##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







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

For the quarterly period ended June 30, 2008.



| ̈ | 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 ofincorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                              | 
|20 Trafalgar Square, Suite 449 Nashua, New Hampshire          |  | 03063                               
|(Address of principal executive offices)                      |  | (ZIP Code)                          

(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, a non-accelerated filer, or a smaller reporting
company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 1b-2 of the Exchange Act.



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

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









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TABLE OF CONTENTS



|        |  |                                          |  |     
|------- |  | ---------------------------------------- |  | ----
|        |  |                                          |  | Page
|PART I. |  | FINANCIAL INFORMATION                    |  | 1   
|        |  |                                         
|        |  | Item 1. Financial Statements (Unaudited) |  | 1   
|        |  |                                         
|        |  | 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  



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| |  |                                                                                               |  |   
| |  | --------------------------------------------------------------------------------------------- |  | --
| |  | Financial Highlights                                                                          |  | 32
| |  |                                                                                              
| |  | Small-Cap Equity Fund                                                                         |  | 33
| |  | Statement of Assets and Liabilities                                                           |  | 33
| |  | 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
| |  |                                                                                              
| |  | Lifetime Income Retirement Date Fund                                                          |  | 41
| |  | Statement of Assets and Liabilities                                                           |  | 41
| |  | Statement of Operations                                                                       |  | 42
| |  | Statement of Changes in Net Assets                                                            |  | 43
| |  | Financial Highlights                                                                          |  | 44
| |  |                                                                                              
| |  | 2010 Retirement Date Fund                                                                     |  | 45
| |  | Statement of Assets and Liabilities                                                           |  | 45
| |  | Statement of Operations                                                                       |  | 46
| |  | Statement of Changes in Net Assets                                                            |  | 47
| |  | Financial Highlights                                                                          |  | 48
| |  |                                                                                              
| |  | 2020 Retirement Date Fund                                                                     |  | 49
| |  | Statement of Assets and Liabilities                                                           |  | 49
| |  | Statement of Operations                                                                       |  | 50
| |  | Statement of Changes in Net Assets                                                            |  | 51
| |  | Financial Highlights                                                                          |  | 52
| |  |                                                                                              
| |  | 2030 Retirement Date Fund                                                                     |  | 53
| |  | Statement of Assets and Liabilities                                                           |  | 53
| |  | Statement of Operations                                                                       |  | 54
| |  | Statement of Changes in Net Assets                                                            |  | 55
| |  | Financial Highlights                                                                          |  | 56
| |  |                                                                                              
| |  | 2040 Retirement Date Fund                                                                     |  | 57
| |  | Statement of Assets and Liabilities                                                           |  | 57
| |  | Statement of Operations                                                                       |  | 58
| |  | Statement of Changes in Net Assets                                                            |  | 59
| |  | Financial Highlights                                                                          |  | 60
| |  |                                                                                              
| |  | Notes to Unaudited Financial Statements                                                       |  | 61
| |  |                                                                                              
| |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations |  | 82



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|           |  |                                                                     |  |    
|---------- |  | ------------------------------------------------------------------- |  | ---
|           |  |                                                                    
|           |  | Item 4. Controls and Procedures                                     |  | 104
|           |  |                                                                    
|PART II.   |  | OTHER INFORMATION                                                   |  | 105
|           |  |                                                                    
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |  | 105
|           |  |                                                                    
|           |  | Item 6. Exhibits                                                    |  | 105
|           | 
|SIGNATURES |  | 106                                                                



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##### Table of Contents

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



|                                                                                          |  |               |             |    
|----------------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                          |  | June 30, 2008 |            
|Assets                                                                                    |  |               |             |    
|Investments, at value (cost $222,261,661)                                                 |  | $             | 203,554,079 | (a)
|Investments in affiliated issuers, at value (cost $48,195,677)                            |  |               | 48,195,677  |    
|American Bar Association Members/State Street Collective Trust investment fund, at value: |  |               |             |    
|Intermediate Bond Fund (cost $136,362,736 and units of 7,395,299)                         |  |               | 160,781,148 | (b)
|Cash                                                                                      |  |               | 968         |    
|Receivable for investments sold                                                           |  |               | 1,754,379   |    
|Receivable for fund units sold                                                            |  |               | 171,209     |    
|Dividends receivable                                                                      |  |               | 189,763     |    
|Tax reclaims receivable                                                                   |  |               | 10,722      |    
|                                                                                          |  |               |             |    
|Total assets                                                                              |  |               | 414,657,945 |    
|                                                                                          |  |               |             |    
|Liabilities                                                                               |  |               |             |    
|Payable for cash collateral received on securities loaned                                 |  |               | 44,596,574  | (c)
|Payable for investments purchased                                                         |  |               | 1,255,311   |    
|Payable for fund units redeemed                                                           |  |               | 1,463,302   |    
|Investment advisory fee payable                                                           |  |               | 88,895      |    
|State Street Bank and Trust Companyprogram fee payable                                   |  |               | 60,774      |    
|Trustee, management and administration fees payable                                       |  |               | 17,113      |    
|ABA Retirement Fundsprogram fee payable                                                  |  |               | 8,040       |    
|Other accruals                                                                            |  |               | 54,611      |    
|                                                                                          |  |               |             |    
|Total liabilities                                                                         |  |               | 47,544,620  |    
|                                                                                          |  |               |             |    
|                                                                                          | 
|Net Assets (equivalent to $82.82 per unit based on 4,432,557 units outstanding)           |  | $             | 367,113,325 |    
|                                                                                          |  |               |             |    



|(a) | Includes securities on loan with a value of $44,741,079 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Indicates an affiliated issuer.
|--- | -------------------------------

|(c) | Excludes non-cash collateral of $1,352,078 (see Note 6).
|--- | --------------------------------------------------------

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



1



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $8,543 and $10,534)    |  | $                                           | 958,675     |   |                                               | $ | 1,980,613   |  
|Dividendsaffiliated issuers                                    |  |                                             | 36,352      |   |                                               |   | 76,949      |  
|Securities lending income                                       |  |                                             | 58,975      |   |                                               |   | 115,939     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 1,054,002   |   |                                               |   | 2,173,501   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 187,800     |   |                                               |   | 372,817     |  
|Investment advisory fee                                         |  |                                             | 132,946     |   |                                               |   | 265,946     |  
|Trustee, management and administration fees                     |  |                                             | 52,858      |   |                                               |   | 106,247     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 24,290      |   |                                               |   | 49,005      |  
|Legal and audit fees                                            |  |                                             | 12,938      |   |                                               |   | 26,057      |  
|Compliance consultant fees                                      |  |                                             | 11,884      |   |                                               |   | 23,934      |  
|Reports to unitholders                                          |  |                                             | 6,402       |   |                                               |   | 12,893      |  
|Registration fees                                               |  |                                             | 1,721       |   |                                               |   | 3,466       |  
|Other fees                                                      |  |                                             | 6,563       |   |                                               |   | 13,219      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 437,402     |   |                                               |   | 873,584     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 616,600     |   |                                               |   | 1,299,917   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | 2,612,443   |   |                                               |   | 2,632,934   |  
|Intermediate Bond Fund                                          |  |                                             | 1,049,440   |   |                                               |   | 1,921,433   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 3,661,883   |   |                                               |   | 4,554,367   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (15,601,227 | ) |                                               |   | (36,495,802 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (11,939,344 | ) |                                               |   | (31,941,435 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (11,322,744 | ) |                                               | $ | (30,641,518 | )
|                                                                |  |                                             |             |   |                                               |   |             |  

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



2



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 616,600     |   |                                               | $ | 1,299,917   |  
|Net realized gain (loss)                                           |  |                                             | 3,661,883   |   |                                               |   | 4,554,367   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (15,601,227 | ) |                                               |   | (36,495,802 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (11,322,744 | ) |                                               |   | (30,641,518 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 12,095,790  |   |                                               |   | 36,850,879  |  
|Cost of units redeemed                                             |  |                                             | (23,219,488 | ) |                                               |   | (52,427,757 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (11,123,698 | ) |                                               |   | (15,576,878 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (22,446,442 | ) |                                               |   | (46,218,396 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 389,559,767 |   |                                               |   | 413,331,721 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 367,113,325 |   |                                               | $ | 367,113,325 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,559,961   |   |                                               |   | 4,610,378   |  
|Issued                                                             |  |                                             | 138,360     |   |                                               |   | 424,961     |  
|Redeemed                                                           |  |                                             | (265,764    | ) |                                               |   | (602,782    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 4,432,557   |   |                                               |   | 4,432,557   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



3



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.23    |    |                                               | $ | 0.48    |   
|Expenses()                                                |  |                                             | (0.09   | )  |                                               |   | (0.19   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.14    |    |                                               |   | 0.29    |   
|Net realized and unrealized gain (loss)                      |  |                                             | (2.75   | )  |                                               |   | (7.12   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (2.61   | )  |                                               |   | (6.83   | ) 
|Net asset value at beginning of period                       |  |                                             | 85.43   |    |                                               |   | 89.65   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 82.82   |    |                                               | $ | 82.82   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.45    | %  |                                               |   | 0.44    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.63    | %  |                                               |   | 0.66    | % 
|Portfolio turnover**                                      |  |                                             | 6       | %  |                                               |   | 14      | % 
|Total return**                                               |  |                                             | (3.06   | )% |                                               |   | (7.62   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 367,113 |    |                                               | $ | 367,113 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | Expenses includes only those expenses charged directly to the Fund and does not include expenses charged to either the collective investment funds or 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 the Intermediate Bond Fund, portfolio turnover reflects purchases and sales of the Intermediate Bond Fund in which
the Fund invests a portion of its assets, rather than portfolio turnover of the underlying portfolio of the Intermediate Bond Fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



4



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                           |  |               |            
|-------------------------------------------------------------------------------------------------------------------------- |  | ------------- | -----------
|                                                                                                                           |  | June 30, 2008
|Assets                                                                                                                     |  |               |            
|Investments in affiliated fund, at value:                                                                                  |  |               |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $271,292,226 and units of 30,346,532) |  | $             | 340,730,860
|Receivable for fund units sold                                                                                             |  |               | 181,087    
|                                                                                                                           |  |               |            
|Total assets                                                                                                               |  |               | 340,911,947
|                                                                                                                           |  |               |            
|Liabilities                                                                                                                |  |               |            
|Payable for fund units redeemed                                                                                            |  |               | 1,587,565  
|State Street Bank and Trust Companyprogram fee payable                                                                    |  |               | 99,445     
|Trustee, management and administration fees payable                                                                        |  |               | 27,961     
|ABA Retirement Fundsprogram fee payable                                                                                   |  |               | 12,576     
|Other accruals                                                                                                             |  |               | 89,163     
|                                                                                                                           |  |               |            
|Total liabilities                                                                                                          |  |               | 1,816,710  
|                                                                                                                           |  |               |            
|                                                                                                                           | 
|Net Assets (equivalent to $34.13 per unit based on 9,935,807 units outstanding)                                            |  | $             | 339,095,237
|                                                                                                                           |  |               |            

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



5



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Operations

Unaudited



|                                                                          |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                          |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                         |  |                                             |            |   |                                               |   |             |  
|Securities lending income                                                 |  | $                                           | 111,638    |   |                                               | $ | 142,016     |  
|                                                                          |  |                                             |            |   |                                               |   |             |  
|Total investment income                                                   |  |                                             | 111,638    |   |                                               |   | 142,016     |  
|                                                                          |  |                                             |            |   |                                               |   |             |  
|                                                                          |  |                                            
|Expenses                                                                  |  |                                             |            |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                           |  |                                             | 303,895    |   |                                               |   | 621,582     |  
|Trustee, management and administration fees                               |  |                                             | 85,525     |   |                                               |   | 177,159     |  
|ABA Retirement Fundsprogram fee                                          |  |                                             | 39,306     |   |                                               |   | 81,730      |  
|Legal and audit fees                                                      |  |                                             | 20,934     |   |                                               |   | 43,449      |  
|Compliance consultant fees                                                |  |                                             | 19,228     |   |                                               |   | 39,909      |  
|Reports to unitholders                                                    |  |                                             | 10,358     |   |                                               |   | 21,499      |  
|Registration fees                                                         |  |                                             | 2,784      |   |                                               |   | 5,779       |  
|Other fees                                                                |  |                                             | 10,621     |   |                                               |   | 22,044      |  
|                                                                          |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                            |  |                                             | 492,651    |   |                                               |   | 1,013,151   |  
|                                                                          |  |                                             |            |   |                                               |   |             |  
|                                                                          |  |                                            
|Net investment income (loss)                                              |  |                                             | (381,013   | ) |                                               |   | (871,135    | )
|                                                                          |  |                                             |            |   |                                               |   |             |  
|                                                                          |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                                  |  |                                             | 1,979,837  |   |                                               |   | 6,229,385   |  
|                                                                          |  |                                            
|Change in net unrealized appreciation (depreciation)                      |  |                                             | (7,249,143 | ) |                                               |   | (52,902,222 | )
|                                                                          |  |                                             |            |   |                                               |   |             |  
|                                                                          |  |                                            
|Net realized and unrealized gain (loss)                                   |  |                                             | (5,269,306 | ) |                                               |   | (46,672,837 | )
|                                                                          |  |                                             |            |   |                                               |   |             |  
|                                                                          |  |                                            
|Net increase (decrease) in net assets resulting from operations           |  | $                                           | (5,650,319 | ) |                                               | $ | (47,543,972 | )
|                                                                          |  |                                             |            |   |                                               |   |             |  

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



6



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |              |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                       |  | $                                           | (381,013    | ) |                                               | $ | (871,135     | )
|Net realized gain (loss)                                           |  |                                             | 1,979,837   |   |                                               |   | 6,229,385    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (7,249,143  | ) |                                               |   | (52,902,222  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (5,650,319  | ) |                                               |   | (47,543,972  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                         |  |                                             | 12,169,845  |   |                                               |   | 109,583,533  |  
|Cost of units redeemed                                             |  |                                             | (24,220,589 | ) |                                               |   | (161,747,489 | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (12,050,744 | ) |                                               |   | (52,163,956  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (17,701,063 | ) |                                               |   | (99,707,928  | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                |  |                                             | 356,796,300 |   |                                               |   | 438,803,165  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|End of period                                                      |  | $                                           | 339,095,237 |   |                                               | $ | 339,095,237  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                    |  |                                             | 10,266,811  |   |                                               |   | 11,413,546   |  
|Issued                                                             |  |                                             | 336,474     |   |                                               |   | 3,140,399    |  
|Redeemed                                                           |  |                                             | (667,478    | ) |                                               |   | (4,618,138   | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                          |  |                                             | 9,935,807   |   |                                               |   | 9,935,807    |  
|                                                                   |  |                                             |             |   |                                               |   |              |  

