   | 1,611,906 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (695,999 | ) |                                             | $ | 324,680   |                                               |  | $ | 2,381,062                                     |   |  | $ | 1,457,548 |  
|                                                                |  |                                             |          |   |                                             |   |           |                                               |  |   |                                               |   |  |   |           |  



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



176



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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, 2012 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (202,646   | )
|Net realized gain (loss)                                           |  |                                            | 915,517    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 1,668,191  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 2,381,062  |  
|                                                                   |  |                                            |            |  
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 12,378,895 |  
|Cost of units redeemed                                             |  |                                            | (6,689,409 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 5,689,486  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 8,070,548  |  
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 46,927,440 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 54,997,988 |  
|                                                                   |  |                                            |            |  
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 2,540,564  |  
|Issued                                                             |  |                                            | 642,011    |  
|Redeemed                                                           |  |                                            | (347,715   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 2,834,860  |  
|                                                                   |  |                                            |            |  



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



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |   
|Investment income(a)                                        |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                              |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.04  | )  |                                             |   | (0.04  | )                                             |  |   | (0.08                                         | )  |  |   | (0.08  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                             |   | (0.04  | )                                             |  |   | (0.08                                         | )  |  |   | (0.08  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.23  | )  |                                             |   | 0.21   |                                               |  |   | 1.01                                          |    |  |   | 0.86   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.27  | )  |                                             |   | 0.17   |                                               |  |   | 0.93                                          |    |  |   | 0.78   |   
|Net asset value at beginning of period                       |  |                                             | 19.67  |    |                                             |   | 18.95  |                                               |  |   | 18.47                                         |    |  |   | 18.34  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 19.40  |    |                                             | $ | 19.12  |                                               |  | $ | 19.40                                         |    |  | $ | 19.12  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                               |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.80   | %  |                                             |   | 0.81   | %                                             |  |   | 0.79                                          | %  |  |   | 0.80   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.80  | )% |                                             |   | (0.81  | )%                                            |  |   | (0.79                                         | )% |  |   | (0.80  | )%
|Portfolio turnover**,                                     |  |                                             | 5      | %  |                                             |   | 13     | %                                             |  |   | 13                                            | %  |  |   | 19     | % 
|Total return**                                               |  |                                             | (1.37  | )% |                                             |   | 0.90   | %                                             |  |   | 5.04                                          | %  |  |   | 4.25   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 54,998 |    |                                             | $ | 43,584 |                                               |  | $ | 54,998                                        |    |  | $ | 43,584 |   



|(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 0.026% and 0.024% for the periods ended June 30, 2012 and 2011, respectively, 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

Moderate Risk Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                          |  |        |           |  |       |   |            | 
|------------------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ---------- | 
|                                                                          |  | Shares |           |  | Value |  
|INVESTMENT FUNDS  97.8%                                                  |  |        |           |  |       |   |            | 
|Collective Investment Funds  97.8%                                       |  |        |           |  |       |   |            | 
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund, Class A      |  |        | 141,645   |  |       | $ | 1,167,578  | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A         |  |        | 918,354   |  |       |   | 11,055,150 | 
|SSgA Russell All Cap® Index Non-Lending Series Fund, Class A              |  |        | 883,169   |  |       |   | 15,981,824 | 
|SSgA U.S. Bond Index Non-Lending Series Fund, Class A                     |  |        | 1,545,679 |  |       |   | 19,065,954 | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A |  |        | 151,757   |  |       |   | 3,710,768  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A                |  |        | 83,155    |  |       |   | 2,807,310  | 
|                                                                          |  |        |           |  |       |   |            | 
|TOTAL INVESTMENT FUNDS (cost $51,424,811)                                 |  |        |           |  |       |   | 53,788,584 | 
|                                                                          |  |        |           |  |       |   |            | 



|                                                                             |  |       |           |  |       |   |            |  
|---------------------------------------------------------------------------- |  | ----- | --------- |  | ----- | - | ---------- | -
|                                                                             |  | Units |           |  | Value |  
|SHORT-TERM INVESTMENTS  2.3%                                                |  |       |           |  |       |   |            |  
|Affiliated Funds  2.3%                                                      |  |       |           |  |       |   |            |  
|Northern Trust Global Investments - Collective Short-Term Investment Fund(a) |  |       | 1,254,448 |  |       | $ | 1,254,448  |  
|                                                                             |  |       |           |  |       |   |            |  
|TOTAL SHORT-TERM INVESTMENTS (cost $1,254,448)                               |  |       |           |  |       |   | 1,254,448  |  
|                                                                             |  |       |           |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%(cost $52,679,259)                                 |  |       |           |  |       |   | 55,043,032 |  
|Liabilities Less Other Assets  (0.1)%                                       |  |       |           |  |       |   | (45,044    | )
|                                                                             |  |       |           |  |       |   |            |  
|NET ASSETS  100.0%                                                          |  |       |           |  |       | $ | 54,997,988 |  
|                                                                             |  |       |           |  |       |   |            |  



|(a) | Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------



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

Statements of Assets and Liabilities



|                                                                                                                                                   |  |                        |            |  |                  |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                   |  | June 30, 2012Unaudited |            |  | December 31,2011 |  
|Assets                                                                                                                                             |  |                        |            |  |                  |   |            | 
|Investments in affiliated funds, at value:                                                                                                         |  |                        |            |  |                  |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $0 and $25,671 and units of 0 and 25,671,
respectively)              |  | $                      |           |  |                  | $ | 25,671     | 
|Investments in collective investment funds, at value:                                                                                              |  |                        |            |  |                  |   |            | 
|SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $8,103,063 and $6,990,442 and units of 488,106 and 437,756, respectively)        |  |                        | 8,832,765  |  |                  |   | 7,248,358  | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $6,638,724 and $5,626,573 and units of 507,718 and
428,607, respectively)   |  |                        | 6,111,911  |  |                  |   | 4,989,847  | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $2,765,300 and $2,387,439 and units of 236,132 and 207,712,
respectively)               |  |                        | 2,912,685  |  |                  |   | 2,502,926  | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $869,661 and $769,237 and units of 29,978 and 28,075,
respectively)                |  |                        | 1,012,065  |  |                  |   | 825,590    | 
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund Class A (cost $912,887 and $738,080 and units of 97,247 and 77,200,
respectively)      |  |                        | 801,607    |  |                  |   | 660,681    | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $361,716 and $313,814 and units of 15,860 and
14,114, respectively) |  |                        | 387,801    |  |                  |   | 331,866    | 
|Receivable for investments sold                                                                                                                    |  |                        | 34,905     |  |                  |   | 201,949    | 
|Receivable for fund units sold                                                                                                                     |  |                        | 16,123     |  |                  |   | 84,988     | 
|Other assets                                                                                                                                       |  |                        | 643        |  |                  |   | 597        | 
|                                                                                                                                                   |  |                        |            |  |                  |   |            | 
|                                                                                                                                                   |  |                       
|Total assets                                                                                                                                       |  |                        | 20,110,505 |  |                  |   | 16,872,473 | 
|                                                                                                                                                   |  |                        |            |  |                  |   |            | 
|Liabilities                                                                                                                                        |  |                        |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                  |  |                        | 51,028     |  |                  |   | 311,853    | 
|Investment advisory fee payable                                                                                                                    |  |                        | 3,021      |  |                  |   | 2,132      | 
|INGprogram fee payable                                                                                                                            |  |                        | 8,320      |  |                  |   | 7,083      | 
|Trustee, management and administration fees payable                                                                                                |  |                        | 1,440      |  |                  |   | 1,258      | 
|ABA Retirement Fundsprogram fee payable                                                                                                           |  |                        | 1,159      |  |                  |   | 1,016      | 
|Other accruals                                                                                                                                     |  |                        | 5,900      |  |                  |   | 5,880      | 
|                                                                                                                                                   |  |                        |            |  |                  |   |            | 
|                                                                                                                                                   |  |                       
|Total liabilities                                                                                                                                  |  |                        | 70,868     |  |                  |   | 329,222    | 
|                                                                                                                                                   |  |                        |            |  |                  |   |            | 
|Net Assets(equivalent to $21.86 and $20.66 per unit based on 916,789 and 800,872 units outstanding,
respectively)                                  |  | $                      | 20,039,637 |  |                  | $ | 16,543,251 | 
|                                                                                                                                                   |  |                        |            |  |                  |   |            | 



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



180



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American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|--------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ------------------------------------------- | - | -------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | -------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |          |   | For the periodApril 1, 2011 toJune 30, 2011 |   |          | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  | $                                           |         |   |                                             | $ |         |                                               |  | $ |                                              |   |  | $ |         |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Expenses                                                        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|INGprogram fee                                                 |  |                                             | 25,836   |   |                                             |   | 20,260   |                                               |  |   | 49,178                                        |   |  |   | 37,893   |  
|Trustee, management and administration fees                     |  |                                             | 4,434    |   |                                             |   | 3,469    |                                               |  |   | 8,457                                         |   |  |   | 6,447    |  
|Investment advisory fee                                         |  |                                             | 3,439    |   |                                             |   | 2,073    |                                               |  |   | 7,082                                         |   |  |   | 4,432    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 3,617    |   |                                             |   | 2,847    |                                               |  |   | 6,955                                         |   |  |   | 5,282    |  
|Legal and audit fees                                            |  |                                             | 1,394    |   |                                             |   | 1,223    |                                               |  |   | 2,689                                         |   |  |   | 2,308    |  
|Compliance consultant fees                                      |  |                                             | 813      |   |                                             |   | 643      |                                               |  |   | 1,584                                         |   |  |   | 1,213    |  
|Reports to unitholders                                          |  |                                             | 98       |   |                                             |   | 103      |                                               |  |   | 190                                           |   |  |   | 195      |  
|Registration fees                                               |  |                                             | 950      |   |                                             |   | 853      |                                               |  |   | 1,850                                         |   |  |   | 1,610    |  
|Other fees                                                      |  |                                             | 195      |   |                                             |   | 160      |                                               |  |   | 380                                           |   |  |   | 301      |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Total expenses                                                  |  |                                             | 40,776   |   |                                             |   | 31,631   |                                               |  |   | 78,365                                        |   |  |   | 59,681   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Less: Expense reimbursement                                     |  |                                             | (662     | ) |                                             |   |         |                                               |  |   | (1,397                                        | ) |  |   |         |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net expenses                                                    |  |                                             | 40,114   |   |                                             |   | 31,631   |                                               |  |   | 76,968                                        |   |  |   | 59,681   |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net investment income (loss)                                    |  |                                             | (40,114  | ) |                                             |   | (31,631  | )                                             |  |   | (76,968                                       | ) |  |   | (59,681  | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized gain (loss) on:                                    |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | 155,761  |   |                                             |   | 646,966  |                                               |  |   | 341,787                                       |   |  |   | 809,594  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Net realized gain (loss)                                        |  |                                             | 155,761  |   |                                             |   | 646,966  |                                               |  |   | 341,787                                       |   |  |   | 809,594  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Investments                                                     |  |                                             | (794,210 | ) |                                             |   | (589,259 | )                                             |  |   | 673,800                                       |   |  |   | (104,359 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|                                                                |  |                                             |          |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (794,210 | ) |                                             |   | (589,259 | )                                             |  |   | 673,800                                       |   |  |   | (104,359 | )
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net realized and unrealized gain (loss)                         |  |                                             | (638,449 | ) |                                             |   | 57,707   |                                               |  |   | 1,015,587                                     |   |  |   | 705,235  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (678,563 | ) |                                             | $ | 26,076   |                                               |  | $ | 938,619                                       |   |  | $ | 645,554  |  
|                                                                |  |                                             |          |   |                                             |   |          |                                               |  |   |                                               |   |  |   |          |  



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



181



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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, 2012 |           
|From operations                                                    |  |                                            |            |  
|Net investment income (loss)                                       |  | $                                          | (76,968    | )
|Net realized gain (loss)                                           |  |                                            | 341,787    |  
|Change in net unrealized appreciation (depreciation)               |  |                                            | 673,800    |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                            | 938,619    |  
|                                                                   |  |                                            |            |  
|From unitholder transactions                                       |  |                                            |            |  
|Proceeds from units issued                                         |  |                                            | 5,765,555  |  
|Cost of units redeemed                                             |  |                                            | (3,207,788 | )
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                            | 2,557,767  |  
|                                                                   |  |                                            |            |  
|Net increase (decrease) in net assets                              |  |                                            | 3,496,386  |  
|Net Assets                                                         |  |                                            |            |  
|Beginning of period                                                |  |                                            | 16,543,251 |  
|                                                                   |  |                                            |            |  
|End of period                                                      |  | $                                          | 20,039,637 |  
|                                                                   |  |                                            |            |  
|Number of units                                                    |  |                                            |            |  
|Outstanding-beginning of period                                    |  |                                            | 800,872    |  
|Issued                                                             |  |                                            | 263,647    |  
|Redeemed                                                           |  |                                            | (147,730   | )
|                                                                   |  |                                            |            |  
|Outstanding-end of period                                          |  |                                            | 916,789    |  
|                                                                   |  |                                            |            |  



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



182



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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, 2012 toJune 30, 2012 |        |    | For the periodApril 1, 2011 toJune 30, 2011 |   |        | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 
1, 2011 toJune 30, 2011 |   
|Investment income                                           |  | $                                           |       |    |                                             | $ |       |                                               |  | $ |                                               |    |  | $ |       |   
|Expenses,                                                 |  |                                             | (0.04  | )  |                                             |   | (0.05  | )                                             |  |   | (0.09                                          | )  |  |   | (0.09  | ) 
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                                |    |  |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                             |   | (0.05  | )                                             |  |   | (0.09                                          | )  |  |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.70  | )  |                                             |   | 0.09   |                                               |  |   | 1.29                                           |    |  |   | 1.12   |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                                |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.74  | )  |                                             |   | 0.04   |                                               |  |   | 1.20                                           |    |  |   | 1.03   |   
|Net asset value at beginning of period                       |  |                                             | 22.60  |    |                                             |   | 22.24  |                                               |  |   | 20.66                                          |    |  |   | 21.25  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                                |    |  |   |        |   
|Net asset value at end of period                             |  | $                                           | 21.86  |    |                                             | $ | 22.28  |                                               |  | $ | 21.86                                          |    |  | $ | 22.28  |   
|                                                             |  |                                             |        |    |                                             |   |        |                                               |  |   |                                                |    |  |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                             |   |        |                                               |  |   |                                                |    |  |   |        |   
|Ratio of net expenses to average net assets*,              |  |                                             | 0.82   | %  |                                             |   | 0.83   | %                                             |  |   | 0.80                                           | %  |  |   | 0.83   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.82  | %) |                                             |   | (0.83  | )%                                            |  |   | (0.80                                          | )% |  |   | (0.83  | )%
|Portfolio turnover**,                                     |  |                                             | 8      | %  |                                             |   | 21     | %                                             |  |   | 13                                             | %  |  |   | 28     | % 
|Total return**                                               |  |                                             | (3.27  | )% |                                             |   | 0.18   | %                                             |  |   | 5.81                                           | %  |  |   | 4.85   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 20,040 |    |                                             | $ | 15,854 |                                               |  | $ | 20,040                                         |    |  | $ | 15,854 |   



|* | 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 0.029% and 0.027% for the periods ended June 30, 2012 and 2011, respectively, 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

Aggressive Risk Fund

Schedule of Investments

June 30, 2012

Unaudited



|                                                                          |  |        |         |  |       |   |            |  
|------------------------------------------------------------------------- |  | ------ | ------- |  | ----- | - | ---------- | -
|                                                                          |  | Shares |         |  | Value |  
|INVESTMENT FUNDS  100.1%                                                 |  |        |         |  |       |   |            |  
|Collective Investment Funds  100.1%                                      |  |        |         |  |       |   |            |  
|SSgA Dow Jones UBS-Commodity IndexSMNon-Lending Series Fund, Class A      |  |        | 97,247  |  |       | $ | 801,607    |  
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A         |  |        | 507,718 |  |       |   | 6,111,911  |  
|SSgA Russell All Cap® Index Non-Lending Series Fund, Class A              |  |        | 488,106 |  |       |   | 8,832,765  |  
|SSgA U.S. Bond Index Non-Lending Series Fund, Class A                     |  |        | 236,132 |  |       |   | 2,912,685  |  
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A |  |        | 15,860  |  |       |   | 387,801    |  
|SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A                |  |        | 29,978  |  |       |   | 1,012,065  |  
|                                                                          |  |        |         |  |       |   |            |  
|TOTAL INVESTMENT FUNDS (cost $19,651,351)                                 |  |        |         |  |       |   | 20,058,834 |  
|                                                                          |  |        |         |  |       |   |            |  
|TOTAL INVESTMENTS  100.1%
(cost $19,651,351)                             |  |        |         |  |       | $ | 20,058,834 |  
|Liabilities Less Other Assets  (0.1)%                                    |  |        |         |  |       |   | (19,197    | )
|                                                                          |  |        |         |  |       |   |            |  
|NET ASSETS  100.0%                                                       |  |        |         |  |       | $ | 20,039,637 |  
|                                                                          |  |        |         |  |       |   |            |  



