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 March 31, 2006.

[ ] 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/
                         STATE STREET COLLECTIVE TRUST
            (Exact name of registrant as specified in its charter)


              New Hampshire                                  04-6691601
     (State or other jurisdiction of                      (I.R.S. Employer
     incorporation or organization)                     Identification No.)

     20 Trafalgar Square, Suite 449                            03063
          Nashua, New Hampshire                              (ZIP Code)
(Address of principal executive offices)

                                (603) 589-4097
             (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 is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer" and "large accelerated filer" in Rule 1b-2 of the Exchange
Act. Large Accelerated Filer        Accelerated Filer   X
                             -----                    -----
Non-Accelerated Filer
                        -----

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


<PAGE>


TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

<TABLE>
<CAPTION>

         Item 1. Financial Statements (Unaudited)

<S>                                                                                                           <C>
         Balanced Fund............................................................................................1
                  Statement of Assets and Liabilities.............................................................1
                  Statement of Operations.........................................................................2
                  Statement of Changes in Net Assets..............................................................3
                  Financial Highlights............................................................................4
         Index Equity Fund........................................................................................5
                  Statement of Assets and Liabilities.............................................................5
                  Statement of Operations ........................................................................6
                  Statement of Changes in Net Assets..............................................................7
                  Financial Highlights............................................................................8
         Intermediate Bond Fund...................................................................................9
                  Statement of Assets and Liabilities.............................................................9
                  Statement of Operations........................................................................10
                  Statement of Changes in Net Assets.............................................................11
                  Financial Highlights...........................................................................12
         International Equity Fund...............................................................................13
                  Statement of Assets and Liabilities............................................................13
                  Statement of Operations........................................................................14
                  Statement of Changes in Net Assets ............................................................15
                  Financial Highlights...........................................................................16
         Large-Cap Growth Equity Fund............................................................................17
                  Statement of Assets and Liabilities............................................................17
                  Statement of Operations........................................................................18
                  Statement of Changes in Net Assets.............................................................19
                  Financial Highlights...........................................................................20
         Large-Cap Value Equity Fund.............................................................................21
                  Statement of Assets and Liabilities............................................................21
                  Statement of Operations .......................................................................22
                  Statement of Changes in Net Assets ............................................................23
                  Financial Highlights...........................................................................24
         Mid-Cap Growth Equity Fund..............................................................................25
                  Statement of Assets and Liabilities ...........................................................25
                  Statement of Operations........................................................................26
                  Statement of Changes in Net Assets ............................................................27
                  Financial Highlights...........................................................................28
         Mid-Cap Value Equity Fund...............................................................................29
                  Statement of Assets and Liabilities............................................................29
                  Statement of Operations........................................................................30
                  Statement of Changes in Net Assets.............................................................31
                  Financial Highlights...........................................................................32
         Small-Cap Equity Fund...................................................................................33
                  Statement of Assets and Liabilities ...........................................................33


<PAGE>


<CAPTION>

<S>                                                                                                           <C>
                  Statement of Operations .......................................................................34
                  Statement of Changes in Net Assets ............................................................35
                  Financial Highlights...........................................................................36
         Stable Asset Return Fund................................................................................37
                  Statement of Assets and Liabilities............................................................37
                  Statement of Operations........................................................................38
                  Statement of Changes in Net Assets.............................................................39
                  Financial Highlights...........................................................................40
         Structured Portfolio Service - Conservative Portfolio...................................................41
                  Statement of Assets and Liabilities ...........................................................41
                  Statement of Operations........................................................................42
                  Statement of Changes in Net Assets ............................................................43
                  Financial Highlights...........................................................................44
         Structured Portfolio Service - Moderate Portfolio.......................................................45
                  Statement of Assets and Liabilities............................................................45
                  Statement of Operations........................................................................46
                  Statement of Changes in Net Assets.............................................................47
                  Financial Highlights...........................................................................48
         Structured Portfolio Service - Aggressive Portfolio.....................................................49
                  Statement of Assets and Liabilities ...........................................................49
                  Statement of Operations........................................................................50
                  Statement of Changes in Net Assets.............................................................51
                  Financial Highlights...........................................................................52

         Notes to Unaudited Financial Statements.................................................................53

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations....................66

         Item 4. Controls and Procedures.........................................................................75

PART II. OTHER INFORMATION.......................................................................................76

         Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.....................................76

         Item 6. Exhibits........................................................................................76

SIGNATURES
</TABLE>


<PAGE>



PART I.  FINANCIAL INFORMATION.

Item 1. FINANCIAL STATEMENTS (UNAUDITED)



        American Bar Association Members/ State Street Collective Trust
                                 Balanced Fund
                      Statement of Assets and Liabilities
                                   Unaudited

                                                                 March 31, 2006
                                                                ----------------
                            Assets
   Investments, at value (cost $232,003,327)..................   $293,017,441(a)
   Investments in affiliated issuers, at value
        (cost $26,861,223)....................................     26,861,223
   Intermediate Bond Fund
        (cost $159,105,803 and units of 8,762,981)............    166,821,263
   Cash.......................................................            608
   Receivable for investments sold............................        420,988
   Dividends and interest receivable..........................        256,049
                                                                ---------------
      Total assets............................................    487,377,572
                                                                ---------------
                          Liabilities
   Payable for collateral received on securities loaned.......     20,168,226
   Payable for investments purchased..........................        348,632
   Payable for fund units redeemed............................         39,438
   Investment advisory fee payable............................        170,789
   State Street Bank and Trust Company--program fee payable....        81,880
   Trustee, management and administration fees payable........         23,427
   ABA Retirement Funds--program fee payable...................        10,875
   Other accruals.............................................         58,104
                                                                ---------------
      Total liabilities.......................................     20,901,371
                                                                ---------------
Net Assets (equivalent to $82.89 per unit
   based on 5,627,853 units outstanding)......................   $466,476,201
                                                                ===============

(a) Includes securities on loan with a value of $19,720,126.


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


                                      1
<PAGE>


       American Bar Association Members/ State Street Collective Trust
                                Balanced Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Dividends (net of foreign tax expense of  $3,158).......... $     1,118,622
   Dividends- affiliated issuers..............................          29,768
   Securities lending income, net.............................           5,872
                                                              ------------------
            Total investment income...........................       1,154,262
                                                              ------------------
Expenses
   Investment advisory fee....................................         170,788
   State Street Bank and Trust Company--program fee...........         244,125
   ABA Retirement Funds--program fee..........................          31,842
   Trustee, management and administration fees................          68,565
   Reports to unitholders.....................................          11,854
   Legal and audit fees.......................................          19,456
   Compliance consultant fees.................................          23,301
   Registration fees..........................................           2,527
   Other fees.................................................           9,723
                                                              ------------------
            Total expenses....................................         582,181
                                                              ------------------
Net investment income.........................................         572,081
                                                              ------------------

Realized and unrealized gain on:
      Investments.............................................       7,718,202
      Intermediate Bond Fund..................................         345,437
                                                              ------------------
            Net realized gain.................................       8,063,639
                                                              ------------------

      Change in net unrealized appreciation (depreciation)
        on investments........................................       2,121,752
                                                              ------------------

            Net realized and unrealized gain..................      10,185,391
                                                              ------------------

Net increase in net assets resulting from operations.......... $    10,757,472
                                                              ==================

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



                                      2
<PAGE>


       American Bar Association Members/ State Street Collective Trust
                                Balanced Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income......................................  $       572,081
   Net realized gain..........................................        8,063,639
   Change in net unrealized appreciation (depreciation).......        2,121,752
                                                              ------------------
         Net increase in net assets resulting from operations.       10,757,472
                                                              ------------------

From unitholder transactions
   Proceeds from units issued.................................        2,002,532
   Cost of units redeemed.....................................      (15,223,475)
                                                              ------------------
         Net decrease in net assets
           resulting from unitholder transactions.............      (13,220,943)
                                                              ------------------
         Net decrease in net assets...........................       (2,463,471)

Net Assets
   Beginning of period........................................      468,939,672
                                                              ------------------
   End of period..............................................  $   466,476,201
                                                              ==================

Number of units
   Outstanding-beginning of period............................        5,787,593
      Issued..................................................           24,077
      Redeemed................................................         (183,817)
                                                              ------------------

Outstanding-end of period.....................................        5,627,853
                                                              ==================

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



                                      3
<PAGE>


       American Bar Association Members/ State Street Collective Trust
                                Balanced Fund
                             Financial Highlights
                                  Unaudited
                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+............................................  $          0.20
Net expenses(+)++.............................................            (0.10)
                                                              ------------------

Net investment income.........................................             0.10
Net realized and unrealized gain..............................             1.77
                                                              ------------------

Net increase in unit value....................................             1.87
Net asset value at beginning of period........................            81.02
                                                              ------------------

Net asset value at end of period..............................  $         82.89
                                                              ==================

Ratio of net expenses to average net assets*++................           0.50%
Ratio of net investment income to average net assets*.........           0.49%
Portfolio turnover**+++.......................................              4%
Total return**................................................           2.31%
Net assets at end of period (in thousands)....................        $466,476

*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets and does not include
      expenses charged to the Intermediate Bond Fund in which the Fund invests
      a portion of its assets.
+++   With respect to the portion of the Fund's assets invested in a
      collective investment fund, portfolio turnover reflects purchases and
      sales of the collective investment fund in which the Fund invests a
      portion of its assets, rather than portfolio turnover of the underlying
      portfolio of such collective investment fund.

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


                                      4
<PAGE>




       American Bar Association Members/ State Street Collective Trust
                              Index Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                                 March 31, 2006
                                                                ----------------
                            Assets
   Investments in affiliated fund, at value:
   State Street Bank and Trust Company Russell 3000 Index
     Securities Lending Fund (cost $354,075,037 and units of
     38,945,089)..............................................    $425,007,758
   Receivable for fund units sold.............................          16,234
                                                                ----------------
      Total assets............................................     425,023,992
                                                                ----------------
                          Liabilities
   Payable for fund units redeemed............................         573,711
   State Street Bank and Trust Company--program fee payable...         114,771
   Trustee, management and administration fees payable........          32,830
   ABA Retirement Funds--program fee payable..................          14,684
   Other accruals.............................................          81,144
                                                                ----------------
      Total liabilities.......................................         817,140
                                                                ----------------
Net Assets
   (equivalent to $33.56 per unit based on 12,639,216 units
   outstanding)...............................................    $424,206,852
                                                                ================

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




                                      5
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                              Index Equity Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Securities lending income from underlying affiliated fund.  $        17,192
                                                              ------------------
            Total investment income..........................           17,192
                                                              ------------------
Expenses
   State Street Bank and Trust Company--program fee..........          337,131
   ABA Retirement Funds--program fee.........................           43,983
   Trustee, management and administration fees...............           94,709
   Reports to unitholders....................................           16,371
   Legal and audit fees......................................           26,869
   Compliance consultant fees................................           32,179
   Registration fees.........................................            3,490
   Other fees................................................           13,427
                                                              ------------------
            Total expenses...................................          568,159
                                                              ------------------
Net investment loss..........................................         (550,967)
                                                              ------------------

Net realized and unrealized gain on investments in affiliated
   fund
         Net realized gain - affiliated issuers..............          346,478
         Change in net unrealized appreciation (depreciation)       21,111,847
                                                              ------------------
            Net realized and unrealized gain.................       21,458,325
                                                              ------------------

Net increase in net assets resulting from operations.........  $    20,907,358
                                                              ==================

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




                                      6
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                              Index Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------

From operations
   Net investment loss.......................................  $     (550,967)
   Net realized gain.........................................         346,478
   Change in net unrealized appreciation (depreciation)......      21,111,847
                                                              ------------------
         Net increase in net assets resulting from operations      20,907,358
                                                              ------------------

From unitholder transactions
   Proceeds from units issued................................       6,136,157
   Cost of units redeemed....................................      (5,539,095)
                                                              ------------------
         Net increase in net assets resulting from unitholder
         transactions........................................         597,062
                                                              ------------------
         Net increase in net assets..........................      21,504,420

Net Assets
   Beginning of period.......................................     402,702,432
                                                              ------------------
   End of period.............................................  $  424,206,852
                                                              ==================

Number of units
   Outstanding-beginning of period...........................      12,621,390
      Issued.................................................         186,667
      Redeemed...............................................        (168,841)
                                                              ------------------
   Outstanding-end of period.................................      12,639,216
                                                              ==================

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



                                      7
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                              Index Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                 March 31, 2006
                                                              ------------------
Investment income+(a)........................................             $0.00
Net expenses(+)++............................................             (0.04)
                                                              ------------------

Net investment loss..........................................             (0.04)
Net realized and unrealized gain.............................              1.69
                                                              ------------------

Net increase in unit value...................................              1.65
Net asset value at beginning of period.......................             31.91
                                                              ------------------

Net asset value at end of period.............................            $33.56
                                                              ==================
Ratio of net expenses to average net assets*++...............             0.55%
Ratio of net investment loss to average net assets*..........           (0.54)%
Portfolio turnover**+++......................................                1%
Total return**...............................................             5.17%
Net assets at end of period (in thousands)...................          $424,207


_______________

*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.
+++   With respect to the portion of the Fund's assets invested in a
      collective investment fund, portfolio turnover reflects purchases and
      sales of the collective investment fund in which the Fund invests a
      portion of its assets, rather than portfolio turnover of the underlying
      portfolio of such collective investment fund.
(a)   Amounts less than $0.005 per unit are rounded to zero.

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


                                      8
<PAGE>




       American Bar Association Members/ State Street Collective Trust
                            Intermediate Bond Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                               March 31, 2006
                                                              ----------------
                            Assets
   Investments, at value (cost $422,317,137).................   $411,130,922 (a)
   Investments in affiliated issuers, at value (cost
   $48,595,690)..............................................     48,595,690
   Foreign currency, at value (cost $2,440,763)..............      2,431,193
   Cash......................................................          1,260
   Receivable for investments sold...........................     62,095,475
   Interest receivable.......................................      1,801,027
   Receivable for fund units sold............................      2,881,757
   Receivable for futures variation margin...................         71,591
   Swap contracts, at value .................................        469,245
                                                              ----------------
      Total assets...........................................    529,478,160
                                                              ----------------
                          Liabilities
   Payable for collateral received on securities loaned......     34,479,848
   Payable for investments purchased.........................     37,260,433
   Swap contracts, at value .................................      2,464,164
   Investment advisory fee payable...........................        104,352
   State Street Bank and Trust Company--program fee payable..        123,812
   Gross unrealized depreciation of
     forward currency exchange contracts.....................          2,033
   Trustee, management and administration fees payable.......         35,417
   Options written, at value (premiums received $50,161).....          2,575
   ABA Retirement Funds--program fee payable.................         16,438
   Other accruals............................................         88,883
                                                              ----------------
      Total liabilities......................................     74,577,955
                                                              ----------------
Net Assets
   (equivalent to $19.03 per unit based on 23,901,905 units
   outstanding)..............................................   $454,900,205
                                                              ================

(a)   Includes securities on loan with a value of $33,780,156.