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



7



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.01    |    |                                               | $ | 0.01    |   
|Expenses()                                                |  |                                             | (0.05   | )  |                                               |   | (0.10   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                               |   | (0.09   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.58   | )  |                                               |   | (4.23   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.62   | )  |                                               |   | (4.32   | ) 
|Net asset value at beginning of period                       |  |                                             | 34.75   |    |                                               |   | 38.45   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 34.13   |    |                                               | $ | 34.13   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.54    | %  |                                               |   | 0.54    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.42   | )% |                                               |   | (0.46   | )%
|Portfolio turnover**                                      |  |                                             | 1       | %  |                                               |   | 1       | % 
|Total return**                                               |  |                                             | (1.78   | )% |                                               |   | (11.24  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 339,095 |    |                                               | $ | 339,095 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



8



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2008 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $516,683,857)                                        |  | $             | 509,383,319 | (a)
|Investments in affiliated issuers, at value (cost $16,529,020)                   |  |               | 16,529,020  |    
|Foreign currency, at value (cost $1,001,638)                                     |  |               | 1,005,939   |    
|Deposit with broker for open futures contracts                                   |  |               | 2,840,700   |    
|Receivable for investments sold on delayed delivery basis                        |  |               | 72,550,164  |    
|Receivable for investments sold                                                  |  |               | 22,527,188  |    
|Receivable for fund units sold                                                   |  |               | 324,796     |    
|Interest and dividend receivable                                                 |  |               | 4,019,887   |    
|Gross unrealized appreciation of forward currency exchange contracts             |  |               | 178,511     |    
|Tax reclaims receivable                                                          |  |               | 13,156      |    
|Swap contracts, at value                                                         |  |               | 2,141,651   |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 631,514,331 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Due to custodian                                                                 |  |               | 211,340     |    
|Payable for cash collateral received on securities loaned                        |  |               | 13,278,438  | (b)
|Payable for investments purchased on a delayed delivery basis                    |  |               | 115,517,500 |    
|Payable for investments purchased                                                |  |               | 48,673,711  |    
|Payable for fund units redeemed                                                  |  |               | 1,643,464   |    
|Swap contracts, at value                                                         |  |               | 9,370,303   |    
|Payable for futures variation margin                                             |  |               | 265,735     |    
|Options written, at value (premium received $119,763)                            |  |               | 82,500      |    
|Gross unrealized depreciation of forward currency exchange contracts             |  |               | 55,011      |    
|State Street Bank and Trust Companyprogram fee payable                          |  |               | 123,350     |    
|Investment advisory fee payable                                                  |  |               | 98,987      |    
|Trustee, management and administration fees payable                              |  |               | 34,604      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 16,250      |    
|Other accruals                                                                   |  |               | 102,973     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 189,474,166 |    
|                                                                                 |  |               |             |    
|                                                                                 | 
|Net Assets (equivalent to $21.74 per unit based on 20,332,139 units outstanding) |  | $             | 442,040,165 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $13,576,202 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $576,250 (see Note 6).
|--- | ------------------------------------------------------

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



9



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends                                                       |  | $                                           | 63,437      |   |                                               | $ | 109,253     |  
|Dividendsaffiliated issuers                                    |  |                                             | 38,859      |   |                                               |   | 99,952      |  
|Interestunaffiliated issuers                                   |  |                                             | 5,951,920   |   |                                               |   | 12,187,424  |  
|Securities lending income                                       |  |                                             | 27,378      |   |                                               |   | 68,206      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 6,081,594   |   |                                               |   | 12,464,835  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 376,643     |   |                                               |   | 770,257     |  
|Investment advisory fee                                         |  |                                             | 307,432     |   |                                               |   | 632,621     |  
|Trustee, management and administration fees                     |  |                                             | 105,987     |   |                                               |   | 219,606     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 48,715      |   |                                               |   | 101,311     |  
|Legal and audit fees                                            |  |                                             | 25,944      |   |                                               |   | 53,869      |  
|Compliance consultant fees                                      |  |                                             | 23,831      |   |                                               |   | 49,481      |  
|Reports to unitholders                                          |  |                                             | 12,837      |   |                                               |   | 26,654      |  
|Registration fees                                               |  |                                             | 3,451       |   |                                               |   | 7,165       |  
|Other fees                                                      |  |                                             | 13,163      |   |                                               |   | 27,331      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 918,003     |   |                                               |   | 1,888,295   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 5,163,591   |   |                                               |   | 10,576,540  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (3,984,769  | ) |                                               |   | 7,499,197   |  
|Foreign currency transactions                                   |  |                                             | (430,071    | ) |                                               |   | (366,816    | )
|Futures contracts                                               |  |                                             | (786,276    | ) |                                               |   | 4,331,361   |  
|Swap contracts                                                  |  |                                             | 3,494,368   |   |                                               |   | 3,810,955   |  
|Written options                                                 |  |                                             | 3,463,259   |   |                                               |   | 3,463,259   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 1,756,511   |   |                                               |   | 18,737,956  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (12,015,165 | ) |                                               |   | (12,482,767 | )
|Foreign currency transactions                                   |  |                                             | 1,026,904   |   |                                               |   | (267,661    | )
|Futures contracts                                               |  |                                             | (325,452    | ) |                                               |   | (5,309,705  | )
|Swap contracts                                                  |  |                                             | (8,301,755  | ) |                                               |   | (4,445,490  | )
|Written options                                                 |  |                                             | 37,263      |   |                                               |   | 37,263      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (19,578,205 | ) |                                               |   | (22,468,360 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (17,821,694 | ) |                                               |   | (3,730,404  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (12,658,103 | ) |                                               | $ | 6,846,136   |  
|                                                                |  |                                             |             |   |                                               |   |             |  

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



10



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |              |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                            |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                             |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                                |  | $                                           | 5,163,591   |   |                                               | $ | 10,576,540   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 1,756,511   |   |                                               |   | 18,737,956   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | (19,578,205 | ) |                                               |   | (22,468,360  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | (12,658,103 | ) |                                               |   | 6,846,136    |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                                  |  |                                             | 15,886,015  |   |                                               |   | 131,959,618  |  
|Cost of units redeemed                                                      |  |                                             | (26,344,713 | ) |                                               |   | (181,127,222 | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (10,458,698 | ) |                                               |   | (49,167,604  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (23,116,801 | ) |                                               |   | (42,321,468  | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                         |  |                                             | 465,156,966 |   |                                               |   | 484,361,633  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|End of period                                                               |  | $                                           | 442,040,165 |   |                                               | $ | 442,040,165  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                             |  |                                             | 20,805,259  |   |                                               |   | 22,558,121   |  
|Issued                                                                      |  |                                             | 715,825     |   |                                               |   | 5,938,760    |  
|Redeemed                                                                    |  |                                             | (1,188,945  | ) |                                               |   | (8,164,742   | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                                   |  |                                             | 20,332,139  |   |                                               |   | 20,332,139   |  
|                                                                            |  |                                             |             |   |                                               |   |              |  

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



11



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.29    |    |                                               | $ | 0.58    |  
|Expenses()                                                |  |                                             | (0.05   | )  |                                               |   | (0.09   | )
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.24    |    |                                               |   | 0.49    |  
|Net realized and unrealized gain (loss)                      |  |                                             | (0.86   | )  |                                               |   | (0.22   | )
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | (0.62   | )  |                                               |   | 0.27    |  
|Net asset value at beginning of period                       |  |                                             | 22.36   |    |                                               |   | 21.47   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 21.74   |    |                                               | $ | 21.74   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 0.81    | %  |                                               |   | 0.81    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 4.54    | %  |                                               |   | 4.51    | %
|Portfolio turnover**                                         |  |                                             | 114     | %  |                                               |   | 353     | %
|Total return**                                               |  |                                             | (2.77   | )% |                                               |   | 1.26    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 442,040 |    |                                               | $ | 442,040 |  



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | 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 financial statements.



12



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2008 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $218,626,450)                                       |  | $             | 247,774,598 | (a)
|Investments in affiliated issuers, at value (cost $30,086,130)                  |  |               | 30,086,130  |    
|Foreign currency, at value (cost $568,777)                                      |  |               | 569,756     |    
|Cash                                                                            |  |               | 944         |    
|Receivable for investments sold                                                 |  |               | 520,247     |    
|Receivable for fund units sold                                                  |  |               | 182,910     |    
|Dividends receivable                                                            |  |               | 859,431     |    
|Tax reclaims receivable                                                         |  |               | 422,266     |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 280,416,282 |    
|                                                                                |  |               |             |    
|                                                                                | 
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 29,466,743  |    
|Payable for fund units redeemed                                                 |  |               | 1,723,072   |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 72,499      |    
|Investment advisory fee payable                                                 |  |               | 193,800     |    
|Trustee, management and administration fees payable                             |  |               | 20,328      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 9,531       |    
|Other accruals                                                                  |  |               | 62,456      |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 31,548,429  |    
|                                                                                |  |               |             |    
|                                                                                | 
|Net Assets (equivalent to $30.41 per unit based on 8,182,767 units outstanding) |  | $             | 248,867,853 |    
|                                                                                |  |               |             |    



|(a) | Includes securities on loan with a value of $28,281,499 (see Note 6).
|--- | ---------------------------------------------------------------------

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



13



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $290,304 and $316,952) |  | $                                           | 4,896,136   |   |                                               | $ | 7,725,513   |  
|Dividendsaffiliated issuers                                    |  |                                             | 15,745      |   |                                               |   | 42,588      |  
|Interestunaffiliated issuers                                   |  |                                             | 2,930       |   |                                               |   | 2,930       |  
|Securities lending income                                       |  |                                             | 91,275      |   |                                               |   | 127,354     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 5,006,086   |   |                                               |   | 7,898,385   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 372,987     |   |                                               |   | 753,095     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 224,191     |   |                                               |   | 449,940     |  
|Trustee, management and administration fees                     |  |                                             | 63,107      |   |                                               |   | 128,261     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 28,997      |   |                                               |   | 59,152      |  
|Legal and audit fees                                            |  |                                             | 15,446      |   |                                               |   | 31,455      |  
|Compliance consultant fees                                      |  |                                             | 14,188      |   |                                               |   | 28,893      |  
|Reports to unitholders                                          |  |                                             | 7,643       |   |                                               |   | 15,564      |  
|Registration fees                                               |  |                                             | 2,055       |   |                                               |   | 4,184       |  
|Other fees                                                      |  |                                             | 7,835       |   |                                               |   | 15,957      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 736,449     |   |                                               |   | 1,486,501   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 4,269,637   |   |                                               |   | 6,411,884   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | 430,369     |   |                                               |   | 10,698,026  |  
|Foreign currency transactions                                   |  |                                             | (134,114    | ) |                                               |   | (72,606     | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 296,255     |   |                                               |   | 10,625,420  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (10,707,643 | ) |                                               |   | (48,367,752 | )
|Foreign currency transactions                                   |  |                                             | 40,256      |   |                                               |   | 17,542      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (10,667,387 | ) |                                               |   | (48,350,210 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (10,371,132 | ) |                                               |   | (37,724,790 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (6,101,495  | ) |                                               | $ | (31,312,906 | )
|                                                                |  |                                             |             |   |                                               |   |             |  

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



14



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |              |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                            |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                             |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                                |  | $                                           | 4,269,637   |   |                                               | $ | 6,411,884    |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 296,255     |   |                                               |   | 10,625,420   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | (10,667,387 | ) |                                               |   | (48,350,210  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | (6,101,495  | ) |                                               |   | (31,312,906  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                                  |  |                                             | 12,242,731  |   |                                               |   | 86,483,363   |  
|Cost of units redeemed                                                      |  |                                             | (19,851,573 | ) |                                               |   | (115,464,627 | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (7,608,842  | ) |                                               |   | (28,981,264  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (13,710,337 | ) |                                               |   | (60,294,170  | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                         |  |                                             | 262,578,190 |   |                                               |   | 309,162,023  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|End of period                                                               |  | $                                           | 248,867,853 |   |                                               | $ | 248,867,853  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                             |  |                                             | 8,414,789   |   |                                               |   | 9,112,453    |  
|Issued                                                                      |  |                                             | 375,785     |   |                                               |   | 2,761,732    |  
|Redeemed                                                                    |  |                                             | (607,807    | ) |                                               |   | (3,691,418   | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                                   |  |                                             | 8,182,767   |   |                                               |   | 8,182,767    |  
|                                                                            |  |                                             |             |   |                                               |   |              |  

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



15



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.60    |    |                                               | $ | 0.92    |   
|Expenses()                                                |  |                                             | (0.09   | )  |                                               |   | (0.17   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.51    |    |                                               |   | 0.75    |   
|Net realized and unrealized gain (loss)                      |  |                                             | (1.30   | )  |                                               |   | (4.27   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (0.79   | )  |                                               |   | (3.52   | ) 
|Net asset value at beginning of period                       |  |                                             | 31.20   |    |                                               |   | 33.93   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 30.41   |    |                                               | $ | 30.41   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.09    | %  |                                               |   | 1.09    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 6.31    | %  |                                               |   | 4.68    | % 
|Portfolio turnover**                                         |  |                                             | 8       | %  |                                               |   | 17      | % 
|Total return**                                               |  |                                             | (2.53   | )% |                                               |   | (10.37  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 248,868 |    |                                               | $ | 248,868 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | 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 financial statements.