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

Statements of Assets and Liabilities



|                                                                                                                       |  |                        |             |  |                  |   |             | 
|---------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                       |  | June 30, 2012Unaudited |             |  | December 31,2011 |  
|Assets                                                                                                                 |  |                        |             |  |                  |   |             | 
|American Bar Association Members/Northern Trust Collective Trust investment funds, at value:                           |  |                        |             |  |                  |   |             | 
|Large Cap Equity Fund (cost $105,039,220 and $108,375,238 and units of 9,312,219 and 9,461,947, respectively)          |  | $                      | 143,585,072 |  |                  | $ | 133,697,305 | 
|Bond Core Plus Fund (cost $72,550,329 and $73,106,915 and units of 3,304,211 and 3,828,099, respectively)              |  |                        | 93,654,544  |  |                  |   | 104,193,195 | 
|Receivable for fund units sold                                                                                         |  |                        | 1,275,000   |  |                  |   | 8,000,000   | 
|                                                                                                                       |  |                        |             |  |                  |   |             | 
|Total assets                                                                                                           |  |                        | 238,514,616 |  |                  |   | 245,890,500 | 
|                                                                                                                       |  |                        |             |  |                  |   |             | 
|Liabilities                                                                                                            |  |                        |             |  |                  |   |             | 
|Payable for fund units redeemed                                                                                        |  |                        | 1,296,906   |  |                  |   | 8,019,714   | 
|                                                                                                                       |  |                        |             |  |                  |   |             | 
|Total liabilities                                                                                                      |  |                        | 1,296,906   |  |                  |   | 8,019,714   | 
|                                                                                                                       |  |                        |             |  |                  |   |             | 
|Net Assets(equivalent to $102.36 and $95.63 per unit based on 2,317,594 and 2,487,413 units outstanding,
respectively) |  | $                      | 237,217,710 |  |                  | $ | 237,870,786 | 
|                                                                                                                       |  |                        |             |  |                  |   |             | 



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



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Balanced Fund

Statements of Operations

Unaudited



|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | ------------------------------------------- | - | ---------- | --------------------------------------------- |  | - | --------------------------------------------- |  |  | - | ---------- | 
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |            |   | For the periodApril 1, 2011 toJune 30, 2011 |   |            | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 | 
|Investment income (loss)                                        |  | $                                           |           |   |                                             | $ |           |                                               |  | $ |                                              |  |  | $ |           | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|                                                                |  |                                             |            |  
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Bond Core Plus Fund                                             |  |                                             | 2,392,960  |   |                                             |   | 1,617,026  |                                               |  |   | 4,823,413                                     |  |  |   | 2,405,071  | 
|Large Cap Equity Fund                                           |  |                                             | 2,624,841  |   |                                             |   | 4,136,265  |                                               |  |   | 8,515,489                                     |  |  |   | 7,869,135  | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|                                                                |  |                                             |            |  
|Net realized gain (loss)                                        |  |                                             | 5,017,801  |   |                                             |   | 5,753,291  |                                               |  |   | 13,338,902                                    |  |  |   | 10,274,206 | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Investments                                                     |  |                                             | (8,137,677 | ) |                                             |   | (2,175,982 | )                                             |  |   | 3,241,720                                     |  |  |   | 2,858,027  | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Change in net unrealized appreciation (depreciation)            |  |                                             | (8,137,677 | ) |                                             |   | (2,175,982 | )                                             |  |   | 3,241,720                                     |  |  |   | 2,858,027  | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Net realized and unrealized gain (loss)                         |  |                                             | (3,119,876 | ) |                                             |   | 3,577,309  |                                               |  |   | 16,580,622                                    |  |  |   | 13,132,233 | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (3,119,876 | ) |                                             | $ | 3,577,309  |                                               |  | $ | 16,580,622                                    |  |  | $ | 13,132,233 | 
|                                                                |  |                                             |            |   |                                             |   |            |                                               |  |   |                                               |  |  |   |            | 



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



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Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | -
|                                                                   |  | For the 
six-monthperiod endedJune 30, 2012 |            
|From operations                                                    |  |                                             |             |  
|Net realized gain (loss)                                           |  | $                                           | 13,338,902  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 3,241,720   |  
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 16,580,622  |  
|                                                                   |  |                                             |             |  
|From unitholder transactions                                       |  |                                             |             |  
|Proceeds from units issued                                         |  |                                             | 635,426     |  
|Cost of units redeemed                                             |  |                                             | (17,869,124 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (17,233,698 | )
|                                                                   |  |                                             |             |  
|Net increase (decrease) in net assets                              |  |                                             | (653,076    | )
|Net Assets                                                         |  |                                             |             |  
|Beginning of period                                                |  |                                             | 237,870,786 |  
|                                                                   |  |                                             |             |  
|End of period                                                      |  | $                                           | 237,217,710 |  
|                                                                   |  |                                             |             |  
|Number of units                                                    |  |                                             |             |  
|Outstanding-beginning of period                                    |  |                                             | 2,487,413   |  
|Issued                                                             |  |                                             | 6,212       |  
|Redeemed                                                           |  |                                             | (176,031    | )
|                                                                   |  |                                             |             |  
|Outstanding-end of period                                          |  |                                             | 2,317,594   |  
|                                                                   |  |                                             |             |  



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

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | -- | ------------------------------------------- | - | ------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |         |    | For the periodApril 1, 2011 toJune 30, 2011 |   |         | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Net investment income (loss)                                    |  | $                                           |        |    |                                             | $ |        |                                               |  | $ |                                              |   |  | $ |        |  
|Net realized and unrealized gain (loss)                         |  |                                             | (1.30   | )  |                                             |   | 1.29    |                                               |  |   | 6.73                                          |   |  |   | 4.63    |  
|                                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net increase (decrease) in unit value                           |  |                                             | (1.30   | )  |                                             |   | 1.29    |                                               |  |   | 6.73                                          |   |  |   | 4.63    |  
|Net asset value at beginning of period                          |  |                                             | 103.66  |    |                                             |   | 96.05   |                                               |  |   | 95.63                                         |   |  |   | 92.71   |  
|                                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Net asset value at end of period                                |  | $                                           | 102.36  |    |                                             | $ | 97.34   |                                               |  | $ | 102.36                                        |   |  | $ | 97.34   |  
|                                                                |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratios/Supplemental Data:                                       |  |                                             |         |    |                                             |   |         |                                               |  |   |                                               |   |  |   |         |  
|Ratio of net expenses to average net assets*,                  |  |                                             | 0.00    | %  |                                             |   | 0.00    | %                                             |  |   | 0.00                                          | % |  |   | 0.00    | %
|Ratio of net investment income (loss) to average net assets(a)* |  |                                             | 0.00    | %  |                                             |   | 0.00    | %                                             |  |   | 0.00                                          | % |  |   | 0.00    | %
|Portfolio turnover(b)**                                         |  |                                             | 3       | %  |                                             |   | 2       | %                                             |  |   | 9                                             | % |  |   | 4       | %
|Total return**                                                  |  |                                             | (1.25   | )% |                                             |   | 1.34    | %                                             |  |   | 7.04                                          | % |  |   | 4.99    | %
|Net assets at end of period (in thousands)                      |  | $                                           | 237,218 |    |                                             | $ | 262,319 |                                               |  | $ | 237,218                                       |   |  | $ | 262,319 |  





|(a) | Does not reflect net investment income from the portion of the Fund invested in the Bond Core Plus Fund and Large Cap Equity Fund which retain all net investment income
and make no distributions.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | 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.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

| | Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment funds, including the Large Cap Equity
Fund, and the Bond Core Plus Fund in which the Fund invests a portion of its assets.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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

Schedule of Investments

June 30, 2012

Unaudited



|                                                                                                           |  |        |           |  |       |   |             |  
|---------------------------------------------------------------------------------------------------------- |  | ------ | --------- |  | ----- | - | ----------- | -
|                                                                                                           |  | Shares |           |  | Value |  
|AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST                                                            |  |        |           |  |       |   |             |  
|COLLECTIVE TRUST INVESTMENT FUNDS  100.0%                                                                 |  |        |           |  |       |   |             |  
|Bond Core Plus Fund                                                                                        |  |        | 3,304,211 |  |       | $ | 93,654,544  |  
|Large Cap Equity Fund                                                                                      |  |        | 9,312,219 |  |       |   | 143,585,072 |  
|                                                                                                           |  |        |           |  |       |   |             |  
|                                                                                                           |  |       
|TOTAL AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST COLLECTIVE TRUST INVESTMENT FUNDS(cost
$177,589,549) |  |        |           |  |       |   | 237,239,616 |  
|                                                                                                           |  |        |           |  |       |   |             |  
|TOTAL INVESTMENTS  100.0%
(cost $177,589,549)                                                             |  |        |           |  |       |   | 237,239,616 |  
|Liabilities Less Other Assets  0.0%                                                                       |  |        |           |  |       |   | (21,906     | )
|                                                                                                           |  |        |           |  |       |   |             |  
|NET ASSETS100.0%                                                                                          |  |        |           |  |       | $ | 237,217,710 |  
|                                                                                                           |  |        |           |  |       |   |             |  



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



189



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American Bar Association Members/Northern Trust Collective
Trust

Combined Statement of Assets and Liabilities



|                                                                                                                               |  |                        |               |  |                   |   |               | 
|------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------- | ------------- |  | ----------------- | - | ------------- | 
|                                                                                                                               |  | June 30, 2012Unaudited |               |  | December 31, 2011 |  
|Assets                                                                                                                         |  |                        |               |  |                   |   |               | 
|Investments, at value (cost $2,115,702,148 and $2,199,286,258, respectively)                                                   |  | $                      | 2,320,947,108 |  |                   | $ | 2,351,069,730 | 
|Northern Trust Global InvestmentsCollective Government Short Term                                                             |  |                        |               |  |                   |   |               | 
|Investment Fund, at value (cost $99,390,326 and $115,820,756, respectively)                                                    |  |                        | 99,390,326    |  |                   |   | 115,820,756   | 
|Investments in collective investment funds, at value (cost $307,399,018 and $307,069,831, respectively)                        |  |                        | 365,372,303   |  |                   |   | 362,951,942   | 
|Investment Companies, at value (cost $363,219)                                                                                 |  |                        | 366,790       |  |                   |   |              | 
|Northern Trust Global InvestmentsCollective Short Term Investment                                                             |  |                        |               |  |                   |   |               | 
|Fund (cost $43,439,553 and $43,676,411 and units of 43,439,553 and                                                             |  |                        |               |  |                   |   |               | 
|43,676,411, respectively)                                                                                                      |  |                        | 43,439,626    |  |                   |   | 43,676,411    | 
|SSgA collective investment funds (cost $1,126,719,290 and $1,014,035,373 and units of 78,827,039 and 72,459,248,
respectively) |  |                        | 1,289,478,312 |  |                   |   | 1,108,980,868 | 
|Foreign currency, at value (cost $913,226 and $329,366, respectively)                                                          |  |                        | 909,913       |  |                   |   | 324,877       | 
|Cash                                                                                                                           |  |                        | 11,635        |  |                   |   | 1,210,925     | 
|Deposit with broker for investments sold on TBA commitment transactions                                                        |  |                        | 836,140       |  |                   |   | 275,000       | 
|Receivable for investments sold on TBA commitment transactions                                                                 |  |                        | 130,714,053   |  |                   |   | 88,956,055    | 
|Receivable for investments sold                                                                                                |  |                        | 107,437,597   |  |                   |   | 28,165,788    | 
|Receivable for fund units sold                                                                                                 |  |                        | 4,439,271     |  |                   |   | 19,603,232    | 
|Interest and dividends receivable                                                                                              |  |                        | 3,691,365     |  |                   |   | 4,024,169     | 
|Receivable for futures variation margin                                                                                        |  |                        | 18,984        |  |                   |   | 32,925        | 
|Unrealized appreciation of forward currency exchange contracts                                                                 |  |                        | 117           |  |                   |   | 27,605        | 
|Tax reclaims receivable                                                                                                        |  |                        | 560,038       |  |                   |   | 366,868       | 
|Swap premiums paid                                                                                                             |  |                        | 26,904        |  |                   |   | 40,470        | 
|Unrealized appreciation on swap agreements                                                                                     |  |                        | 1,308,323     |  |                   |   | 644,658       | 
|Other assets                                                                                                                   |  |                        | 121,225       |  |                   |   | 140,001       | 
|                                                                                                                               |  |                        |               |  |                   |   |               | 
|Total assets                                                                                                                   |  |                        | 4,369,070,030 |  |                   |   | 4,126,312,280 | 
|                                                                                                                               |  |                        |               |  |                   |   |               | 
|                                                                                                                               |  |                       
|Liabilities                                                                                                                    |  |                        |               |  |                   |   |               | 
|Securities sold, not yet purchased, at fair value (proceeds $53,012,109 and $67,367,772, respectively)                         |  |                        | 53,159,087    |  |                   |   | 67,605,673    | 
|Due to custodian                                                                                                               |  |                        | 25,072        |  |                   |   | 53,061        | 
|Payable for cash collateral received on securities loaned                                                                      |  |                        | 72,106,067    |  |                   |   | 71,264,089    | 
|Payable for investments purchased on TBA commitment transactions                                                               |  |                        | 107,964,766   |  |                   |   | 87,342,049    | 
|Payable for investments purchased                                                                                              |  |                        | 70,087,058    |  |                   |   | 36,733,953    | 
|Payable for fund units redeemed                                                                                                |  |                        | 2,778,822     |  |                   |   | 16,803,433    | 
|Swap premiums received                                                                                                         |  |                        | 10,777        |  |                   |   | 3,971         | 
|Unrealized depreciation on swap agreements                                                                                     |  |                        | 1,404         |  |                   |   | 14,427        | 
|Due to broker for open swap contracts                                                                                          |  |                        | 1,230,684     |  |                   |   | 620,000       | 
|Due to broker for investments purchased on TBA commitment transactions                                                         |  |                        | 866,250       |  |                   |   | 46,250        | 
|Unrealized depreciation of forward currency exchange contracts                                                                 |  |                        | 147,573       |  |                   |   | 388,756       | 
|Investment advisory fee payable                                                                                                |  |                        | 487,869       |  |                   |   | 487,063       | 
|Retirement Date Fund management fee payable                                                                                    |  |                        | 127,060       |  |                   |   | 107,696       | 
|INGprogram fee payable                                                                                                        |  |                        | 1,599,672     |  |                   |   | 1,555,742     | 
|Trustee, management and administration fees payable                                                                            |  |                        | 283,225       |  |                   |   | 284,417       | 



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



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Combined Statement of Assets and Liabilities



|                                                                                    |  |                        |               |   |                   |   |               |  
|----------------------------------------------------------------------------------- |  | ---------------------- | ------------- | - | ----------------- | - | ------------- | -
|                                                                                    |  | June 30, 2012Unaudited |               |   | December 31, 2011 |  
|Liabilities                                                                         |  |                        |               |   |                   |   |               |  
|ABA Retirement Fundsprogram fee payable                                            |  |                        | 221,404       |   |                   |   | 223,216       |  
|Payable for legal and audit services                                                |  |                        | 139,515       |   |                   |   | 527,250       |  
|Payable for compliance consultant fees                                              |  |                        | 304,420       |   |                   |   | 276,912       |  
|Payable for Registration fees                                                       |  |                        | 691,355       |   |                   |   | 504,498       |  
|Payable for reports to unitholders                                                  |  |                        | 79,079        |   |                   |   | 74,750        |  
|Other accruals                                                                      |  |                        | 28,609        |   |                   |   | 52,516        |  
|                                                                                    |  |                        |               |   |                   |   |               |  
|Total liabilities                                                                   |  |                        | 312,339,768   |   |                   |   | 284,969,722   |  
|                                                                                    |  |                        |               |   |                   |   |               |  
|Net Assets at fair value                                                            |  |                        | 4,056,730,262 |   |                   |   | 3,841,342,558 |  
|                                                                                    |  |                        |               |   |                   |   |               |  
|Adjustment from fair value to contract value for fully benefit responsive contracts |  |                        | (34,321,680   | ) |                   |   | (27,057,652   | )
|                                                                                    |  |                        |               |   |                   |   |               |  
|Net Assets                                                                          |  | $                      | 4,022,408,582 |   |                   | $ | 3,814,284,906 |  
|                                                                                    |  |                        |               |   |                   |   |               |  



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



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Combined Statement of Operations