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



                                      9
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                            Intermediate Bond Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Dividends.................................................  $       41,659
   Interest- unaffiliated issuers............................       5,255,575
   Securities lending income.................................          14,502
                                                              ------------------
            Total investment income..........................       5,311,736
                                                              ------------------
Expenses
   Investment advisory fee...................................         304,015
   State Street Bank and Trust Company--program fee..........         368,504
   ABA Retirement Funds--program fee.........................          48,065
   Trustee, management and administration fees...............         103,498
   Reports to unitholders....................................          17,901
   Legal and audit fees......................................          29,380
   Compliance consultant fees................................          35,186
   Registration fees.........................................           3,816
   Other fees................................................          14,680
                                                              ------------------
            Total expenses...................................         925,045
                                                              ------------------
Net investment income........................................       4,386,691
                                                              ------------------
Net realized and unrealized gain (loss)
   Net realized gain (loss) on:
      Investments............................................       4,858,659
      Foreign currency transactions and forward currency
         exchange contracts..................................         131,046
      Swap contracts.........................................          26,817
      Written options........................................          (2,592)
      Futures contracts......................................      (1,191,642)
                                                              ------------------
            Net realized gain................................       3,822,288
                                                              ------------------
   Change in net unrealized appreciation (depreciation) on:
      Investments............................................      (9,043,702)
      Foreign currency transactions and forward currency
         exchange contracts..................................          90,450
      Written options........................................          25,983
      Futures contracts......................................      (1,315,969)
      Swaps contracts........................................      (1,047,130)
                                                              ------------------
            Change in net unrealized appreciation
              (depreciation).................................     (11,290,368)
                                                              ------------------
            Net realized and unrealized loss.................      (7,468,080)
                                                              ------------------

Net increase in net assets resulting from operations.........     $(3,081,389)
                                                              ==================

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



                                      10
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                            Intermediate Bond Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $    4,386,691
   Net realized gain.........................................       3,822,288
   Change in net unrealized appreciation (depreciation)......     (11,290,368)
                                                              ------------------
            Net increase (decrease) in net assets
               resulting from operations.....................      (3,081,389)
                                                              ------------------
From unitholder transactions
   Proceeds from units issued................................       6,900,672
   Cost of units redeemed....................................      (2,963,653)
                                                              ------------------
            Net increase in net assets resulting from
               unitholder transactions.......................       3,937,019
                                                              ------------------

            Net increase in net assets.......................         855,630

Net Assets
   Beginning of period.......................................     454,044,575
                                                              ------------------
   End of period.............................................  $  454,900,205
                                                              ==================

Number of units
   Outstanding-beginning of period...........................      23,695,486
      Issued.................................................         360,918
      Redeemed...............................................        (154,499)
                                                              ------------------
   Outstanding-end of period.................................      23,901,905
                                                              ==================




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



                                      11
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                            Intermediate Bond Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+...........................................  $           0.22
Net expenses(+)++............................................             (0.04)
                                                              ------------------

Net investment income .......................................              0.18
Net realized and unrealized loss.............................             (0.31)
                                                              ------------------

Net increase (decrease) in unit value........................             (0.13)
Net asset value at beginning of period.......................             19.16
                                                              ------------------
Net asset value at end of period.............................  $          19.03
                                                              ==================

Ratio of net expenses to average net assets*++...............            0.82%
Ratio of net investment income to average net assets*........            4.01%
Portfolio turnover**.........................................              87%
Total return**...............................................          (0.68)%
Net assets at end of period (in thousands)...................         $454,900

_______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.



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



                                      12
<PAGE>



       American Bar Association Members/ State Street Collective Trust
                          International Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                               March 31, 2006
                                                              ----------------
                            Assets
   Investments, at value (cost $166,775,739).................   $232,380,019 (a)
   Investments in affilated issuers,
     at value (cost $51,511,711).............................     51,511,711
   Foreign currency, at value (cost $897,834)................        897,752
   Cash......................................................         72,046
   Dividends receivable......................................      1,012,345
   Receivable for fund units sold............................         39,431
   Tax reclaims receivable...................................         68,648
   Receivable for investments sold...........................      1,201,398
                                                              ----------------
      Total assets...........................................    287,183,350
                                                              ----------------
                          Liabilities
   Payable for collateral received on securities loaned......     47,391,573
   Payable for fund units redeemed...........................      1,863,402
   Payable for investments purchased.........................      3,843,800
   Tax withholding payable...................................          8,320
   Investment advisory fee payable...........................        110,978
   State Street Bank and Trust Company--program fee payable..         62,594
   Trustee, management and administration fees payable.......         17,883
   ABA Retirement Funds--program fee payable.................          8,287
   Other accruals............................................         41,924
                                                              ----------------
      Total liabilities......................................     53,348,761
                                                              ----------------
Net Assets (equivalent to $27.47 per unit based on
   8,510,919 units outstanding)..............................   $233,834,589
                                                              ================

(a)   Includes securities on loan with a value of $45,146,123.


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



                                      13
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          International Equity Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Dividends (net of foreign tax expense of $24,247).........  $     1,328,527
   Dividends- affiliated issuers.............................           72,672
   Securities lending income, net............................           17,254
                                                              ------------------
            Total investment income..........................        1,418,453
                                                              ------------------
Expenses
   Investment advisory fee...................................          313,792
   State Street Bank and Trust Company--program fee..........          179,212
   ABA Retirement Funds--program fee.........................           23,381
   Trustee, management and administration fees...............           50,346
   Reports to unitholders....................................            8,688
   Legal and audit fees......................................           14,259
   Compliance consulatant fees...............................           17,075
   Registration fees.........................................            1,852
   Other fees................................................            7,127
                                                              ------------------
            Total expenses...................................          615,732
                                                              ------------------
Net investment income .......................................          802,721
                                                              ------------------

Realized and unrealized gain
   Net realized gain on:
      Investment securities..................................        7,462,166
      Foreign currency.......................................           20,121
                                                              ------------------
            Net realized gain ...............................        7,482,287
                                                              ------------------

   Change in net unrealized appreciation (depreciation) on:
      Investment securities..................................       13,629,724
      Foreign currency.......................................           13,380
                                                              ------------------
      Change in net unrealized appreciation (depreciation)...       13,643,104
                                                              ------------------
            Net realized and unrealized gain.................       21,125,391
                                                              ------------------
Net increase in net assets resulting from operations.........  $    21,928,112
                                                              ==================


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



                                      14
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          International Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $      802,721
   Net realized gain ........................................       7,482,287
   Change in net unrealized appreciation (depreciation) .....      13,643,104
                                                              ------------------
            Net increase in net assets resulting from
              operations.....................................      21,928,112
                                                              ------------------

From unitholder transactions
   Proceeds from units issued................................      12,174,793
   Cost of units redeemed....................................      (2,374,522)
                                                              ------------------
            Net increase in net assets resulting from
               unitholder transactions.......................       9,800,271
                                                              ------------------
            Net increase in net assets.......................      31,728,383

Net Assets
   Beginning of period.......................................     202,106,206
                                                              ------------------
   End of period.............................................  $  233,834,589
                                                              ==================

Number of units
   Outstanding-beginning of period...........................       8,133,807
      Issued.................................................         466,400
      Redeemed...............................................         (89,288)
                                                              ------------------

   Outstanding-end of period.................................       8,510,919
                                                              ==================


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



                                      15
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          International Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+ .........................................   $           0.17
Net expenses(+)++ ..........................................              (0.07)
                                                              ------------------

Net investment income ......................................               0.10
Net realized and unrealized gain ...........................               2.52
                                                              ------------------

Net increase in unit value .................................               2.62
Net asset value at beginning of period .....................              24.85
                                                              ------------------

Net asset value at end of period ...........................   $          27.47
                                                              ==================

Ratio of net expenses to average net assets*++ .............              1.13%
Ratio of net investment income to average net assets* ......              1.47%
Portfolio turnover** .......................................                11%
Total return** .............................................             10.54%
Net assets at end of period (in thousands) .................           $233,835


______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion is its assets.


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



                                      16
<PAGE>



       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Growth Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                               March 31, 2006
                                                             -----------------
                            Assets
   Investments, at value (cost $466,405,455).................   $528,749,170 (a)
   Investments in affiliated issuers, at value
     (cost $215,566,210).....................................    290,926,166
   Cash......................................................            746
   Receivable for investments sold...........................      3,727,860
   Dividends and interest receivable.........................        499,528
   Receivable for fund units sold............................        415,868
                                                             -----------------
      Total assets...........................................    824,319,338
                                                             -----------------
                           Liabilities
   Payable for collateral received on securities loaned......     20,621,861
   Payable for investments purchased.........................      1,250,748
   Investment advisory fee payable...........................        209,680
   State Street Bank and Trust Company--program fee payable..        218,509
   Trustee, management and administration fees payable.......         62,546
   ABA Retirement Funds--program fee payable.................         29,010
   Other accruals............................................        155,701
                                                             -----------------
      Total liabilities......................................     22,548,055
                                                             -----------------
Net Assets (equivalent to $50.86 per unit based on
   15,763,462 units outstanding).............................   $801,771,283
                                                             =================

(a)   Includes securities on loan with a value of $20,174,537.


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



                                      17
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Growth Equity Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Dividends (net of foreign tax expense of $2,731)..........  $    1,604,655
   Dividends- affiliated issuers.............................         111,592
   Securities lending income, net ...........................          10,188
                                                              ------------------
            Total investment income..........................       1,726,435
                                                              ------------------

Expenses
   Investment advisory fee...................................         357,954
   State Street Bank and Trust Company--program fee..........         649,990
   ABA Retirement Funds--program fee.........................          84,781
   Trustee, management and administration fees...............         182,560
   Reports to unitholders....................................          31,569
   Legal and audit fees......................................          51,814
   Compliance consultant fees................................          62,053
   Registration fees.........................................           6,730
   Other fees................................................          25,891
                                                              ------------------
            Total expenses...................................       1,453,342
                                                              ------------------
Net investment income........................................         273,093
                                                              ------------------

Net realized and unrealized gain on investments
   Net realized gain- unaffiliated issuers ..................      49,279,315
   Net realized gain- affiliated issuers ....................       3,297,875
                                                              ------------------
            Net realized gain ...............................      52,577,190
                                                              ------------------
   Change in net unrealized appreciation (depreciation)
      on investments.........................................     (28,307,342)
                                                              ------------------
            Net realized and unrealized gain ................      24,269,848
                                                              ------------------

Net increase in net assets resulting from operations.........  $   24,542,941
                                                              ==================


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



                                      18
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Growth Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $      273,093
   Net realized gain.........................................      52,577,190
   Change in net unrealized appreciation (depreciation)
      on investments.........................................     (28,307,342)
                                                              ------------------
            Net increase in net assets
               resulting from operations.....................      24,542,941
                                                              ------------------

From unitholder transactions
   Proceeds from units issued................................       6,586,065
   Cost of units redeemed....................................     (18,983,418)
                                                              ------------------
            Net decrease in net assets resulting from
              unitholder transactions........................     (12,397,353)
                                                              ------------------

            Net increase in net assets.......................      12,145,588

Net Assets
   Beginning of period.......................................     789,625,695
                                                              ------------------
   End of period.............................................  $  801,771,283
                                                              ==================

Number of units
   Outstanding-beginning of period...........................      16,007,462
      Issued.................................................         130,149
      Redeemed...............................................        (374,149)
                                                              ------------------
   Outstanding-end of period.................................      15,763,462
                                                              ==================


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



                                      19
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Growth Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+...........................................  $          0.11
Net expenses(+)++............................................            (0.09)
                                                              ------------------

Net investment income .......................................             0.02
Net realized and unrealized gain.............................             1.51
                                                              ------------------

Net increase in unit value...................................             1.53
Net asset value at beginning of period.......................            49.33
                                                              ------------------

Net asset value at end of period.............................  $         50.86
                                                              ==================

Ratio of net expenses to average net assets*++...............            0.73%
Ratio of net investment income to average net assets*........            0.14%
Portfolio turnover**+++......................................              34%
Total return**...............................................            3.10%
Net assets at end of period (in thousands)...................         $801,771


______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.
+++   With respect to the portion of the Fund's assets invested in a
      collective investment fund, portfolio turnover reflects purchases and
      sales of the collective investment fund in which the Fund invests a
      portion of its assets, rather than portfolio turnover of the underlying
      portfolio of such collective investment fund.



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



                                      20
<PAGE>



       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Value Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                               March 31, 2006
                                                             -----------------
                            Assets
   Investments, at value (cost $238,547,600).................   $295,892,817 (a)
   Investments in affiliated issuers,
     at value (cost $103,905,062)............................    131,122,701
   Cash......................................................            359
   Receivable for investments sold...........................        280,041
   Dividends and interest receivable.........................        372,508
   Receivable for fund units sold............................        132,210
                                                             -----------------
      Total assets...........................................    427,800,636
                                                             -----------------
                          Liabilities
   Payable for collateral received on securities loaned......     25,182,470
   Payable for investments purchased.........................         84,134
   Payable for fund units redeemed...........................         70,808
   State Street Bank and Trust Company--program fee payable...        109,193
   Investment advisory fee payable...........................         66,113
   Trustee, management and administration fees payable.......         31,219
   ABA Retirement Funds--program fee payable.................         14,479
   Other accruals............................................         77,128
                                                             -----------------
      Total liabilities......................................     25,635,544
                                                             -----------------
Net Assets (equivalent to $38.40 per unit based on
   10,472,644 units outstanding).............................   $402,165,092
                                                             =================

(a)   Includes securities on loan with a value of $24,596,768.

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



                                      21
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Value Equity Fund
                           Statement of Operations
                                  Unaudited

                                                               For the period
                                                             January 1, 2006 to
                                                               March 31, 2006
                                                             ------------------
Investment income
   Dividends (net of foreign tax expense of $62)............. $     1,718,800
   Dividends- affiliated issuers.............................          59,980
   Securities lending income, net............................           5,435
                                                             ------------------
            Total investment income..........................       1,784,215
                                                             ------------------
Expenses
   Investment advisory fee...................................         190,740
   State Street Bank and Trust Company--program fee..........         320,136
   ABA Retirement Funds--program fee.........................          41,762
   Trustee, management and administration fees...............          89,926
   Reports to unitholders....................................          15,543
   Legal and audit fees......................................          25,510
   Compliance consultant fees................................          30,549
   Registration fees.........................................           3,314
   Other fees................................................          12,746
                                                             ------------------
            Total expenses...................................         730,226
                                                             ------------------
Net investment income .......................................       1,053,989
                                                             ------------------
Net realized and unrealized gain
   Net realized gain on:
         Investments- unaffiliated issuers...................       8,087,913
         Investments- affiliated issuers.....................       1,420,226
                                                             ------------------
            Net realized gain ...............................       9,508,139
                                                             ------------------
   Change in net unrealized appreciation (depreciation) on:
         Investments.........................................      10,906,287
                                                             ------------------
            Net realized and unrealized gain ................      20,414,426
                                                             ------------------

Net increase in net assets resulting from operations......... $    21,468,415
                                                             ==================


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



                                      22
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Value Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $     1,053,989
   Net realized gain.........................................        9,508,139
   Change in net unrealized appreciation (depreciation)
     on investments..........................................       10,906,287
                                                              ------------------
            Net increase in net assets resulting
              from operations................................       21,468,415
                                                              ------------------
From unitholder transactions
   Proceeds from units issued................................        5,023,665
   Cost of units redeemed....................................       (7,098,784)
                                                              ------------------
            Net decrease in net assets resulting from
               unitholder transactions.......................       (2,075,119)
                                                              ------------------

            Net increase in net assets.......................       19,393,296
Net Assets
   Beginning of period.......................................      382,771,796
                                                              ------------------
   End of period.............................................  $   402,165,092
                                                              ==================
Number of units
   Outstanding-beginning of period...........................       10,529,361
      Issued.................................................          132,238
      Redeemed...............................................         (188,955)
                                                              ------------------

   Outstanding-end of period.................................       10,472,644
                                                              ==================


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


                                      23
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                         Large-Cap Value Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)


                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+...........................................             $0.17
Net expenses(+)++............................................             (0.07)
                                                              ------------------
Net investment income........................................              0.10

Net realized and unrealized gain.............................              1.95
                                                              ------------------
Net increase in unit value...................................              2.05

Net asset value at beginning of period.......................             36.35
                                                              ------------------

Net asset value at end of period.............................            $38.40
                                                              ==================

Ratio of net expenses to average net assets*++...............             0.75%
Ratio of net investment income to average net assets*........             1.08%
Portfolio turnover**+++......................................                3%
Total return**...............................................             5.64%
Net assets at end of period (in thousands)...................          $402,165


______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.
+++   With respect to the portion of the Fund's assets invested in a
      collective investment fund, portfolio turnover reflects purchases and
      sales of the collective investment fund in which the Fund invests a
      portion of its assets, rather than portfolio turnover of the underlying
      portfolio of such collective investment fund.