16



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2008 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $401,015,292)                                        |  | $             | 396,567,558 | (a)
|Investments in affiliated issuers, at value (cost $204,799,402)                  |  |               | 266,453,524 |    
|Cash                                                                             |  |               | 14,693      |    
|Receivable for investments sold                                                  |  |               | 725,918     |    
|Receivable for fund units sold                                                   |  |               | 252,327     |    
|Dividends receivable                                                             |  |               | 192,059     |    
|Tax reclaims receivable                                                          |  |               | 762         |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 664,206,841 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Payable for cash collateral received on securities loaned                        |  |               | 66,135,469  | (b)
|Payable for investments purchased                                                |  |               | 545,031     |    
|Payable for fund units redeemed                                                  |  |               | 2,459,728   |    
|Investment advisory fee payable                                                  |  |               | 143,186     |    
|State Street Bank and Trust Companyprogram fee payable                          |  |               | 173,784     |    
|Trustee, management and administration fees payable                              |  |               | 48,885      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 22,941      |    
|Other accruals                                                                   |  |               | 149,607     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 69,678,631  |    
|                                                                                 |  |               |             |    
|                                                                                 | 
|Net Assets (equivalent to $52.01 per unit based on 11,430,684 units outstanding) |  | $             | 594,528,210 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $74,903,469 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $10,757,243 (see Note 6).
|--- | ---------------------------------------------------------

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



17



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $2,332 and $2,985)     |  | $                                           | 798,108    |   |                                               | $ | 1,677,198   |  
|Dividendsaffiliated issuers                                    |  |                                             | 43,085     |   |                                               |   | 87,325      |  
|Securities lending income                                       |  |                                             | 129,470    |   |                                               |   | 223,942     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 970,663    |   |                                               |   | 1,988,465   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 526,596    |   |                                               |   | 1,046,703   |  
|Investment advisory fee                                         |  |                                             | 318,346    |   |                                               |   | 636,782     |  
|Trustee, management and administration fees                     |  |                                             | 148,186    |   |                                               |   | 298,305     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 68,110     |   |                                               |   | 137,591     |  
|Legal and audit fees                                            |  |                                             | 36,272     |   |                                               |   | 73,159      |  
|Compliance consultant fees                                      |  |                                             | 33,317     |   |                                               |   | 67,199      |  
|Reports to unitholders                                          |  |                                             | 17,947     |   |                                               |   | 36,198      |  
|Registration fees                                               |  |                                             | 4,825      |   |                                               |   | 9,731       |  
|Other fees                                                      |  |                                             | 18,403     |   |                                               |   | 37,118      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 1,172,002  |   |                                               |   | 2,342,786   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (201,339   | ) |                                               |   | (354,321    | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | 8,683,687  |   |                                               |   | 1,187,277   |  
|Investmentsaffiliated issuers                                  |  |                                             | 3,692,643  |   |                                               |   | 7,450,217   |  
|Foreign currency transactions                                   |  |                                             |           |   |                                               |   | (95         | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 12,376,330 |   |                                               |   | 8,637,399   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (3,078,026 | ) |                                               |   | (75,987,833 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 9,298,304  |   |                                               |   | (67,350,434 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 9,096,965  |   |                                               | $ | (67,704,755 | )
|                                                                |  |                                             |            |   |                                               |   |             |  

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



18



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |              |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                            |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                             |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                                |  | $                                           | (201,339    | ) |                                               | $ | (354,321     | )
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 12,376,330  |   |                                               |   | 8,637,399    |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | (3,078,026  | ) |                                               |   | (75,987,833  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 9,096,965   |   |                                               |   | (67,704,755  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                                  |  |                                             | 15,179,204  |   |                                               |   | 80,085,290   |  
|Cost of units redeemed                                                      |  |                                             | (42,581,396 | ) |                                               |   | (135,389,489 | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (27,402,192 | ) |                                               |   | (55,304,199  | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (18,305,227 | ) |                                               |   | (123,008,954 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                         |  |                                             | 612,833,437 |   |                                               |   | 717,537,164  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|End of period                                                               |  | $                                           | 594,528,210 |   |                                               | $ | 594,528,210  |  
|                                                                            |  |                                             |             |   |                                               |   |              |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                             |  |                                             | 11,931,324  |   |                                               |   | 12,470,251   |  
|Issued                                                                      |  |                                             | 280,817     |   |                                               |   | 1,537,830    |  
|Redeemed                                                                    |  |                                             | (781,457    | ) |                                               |   | (2,577,397   | )
|                                                                            |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                                   |  |                                             | 11,430,684  |   |                                               |   | 11,430,684   |  
|                                                                            |  |                                             |             |   |                                               |   |              |  

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



19



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##### Table of Contents

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 periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.09    |    |                                               | $ | 0.17    |   
|Expenses()                                                |  |                                             | (0.10   | )  |                                               |   | (0.20   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.01   | )  |                                               |   | (0.03   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.66    |    |                                               |   | (5.50   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 0.65    |    |                                               |   | (5.53   | ) 
|Net asset value at beginning of period                       |  |                                             | 51.36   |    |                                               |   | 57.54   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 52.01   |    |                                               | $ | 52.01   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.74    | %  |                                               |   | 0.74    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.13   | )% |                                               |   | (0.11   | )%
|Portfolio turnover**                                      |  |                                             | 9       | %  |                                               |   | 16      | % 
|Total return**                                               |  |                                             | 1.27    | %  |                                               |   | (9.61   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 594,528 |    |                                               | $ | 594,528 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



20



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2008 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $249,491,590)                                       |  | $             | 233,905,868 | (a)
|Investments in affiliated issuers, at value (cost $100,323,611)                 |  |               | 113,876,605 |    
|Cash                                                                            |  |               | 206         |    
|Receivable for fund units sold                                                  |  |               | 236,718     |    
|Dividends receivable                                                            |  |               | 486,362     |    
|Tax reclaims receivable                                                         |  |               | 22,035      |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 348,527,794 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 29,116,624  | (b)
|Payable for fund units redeemed                                                 |  |               | 2,326,294   |    
|Investment advisory fee payable                                                 |  |               | 57,004      |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 94,127      |    
|Trustee, management and administration fees payable                             |  |               | 26,493      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 12,428      |    
|Other accruals                                                                  |  |               | 87,666      |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 31,720,636  |    
|                                                                                |  |               |             |    
|                                                                                | 
|Net Assets (equivalent to $35.99 per unit based on 8,803,172 units outstanding) |  | $             | 316,807,158 |    
|                                                                                |  |               |             |    



|(a) | Includes securities on loan with a value of $30,923,482 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $2,589,262 (see Note 6).
|--- | --------------------------------------------------------

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



21



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $27,542 and $29,589)   |  | $                                           | 2,160,803   |   |                                               | $ | 4,195,713   |  
|Dividendsaffiliated issuers                                    |  |                                             | 22,447      |   |                                               |   | 48,573      |  
|Securities lending income                                       |  |                                             | 61,280      |   |                                               |   | 107,586     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 2,244,530   |   |                                               |   | 4,351,872   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 295,418     |   |                                               |   | 601,618     |  
|Investment advisory fee                                         |  |                                             | 179,019     |   |                                               |   | 364,669     |  
|Trustee, management and administration fees                     |  |                                             | 83,163      |   |                                               |   | 171,507     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 38,210      |   |                                               |   | 79,106      |  
|Legal and audit fees                                            |  |                                             | 20,354      |   |                                               |   | 42,061      |  
|Compliance consultant fees                                      |  |                                             | 18,696      |   |                                               |   | 38,635      |  
|Reports to unitholders                                          |  |                                             | 10,071      |   |                                               |   | 20,812      |  
|Registration fees                                               |  |                                             | 2,707       |   |                                               |   | 5,594       |  
|Other fees                                                      |  |                                             | 10,328      |   |                                               |   | 21,341      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 657,966     |   |                                               |   | 1,345,343   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 1,586,564   |   |                                               |   | 3,006,529   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | 4,745,246   |   |                                               |   | 7,813,089   |  
|Investmentsaffiliated issuers                                  |  |                                             | 1,604,594   |   |                                               |   | 4,584,353   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 6,349,840   |   |                                               |   | 12,397,442  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (33,871,937 | ) |                                               |   | (82,739,146 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (27,522,097 | ) |                                               |   | (70,341,704 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (25,935,533 | ) |                                               | $ | (67,335,175 | )
|                                                                |  |                                             |             |   |                                               |   |             |  

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



22



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American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |              |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                       |  | $                                           | 1,586,564   |   |                                               | $ | 3,006,529    |  
|Net realized gain (loss)                                           |  |                                             | 6,349,840   |   |                                               |   | 12,397,442   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (33,871,937 | ) |                                               |   | (82,739,146  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (25,935,533 | ) |                                               |   | (67,335,175  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                         |  |                                             | 12,488,163  |   |                                               |   | 68,677,613   |  
|Cost of units redeemed                                             |  |                                             | (24,650,313 | ) |                                               |   | (105,216,009 | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (12,162,150 | ) |                                               |   | (36,538,396  | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (38,097,683 | ) |                                               |   | (103,873,571 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                |  |                                             | 354,904,841 |   |                                               |   | 420,680,729  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|End of period                                                      |  | $                                           | 316,807,158 |   |                                               | $ | 316,807,158  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                    |  |                                             | 9,112,048   |   |                                               |   | 9,730,129    |  
|Issued                                                             |  |                                             | 314,002     |   |                                               |   | 1,748,039    |  
|Redeemed                                                           |  |                                             | (622,878    | ) |                                               |   | (2,674,996   | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                          |  |                                             | 8,803,172   |   |                                               |   | 8,803,172    |  
|                                                                   |  |                                             |             |   |                                               |   |              |  

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



23



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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 periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.25    |    |                                               | $ | 0.47    |   
|Expenses()                                                |  |                                             | (0.08   | )  |                                               |   | (0.15   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.17    |    |                                               |   | 0.32    |   
|Net realized and unrealized gain (loss)                      |  |                                             | (3.13   | )  |                                               |   | (7.56   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (2.96   | )  |                                               |   | (7.24   | ) 
|Net asset value at beginning of period                       |  |                                             | 38.95   |    |                                               |   | 43.23   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 35.99   |    |                                               | $ | 35.99   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.74    | %  |                                               |   | 0.73    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 1.78    | %  |                                               |   | 1.64    | % 
|Portfolio turnover**                                      |  |                                             | 2       | %  |                                               |   | 5       | % 
|Total return**                                               |  |                                             | (7.60   | )% |                                               |   | (16.75  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 316,807 |    |                                               | $ | 316,807 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



24



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2008 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $111,461,480)                                       |  | $             | 125,249,518 | (a)
|Investments in affiliated issuers, at value (cost $37,899,458)                  |  |               | 37,899,458  |    
|Cash                                                                            |  |               | 319,758     |    
|Receivable for investments sold                                                 |  |               | 3,479,377   |    
|Receivable for fund units sold                                                  |  |               | 125,715     |    
|Dividends receivable                                                            |  |               | 33,351      |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 167,107,177 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 37,714,895  | (b)
|Payable for investments purchased                                               |  |               | 4,236,821   |    
|Payable for fund units redeemed                                                 |  |               | 1,030,185   |    
|Investment advisory fee payable                                                 |  |               | 197,049     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 36,365      |    
|Trustee, management and administration fees payable                             |  |               | 10,159      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 4,771       |    
|Other accruals                                                                  |  |               | 27,250      |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 43,257,495  |    
|                                                                                |  |               |             |    
|                                                                                | 
|Net Assets (equivalent to $25.57 per unit based on 4,843,922 units outstanding) |  | $             | 123,849,682 |    
|                                                                                |  |               |             |    



|(a) | Includes securities on loan with a value of $38,090,338 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,280,488 (see Note 6).
|--- | --------------------------------------------------------

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



25



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |           |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |           |   |                                               |   |             |  
|Dividends                                                       |  | $                                           | 169,235   |   |                                               | $ | 340,656     |  
|Dividendsaffiliated issuers                                    |  |                                             | 22,592    |   |                                               |   | 73,726      |  
|Securities lending income                                       |  |                                             | 61,126    |   |                                               |   | 108,951     |  
|                                                                |  |                                             |           |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 252,953   |   |                                               |   | 523,333     |  
|                                                                |  |                                             |           |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |           |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 197,049   |   |                                               |   | 380,217     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 107,516   |   |                                               |   | 204,916     |  
|Trustee, management and administration fees                     |  |                                             | 30,249    |   |                                               |   | 58,391      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 13,906    |   |                                               |   | 26,928      |  
|Legal and audit fees                                            |  |                                             | 7,404     |   |                                               |   | 14,320      |  
|Compliance consultant fees                                      |  |                                             | 6,801     |   |                                               |   | 13,154      |  
|Reports to unitholders                                          |  |                                             | 3,664     |   |                                               |   | 7,086       |  
|Registration fees                                               |  |                                             | 985       |   |                                               |   | 1,905       |  
|Other fees                                                      |  |                                             | 3,757     |   |                                               |   | 7,265       |  
|                                                                |  |                                             |           |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 371,331   |   |                                               |   | 714,182     |  
|                                                                |  |                                             |           |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (118,378  | ) |                                               |   | (190,849    | )
|                                                                |  |                                             |           |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 4,625,892 |   |                                               |   | 466,734     |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 913,160   |   |                                               |   | (12,036,112 | )
|                                                                |  |                                             |           |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 5,539,052 |   |                                               |   | (11,569,378 | )
|                                                                |  |                                             |           |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 5,420,674 |   |                                               | $ | (11,760,227 | )
|                                                                |  |                                             |           |   |                                               |   |             |  

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



26



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American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (118,378    | ) |                                               | $ | (190,849    | )
|Net realized gain (loss)                                           |  |                                             | 4,625,892   |   |                                               |   | 466,734     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 913,160     |   |                                               |   | (12,036,112 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 5,420,674   |   |                                               |   | (11,760,227 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 9,838,776   |   |                                               |   | 42,925,979  |  
|Cost of units redeemed                                             |  |                                             | (13,087,748 | ) |                                               |   | (38,231,971 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (3,248,972  | ) |                                               |   | 4,694,008   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 2,171,702   |   |                                               |   | (7,066,219  | )
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 121,677,980 |   |                                               |   | 130,915,901 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 123,849,682 |   |                                               | $ | 123,849,682 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,967,357   |   |                                               |   | 4,652,506   |  
|Issued                                                             |  |                                             | 374,930     |   |                                               |   | 1,708,423   |  
|Redeemed                                                           |  |                                             | (498,365    | ) |                                               |   | (1,517,007  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 4,843,922   |   |                                               |   | 4,843,922   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



27



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##### Table of Contents

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 periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.05    |    |                                               | $ | 0.11    |   
|Expenses()                                                |  |                                             | (0.08   | )  |                                               |   | (0.15   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.03   | )  |                                               |   | (0.04   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 1.10    |    |                                               |   | (2.53   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 1.07    |    |                                               |   | (2.57   | ) 
|Net asset value at beginning of period                       |  |                                             | 24.50   |    |                                               |   | 28.14   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 25.57   |    |                                               | $ | 25.57   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.14    | %  |                                               |   | 1.15    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.37   | )% |                                               |   | (0.31   | )%
|Portfolio turnover**                                         |  |                                             | 35      | %  |                                               |   | 74      | % 
|Total return**                                               |  |                                             | 4.37    | %  |                                               |   | (9.13   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 123,850 |    |                                               | $ | 123,850 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | 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 financial statements.