Unaudited



|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------------ | - | ------------------------------------------- | - | ----------- | --------------------------------------------- |  | - | --------------------------------------------- | - |  | - | ----------- | -
|                                                                |  | For the periodApril 1, 2012 toJune 30, 2012 |              |   | For the periodApril 1, 2011 toJune 30, 2011 |   |             | For the periodJanuary 1, 2012 toJune 30, 2012 |  |   | For the periodJanuary 1, 2011 toJune 30, 2011 |  
|Investment income                                               |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Dividends                                                       |  | $                                           | 11,627,351   |   |                                             | $ | 11,532,732  |                                               |  | $ | 22,416,052                                    |   |  | $ | 21,551,570  |  
|Interest                                                        |  |                                             | 3,048,199    |   |                                             |   | 2,661,465   |                                               |  |   | 6,090,484                                     |   |  |   | 5,673,338   |  
|Interestaffiliated issuers                                     |  |                                             | 61,704       |   |                                             |   | 61,227      |                                               |  |   | 127,264                                       |   |  |   | 145,152     |  
|Securities lending income, net                                  |  |                                             | 95,084       |   |                                             |   | 165,533     |                                               |  |   | 168,939                                       |   |  |   | 290,888     |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total investment income                                         |  |                                             | 14,832,338   |   |                                             |   | 14,420,957  |                                               |  |   | 28,802,739                                    |   |  |   | 27,660,948  |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Expenses                                                        |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|INGprogram fee                                                 |  |                                             | 4,929,256    |   |                                             |   | 4,973,965   |                                               |  |   | 9,647,723                                     |   |  |   | 9,802,043   |  
|Trustee, management and administration fees                     |  |                                             | 878,365      |   |                                             |   | 875,308     |                                               |  |   | 1,737,861                                     |   |  |   | 1,717,693   |  
|Retirement Date Fund management fee                             |  |                                             | 136,974      |   |                                             |   | 109,845     |                                               |  |   | 258,235                                       |   |  |   | 219,694     |  
|Investment advisory fee                                         |  |                                             | 1,712,674    |   |                                             |   | 1,844,538   |                                               |  |   | 3,463,237                                     |   |  |   | 3,645,601   |  
|ABA Retirement                                                  |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Fundsprogram fee                                               |  |                                             | 689,589      |   |                                             |   | 694,170     |                                               |  |   | 1,364,374                                     |   |  |   | 1,360,847   |  
|Legal and audit fees                                            |  |                                             | 267,884      |   |                                             |   | 296,652     |                                               |  |   | 528,988                                       |   |  |   | 590,065     |  
|Compliance consultant fees                                      |  |                                             | 155,390      |   |                                             |   | 155,825     |                                               |  |   | 310,809                                       |   |  |   | 309,933     |  
|Reports to unitholders                                          |  |                                             | 18,646       |   |                                             |   | 25,063      |                                               |  |   | 37,299                                        |   |  |   | 49,815      |  
|Registration fees                                               |  |                                             | 181,497      |   |                                             |   | 206,931     |                                               |  |   | 363,024                                       |   |  |   | 411,588     |  
|Other fees                                                      |  |                                             | 39,881       |   |                                             |   | 39,327      |                                               |  |   | 78,982                                        |   |  |   | 78,349      |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Total expenses                                                  |  |                                             | 9,010,156    |   |                                             |   | 9,221,624   |                                               |  |   | 17,790,532                                    |   |  |   | 18,185,628  |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Less: Expense reimbursement                                     |  |                                             | (127,018     | ) |                                             |   |            |                                               |  |   | (276,447                                      | ) |  |   |            |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net expenses                                                    |  |                                             | 8,883,138    |   |                                             |   | 9,221,624   |                                               |  |   | 17,514,085                                    |   |  |   | 18,185,628  |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net investment income (loss)                                    |  |                                             | 5,949,200    |   |                                             |   | 5,199,333   |                                               |  |   | 11,288,654                                    |   |  |   | 9,475,320   |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                     |  |                                             | 26,390,292   |   |                                             |   | 61,735,509  |                                               |  |   | 73,180,455                                    |   |  |   | 116,695,598 |  
|Foreign currency transactions                                   |  |                                             | 277,633      |   |                                             |   | (590,076    | )                                             |  |   | (533,735                                      | ) |  |   | (918,653    | )
|Futures contracts                                               |  |                                             | 263          |   |                                             |   | 272,513     |                                               |  |   | 2,058,606                                     |   |  |   | 282,665     |  
|Swap contracts                                                  |  |                                             | 601,193      |   |                                             |   |            |                                               |  |   | 955,946                                       |   |  |   |            |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized gain (loss)                                        |  |                                             | 27,269,381   |   |                                             |   | 61,417,946  |                                               |  |   | 75,661,272                                    |   |  |   | 116,059,610 |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Investments                                                     |  |                                             | (104,157,341 | ) |                                             |   | (42,588,638 | )                                             |  |   | 116,198,244                                   |   |  |   | 38,349,599  |  
|Foreign currency transactions                                   |  |                                             | (274,589     | ) |                                             |   | 488,787     |                                               |  |   | 201,326                                       |   |  |   | 394,226     |  
|Futures contracts                                               |  |                                             | 1,562        |   |                                             |   | 209,854     |                                               |  |   | (1,832,019                                    | ) |  |   | 435,771     |  
|Written options                                                 |  |                                             |             |   |                                             |   | (2,012      | )                                             |  |   |                                              |   |  |   | 3,910       |  
|Swap contracts                                                  |  |                                             | 345,329      |   |                                             |   | 26,391      |                                               |  |   | 684,470                                       |   |  |   | 80,634      |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (104,085,039 | ) |                                             |   | (41,865,618 | )                                             |  |   | 115,252,021                                   |   |  |   | 39,264,140  |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             | (76,815,658  | ) |                                             |   | 19,552,328  |                                               |  |   | 190,913,293                                   |   |  |   | 155,323,750 |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (70,866,458  | ) |                                             | $ | 24,751,661  |                                               |  | $ | 202,201,947                                   |   |  | $ | 164,799,070 |  
|                                                                |  |                                             |              |   |                                             |   |             |                                               |  |   |                                               |   |  |   |             |  



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, 2012 |              
|From operations                                                    |  |                                             |               |  
|Net investment income (loss)                                       |  | $                                           | 11,288,654    |  
|Net realized gain (loss)                                           |  |                                             | 75,661,272    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 115,252,021   |  
|                                                                   |  |                                             |               |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 202,201,947   |  
|                                                                   |  |                                             |               |  
|From unitholder transactions                                       |  |                                             |               |  
|Proceeds from units issued                                         |  |                                             | 439,472,893   |  
|Cost of units redeemed                                             |  |                                             | (433,551,164  | )
|                                                                   |  |                                             |               |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 5,921,729     |  
|                                                                   |  |                                             |               |  
|Net increase (decrease) in net assets                              |  |                                             | 208,123,676   |  
|Net Assets                                                         |  |                                             |               |  
|Beginning of period                                                |  |                                             | 3,814,284,906 |  
|                                                                   |  |                                             |               |  
|End of period                                                      |  | $                                           | 4,022,408,582 |  
|                                                                   |  |                                             |               |  
|Number of units                                                    |  |                                             |               |  
|Outstanding-beginning of period                                    |  |                                             | 170,685,661   |  
|Issued                                                             |  |                                             | 20,143,873    |  
|Redeemed                                                           |  |                                             | (18,448,926   | )
|                                                                   |  |                                             |               |  
|Outstanding-end of period                                          |  |                                             | 172,380,608   |  
|                                                                   |  |                                             |               |  



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. As of June 30, 2012, the Collective Trust offered twenty-three separate collective investment funds, comprised of six Managed Funds, six Index Funds, the Real Asset
Return Fund, the Alternative Alpha Fund, six 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 the
preservation of principal and liquidity. SARF may invest in investment contracts (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total return from current income and capital appreciation through investment in a diversified portfolio of fixed income securities with varying maturities.

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



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Small-Mid Cap Equity Fundlong-term growth
of capital through investment primarily in common stocks and equity-type securities of small- to medium-capitalization 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.

Global All Cap
Equity Fundlong-term growth of capital primarily through investment in common stocks and other equity securities of companies located throughout the world. The Fund invests in U.S. companies with market capitalizations in
excess of $100 million at the time of purchase and also in non-U.S. companies of any size located in a number of countries throughout the world.

Index Funds

Bond Index
Fundreplication of the total return of the Barclays Capital U.S. Aggregate Bond Index, after taking into account Fund expenses. As of June 30, 2012, 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.

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, 2012, 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®.

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, 2012, 100% of the Funds net assets were invested indirectly through the SSgA Russell All Cap® 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 Russell 3000® Index.

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, 2012, 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®.

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, 2012, 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.

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, 2012, 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.

Each of these underlying funds annual financial statements are available to any individual upon request and may also be accessed by
Participants on the password-protected portion of the Programs website.

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 SM (which excludes food and energy). The Fund invests in the
SSgA Dow Jones UBS-Commodity Index Non-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 futures, real estate investment trusts, which we refer to as REITs, and Treasury Inflation Protected Securities, which we refer to as U.S. TIPS.

Each of these underlying funds annual financial statements are available to any individual upon request and may also be accessed by
Participants on the password-protected portion of the Programs website.



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Alternative Alpha Fund

Alternative Alpha Fundlong-term total returns in excess of the yield on cash-equivalent
investments through investments in a broad range of liquid asset classes, including a diversified portfolio of securities and instruments. The investment strategies used by the Investment Advisors are non-traditional, and include the use of
derivatives, leverage, hedging and shorting. These strategies have certain non-traditional risks.

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 six Retirement Date Funds, designated as the Lifetime Income Retirement Date Fund, 2010 Retirement Date Fund, 2020 Retirement Date Fund, 2030 Retirement Date Fund, 2040 Retirement Date
Fund and 2050 Retirement Date Fund, respectively, offer six separate target retirement date strategies. With the exception of the Lifetime Income Retirement Date Fund, which is designed for those well into retirement, each Retirement
Date Funds asset mix will, over time, become progressively more conservative as the specified target date of most conservative investment 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, 2012, each of the Retirement Date Funds invested 100% of its net 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.

2050 Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement 2050 Non-Lending Series
Fund Class A.

Each of these underlying funds annual financial statements is available to any individual upon request and
may also be accessed by Participants on the password-protected portion of the Programs website.

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.

Conservative Risk Fundinvests 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 the SSgA Global Equity ex U.S. 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.



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Moderate Risk
Fundinvests 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 the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones UBS-Commodity IndexSM 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 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.

Aggressive Risk Fundinvests 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 the SSgA SM Global Equity ex U.S. Index Non-Lending Series
Fund Class A, SSgA Dow Jones UBS-Commodity 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, and SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund
Class A. The Aggressive Risk Fund is designed for investors who want high growth and capital appreciation. This Fund is expected to have the highest volatility of returns among the Target Risk Funds.

Each of these underlying funds annual financial statements is available to any individual upon request and may also be accessed by
Participants on the password-protected portion of the Programs website.

Balanced Fund

Balanced Fundcurrent income and long-term capital appreciation through investment in publicly
traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market instruments. As of June 30, 2012, 39.5% and 60.5% 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 other than SARF (i.e., the Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap
Equity Fund, Global 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 directly or indirectly in the
NTGI Collective Government Short-Term Investment Fund (GSTIF). The annual financial statements of STIF and GSTIF are available to any individual upon request and may also be accessed by Participants on the password-protected portion of
the Programs website.

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 Collective Trusts Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as filed with the SEC on
March 23, 2012.



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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.

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 other inputs in active markets and markets that are not active.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Level 3 - significant unobservable inputs (including the Trustee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. Northern Trust Investments also 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.



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Unaudited



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, the Global All Cap Equity Fund and the International Index 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.

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 and are categorized as Level 1.

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.

The STIF and GSTIF are valued on the basis of amortized cost, which approximates fair value, unless otherwise determined by the trustee of such funds, and are categorized as Level 2. 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.

Northern Trusts Pricing Unit (the NT Pricing
Unit) is responsible for gathering prices from independent pricing sources and supplying a value for each portfolio security used in the net asset value (NAV) computations. Securities or other assets for which market quotations are
not readily available or for which market quotations do not represent the value at the time of pricing are fair valued in accordance with established policies and procedures. Northern Trust Global Investments has established a pricing and valuation
committee (the NTGI PVC) whose membership includes representatives of Northern Trust Investments, as well as independent control personnel from Northern Trusts Legal, Compliance and Risk Management departments. The NTGI PVC is
responsible for the fair valuation of portfolio securities and the monitoring of the fair valuation process of securities.

In making a determination of the fair value of the security, the NTGI PVC may engage consultants and other service providers as well as consider factors that it deems appropriate to the determination of
the fair value of the security. Such factors include, but are not limited to: the type of security; the current financial position of the company; the cost of the investment; information as to any transaction or offers with respect to the security;
market value of similar securities; and news events. The Trustee monitors markets and the circumstances of the securitys issuer that affect the securitys valuation and the NTGI PVC will review if the markets and circumstances of the
securitys issuer relevant to the valuation of the fair valued security change materially.

The Fund
discloses transfers between Levels based on valuations at the end of each reporting period. Except for Bond Core Plus Fund, there have been no transfers in and out of Level 1 and 2 fair value measurements for any of the Funds or the Balanced Fund
for the six-month period ended June 30, 2012. The Bond Core Plus Fund had a transfer of $1,687,500 into Level 1 from Level 2 due to the valuation at a readily available market closing price.



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Notes to Financial StatementsContinued

Unaudited



The following is a summary of the valuation of the Funds and the
Balanced Funds investments and other financial instruments following the fair value hierarchy levels, as well as a reconciliation of Level 3 assets, if applicable, for which significant unobservable inputs were used in determining value as of
June 30, 2012:



|                           |  |         |   |  |         |   |               |         |  |   |       |  |  |   |               | 
|-------------------------- |  | ------- | - |  | ------- | - | ------------- | ------- |  | - | ----- |  |  | - | ------------- | 
|Stable Asset Return Fund   |  | Level 1 |   |  | Level 2 |   |               | Level 3 |  |   | Total | 
|Assets                     |  |         |   |  |         |   |               |         |  |   |       |  |  |   |               | 
|Investments in securities* |  | $       |  |  |         | $ | 911,199,847   |         |  | $ |      |  |  | $ | 911,199,847   | 
|Short-Term Investments     |  |         |  |  |         |   | 99,390,326    |         |  |   |      |  |  |   | 99,390,326    | 
|Total                      |  | $       |  |  |         | $ | 1,010,590,173 |         |  | $ |      |  |  | $ | 1,010,590,173 | 



|                                       |  |         |           |  |         |   |             |         |  |   |       |  |  |   |             | 
|-------------------------------------- |  | ------- | --------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Bond Core Plus Fund **                 |  | Level 1 |           |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                                 |  |         |           |  |         |   |             |         |  |   |       |  |  |   |             | 
|Fixed Income                           |  |         |           |  |         |   |             |         |  |   |       |  |  |   |             | 
|U.S. Corporate Asset-Backed Securities |  | $       |          |  |         | $ | 3,542,451   |         |  | $ |      |  |  | $ | 3,542,451   | 
|U.S. Government & Agency Obligations   |  |         |          |  |         |   | 247,204,499 |         |  |   |      |  |  |   | 247,204,499 | 
|Foreign Government Obligations         |  |         |          |  |         |   | 7,494,185   |         |  |   |      |  |  |   | 7,494,185   | 
|Municipals                             |  |         |          |  |         |   | 16,976,267  |         |  |   |      |  |  |   | 16,976,267  | 
|Corporate Bonds                        |  |         |          |  |         |   | 80,530,879  |         |  |   |      |  |  |   | 80,530,879  | 
|Bank Loans                             |  |         |          |  |         |   | 2,661,359   |         |  |   |      |  |  |   | 2,661,359   | 
|Convertible Preferred Stock            |  |         | 1,687,500 |  |         |   |            |         |  |   |      |  |  |   | 1,687,500   | 
|Short-Term Investments                 |  |         |          |  |         |   | 793,750     |         |  |   |      |  |  |   | 793,750     | 
|ABA Members Collateral Fund            |  |         |          |  |         |   | 15,080,281  |         |  |   |      |  |  |   | 15,080,281  | 
|Other Financial Instruments            |  |         |           |  |         |   |             |         |  |   |       |  |  |   |             | 
|Interest Rate Swap Contracts           |  |         |          |  |         |   | 1,308,323   |         |  |   |      |  |  |   | 1,308,323   | 
|Total                                  |  | $       | 1,687,500 |  |         | $ | 375,591,994 |         |  | $ |      |  |  | $ | 377,279,494 | 



|                                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             |  
|------------------------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | -
|Bond Core Plus Fund **                      |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Liabilities                                 |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             |  
|Fixed Income                                |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             |  
|U.S. Government & Agency Obligations        |  | $       |  |  |         | $ | (53,159,087 | ) $     |  |   |      |  |  | $ | (53,159,087 | )
|Other Financial Instruments                 |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             |  
|Forward Foreign Currency Exchange Contracts |  |         |  |  |         |   | (147,573    | )       |  |   |      |  |  |   | (147,573    | )
|Interest Rate Swap Contracts                |  |         |  |  |         |   | (1,404      | )       |  |   |      |  |  |   | (1,404      | )
|Total                                       |  | $       |  |  |         | $ | (53,308,064 | )       |  | $ |      |  |  | $ | (53,308,064 | )



|                                             |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ---------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Large Cap Equity Fund **                     |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total | 
|Assets                                       |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Basic Materials                              |  | $       | 20,329,135  |  |         | $ |           |         |  | $ |      |  |  | $ | 20,329,135  | 
|Communications                               |  |         | 83,770,527  |  |         |   |           |         |  |   |      |  |  |   | 83,770,527  | 
|Consumer, Cyclical                           |  |         | 79,504,975  |  |         |   |           |         |  |   |      |  |  |   | 79,504,975  | 
|Consumer, Non-Cyclical                       |  |         | 162,469,409 |  |         |   |           |         |  |   |      |  |  |   | 162,469,409 | 
|Energy                                       |  |         | 66,953,143  |  |         |   |           |         |  |   |      |  |  |   | 66,953,143  | 
|Financial                                    |  |         | 80,786,005  |  |         |   |           |         |  |   |      |  |  |   | 80,786,005  | 
|Industrial                                   |  |         | 72,941,805  |  |         |   |           |         |  |   |      |  |  |   | 72,941,805  | 
|Technology                                   |  |         | 96,638,272  |  |         |   |           |         |  |   |      |  |  |   | 96,638,272  | 
|Utilities                                    |  |         | 15,769,909  |  |         |   |           |         |  |   |      |  |  |   | 15,769,909  | 
|ABA Members Collateral Fund                  |  |         |            |  |         |   | 16,199,580 |         |  |   |      |  |  |   | 16,199,580  | 
|Collective Investment Fund                   |  |         |            |  |         |   | 35,840,420 |         |  |   |      |  |  |   | 35,840,420  | 
|Short-Term Investments                       |  |         |            |  |         |   | 29,512,967 |         |  |   |      |  |  |   | 29,512,967  | 
|Total                                        |  | $       | 679,163,180 |  |         | $ | 81,552,967 |         |  | $ |      |  |  | $ | 760,716,147 | 