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


                                      24
<PAGE>



       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                                March 31, 2006
                                                               ----------------
                            Assets
   Investments, at value (cost $85,293,967)..................   $108,972,483 (a)
   Investments in affiliated issuers,
     at value (cost $27,437,861).............................     27,437,861
   Cash......................................................            817
   Receivable for investments sold...........................        774,182
   Receivable for fund units sold............................         63,149
   Dividends and interest receivable.........................         29,863
                                                               ----------------
      Total assets...........................................    137,278,355
                                                               ----------------
                          Liabilities
   Payable for collateral received on securities loaned......     23,477,404
   Payable for investments purchased.........................      1,781,347
   Payable for fund units redeemed...........................        245,707
   Investment advisory fee payable...........................        158,647
   State Street Bank and Trust Company--program fee payable..         29,372
   Trustee, management and administration fees payable.......          8,392
   ABA Retirement Funds--program fee payable.................          3,893
   Other accruals............................................         18,956
                                                               ----------------
      Total liabilities......................................     25,723,718
                                                               ----------------
Net Assets (equivalent to $23.56 per unit based on 4,735,321
   units outstanding)........................................   $111,554,637
                                                               ================

(a)   Includes securities on loan with a value of $22,929,785.


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


                                      25
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                               ----------------
Investment income
   Dividends.................................................   $      391,132
   Dividends--affiliated issuer..............................           42,602
   Securities lending income, net............................           12,012
                                                               ----------------
            Total investment income..........................          445,746
                                                               ----------------
Expenses
   Investment advisory fee...................................          158,647
   State Street Bank and Trust Company--program fee..........           83,596
   ABA Retirement Funds--program fee.........................           10,907
   Trustee, management and administration fees...............           23,486
   Reports to unitholders....................................            4,044
   Legal and audit fees......................................            6,637
   Compliance consultant fees................................            7,948
   Registration fees.........................................              862
   Other fees................................................            3,314
                                                               ----------------
            Total expenses...................................          299,441
                                                               ----------------
Net investment income........................................          146,305
                                                               ----------------

Net realized and unrealized gain on investments
   Net realized gain on:
         Investments.........................................        2,240,230
                                                               ----------------
   Change in net unrealized appreciation (depreciation) on:
         Investments.........................................        8,909,585
                                                               ----------------
            Net realized and unrealized gain.................       11,149,815
                                                               ----------------

Net increase in net assets resulting from operations.........   $   11,296,120
                                                               ================


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



                                      26
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $       146,305
   Net realized gain ........................................        2,240,230
   Change in net unrealized appreciation (depreciation)
     on investments..........................................        8,909,585
                                                              ------------------
            Net increase in net assets
               resulting from operations.....................       11,296,120
                                                              ------------------

From unitholder transactions
   Proceeds from units issued................................       10,802,551
   Cost of units redeemed....................................       (1,583,910)
                                                              ------------------
            Net increase in net assets resulting from
               unitholder transactions.......................        9,218,641
                                                              ------------------
            Net increase in net assets.......................       20,514,761
Net Assets
   Beginning of period.......................................       91,039,876
                                                              ------------------
   End of period.............................................  $   111,554,637
                                                              ==================
Number of units
   Outstanding-beginning of period...........................        4,324,917
      Issued.................................................          479,988
      Redeemed...............................................          (69,584)
                                                              ------------------
Outstanding-end of period....................................        4,735,321
                                                              ==================


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



                                      27
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+...........................................  $           0.10
Net expenses(+)++............................................             (0.07)
                                                              ------------------

Net investment income........................................              0.03
Net realized and unrealized gain.............................              2.48
                                                              ------------------

Net increase in unit value...................................              2.51
Net asset value at beginning of period.......................             21.05
                                                              ------------------

Net asset value at end of period.............................  $          23.56
                                                              ==================

Ratio of net expenses to average net assets*++...............             1.17%
Ratio of net investment income to average net assets*........             0.57%
Portfolio turnover**.........................................               20%
Total return**...............................................            11.92%
Net assets at end of period (in thousands)...................          $111,555

______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.


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




                                      28
<PAGE>



       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Value Equity Fund
                     Statement of Assets and Liabilities
                                  Unaudited

                                                               March 31, 2006
                                                              ----------------
                            Assets
   Investments, at value (cost $58,498,738)..................    $65,908,055 (a)
   Investments in affiliated issuers, at value
     (cost $5,331,214).......................................      5,331,214
   Cash......................................................            466
   Receivable for investments sold...........................        407,715
   Receivable for fund units sold............................        120,321
   Dividends and interest receivable.........................         69,006
                                                              ----------------
      Total assets...........................................     71,836,777
                                                              ----------------
                          Liabilities
   Payable for collateral received on securities loaned......      3,060,375
   Payable for investments purchased.........................        651,101
   Investment advisory fee payable...........................         33,007
   State Street Bank and Trust Company--program fee payable..         18,498
   Trustee, management and administration fees payable.......          5,283
   ABA Retirement Funds--program fee payable.................          2,444
   Other accruals............................................         13,080
                                                              ----------------
      Total liabilities......................................      3,783,788
                                                              ----------------
Net Assets (equivalent to $15.20 per unit
   based on 4,476,865 units outstanding).....................    $68,052,989
                                                              ================


(a)   Includes securities on loan with a value of $2,948,952.


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



                                      29
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Value Equity Fund
                           Statement of Operations
                                  Unaudited

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income
   Dividends (net of foreign tax expense of $768)............  $       202,002
   Dividends- affiliated issuers.............................           17,030
   Securities lending income, net............................            1,931
                                                              ------------------
            Total investment income..........................          220,963
                                                              ------------------
Expenses
   Investment advisory fee...................................           95,200
   State Street Bank and Trust Company--program fee..........           54,352
   ABA Retirement Funds--program fee.........................            7,090
   Trustee, management and administration fees...............           15,266
   Reports to unitholders....................................            2,640
   Legal and audit fees......................................            4,332
   Compliance consultant fees................................            5,188
   Registration fees.........................................              563
   Other fees................................................            2,165
                                                              ------------------
            Total expenses...................................          186,796
                                                              ------------------
Net investment income........................................           34,167
                                                              ------------------
Net realized and unrealized gain on investments
   Net realized gain on:
         Investments.........................................        1,449,812
                                                              ------------------
            Net realized gain................................        1,449,812
                                                              ------------------
   Change in net unrealized appreciation (depreciation) on:
         Investments.........................................          191,808
                                                              ------------------
            Net realized and unrealized gain.................        1,641,620
                                                              ------------------
Net increase in net assets resulting from operations.........  $     1,675,787
                                                              ==================


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



                                      30
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Value Equity Fund
                      Statement of Changes in Net Assets
                                  Unaudited


                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
From operations
   Net investment income.....................................  $        34,167
   Net realized gain.........................................        1,449,812
   Change in net unrealized appreciation (depreciation)
     on investments..........................................          191,808
                                                              ------------------
            Net increase in net assets resulting from
            operations.......................................        1,675,787
                                                              ------------------
From unitholder transactions
   Proceeds from units issued................................        2,192,708
   Cost of units redeemed....................................       (1,956,830)
                                                              ------------------
            Net increase in net assets resulting from
               unitholder transactions.......................          235,878
                                                              ------------------
            Net increase in net assets.......................        1,911,665
Net Assets
   Beginning of period.......................................       66,141,324
                                                              ------------------
   End of period.............................................  $    68,052,989
                                                              ==================
Number of units
   Outstanding-beginning of period...........................        4,461,597
      Issued.................................................          144,991
      Redeemed...............................................         (129,723)
                                                              ------------------
   Outstanding-end of period.................................        4,476,865
                                                              ==================


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



                                      31
<PAGE>

       American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Value Equity Fund
                             Financial Highlights
                                  Unaudited

                (For a unit outstanding throughout the period)

                                                                For the period
                                                              January 1, 2006 to
                                                                March 31, 2006
                                                              ------------------
Investment income+...........................................  $          0.05
Net expenses(+)++............................................            (0.04)
                                                              ------------------

Net investment income........................................             0.01
Net realized and unrealized gain.............................             0.37
                                                              ------------------

Net increase in unit value...................................             0.38
Net asset value at beginning of period.......................            14.82
                                                              ------------------
Net asset value at end of period.............................  $         15.20
                                                              ==================

Ratio of net expenses to average net assets*++...............            1.13%
Ratio of net investment income to average net assets*........            0.21%
Portfolio turnover**.........................................               7%
Total return**...............................................            2.56%
Net assets at end of period (in thousands)...................          $68,053


______________
*     Annualized.
**    Not annualized.
+     Calculations prepared using the daily average number of units
      outstanding during the period.
++    Net expenses includes only those expenses charged directly to the Fund
      and does not include expenses charged to the collective investment funds
      in which the Fund invests a portion of its assets.


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



                                      32
<PAGE>


        American Bar Association Members/ State Street Collective Trust
                             Small-Cap Equity Fund
                      Statement of Assets and Liabilities
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                    March 31, 2006
                                                                                                ----------------------

                                    Assets

<S>                                                                                           <C>
        Investments, at value (cost $246,083,904)...........................................    $       302,762,729 (a)
        Investments in affiliated issuers, at value (cost $147,673,032).....................            153,105,923
        Cash................................................................................                 58,083
        Receivable for investments sold.....................................................              2,121,457
        Dividends and interest receivable...................................................                123,326
        Receivable for fund units sold......................................................                127,469
                                                                                                ----------------------
                Total assets................................................................            458,298,987
                                                                                                ----------------------

                                 Liabilities

        Payable for collateral received on securities loaned................................            106,501,816
        Payable for investments purchased...................................................              4,850,441
        Payable for fund units redeemed.....................................................                 79,772
        Investment advisory fee payable.....................................................                183,488
        State Street Bank and Trust Company--program fee payable............................                 92,140
        Trustee, management and administration fees payable.................................                 26,368
        ABA Retirement Funds--program fee payable...........................................                 12,222
        Other accruals......................................................................                 64,135
                                                                                                ----------------------
                Total liabilities...........................................................            111,810,382

Net Assets (equivalent to $76.05 per unit based on 4,555,994 units outstanding).............    $       346,488,605
                                                                                                ======================


(a) Includes securities on loan with a value of $103,914,328.


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

</TABLE>


                                      33
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                             Small-Cap Equity Fund
                            Statement of Operations
                                   Unaudited


<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ----------------------

<S>                                                                                           <C>
Investment income
    Dividends...............................................................................    $           407,508
    Dividends- affiliated issuers...........................................................                106,470
    Securities lending income, net..........................................................                 46,813
                                                                                                ----------------------

                  Total investment income...................................................                560,791
                                                                                                ----------------------

Expenses
    Investment advisory fee.................................................................                525,486
    State Street Bank and Trust Company--program fee........................................                270,595
    ABA Retirement Funds--program fee.......................................................                 35,298
    Trustee, management and administration fees.............................................                 76,007
    Reports to unitholders..................................................................                 13,119
    Legal and audit fees....................................................................                 21,532
    Compliance consultant fees..............................................................                 25,787
    Registration fees.......................................................................                  2,797
    Other fees..............................................................................                 10,758
                                                                                                ----------------------
                  Total expenses............................................................                981,379
                                                                                                ----------------------

Net investment loss.........................................................................               (420,588)
                                                                                                ----------------------

Net realized and unrealized gain on investments
    Net realized gain on:
            Investments- unaffiliated issuers...............................................              5,679,209
            Investments- affiliated issuers.................................................              1,369,106
                                                                                                ----------------------
                  Net realized gain ........................................................              7,048,315
                                                                                                ----------------------
    Change in net unrealized appreciation (depreciation) on investments ....................             30,411,921
                                                                                                ----------------------
                  Net realized and unrealized gain .........................................             37,460,236
                                                                                                ----------------------

Net increase in net assets resulting from operations........................................     $       37,039,648
                                                                                                ======================



                The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      34
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                             Small-Cap Equity Fund
                      Statement of Changes in Net Assets
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ----------------------

<S>                                                                                           <C>
From operations
     Net investment loss....................................................................    $          (420,588)
     Net realized gain .....................................................................              7,048,315
     Change in net unrealized appreciation (depreciation) on investments....................             30,411,921
                                                                                                ----------------------
              Net increase in net assets resulting from operations..........................             37,039,648
                                                                                                ----------------------


From unitholder transactions
     Proceeds from units issued.............................................................              2,687,216
     Cost of units redeemed.................................................................             (7,990,872)
                                                                                                ----------------------
              Net decrease in net assets resulting from unitholder transactions.............             (5,303,656)
                                                                                                ----------------------

              Net increase in net assets....................................................             31,735,992

Net Assets
     Beginning of period....................................................................            314,752,613
                                                                                                ----------------------
     End of period..........................................................................    $       346,488,605
                                                                                                ======================


Number of units
     Outstanding-beginning of period........................................................              4,628,769
       Issued...............................................................................                 36,705
        Redeemed............................................................................               (109,480)
                                                                                                ----------------------

     Outstanding-end of period..............................................................              4,555,994
                                                                                                ======================



                The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      35
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                             Small-Cap Equity Fund
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)


<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ----------------------

<S>                                                                                           <C>
Investment income+..........................................................................    $              0.12
Net expenses(+)++...........................................................................                  (0.21)
                                                                                                ----------------------

Net investment loss.........................................................................                  (0.09)
Net realized and unrealized gain ...........................................................                   8.14
                                                                                                ----------------------

Net increase in unit value..................................................................                   8.05
Net asset value at beginning of period......................................................                  68.00
                                                                                                ----------------------

Net asset value at end of period............................................................    $             76.05
                                                                                                ======================

Ratio of net expenses to average net assets*++..............................................                   1.19%
Ratio of net investment loss to average net assets*.........................................                  (0.51)%
Portfolio turnover**+++.....................................................................                     13%
Total return**..............................................................................                  11.84%
Net assets at end of period (in thousands)..................................................    $           346,489


---------------
*       Annualized.
**      Not annualized.
+       Calculations prepared using the daily average number of units outstanding during the period.
++      Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to
        the colllective investment funds in which the Fund invests a portion of its assets.
+++     With respect to the portion of the Fund's assets invested in a collective investment fund, portfolio
        turnover reflects purchases and sales of the collective investment fund in which the Fund invests a portion
        of its assets, rather than portfolio turnover of the underlying portfolio of such collective investment fund.