28



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |               |             |    
|------------------------------------------------------------------------------ |  | ------------- | ----------- | ---
|                                                                               |  | June 30, 2008 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $74,896,265)                                       |  | $             | 66,968,898  | (a)
|Investments in affiliated issuers, at value (cost $36,470,766)                 |  |               | 36,470,766  |    
|Foreign currency, at value (cost $9,494)                                       |  |               | 9,501       |    
|Cash                                                                           |  |               | 637         |    
|Receivable for investments sold                                                |  |               | 481,367     |    
|Receivable for fund units sold                                                 |  |               | 69,342      |    
|Dividends receivable                                                           |  |               | 67,450      |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 104,067,961 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Payable for cash collateral received on securities loaned                      |  |               | 35,075,798  | (b)
|Payable for investments purchased                                              |  |               | 734,464     |    
|Payable for fund units redeemed                                                |  |               | 530,592     |    
|Investment advisory fee payable                                                |  |               | 80,075      |    
|State Street Bank and Trust Companyprogram fee payable                        |  |               | 20,090      |    
|Trustee, management and administration fees payable                            |  |               | 5,633       |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 2,636       |    
|Other accruals                                                                 |  |               | 18,014      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 36,467,302  |    
|                                                                               |  |               |             |    
|                                                                               | 
|Net Assets(equivalent to $14.33 per unit based on 4,715,860 units outstanding) |  | $             | 67,600,659  |    
|                                                                               |  |               |             |    



|(a) | Includes securities on loan with a value of $35,147,077 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,101,986 (see Note 6).
|--- | --------------------------------------------------------

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



29



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $3,601 and $4,043)     |  | $                                           | 267,600    |   |                                               | $ | 514,742     |  
|Dividendsaffiliated issuers                                    |  |                                             | 8,061      |   |                                               |   | 13,973      |  
|Interestunaffiliated issuers                                   |  |                                             | 54         |   |                                               |   | 381         |  
|Securities lending income                                       |  |                                             | 43,733     |   |                                               |   | 92,878      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 319,448    |   |                                               |   | 621,974     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 119,232    |   |                                               |   | 244,000     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 60,600     |   |                                               |   | 123,582     |  
|Trustee, management and administration fees                     |  |                                             | 17,052     |   |                                               |   | 35,195      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 7,838      |   |                                               |   | 16,243      |  
|Legal and audit fees                                            |  |                                             | 4,174      |   |                                               |   | 8,632       |  
|Compliance consultant fees                                      |  |                                             | 3,834      |   |                                               |   | 7,929       |  
|Reports to unitholders                                          |  |                                             | 2,065      |   |                                               |   | 4,271       |  
|Registration fees                                               |  |                                             | 555        |   |                                               |   | 1,148       |  
|Other fees                                                      |  |                                             | 2,118      |   |                                               |   | 4,378       |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 217,468    |   |                                               |   | 445,378     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 101,980    |   |                                               |   | 176,596     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (1,986,551 | ) |                                               |   | (6,358,317  | )
|Foreign currency transactions                                   |  |                                             | (2,216     | ) |                                               |   | (7,196      | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (1,988,767 | ) |                                               |   | (6,365,513  | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | 1,441,452  |   |                                               |   | (7,088,673  | )
|Foreign currency transactions                                   |  |                                             | 715        |   |                                               |   | 6,722       |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 1,442,167  |   |                                               |   | (7,081,951  | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (546,600   | ) |                                               |   | (13,447,464 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (444,620   | ) |                                               | $ | (13,270,868 | )
|                                                                |  |                                             |            |   |                                               |   |             |  

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



30



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                             |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 101,980    |   |                                               | $ | 176,596     |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | (1,988,767 | ) |                                               |   | (6,365,513  | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 1,442,167  |   |                                               |   | (7,081,951  | )
|                                                                            |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | (444,620   | ) |                                               |   | (13,270,868 | )
|                                                                            |  |                                             |            |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 4,392,843  |   |                                               |   | 19,777,477  |  
|Cost of units redeemed                                                      |  |                                             | (6,305,105 | ) |                                               |   | (27,625,705 | )
|                                                                            |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (1,912,262 | ) |                                               |   | (7,848,228  | )
|                                                                            |  |                                             |            |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (2,356,882 | ) |                                               |   | (21,119,096 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 69,957,541 |   |                                               |   | 88,719,755  |  
|                                                                            |  |                                             |            |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 67,600,659 |   |                                               | $ | 67,600,659  |  
|                                                                            |  |                                             |            |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 4,841,643  |   |                                               |   | 5,227,794   |  
|Issued                                                                      |  |                                             | 287,536    |   |                                               |   | 1,320,960   |  
|Redeemed                                                                    |  |                                             | (413,319   | ) |                                               |   | (1,832,894  | )
|                                                                            |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 4,715,860  |   |                                               |   | 4,715,860   |  
|                                                                            |  |                                             |            |   |                                               |   |             |  

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



31



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##### Table of Contents

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 periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.07   |    |                                               | $ | 0.13   |   
|Expenses()                                                |  |                                             | (0.04  | )  |                                               |   | (0.09  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | 0.03   |    |                                               |   | 0.04   |   
|Net realized and unrealized gain (loss)                      |  |                                             | (0.15  | )  |                                               |   | (2.68  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.12  | )  |                                               |   | (2.64  | ) 
|Net asset value at beginning of period                       |  |                                             | 14.45  |    |                                               |   | 16.97  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 14.33  |    |                                               | $ | 14.33  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.19   | %  |                                               |   | 1.19   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.56   | %  |                                               |   | 0.47   | % 
|Portfolio turnover**                                         |  |                                             | 11     | %  |                                               |   | 21     | % 
|Total return**                                               |  |                                             | (0.83  | )% |                                               |   | (15.56 | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 67,601 |    |                                               | $ | 67,601 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | 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 financial statements.



32



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American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |               |             |    
|------------------------------------------------------------------------------ |  | ------------- | ----------- | ---
|                                                                               |  | June 30, 2008 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $200,755,628)                                      |  | $             | 207,116,632 | (a)
|Investments in affiliated issuers, at value (cost $131,446,344)                |  |               | 131,281,173 |    
|Receivable for investments sold                                                |  |               | 6,716,806   |    
|Receivable for fund units sold                                                 |  |               | 119,580     |    
|Dividends receivable                                                           |  |               | 126,712     |    
|Tax reclaims receivable                                                        |  |               | 2,060       |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 345,362,963 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Due to custodian                                                               |  |               | 31,320      |    
|Payable for cash collateral received on securities loaned                      |  |               | 113,142,961 | (b)
|Payable for investments purchased                                              |  |               | 2,740,110   |    
|Payable for fund units redeemed                                                |  |               | 950,365     |    
|Investment advisory fee payable                                                |  |               | 233,514     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |               | 66,300      |    
|Trustee, management and administration fees payable                            |  |               | 18,659      |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 8,751       |    
|Other accruals                                                                 |  |               | 57,009      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 117,248,989 |    
|                                                                               |  |               |             |    
|                                                                               | 
|Net Assets(equivalent to $68.72 per unit based on 3,319,317 units outstanding) |  | $             | 228,113,974 |    
|                                                                               |  |               |             |    



|(a) | Includes securities on loan with a value of $110,790,827 (see Note 6).
|--- | ----------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $764,383 (see Note 6).
|--- | ------------------------------------------------------

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



33



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends                                                       |  | $                                           | 448,329    |   |                                               | $ | 840,509     |  
|Dividendsaffiliated issuers                                    |  |                                             | 38,243     |   |                                               |   | 99,391      |  
|Securities lending income                                       |  |                                             | 204,725    |   |                                               |   | 396,135     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 691,297    |   |                                               |   | 1,336,035   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 430,645    |   |                                               |   | 856,150     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 197,651    |   |                                               |   | 387,506     |  
|Trustee, management and administration fees                     |  |                                             | 55,609     |   |                                               |   | 110,400     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 25,564     |   |                                               |   | 50,924      |  
|Legal and audit fees                                            |  |                                             | 13,612     |   |                                               |   | 27,075      |  
|Compliance consultant fees                                      |  |                                             | 12,503     |   |                                               |   | 24,869      |  
|Reports to unitholders                                          |  |                                             | 6,735      |   |                                               |   | 13,396      |  
|Registration fees                                               |  |                                             | 1,811      |   |                                               |   | 3,602       |  
|Other fees                                                      |  |                                             | 6,907      |   |                                               |   | 13,738      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 751,037    |   |                                               |   | 1,487,660   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (59,740    | ) |                                               |   | (151,625    | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (397,146   | ) |                                               |   | (8,905,138  | )
|Investmentsaffiliated issuers                                  |  |                                             | 565,762    |   |                                               |   | (107,355    | )
|Foreign currency transactions                                   |  |                                             | 26,793     |   |                                               |   | 26,793      |  
|Net increase from payments made by affiliates (see Note 3)      |  |                                             | 113,658    |   |                                               |   | 113,658     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 309,067    |   |                                               |   | (8,872,042  | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 11,460,914 |   |                                               |   | (9,572,246  | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 11,769,981 |   |                                               |   | (18,444,288 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 11,710,241 |   |                                               | $ | (18,595,913 | )
|                                                                |  |                                             |            |   |                                               |   |             |  

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



34



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American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | (59,740     | ) |                                               | $ | (151,625    | )
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 309,067     |   |                                               |   | (8,872,042  | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 11,460,914  |   |                                               |   | (9,572,246  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 11,710,241  |   |                                               |   | (18,595,913 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 7,152,574   |   |                                               |   | 22,320,593  |  
|Cost of units redeemed                                                      |  |                                             | (15,325,040 | ) |                                               |   | (42,099,355 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (8,172,466  | ) |                                               |   | (19,778,762 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | 3,537,775   |   |                                               |   | (38,374,675 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 224,576,199 |   |                                               |   | 266,488,649 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 228,113,974 |   |                                               | $ | 228,113,974 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 3,433,059   |   |                                               |   | 3,607,118   |  
|Issued                                                                      |  |                                             | 102,273     |   |                                               |   | 331,546     |  
|Redeemed                                                                    |  |                                             | (216,015    | ) |                                               |   | (619,347    | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 3,319,317   |   |                                               |   | 3,319,317   |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



35



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.21    |    |                                               | $ | 0.39    |   
|Expenses()                                                |  |                                             | (0.22   | )  |                                               |   | (0.43   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.01   | )  |                                               |   | (0.04   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 3.31    |    |                                               |   | (5.12   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 3.30    |    |                                               |   | (5.16   | ) 
|Net asset value at beginning of period                       |  |                                             | 65.42   |    |                                               |   | 73.88   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 68.72   |    |                                               | $ | 68.72   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.26    | %  |                                               |   | 1.26    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.10   | )% |                                               |   | (0.13   | )%
|Portfolio turnover**                                      |  |                                             | 24      | %  |                                               |   | 56      | % 
|Total return**(a)                                            |  |                                             | 5.04    | %  |                                               |   | (6.98   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 228,114 |    |                                               | $ | 228,114 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

|(a) | Includes a reimbursement from an affiliate for $113,658 for losses on certain operation errors during the quarter. Excluding this reimbursement, total return would have been 0.04%
lower for the periods from April 1, 2008 to June 30, 2008 and from January 1, 2008 to June 30, 2008, respectively.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



36



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |            
|------------------------------------------------------------------------------------------ |  | ------------- | -----------
|                                                                                           |  | June 30, 2008
|Assets                                                                                     |  |               |            
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |            
|Stable Asset Fund Trust (cost $914,047,232 and units of 914,047,232)                       |  |               | 887,549,661
|Receivable for fund units sold                                                             |  |               | 1,793,106  
|                                                                                           |  |               |            
|Total assets                                                                               |  |               | 889,342,767
|                                                                                           |  |               |            
|Liabilities                                                                                |  |               |            
|Payable for fund units redeemed                                                            |  |               | 2,944,746  
|State Street Bank and Trust Companyprogram fee payable                                    |  |               | 252,001    
|Trustee, management and administration fees payable                                        |  |               | 70,533     
|ABA Retirement Fundsprogram fee payable                                                   |  |               | 33,115     
|Other accruals                                                                             |  |               | 198,002    
|                                                                                           |  |               |            
|Total liabilities                                                                          |  |               | 3,498,397  
|                                                                                           |  |               |            
|Net Assets at fair value                                                                   |  |               | 885,844,370
|                                                                                           |  |               |            
|Adjustment from fair value to contract value for fully benefit responsive contracts        |  |               | 26,497,571 
|                                                                                           |  |               |            
|                                                                                           | 
|Net Assets(equivalent to $33.93 per unit based on 26,887,010 units outstanding)            |  | $             | 912,341,941
|                                                                                           |  |               |            

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



37



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |                                               |   |           
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | --------------------------------------------- | - | ----------
|                                                                |  | For the periodApril 1, 2008 toJune 30, 2008 |           | For the periodJanuary 1, 2008 toJune 30, 2008
|Investment income                                               |  | $                                           | 9,908,437 |                                               | $ | 20,289,220
|                                                                |  |                                             |           |                                               |   |           
|Expenses                                                        |  |                                             |           |                                               |   |           
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 754,450   |                                               |   | 1,482,212 
|Trustee, management and administration fees                     |  |                                             | 212,250   |                                               |   | 422,560   
|ABA Retirement Fundsprogram fee                                |  |                                             | 97,581    |                                               |   | 194,906   
|Legal and audit fees                                            |  |                                             | 51,959    |                                               |   | 103,656   
|Compliance consultant fees                                      |  |                                             | 47,727    |                                               |   | 95,213    
|Reports to unitholders                                          |  |                                             | 25,709    |                                               |   | 51,289    
|Registration fees                                               |  |                                             | 6,911     |                                               |   | 13,787    
|Other fees                                                      |  |                                             | 26,363    |                                               |   | 52,591    
|                                                                |  |                                             |           |                                               |   |           
|Total expenses                                                  |  |                                             | 1,222,950 |                                               |   | 2,416,214 
|                                                                |  |                                             |           |                                               |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 8,685,487 |                                               | $ | 17,873,006
|                                                                |  |                                             |           |                                               |   |           

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



38



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |              |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |             |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                       |  | $                                           | 8,685,487   |   |                                               | $ | 17,873,006   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 8,685,487   |   |                                               |   | 17,873,006   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                         |  |                                             | 63,765,627  |   |                                               |   | 208,031,718  |  
|Cost of units redeemed                                             |  |                                             | (74,180,962 | ) |                                               |   | (191,904,323 | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (10,415,335 | ) |                                               |   | 16,127,395   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (1,729,848  | ) |                                               |   | 34,000,401   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                |  |                                             | 914,071,789 |   |                                               |   | 878,341,540  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|End of period                                                      |  | $                                           | 912,341,941 |   |                                               | $ | 912,341,941  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                    |  |                                             | 27,194,771  |   |                                               |   | 26,400,288   |  
|Issued                                                             |  |                                             | 1,888,373   |   |                                               |   | 6,197,907    |  
|Redeemed                                                           |  |                                             | (2,196,134  | ) |                                               |   | (5,711,185   | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                          |  |                                             | 26,887,010  |   |                                               |   | 26,887,010   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  

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



39



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |         |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           | 0.37    |   |                                               | $ | 0.75    |  
|Expenses()                                                |  |                                             | (0.05   | ) |                                               |   | (0.09   | )
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.32    |   |                                               |   | 0.66    |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.32    |   |                                               |   | 0.66    |  
|Net asset value at beginning of period                       |  |                                             | 33.61   |   |                                               |   | 33.27   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 33.93   |   |                                               | $ | 33.93   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 0.54    | % |                                               |   | 0.54    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 3.82    | % |                                               |   | 3.96    | %
|Total return**                                               |  |                                             | 0.95    | % |                                               |   | 1.98    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 912,342 |   |                                               | $ | 912,342 |  



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

| | 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 financial statements.