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Unaudited



|                                             |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ---------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Small-Mid Cap Equity Fund **                 |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total | 
|Assets                                       |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Basic Materials                              |  | $       | 14,067,904  |  |         | $ |           |         |  | $ |      |  |  | $ | 14,067,904  | 
|Communications                               |  |         | 15,494,087  |  |         |   |           |         |  |   |      |  |  |   | 15,494,087  | 
|Consumer, Cyclical                           |  |         | 35,733,286  |  |         |   |           |         |  |   |      |  |  |   | 35,733,286  | 
|Consumer, Non-Cyclical                       |  |         | 49,381,893  |  |         |   |           |         |  |   |      |  |  |   | 49,381,893  | 
|Energy                                       |  |         | 14,419,077  |  |         |   |           |         |  |   |      |  |  |   | 14,419,077  | 
|Financial                                    |  |         | 51,885,762  |  |         |   |           |         |  |   |      |  |  |   | 51,885,762  | 
|Government                                   |  |         | 417,885     |  |         |   |           |         |  |   |      |  |  |   | 417,885     | 
|Industrial                                   |  |         | 28,294,153  |  |         |   |           |         |  |   |      |  |  |   | 28,294,153  | 
|Technology                                   |  |         | 22,677,248  |  |         |   |           |         |  |   |      |  |  |   | 22,677,248  | 
|Utilities                                    |  |         | 10,742,735  |  |         |   |           |         |  |   |      |  |  |   | 10,742,735  | 
|ABA Members Collateral Fund                  |  |         |            |  |         |   | 33,958,461 |         |  |   |      |  |  |   | 33,958,461  | 
|Collective Investment Fund                   |  |         |            |  |         |   | 12,614,616 |         |  |   |      |  |  |   | 12,614,616  | 
|Short-Term Investments                       |  |         |            |  |         |   | 7,762,786  |         |  |   |      |  |  |   | 7,762,786   | 
|Total                                        |  | $       | 243,114,030 |  |         | $ | 54,335,863 |         |  | $ |      |  |  | $ | 297,449,893 | 
|                                             |  |         |             |  |         |   |            |         |  |   |       | 
|International All Cap Equity Fund **         |  | Level 1 |             |  | Level 2 |   |            | Level 3 |  |   | Total | 
|Assets                                       |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |            |         |  |   |       |  |  |   |             | 
|Argentina                                    |  | $       | 130,528     |  |         | $ |           |         |  | $ |      |  |  | $ | 130,528     | 
|Australia                                    |  |         |            |  |         |   | 4,116,882  |         |  |   |      |  |  |   | 4,116,882   | 
|Austria                                      |  |         |            |  |         |   | 357,705    |         |  |   |      |  |  |   | 357,705     | 
|Belgium                                      |  |         |            |  |         |   | 3,387,935  |         |  |   |      |  |  |   | 3,387,935   | 
|Bermuda                                      |  |         |            |  |         |   | 99,682     |         |  |   |      |  |  |   | 99,682      | 
|Brazil                                       |  |         | 1,992,765   |  |         |   |           |         |  |   |      |  |  |   | 1,992,765   | 
|Canada                                       |  |         | 4,080,793   |  |         |   |           |         |  |   |      |  |  |   | 4,080,793   | 
|China                                        |  |         | 313,314     |  |         |   | 1,031,929  |         |  |   |      |  |  |   | 1,345,243   | 
|Denmark                                      |  |         |            |  |         |   | 1,192,232  |         |  |   |      |  |  |   | 1,192,232   | 
|Finland                                      |  |         |            |  |         |   | 307,104    |         |  |   |      |  |  |   | 307,104     | 
|France                                       |  |         |            |  |         |   | 8,052,358  |         |  |   |      |  |  |   | 8,052,358   | 
|Germany                                      |  |         |            |  |         |   | 10,245,433 |         |  |   |      |  |  |   | 10,245,433  | 
|Greece                                       |  |         | 646,890     |  |         |   | 134,808    |         |  |   |      |  |  |   | 781,698     | 
|Hong Kong                                    |  |         |            |  |         |   | 3,368,351  |         |  |   |      |  |  |   | 3,368,351   | 
|India                                        |  |         | 865,062     |  |         |   |           |         |  |   |      |  |  |   | 865,062     | 
|Indonesia                                    |  |         | 458,572     |  |         |   | 270,200    |         |  |   |      |  |  |   | 728,772     | 
|Ireland                                      |  |         | 799,290     |  |         |   | 614,450    |         |  |   |      |  |  |   | 1,413,740   | 
|Israel                                       |  |         | 374,702     |  |         |   | 233,081    |         |  |   |      |  |  |   | 607,783     | 
|Italy                                        |  |         |            |  |         |   | 1,670,526  |         |  |   |      |  |  |   | 1,670,526   | 
|Japan                                        |  |         |            |  |         |   | 18,645,858 |         |  |   |      |  |  |   | 18,645,858  | 
|Macau                                        |  |         |            |  |         |   | 134,541    |         |  |   |      |  |  |   | 134,541     | 
|Malaysia                                     |  |         |            |  |         |   | 1,666,634  |         |  |   |      |  |  |   | 1,666,634   | 
|Mexico                                       |  |         | 1,161,273   |  |         |   |           |         |  |   |      |  |  |   | 1,161,273   | 
|Netherlands                                  |  |         |            |  |         |   | 4,572,282  |         |  |   |      |  |  |   | 4,572,282   | 
|Norway                                       |  |         |            |  |         |   | 1,381,426  |         |  |   |      |  |  |   | 1,381,426   | 
|Peru                                         |  |         | 195,130     |  |         |   |           |         |  |   |      |  |  |   | 195,130     | 
|Philippines                                  |  |         | 779,990     |  |         |   | 82,480     |         |  |   |      |  |  |   | 862,470     | 
|Poland                                       |  |         |            |  |         |   | 1,078,918  |         |  |   |      |  |  |   | 1,078,918   | 
|Portugal                                     |  |         |            |  |         |   | 204,328    |         |  |   |      |  |  |   | 204,328     | 
|Singapore                                    |  |         |            |  |         |   | 1,142,910  |         |  |   |      |  |  |   | 1,142,910   | 
|South Africa                                 |  |         |            |  |         |   | 5,884,641  |         |  |   |      |  |  |   | 5,884,641   | 



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Notes to Financial StatementsContinued

Unaudited



|                                     |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------------------ |  | ------- | ---------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|International All Cap Equity Fund ** |  | Level 1 |            |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|South Korea                          |  | $       |           |  |         | $ | 4,093,611   |         |  | $ |      |  |  | $ | 4,093,611   | 
|Spain                                |  |         |           |  |         |   | 1,568,950   |         |  |   |      |  |  |   | 1,568,950   | 
|Sweden                               |  |         |           |  |         |   | 2,325,455   |         |  |   |      |  |  |   | 2,325,455   | 
|Switzerland                          |  |         | 787,073    |  |         |   | 9,816,195   |         |  |   |      |  |  |   | 10,603,268  | 
|Taiwan                               |  |         |           |  |         |   | 3,122,573   |         |  |   |      |  |  |   | 3,122,573   | 
|Thailand                             |  |         |           |  |         |   | 988,607     |         |  |   |      |  |  |   | 988,607     | 
|Turkey                               |  |         |           |  |         |   | 366,090     |         |  |   |      |  |  |   | 366,090     | 
|United Kingdom                       |  |         | 2,233,178  |  |         |   | 18,993,299  |         |  |   |      |  |  |   | 21,226,477  | 
|United States                        |  |         | 1,402,877  |  |         |   |            |         |  |   |      |  |  |   | 1,402,877   | 
|ABA Members Collateral Fund          |  |         |           |  |         |   | 5,645,956   |         |  |   |      |  |  |   | 5,645,956   | 
|Exchange-Traded Fund                 |  |         | 7,143,216  |  |         |   |            |         |  |   |      |  |  |   | 7,143,216   | 
|Short-Term Investments               |  |         |           |  |         |   | 2,611,799   |         |  |   |      |  |  |   | 2,611,799   | 
|Total                                |  | $       | 23,364,653 |  |         | $ | 119,409,229 |         |  | $ |      |  |  | $ | 142,773,882 | 
|                                     |  |         |            | 
|Global All Cap Equity Fund           |  | Level 1 |            |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |           |  |         | $ | 1,107,935   |         |  | $ |      |  |  | $ | 1,107,935   | 
|Short-Term Investments               |  |         |           |  |         |   | 73          |         |  |   |      |  |  |   | 73          | 
|                                     | 
|Total                                |  | $       |           |  |         | $ | 1,108,008   |         |  | $ |      |  |  | $ | 1,108,008   | 

*Synthetic guaranteed investment contracts are deemed Level 2 investments based on the fair value hierarchy.

** 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 5. 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 |  | $       |  |  |         | $ | 92,263,587  |         |  | $ |      |  |  | $ | 92,263,587  | 
|Total                       |  | $       |  |  |         | $ | 92,263,587  |         |  | $ |      |  |  | $ | 92,263,587  | 
|                            |  |         |   | 
|Large Cap Index Equity Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 88,706,795  |         |  | $ |      |  |  | $ | 88,706,795  | 
|Total                       |  | $       |  |  |         | $ | 88,706,795  |         |  | $ |      |  |  | $ | 88,706,795  | 
|                            |  |         |   |  |         |   |             |         |  |   |       | 
|All Cap Index Equity Fund   |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 284,105,719 |         |  | $ |      |  |  | $ | 284,105,719 | 
|Total                       |  | $       |  |  |         | $ | 284,105,719 |         |  | $ |      |  |  | $ | 284,105,719 | 
|                            |  |         |   | 
|Mid Cap Index Equity Fund   |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 70,586,992  |         |  | $ |      |  |  | $ | 70,586,992  | 
|Total                       |  | $       |  |  |         | $ | 70,586,992  |         |  | $ |      |  |  | $ | 70,586,992  | 
|                            |  |         |   |  |         |   |             |         |  |   |       | 
|Small Cap Index Equity Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 37,911,236  |         |  | $ |      |  |  | $ | 37,911,236  | 
|Total                       |  | $       |  |  |         | $ | 37,911,236  |         |  | $ |      |  |  | $ | 37,911,236  | 



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|                                     |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------------------ |  | ------- | ------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|International Index Equity Fund      |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 53,943,489  |         |  | $ |      |  |  | $ | 53,943,489  | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 53,943,489  |         |  | $ |      |  |  | $ | 53,943,489  | 
|                                     | 
|                                     |  |         |         | 
|Real Asset Return Fund               |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 27,180,503  |         |  | $ |      |  |  | $ | 27,180,503  | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 27,180,503  |         |  | $ |      |  |  | $ | 27,180,503  | 
|                                     | 
|                                     |  |         |         | 
|Alternative Alpha Fund               |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 542,230     |         |  | $ |      |  |  | $ | 542,230     | 
|Investment Companies                 |  |         | 366,790 |  |         |   |            |         |  |   |      |  |  |   | 366,790     | 
|                                     | 
|Total                                |  | $       | 366,790 |  |         | $ | 542,230     |         |  | $ |      |  |  | $ | 909,020     | 
|                                     | 
|                                     |  |         |         | 
|Lifetime Income Retirement Date Fund |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 43,941,386  |         |  | $ |      |  |  | $ | 43,941,386  | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 43,941,386  |         |  | $ |      |  |  | $ | 43,941,386  | 
|                                     | 
|                                     |  |         |         | 
|2010 Retirement Date Fund            |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 73,164,075  |         |  | $ |      |  |  | $ | 73,164,075  | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 73,164,075  |         |  | $ |      |  |  | $ | 73,164,075  | 
|                                     | 
|                                     |  |         |         | 
|2020 Retirement Date Fund            |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 190,065,671 |         |  | $ |      |  |  | $ | 190,065,671 | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 190,065,671 |         |  | $ |      |  |  | $ | 190,065,671 | 
|                                     | 
|                                     |  |         |         | 
|2030 Retirement Date Fund            |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 136,752,743 |         |  | $ |      |  |  | $ | 136,752,743 | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 136,752,743 |         |  | $ |      |  |  | $ | 136,752,743 | 
|                                     | 
|                                     |  |         |         | 
|2040 Retirement Date Fund            |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 87,549,715  |         |  | $ |      |  |  | $ | 87,549,715  | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 87,549,715  |         |  | $ |      |  |  | $ | 87,549,715  | 
|                                     | 
|                                     |  |         |         | 
|2050 Retirement Date Fund            |  | Level 1 |         |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |         |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |        |  |         | $ | 411,087     |         |  | $ |      |  |  | $ | 411,087     | 
|                                     | 
|Total                                |  | $       |        |  |         | $ | 411,087     |         |  | $ |      |  |  | $ | 411,087     | 
|                                     | 



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|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|--------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|                            |  |         |   | 
|Conservative Risk Fund      |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 29,047,896  |         |  | $ |      |  |  | $ | 29,047,896  | 
|Short-Term Investments      |  |         |  |  |         |   | 1,503,803   |         |  |   |      |  |  |   | 1,503,803   | 
|                            | 
|Total                       |  | $       |  |  |         | $ | 30,551,699  |         |  | $ |      |  |  | $ | 30,551,699  | 
|                            | 
|                            |  |         |   | 
|Moderate Risk Fund          |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 53,788,584  |         |  | $ |      |  |  | $ | 53,788,584  | 
|Short-Term Investments      |  |         |  |  |         |   | 1,254,448   |         |  |   |      |  |  |   | 1,254,448   | 
|                            | 
|Total                       |  | $       |  |  |         | $ | 55,043,032  |         |  | $ |      |  |  | $ | 55,043,032  | 
|                            | 
|                            |  |         |   | 
|Aggressive Risk Fund        |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 20,058,834  |         |  | $ |      |  |  | $ | 20,058,834  | 
|                            | 
|Total                       |  | $       |  |  |         | $ | 20,058,834  |         |  | $ |      |  |  | $ | 20,058,834  | 
|                            | 
|                            |  |         |   | 
|Balanced Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 237,239,616 |         |  | $ |      |  |  | $ | 237,239,616 | 
|                            | 
|Total                       |  | $       |  |  |         | $ | 237,239,616 |         |  | $ |      |  |  | $ | 237,239,616 | 
|                            | 

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, provide investment advisory services with respect to portions of SARF. In addition, Galliard is responsible for making recommendations regarding the appointment and retention of investment advisors for the
portions of SARF for which it does not serve as an investment advisor. As of June 30, 2012, approximately 56%, 18% and 16% of the assets of SARF were allocated to Galliard, Jennison and PIMCO, respectively. In addition, as of June 30,
2012, approximately 10% of the assets of the Fund were allocated to the NTGI Collective Government Short-Term Investment Fund, which provides a liquidity buffer for SARF.

The SARF invests in SGICs, Security-Backed Contracts or Wrap Contracts, which are fully benefit responsive book value
contracts with underlying fixed income securities. The SARF has entered into such investment contracts with three 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 Statements of Assets and Liabilities present 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 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.



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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 included in Investment advisory fee in the accompanying Statements of Operations in the amounts of $330,291, $320,251, $657,970 and $636,993 for the three-month periods ended June 30, 2012 and June 30,
2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, respectively.

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.