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

</TABLE>


                                      36
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                           Stable Asset Return Fund
                      Statement of Assets and Liabilities
                                   Unaudited


<TABLE>
<CAPTION>


                                                                                                   March 31, 2006
                                                                                                ---------------------

                                    Assets

<S>                                                                                            <C>
     Investments in affiliated fund, at contract value:
        State Street Bank ABA Members/Pooled Stable Asset Fund Trust (cost
        $865,161,404 and units of 865,161,404...............................................    $       865,161,404
                                                                                                ---------------------
                Total assets................................................................            865,161,404
                                                                                                ---------------------

                                 Liabilities

        Payable for fund units redeemed.....................................................                660,234
        State Street Bank and Trust Company--program fee payable............................                235,517
        Trustee, management and administration fees payable.................................                 67,428
        ABA Retirement Funds--program fee payable...........................................                 31,275
        Other accruals......................................................................                168,534
                                                                                                ---------------------

                Total liabilities...........................................................              1,162,988
                                                                                                ---------------------

Net Assets (equivalent to $30.88 per unit based on 27,981,251 units outstanding)............    $       863,998,416
                                                                                                =====================

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

</TABLE>


                                      37
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                           Stable Asset Return Fund
                            Statement of Operations
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ---------------------

<S>                                                                                            <C>
Interest income--affiliated.................................................................    $         9,486,675
                                                                                                ---------------------
Expenses
    State Street Bank and Trust Company--program fee........................................                700,522
    ABA Retirement Funds--program fee.......................................................                 91,385
    Trustee, management and administration fees.............................................                196,777
    Reports to unitholders..................................................................                 34,034
    Legal and audit fees....................................................................                 55,860
    Compliance consultant fees..............................................................                 66,898
    Registration fees.......................................................................                  7,256
    Other fees..............................................................................                 27,910
                                                                                                ---------------------
                  Total expenses............................................................              1,180,642
                                                                                                ---------------------

Net investment income and net increase in net assets resulting from operations..............    $         8,306,033
                                                                                                =====================


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

</TABLE>


                                      38
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                           Stable Asset Return Fund
                      Statement of Changes in Net Assets
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ---------------------

<S>                                                                                            <C>
From operations
     Net investment income and net increase in net assets resulting from operations.........    $         8,306,033
                                                                                                ---------------------
From unitholder transactions
     Proceeds from units issued.............................................................             14,211,361
     Cost of units redeemed.................................................................            (29,019,132)
                                                                                                ---------------------

              Net decrease in net assets resulting from unitholder transactions.............            (14,807,771)
                                                                                                ---------------------

              Net decrease in net assets....................................................             (6,501,738)

Net Assets
     Beginning of period....................................................................            870,500,154
                                                                                                ---------------------
     End of period..........................................................................    $       863,998,416
                                                                                                =====================

Number of units
     Outstanding-beginning of period........................................................             28,463,595
        Issued..............................................................................                462,122
        Redeemed............................................................................               (944,466)
                                                                                                ---------------------

     Outstanding-end of period..............................................................             27,981,251
                                                                                                =====================




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


</TABLE>


                                      39
<PAGE>



        American Bar Association Members/ State Street Collective Trust
                           Stable Asset Return Fund
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)


<TABLE>
<CAPTION>

                                                                                                   For the period
                                                                                                 January 1, 2006 to
                                                                                                   March 31, 2006
                                                                                                ---------------------

<S>                                                                                            <C>
Investment income+..........................................................................    $              0.34
Net expenses(+)++...........................................................................                  (0.04)
                                                                                                ---------------------
Net investment income ......................................................................                   0.30
                                                                                                ---------------------
Net increase in unit value..................................................................                   0.30
Net asset value at beginning of period......................................................                  30.58

Net asset value at end of period............................................................    $             30.88
                                                                                                =====================

Ratio of net expenses to average net assets*++..............................................                   0.55%
Ratio of net investment income to average net assets*.......................................                   3.89%
Total return**..............................................................................                   0.98%
Net assets at end of period (in thousands)..................................................    $           863,998



--------------
*       Annualized.
**      Not annualized.
+       Calculations prepared using the daily average number of units outstanding during the period.
++      Net expenses includes only those expenses charged directly to the Fund and does not include
        expenses charged to the collective investment funds in which the Fund invests a portion of its assets.


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


</TABLE>


                                      40
<PAGE>



        American Bar Association Members/ State Street Collective Trust
             Structured Portfolio Service - Conservative Portfolio
                      Statement of Assets and Liabilities
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                     March 31, 2006
                                                                                                ----------------------
                                    Assets
American Bar Association Members / State Street Collective Trust investment funds, at value
<S>                                                                                            <C>
     Stable Asset Return Fund (cost $18,373,888 and units of 633,454).......................    $        19,563,902
     Intermediate Bond Fund (cost $21,860,814 and units of 1,198,955).......................             22,824,552
     Large Cap Value Equity Fund (cost $3,517,983 and units of 118,877).....................              4,564,910
     Large Cap Growth Equity Fund (cost $3,756,077 and units of 89,753).....................              4,564,910
     Index Equity Fund (cost $7,248,404 and units of 272,031)...............................              9,129,821
     International Equity Fund (cost $3,187,250 and units of 166,161).......................              4,564,910
     Receivable for collective investments sold.............................................                  2,928
                                                                                                ----------------------
          Total assets......................................................................             65,215,933
                                                                                                ----------------------

                                 Liabilities

     Payable for portfolio units redeemed...................................................                  2,928
                                                                                                ----------------------

          Total liabilities.................................................................                  2,928
                                                                                                ----------------------

Net Assets (equivalent to $20.56 per unit based on 3,172,016 units outstanding)............     $        65,213,005
                                                                                                ======================


                The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      41
<PAGE>



        American Bar Association Members/ State Street Collective Trust
             Structured Portfolio Service - Conservative Portfolio
                            Statement of Operations
                                   Unaudited


<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------
<S>                                                                                            <C>
Investment income...........................................................................    $                 -
                                                                                                ----------------------

Net realized and unrealized gain on collective investment funds:
       Net realized gain ...................................................................                911,628
       Change in net unrealized appreciation (depreciation).................................                449,644
                                                                                                ----------------------

            Net realized and unrealized gain................................................              1,361,272
                                                                                                ----------------------


Net increase in net assets resulting from operations........................................    $         1,361,272
                                                                                                ======================

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

</TABLE>


                                      42
<PAGE>



        American Bar Association Members/ State Street Collective Trust
             Structured Portfolio Service - Conservative Portfolio
                      Statement of Changes in Net Assets
                                   Unaudited


<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------

From operations
<S>                                                                                            <C>
     Net investment income .................................................................    $                 -
     Net realized gain on investments.......................................................                911,628
     Change in net unrealized appreciation (depreciation)...................................                449,644
                                                                                                ----------------------
              Net increase in net assets resulting from operations..........................              1,361,272
                                                                                                ----------------------


From unitholder transactions
     Proceeds from units issued.............................................................              2,173,025
     Cost of units redeemed.................................................................             (2,292,328)
                                                                                                ----------------------
              Net decrease in net assets resulting from unitholder transactions.............               (119,303)
                                                                                                ----------------------

              Net increase in net assets....................................................              1,241,969

Net Assets
     Beginning of period....................................................................             63,971,036
                                                                                                ----------------------
     End of period..........................................................................    $        65,213,005
                                                                                                ======================


Number of units
     Outstanding-beginning of period........................................................              3,177,803
        Issued..............................................................................                106,292
        Redeemed............................................................................               (112,079)
                                                                                                ----------------------

     Outstanding-end of period..............................................................              3,172,016
                                                                                                ======================


                 The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      43
<PAGE>



        American Bar Association Members/ State Street Collective Trust
             Structured Portfolio Service - Conservative Portfolio
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)

<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------

<S>                                                                                            <C>
Investment income...........................................................................    $              0.00
Net expenses................................................................................                   0.00
                                                                                                ----------------------

Net investment income ......................................................................                   0.00
Net realized and unrealized gain............................................................                   0.43
                                                                                                ----------------------

Net increase in unit value..................................................................                   0.43
Net asset value at beginning of period......................................................                  20.13
                                                                                                ----------------------

Net asset value at end of period............................................................    $             20.56
                                                                                                ======================

Ratio of net expenses to average net assets.................................................                   0.00%
Ratio of net investment income to average net assets........................................                   0.00%
Portfolio turnover*+........................................................................                      5%
Total return*...............................................................................                   2.14%
Net assets at end of period (in thousands)..................................................    $            65,213


----------------
*       Not annualized.
+       Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests
        rather than turnover of such underlying Funds.

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

</TABLE>


                                      44
<PAGE>



        American Bar Association Members/ State Street Collective Trust
               Structured Portfolio Service - Moderate Portfolio
                      Statement of Assets and Liabilities
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                     March 31, 2006
                                                                                                ----------------------
                                    Assets
American Bar Association Members / State Street Collective Trust investment funds, at value
<S>                                                                                            <C>
     Stable Asset Return Fund (cost $23,748,434 and units of 819,652).......................    $        25,314,529
     Intermediate Bond Fund (cost $72,472,876 and units of 3,989,253).......................             75,943,587
     Large Cap Value Equity Fund (cost $17,201,765 and units of 593,306)....................             22,783,076
     Large Cap Growth Equity Fund (cost $18,546,682 and units of 447,951)...................             22,783,076
     Index Equity Fund (cost $45,512,928 and units of 1,734,815)............................             58,223,417
     Mid-Cap Value Equity Fund (cost $4,071,737 and units of 333,120).......................              5,062,906
     Mid-Cap Growth Equity Fund (cost $3,705,468 and units of 214,926)......................              5,062,906
     International Equity Fund (cost $25,189,965 and units of 1,382,162)....................             37,971,793
     Receivable for collective investments sold.............................................                122,623
                                                                                                ----------------------
          Total assets......................................................................            253,267,913
                                                                                                ----------------------

                                 Liabilities

     Payable for portfolio units redeemed...................................................                122,623
                                                                                                ----------------------

          Total liabilities.................................................................                122,623
                                                                                                ----------------------

Net Assets (equivalent to $22.60 per unit based on 11,203,199 units outstanding)............    $       253,145,290
                                                                                                ======================


                The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      45
<PAGE>



        American Bar Association Members/ State Street Collective Trust
               Structured Portfolio Service - Moderate Portfolio
                            Statement of Operations
                                   Unaudited


<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------
<S>                                                                                            <C>
Investment income...........................................................................    $                 -
                                                                                                ----------------------

Net realized and unrealized gain on collective investment funds:
       Net realized gain ...................................................................              2,320,227
       Change in net unrealized appreciation (depreciation).................................              6,598,534
                                                                                                ----------------------

            Net realized and unrealized gain................................................              8,918,761
                                                                                                ----------------------


Net increase in net assets resulting from operations........................................    $         8,918,761
                                                                                                ======================

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

</TABLE>


                                      46
<PAGE>



        American Bar Association Members/ State Street Collective Trust
               Structured Portfolio Service - Moderate Portfolio
                      Statement of Changes in Net Assets
                                   Unaudited


<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------

From operations
<S>                                                                                            <C>
     Net investment income .................................................................    $                 -
     Net realized gain on investments.......................................................              2,320,227
     Change in net unrealized appreciation (depreciation)...................................              6,598,534
                                                                                                ----------------------
              Net increase in net assets resulting from operations..........................              8,918,761
                                                                                                ----------------------


From unitholder transactions
     Proceeds from units issued.............................................................             10,234,266
     Cost of units redeemed.................................................................             (2,249,614)
                                                                                                ----------------------
              Net increase in net assets resulting from unitholder transactions.............              7,984,652
                                                                                                ----------------------

              Net increase in net assets....................................................             16,903,413

Net Assets
     Beginning of period....................................................................            236,241,877
                                                                                                ----------------------
     End of period..........................................................................    $       253,145,290
                                                                                                ======================


Number of units
     Outstanding-beginning of period........................................................             10,844,908
        Issued..............................................................................                458,462
        Redeemed............................................................................               (100,171)
                                                                                                ----------------------

     Outstanding-end of period..............................................................             11,203,199
                                                                                                ======================


                 The accompanying notes are an integral part of these unaudited financial statements.
</TABLE>


                                      47
<PAGE>



        American Bar Association Members/ State Street Collective Trust
               Structured Portfolio Service - Moderate Portfolio
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)

<TABLE>
<CAPTION>


                                                                                                    For the period
                                                                                                  January 1, 2006 to
                                                                                                    March 31, 2006
                                                                                                ----------------------

<S>                                                                                            <C>
Investment income...........................................................................    $              0.00
Net expenses................................................................................                   0.00
                                                                                                ----------------------

Net investment income ......................................................................                   0.00
Net realized and unrealized gain............................................................                   0.82
                                                                                                ----------------------

Net increase in unit value..................................................................                   0.82
Net asset value at beginning of period......................................................                  21.78
                                                                                                ----------------------

Net asset value at end of period............................................................    $             22.60
                                                                                                ======================

Ratio of net expenses to average net assets.................................................                   0.00%
Ratio of net investment income to average net assets........................................                   0.00%
Portfolio turnover*+........................................................................                      3%
Total return*...............................................................................                   3.76%
Net assets at end of period (in thousands)..................................................    $           253,145


----------------
*       Not annualized.
+       Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests
        rather than turnover of such underlying Funds.

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

</TABLE>


                                      48
<PAGE>


        American Bar Association Members/State Street Collective Trust
              Structured Portfolio Service - Aggressive Portfolio
                      Statement of Assets and Liabilities
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                                  March 31, 2006
                                                                                                                ------------------
                                                   Assets

American Bar Association Members / State Street Collective Trust investment funds, at value
<S>                                                                                                             <C>
    Intermediate Bond Fund (cost $26,084,137 and units of 1,423,723)...........................................  $      27,103,488
    Large Cap Value Equity Fund (cost $17,384,545 and units of 611,707)........................................         23,489,690
    Large Cap Growth Equity Fund (cost $19,491,195 and units of 461,844).......................................         23,489,690
    Index Equity Fund (cost $43,994,770 and units of 1,615,142)................................................         54,206,976
    Mid-Cap Value Equity Fund (cost $4,279,229 and units of 356,661)...........................................          5,420,697
    Mid-Cap Growth Equity Fund (cost $3,755,766 and units of 230,114)..........................................          5,420,697
    Small Cap Equity Fund (cost $4,047,209 and units of 71,279)................................................          5,420,698
    International Equity Fund (cost $23,375,241 and units of 1,315,412)........................................         36,137,984
    Receivable for collective investments sold.................................................................            137,541
                                                                                                                 -----------------
        Total assets...........................................................................................        180,827,461
                                                                                                                 -----------------

                                 Liabilities

    Payable for portfolio units redeemed.......................................................................            137,541
                                                                                                                 -----------------

        Total liabilities......................................................................................            137,541
                                                                                                                 -----------------


Net assets (equivalent to $24.22 per unit based on 7,459,111 units outstanding)................................  $     180,689,920
                                                                                                                 =================

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

</TABLE>



                                      49
<PAGE>


        American Bar Association Members/ State Street Collective Trust
              Structured Portfolio Service - Aggressive Portfolio
                            Statement of Operations
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                 For the period
                                                                                               January 1, 2006 to
                                                                                                 March 31, 2006
                                                                                               --------------------

<S>                                                                                          <C>
Investment income...............................................................               $              -
                                                                                               --------------------

Net realized and unrealized gain on collective investment funds:

       Net realized gain........................................................                      1,809,080
       Change in net unrealized appreciation (depreciation).....................                      7,450,483
                                                                                               --------------------

            Net realized and unrealized gain....................................                      9,259,563
                                                                                               --------------------

Net increase in net assets resulting from operations............................               $      9,259,563
                                                                                               ====================
</TABLE>


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


                                      50
<PAGE>


        American Bar Association Members/ State Street Collective Trust
              Structured Portfolio Service - Aggressive Portfolio
                      Statement of Changes in Net Assets
                                   Unaudited

<TABLE>
<CAPTION>

                                                                                                 For the period
                                                                                               January 1, 2006 to
                                                                                                 March 31, 2006
                                                                                               --------------------

<S>                                                                                          <C>

From operations
     Net investment income......................................................               $              -
     Net realized gain on investments...........................................                      1,809,080
     Change in net unrealized appreciation (depreciation)......................                       7,450,483
                                                                                               --------------------
           Net increase in net assets resulting from operations.................                      9,259,563
                                                                                               --------------------
From unitholder transactions
     Proceeds from units issued.................................................                      7,232,233
     Cost of units redeemed.....................................................                     (4,036,494)
                                                                                               --------------------
           Net increase in net assets resulting from unitholder transactions....                      3,195,739
                                                                                               --------------------
           Net increase in net assets...........................................                     12,455,302

Net Assets

     Beginning of period........................................................                    168,234,618
                                                                                               --------------------
     End of period..............................................................               $    180,689,920
                                                                                               ====================

Number of units
     Outstanding-beginning of period............................................                      7,324,928
        Issued..................................................................                        303,258
        Redeemed................................................................                       (169,075)
                                                                                               --------------------

     Outstanding-end of period..................................................                      7,459,111
                                                                                               ====================


</TABLE>

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


                                      51
<PAGE>


        American Bar Association Members/ State Street Collective Trust
              Structured Portfolio Service - Aggressive Portfolio
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)
<TABLE>
<CAPTION>

                                                                                                 For the period
                                                                                               January 1, 2006 to
                                                                                                 March 31, 2006
                                                                                               --------------------

<S>                                                                                          <C>


Investment income..............................................................                $           0.00
Net expenses...................................................................                            0.00
                                                                                               --------------------

Net investment income..........................................................                            0.00

Net realized and unrealized gain...............................................                            1.25
                                                                                               --------------------

Net increase in unit value.....................................................                            1.25

Net asset value at beginning of period.........................................                           22.97
                                                                                               --------------------

Net asset value at end of period................................................               $          24.22
                                                                                               ====================

Ratio of net expenses to average net assets....................................                           0.00%
Ratio of net investment income to average net assets...........................                           0.00%
Portfolio turnover**+..........................................................                              4%
Total return*..................................................................                           5.44%
Net assets at end of period (in thousands).....................................                        $180,690

----------------
*       Not annualized.
+       Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests
        rather than turnover of such underlying Funds.