40



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                           |  |               |           
|------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                                                           |  | June 30, 2008
|Assets                                                                                                                                     |  |               |           
|Investments in affiliated fund, at value:                                                                                                  |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement Income Securities Lending Series Fund (cost $33,255,138 and units of
2,867,239) |  | $             | 33,440,609
|Receivable for investments sold                                                                                                            |  |               | 707,813   
|Receivable for fund units sold                                                                                                             |  |               | 6,178     
|                                                                                                                                           |  |               |           
|Total assets                                                                                                                               |  |               | 34,154,600
|                                                                                                                                           |  |               |           
|Liabilities                                                                                                                                |  |               |           
|Payable for fund units redeemed                                                                                                            |  |               | 697,452   
|State Street Bank and Trust Companyprogram fee payable                                                                                    |  |               | 9,686     
|Retirement Date Fund management fee payable                                                                                                |  |               | 2,835     
|Trustee, management and administration fees payable                                                                                        |  |               | 2,682     
|ABA Retirement Fundsprogram fee payable                                                                                                   |  |               | 1,261     
|Other accruals                                                                                                                             |  |               | 5,598     
|                                                                                                                                           |  |               |           
|Total liabilities                                                                                                                          |  |               | 719,514   
|                                                                                                                                           |  |               |           
|                                                                                                                                           | 
|Net Assets(equivalent to $10.83 per unit based on 3,088,211 units outstanding)                                                             |  | $             | 33,435,086
|                                                                                                                                           |  |               |           

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



41



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |          |   |                                               |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | --------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2008 toJune 30, 2008 |          |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                          |  | $                                           |         |   |                                               | $ |         |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |          |   |                                               |   |          |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 28,026   |   |                                               |   | 46,289   |  
|Retirement Date Fund management fee                                        |  |                                             | 8,451    |   |                                               |   | 14,098   |  
|Trustee, management and administration fees                                |  |                                             | 7,882    |   |                                               |   | 13,206   |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 3,624    |   |                                               |   | 6,080    |  
|Legal and audit fees                                                       |  |                                             | 1,930    |   |                                               |   | 3,240    |  
|Compliance consultant fees                                                 |  |                                             | 1,773    |   |                                               |   | 2,976    |  
|Reports to unitholders                                                     |  |                                             | 955      |   |                                               |   | 1,603    |  
|Registration fees                                                          |  |                                             | 257      |   |                                               |   | 431      |  
|Other fees                                                                 |  |                                             | 978      |   |                                               |   | 1,642    |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|Total expenses                                                             |  |                                             | 53,876   |   |                                               |   | 89,565   |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (53,876  | ) |                                               |   | (89,565  | )
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund: |  |                                             |          |   |                                               |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 125,686  |   |                                               |   | 363,972  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (392,069 | ) |                                               |   | (837,961 | )
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (266,383 | ) |                                               |   | (473,989 | )
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (320,259 | ) |                                               | $ | (563,554 | )
|                                                                           |  |                                             |          |   |                                               |   |          |  

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



42



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (53,876    | ) |                                               | $ | (89,565    | )
|Net realized gain (loss)                                           |  |                                             | 125,686    |   |                                               |   | 363,972    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (392,069   | ) |                                               |   | (837,961   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (320,259   | ) |                                               |   | (563,554   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 2,663,867  |   |                                               |   | 19,349,921 |  
|Cost of units redeemed                                             |  |                                             | (1,940,894 | ) |                                               |   | (3,956,919 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 722,973    |   |                                               |   | 15,393,002 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 402,714    |   |                                               |   | 14,829,448 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 33,032,372 |   |                                               |   | 18,605,638 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 33,435,086 |   |                                               | $ | 33,435,086 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 3,024,915  |   |                                               |   | 1,676,159  |  
|Issued                                                             |  |                                             | 240,204    |   |                                               |   | 1,774,120  |  
|Redeemed                                                           |  |                                             | (176,908   | ) |                                               |   | (362,068   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 3,088,211  |   |                                               |   | 3,088,211  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



43



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.01  | )  |                                               |   | (0.03  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.01  | )  |                                               |   | (0.03  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.08  | )  |                                               |   | (0.24  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.09  | )  |                                               |   | (0.27  | ) 
|Net asset value at beginning of period                       |  |                                             | 10.92  |    |                                               |   | 11.10  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 10.83  |    |                                               | $ | 10.83  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.64   | %  |                                               |   | 0.64   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.64  | )%
|Portfolio turnover**                                      |  |                                             | 5      | %  |                                               |   | 17     | % 
|Total return**                                               |  |                                             | (0.82  | )% |                                               |   | (2.43  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 33,435 |    |                                               | $ | 33,435 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



44



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |               |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                         |  | June 30, 2008
|Assets                                                                                                                                   |  |               |           
|Investments in affiliated fund, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2010 Securities Lending Series Fund (cost $58,635,102 and units of 4,905,236) |  | $             | 57,710,099
|Receivable for investments sold                                                                                                          |  |               | 217,312   
|Receivable for fund units sold                                                                                                           |  |               | 120,211   
|                                                                                                                                         |  |               |           
|Total assets                                                                                                                             |  |               | 58,047,622
|                                                                                                                                         |  |               |           
|Liabilities                                                                                                                              |  |               |           
|Payable for fund units redeemed                                                                                                          |  |               | 309,120   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |               | 16,632    
|Retirement Date Fund management fee payable                                                                                              |  |               | 4,871     
|Trustee, management and administration fees payable                                                                                      |  |               | 4,607     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |               | 2,165     
|Other accruals                                                                                                                           |  |               | 9,940     
|                                                                                                                                         |  |               |           
|Total liabilities                                                                                                                        |  |               | 347,335   
|                                                                                                                                         |  |               |           
|                                                                                                                                         | 
|Net Assets(equivalent to $12.89 per unit based on 4,475,101 units outstanding)                                                           |  | $             | 57,700,287
|                                                                                                                                         |  |               |           

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



45



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 49,976     |   |                                               |   | 84,661     |  
|Retirement Date Fund management fee                                        |  |                                             | 15,084     |   |                                               |   | 25,795     |  
|Trustee, management and administration fees                                |  |                                             | 14,064     |   |                                               |   | 24,157     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 6,464      |   |                                               |   | 11,122     |  
|Legal and audit fees                                                       |  |                                             | 3,443      |   |                                               |   | 5,925      |  
|Compliance consultant fees                                                 |  |                                             | 3,162      |   |                                               |   | 5,442      |  
|Reports to unitholders                                                     |  |                                             | 1,703      |   |                                               |   | 2,931      |  
|Registration fees                                                          |  |                                             | 458        |   |                                               |   | 788        |  
|Other fees                                                                 |  |                                             | 1,747      |   |                                               |   | 3,007      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 96,101     |   |                                               |   | 163,828    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (96,101    | ) |                                               |   | (163,828   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund: |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | 344,702    |   |                                               |   | 512,997    |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (1,189,185 | ) |                                               |   | (2,560,137 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (844,483   | ) |                                               |   | (2,047,140 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (940,584   | ) |                                               | $ | (2,210,968 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



46



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (96,101    | ) |                                               | $ | (163,828    | )
|Net realized gain (loss)                                           |  |                                             | 344,702    |   |                                               |   | 512,997     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (1,189,185 | ) |                                               |   | (2,560,137  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (940,584   | ) |                                               |   | (2,210,968  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 5,245,984  |   |                                               |   | 32,805,271  |  
|Cost of units redeemed                                             |  |                                             | (5,546,459 | ) |                                               |   | (10,993,279 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (300,475   | ) |                                               |   | 21,811,992  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (1,241,059 | ) |                                               |   | 19,601,024  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 58,941,346 |   |                                               |   | 38,099,263  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 57,700,287 |   |                                               | $ | 57,700,287  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,498,715  |   |                                               |   | 2,807,869   |  
|Issued                                                             |  |                                             | 391,553    |   |                                               |   | 2,498,302   |  
|Redeemed                                                           |  |                                             | (415,167   | ) |                                               |   | (831,070    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 4,475,101  |   |                                               |   | 4,475,101   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



47



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.19  | )  |                                               |   | (0.64  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.21  | )  |                                               |   | (0.68  | ) 
|Net asset value at beginning of period                       |  |                                             | 13.10  |    |                                               |   | 13.57  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 12.89  |    |                                               | $ | 12.89  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.64   | %  |                                               |   | 0.64   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.64  | )%
|Portfolio turnover**                                      |  |                                             | 7      | %  |                                               |   | 14     | % 
|Total return**                                               |  |                                             | (1.60  | )% |                                               |   | (5.01  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 57,700 |    |                                               | $ | 57,700 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



48



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |               |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                         |  | June 30, 2008
|Assets                                                                                                                                   |  |               |           
|Investments in affiliated fund, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2020 Securities Lending Series Fund (cost $97,709,439 and units of 7,901,822) |  | $             | 95,359,188
|Receivable for investments sold                                                                                                          |  |               | 150,269   
|Receivable for fund units sold                                                                                                           |  |               | 101,812   
|                                                                                                                                         |  |               |           
|Total assets                                                                                                                             |  |               | 95,611,269
|                                                                                                                                         |  |               |           
|Liabilities                                                                                                                              |  |               |           
|Payable for fund units redeemed                                                                                                          |  |               | 204,763   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |               | 27,733    
|Retirement Date Fund management fee payable                                                                                              |  |               | 8,114     
|Trustee, management and administration fees payable                                                                                      |  |               | 7,672     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |               | 3,606     
|Other accruals                                                                                                                           |  |               | 15,200    
|                                                                                                                                         |  |               |           
|Total liabilities                                                                                                                        |  |               | 267,088   
|                                                                                                                                         |  |               |           
|                                                                                                                                         | 
|Net Assets(equivalent to $15.17 per unit based on 6,283,756 units outstanding)                                                           |  | $             | 95,344,181
|                                                                                                                                         |  |               |           

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



49



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 81,469     |   |                                               |   | 129,743    |  
|Retirement Date Fund management fee                                        |  |                                             | 24,582     |   |                                               |   | 39,509     |  
|Trustee, management and administration fees                                |  |                                             | 22,923     |   |                                               |   | 36,994     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 10,538     |   |                                               |   | 17,029     |  
|Legal and audit fees                                                       |  |                                             | 5,611      |   |                                               |   | 9,072      |  
|Compliance consultant fees                                                 |  |                                             | 5,154      |   |                                               |   | 8,333      |  
|Reports to unitholders                                                     |  |                                             | 2,776      |   |                                               |   | 4,489      |  
|Registration fees                                                          |  |                                             | 746        |   |                                               |   | 1,206      |  
|Other fees                                                                 |  |                                             | 2,848      |   |                                               |   | 4,605      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 156,647    |   |                                               |   | 250,980    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (156,647   | ) |                                               |   | (250,980   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund: |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | 177,952    |   |                                               |   | 332,857    |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (1,738,813 | ) |                                               |   | (4,630,494 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (1,560,861 | ) |                                               |   | (4,297,637 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (1,717,508 | ) |                                               | $ | (4,548,617 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



50



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (156,647   | ) |                                               | $ | (250,980    | )
|Net realized gain (loss)                                           |  |                                             | 177,952    |   |                                               |   | 332,857     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (1,738,813 | ) |                                               |   | (4,630,494  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (1,717,508 | ) |                                               |   | (4,548,617  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 10,349,693 |   |                                               |   | 60,905,081  |  
|Cost of units redeemed                                             |  |                                             | (4,904,812 | ) |                                               |   | (10,089,488 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 5,444,881  |   |                                               |   | 50,815,593  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 3,727,373  |   |                                               |   | 46,266,976  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 91,616,808 |   |                                               |   | 49,077,205  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 95,344,181 |   |                                               | $ | 95,344,181  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 5,942,848  |   |                                               |   | 2,995,453   |  
|Issued                                                             |  |                                             | 651,322    |   |                                               |   | 3,934,089   |  
|Redeemed                                                           |  |                                             | (310,414   | ) |                                               |   | (645,786    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 6,283,756  |   |                                               |   | 6,283,756   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



51



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.22  | )  |                                               |   | (1.16  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.25  | )  |                                               |   | (1.21  | ) 
|Net asset value at beginning of period                       |  |                                             | 15.42  |    |                                               |   | 16.38  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 15.17  |    |                                               | $ | 15.17  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.64   | %  |                                               |   | 0.64   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.64  | )%
|Portfolio turnover**                                      |  |                                             | 2      | %  |                                               |   | 5      | % 
|Total return**                                               |  |                                             | (1.62  | )% |                                               |   | (7.39  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 95,344 |    |                                               | $ | 95,344 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



52



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |               |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                         |  | June 30, 2008
|Assets                                                                                                                                   |  |               |           
|Investments in affiliated fund, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2030 Securities Lending Series Fund (cost $70,951,849 and units of 5,593,916) |  | $             | 68,553,436
|Receivable for investments sold                                                                                                          |  |               | 195,937   
|Receivable for fund units sold                                                                                                           |  |               | 127,690   
|                                                                                                                                         |  |               |           
|Total assets                                                                                                                             |  |               | 68,877,063
|                                                                                                                                         |  |               |           
|Liabilities                                                                                                                              |  |               |           
|Payable for fund units redeemed                                                                                                          |  |               | 289,654   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |               | 19,901    
|Retirement Date Fund management fee payable                                                                                              |  |               | 5,825     
|Trustee, management and administration fees payable                                                                                      |  |               | 5,510     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |               | 2,589     
|Other accruals                                                                                                                           |  |               | 11,511    
|                                                                                                                                         |  |               |           
|Total liabilities                                                                                                                        |  |               | 334,990   
|                                                                                                                                         |  |               |           
|                                                                                                                                         | 
|Net Assets(equivalent to $17.34 per unit based on 3,952,581 units outstanding)                                                           |  | $             | 68,542,073
|                                                                                                                                         |  |               |           