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, 2012, the occurrence of an event that would limit the ability of the SARF to transact at
contract value with the participants was not probable.



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ii. Termination Events by the Issuer

Investment contracts generally impose conditions on both the 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, 2012, 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, 2012 is reflected below:



|                                                    |  |               |             |   |                  |   |             |        |  |   |            |  
|--------------------------------------------------- |  | ------------- | ----------- | - | ---------------- | - | ----------- | ------ |  | - | ---------- | -
|                                                    |  | June 30, 2012 |             |   | December 31,2011 |   |             | Change | 
|Investments (at fair value)                         |  | $             | 911,199,847 |   |                  | $ | 893,870,854 |        |  | $ | 17,328,993 |  
|                                                    |  |               |            
|Investments (at contract value)                     |  |               | 876,878,167 |   |                  |   | 866,813,202 |        |  |   | 10,064,965 |  
|                                                    |  |               |            
|Adjustment to fair value                            |  |               | (34,321,680 | ) |                  |   | (27,057,652 | )      |  |   | (7,264,028 | )
|                                                    |  |               |            
|Average yields                                      |  |               |             |   |                  |   |             |        |  |   |            |  
|                                                    |  |               |            
|Based on actual income (1)                          |  |               |             |   |                  |   |             |        |  |   | 1.09       | %
|                                                    |  |               |            
|Based on interest rate credited to participants (2) |  |               |             |   |                  |   |             |        |  |   | 2.06       | %





|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2012 by the fair value of investments on June 30, 2012.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2012 by the fair value of investments on June 30, 2012.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------





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Sensitivity Analysis

The following tables are intended to provide certain sensitivity analysis disclosures. These are estimates calculated
based on the current crediting rate, are not intended to serve as a projection or guarantee of future rates 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, 2012      |  | 2.05%                               |  |             |      |   |             |  |      |             |  |  |             |   |  |  |      |  
|                   |  |                                     |  |             |     
|September 30, 2012 |  |                                     |  |             | 2.27 | % |             |  | 2.33 | %           |  |  | 2.44        | % |  |  | 2.50 | %
|                   |  |                                     |  |             |     
|December 31, 2012  |  |                                     |  |             | 2.08 | % |             |  | 2.17 | %           |  |  | 2.33        | % |  |  | 2.42 | %
|                   |  |                                     |  |             |     
|March 31, 2013     |  |                                     |  |             | 1.92 | % |             |  | 2.02 | %           |  |  | 2.24        | % |  |  | 2.34 | %
|                   |  |                                     |  |             |     
|June 30, 2013      |  |                                     |  |             | 1.77 | % |             |  | 1.90 | %           |  |  | 2.15        | % |  |  | 2.27 | %

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



|                   |  |                                     |  |             |      |   |             |  |      |             |  |  |             |   |  |  |      |  
|------------------ |  | ----------------------------------- |  | ----------- | ---- | - | ----------- |  | ---- | ----------- |  |  | ----------- | - |  |  | ---- | -
|                   |  | WeightedAverage CreditInterest Rate |  | 50%Decrease |      |   | 25%Decrease |  |      | 25%Increase |  |  | 50%Increase |  
|June 30, 2012      |  | 2.05  %                             |  |             |      |   |             |  |      |             |  |  |             |   |  |  |      |  
|                   |  |                                     |  |             |     
|September 30, 2012 |  |                                     |  |             | 2.42 | % |             |  | 2.48 | %           |  |  | 2.60        | % |  |  | 2.65 | %
|                   |  |                                     |  |             |     
|December 31, 2012  |  |                                     |  |             | 2.22 | % |             |  | 2.30 | %           |  |  | 2.47        | % |  |  | 2.55 | %
|                   |  |                                     |  |             |     
|March 31, 2013     |  |                                     |  |             | 2.04 | % |             |  | 2.15 | %           |  |  | 2.36        | % |  |  | 2.46 | %
|                   |  |                                     |  |             |     
|June 30, 2013      |  |                                     |  |             | 1.88 | % |             |  | 2.00 | %           |  |  | 2.26        | % |  |  | 2.38 | %



|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 SARF due to participant-initiated unitholder transfers, with no change to the duration of the underlying investment portfolio.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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 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 the reporting date.
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.



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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 Statements 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 in the Statements of
Operations 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, 2011,
management determined that no uncertainties would have a material impact on the Collective Trusts tax liabilities. 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. 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.

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 commitment 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 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.



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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 long (short) 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 instrument.

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 notional 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.

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

For the six-month period ended June 30, 2012, the Bond Core Plus Fund had an average notional long (short) exposure
of $(1,013,677) related to futures contracts.

I. Forward Foreign Currency Contracts

The Bond Core Plus Fund and 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund and International All Cap Equity Fund had an
average notional exposure of $7,188,615 and $10,744,368, 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. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps) or may be executed in a multilateral or other trade facility platform, such as a registered
exchange (centrally cleared swaps). 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



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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 OTC swap 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 Statements 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 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund had an average notional exposure of $7,552,594
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 to 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 Statements 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 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund
did not write any options or swaptions.

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.



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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 Statements 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.

L. Derivative Market and Credit Risk

In the normal course of business the Bond Core Plus Fund and International All Cap Equity Fund trade financial instruments
and enter 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 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, 2012 is presented as Deposit with broker or Due to broker, respectively, on the accompanying Statements of Assets and Liabilities.



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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, 2012      |          
|                      |  |                       |  | Interest Rate Risk |           |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund   |  | Futures Contracts (a) |  | $                  |          |  |                     | $ |        |       |  | $ |          | 
|                      |  | Forward Contracts (b) |  |                    |          |  |                     |   |        |       |  |   |          | 
|                      |  | Swap Contracts (c)    |  |                    | 1,308,323 |  |                     |   |        |       |  |   | 1,308,323 | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  | Total Value           |  | $                  | 1,308,323 |  |                     | $ |        |       |  | $ | 1,308,323 | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  |                      
|                      |  |                       |  | December 31, 2011  |          
|                      |  |                       |  | Interest Rate Risk |           |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund   |  | Futures Contracts (a) |  | $                  | 1,833,581 |  |                     | $ |        |       |  | $ | 1,833,581 | 
|                      |  | Forward Contracts (b) |  |                    |          |  |                     |   | 27,605  |       |  |   | 27,605    | 
|                      |  | Swap Contracts (c)    |  |                    | 644,658   |  |                     |   |        |       |  |   | 644,658   | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  | Total Value           |  | $                  | 2,478,239 |  |                     | $ | 27,605  |       |  | $ | 2,505,844 | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                     
|Liability Derivatives | 
|                      |  |                      
|                      |  |                       |  | June 30, 2012      |          
|                      |  |                       |  | Interest Rate Risk |           |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund   |  | Futures Contracts (a) |  | $                  | 1,832,019 |  |                     | $ |        |       |  | $ | 1,832,019 | 
|                      |  | Forward Contracts (b) |  |                    |          |  |                     |   | 147,573 |       |  |   | 147,573   | 
|                      |  | Swap Contracts (c)    |  |                    | 1,404     |  |                     |   |        |       |  |   | 1,404     | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  | Total Value           |  | $                  | 1,833,423 |  |                     | $ | 147,573 |       |  | $ | 1,980,996 | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  |                      
|                      |  |                       |  | December 31, 2011  |          
|                      |  |                       |  | Interest Rate Risk |           |  | ForeignExchangeRisk |   |         | Total | 
|Bond Core Plus Fund   |  | Futures Contracts (a) |  | $                  |          |  |                     | $ |        |       |  | $ |          | 
|                      |  | Forward Contracts (b) |  |                    |          |  |                     |   | 388,756 |       |  |   | 388,756   | 
|                      |  | Swap Contracts (c)    |  |                    | 14,427    |  |                     |   |        |       |  |   | 14,427    | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 
|                      |  | Total Value           |  | $                  | 14,427    |  |                     | $ | 388,756 |       |  | $ | 403,183   | 
|                      |  |                       |  |                    |           |  |                     |   |         |       |  |   |           | 



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The International All Cap Equity 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, 2012      |  
|                      |  |                       |  | Interest Rate Risk |   |  | ForeignExchangeRisk |   |     | Total | 
|International All Cap |  |                       |  |                    |   |  |                     |   |     |       |  |   |     | 
|Equity Fund           |  | Forward Contracts (b) |  | $                  |  |  |                     | $ | 117 |       |  | $ | 117 | 
|                      |  |                       |  |                    |   |  |                     |   |     |       |  |   |     | 
|                      |  | Total Value           |  | $                  |  |  |                     | $ | 117 |       |  | $ | 117 | 
|                      |  |                       |  |                    |   |  |                     |   |     |       |  |   |     | 

There were no derivatives held in the International All Cap Equity Fund at the year ended
December 31, 2011.

Each of the above derivatives is located in the following Statements 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 Statements of Assets and Liabilities)
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(c) | Gross unrealized appreciation/depreciation of swap agreements
|--- | -------------------------------------------------------------



|                    |  |                       |  |                                              |           |  |                     |   |           |       |  |   |           | 
|------------------- |  | --------------------- |  | -------------------------------------------- | --------- |  | ------------------- | - | --------- | ----- |  | - | --------- | 
|                    |  |                       |  | For the six-month period ended June 30, 2012 |          
|                    |  |                       |  | Interest Rate Risk                           |           |  | ForeignExchangeRisk |   |           | Total | 
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                                              |           |  |                     |   |           |       |  |   |           | 
|                    |  | Futures Contracts (a) |  | $                                            | 2,058,606 |  |                     | $ |          |       |  | $ | 2,058,606 | 
|                    |  | Forward Contracts (b) |  |                                              |          |  |                     |   | (491,931) |       |  |   | (491,931) | 
|                    |  | Swap Contracts (c)    |  |                                              | 955,946   |  |                     |   |          |       |  |   | 955,946   | 
|                    |  |                       |  |                                              |           |  |                     |   |           |       |  |   |           | 
|                    |  | Total Value           |  | $                                            | 3,014,552 |  |                     | $ | (491,931) |       |  | $ | 2,522,621 | 
|                    |  |                       |  |                                              |           |  |                     |   |           |       |  |   |           | 



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|                      |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|--------------------- |  | --------------------- |  | -------------------------------------------- | ------- |  | -------------------- | - | ----------- | ----- |  | - | ----------- | 
|                      |  |                       |  | For the six-month period ended June 30, 2011 |        
|                      |  |                       |  | Interest Rate Risk                           |         |  | ForeignExchange Risk |   |             | 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, 2012 |        
|                      |  |                       |  | Interest Rate Risk                           |         |  | ForeignExchange Risk |   |             | Total | 
|International All Cap |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|Equity Fund           |  | Realized gain (loss)  |  |                                              |         |  |                      |   |             |       |  |   |             | 
|                      |  | Forward Contracts (b) |  | $                                            |        |  |                      | $ | (41,804)    |       |  | $ | (41,804)    | 
|                      |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|                      |  |                       |  |                                             
|                      |  | Total Value           |  | $                                            |        |  |                      | $ | (41,804)    |       |  | $ | (41,804)    | 
|                      |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|                      |  |                      
|                      |  |                       |  | For the six-month period ended June 30, 2011 |        
|                      |  |                       |  | Interest Rate Risk                           |         |  | ForeignExchange Risk |   |             | Total | 
|International All Cap |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|Equity Fund           |  | Realized gain (loss)  |  |                                              |         |  |                      |   |             |       |  |   |             | 
|                      |  | Forward Contracts (b) |  | $                                            |        |  |                      | $ | 105,333     |       |  | $ | 105,333     | 
|                      |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 
|                      |  |                       |  |                                             
|                      |  | Total Value           |  | $                                            |        |  |                      | $ | 105,333     |       |  | $ | 105,333     | 
|                      |  |                       |  |                                              |         |  |                      |   |             |       |  |   |             | 

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



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

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

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



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|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 
|--------------------------------- |  | ------------------------------------------------ |  | -------------------------------------------- | ----------- |  | ------------------- | - | -------- | ----- |  | - | ----------- | 
|                                  |  |                                                  |  | For the six-month period ended June 30, 2012 |            
|                                  |  |                                                  |  | Interest Rate Risk                           |             |  | ForeignExchangeRisk |   |          | Total | 
|Bond Core Plus Fund               |  | Change in Unrealized
Appreciation
(Depreciation) |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  | Futures Contracts(a)                             |  | $                                            | (1,832,019) |  |                     | $ |         |       |  | $ | (1,832,019) | 
|                                  |  | Forward Contracts (b)                            |  |                                              |            |  |                     |   | 215,925  |       |  |   | 215,925     | 
|                                  |  | Swap Contracts (c)                               |  |                                              | 684,470     |  |                     |   |         |       |  |   | 684,470     | 
|                                  |  | Written Options (d)                              |  |                                              |            |  |                     |   |         |       |  |   |            | 
|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  | Total Value                                      |  | $                                            | (1,147,549) |  |                     | $ | 215,925  |       |  | $ | (931,624)   | 
|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  |                                                 
|                                  |  |                                                  |  | For the six-month period ended June 30, 2011 |            
|                                  |  |                                                  |  | Interest Rate Risk                           |             |  | ForeignExchangeRisk |   |          | Total | 
|Bond Core Plus Fund               |  | Change in Unrealized
Appreciation
(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     | 
|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  |                                                 
|                                  |  |                                                  |  | For the six-month period ended June 30, 2012 |            
|                                  |  |                                                  |  | Interest Rate Risk                           |             |  | ForeignExchangeRisk |   |          | Total | 
|International All Cap Equity Fund |  | Change in Unrealized
Appreciation
(Depreciation) |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  | Forward Contracts(b)                             |  | $                                            |            |  |                     | $ | (14,599) |       |  | $ | (14,599)    | 
|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 
|                                  |  | Total Value                                      |  | $                                            |            |  |                     | $ | (14,599) |       |  | $ | (14,599)    | 
|                                  |  |                                                  |  |                                              |             |  |                     |   |          |       |  |   |             | 



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|                                  |  |                                                  |  |                                              |   |  |                     |   |          |       |  |   |          | 
|--------------------------------- |  | ------------------------------------------------ |  | -------------------------------------------- | - |  | ------------------- | - | -------- | ----- |  | - | -------- | 
|                                  |  |                                                  |  | For the six-month period ended June 30, 2011 |  
|                                  |  |                                                  |  | Interest Rate Risk                           |   |  | ForeignExchangeRisk |   |          | Total | 
|International All Cap Equity Fund |  | Change in Unrealized
Appreciation
(Depreciation) |  |                                              |   |  |                     |   |          |       |  |   |          | 
|                                  |  | Forward Contracts(b)                             |  | $                                            |  |  |                     | $ | (18,920) |       |  | $ | (18,920) | 
|                                  |  |                                                  |  |                                              |   |  |                     |   |          |       |  |   |          | 
|                                  |  | Total Value                                      |  | $                                            |  |  |                     | $ | (18,920) |       |  | $ | (18,920) | 
|                                  |  |                                                  |  |                                              |   |  |                     |   |          |       |  |   |          | 

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



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

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

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

|(d) | Net change in 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

Northern Trust Investments has entered into Investment Advisor Agreements with the Investment Advisors
listed below to which the Investment Advisors provide investment advice with respect to one or more of the Funds offered as investment options under the Program. As of June 30, 2012, the line-up of Investment Advisors to the Funds was 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                                      
|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                                  



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|                                              |  |                                                                
|--------------------------------------------- |  | ---------------------------------------------------------------
|Investment Advisor                            |  | Fund to which the Investment
Advisor Provides Investment Advice
|                                              |  | 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                              
|American Century Investment Management Inc.   |  | International All Cap Equity Fund                              
|First State Investments International Limited |  | International All Cap Equity Fund                              
|William Blair & Company LLC                   |  | 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, Northern Trust Investments has entered into Investment Management Agreements with State Street Bank pursuant to which the assets of certain of the Funds are invested in collective investment
funds maintained by State Street Global Advisors, a division of State Street Bank. Northern Trust Investments has also entered into an Investment Management Agreement with State Street Bank with respect to the Index Funds.

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, 2012 and June 30, 2011 are listed below; the annual asset-based fees for 2012 range from the highest rate of .65% to the lowest rate of .05% among the various Investment Advisors.