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

</TABLE>



                                      52
<PAGE>



        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


1.    Description of the Trust

         American Bar Association Members/State Street Collective Trust (the
"Trust" or the "Collective Trust") was organized on August 8, 1991 under the
American Bar Association Members/State Street Collective Trust Declaration of
Trust as amended and restated on December 5, 1991 and as amended thereafter.
Since December 1, 2004, State Street Bank and Trust Company of New Hampshire
("State Street" or the "Trustee") has acted as trustee of the Collective
Trust. The Trust is maintained exclusively for the collective investment of
monies administered on behalf of participants in the American Bar Association
Members Retirement Program (the "Program"). Ten separate collective investment
funds (the "Funds") and the Structured Portfolio Service (the "Portfolios")
are established under the Trust. The Structured Portfolio Service offers three
approaches to diversifying investments by stipulating various allocations
among the Funds. The Funds and Portfolios are investment options under the
Program, which is sponsored by the ABA Retirement Funds ("ARF") (formerly
called the American Bar Retirement Association). The objectives and principal
strategies of the Funds and Portfolios are as follows:

            Balanced Fund--current income and long-term capital appreciation
      through investment in common stocks, other equity-type securities and
      debt securities. Since July 1, 2004, the debt portion of the Balanced
      Fund has been invested through the American Bar Association
      Members/State Street Collective Trust Intermediate Bond Fund. Prior to
      July 1, 2004, the debt portion had been invested in separately owned
      securities. As of March 31, 2006, 35.8% of the Fund's net assets were
      invested in the American Bar Association Members/State Street Collective
      Trust Intermediate Bond Fund.

            Index Equity Fund--replication of the total return of the Russell
      3000 Index. Currently invests 100% of the Fund's assets in the State
      Street Bank and Trust Company Russell 3000 Index Securities Lending
      Fund, a separate State Street Bank collective investment fund which
      invests in securities contained in the Russell 3000 Index. This
      underlying fund's annual financial statements are available from State
      Street Bank upon request.

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

            International Equity Fund--long term growth of capital through
      investment in common stocks and other equity securities of established
      non-U.S. companies.

            Large-Cap Growth Equity Fund--long term growth of capital and some
      dividend income through investment in common stocks and equity-type
      securities of large, well established companies. Currently invests in
      common stocks and the State Street Bank and Trust Company Russell 1000
      Growth Index Securities Lending Fund, a separate State Street Bank
      collective investment fund which invests in securities contained in the
      Russell 1000 Growth Index. As of March 31, 2006, 31.8% of the Fund's net
      assets were invested in the State Street Bank and Trust Company Russell
      1000 Growth Index Securities Lending Fund. This underlying fund's annual
      financial statements are available from State Street Bank upon request.

            Large-Cap Value Equity Fund--long term growth of capital and
      dividend income through investment in common stocks, primarily of large
      capitalization companies believed to be undervalued. Currently invests
      in common stocks and the State Street Bank and Trust Company Russell
      1000 Value Index Securities Lending Fund, a separate State Street Bank
      collective investment fund which invests in securities contained in the
      Russell 1000 Value Index. As of March 31, 2006, 23.7% of the Fund's net
      assets were invested in the State Street Bank and Trust Company Russell
      1000 Value Index Securities Lending Fund. This underlying fund's annual
      financial statements are available from State Street Bank upon request.

            Mid-Cap Growth Equity Fund--long term growth of capital through
      investment in common stocks, primarily of medium sized companies
      believed to have strong earnings growth potential.



                                      53
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements



             Mid-Cap Value Equity Fund--long term growth of capital through
       investment in common stocks, primarily of medium sized companies
       believed to be undervalued.

            Small-Cap Equity Fund--long term growth of capital through
      investment in common stocks of small companies believed to have strong
      appreciation potential. Currently invests in common stocks and the State
      Street Bank and Trust Company Russell 2000 Index Securities Lending
      Fund, a separate State Street Bank collective investment fund which
      invests in securities contained in the Russell 2000 Index. As of March
      31, 2006, 10.1% of the Fund's net assets were invested in the State
      Street Bank and Trust Company Russell 2000 Index Securities Lending
      Fund. This underlying fund's annual financial statements are available
      from State Street Bank upon request.

            Stable Asset Return Fund ("SARF")--current income consistent with
      preserving principal and maintaining liquidity through investment in
      quality short-term instruments, investment contracts and synthetic
      investment contracts of insurance companies, banks and financial
      institutions. Currently, SARF invests in the State Street Bank ABA
      Members/Pooled Stable Asset Fund Trust ("SAFT"), a separate State Street
      Bank collective investment fund which invests in investment contracts of
      insurance companies, banks and financial institutions, and in the State
      Street Bank and Trust Company Yield Enhanced Short-Term Investment Fund
      ("YES") a separate State Street Bank collective investment fund. The
      financial statements of YES are available from State Street Bank upon
      request.

            Structured Portfolio Service

                  Conservative--higher current investment income and some
      capital appreciation.

                  Moderate--high current investment income and greater capital
      appreciation.

                  Aggressive--long-term growth of capital and lower current
      investment income.

         In seeking its objective, each Structured Portfolio Service conducts
a monthly pre-determined investment rebalancing in the Funds.

         All the Funds may invest in YES, a collective investment fund advised
by State Street Global Advisors, a division of State Street Bank. The annual
financial statements of YES are available from State Street Bank upon request.

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

         State Street offers and administers the investment options for the
Program available under the Collective Trust.

         State Street is a nondepository trust company established under the
laws of the State of New Hampshire and is a wholly-owned subsidiary of State
Street Bank. State Street has assumed responsibility for administering and
providing investment options for the Program under the Structured Portfolio
Service. State Street Bank is a trust company established under the laws of
The Commonwealth of Massachusetts and is a wholly-owned subsidiary of State
Street Corporation, a Massachusetts corporation and a holding company
registered under the Federal Bank Holding Company Act of 1956, as amended.

         State Street Bank is responsible for certain recordkeeping and
administrative services required by the Program. State Street has delegated to
State Street Bank the responsibility to provide services to the Collective
Trust on behalf of State Street. In addition, State Street Bank is the primary
custodian, provides account and investment information to employers and
participants, receives all plan contributions, 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
trustees of such plans.



                                      54
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements



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 accounting principles generally
accepted in the United States of America. Such principles were applied on a
basis consistent with those reflected in the 2005 Annual Report on Form 10-K
of the Trust as filed with the Securities and Exchange Commission. The
accompanying financial data should be read in conjunction with these Notes to
the Financial Statements. In the opinion of management, the accompanying
financial statements contain all adjustments (consisting of normal recurring
accruals) necessary to present fairly the financial position of the Balanced
Fund, Index Equity Fund, Intermediate Bond Fund, International Equity Fund,
Large-Cap Growth Equity Fund, Large-Cap Value Equity Fund, Mid-Cap Growth
Equity Fund, Mid-Cap Value Equity Fund, Small-Cap Equity Fund, Stable Asset
Return Fund, Conservative Structured Portfolio Service, Moderate Structured
Portfolio Service and Aggressive Structured Portfolio Service as of March 31,
2006 and the results of each of their operations, the changes in each of their
net assets and certain financial data for the period ended March 31, 2006.

         The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements. The policies are in accordance with accounting principles
generally accepted in the United States of America and provisions of the Trust
agreement:

         A.   Security Valuation

         All Funds and Portfolios (Other than SARF): State Street has
delegated to State Street Bank the responsibility to determine the value of
each Fund based on the market value of each Fund's portfolio of securities.
State Street Bank generally values each Fund's portfolio of securities based
on closing market prices or readily available market quotations. When closing
market prices or market quotations are not readily available or are considered
by State Street Bank to be unreliable, the fair value of the particular
securities or assets is determined in good faith by State Street pursuant to
fair value procedures adopted by State Street. For market prices and
quotations, as well as some fair value methods of pricing, State Street Bank
and State Street may rely upon securities prices provided by pricing services,
the Investment Advisor(s) or independent dealers.

         State Street, acting through a valuation committee, uses the fair
value of a security, including a non-U.S. security, when State Street Bank
determines that the closing market price on the primary exchange where the
security is traded is not readily available or no longer accurately reflects
the value of the security at the time of calculation of its net asset value.
In making the fair value determination, State Street 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 valuation committee considers all
factors it deems appropriate, including, if relevant, external factors such as
general market developments and news events.

         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, fair valuation may be
appropriate. Specifically, under appropriate circumstances, State Street will
utilize a fair value model for the International 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. If a significant event
occurs other than general movements in the U.S. markets, State Street Bank
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 State Street's fair value procedures.

         Certain other types of securities, including those discussed below in
this paragraph, may be priced using fair value rather than market prices. For
instance, State Street Bank may use 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. To the extent that a Fund invests in the shares of bank collective
trust funds or of other registered open-end investment companies that are not
traded on an



                                      55
<PAGE>


exchange (mutual funds), such shares are valued at their net asset values per
share as reported by the funds. Each of these funds may, under certain
circumstances, use fair value pricing in determining their net asset values.

         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.

         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.

         Futures 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.

         Stable Asset Return Fund: SARF invests in SAFT, whose investments
include insurance company, bank and financial institution investment contracts
and investments in YES. The short-term portfolio instruments of YES are valued
on the basis of amortized cost, which approximates fair value. 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 on the market value of the
instrument. As the contracts are benefit-responsive and the Fund's investors
are participants in qualified benefit plans, the insurance company, bank and
financial institution investment contracts are maintained by SAFT at contract
value (cost plus accrued interest). The values of SARF's investments in
collective investment funds are based on the net asset values of such
respective collective investment funds.

         The rate at which SARF credits returns to participant accounts
("crediting rate") can change as the difference between market value and book
value of the covered assets changes. As a result, the crediting rate will
generally reflect, over time, movements in prevailing interest rates. However,
at times it may be less (e.g., when the fair value of the "wrapped" assets is
less than contract value) or more (e.g., when the fair value of the "wrapped"
assets exceeds contract value) than the prevailing interest rate or the actual
income earned on the covered assets. The degree of any increase or decrease in
the crediting rate will depend on the amount of the difference and duration of
the SARF's portfolio. The crediting rate may also be affected by increases and
decreases of the amount of covered assets under the wrapper agreement as a
result of contributions to and redemptions of Fund shares resulting from
participant transactions. Thus, to the extent the crediting rate remains below
prevailing interest rates, participants contributing to SARF will share in
that lower crediting rate; similarly, to the extent the crediting rate exceeds
current market rates, withdrawing participants will cede any benefit related
to that higher crediting rate to the remaining participants.

         In December 2005, the Financial Accounting Standards Board ("FASB")
issued FASB Staff Position Nos. AAG INV-1 and SOP 94-4-1, "Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans" ("FSP") that gave guidance in the use of
contract value accounting for benefit-responsive investment contracts owned by
certain investment companies utilized exclusively by defined-contribution and
health and welfare benefit plans. The FSP required several changes in
financial statement presentation and disclosure, including presentation of
both the fair value and contract value of benefit-responsive investment
contracts. SARF currently provides for transactions to be made on a contract
value basis and the new reporting requirements are not intended to alter how
participants transact with the Fund. The FSP includes a condition to the
continued use of contract value accounting, that the portion of SARF's net
assets that is not held in trust for the benefit of participants in qualified
employer-sponsored defined-contribution plans, which amounted to less than 1%
of the Fund at March 31, 2006, is not permitted to increase after January 15,
2006, except for the reinvestment of income earned. Effective January 15,
2006, SARF no longer accepts contributions from non-defined-contribution
plans. The Trust does not expect the adoption of the provisions of the FSP to
impact the use of contract value accounting by SAFT, and therefore, by SARF.
The FSP is effective for financial statements for annual periods ending after
December 15, 2006.



                                      56
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements



         B.   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. Distributions received from
collective investment funds, if any, retain the character as earned by the
underlying funds.

         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 the Funds invest may retain investment income and net
realized gains. Accordingly, realized and unrealized gains and losses reported
by a Fund may include a component attributable to investment income of the
underlying funds.


         C.   Foreign Currency Transactions

         The accounting records of the Funds and Portfolios 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 period-end. Purchases and sales of securities,
income and expenses are translated into U.S. dollars at the prevailing
exchange rate on the respective dates of the transactions.

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

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


         D.   Income Taxes

         The Trust has received a favorable determination letter dated March
9, 1992 from the Internal Revenue Service, which concluded that the Trust is a
trust arrangement described in Rev. Rule. 81-100, 1981, C.B. 326, as 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.


         E.   Sales and Redemptions of Units of Participation and Distributions

         The units offered represent interests in the Funds and Portfolios
established under the Trust. The Trust may offer and sell an unlimited number
of units. Each unit will be offered and sold daily at the offering Fund's or
Portfolio's net asset value.

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



                                      57
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


         F.   TBA Commitments and Roll Transactions

         The Balanced Fund and Intermediate Bond Fund may enter into TBA (to
be announced) commitments to purchase securities for a fixed unit price at a
future date beyond customary settlement time. Although the unit price for a
TBA has been established, the principal value has not been finalized. However,
the amount of the TBA commitment will not fluctuate more than 1.0% from the
principal amount. These Funds hold, and maintain 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 these Funds' other assets. These contracts also present a risk from
the potential inability of counterparties to meet their contractual
obligations. During the period prior to settlement, these Funds will not be
entitled to accrue interest and/or receive principal payments. Unsettled TBA
commitments are valued at the current market value of the underlying
securities, generally according to the procedures described under "Security
Valuation" above. These Funds may dispose of a commitment prior to settlement
if the Fund's advisor deems it appropriate to do so. Upon settlement date,
these Funds may take delivery of the securities or defer (roll) the delivery
to the next month.