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



53



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 58,557     |   |                                               |   | 97,245     |  
|Retirement Date Fund management fee                                        |  |                                             | 17,667     |   |                                               |   | 29,598     |  
|Trustee, management and administration fees                                |  |                                             | 16,475     |   |                                               |   | 27,713     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 7,574      |   |                                               |   | 12,764     |  
|Legal and audit fees                                                       |  |                                             | 4,033      |   |                                               |   | 6,796      |  
|Compliance consultant fees                                                 |  |                                             | 3,704      |   |                                               |   | 6,242      |  
|Reports to unitholders                                                     |  |                                             | 1,995      |   |                                               |   | 3,362      |  
|Registration fees                                                          |  |                                             | 536        |   |                                               |   | 904        |  
|Other fees                                                                 |  |                                             | 2,047      |   |                                               |   | 3,449      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 112,588    |   |                                               |   | 188,073    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (112,588   | ) |                                               |   | (188,073   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund: |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | 235,146    |   |                                               |   | 302,646    |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (1,227,517 | ) |                                               |   | (4,531,894 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (992,371   | ) |                                               |   | (4,229,248 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (1,104,959 | ) |                                               | $ | (4,417,321 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



54



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (112,588   | ) |                                               | $ | (188,073   | )
|Net realized gain (loss)                                           |  |                                             | 235,146    |   |                                               |   | 302,646    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (1,227,517 | ) |                                               |   | (4,531,894 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (1,104,959 | ) |                                               |   | (4,417,321 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 8,830,732  |   |                                               |   | 37,359,797 |  
|Cost of units redeemed                                             |  |                                             | (4,563,754 | ) |                                               |   | (8,807,595 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,266,978  |   |                                               |   | 28,552,202 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 3,162,019  |   |                                               |   | 24,134,881 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 65,380,054 |   |                                               |   | 44,407,192 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 68,542,073 |   |                                               | $ | 68,542,073 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 3,717,262  |   |                                               |   | 2,334,893  |  
|Issued                                                             |  |                                             | 484,916    |   |                                               |   | 2,106,649  |  
|Redeemed                                                           |  |                                             | (249,597   | ) |                                               |   | (488,961   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 3,952,581  |   |                                               |   | 3,952,581  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



55



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.22  | )  |                                               |   | (1.62  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.25  | )  |                                               |   | (1.68  | ) 
|Net asset value at beginning of period                       |  |                                             | 17.59  |    |                                               |   | 19.02  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 17.34  |    |                                               | $ | 17.34  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.64   | %  |                                               |   | 0.64   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.64  | )%
|Portfolio turnover**                                      |  |                                             | 3      | %  |                                               |   | 5      | % 
|Total return**                                               |  |                                             | (1.42  | )% |                                               |   | (8.83  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 68,542 |    |                                               | $ | 68,542 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



56



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |               |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                         |  | June 30, 2008
|Assets                                                                                                                                   |  |               |           
|Investments in affiliated fund, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2040 Securities Lending Series Fund (cost $42,711,577 and units of 3,305,380) |  | $             | 41,274,276
|Receivable for investments sold                                                                                                          |  |               | 95,240    
|Receivable for fund units sold                                                                                                           |  |               | 96,758    
|                                                                                                                                         |  |               |           
|Total assets                                                                                                                             |  |               | 41,466,274
|                                                                                                                                         |  |               |           
|Liabilities                                                                                                                              |  |               |           
|Payable for fund units redeemed                                                                                                          |  |               | 171,478   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |               | 12,010    
|Retirement Date Fund management fee payable                                                                                              |  |               | 3,519     
|Trustee, management and administration fees payable                                                                                      |  |               | 3,328     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |               | 1,564     
|Other accruals                                                                                                                           |  |               | 7,361     
|                                                                                                                                         |  |               |           
|Total liabilities                                                                                                                        |  |               | 199,260   
|                                                                                                                                         |  |               |           
|                                                                                                                                         | 
|Net Assets(equivalent to $19.48 per unit based on 2,118,964 units outstanding)                                                           |  | $             | 41,267,014
|                                                                                                                                         |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                             |          |   |                                               |   |            |  
|------------------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | --------------------------------------------- | - | ---------- | -
|                                                                          |  | For the periodApril 1, 2008 toJune 30, 2008 |          |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                                         |  | $                                           |         |   |                                               | $ |           |  
|                                                                          |  |                                             |          |   |                                               |   |            |  
|                                                                          |  |                                            
|Expenses                                                                  |  |                                             |          |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                             | 35,210   |   |                                               |   | 59,964     |  
|Retirement Date Fund management fee                                       |  |                                             | 10,624   |   |                                               |   | 18,257     |  
|Trustee, management and administration fees                               |  |                                             | 9,907    |   |                                               |   | 17,096     |  
|ABA Retirement Fundsprogram fee                                          |  |                                             | 4,554    |   |                                               |   | 7,874      |  
|Legal and audit fees                                                      |  |                                             | 2,425    |   |                                               |   | 4,193      |  
|Compliance consultant fees                                                |  |                                             | 2,227    |   |                                               |   | 3,851      |  
|Reports to unitholders                                                    |  |                                             | 1,200    |   |                                               |   | 2,075      |  
|Registration fees                                                         |  |                                             | 323      |   |                                               |   | 558        |  
|Other fees                                                                |  |                                             | 1,230    |   |                                               |   | 2,126      |  
|                                                                          |  |                                             |          |   |                                               |   |            |  
|Total expenses                                                            |  |                                             | 67,700   |   |                                               |   | 115,994    |  
|                                                                          |  |                                             |          |   |                                               |   |            |  
|                                                                          |  |                                            
|Net investment income (loss)                                              |  |                                             | (67,700  | ) |                                               |   | (115,994   | )
|                                                                          |  |                                             |          |   |                                               |   |            |  
|                                                                          |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                             |          |   |                                               |   |            |  
|Net realized gain (loss)                                                  |  |                                             | 118,459  |   |                                               |   | 176,824    |  
|                                                                          |  |                                            
|Change in net unrealized appreciation (depreciation)                      |  |                                             | (672,872 | ) |                                               |   | (3,066,442 | )
|                                                                          |  |                                             |          |   |                                               |   |            |  
|                                                                          |  |                                            
|Net realized and unrealized gain (loss)                                   |  |                                             | (554,413 | ) |                                               |   | (2,889,618 | )
|                                                                          |  |                                             |          |   |                                               |   |            |  
|                                                                          |  |                                            
|Net increase (decrease) in net assets resulting from operations           |  | $                                           | (622,113 | ) |                                               | $ | (3,005,612 | )
|                                                                          |  |                                             |          |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2008 toJune 30, 2008 |            |   | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (67,700    | ) |                                               | $ | (115,994   | )
|Net realized gain (loss)                                           |  |                                             | 118,459    |   |                                               |   | 176,824    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (672,872   | ) |                                               |   | (3,066,442 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (622,113   | ) |                                               |   | (3,005,612 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,606,279  |   |                                               |   | 21,609,087 |  
|Cost of units redeemed                                             |  |                                             | (2,643,247 | ) |                                               |   | (6,207,669 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 2,963,032  |   |                                               |   | 15,401,418 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 2,340,919  |   |                                               |   | 12,395,806 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 38,926,095 |   |                                               |   | 28,871,208 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 41,267,014 |   |                                               | $ | 41,267,014 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,974,107  |   |                                               |   | 1,344,258  |  
|Issued                                                             |  |                                             | 273,032    |   |                                               |   | 1,082,526  |  
|Redeemed                                                           |  |                                             | (128,175   | ) |                                               |   | (307,820   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 2,118,964  |   |                                               |   | 2,118,964  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2008 toJune 30, 2008 |        |    | For the periodJanuary 1, 2008 toJune 30, 2008 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.21  | )  |                                               |   | (1.94  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.24  | )  |                                               |   | (2.00  | ) 
|Net asset value at beginning of period                       |  |                                             | 19.72  |    |                                               |   | 21.48  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 19.48  |    |                                               | $ | 19.48  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.64   | %  |                                               |   | 0.64   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.64  | )%
|Portfolio turnover**                                      |  |                                             | 2      | %  |                                               |   | 5      | % 
|Total return**                                               |  |                                             | (1.22  | )% |                                               |   | (9.31  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 41,267 |    |                                               | $ | 41,267 |   



|* | Annualized.
|- | -----------

|** | Not annualized.
|-- | ---------------

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

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

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



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements

(Unaudited)

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) acts as trustee of the Collective Trust. The Trust is maintained exclusively for the collective investment of monies administered on behalf of participants in the ABA Retirement Funds
program (the Program). Ten separate collective investment funds (the Funds) and the Retirement Date Funds (also the Funds)are established under the Trust. The Retirement Date Funds are a group of five
balanced investment funds that invest in a series of SSgA funds, each of which is designed to correspond to a particular time horizon to retirement. The Funds 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 are as follows:

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. As of June 30, 2008, 43.8% 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 June 30, 2008, 32.8% 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 June 30, 2008, 24.9% 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.



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



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 June 30, 2008, 4.8% 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 high quality short-term debt 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 enhanced short-term income collective investment fund. The annual financial statements of YES and SAFT are available from State Street Bank upon request.

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

The Retirement Date Funds
utilize a broad range of asset classes and an annual rebalancing process to provide diversification of returns and risks consistent with the stated time horizon to retirement. Investment in each such asset class is obtained by investing in index
strategies or other pooled strategies with low tracking error. Each of the Funds currently invests 100% of its assets in a separate State Street Bank and Trust Company collective investment fund listed below.

Lifetime Income Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement Income Securities Lending
Series Fund.

2010 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement 2010
Securities Lending Series Fund.

2020 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target
Retirement 2020 Securities Lending Series Fund.

2030 Retirement Date Fundinvests in the State Street Bank and Trust
CompanySSgA Target Retirement 2030 Securities Lending Series Fund.

2040 Retirement Date Fundinvests in the State Street
Bank and Trust CompanySSgA Target Retirement 2040 Securities Lending Series Fund.

Each of these underlying funds annual
financial statements is available from State Street Bank upon request.

All the Funds may invest in YES, an enhanced short-term income
collective investment fund. The annual financial statements of YES are available from State Street Bank upon request.



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



Funds in the Trust that participate in securities lending may invest cash collateral invested in the
State Street Quality D Short-Term Investment Fund (Quality D). State Street Bank and Trust Company serves as the Trustee for Quality D. For purposes of daily admissions and redemptions, the short-term portfolio instruments in Quality D
are valued on the basis of amortized cost. Participant units are issued and redeemed on each business day (valuation date). Participant units are all purchased and redeemed at a constant net asset value of $1.00 per unit. In the event
that a significant disparity develops between the constant net asset value and the market based net asset value of the Fund, the Trustee of Quality D may determine that continued redemption at a constant $1.00 net asset value would create
inequitable results for the Funds unit holders. In these circumstances, the Trustee of Quality D, in its sole discretion and acting on behalf of the Funds unit holders, may direct that units be redeemed at the market-based net asset
value until such time as the disparity between the market-based and the constant net asset value per unit is deemed to be immaterial. State Street collective investment funds, in which the Funds in the Trust invest, participate in securities lending
and may also invest their cash collateral in Quality D or in the State Street Super Collateral Short-Term Investment Fund (Super C). The annual financial statements of Quality D and Super C are available from State Street Bank upon
request. See Note 6.

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

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

State Street is a non-depository 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. 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.

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 financial highlights data have been prepared in conformity with accounting principles generally accepted in the United States of America:

A. Security Valuation

The Collective
Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective January 1, 2008, which governs the application of generally accepted accounting
principles that require fair value measurements of the Funds assets and liabilities. Fair value is an estimate of the price a Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most
advantageous market for the security.

All Funds (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 procedures adopted by State Street. For market prices and quotations, as well as some 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.

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 the Funds net asset value, State



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Notes to Financial Statements(Continued)

(Unaudited)



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,
management 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, a valuation
adjustment 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.

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.

Certain other types of
securities, including those discussed, may be priced using a pricing matrix to determine the value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for
other debt securities and historical trading patterns in the market for fixed income securities. 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 exchange (mutual funds), such shares are valued at their net asset values per share as reported by the funds. Each of these funds use fair value pricing in determining their net asset values.

United States Treasury securities and other obligations issued or guaranteed by the United States Government, its agencies or instrumentalities are
valued at representative quoted prices provided by a vendor.

Swaps are marked to market daily based upon quotations from brokers or market
makers and the change in value, if any, is recorded as unrealized appreciation or depreciation.

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.

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.

FAS 157 established a three-tier hierarchy based on the
use of observable market data and unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability,
including assumptions about uncertainty, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model, and/or the risk inherent in the inputs to the valuation technique. Inputs may be
observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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



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



| |  |  | Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, etc.)
| | - |  | --------------------------------------------------------------------------------------------------------------------



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

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for a
security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to the type of the
security, the existence of any contractual restrictions on the securitys disposition, the price of comparable securities, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer,
analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and
sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value determined upon sale of those investments.

The following is a summary of the
inputs used as of June 30, 2008 in valuing the Collective Trust Funds assets carried at fair value:



|                                            |  |                                         |             |                   |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | ----------------- | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Balanced Fund                           |             | Index Equity Fund
|Level 1Quoted Prices                       |  | $                                       | 203,554,079 |                   | $ |           
|Level 2Other Significant Observable Inputs |  |                                         | 208,976,825 |                   |   | 340,730,860
|Level 3Significant Unobservable Inputs     |  |                                         |            |                   |   |           
|                                            |  |                                         |             |                   |   |            
|Total                                       |  | $                                       | 412,530,904 |                   | $ | 340,730,860
|                                            |  |                                         |             |                   |   |            



|                                            |  |                                       |             |                                                                        |   |            |  
|------------------------------------------- |  | ------------------------------------- | ----------- | ---------------------------------------------------------------------- | - | ---------- | -
|Intermediate Bond Fund Valuation Inputs     |  | Investments inSecuritiesat Fair Value |             | Net UnrealizedAppreciation(Depreciation) onOther FinancialInstruments* |  
|Level 1Quoted Prices                       |  | $                                     | 3,531,445   |                                                                        | $ | (594,839   | )
|Level 2Other Significant Observable Inputs |  |                                       | 517,653,999 |                                                                        |   | (4,004,843 | )
|Level 3Significant Unobservable Inputs     |  |                                       | 4,726,895   |                                                                        |   | 524,046    |  
|                                            |  |                                       |             |                                                                        |   |            |  
|Total                                       |  | $                                     | 525,912,339 |                                                                        | $ | (4,075,636 | )
|                                            |  |                                       |             |                                                                        |   |            |  