Effective April 25, 2012, Northern Trust Investments has replaced Martin Currie Inc. with American Century Investment
Management Inc. as Investment Advisor to provide investment advice with respect to a portion of the International All Cap Equity Fund. Effective May 30, 2012, Northern Trust Investments has replaced Eagle Global Advisors LLC with William
Blair & Company LLC as Investment Advisor to provide investment advice with respect to a portion of the International All Cap Equity Fund.



|                                               |  |                              |  |                                                  |         |  |                                                 |   |         |                                                  |  |   |                                                 |  |  |   |         | 
|---------------------------------------------- |  | ---------------------------- |  | ------------------------------------------------ | ------- |  | ----------------------------------------------- | - | ------- | ------------------------------------------------ |  | - | ----------------------------------------------- |  |  | - | ------- | 
|Investment Advisor                             |  | Fund                         |  | Fees for thethree-monthperiod endedJune 30, 2012 |         |  | Fees for thesix- monthperiod endedJune 30, 2012 |   |         | Fees for thethree-monthperiod endedJune 30, 2011 |  |   | Fees for thesix- monthperiod endedJune 30, 2011 | 
|                                               |  |                              |  |                                                  |        
|Allianz Global Investors Capital LLC           |  | Small-Mid Cap Equity Fund    |  | $                                                | 30,661  |  |                                                 | $ | 64,315  |                                                  |  | $ | 37,963                                          |  |  | $ | 76,236  | 
|                                               |  |                              |  |                                                  |        
|Altrinsic Global Advisors, LLC                 |  | International All Cap Equity |  |                                                  | 34,065  |  |                                                 |   | 70,781  |                                                  |  |   | 43,830                                          |  |  |   | 86,828  | 
|                                               |  |                              |  |                                                  |        
|American Century Investment Management Inc. ** |  | International All Cap Equity |  |                                                  | 12,764  |  |                                                 |   | 12,764  |                                                  |  |   |                                                |  |  |   |        | 
|                                               |  |                              |  |                                                  |        
|C.S. McKee, L.P.                               |  | Large Cap Equity Fund        |  |                                                  | 157,731 |  |                                                 |   | 317,705 |                                                  |  |   | 170,460                                         |  |  |   | 340,085 | 



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|                                              |  |                              |  |                                                  |  |                                     |           |  |                                       |            |                                     |   |           | 
|--------------------------------------------- |  | ---------------------------- |  | ------------------------------------------------ |  | ----------------------------------- | --------- |  | ------------------------------------- | ---------- | ----------------------------------- | - | --------- | 
|Investment Advisor                            |  | Fund                         |  | Fees for thethree-monthperiod endedJune 30, 2012 |  | Fees for thesix- endedJune 30, 2012 |           |  | Fees for theperiod endedJune 30, 2011 |            | Fees for thesix- endedJune 30, 2011 |  
|Columbus Circle Investors                     |  | Large Cap Equity Fund        |  | 154,412                                          |  |                                     | 313,653   |  |                                       | 169,199    |                                     |   | 336,775   | 
|Delaware Investment Advisers                  |  | Large Cap Equity Fund        |  | 115,267                                          |  |                                     | 230,340   |  |                                       | 124,366    |                                     |   | 247,312   | 
|                                              |  |                              |  |                                                  | 
|Denver Investment Advisors LLC                |  | Small-Mid Cap Equity Fund    |  | 55,733                                           |  |                                     | 113,414   |  |                                       | 78,987     |                                     |   | 172,167   | 
|                                              |  |                              |  |                                                  | 
|Eagle Global Advisors LLC **                  |  | International All Cap Equity |  | 13,663                                           |  |                                     | 35,315    |  |                                       | 25,763     |                                     |   | 50,958    | 
|                                              |  |                              |  |                                                  | 
|First State Investments International Limited |  | International All Cap Equity |  | 52,965                                           |  |                                     | 107,463   |  |                                       | 61,796     |                                     |   | 121,023   | 
|                                              |  |                              |  |                                                  | 
|Frontier Capital Management Co. LLC           |  | Small-Mid Cap Equity Fund    |  | 28,738                                           |  |                                     | 58,918    |  |                                       | 34,065     |                                     |   | 67,674    | 
|                                              |  |                              |  |                                                  | 
|Galliard Capital                              |  | Stable Asset Return Fund     |  | 182,559                                          |  |                                     | 365,108   |  |                                       | 180,773    |                                     |   | 360,952   | 
|                                              |  |                              |  |                                                  | 
|Jennison Associates LLC                       |  | Stable Asset Return Fund     |  | 46,358                                           |  |                                     | 91,939    |  |                                       | 43,076     |                                     |   | 85,679    | 
|                                              |  |                              |  |                                                  | 
|Jennison Associates LLC                       |  | Large Cap Equity Fund        |  | 95,058                                           |  |                                     | 193,117   |  |                                       | 103,603    |                                     |   | 206,020   | 
|                                              |  |                              |  |                                                  | 
|Lombardia Capital Partners, LLC *             |  | Small-Mid Cap Equity Fund    |  | 40,457                                           |  |                                     | 82,548    |  |                                       | 26,168     |                                     |   | 26,168    | 
|                                              |  |                              |  |                                                  | 
|LSV Asset Management                          |  | International All Cap Equity |  | 34,106                                           |  |                                     | 70,820    |  |                                       | 43,823     |                                     |   | 86,723    | 
|                                              |  |                              |  |                                                  | 
|LSV Asset Management                          |  | Small-Mid Cap Equity Fund    |  | 40,304                                           |  |                                     | 82,778    |  |                                       | 57,401     |                                     |   | 124,696   | 
|                                              |  |                              |  |                                                  | 
|Martin Currie Inc. **                         |  | International All Cap Equity |  | 9,733                                            |  |                                     | 39,407    |  |                                       | 35,326     |                                     |   | 70,047    | 
|                                              |  |                              |  |                                                  | 
|Pacific Investment Management Company LLC     |  | Bond Core Plus Fund          |  | 235,742                                          |  |                                     | 470,199   |  |                                       | 235,447    |                                     |   | 453,457   | 
|                                              |  |                              |  |                                                  | 
|Pacific Investment Management Company, LLC    |  | Stable Asset Return Fund     |  | 101,374                                          |  |                                     | 200,923   |  |                                       | 96,402     |                                     |   | 190,362   | 
|                                              |  |                              |  |                                                  | 
|Riverbridge Partners                          |  | Small-Mid Cap Equity Fund    |  | 35,478                                           |  |                                     | 71,820    |  |                                       | 42,084     |                                     |   | 83,336    | 
|                                              |  |                              |  |                                                  | 
|Systematic Financial Management, L.P.         |  | Small-Mid Cap Equity Fund    |  | 47,544                                           |  |                                     | 97,885    |  |                                       | 56,792     |                                     |   | 112,850   | 
|                                              |  |                              |  |                                                  | 
|TCW Investment Management Company             |  | Small-Mid Cap Equity Fund    |  | 31,128                                           |  |                                     | 64,625    |  |                                       | 37,942     |                                     |   | 75,465    | 
|                                              |  |                              |  |                                                  | 
|William Blair & Company LLC **                |  | International All Cap Equity |  | 3,770                                            |  |                                     | 3,770     |  |                                       |           |                                     |   |          | 
|                                              |  |                              |  |                                                  |  |                                     |           |  |                                       |            |                                     |   |           | 
|                                              |  |                              |  |                                                  | 
|                                              |  |                              |  | $1,559,610                                       |  | $                                   | 3,159,607 |  |                                       | $1,705,266 |                                     | $ | 3,374,813 | 
|                                              |  |                              |  |                                                  |  |                                     |           |  |                                       |            |                                     |   |           | 

* Lombardia Capital Partners, LLC began providing investment advice with respect to the Small-Mid Cap
Equity Fund on May 10, 2011.

** Eagle Global Advisors LLC and Martin Currie Inc. were terminated as investment advisors
with respect to the International All Cap Equity Fund during the three months ended June 30, 2012. American Century Investment Management Inc. and William Blair & Company LLC began providing investment advice with respect to the
International All Cap Equity Fund during the three months ended June 30, 2012.



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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 and the Balanced Fund.

The ABA Retirement Funds Program fee is based on the value of Program assets and the following annual fee rate in effect during the two-month period ended February 29, 2012, and during the year ended
December 31, 2011:



|                 |  |                                         |      |  
|---------------- |  | --------------------------------------- | ---- | -
|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 | %

Effective from and after March 1, 2012, the Collective Trust pays a program expense
fee to ABA Retirement Funds based on the aggregate value of the assets of the Funds and the Balanced Fund at the following annual rate:



|                 |  |                                         |      |  
|---------------- |  | --------------------------------------- | ---- | -
|Value of Assets  |  | Rate of ABA RetirementFunds Program Fee |     
|                 | 
|First $3 billion |  |                                         | .075 | %
|                 | 
|Next $1 billion  |  |                                         | .065 | %
|                 | 
|Over $4 billion  |  |                                         | .000 | %

For the three-month periods ended June 30, 2012 and June 30, 2011 and for the
six-month periods ended June 30, 2012 and June 30, 2011, ABA Retirement Funds received Program fees of $689,589, $694,170, $1,364,374 and $1,360,847 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 Life Insurance
and Annuity Company (ING Life) 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 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 Life ProgramFee |     
|                 | 
|First $4 billion |  |                             | .470 | %
|                 | 
|Next $1 billion  |  |                             | .360 | %
|                 | 
|Next $1 billion  |  |                             | .215 | %
|                 | 
|Over $6 billion  |  |                             | .220 | %



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For the three-month periods ended June 30, 2012 and June 30,
2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, respectively, the Program fee paid to ING Life was $4,929,256, $4,973,965, $9,647,723 and $9,802,043, 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 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. Service penalties of $100,000 and $50,000
were imposed on ING Services during the six-month periods ended June 30, 2012 and June 30, 2011, respectively and the fees stated above are net of these penalties.

Effective April 26, 2012, the AQR Risk Parity Fund, in which the Alternative Alpha Fund is invested, makes payments to ING
Life in the amount of .10% on an annualized basis of the assets allocated to the AQR Risk Parity Fund for administrative services rendered on behalf of the Alternative Alpha Fund. Such payments are applied against, and thus reduce, the Program fee
otherwise payable on behalf of the Alternative Alpha Fund to ING Life. These payments are included in the operating expenses of the AQR Risk Parity Fund.

The Collective Trust has entered into a brokerage services agreement with TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. TD Ameritrade has agreed that, effective September 2, 2011, it will make
payments on behalf of the Program in consideration of the Programs services rendered with respect to the Self-Directed Brokerage Accounts. Such payments are applied against, and thus reduce, the Program fee otherwise payable to ING Life, and
are reflected in the accompanying statements of operations as Less: Expense reimbursement in the amount of $127,018, $0, $276,447 and $0 for the three-month periods ended June 30, 2012 and June 30, 2011 and for the six-month
periods ended June 30, 2012 and June 30, 2011, respectively. Such payments by TD Ameritrade are made quarterly in arrears, in an amount calculated based on the table below, based on the month-end values of Program assets held in TD
Ameritrade brokerage accounts during such quarter.



|                        |  |      
|----------------------- |  | -----
|Value of Program Assets |  |      
|                        | 
|First $100 million      |  | .000%
|                        | 
|Next $400 million       |  | .018%
|                        | 
|Over $500 million       |  | .020%

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 is paid to Northern Trust for its trust, management, administration and custody of the assets in the investment options (other than Self-Directed 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 periods ended
June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, Northern Trust received trust, management and administration fees of $878,365, $875,308, $1,737,861 and $1,717,693,
respectively.



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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.

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, 2012 and June 30, 2011:



|                                  |  |                                                |        |  |                                               |   |         |                                                |  |   |                                               |  |  |   |         | 
|--------------------------------- |  | ---------------------------------------------- | ------ |  | --------------------------------------------- | - | ------- | ---------------------------------------------- |  | - | --------------------------------------------- |  |  | - | ------- | 
|                                  |  | Fees for thethree-monthperiodendedJune 30,2012 |        |  | Fees for thesix-monthperiod endedJune 30,2012 |   |         | Fees for thethree-monthperiodendedJune 30,2011 |  |   | Fees for thesix-monthperiod endedJune 30,2011 | 
|                                  |  |                                                |        | 
|Bond Index Fund                   |  | $                                              | 9,473  |  |                                               | $ | 17,645  |                                                |  | $ | 6,110                                         |  |  | $ | 12,181  | 
|                                  |  |                                                |        | 
|Large Cap Index Equity Fund       |  |                                                | 4,655  |  |                                               |   | 8,877   |                                                |  |   | 3,050                                         |  |  |   | 5,995   | 
|                                  |  |                                                |        | 
|All Cap Index Equity Fund         |  |                                                | 29,345 |  |                                               |   | 61,846  |                                                |  |   | 27,154                                        |  |  |   | 57,513  | 
|                                  |  |                                                |        | 
|Mid Cap Index Equity Fund         |  |                                                | 8,022  |  |                                               |   | 14,676  |                                                |  |   | 5,509                                         |  |  |   | 10,779  | 
|                                  |  |                                                |        | 
|Small Cap Index Equity Fund       |  |                                                | 3,837  |  |                                               |   | 7,492   |                                                |  |   | 3,456                                         |  |  |   | 6,744   | 
|                                  |  |                                                |        | 
|International Index Equity Fund   |  |                                                | 15,718 |  |                                               |   | 31,998  |                                                |  |   | 15,951                                        |  |  |   | 31,100  | 
|                                  |  |                                                |        | 
|Large Cap Equity Fund             |  |                                                | 5,390  |  |                                               |   | 8,085   |                                                |  |   | 6,664                                         |  |  |   | 9,500   | 
|                                  |  |                                                |        | 
|Small-Mid Cap Equity Fund         |  |                                                | 2,596  |  |                                               |   | 3,979   |                                                |  |   | 2,760                                         |  |  |   | 3,744   | 
|                                  |  |                                                |        | 
|International All Cap Equity Fund |  |                                                | 3,614  |  |                                               |   | 6,098   |                                                |  |   | 4,211                                         |  |  |   | 6,658   | 
|                                  |  |                                                |        |  |                                               |   |         |                                                |  |   |                                               |  |  |   |         | 
|                                  |  |                                                |        | 
|                                  |  | $                                              | 82,650 |  |                                               | $ | 160,696 |                                                |  | $ | 74,865                                        |  |  | $ | 144,214 | 
|                                  |  |                                                |        |  |                                               |   |         |                                                |  |   |                                               |  |  |   |         | 

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. For the three-month periods ended June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and
June 30, 2011, State Street Bank received Real Asset Return Fund management fees of $5,012, $3,779, $9,802 and $6,642, respectively.



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Unaudited



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, 2012 and June 30, 2011, and for the six-month periods ended
June 30, 2012 and June 30, 2011, State Street Bank received Retirement Date Funds management fees of $136,974, $109,845, $258,235 and $219,694, respectively.

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. For the three-month periods ended June 30, 2012 and June 30, 2011, and for the
six-month periods ended June 30, 2012 and June 30, 2011, State Street Bank received Target Risk Fund management fees of $14,918, $9,714, $29,124 and $18,651, respectively.

Investment Advisor Fees  Managed Funds

The
Investment Advisors for SARF are paid a weighted average fee at an annual rate of approximately .15% of the assets of the Fund.

If the aggregate market value of the Bond Core Plus Funds assets and the assets of certain other unaffiliated accounts are above $600 million (as of June 30, 2012, the aggregate value of such
assets was $1.5 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 Bond Core Plus 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 |  |      | .500 | %
|Next $25 million  |  |      | .375 |  
|Over $50 million  |  |      | .250 |  

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, 2012:



|                                  |  |      |      |  
|--------------------------------- |  | ---- | ---- | -
|Fund                              |  | Rate |     
|Large Cap Equity Fund             |  |      | .290 | %
|Small-Mid Cap Equity Fund         |  |      | .477 |  
|International All Cap Equity Fund |  |      | .477 |  

Investment Advisor fees attributable to the portions of the Global All Cap Equity Fund
invested in the Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund are accrued and paid from the Large Cap Equity Fund, the Small-Mid Cap Equity Fund or the International All Cap Equity Fund, as
applicable, not from the Global All Cap Equity Fund. The Global All Cap Equity Fund pays no Investment Advisor fees directly.

No fees are paid directly to Wellington Trust or AQR Capital Management for the investment management services they perform relating to the assets of the Alternative Alpha Fund. However, the Alternative
Alpha Fund, as an investor in the Wellington Trust Real Total Return Portfolio and the AQR Risk Parity Fund, bears the operating expenses associated with those commingled investment vehicles, including investment advisory fees payable by the
Wellington Trust Real Total Return Portfolio to Wellington Trust at the current annual rate of .55% and payable by the AQR Risk Parity Fund to AQR Capital Management at the current annual rate of .75% of the value of the assets of the Alternative
Alpha Fund invested in, respectively, the Wellington Trust Real Total Return Portfolio and the AQR Risk Parity Fund. The Alternative Alpha Fund will also bear the expenses of the AQR Risk Parity Fund (Class I shares) on assets invested in it. The
total annual operating expenses of this share class of the AQR Risk Parity Fund for its most recent completed fiscal year were 1.12%; however, the AQR Risk Parity Funds adviser has contractually agreed to cap these expenses at 0.95% (excluding
interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense related to short sales and extraordinary expenses) until at least April 30, 2013.

Northern Trust Investments is paid a fee of .15% of the excess cash in the Bond Core Plus Fund, Large Cap Equity Fund,
Small-Mid Cap Equity Fund, International All Cap Equity Fund and the SARF that is swept to the STIF or, in the case of the SARF, to the GSTIF. Northern Trust Investments was paid $314, $8,927, $2,508, $1,279 and $37,456 for the three-month period
ended June 30, 2012 and was paid $1,078, $5,004, $2,059, $1,628 and $41,145 for the three-month period ended June 30, 2011, and was paid $896, $17,384, $5,003, $2,967 and $77,758 for the six-month period ended June 30, 2012, and was
paid $2,196, $9,722, $4,247, $3,072 and $82,044 for the six-month period ended June 30, 2011 from the Bond Core Plus Fund, Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and the SARF, respectively.