         G.   Futures Contracts

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

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

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

         At March 31, 2006, the Intermediate Bond Fund held the following
futures contracts:

<TABLE>
<CAPTION>


                                                                                                   Unrealized
                                           Number of                                              Appreciation/
Futures Contracts                          Contracts         Notional Cost   Settlement Month    (Depreciation)
-----------------                          ---------         -------------   ----------------    --------------
Long
----

<S>                                         <C>             <C>              <C>                <C>
Germany (Federal Republic) 10yr......          12            $   1,727,917         June 2006      $    (21,266)
UK Treasury Bond.....................           3                  592,580         June 2006           (10,018)
U.S. Treasury Notes 5yr..............         944               99,319,113         June 2006          (730,112)
Eurodollar Futures...................         526              125,164,511    September 2006          (587,986)
Eurodollar Futures...................         137               32,589,263     December 2006          (139,100)
Eurodollar Futures...................         671              159,016,371     December 2006           (81,633)
Eurodollar Futures...................         168               39,897,900    September 2007           (56,700)
Eurodollar Futures...................         148               35,118,318        March 2007           (44,168)
Eurodollar Futures...................         328               77,941,000     December 2008          (217,300)
                                                                                                      ---------
Total Long Futures
                                                                                                    (1,888,283)

Short
-----
U.S. Treasury Notes 10yr. ...........       (182)             (19,594,859)         June 2006            231,765
U.S. Treasury Bond                           (69)              (7,729,438)         June 2006            197,656
                                                                                                        -------
Total Short Futures                                                                                     429,421
                                                                                                        -------
                                                                                                 $  (1,458,862)
=============================================================================================

</TABLE>



                                      58
<PAGE>



        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


         H.   Forward Foreign Currency Contracts

         The Intermediate Bond Fund and the International Equity Fund may use
forward foreign currency contracts to facilitate transactions in foreign
securities or as a hedge against the foreign currency exposure of either
specific transactions or portfolio positions. When entering into a forward
foreign currency contract, the Fund agrees to receive or deliver a fixed
quantity of foreign currency for an agreed-upon price on an agreed-upon future
date. Such contracts are valued based upon the difference in the forward
exchange rates at the dates of entry into the contracts and the forward rates
at the reporting date, and any resulting unrealized gains or losses are
recorded in the Fund's financial statements. The Fund records realized gains
or losses at the time the forward contract is extinguished by entry into a
closing transaction or by delivery of the currency. Risks in foreign currency
contracts arise from the possible inability of counterparties to meet the
contracts' terms and from movements in currency values. As of March 31, 2006,
the Intermediate Bond Fund held the following forward foreign currency
contracts:

<TABLE>
<CAPTION>
                                       Principal Amount                        Settlement       Unrealized
Type                Currency          Covered by Contract   US Dollar Cost        Date         Depreciation
----                -------------     -------------------   --------------        ----         ------------
<S>                <C>                <C>                   <C>                <C>            <C>
Purchase            Euro                    560,403            $562,436         04/25/06        $ (2,033)

</TABLE>


         I.   Interest Rate Swap Contracts

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

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

         At March 31, 2006, the Intermediate Bond Fund held the following
interest rate swap contracts:


<TABLE>
<CAPTION>

                                                                     Rate Type
                                                       ----------------------------------
                                                                                            Unrealized
     Notional              Swap          Termination                                       Appreciation
     Amount            Counterparty         Date          Floating Rate      Fixed Rate   (Depreciation)
     -------           ------------         ----          -------------      ----------   ----------------
<S>                <C>                   <C>           <C>                   <C>          <C>
   24,000,000 USD   Bank of America (b)   06/21/2011    3 Month USD LIBOR       5.00%      $   321,481
   18,300,000 USD   Morgan Stanley(b)     06/21/2036    3 Month USD LIBOR       5.00%         (958,558)
   10,600,000 USD   Bank of America (a)   06/21/2016    3 Month USD LIBOR       5.00%         (218,565)
  110,000,000 JPY   Barclays Capital (b)  06/15/2015    6 Month JPY LIBOR       1.50%           33,008
    2,900,000 EUR   Barclays Capital (b)  12/15/2014    6 Month EURO LIBOR      4.00%          166,492
   26,000,000 USD   UBS (a)               06/21/2008    3 Month USD LIBOR       5.00%          (81,650)
   24,400,000 USD   Lehman Brothers (a)   06/21/2016    3 Month USD LIBOR       5.00%         (503,112)
  260,000,000 JPY   Merrill Lynch (b)     06/15/2015    6 Month JPY LIBOR       1.50%           75,991
    6,800,000 EUR   Morgan Stanley (a)    06/16/2014    6 Month EURO LIBOR      4.00%          226,097
      400,000 EUR   UBS (a)               10/15/2010        CPI-France         2.1455%           1,433
                                                                                          ----------------
                                                                                           $  (937,383)
                                                                                          ================
</TABLE>


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


                                      59
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


         J.   Option and Swaption Contracts

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

         The Intermediate Bond 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 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. Gain or loss is
recognized when the swaption contract expires or is closed. When the Fund
writes a swaption, the premium received is recorded as a liability and is
subsequently adjusted to the current fair value of the swaption written.
Premiums received from writing swaptions that expire unexercised are treated
by the Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain, or if the premium is less than the amount paid for the closing
purchase, as a realized loss.

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

         A summary of the written call options and swaptions for the period
ended March 31, 2006 is as follows:

<TABLE>
<CAPTION>


Written Call Option/Swaption Contracts                            Number of Contracts          Premium
--------------------------------------                           -------------------------------------------
<S>                                                               <C>                      <C>
Outstanding, beginning of year..............................              605              $   92,959
                                                                 ===========================================
Options written.............................................               --                     --
Options exercised...........................................               --                     --
Options expired.............................................             (193)                (42,798)
Options closed..............................................               --                     --
                                                                 -------------------------------------------
Outstanding, end of period..................................              412              $   50,161
                                                                 ===========================================
</TABLE>



                                      60
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements



         At March 31, 2006, the Fund held the following written call option
contracts:

<TABLE>
<CAPTION>


Security                                                                     Contracts        Appreciation
--------                                                                  ----------------------------------
<S>                                                                        <C>                <C>
Eurodollar Future, 95.50 Call, expiring June 6, 2006 .......                    412              $ 47,586
                                                                          ==================================
</TABLE>

         K.   Use of Estimates

         The preparation of financial statements in accordance with accounting
principles generally accepted 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.

         L.   Indemnifications

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

3.    Investment Advisory, Investment Management and Related Party Transactions

         State Street has retained the services of the sub-advisors listed
below to advise it with respect to its investment responsibility and has
allocated the assets of certain of the Funds among the investment advisors.
Each investment advisor recommends to State Street investments and
reinvestments of the assets allocated to it in accordance with the investment
policies of the applicable Fund as described above. State Street exercises
discretion with respect to the selection and retention of the investment
advisors and may remove, upon consultation with ARF, an investment advisor at
any time.

         A fee is paid to each investment advisor for certain of the Funds
based on the value of the assets allocated to that investment advisor and the
respective breakpoints agreed to in the advisor's contract. These fees are
accrued on a daily basis and paid monthly or quarterly from the assets. Actual
fees paid to each investment advisor during the three-month period are listed
below.

<TABLE>
<CAPTION>
                                                                                           Fee Rate Range
Investment Advisor                                                                        Highest to Lowest
------------------                                                                        -----------------
<S>                                                                                       <C>
Alliance Capital Management L.P. (Large-Cap Value Equity)....................                .50% to .15%
Ariel Capital Management (Mid-Cap Value Equity)..............................                .75% to .50%
Capital Guardian Trust Company (Large-Cap Growth Equity and Balanced)........                .50% to .225%*
JP Morgan Fleming Asset Management Limited (International Equity)............                .75% to .60%
Pacific Investment Management Company (Intermediate Bond)....................                .50% to .25%
Philadelphia International Advisors LP (International Equity)................                .75% to .45%
RCM Capital Management LLC (Large-Cap Growth Equity).........................                .70% to .25%
Smith Asset Management Group, LP (Small-Cap Equity)..........................                .85% to .45%
T. Rowe Price Associates, Inc. (Large Cap Growth Equity) ....................                .50% to .35%
Turner Investment Partners (Mid-Cap Growth Equity)...........................                .65% to .55%
Wellington Management Company LLP (Small-Cap Equity) ........................                .90% to .70%


</TABLE>

* Subject to a 5% reduction based on aggregate fees.



                                      61
<PAGE>


        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


<TABLE>
<CAPTION>

                                                                                               Fees for the
                                                                                               Period Ended
Investment Advisor                                                                           March 31, 2006
------------------                                                                           --------------
<S>                                                                                          <C>
Alliance Capital Management L.P. (Large-Cap Value Equity).................                        $ 190,740
Ariel Capital Management (Mid-Cap Value Equity)...........................                           95,200
Capital Guardian Trust Company (Balanced).................................                          170,788
Capital Guardian Trust Company (Large-Cap Growth Equity)..................                          146,097
J.P. Morgan Fleming Asset Management Limited (International Equity).......                          182,448
Pacific Investment Management Company (Intermediate Bond).................                          304,015
Philadelphia International Advisors LP (International Equity).............                          131,344
RCM Capital Management LLC (Large-Cap Growth Equity)......................                          148,275
T. Rowe Price Associates, Inc. (Large Cap Growth Equity) .................                           63,582
Smith Asset Management Group, LP (Small-Cap Equity) ......................                          224,299
Turner Investment Partners (Mid-Cap Growth Equity)........................                          158,647
Wellington Management Company LLP (Small-Cap Equity) .....................                          301,187

</TABLE>


         A separate program fee ("Program fee") is paid to each of State
Street Bank and ARF. 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.
(State Street does not receive any fees or payments in respect of expenses
from the Collective Trust. Rather, State Street is entitled to payment for
services from State Street Bank.)

         The ARF Program fee is based on the value of Program assets and the
following annual fee rates in effect during the period January 1, 2006 through
March 31, 2006:


<TABLE>
<CAPTION>

                                                                                Rate of ARF Program Fee
                                                                                   For the Period Ended
Value of Program Assets                                                                  March 31, 2006
----------------------------------------------------   ------------------------------------------------
<S>                                                                             <C>

First $500 million                                                                               .075%

Next $850 million                                                                                .065%

Next $1.15 billion                                                                               .035%

Next $1.5 billion                                                                                .025%

Over $4.0 billion                                                                                .015%

</TABLE>


         ARF received Program fees of $418,493 for the period January 1, 2006
through March 31, 2006. These fees are allocated to each Fund based on net
asset value.

         Effective October 1, 2005, ARF and State Street Bank agreed to adjust
the State Street Bank Program fee based upon the following schedule:


<TABLE>
<CAPTION>


                                                                                Rate of State Street Bank
                                                                                              Program Fee
                                                                                  January 1, 2006 through
Value of Program Assets                                                                    March 31, 2006
----------------------------------------------------   --------------------------------------------------
<S>                                                                             <C>

First $2.0 billion                                                                                .40%

Next $1.0 billion                                                                                 .31%



                                      62
<PAGE>



        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


<CAPTION>

<S>                                                                             <C>
Next $1.0 billion                                                                                 .21%

Over $4.0 billion                                                                                 .13%

</TABLE>


         A portion of the State Street Bank Program fee is reimbursed or
reduced each year based on the amount of retirement plan assets held by State
Street Bank on behalf of law firm and law-related clients identified by State
Street Bank and ARF that do not participate in the Program. The amount of the
reimbursement is equal to .02% of the first $50 million of assets in such
plans during the preceding year and .01% of any such assets in excess of $50
million. The accrued reduction for the period January 31, 2006 through March
31, 2006 totaled $9,975 and is allocated to each Fund based on net asset
value.

         Benefit payments under the Program generally are made by check.
Within two Business Days before the check is payable, funds for the payment of
benefits are transferred to a non-interest bearing account with State Street
Bank. There is no separate fee charged for benefit payments; rather, State
Street Bank retains any earnings attributable to outstanding benefit checks,
and these earnings have been taken into account in setting State Street Bank's
fees under the Program.

         A fee is paid to State Street Bank for its management, administration
and custody of the assets in the investment options (other than Self-Managed
Brokerage Accounts). This fee is accrued on a daily basis and paid monthly
from the net assets of the Funds. The trustee, management and administrative
fees attributable to the Funds held in the Structured Portfolio Service are
also accrued and paid from the Funds at the following rates:


<TABLE>
<CAPTION>


Value of Assets in all Funds                                                                    Rate

-------------------------                                                                    ------------

<S>                                                                                          <C>
First $1.0 billion                                                                             .211%

Next $1.8 billion                                                                              .067%

Over $2.8 billion                                                                              .029%

</TABLE>


         State Street Bank received program fees of $3,218,295 and trustee,
management and administration fees of $901,141 for the period January 1, 2006
through March 31, 2006.

         The Portfolios of the Structured Portfolio Service are not charged a
separate trustee, management, administration or program fee.



                                      63
<PAGE>



        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


4.    Purchases and Sales of Securities

         The aggregate cost of purchases and proceeds from sales of securities
excluding U.S. Government securities and short-term investments were as
follows:


<TABLE>
<CAPTION>


                                                                   Period Ended March 31, 2006

                                                           -----------------------------------------------

                                                                  Purchases                   Sales

                                                           -------------------       ---------------------

<S>                                                        <C>                        <C>
Balanced Fund........................................      $       17,401,585         $      35,258,367
Index Equity Fund....................................              58,179,788                21,435,863
Intermediate Bond Fund...............................              20,191,999                14,270,907
International Equity Fund............................              32,544,898                24,539,101
Large-Cap Growth Equity Fund.........................             266,883,170               294,931,720
Large-Cap Value Equity Fund..........................              12,113,998                27,095,205
Mid-Cap Growth Equity Fund...........................              28,500,328                20,211,895
Mid-Cap Value Equity Fund............................               4,474,222                 5,044,486
Small-Cap Equity Fund................................              42,294,436                55,735,067
Conservative Structured Portfolio Service............               3,138,814                 3,258,117
Moderate Structured Portfolio Service................              14,827,309                 6,842,656
Aggressive Structured Portfolio Service..............              10,145,937                 6,950,198

</TABLE>


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

<TABLE>
<CAPTION>


                                                                   Period Ended March 31, 2006

                                                           -----------------------------------------------

                                                                  Purchases                   Sales

                                                           -------------------       ---------------------
<S>                                                        <C>                        <C>
Intermediate Bond Fund                                     $      310,473,184         $     392,359,000

</TABLE>

5.    Risks Associated with Investments of the Trust

         American Depositary Receipts ("ADRs") represent ownership of foreign
securities on deposit with a domestic custodian bank. Certain Funds maintain
investments in ADRs, as well as direct investments in foreign securities,
which involve special risks. These securities may be subject to foreign
government taxes that reduce their attractiveness. Other risks of investing in
such securities include political or economic instability in the country
involved, the difficulty of predicting international trade patterns and the
possibility of the imposition of exchange controls. Foreign issuers generally
are not subject to uniform accounting, auditing and financial reporting
standards comparable to those applicable to domestic issuers. There is
generally less regulation of stock exchanges, brokers, banks and companies
abroad than in the United States. With respect to certain foreign countries,
there is a possibility of expropriation or diplomatic developments, which
could adversely affect investment in these countries. ADRs do not lessen the
risk of investing in foreign issuers; however, by investing in ADRs rather
than directly in foreign issuers' stock, the Funds will avoid currency risks
during the settlement period for purchases or sales. In addition, the domestic
market for ADRs may be more liquid than the foreign market for the underlying
securities.

         Substantially all of the Small-Cap Equity Fund's investments are in
securities of small companies, which typically have greater market and
financial risk than larger, more diversified companies. These companies are
often dependent on one or two products in rapidly changing industries and may
be more



                                      64
<PAGE>



        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements



vulnerable to competition from larger companies with greater resources and to
economic conditions that affect their market sector.

         SARF invests in a collective investment fund that maintains
investments in contracts issued by insurance companies, banks and financial
institutions. The issuing institution's ability to meet its contractual
obligations under the respective contracts may be affected by future economic
and regulatory developments.

6.    Securities Lending Income

         The Funds in the Trust are authorized to participate in the
Securities Lending Program administered by State Street Bank, under which
securities held by the Funds are loaned by State Street Bank, as the Funds'
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 the amount at least equal to 100% of the market
value of the loaned securities. The Borrowers are required to maintain the
collateral at not less than 100% of the market value of the loaned securities.
Cash collateral is invested in State Street Quality D Short-Term Investment
Fund.

         Certain Funds in the Trust also invest in collective investment funds
which lend a portion of their securities to qualified Borrowers under
identical collateral requirements described above.