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



|                                                                          |  |                                                                        |          
|------------------------------------------------------------------------- |  | ---------------------------------------------------------------------- | ---------
|Intermediate Bond Fund Level 3 Roll Forward                               |  | Investments inSecurities at FairValue                                 
|Balance as of January 1, 2008                                             |  | $                                                                      |         
|Accrued discounts/premiums                                                |  |                                                                        |         
|Realized gain (loss) and change in unrealized appreciation (depreciation) |  |                                                                        |         
|Net purchases (sales)                                                     |  |                                                                        | 4,726,895
|Net transfers in and/or out of Level 3                                    |  |                                                                        |         
|                                                                          |  |                                                                        |          
|Balance as of June 30, 2008                                               |  | $                                                                      | 4,726,895
|                                                                          |  |                                                                        |          
|                                                                          | 
|Intermediate Bond Fund Level 3 Roll Forward                               |  | Net UnrealizedAppreciation(Depreciation) onOther FinancialInstruments*
|                                                                          |  |                                                                        |          
|Balance as of January 1, 2008                                             |  | $                                                                      |         
|Accrued discounts/premiums                                                |  |                                                                        |         
|Realized gain (loss) and change in unrealized appreciation (depreciation) |  |                                                                        | 524,046  
|Net purchases (sales)                                                     |  |                                                                        |         
|Net transfers in and/or out of Level 3                                    |  |                                                                        |         
|                                                                          |  |                                                                        |          
|Balance as of June 30, 2008                                               |  | $                                                                      | 524,046  
|                                                                          |  |                                                                        |          



|* | Other financial instruments are derivative instruments including forward foreign currency exchange contracts, futures contracts, written options and interest rate swap contracts,
which are valued at the unrealized appreciation/depreciation on the instrument.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                            |  |                                         |             |                             |   |                            |  |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | --------------------------- | - | -------------------------- |  | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | International EquityFund                |             | Large-Cap Growth EquityFund |   | Large-Cap Value EquityFund
|Level 1Quoted Prices                       |  | $                                       | 35,108,038  |                             | $ | 396,567,558                |  | $ | 233,905,868
|Level 2Other Significant Observable Inputs |  |                                         | 242,752,690 |                             |   | 266,453,524                |  |   | 113,876,605
|Level 3Significant Unobservable Inputs     |  |                                         |            |                             |   |                           |  |   |           
|                                            |  |                                         |             |                             |   |                            |  |   |            
|Total                                       |  | $                                       | 277,860,728 |                             | $ | 663,021,082                |  | $ | 347,782,473
|                                            |  |                                         |             |                             |   |                            |  |   |            



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(Unaudited)



|                                            |  |                                         |             |                          |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | ------------------------ | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Mid-Cap Growth EquityFund               |             | Mid-Cap Value EquityFund
|Level 1Quoted Prices                       |  | $                                       | 125,249,518 |                          | $ | 65,673,991 
|Level 2Other Significant Observable Inputs |  |                                         | 37,899,458  |                          |   | 36,470,766 
|Level 3Significant Unobservable Inputs     |  |                                         |            |                          |   | 1,294,907  
|                                            |  |                                         |             |                          |   |            
|Total                                       |  | $                                       | 163,148,976 |                          | $ | 103,439,664
|                                            |  |                                         |             |                          |   |            



|                                                                          |  |                                       |           |  
|------------------------------------------------------------------------- |  | ------------------------------------- | --------- | -
|Mid-Cap Value Equity Fund Level 3 Roll Forward                            |  | Investments inSecurities at FairValue |          
|Balance as of January 1, 2008                                             |  | $                                     | 515,947   |  
|Accrued discounts/premiums                                                |  |                                       |          |  
|Realized gain (loss) and change in unrealized appreciation (depreciation) |  |                                       | (337      | )
|Net purchases (sales)                                                     |  |                                       |          |  
|Net transfers in and/or out of Level 3                                    |  |                                       | 779,297   |  
|                                                                          |  |                                       |           |  
|Balance as of June 30, 2008                                               |  | $                                     | 1,294,907 |  
|                                                                          |  |                                       |           |  



|                                            |  |                                         |             |                         |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | ----------------------- | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Small-Cap EquityFund                    |             | Stable Asset ReturnFund
|Level 1Quoted Prices                       |  | $                                       | 207,011,541 |                         | $ |           
|Level 2Other Significant Observable Inputs |  |                                         | 131,386,264 |                         |   | 887,549,661
|Level 3Significant Unobservable Inputs     |  |                                         |            |                         |   |           
|                                            |  |                                         |             |                         |   |            
|Total                                       |  | $                                       | 338,397,805 |                         | $ | 887,549,661
|                                            |  |                                         |             |                         |   |            



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|                                            |  |                                         |            |                          |   |                          |  |   |           
|------------------------------------------- |  | --------------------------------------- | ---------- | ------------------------ | - | ------------------------ |  | - | ----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Lifetime IncomeRetirement Date Fund     |            | 2010 Retirement DateFund |   | 2020 Retirement DateFund
|Level 1Quoted Prices                       |  | $                                       |           |                          | $ |                         |  | $ |          
|Level 2Other Significant Observable Inputs |  |                                         | 33,440,609 |                          |   | 57,710,099               |  |   | 95,359,188
|Level 3Significant Unobservable Inputs     |  |                                         |           |                          |   |                         |  |   |          
|                                            |  |                                         |            |                          |   |                          |  |   |           
|Total                                       |  | $                                       | 33,440,609 |                          | $ | 57,710,099               |  | $ | 95,359,188
|                                            |  |                                         |            |                          |   |                          |  |   |           



|                                            |  |                                         |            |                           |   |           
|------------------------------------------- |  | --------------------------------------- | ---------- | ------------------------- | - | ----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | 2030 Retirement Date Fund               |            | 2040 Retirement Date Fund
|Level 1Quoted Prices                       |  | $                                       |           |                           | $ |          
|Level 2Other Significant Observable Inputs |  |                                         | 68,553,436 |                           |   | 41,274,276
|Level 3Significant Unobservable Inputs     |  |                                         |           |                           |   |          
|                                            |  |                                         |            |                           |   |           
|Total                                       |  | $                                       | 68,553,436 |                           | $ | 41,274,276
|                                            |  |                                         |            |                           |   |           

B. Stable Asset Return Fund

SARF invests in SAFT, whose investments include insurance company, bank and financial institution investment contracts and investments in YES. On a daily
basis SARF accrues dividend income based on the income credited by SAFT. SARF does not distribute income and any increase to the net assets is reflected by an increase to the unit value. Each month the dividend income earned by SARF is reinvested
into SAFT. As a result of its investment in SAFT, SARF is subject to the specialized accounting provisions described below. The Statement of Assets and Liabilities presents the fair value of the investment contracts held by SAFT with the adjustment
to contract value. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis.

Investments held by an
investment company are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets of an investment company attributable to fully benefit-responsive investment contracts
because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the underlying defined-contribution plans. The Statement of Assets and Liabilities presents the fair value of the
investment contracts as well as the adjustment of the fully benefit responsive investment contracts from fair value to contract value.

SAFT may invest in guaranteed investment contracts (Traditional GIC or GICs), bank investment contracts and/or a wrapped portfolio of fixed income instruments (Synthetic Investment Contracts or
Synthetic GICs). Collectively, these contracts are referred to as investment contracts.

A bank investment contract is an
investment contract issued by a bank, with features (other than annuity provisions) comparable to a GIC.

A synthetic GIC is a wrap
contract paired with an underlying investment or investments, usually a portfolio of high-quality, intermediate term fixed income securities. The portfolio is owned by SAFT. SAFT purchases a wrapper contract from an insurance company or other
financial services institution. The portfolio, coupled with the wrap contract, attempts to replicate the characteristics of a traditional GIC. A synthetic GIC attempts to protect principal and accumulated interest and credits a stated interest rate
for a specified period of time (e.g. monthly or quarterly).



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Investment gains and losses are amortized over the expected duration through the calculation of the interest rate applicable to SAFT on a prospective basis
(the Crediting Rate). The Crediting Rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus amortization of the difference between the market value and contract value of the covered investments
over the duration of the covered investments at the time of computation. The Crediting Rate is most impacted by the change in the annual effective yield to maturity of the underlying securities, but is also affected by the differential between the
contract value and the market value of the covered investments. This difference is amortized over the duration of the covered investments. Depending on the change in duration from each reset period, the magnitude of the impact to the Crediting Rate
of the contract to market difference is heightened or lessened. The Crediting Rate can be adjusted periodically and is usually adjusted either monthly or quarterly, but in no event is the Crediting Rate less than zero.

At June 30, 2008, all investment contracts held by SAFT were deemed fully benefit-responsive. The change in the difference between the fair value
and contract value of the Trusts fully benefit-responsive investment contracts during 2008 is reflected below:



|                               |  |              |             |                  |   |             |  |   |           
|------------------------------ |  | ------------ | ----------- | ---------------- | - | ----------- |  | - | ----------
|                               |  | June 30,2008 |             | December 31,2007 |   | Change     
|Net assets at fair value       |  | $            | 887,549,602 |                  | $ | 877,984,124 |  | $ | 9,565,478 
|Net assets (at contract value) |  |              | 914,047,173 |                  |   | 880,338,231 |  |   | 33,708,942
|Adjustment to contract value   |  |              | 26,497,571  |                  |   | 2,354,107   |  |   | 24,143,464

Sensitivity Analysis

The following tables are intended to provide the analyses of the sensitivity of the Crediting Rate to future interest changes. These are estimates calculated based on current Crediting Rate calculations, and are not intended to serve as a
projection or guarantee of future rates of return to be earned by the Fund.

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2008      |  | 4.30                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2008 |  |                                     |   |  | 3.33        | % |  | 3.48        | % |  | 3.64        | % |  | 3.64        | %
|December 31, 2008  |  |                                     |   |  | 3.23        | % |  | 3.51        | % |  | 3.93        | % |  | 4.07        | %
|March 31, 2009     |  |                                     |   |  | 3.14        | % |  | 3.53        | % |  | 4.18        | % |  | 4.45        | %
|June 30, 2009      |  |                                     |   |  | 3.06        | % |  | 3.55        | % |  | 4.41        | % |  | 4.78        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2008      |  | 4.30                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2008 |  |                                     |   |  | 3.45        | % |  | 3.46        | % |  | 3.33        | % |  | 3.18        | %
|December 31, 2008  |  |                                     |   |  | 3.33        | % |  | 3.49        | % |  | 3.65        | % |  | 3.65        | %
|March 31, 2009     |  |                                     |   |  | 3.23        | % |  | 3.51        | % |  | 3.94        | % |  | 4.08        | %
|June 30, 2009      |  |                                     |   |  | 3.14        | % |  | 3.54        | % |  | 4.19        | % |  | 4.45        | %



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

|2 | Assumes an immediate hypothetical change in market yield (relative to current contract value yield), combined with an immediate, one-time hypothetical 10%
decrease in the net assets of the trust due to
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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

Average yields



|                                                    |  |      |  
|--------------------------------------------------- |  | ---- | -
|Based on actual income (1)                          |  | 2.94 | %
|Based on interest rate credited to participants (2) |  | 3.98 | %



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2008 by the fair value of investments on June 30, 2008.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2008 by the fair value of investments on June 30, 2008.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

C. Security Transactions and Related Investment Income

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

All securities lending income earned by the Funds in the Trust is
credited on a cash basis generally in the month following the month in which it is earned due to the immaterial amounts. This method is applied to the income both from the Funds lending securities directly and from collective investment funds in
which certain Funds are invested and which lend a portion of their securities.

D. Foreign Currency Transactions

The accounting records of the Funds 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.



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E. 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. Rul. 81-100, 1981, C.B. 326 (subsequently modified by Rev. Rul. 2004-67, 2004-28 I.R.B. 28) and exempt from Federal income tax pursuant to Section 501(a) of the Internal Revenue Code. Accordingly, no
provision for Federal income taxes is required.

Management is required to determine whether a tax position of the Collective Trust is more
likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as
the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording a tax liability that would reduce net assets. Based on its analysis, management
has determined that as of June 30, 2008 the Collective Trust did not have any tax liabilities. However, managements conclusions regarding tax liabilities may be subject to review and adjustment at a later date based on factors including,
but not limited to, further guidance and on-going analyses of tax laws, regulations and interpretations thereof.

F. Sales and
Redemptions of Units of Participation and Distributions

The units offered represent interests in the Funds 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 net asset value.

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

G. 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.

H. 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



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received by the Fund periodically, depending on the daily fluctuation in the value of the underlying securities, and are recorded as unrealized gains or
losses by the Fund. A gain or loss is realized when the contract is closed or expires.

At June 30, 2008, the Intermediate Bond Fund
held the following futures contracts:



|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|----------------------------------- |  | ------------------ | - |  | ------------- | ------------ | - | ---------------- | -------------- | ------------------------------------- | - | ---------- | -
|Futures Contracts                   |  | Number ofContracts |   |  | Notional Cost |              |   | Settlement Month |                | UnrealizedAppreciation/(Depreciation) |  
|Long                                |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|90 Day Eurodollar                   |  | 16                 |   |  | $             | 5,967,794    |   |                  | March 2009     |                                       | $ | (1,575     | )
|90 Day Eurodollar                   |  | 76                 |   |  |               | 18,366,987   |   |                  | March 2009     |                                       |   | 2,213      |  
|90 Day Eurodollar                   |  | 5                  |   |  |               | 1,201,610    |   |                  | March 2010     |                                       |   | (4,797     | )
|90 Day Eurodollar                   |  | 236                |   |  |               | 56,441,731   |   |                  | September 2009 |                                       |   | 325,118    |  
|90 Day Eurodollar                   |  | 13                 |   |  |               | 3,132,394    |   |                  | June 2009      |                                       |   | 2,881      |  
|90 Day Eurodollar                   |  | 194                |   |  |               | 46,584,481   |   |                  | September 2008 |                                       |   | 494,469    |  
|90 Day Eurodollar                   |  | 233                |   |  |               | 56,322,838   |   |                  | December 2009  |                                       |   | (440,700   | )
|90 Day Eurodollar                   |  | 400                |   |  |               | 96,770,172   |   |                  | December 2008  |                                       |   | 49,828     |  
|Germany Federal Republic Bonds 10yr |  | 36                 |   |  |               | 6,337,392    |   |                  | September 2008 |                                       |   | (69,271    | )
|U.K. Treasury Bonds                 |  | 49                 |   |  |               | 10,351,398   |   |                  | September 2008 |                                       |   | (168,743   | )
|U.S. Treasury Notes 10yr            |  | 290                |   |  |               | 32,485,455   |   |                  | September 2008 |                                       |   | 551,889    |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | 741,312    |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|                                    |  |                    |   | 
|Short                               |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|U.S. Treasury Notes 5yr             |  | (923               | ) |  |               | (101,281,799 | ) |                  | September 2008 |                                       | $ | (760,178   | )
|U.S. Treasury Notes 2yr             |  | (946               | ) |  |               | (199,701,438 | ) |                  | September 2008 |                                       |   | (96,719    | )
|U.S. Treasury Bond                  |  | (672               | ) |  |               | (77,038,983  | ) |                  | September 2008 |                                       |   | (640,017   | )
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | (1,496,914 | )
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | (755,602   | )
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |            |  