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Unaudited



The Balanced Fund ceased offering its units on July 2, 2009 and
investment of the equity portion of the Balanced Fund is invested through the Large Cap Equity Fund and investment of the debt portion of the Balanced Fund is invested through the Bond Core Plus Fund. Investment Advisor fees are not 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 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 periods ended June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and June 30, 2011, these expenses totaled $663,298, $723,798, $1,319,102 and $1,439,750,
respectively. Fees in the amount of approximately $25,212 and $54,567 for the registration of $220 million and $470 million of units with the SEC were paid during 2012 and 2011, respectively and are an operational cost for all the Funds. These
operational costs are allocated to 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. Assets of the
Global All Cap Equity Fund invested through the Large Cap Equity Fund or the Small Mid Cap Equity Fund or the International Equity Fund are included under the Large Cap Equity Fund or the Small Mid Cap Equity Fund or the International Equity Fund,
as applicable, and not under the Global All Cap Equity 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, 2012 |            
|                                     |  | Purchases                                   |             |  | Sales |  
|Bond Core Plus Fund                  |  | $                                           | 5,678,116   |  |       | $ | 22,875,338  | 
|Large Cap Equity Fund                |  |                                             | 157,107,805 |  |       |   | 200,561,988 | 
|Small-Mid Cap Equity Fund            |  |                                             | 86,878,688  |  |       |   | 102,076,283 | 
|International All Cap Equity Fund    |  |                                             | 106,932,199 |  |       |   | 113,222,661 | 
|Global All Cap Equity Fund*          |  |                                             | 1,269,852   |  |       |   | 146,401     | 
|Bond Index Fund                      |  |                                             | 14,372,156  |  |       |   | 6,634,201   | 
|Large Cap Index Equity Fund          |  |                                             | 17,358,341  |  |       |   | 3,529,406   | 
|All Cap Index Equity Fund            |  |                                             | 5,949,750   |  |       |   | 13,490,956  | 
|Mid Cap Index Equity Fund            |  |                                             | 11,474,105  |  |       |   | 3,359,555   | 
|Small Cap Index Equity Fund          |  |                                             | 6,903,469   |  |       |   | 3,502,886   | 
|International Index Equity Fund      |  |                                             | 5,868,742   |  |       |   | 1,567,014   | 
|Real Asset Return Fund               |  |                                             | 6,753,520   |  |       |   | 2,507,958   | 
|Alternative Alpha Fund*              |  |                                             | 990,710     |  |       |   | 83,963      | 
|Lifetime Income Retirement Date Fund |  |                                             | 8,356,759   |  |       |   | 2,043,121   | 
|2010 Retirement Date Fund            |  |                                             | 12,139,288  |  |       |   | 6,907,153   | 
|2020 Retirement Date Fund            |  |                                             | 26,932,207  |  |       |   | 4,821,079   | 
|2030 Retirement Date Fund            |  |                                             | 16,761,006  |  |       |   | 4,579,384   | 
|2040 Retirement Date Fund            |  |                                             | 10,326,647  |  |       |   | 3,987,271   | 
|2050 Retirement Date Fund*           |  |                                             | 504,827     |  |       |   | 98,785      | 



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Notes to Financial StatementsContinued

Unaudited



|                       |  |                                             |            |  |       |  |            | 
|---------------------- |  | ------------------------------------------- | ---------- |  | ----- |  | ---------- | 
|                       |  | For the six-month period endedJune 30, 2012 |           
|                       |  | Purchases                                   |            |  | Sales | 
|Conservative Risk Fund |  |                                             | 9,512,734  |  |       |  | 5,095,292  | 
|Moderate Risk Fund     |  |                                             | 11,811,626 |  |       |  | 6,506,931  | 
|Aggressive Risk Fund   |  |                                             | 5,017,085  |  |       |  | 2,533,106  | 
|Balanced Fund          |  |                                             | 22,020,002 |  |       |  | 39,251,508 | 

*The Fund commenced investment operations on January 17, 2012.

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



|                    |  |                                             |             |  |       |   |             | 
|------------------- |  | ------------------------------------------- | ----------- |  | ----- | - | ----------- | 
|                    |  | For the six-month period endedJune 30, 2012 |            
|                    |  | Purchases                                   |             |  | Sales |  
|Bond Core Plus Fund |  | $                                           | 712,524,198 |  |       | $ | 752,031,613 | 

5. 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 Global All Cap Equity Fund and the Balanced Fund, which indirectly engage 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 engage in securities lending was reinvested in a 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 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, 2012, 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 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 for financial reporting purposes and differ from the per unit net asset value calculated for purpose of transactions experienced by participants in
their accounts.



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

Unaudited



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.

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, 2012, 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               |  | $                              | 15,034,749 |  |                                    | $ | 15,340,211 |           |  | $ | 15,080,281 | 
|                                  |  |                                |           
|Large Cap Equity Fund             |  |                                | 16,063,043 |  |                                    |   | 16,478,803 |           |  |   | 16,199,580 | 
|                                  |  |                                |           
|Small-Mid Cap Equity Fund         |  |                                | 33,650,587 |  |                                    |   | 34,543,781 |           |  |   | 33,958,461 | 
|                                  |  |                                |           
|International All Cap Equity Fund |  |                                | 5,464,604  |  |                                    |   | 5,743,272  |           |  |   | 5,645,956  | 

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, 2012, the market value of the
investments in the ABA Members Collateral Fund, as reported by its trustee, was approximately 98.306% 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.

6. Participant Ownership

As of June 30, 2012, the following Funds had participants owning greater than 5% of the
outstanding units of each Funds: Six participants owned 58.81% of the outstanding units of the Global All Cap Equity Fund, eight participants owned 71.94% of the outstanding units of the Alternative Alpha Fund, one participant owned 5.20% of the
outstanding units of the 2010 Retirement Date Fund, and three participants owned 30.74% of the outstanding units of the 2050 Retirement Date Fund.

7. Subsequent Events

Management has evaluated subsequent events for the Funds and the Balanced Fund through the date the
financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.



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

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in this Report, including, without limitation, those relating to the objectives and strategies of
the investment options, constitute Forward-Looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995. The American Bar Association Members/Northern Trust Collective Trust (the Collective
Trust) desires to take advantage of the safe harbor provisions of such Act and is including this special note to enable it to do so. Forward-looking statements included in this Report, or subsequently included in other publicly
available documents filed with the Securities and Exchange Commission, and other publicly available statements issued or released by the Collective Trust, involve known and unknown risks, uncertainties and other factors which could cause the actual
results, performance or achievements of the investment options to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. For a description of these factors, see the
descriptions of each of the investment options found in Item 1, Business of the Collective Trusts Annual Report on Form 10-K.

Quarter and Six Month Period Ended June 30, 2012

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.
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.

For the quarter ended June 30, 2012, the Stable Asset Return Fund experienced a total return, net of expenses, of
0.33%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.10% 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. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 0.67%. By comparison, the 3 Year Constant Maturity Treasury
Yield produced an investment record of 0.33% for the same period.

The Stable Asset Return Fund outperformed
the 3 Year Constant Maturity Treasury Yield for the quarter ended June 30, 2012. Outperformance for the quarter was primarily driven by an overweight to asset-backed securities and mortgage-backed securities. The Funds market to book
value increased during the quarter from 103.0 to 103.4, reflecting the strong performance of the underlying bond portfolios.

The Stable Asset Return Fund outperformed the 3 Year Constant Maturity Treasury Yield for the six month period ended June 30, 2012. Outperformance for the period was primarily driven by an overweight
to non-treasury sectors. The credit quality of the underlying bond portfolios remains strong with 81% of the portfolios securities rated AAA on average as rated by S&P, Moodys and Fitch.

Bond Core Plus Fund

The Bond Core Plus Fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the domestic bond market. The Bond Core Plus Fund invests its assets in
a diversified portfolio of fixed-income securities.

For the quarter ended June 30, 2012, 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 2.64%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.06%
for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 4.19%, compared to an investment record of 2.37% 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 outperformed the Barclays Capital U.S. Aggregate
Bond Index for the quarter ended June 30, 2012. Outperformance was primarily driven by falling interest rates in both the United States and Australia. Exposure to both agency and non-agency mortgage-backed securities was also positive for the
quarter.

The Bond Core Plus Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the six
month period ended June 30, 2012. Outperformance was primarily driven by falling interest rates in both the United States and Australia. Exposure to both agency and non-agency mortgage-backed securities was also positive for the period.

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.

For the quarter ended June 30, 2012, the Large Cap Equity Fund experienced a total return, net of expenses, of -3.93%. By comparison, the Russell
1000® Index produced an investment record of -3.12% for the same period. For the six month period ended
June 30, 2012, the Fund experienced a total return, net of expenses, of 9.13%, compared to an investment record of 9.38% 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.

The Large Cap Equity
Fund uses a multi-manager approach whereby the Funds assets are allocated to two 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 recommending 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, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of June 30, 2012) 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. Stock selection was weakest in the consumer discretionary sector, though this
was partially offset by underweights to more economically sensitive sectors such as energy and materials.

For
the quarter ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 2012) 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. Underperformance was primarily within the industrials and energy sectors. Within the industrials sector of the portion of the Fund, the 14% drop in
shares of Dover cost the portfolio 36 basis points, as concerns of a global slowdown, particularly in Asia, weighed on the stock. Within the energy sector, shares of Hess fell more than 26% in response to the 18% correction in oil prices.

For the quarter ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the
assistance of Delaware Investment Advisers (approximately 26% as of June 30, 2012) 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. Positive stock selection accounted for all of the relative outperformance with the largest contribution coming from an underweight to financials, which are generally more credit sensitive. The telecommunications sector was another
area of strength as it was the top performer in both the portfolio and benchmark.

For the quarter ended
June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 19% as of June 30, 2012) 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. Stock selection detracted from returns in consumer discretionary, where Fossil and Nike declined, more than offsetting the effect of solid gains in
Amazon.com and Inditex. In information technology, data management holdings NetApp, VMware, and EMC lost ground on concerns that business investments in information technology could slow if the global economy continues to cool. Security selection
hurt performance in energy, although an underweight position benefited relative return.

For the six month
period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of June 30, 2012) 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. Generally strong stock selection across most sectors, particularly financials, was the primary driver of outperformance.

For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance
of C.S. McKee, L.P. (approximately 29% as of June 30, 2012) negatively contributed to the performance of the Fund, but outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. This
portion of the Funds strong stock selection within the financials sector was the primary driver of outperformance, adding 89 basis points as financials were up over 20% in the period.



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For the six month period ended June 30, 2012, the portion of the Large
Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Value Index, against which the
performance of this portion of the Fund is compared. While stocks kept pace with those in the sector more broadly, the underweight to the financials sector, which was the strongest performing sector, was the largest detractor from performance.

For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the
assistance of Jennison Associates LLC (approximately 19% as of June 30, 2012) 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. Stock selection and an overweight to information technology were the primary drivers of outperformance. Stock selection in consumer staples as well as an overweight to energy 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
small- to medium-capitalization U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

For the quarter ended June 30, 2012, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of -5.23%. By comparison, the Russell 2500 Index produced an investment record of
-4.14% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 6.44%, compared to an investment record of 8.31% 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.

The Small-Mid Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to two 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 recommending 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, 2012, 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, 2012) 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. During the quarter, the sectors with the largest contribution to performance relative to the benchmark were consumer cyclical, commercial services and capital goods.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of
Lombardia Capital Partners, LLC (approximately 15% as of June 30, 2012) 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. Stock selection was positive or neutral in four of ten sectors, with materials, health care, and utilities performing the best. This was offset by negative stock selection in six of ten sectors, with financials, consumer staples, and
industrials performing the worst. Sector selection had a negative impact detracting from performance for the quarter.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 9% as of June 30, 2012)
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. Positive stock selection drove relative performance, notably in
the health care, consumer discretionary and energy sectors.

For the quarter ended June 30, 2012, the
portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2012) 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. Both sector and stock selection detracted from performance for the quarter. An overweight to technology and underweight to utilities had a negative impact from a sector
allocation standpoint. While stock selection was strong in the technology sector, this was offset by poor selection in the materials, consumer discretionary and consumer staples sectors.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of
Allianz Global Investors Capital LLC (approximately 9% as of June 30, 2012) 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 the information technology sector was the primary detractor from relative performance. This was largely driven by a reversal in some of the strongest performers from the prior quarter. Additionally, stock
selection in the financials and consumer discretionary sectors and the portfolios overweight to the underperforming energy sector and underweight to the outperforming health care sector detracted from performance.



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For the quarter ended June 30, 2012, the portion of the Small-Mid Cap
Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2012) 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 biggest contributor to performance was stock selection in the information technology sector, although the overweight to the sector did detract. An underweight to the lagging energy sector also contributed
to the portfolios outperformance.

For the quarter ended June 30, 2012, 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, 2012) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index,
against which the performance of this portion of the Fund is compared. Stock selection contributed to underperformance, while sector allocation was a slight headwind as well. In terms of stock selection, the majority of underperformance relative to
the benchmark came from selections within the industrial and health care sectors.

For the quarter ended
June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 9% as of June 30, 2012) 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. The portfolios underperformance was primarily due to negative stock selection in the information technology and consumer
sectors. Stock selection in energy, materials, and industrials also detracted from performance while stock selection in health care proved positive.

For the six month period ended June 30, 2012, 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, 2012) 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. Interest rate sensitive holdings,
including the energy and communications sectors, were the largest relative detractors to performance in the second quarter.

For the six months period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 15% as of June 30, 2012)
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. Stock selection was broadly negative, with financials, health
care and consumer staples performing the worst.

For the six month period ended June 30, 2012, the
portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 9% as of June 30, 2012) 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 relative performance was driven by positive stock selection, particularly in the health care, consumer discretionary and energy sectors. As technology lagged
during the second quarter, the reduction in the number of holdings in the technology sector following the strong first quarter helped avoid wider losses.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2012) 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. Both sector and stock selection detracted in the period. An overweight to
technology and underweight to utilities had a negative impact from a sector allocation standpoint.

For the
six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 9% as of June 30, 2012) 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 the information technology, consumer discretionary and financials sectors were the primary
detractors from relative performance.

For the six month period ended June 30, 2012, the portion of the
Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2012) 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 contributors to performance for the period were stock selection in the information technology sector and the portfolios underweight to the underperforming energy sector.

For the six month period ended June 30, 2012, 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, 2012) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against which the performance of this
portion of the Fund is compared. Stock selection contributed to performance, while sector allocation detracted for the period. In terms of stock selection, the majority of positive relative performance came from stock selection within the
financials and materials sectors. In terms of sector allocation, the relative overweight to the energy sector was the largest detractor from results.



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For the six month period ended June 30, 2012, the portion of the
Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 9% as of June 30, 2012) 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. The portfolios underperformance was primarily due to negative stock selection in the information technology and consumer sectors. Stock selection in energy, materials, and
industrials also detracted, which was partially offset by positive stock selection in health care.

International All Cap Equity Fund

The International All Cap Equity Fund seeks to provide long-term growth of capital 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 markets, through investing in a diversified portfolio of primarily (non-U.S.) stock markets.

For the quarter ended June 30, 2012, the International All Cap Equity Fund experienced a total return, net of
expenses, of -6.45%. By comparison, the Morgan Stanley Capital International (MSCI) All-Country World (ACWI) ex-US Index produced an investment record of -7.61% for the same period. For the six month period ended
June 30, 2012, the Fund experienced a total return, net of expenses, of 3.40%, compared to an investment record of 2.77% 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 two 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 recommending 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, 2012, the portion of the International All Cap Equity Fund advised with the
assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the MSCI Europe, Australasia, Far East (EAFE) Value ND Index,
against which the performance of this portion of the Fund is compared. Disappointing performance from holdings in the technology sector, companies involved in the energy complex, and those domiciled in Japan were the primary detractors for the
quarter.

For the period from on or about May 9, 2012 (the date on which American Century Investment
Management, Inc. commenced providing investment advice with respect to the International All Cap Equity Fund) to June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of American Century Investment
Management, Inc. (approximately 15% as of June 30, 2012) negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Positive
stock selection and an overweight to the financials sector bolstered relative results, as did investments in the energy sector, while laggards in the consumer discretionary and telecommunication services sectors were detractors.

For the quarter ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the
assistance of First State Investments International Limited (approximately 23% as of June 30, 2012) 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. Outperformance was driven by strong stock selection in Brazil and an overweight position in the telecommunications services sector. An underweight position in the energy sector also helped relative
performance.

For the quarter ended June 30, 2012, the portion of the International All Cap Equity Fund
advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index, against which the performance of this
portion of the Fund is compared. Stock selection, particularly in the consumer staples and financial sectors, was the primary detractors from relative performance.