         A portion of the income generated upon investment of cash collateral
is remitted to the Borrowers, and the remainder is allocated between the Fund
lending the securities and State Street Bank in its capacity as lending agent.

         At March 31, 2006, the Funds' market value of securities on loan and
collateral received for securities loaned was as follows:


<TABLE>
<CAPTION>
                                                                Market Value of
Fund                                                           Loaned Securities       Collateral Value
----                                                           -----------------       ----------------
<S>                                                            <C>                     <C>
Balanced*.............................................               $19,720,126            $20,168,226
Intermediate Bond.....................................                33,780,156             34,479,848
International Equity..................................                45,146,123             47,391,573
Large-Cap Growth Equity ..............................                20,174,537             20,621,861
Large-Cap Value Equity................................                24,596,768             25,182,470
Mid-Cap Growth Equity.................................                22,929,785             23,477,404
Mid-Cap Value Equity..................................                 2,948,952              3,060,375
Small-Cap Equity......................................               103,914,328            106,501,816

</TABLE>

* Collateral value includes non-cash collateral State Street Bank received in
lieu of cash for securities on loan. All non-cash collateral held at March 31,
2006 was in the form of U.S. Government Treasury Obligations in amounts as
follows:

<TABLE>
<CAPTION>

                                                                                           Non-Cash
Fund                                                                                   Collateral Value
----                                                                                   ----------------
<S>                                                                                 <C>
Balanced..............................................                              $             4,927
</TABLE>

         Non-cash collateral received for securities on loan is held in a
segregated account by the lending agent. The Funds are not entitled to any
income from the securities. Should the borrowers fail to meet their
obligations under the lending agreement, the Funds would take possession of
the securities.


7.    Changes to Large-Cap Growth Equity Fund

         Effective March 1, 2006, State Street determined, after consultation
with ARF, to replace RCM Capital Management LLC ("RCM") as investment advisor
of a portion of the actively managed assets of Large-Cap Growth Equity Fund.
RCM was replaced by T. Rowe Price Associates, Inc.

8.    Subsequent Event

         Effective on or about August 1, 2006, State Street expects to offer
five Retirement Date Funds as investment options under the Program. Upon
establishment of the Retirement Date Funds, State Street Bank will be paid a
fee for its management of the assets in the Retirement Date Funds at the
annual rate of .10% of the assets of the Retirement Date Funds.

         Effective August 1, 2006, the trust, management and administration
fee payable to State Street Bank and described in note 3 will be increased as
follows:

<TABLE>
<CAPTION>
                                                       Rate of State Street Bank Trust, Management
                Value of Program Assets                          and Administration Fee
      --------------------------------------------    ----------------------------------------------
      <S>                                             <C>
      First $1.0 billion                                                  .217%
      Next $1.8 billion                                                   .067%
      Over $2.8 billion                                                   .029%
</TABLE>

         Effective May 1, 2006, project fees relating to the establishment and
offering of the telephonic delivery of investment advice by CitiStreet
Advisors LLC and the Retirement Date Funds will be added to the Program
Expense Fee payable to State Street Bank and described in note 3. These
one-time fees in the amount of $75,000 and $400,000, respectively, will be
accrued for the period beginning on May 1, 2006 and ending on December 31,
2006 and for the period beginning on August 1, 2006 and ending on December 31,
2006, respectively.


                                      65
<PAGE>



Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operation.

Stable Asset Return Fund

         The Stable Asset Return Fund invests primarily in investment
contracts issued by insurance companies, banks or other financial
institutions. The Stable Asset Return Fund also invests in high quality money
market instruments, including obligations of the United States government,
notes, bonds and similar debt instruments of corporations, commercial paper,
certificates of deposit and time deposits, bankers' acceptances, variable and
indexed notes and repurchase agreements.

         For the quarter ended March 31, 2006, the Stable Asset Return Fund
experienced an annualized total return, net of expenses, of 3.91%. By
comparison, a combination of the Ryan Labs Three Year GIC Index and the
iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%,
respectively, produced an annualized investment record of 3.65% for the same
period. The Ryan Labs Three Year GIC Index portion of the combination
benchmark does not include an allowance for the fees that an investor would
pay for investing in the instruments that comprise that index or for fund
expenses.

         The Stable Asset Return Fund outperformed the combination benchmark
for the quarter ended March 31, 2006 by an annualized 26 basis points. With
the yield curve essentially flat during the quarter and spreads across all
sectors fairly compressed, it was a challenging environment for locating
value. Trades for the quarter consisted primarily of buying seasoned hybrid
adjustable rate mortgage-backed securities, taking advantage of the value the
market is placing on their future conversion to a floating rate instrument in
a rising interest rate environment. Guaranteed investment contracts offered
very little value relative to other market sectors.

         The money market portion of the portfolio was structured in
anticipation of the increases in the Federal Funds rate that occurred on
January 31 and March 28. It appears that the Federal Open Market Committee
("FOMC") is getting closer to ending the tightening cycle, as indicated by the
releases of meeting minutes and rhetoric by FOMC officials. Accordingly, a
greater percentage of the money market portion of the Fund was invested for a
longer period than the meeting-to-meeting time-frame at points where breakeven
yields made sense. The majority of the money market component was invested in
floating rate securities reset based on one-month and three-month LIBOR.
Floaters remain a core cash investment, providing an additional four to six
basis points over money market securities generally.

Intermediate Bond Fund

         The Intermediate Bond Fund's investment objective is to achieve a
total return from current income and capital appreciation by investing in a
portfolio of fixed income securities.



                                      66
<PAGE>


         For the quarter ended March 31, 2006, the Intermediate Bond Fund
experienced a total return, net of expenses, of (0.65)%. By comparison, the
Lehman Brothers Aggregate Bond Index produced an investment record of (0.65)%
for the same period. The Lehman Brothers Aggregate Bond Index does not include
an allowance for the fees that an investor would pay for investing in the
securities that comprise the index or for fund expenses.

         The Intermediate Bond Fund, which is advised by Pacific Investment
Management Company LLC, performed in line with the Lehman Brothers Aggregate
Bond Index for the quarter ended March 31, 2006. Rising interest rates in the
U.S. and around the globe weighed on bond market returns in the quarter. The
Federal Reserve tightened twice during the period, bringing the Federal Funds
rate to 4.75%. The European Central Bank joined the Fed in raising rates
during the quarter, and the Bank of Japan announced the end of its
"quantitative easing" policy, which has flooded Japanese markets with
liquidity. Unwinding of this policy will remove a low cost source of financing
for investors looking to make longer term, higher yielding investments. The
benchmark ten-year Treasury yield ended the quarter at 4.85 percent, 46 basis
points higher than at the start of the year. The U.S. yield curve remained
relatively flat and was inverted for much of the quarter. Investors looking
for clues to the direction of interest rates continued to focus on the real
estate market as the main driver of Federal Reserve policy. Evidence from the
housing sector pointed to a slowdown, but the erosion was not yet substantial
enough to convince investors that a halt in Federal Reserve tightening was
imminent. The portfolio employed the following strategies over the quarter:

         o    Interest rate strategies were negative for performance.
              Above-benchmark duration during the quarter was negative for
              performance as Treasury yields sharply increased. Curve
              positioning, with an emphasis on short to intermediate
              maturities relative to the benchmark, was also negative for
              performance as the yield curve continued to flatten and
              sometimes inverted during the quarter.

         Sector strategies for the portfolio included the following:

         o    Enhancing yield with an overweight on mortgage-backed
              securities was positive for performance. Mortgage-backed
              securities outperformed like-duration Treasuries during the
              quarter, supported by unusually low levels of volatility.
              Financial institutions both in the U.S. and abroad continued to
              be major buyers of mortgages despite the apparent disincentive
              of the flat yield curve. An underweight to high-grade corporate
              bonds detracted from returns. Credit fundamentals remained
              strong as corporate earnings continued their solid momentum.
              Many companies' balance sheets were supported by ample cash
              reserves. Beyond these core sectors, results from real return
              and municipal bonds were mixed. TIPS lagged versus nominal
              bonds during the quarter, reacting more to expectations of Fed
              tightening than to the outlook for inflation. Munis, which
              usually outperform as rates rise, outpaced Treasuries due to
              their more stable retail investor base and contributed to
              performance. Modest allocations to emerging market bonds
              contributed to returns as they were the best performing fixed
              income sector. Cash continues to flow into the asset class amid
              improving credit fundamentals and ratings upgrades. A small net
              short position in non-U.S.



                                      67
<PAGE>


              government bonds added to returns as developed, foreign
              government bonds underperformed their U.S. counterparts.

Balanced Fund

         The Balanced Fund invests in publicly-traded common stocks, other
equity securities, long-term debt securities and money market instruments. The
Balanced Fund seeks to achieve, over an extended period of time, total returns
comparable to or superior to an appropriate combination of broad measures of
the domestic stock and bond markets.

         For the quarter ended March 31, 2006, the Balanced Fund experienced a
total return, net of expenses, of 2.30%. By comparison, a combination of the
Russell 1000 Index and the Lehman Brothers Aggregate Bond Index, weighted
60%/40%, respectively, produced an investment record of 2.42% for the same
period. The Russell 1000 Index and the Lehman Brothers Aggregate Bond Index do
not include an allowance for the fees that an investor would pay for investing
in the securities that comprise the indices or for fund expenses.

         For the quarter ended March 31, 2006, the equity segment of the
Balanced Fund, which is advised with the assistance of Capital Guardian Trust
Company, underperformed the Russell 1000 Index. Stock selection in the
information technology sector was a positive contributor to portfolio results.
Information technology represents the portfolio's largest sector
concentration. Stock selection in the energy sector was also a positive
contributor to results. On the negative side, stock selection in financials,
specifically positions in government-sponsored mortgage providers, hurt
relative returns. Stock selection in consumer discretionary stocks also
detracted from performance.

         For the quarter ended March 31, 2006, the debt segment of the
Balanced Fund, which is advised with the assistance of Pacific Investment
Management Company LLC, performed in line with the Lehman Brothers Aggregate
Bond Index.

Large-Cap Value Equity Fund

         The Large-Cap Value Equity Fund seeks to outperform, over extended
periods of time, broad measures of the domestic stock market. The Fund invests
primarily in common stocks and other equity-type securities of companies with
market capitalizations, at the time of purchase, of greater than $1 billion
that are believed to be undervalued in the marketplace. A segment of the Fund
(approximately 25%) is invested to replicate the Russell 1000 Value Index,
which is comprised of those Russell 1000 stocks with a greater than average
value orientation. The remainder of the Large-Cap Value Equity Fund is
actively managed.

         For the quarter ended March 31, 2006, the Large-Cap Value Equity Fund
experienced a total return, net of expenses, of 5.63%. By comparison, the
Russell 1000 Value Index produced an investment record of 5.93% for the same
period. The Russell 1000 Value Index does not include an allowance for the
fees that an investor would pay for investing in the securities that comprise
the index or for fund expenses.

         For the quarter ended March 31, 2006, the actively managed portion of
the Fund, which is advised with the assistance of Alliance Capital Management
L.P., underperformed the Russell



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1000 Value Index. Relative returns were hurt by stock selection within the
financial sector, as several insurance holdings, such as Hartford Financial
and St. Paul Companies declined on disappointing pricing. Another chief
detractor was Intel as shares of the company fell on investor concerns
regarding a slowdown in PC sales and improved prospects of rival AMD. Finally,
many of portfolio's auto parts holdings, such as Dana and Lear, detracted from
performance as pressure in that industry continues. Relative returns were
helped by positioning within the energy and technology sectors. In energy,
offshore drillers Diamond Offshore Drilling and GlobalSantaFe gained as major
oil producers continue to spend heavily on exploration. The position in
Marathon Oil added value as well, as shares of the integrated energy company
moved higher on surging oil prices and refining margins during the quarter. In
technology, Corning was a key contributor as the company continues to benefit
from robust demand for high-end LCD televisions. Meanwhile, telecom equipment
manufacturer Tellabs rose on continued strong broadband infrastructure
spending.

         The performance of the indexed segment of the Large-Cap Value Equity
Fund for the quarter ended March 31, 2006 was consistent with the Russell 1000
Value Index after taking into account expenses.

Large-Cap Growth Equity Fund

         The Large-Cap Growth Equity Fund invests primarily in common stocks
and other equity-type securities of companies with market capitalizations
greater than $1 billion at the time of purchase that are believed to have
strong earnings growth potential. The Large-Cap Growth Equity Fund seeks to
achieve long-term growth of capital through increases in the value of the
securities its holds and to realize income principally from dividends on such
securities. A segment of the Large-Cap Growth Equity Fund (approximately 33
(1)/3%) is invested to replicate the Russell 1000 Growth Index, which is
comprised of those Russell 1000 securities with a greater than average growth
orientation. The remainder of the Large-Cap Growth Equity Fund is actively
managed. The Large-Cap Growth Equity Fund seeks to achieve, over an extended
period of time, total returns that are comparable to or superior to those
attained by broad measures of the domestic stock market.

         For the quarter ended March 31, 2006, the Large-Cap Growth Equity
Fund experienced a total return, net of expenses, of 3.11%. By comparison, the
Russell 1000 Growth Index produced an investment record of 3.09% for the same
period. The Russell 1000 Growth Index does not include an allowance for the
fees that an investor would pay for investing in the securities that comprise
the index or for fund expenses.

         The segment of the Large-Cap Growth Equity Fund advised with the
assistance of Capital Guardian Trust Company outperformed the Russell 1000
Growth Index for the quarter ended March 31, 2006. Stock selection in the
information technology sector was a positive contributor to portfolio results.
Information technology represents the portfolio's largest sector
concentration. Stock selection in the energy sector was also a positive
contributor to results. On the negative side, stock selection in financials,
specifically positions in government-sponsored mortgage providers, hurt
relative returns. Stock selection in consumer discretionary stocks also
detracted from performance.



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<PAGE>


          The other actively managed segment of the Large-Cap Growth Equity
Fund, advised by RCM Capital Management LLC until February 28, 2006, and
thereafter by T. Rowe Price Associates, Inc., outperformed the Russell 1000
Growth Index for the quarter ended March 31, 2006. RCM outperfomed during the
period they advised as stock selection added to performance. Stock selection
within the Semiconductors, Energy and Biotechnology sectors helped performance
for the period, while stock selection within the Health Care Equipment,
Communications Equipment and Consumer Services sectors detracted from returns.
Industry strategy for the period cost. Overweight in the Diversified
Financials sector and underweight in the Food Beverage & Tobacco and Computers
& Peripherals sectors aided performance. Overweight in the Internet Software &
Services and Semiconductors sectors and underweight in the Communications
Equipment sector detracted from performance. T. Rowe underperformed as stock
selection detracted in a range of sectors. Although holdings in the Consumer
Staples sector posted weak results for the period, good stock selection in the
sector drove positive results for the sector. Information technology stocks
posted mixed results. Positive stock selection in the Software sector was
offset by weakness in the Information Technology Services and Semiconductors
and Semiconductor Equipment sectors. In the Financials sector, stock selection
was negative in capital markets. Within the Health Care sector, negative stock
selection in pharmaceuticals and health care equipment and supplies companies
dampened relative results.

         The performance of the indexed segment of the Large-Cap Growth Equity
Fund for the quarter ended March 31, 2006 was consistent with the Russell 1000
Growth Index after taking into account expenses.

Index Equity Fund

         The Index Equity Fund invests in common stocks of U.S. companies
which are included in the Russell 3000 Index, with the overall objective of
achieving long-term growth of capital. The Russell 3000 Index represents
approximately 98% of the U.S. equity market based on market capitalization of
the companies in the Russell 3000 Index.

         For the quarter ended March 31, 2006, the Index Equity Fund
experienced a total return, net of expenses, of 5.19%. By comparison, the
Russell 3000 Index produced an investment record of 5.31% 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 the index or
for fund expenses.

         The performance of the Index Equity Fund for the quarter ended March
31, 2006 was consistent with the Russell 3000 Index after taking into account
expenses.

Mid-Cap Value Equity Fund

         The Mid-Cap Value Equity Fund seeks to outperform, over extended
periods of time, broad measures of the domestic stock market. The Fund invests
primarily in equity securities of companies with market capitalizations
between $1 billion and $12 billion at the time of investment. The Fund seeks
to achieve growth of capital through investing primarily in common stocks of
medium-sized companies believed to be attractively priced relative to their
future



                                      70
<PAGE>


earnings power. The Fund seeks to emphasize sectors and securities State
Street and the Investment Advisor consider undervalued.

         For the quarter ended March 31, 2006, the Mid-Cap Value Equity Fund,
which is advised with the assistance of Ariel Capital Management LLC,
experienced a total return, net of expenses, of 2.51%. By comparison, the
Russell Mid-Cap Value Index produced an investment record of 7.62% for the
same period. The Russell Mid-Cap Value 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 Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap
Value Index for the quarter ended March 31, 2006. The Russell Mid Cap Value
Index surged in the first quarter due to the strong performance of lower
quality stocks. Profiling the Russell Mid Cap Value Index's holdings by S&P
Quality Rank shows that lower-quality C & D ranked stocks (+11.8%)
outperformed the high-quality A+ stocks (+4.9%). Accordingly, while the
portfolio's holdings produced a positive absolute return, it did not match the
Index's fervor.

         The portfolio was helped by strong performance in some of the
portfolio's more controversial holdings. Notably, Janus Capital Group's stock
rose 24.37% due to solid earnings driven by improving asset flows within its
traditional mutual funds, and record asset growth at its INTECH subsidiary.
Mattel shares appreciated 14.60% due to solid quarterly earnings, reports of
strong Barbie sales around the holidays, and the dismissal of a patent
infringement case brought by LeapFrog. Finally, Waste Management's stock rose
17.07% as the result of strong quarterly earnings driven by higher pricing and
a 1.7% fuel surcharge. Waste Management continues to generate significant cash
flows driven by improving fundamentals and expanding margins.

         Conversely, the portfolio's media and newspaper holdings continued to
struggle. Shares of both Tribune (-8.82%) and McClatchy (-17.05%) fell during
the quarter due to declining circulation and negative sentiment from
investors. Tribune has premier assets, including CareerBuilder.com, Food
Network and the Chicago Cubs, whose values are not being recognized. On March
13, McClatchy announced its acquisition of Knight Ridder. In the deal
McClatchy was able to purchase 20 healthy papers in high-growth markets, while
selling the 12 papers that have negatively impacted Knight Ridder's
financials.

Mid-Cap Growth Equity Fund

         The Mid-Cap Growth Equity Fund invests primarily in common stocks and
other equity-type securities of companies with market capitalizations between
$1 billion and $12 billion at the time of investment. The Fund emphasizes
sectors and securities that State Street and the Investment Advisor believe
have strong earnings growth potential. The Mid-Cap Growth Equity Fund seeks to
achieve, over an extended period of time, total returns comparable to or
superior to those attained by broad measures of the domestic stock market.

         For the quarter ended March 31, 2006, the Mid-Cap Growth Equity Fund,
which is advised by Turner Investment Partners, experienced a total return,
net of expenses, of 11.91%. By comparison, the Russell Mid-Cap Growth Index
produced an investment record of 7.61% for the same period. The Russell
Mid-Cap Growth Index does not include an allowance for the fees



                                      71
<PAGE>


that an investor would pay for investing in the securities that comprise the
index or for fund expenses.

         The Mid-Cap Growth Equity Fund outperformed the Russell Mid-Cap
Growth Index for the quarter ended March 31, 2006. The portfolio benefited
most from strong performance in the technology (+2.3% versus the benchmark)
and financial (+0.7% versus the benchmark) sectors. Outperformance was,
however, broad based for the quarter with only the healthcare sector
marginally underperforming on a relative basis (less than 0.1%).

         In the portfolio's second largest sector, technology holdings JDS
Uniphase Corp. (+77%) and Akamai Technologies Inc. (+65%) were among the
leaders for the quarter. JDS provides communications test and measurement
solutions, and optical products for telecommunications service providers,
cable operators, and network equipment manufacturers. Strength at JDS is being
driven by customers' willingness to invest in VOIP (voice over internet
protocol) and IPTV (Internet protocol television). Akamai Technologies
provides services for the delivery of content and business processes over the
Internet for businesses, government agencies, and other enterprises. Akamai
continues to see good business trends driven by the Apple video Ipod and
generally increased internet media content such as the NCAA March Madness
offering. Akamai recently acquired a small competitor but currently has no
major competition in this space.

         Within the Financial Services sector, the portfolio's holdings
outpaced that of the Index: 14.9% vs. 8.5%. Much of the sector's performance
was driven by asset sensitive companies such as CB Richard Ellis Group Inc.
(+37%) and Affiliated Managers Group Inc. (+33%). CB Richard Ellis offers
commercial real estate services worldwide. Revenues are evenly spread across
geographies and the company could see potential growth in Europe and Asia.
Affiliated Managers Group, through its affiliates, operates as an asset
management company providing investment management services to mutual funds,
institutional clients, and high net worth individuals in the United States and
is benefiting from the recent capital market strength.

         The healthcare sector detracted only marginally for the quarter
(-0.03% versus the benchmark). Dade Behring Holdings, Inc. was the largest
drag on performance in the sector as the stock slipped 13% for the quarter.
Dade Behring engages in the manufacturing and distribution of diagnostics
products and services to clinical laboratories worldwide. In this industry
there has been a shift from sales to operating leases. While Dade has not
missed earnings, the company did report a revenue shortfall, blaming it on the
shift to these lease-style arrangements.

Small-Cap Equity Fund

         The Small-Cap Equity Fund invests primarily in equity securities of
companies with market capitalizations of $2.5 billion or less at the time of
investment. These companies may include new companies and companies that may
benefit from new technologies, new product or service development or
management changes. The Small-Cap Equity Fund seeks to achieve, over an
extended period of time, total returns comparable to or superior to those
attained by broad measures of the domestic stock market. A segment of the Fund
is invested to replicate the Russell 2000 Index, which is comprised of the
2,000 companies in the Russell 3000 Index with the smallest market
capitalization. The remainder of the Fund is actively managed.



                                      72
<PAGE>


         For the quarter ended March 31, 2006, the Small-Cap Equity Fund
experienced a total return, net of expenses, of 11.84%. By comparison, the
Russell 2000 Index produced an investment record of 13.94% for the same
period. The 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 segment of the Small-Cap Equity Fund advised with the assistance
of Smith Asset Management Group, L.P. underperformed the Russell 2000 Index
for the quarter ended March 31, 2006. Stock selection was exceptionally good
within the consumer discretionary sector in the quarter with 18.9% returns
versus 10.7% for the benchmark. Energy stocks also performed well (16.5% vs.
13.8%). Stocks in the information technology and materials sectors trailed
their benchmarks (7.6% vs. 16.2% for tech and 12.3% vs. 29.5% for materials).
Financials and industrials also lagged. Performance for the quarter was driven
predominately by negative stock selection within those four sectors.

         Three of the best performing stocks for the quarter were Trident
Microsystems (61.4%), First Horizon Pharmaceutical Corp. (46.1%), and Arris
Group, Inc. (45.3%). Trident Microsystems designs, develops, and markets
integrated circuits for digital media applications, such as digital
television, LCD TV, and digital set-top boxes. In January, the company
reported fourth quarter 2005 earnings that were 11% better than expected.
First Horizon Pharmaceutical markets brand name prescription drugs to
cardiologists, obstetricians and gynecologists, pediatricians, and primary
care physicians. In February the company reported fourth quarter 2005 earnings
that were 6% above expectations. Arris Group develops and supplies equipment
and technology for cable system operators and other broadband service
providers. Arris Group reported December quarter earnings in February that
were 27% above estimates, and raised significantly its revenue guidance for
the March quarter. Blue Coat Systems (-45.9%), Websense, Inc. (-16.0%) and
Valueclick Inc. (-6.6%) were the three largest contributors to poor stock
performance during the quarter. Blue Coat Systems was sold, but Websense and
Valuclick have not yet triggered the portfolio's sell discipline.

         The segment of the Small-Cap Equity Fund advised with the assistance
of Wellington Asset Management, LLP underperformed the Russell 2000 Index for
the quarter ended March 31, 2006. As a "best ideas" portfolio, bottom-up stock
selection is the primary source of excess returns, and in turn, aggregate
risk. Stock selection was weakest within the Materials, Information Technology
and Energy sectors. Strong performance from the Industrial and Consumer
Staples sectors buffered the returns.

         Stock selection in the Consumer Staples sector was positive as the
position in Wild Oats, an organic foods retailer, gained momentum when it
announced fourth quarter profits and an earnings forecasts that both exceeded
expectations. Returns in the Industrials sector continued to be strong into
the first quarter as construction material names Beacon Roofing Supply and USG
Corp added favorably to results. Within the Materials sector, holdings in
Cleveland-Cliffs and Schweitzer-Mauduit negatively impacted sector results.
Both companies suffered from higher operating costs than anticipated.
Schweitzer, in particular, was impacted by higher energy costs, rising
employment costs and an unfavorable currency exchange rate from its operations
in Brazil. While the Information Technology sector had been a source of
relative outperformance in recent quarters, this sector suffered some losses
as those names that had gained last quarter lost



                                      73
<PAGE>


momentum. Varian Semiconductor declined as investors feared that the recent
order cycle for semi-cap equipment companies had reached a peak.

         The performance of the indexed segment of the Small-Cap Equity Fund
for the quarter ended March 31, 2006 was consistent with the Russell 2000
Index after taking into account expenses.

International Equity Fund

         The International Equity Fund's investment objective is to seek
long-term growth of capital through investment primarily in common stocks of
established non-U.S. companies. The Fund intends to diversify investments
broadly among countries of the Far East and Europe, as well as in South
Africa, Australia, Canada and other areas. The International Equity Fund seeks
to achieve, over an extended period of time, total returns comparable to or
superior to broad measures of the international (non-U.S.) stock market.

         For the quarter ended March 31, 2006, the International Equity Fund
experienced a total return, net of expenses, of 10.56%. By comparison, the
Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the
"MSCI AC World Ex-U.S. Index") produced an investment record of 9.68% for the
same period. The MSCI AC World Ex.-U.S. Index does not include an allowance
for the fees that an investor would pay for investing in the securities that
comprise the index or for fund expenses.

         The segment of the International Equity Fund advised with the
assistance of Philadelphia International Advisors, LP outperformed the MSCI AC
World Ex-U.S. Index for the quarter ended March 31, 2006. During this three
month period, the portfolio stayed ahead of the market. Some of the value and
quality criteria employed in the selection of stocks leads to stocks that are
also attractive from an M&A standpoint. In this relatively short period,
several holdings received acquisition offers at substantial premiums to where
the stocks traded before the bids. Not surprisingly, from an attribution
standpoint, security selection drove performance in the quarter in countries
that experienced takeover offers as well as within the Japanese market. On a
sector basis, the attractive relative gains were again driven by security
selection as well as a favorable overweighting in materials stocks.

         The segment of the International Equity Fund advised with the
assistance of JPMorgan Asset Management (London) Limited outperformed the MSCI
AC World Ex-U.S. Index for the quarter ended March 31, 2006. Gains were
underpinned by the Telecom, Technology and Financial sectors. In the Telecom
sector the portfolio benefitted from favoring emerging market names and
underweighting the larger European names. Overweight positions in Nokia, SAP,
Hoya and Canon, combined with a lack of exposure to Softbank, drove
performance in the Technology sector. Financial holdings were spearheaded by
China Life, Banco Popular, Schroders and UBS. In contrast, the Consumer
Staples, Energy and Utility sectors detracted from performance. The portfolio
was underweight Utilities, which did well driven by M&A fever. Performance in
the consumer staples holdings was weighed down by Tesco and Morrison
Supermarkets. Energy holdings were up for the period but uncertainty over the
price of oil caused them to lag the broader index. Stock selection was
generally positive in most regions



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<PAGE>


except Continental Europe and North America (Canada) where the bulk of the
portfolio's energy holdings were concentrated.

Structured Portfolio Service

         The portfolios of the Structured Portfolio Service invest in the
Funds described above according to conservative, moderate and aggressive
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund, 35%; Large-Cap Value
Equity Fund, 7%; Large-Cap Growth Equity Fund, 7%; Index Equity Fund, 14%; and
International Equity Fund, 7%. Funds in the Moderate Portfolio are allocated
as follows: Stable Asset Return Fund 10%; Intermediate Bond Fund, 30%;
Large-Cap Value Equity Fund, 9%; Large-Cap Growth Equity Fund, 9%; Index
Equity Fund, 23%; Mid-Cap Value Equity Fund, 2%; Mid-Cap Growth Equity Fund,
2%; and International Equity Fund, 15%. Funds in the Aggressive Portfolio are
allocated as follows: Intermediate Bond Fund, 15%; Large-Cap Value Equity
Fund, 13%; Large-Cap Growth Equity Fund, 13%; Index Equity Fund, 30%; Mid-Cap
Value Equity Fund, 3%; Mid-Cap Growth Equity Fund, 3%; Small-Cap Equity Fund,
3%; and International Equity Fund, 20%.

         For the quarter ended March 31, 2006, the Structured Portfolio
Service experienced a total return, net of expenses, of 2.13% for the
Conservative Portfolio, 3.73% for the Moderate Portfolio, and 5.47% for the
Aggressive Portfolio.

         A recorded message providing current values for Units in each
portfolio in the Structured Portfolio Service is available at (800) 826-8905.
The Structured Portfolio Service may, from time to time, report the
performance of each of the portfolios in terms of total return. This reported
performance will be determined based on historical results and will not be
intended to indicate future performance.

Item 4. CONTROLS AND PROCEDURES.

      Conclusion Regarding the Effectiveness of Disclosure Controls and
Procedures: Under the supervision and with the participation of the Chief
Executive Officer and Chief Financial Officer, the Collective Trust conducted
an evaluation of its disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trust's Chief Executive Officer and Chief Financial
Officer have concluded that its disclosure controls and procedures are
effective as of March 31, 2006.

      Internal Control Over Financial Reporting: No change in the Collective
Trust's internal control over financial reporting occurred during the
Collective Trust's last fiscal quarter ended March 31, 2006 that has
materially affected, or is reasonably likely to materially affect, the
Collective Trust's internal control over financial reporting.



                                      75
<PAGE>



PART II.  OTHER INFORMATION.

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

         During the quarter ended March 31, 2006, the Collective Trust issued
an aggregate of approximately $155 million in unregistered Units. Such Units
were offered and sold at their net asset value 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 or portfolio of the Structured Portfolio Service.

Item 6. EXHIBITS

31.1*   Certification of Philip J. Lussier 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 Beth M. Halberstadt 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 Philip J. Lussier 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 Beth M. Halberstadt pursuant to 18 U.S.C. Section
        1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
        of 2002.

* Filed herewith.



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<PAGE>



                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                      AMERICAN BAR ASSOCIATION MEMBERS/ STATE
                                      STREET COLLECTIVE TRUST


May 10, 2006                          By:    /s/ Philip J. Lussier
                                            ----------------------
                                            Name: Philip J. Lussier
                                            Title:  Chief Executive Officer



May 10, 2006                          By:    /s/ Beth M. Halberstadt
                                            ------------------------
                                            Name:  Beth M. Halberstadt
                                            Title:   Chief Financial Officer





<PAGE>


EXHIBIT INDEX

31.1*     Certification of Philip J. Lussier 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 Beth M. Halberstadt 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 Philip J. Lussier 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 Beth M. Halberstadt pursuant to 18 U.S.C.
          Section 1350, as adopted pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002.

* Filed herewith.