For the period from on or about June 13, 2012 (the date on which William Blair & Company, L.L.C. commenced
providing investment advice with respect to the International All Cap Equity Fund) to June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of William Blair & Company, L.L.C. (approximately 14%
as of June 30, 2012) 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 overweighted position in financials and
telecommunications services contributed to performance as these were the two best performing sectors in the period.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30,
2012) negatively contributed to the performance of the Fund, as



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well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Disappointing performance from holdings in the technology sector,
companies involved in the energy complex and those domiciled in Japan were the primary detractors for the period.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 23% as
of June 30, 2012) 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 Brazil was positive
for the period, particularly the position in Anheuser Busch-InBev which rose on optimism about its growth prospects. An underweight to the energy sector was positive, particularly a zero weighting in Petrobras which underperformed on a weak oil
price. Stock selection as well as an overweight position in the consumer staples sector also contributed to outperformance.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2012)
negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Stock selection, particularly in the consumer staples and financial
sectors, was the primary detractors from relative performance.

Eagle Global Advisors LLC and Martin Currie
Inc. were terminated as Investment Advisors to the International All Cap Equity Fund during the second quarter. Please see Note 3, Investment Advisory, Investment Management and Related Party Transactions, in the Notes to Financial Statements
for additional information.

Global All Cap Equity Fund

The Global All Cap Equity Fund seeks to achieve, over an extended period of time, total returns comparable to or superior
to an appropriate combination of broad measures of global stock markets by investing primarily in equity securities of companies located throughout the world, including those domiciled in the U.S.

For the quarter ended June 30, 2012, the Global All Cap Equity Fund experienced a total return, net of expenses, of
-5.73%. By comparison, the MSCI ACWI Index produced an investment record of -5.56% for the same period. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the Global All Cap Equity Fund experienced a total
return, net of expenses, of 3.12%. By comparison, the MSCI ACWI Index produced an investment record of 2.61% for the same period. The MSCI ACWI 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, 2012, the
segment of the Global All Cap Equity Fund which is invested through the Large Cap Equity Fund (approximately 36% as of June 30, 2012) underperformed the Russell 1000 Index. Please refer to the discussion of the investment performance of the
Large Cap Equity Fund for such period, above, for a description of the performance of the Large Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the quarter ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the
Small-Mid Cap Equity Fund (approximately 5% as of June 30, 2012) underperformed the Russell 2500 Index. Please refer to the discussion of the investment performance of the Small-Mid Cap Equity Fund for such period, above, for a description of
the performance of the Small-Mid Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the quarter ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the
International All Cap Equity Fund (approximately 59% as of June 30, 2012) outperformed the MSCI ACWI ex-US Index. Please refer to the discussion of the investment performance of the International All Cap Equity Fund for such period, above, for
a description of the performance of the International All Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the period beginning January 17, 2012 and ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Large Cap Equity Fund (approximately 36% as of
June 30, 2012) underperformed the Russell 1000 Index. Please refer to the discussion of the investment performance of the Large Cap Equity Fund for such period, above, for a description of the performance of the Large Cap Equity Fund segment of
the Global All Cap Equity Fund for such period.

For the period beginning January 17, 2012 and ended
June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Small-Mid Cap Equity Fund (approximately 5% as of June 30, 2012) underperformed the Russell 2500 Index. Please refer to the discussion of the
investment performance of the Small-Mid Cap Equity Fund for such period, above, for a description of the performance of the Small-Mid Cap Equity Fund segment of the Global All Cap Equity Fund for such period.



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For the period beginning January 17, 2012 and ended June 30, 2012,
the segment of the Global All Cap Equity Fund which is invested through the International All Cap Equity Fund (approximately 59% as of June 30, 2012) outperformed the MSCI ACWI ex-US Index. Please refer to the discussion of the investment
performance of the International All Cap Equity Fund for such period, above, for a description of the performance of the International All Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

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 included in
such Index. The Barclays Capital U.S. Aggregate Bond Index is representative of the domestic investment-grade bond market as included in such Index.

For the quarter ended June 30, 2012, the Bond Index Fund experienced a total return, net of expenses, of 1.90%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment
record of 2.06% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 1.97%, compared to an investment record of 2.37% 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, 2012 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, 2012, the Large Cap Index Equity Fund experienced a total return, net of expenses, of -2.94%. By comparison, the S&P 500 produced an investment record of -2.75% for the same period. For the six month period ended June 30,
2012, the Fund experienced a total return, net of expenses, of 9.10%, compared to an investment record of 9.49% 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, 2012 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 generally in securities included in such Index. The Russell 3000 Index represents
approximately 98% of the U.S. equity market based on market capitalization.

For the quarter ended
June 30, 2012, the All Cap Index Equity Fund experienced a total return, net of expenses, of -3.36%. By comparison, the Russell 3000 Index produced an investment record of -3.15% for the same period. For the six month period ended June 30,
2012, the Fund experienced a total return, net of expenses, of 8.86%, compared to an investment record of 9.32% 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, 2012 was consistent with the Russell 3000 Index after taking expenses into account.

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 represents approximately 7% of the U.S. equity market based on market capitalization.

For the quarter
ended June 30, 2012, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of -5.10%. By comparison, the S&P MidCap 400 produced an investment record of -4.93% for the same period. For the six month period ended
June 30, 2012, the Fund experienced a total return, net of expenses, of 7.52%, compared to an investment record of 7.90% 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.



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The performance of the Mid-Cap Index Equity Fund for the quarter and six
month period ended June 30, 2012 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, 2012, the Small Cap Index Equity Fund experienced a total
return, net of expenses, of -3.64%. By comparison, the Russell 2000 Index produced an investment record of -3.47% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 8.14%,
compared to an investment record of 8.53% 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, 2012 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 23% of the Index.

For the quarter ended June 30, 2012, after taking fair
value adjustments into account, the International Index Equity Fund experienced a total return, net of expenses, of -7.23%. By comparison, the MSCI ACWI ex-US Index produced an investment record of -7.61% for the same period. For the six month
period ended June 30, 2012, after taking fair value adjustments into account, the Fund experienced a total return, net of expenses, of 2.94%, compared to an investment record of 2.77% 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, 2012 was consistent with the MSCI ACWI ex-US Index after taking expenses and fair value
adjustments 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 indices 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, 2012, these funds were comprised of 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, 2012, 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, 2012, the Fund experienced a total return, net of expenses, of 1.17%. By comparison, the composite benchmark produced an investment record of 1.48% for the same period.
For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 4.29%, compared to an investment record of 4.87% for the composite 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, 2012 was
consistent with its composite benchmark after taking expenses into account.



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Alternative Alpha Fund

The Alternative Alpha Fund seeks to efficiently deliver exposure to a broad set of liquid asset classes by investing in a
diversified portfolio of securities and instruments. These include Treasury Inflation Protected Securities, which we refer to as U.S. TIPS, other fixed-income securities, and a wide array of major liquid asset classes, including global developed and
emerging market equities, global nominal and inflation linked-government bonds, emerging market bonds, mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage-backed securities, developed and emerging market
currencies, commodities and derivatives with the objective of providing long-term total returns in excess of the yield on cash-equivalent investments.

For the quarter ended June 30, 2012, the Alternative Alpha Fund experienced a total return, net of expenses, of -0.30%. By comparison, a combination of Standard & Poors 500 Index and
Barclays Capital U.S. Aggregate Bond Index, each weighted 50%, produced an investment record of 0.21% for the same period. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the Alternative Alpha Fund
experienced a total return, net of expenses, of 0.97%. By comparison, the combination benchmark produced an investment record of 4.75% for the same period. The Standard & Poors 500 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.

The Alternative Alpha Funds assets are invested indirectly through allocation to the commingled investment vehicles managed by different Investment Advisors in percentages determined at the
discretion of Northern Trust Investments. Income and gains attributable to the assets allocated to the commingled investment vehicle of each Investment Advisor to the Fund remain allocated to that vehicle unless and until reallocated by Northern
Trust Investments, and any differences in relative investment performance of the investment vehicles can change the percentage of total assets of the Fund comprising each portion of the Fund.

For the quarter ended June 30, 2012, the portion of the Alternative Alpha Fund invested in the AQR Risk Parity Fund
(approximately 40% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the 60% Standard & Poors 500 Index/40% Barclays Capital U.S. Aggregate Bond Index blended index, against which
the performance of this portion of the Fund is compared. The quarter was generally marked by a sentiment towards risk aversion, leading to gains in overweighted fixed income assets, in particular inflation-linked bonds.

For the quarter ended June 30, 2012, the portion of the Alternative Alpha Fund invested in the Wellington Trust Real
Total Return Portfolio (approximately 60% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Consumer Price Index Core +3%, against which the performance of this portion of the Fund is
compared. Allocation to global nominal bonds and TIPS contributed positively to the portfolio although these gains were more than offset by negative returns of commodity and currency exposure.

For the period from commencement of operations on January 17, 2012 to June 30, 2012, the portion of the
Alternative Alpha Fund invested in the AQR Risk Parity Fund (approximately 40% as of June 30, 2012) positively contributed to the performance of the Fund, but underperformed the 60% Standard & Poors 500 Index/40% Barclays Capital
U.S. Aggregate Bond Index blended index, against which the performance of this portion of the Fund is compared. Equities and commodities drove losses, particularly in April and May, due to increasing concerns from Europe and a weakening outlook in
the United States. Fixed-income was additive to performance, while credit, inflation-sensitive assets and equities all detracted from performance.

For the period from commencement of operations on January 17, 2012 to June 30, 2012, the portion of the Alternative Alpha Fund invested in the Wellington Trust Real Total Return Portfolio
(approximately 60% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Consumer Price Index Core +3%, against which the performance of this portion of the Fund is compared. Allocation to
global nominal bonds and TIPS contributed positively to the portfolio although these gains were more than offset by negative returns of commodity and currency exposure.

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 investment strategy representing specific risk and reward characteristics that take into
account the remaining time horizon to 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 current
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 significant target equity exposure). The 2010 Retirement Date Fund currently seeks to provide a mix of long-term capital appreciation and stability of
principal for participants whose retirement date occurred in or around 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
2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around 2030 and is comprised mainly of stocks



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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 2040 and is comprised mainly
of stocks for significant growth potential. The 2050 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around 2050 and is comprised mainly of stocks for significant growth
potential.

The Retirement Date Funds seek to achieve their objectives by investing in
various indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2012, 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 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, 2012, 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 U.S. 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-USA 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 benchmarks relate.

For the quarter ended June 30, 2012, the Retirement Date Funds experienced a total return, net of expenses, of 0.00% for the Lifetime Income Retirement Date Fund, 0.57% for the 2010 Retirement Date
Fund, -0.43% for the 2020 Retirement Date Fund, -1.55% for the 2030 Retirement Date Fund, -3.06% for the 2040 Retirement Date Fund and -3.03% for the 2050 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund
produced an investment record of 0.16%, 0.72%, -0.34%, -1.50%,     -2.99% and  -2.99%, 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, 2012 was consistent with its respective composite benchmark after taking into account fair value adjustments, expenses and differences in rebalancing frequency inasmuch as each Retirement Date
Fund is rebalanced to target asset allocations quarterly and its composite benchmarks component weights remain static.

For the six month period ended June 30, 2012, the Retirement Date Funds experienced a total return, net of expenses, of 4.69% for the Lifetime Income Retirement Date Fund, 5.63% for the 2010
Retirement Date Fund, 6.76% for the 2020 Retirement Date Fund, 7.07% for the 2030 Retirement Date Fund and 7.00% for the 2040 Retirement Date Fund. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the
2050 Retirement Date Fund experienced a total return, net of expense, of 4.15%. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 5.12%, 6.04%, 7.11%, 7.40%, 7.30% and 4.39%, respectively, for
comparable periods. 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, or from inception to, June 30, 2012, as
applicable, was consistent with its respective composite benchmark after taking into account fair value adjustments, 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.

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 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 26%). The Moderate Risk Fund seeks to provide long-term capital appreciation and current income. 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 indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2012, 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
Class A, the SSgA International Index Non-Lending Series Fund Class A, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, the SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, the SSgA U.S. Bond Index
Non-Lending Series Fund Class A, the



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SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, the NTGI Collective Short Term Investment Fund and the SSgA Dow Jones UBS-Commodity Index Non-Lending Series Fund
Class A.

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, 2012, 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 Russell 3000® Index, the MSCI ACWI Ex-US Index, the Dow Jones U.S. Select REIT Index, the Barclays Capital U.S. Treasury Inflation Protected Securities, the Merrill Lynch 3-Month
T-Bill and the Dow Jones UBS Commodity 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, 2012, the Target Risk Funds experienced a total return, net of expenses, of 0.59% for
the Conservative Risk Fund, -1.37% for the Moderate Risk Fund and -3.27% for the Aggressive Risk Fund. By comparison, the composite benchmark for each Target Risk Fund produced an investment record of 0.82%, -1.38% and -3.24%, respectively, for the
same period. For the six month period ended June 30, 2012, the Target Risk Funds experienced a total return, net of expenses, of 3.71% for the Conservative Risk Fund, 5.04% for the Moderate Risk Fund and 5.81% for the Aggressive Risk Fund,
compared to an investment record of 4.13%, 5.24% and 6.09%, 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, 2012 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 and Northern Trust intends to terminate 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, 2012, the Balanced Fund experienced a total return, net of
expenses, of -1.25%. 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, 2012, the Balanced Fund experienced a total return, net of expenses, of 7.06%, as compared to an investment record of 6.67% 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, 2012, 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, 2012, 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, 2012, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. For the six month period ended June 30, 2012, the debt
segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed 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.

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.



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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.

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 recommending 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



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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.

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 recommending securities. Each
Investment Advisor must



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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 cyclical 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.

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.



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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 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



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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 recommending
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 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.



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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.

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



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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 indices 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.

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.



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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 indices 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, 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.



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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 indices 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.

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.



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

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures:Under the supervision and with the participation of the Collective Trusts Principal Executive Officer and
Principal Financial Officer, the Collective Trust conducted an evaluation of the disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) of the Collective Trust, the Funds and the Balanced
Fund. Based on such evaluation, the Collective Trusts Principal Executive Officer and Principal Financial Officer have concluded that the disclosure controls and procedures of the Collective Trust, the Funds and the Balanced Funds were
effective as of June 30, 2012.

Internal Control Over Financial Reporting:Under the supervision
and with the participation of the Collective Trusts Principal Executive Officer and Principal Financial Officer, the Collective Trust evaluated any change in the internal control over financial reporting of the Collective Trust, the Funds and
the Balanced Fund that occurred during the fiscal quarter ended June 30, 2012 and determined that no change in the internal control over financial reporting of the Collective Trust, the Fund or the Balanced Fund occurred during the fiscal
quarter ended June 30, 2012 that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Collective Trust, the Funds or the Balanced Fund.

The certifications of the Principal Executive Officer and the Principal Financial Officer of the Collective Trust filed
herewith apply to the Collective Trust, each of the Funds and the Balanced Fund.

PART II. OTHER INFORMATION.



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

During the quarter ended June 30, 2012, the Collective Trust issued an aggregate of approximately $253 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.
|------- | ---------



|         |  |                                                                                                                                                                                                                                                                                               
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.33    |  | Investment Advisor Agreement by and between Northern Trust Investments, Inc. and American Century Investment Management Inc., executed April 25, 2012, included as Exhibit 10.33
to Registrants Current Report on Form 8-K filed April 25, 2012 and incorporated herein by reference thereto.
|         | 
|10.34    |  | Investment Advisor Agreement by and between Northern Trust Investments, Inc. and William Blair & Company, L.L.C., executed June 11, 2012, included as Exhibit 10.34 to
Registrants Current Report on Form 8-K filed June 14, 2012 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 14, 2012 |  |  |  | By:                                                               |  | /s/ Thomas R. Benzmiller                                    
|                |  |  |  | Name:                                                             |  | Thomas R. Benzmiller                                        
|                |  |  |  | Title:                                                            |  | Principal Executive Officer                                 
|                |  |  | 
|August 14, 2012 |  |  |  | By:                                                               |  | /s/ Randal Rein                                             
|                |  |  |  | Name:                                                             |  | Randal Rein                                                 
|                |  |  |  | Title:                                                            |  | Principal Financial Officer and Principal Accounting Officer



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EXHIBIT INDEX



|      |  |                                                                                                                                                                                                                                                                                               
|----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.33 |  | Investment Advisor Agreement by and between Northern Trust Investments, Inc. and American Century Investment Management Inc., executed April 25, 2012, included as Exhibit 10.33
to Registrants Current Report on Form 8-K filed April 25, 2012 and incorporated herein by reference thereto.
|      | 
|10.34 |  | Investment Advisor Agreement by and between Northern Trust Investments, Inc. and William Blair & Company, L.L.C., executed June 11, 2012, included as Exhibit 10.34 to
Registrants Current Report on Form 8-K filed June 14, 2012 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.                                                                                                                                                        



248