I. 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 June 30, 2008, the Intermediate Bond Fund held the following forward foreign currency
contracts:



|         |  |                |  |                                     |  |               |           |                |          |                                       |   |        |  
|-------- |  | -------------- |  | ----------------------------------- |  | ------------- | --------- | -------------- | -------- | ------------------------------------- | - | ------ | -
|Type     |  | Currency       |  | Principal AmountCovered by Contract |  | US DollarCost |           | SettlementDate |          | UnrealizedAppreciation/(Depreciation) |  
|Purchase |  | Euro           |  | 1,706,000                           |  | $             | 2,686,728 |                | 07/03/08 |                                       | $ | (710   | )
|Purchase |  | Pound Sterling |  | 238,000                             |  |               | 474,148   |                | 07/03/08 |                                       |   | (475   | )
|Purchase |  | Japanese Yen   |  | 650,000,000                         |  |               | 6,035,838 |                | 07/03/08 |                                       |   | 86,308 |  
|Purchase |  | Japanese Yen   |  | 205,791,000                         |  |               | 1,939,778 |                | 07/03/08 |                                       |   | (1,496 | )
|Purchase |  | Mexican Peso   |  | 50,039                              |  |               | 4,641     |                | 07/10/08 |                                       |   | 207    |  
|Purchase |  | Mexican Peso   |  | 50,039                              |  |               | 4,698     |                | 11/19/08 |                                       |   | 61     |  
|Purchase |  | Mexican Peso   |  | 24,000                              |  |               | 2,281     |                | 11/19/08 |                                       |   | 1      |  
|Sale     |  | Euro           |  | 1,706,000                           |  |               | 2,682,600 |                | 08/05/08 |                                       |   | 1,130  |  
|Sale     |  | Euro           |  | 76,000                              |  |               | 117,640   |                | 07/03/08 |                                       |   | (2,018 | )



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(Unaudited)



|     |  |                |  |                                     |  |               |  |                |  |                                       |         |  
|---- |  | -------------- |  | ----------------------------------- |  | ------------- |  | -------------- |  | ------------------------------------- | ------- | -
|Type |  | Currency       |  | Principal AmountCovered by Contract |  | US DollarCost |  | SettlementDate |  | UnrealizedAppreciation/(Depreciation) |        
|Sale |  | Euro           |  | 1,630,000                           |  | 2,523,077     |  | 07/03/08       |  |                                       | (43,283 | )
|Sale |  | Pound Sterling |  | 238,000                             |  | 472,994       |  | 08/05/08       |  |                                       | 539     |  
|Sale |  | Pound Sterling |  | 81,000                              |  | 158,050       |  | 07/03/08       |  |                                       | (3,158  | )
|Sale |  | Pound Sterling |  | 157,000                             |  | 308,666       |  | 07/03/08       |  |                                       | (3,800  | )
|Sale |  | Japanese Yen   |  | 855,791,000                         |  | 8,149,304     |  | 07/03/08       |  |                                       | 88,877  |  
|Sale |  | Japanese Yen   |  | 205,791,000                         |  | 1,943,249     |  | 08/05/08       |  |                                       | 1,388   |  
|Sale |  | Mexican Peso   |  | 50,039                              |  | 4,778         |  | 07/10/08       |  |                                       | (71     | )
|     |  |                |  |                                     |  |               |  |                |  |                                       |         |  
|     |  |                |  |                                     |  |               |  |                |  | $                                     | 123,500 |  
|     |  |                |  |                                     |  |               |  |                |  |                                       |         |  

J. 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 typically have a term of one to ten years, but typically require periodic interim settlement in cash, at which time the specified variable interest rate is reset for the next settlement
period. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from the Fund in accordance with the terms of the contract based on the closing level of the interest accrual through valuation
date. Changes in the value of swap contracts are recorded as unrealized gains or losses. Periodic cash settlements on interest rate swaps are recorded as adjustments to realized gains or losses as are any up-front payments which are recorded, upon
termination of the swap contract.

Entering into a swap contract involves, to varying degrees, elements of credit, market and interest rate
risk in excess of the amounts reported in the Statement of Assets and Liabilities. Notional principal amounts are used to express the extent of involvement in the transactions, but are not delivered under the contracts. Accordingly, credit risk is
limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, the Fund enters into swap contracts with counterparties whose creditworthiness has been approved by the investment advisor to the
Fund. The Fund bears the market risk arising from any change in interest rates.

At June 30, 2008, the Intermediate Bond Fund held the
following interest rate swap contracts:



|                |  |         |          |   |                   |                    |                 |            |               |                      |           |        |   |                                       |   |          |  
|--------------- |  | ------- | -------- | - | ----------------- | ------------------ | --------------- | ---------- | ------------- | -------------------- | --------- | ------ | - | ------------------------------------- | - | -------- | -
|                |  |         |          |   |                   |                    |                 |            | Rate Type     |                      |           |        |  
|NotionalAmount  |  | NetCost |          |   | Swap Counterparty |                    | TerminationDate |            | Floating Rate |                      | FixedRate |        |   | UnrealizedAppreciation/(Depreciation) |  
|8,000,000 AUD   |  | $       | 30,322   |   |                   | UBS (a)            |                 | 03/15/2011 |               | 6 Month AUD BBR      |           | 7.500  | % |                                       | $ | (78,888  | )
|15,100,000 BRL  |  |         | (137,999 | ) |                   | Morgan Stanley (a) |                 | 01/02/2012 |               | CDI-Brazil (c)       |           | 10.115 | % |                                       |   | (939,617 | )
|6,000,000 BRL   |  |         | (54,294  | ) |                   | UBS (a)            |                 | 01/02/2012 |               | CDI-Brazil (c)       |           | 10.575 | % |                                       |   | (317,273 | )
|9,600,000 BRL   |  |         | (47,306  | ) |                   | UBS (a)            |                 | 01/02/2012 |               | CDI-Brazil (c)       |           | 12.540 | % |                                       |   | (242,346 | )
|21,400,000 BRL  |  |         | (113,331 | ) |                   | Morgan Stanley (a) |                 | 01/02/2012 |               | CDI-Brazil (c)       |           | 12.540 | % |                                       |   | (532,350 | )
|6,800,000 EUR   |  |         | (185,085 | ) |                   | Morgan Stanley (b) |                 | 06/16/2014 |               | 6 Month EUR LIBOR    |           | 4.000  | % |                                       |   | 765,170  |  
|400,000 EUR     |  |         | 1,501    |   |                   | Barclays (b)       |                 | 09/17/2018 |               | 6 Month EUR LIBOR    |           | 5.000  | % |                                       |   | 98       |  
|2,000,000 EUR   |  |         | (66,021  | ) |                   | Barclays (b)       |                 | 09/17/2038 |               | 6 Month EUR LIBOR    |           | 5.000  | % |                                       |   | 40,392   |  
|1,000,000 EUR   |  |         | 5,583    |   |                   | Barclays (a)       |                 | 06/15/2010 |               | 6 Month EUR LIBOR    |           | 4.500  | % |                                       |   | (30,085  | )
|800,000 GBP     |  |         | 9,193    |   |                   | Morgan Stanley (a) |                 | 09/18/2009 |               | 6 Month GBP LIBOR    |           | 6.000  | % |                                       |   | (12,901  | )
|3,900,000 GBP   |  |         | (81,468  | ) |                   | Morgan Stanley (a) |                 | 09/17/2011 |               | 6 Month GBP LIBOR    |           | 4.500  | % |                                       |   | (267,518 | )
|4,300,000 GBP   |  |         | (23,437  | ) |                   | Morgan Stanley (b) |                 | 06/15/2037 |               | 6 Month GBP LIBOR    |           | 4.000  | % |                                       |   | (69,366  | )
|5,100,000 GBP   |  |         | (20,879  | ) |                   | Barclays (b)       |                 | 06/15/2037 |               | 6 Month GBP LIBOR    |           | 4.000  | % |                                       |   | (89,190  | )
|600,000 GBP     |  |         | 2,847    |   |                   | Barclays (a)       |                 | 09/17/2013 |               | 6 Month GBP LIBOR    |           | 5.000  | % |                                       |   | (54,466  | )
|4,800,000 GBP   |  |         | (82,606  | ) |                   | Barclays (a)       |                 | 09/17/2011 |               | 6 Month GBP LIBOR    |           | 4.500  | % |                                       |   | (346,916 | )
|370,000,000 JPY |  |         | (8,218   | ) |                   | Barclays (b)       |                 | 12/17/2017 |               | 6 Month JPY LIBOR    |           | 2.000  | % |                                       |   | (39,273  | )
|108,000,000 MXN |  |         | 22,578   |   |                   | Merrill Lynch (a)  |                 | 11/04/2016 |               | MXN-TIIE-Banxico (d) |           | 8.170  | % |                                       |   | (987,195 | )
|2,000,000 USD   |  |         | 3,900    |   |                   | Merrill Lynch (b)  |                 | 01/23/2009 |               | 12 Month USD LIBOR   |           | 4.500  | % |                                       |   | 243,911  |  



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|                |  |         |            |   |                   |                     |                 |            |               |                   |           |       |   |                                       |   |            |  
|--------------- |  | ------- | ---------- | - | ----------------- | ------------------- | --------------- | ---------- | ------------- | ----------------- | --------- | ----- | - | ------------------------------------- | - | ---------- | -
|                |  |         |            |   |                   |                     |                 |            | Rate Type     |                   |           |       |  
|NotionalAmount  |  | NetCost |            |   | Swap Counterparty |                     | TerminationDate |            | Floating Rate |                   | FixedRate |       |   | UnrealizedAppreciation/(Depreciation) |  
|45,400,000 USD  |  |         | (110,849   | ) |                   | Morgan Stanley (a)  |                 | 06/17/2010 |               | 3 Month USD LIBOR |           | 4.000 | % |                                       |   | 133,829    |  
|96,000,000 USD  |  |         | (848,470   | ) |                   | Morgan Stanley (b)  |                 | 12/17/2010 |               | 3 Month USD LIBOR |           | 4.000 | % |                                       |   | 696,298    |  
|1,200,000 USD   |  |         | 34,800     |   |                   | Lehman Brothers (b) |                 | 12/17/2038 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | (31,091    | )
|4,900,000 USD   |  |         | (37,583    | ) |                   | Merrill Lynch (b)   |                 | 12/17/2023 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 2,337      |  
|16,400,000 USD  |  |         | (492,246   | ) |                   | Citibank (b)        |                 | 12/17/2015 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 126,861    |  
|24,200,000 USD  |  |         | (398,090   | ) |                   | Citibank (a)        |                 | 12/17/2013 |               | 3 Month USD LIBOR |           | 4.000 | % |                                       |   | (82,473    | )
|72,400,000 USD  |  |         | (1,046,139 | ) |                   | Morgan Stanley (a)  |                 | 12/17/2013 |               | 3 Month USD LIBOR |           | 4.000 | % |                                       |   | (391,579   | )
|14,500,000 USD  |  |         | 52,338     |   |                   | Lehman Brothers (b) |                 | 12/17/2023 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | (156,638   | )
|8,300,000 USD   |  |         | 162,344    |   |                   | Citibank (b)        |                 | 12/17/2038 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | (136,689   | )
|101,000,000 USD |  |         | (1,127,339 | ) |                   | Barclays (a)        |                 | 12/17/2013 |               | 3 Month USD LIBOR |           | 4.000 | % |                                       |   | (878,318   | )
|26,800,000 USD  |  |         | 375,200    |   |                   | Merrill Lynch (a)   |                 | 12/17/2018 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 66,227     |  
|6,900,000 USD   |  |         | (164,910   | ) |                   | Morgan Stanley (b)  |                 | 12/17/2015 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 11,181     |  
|9,700,000 USD   |  |         | 148,878    |   |                   | Citibank (a)        |                 | 12/17/2018 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 10,892     |  
|19,300,000 USD  |  |         | 232,811    |   |                   | Morgan Stanley (a)  |                 | 12/17/2018 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | 85,082     |  
|13,300,000 USD  |  |         | 132,202    |   |                   | Bank of America (b) |                 | 12/17/2023 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | (227,871   | )
|900,000 USD     |  |         | 26,019     |   |                   | Credit Suisse (b)   |                 | 12/17/2038 |               | 3 Month USD LIBOR |           | 5.000 | % |                                       |   | (23,237    | )
|12,800,000 USD  |  |         | 57,805     |   |                   | Merrill Lynch (b)   |                 | 05/21/2009 |               | ICAP CMM (f)      |           | 5.500 | % |                                       |   | 280,135    |  
|400,000 EUR     |  |         | 94         |   |                   | UBS (a)             |                 | 10/15/2010 |               | CPI - France (e)  |           | 2.146 | % |                                       |   | (7,930     | )
|                |  |         |            |   |                   |                     |                 |            |               |                   |           |       |   |                                       |   |            |  
|                |  | $       | (3,747,855 | ) |                   |                     |                 |            |               |                   |           |       |   |                                       | $ | (3,480,797 | )
|                |  |         |            |   |                   |                     |                 |            |               |                   |           |       |   |                                       |   |            |  



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

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

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

|(d) | MXN  TIIE  Banxico is the Mexican Peso Floating Rate as published by El Banco de Mexico.
|--- | ------------------------------------------------------------------------------------------

|(e) | CPI  France is the Consumer Price Index of France.
|--- | ---------------------------------------------------

|(f) | ICAP CMM  ICAP Constant Maturity Mortgage Fixing Rate.
|--- | -------------------------------------------------------

K. Option and Swaption Contracts

The Intermediate Bond Fund (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 the Fund for the purchase of a call or put option is included in the Funds Statement of Assets and Liabilities as an
investment and subsequently marked-to-market to reflect the current market value of the option purchased. If an option which the Fund has purchased expires on its stipulated expiration date, the Fund realizes a loss for the amount of the cost of the
option. If the Fund enters into a closing transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from
the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the
premium originally paid.

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

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



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future date. If a call swaption is exercised, the purchaser will enter into a swap to receive the fixed rate and pay a floating rate in exchange. Exercising
a put would entitle the purchaser to pay a fixed rate and receive a floating rate.

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

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

A summary of the written put options for the six month period ended June 30, 2008 is as follows:



|                               |  |                     |  |         |       
|------------------------------ |  | ------------------- |  | ------- | ------
|Written Put Option Contracts   |  | Number of Contracts |  | Premium
|                               |  |                    
|Outstanding, beginning of year |  |                    |  | $       |      
|                               |  |                     |  |         |       
|                               |  |                    
|Options written                |  | 110                 |  |         | 85,663
|Options exercised              |  |                    |  |         |      
|Options expired                |  |                    |  |         |      
|Options closed                 |  |                    |  |         |      
|                               |  |                     |  |         |       
|                               |  |                    
|Outstanding, end of period     |  | 110                 |  | $       | 85,663
|                               |  |                     |  |         |       

A summary of the written call options for the six month period ended June 30, 2008 is as follows:



|                               |  |                     |  |         |       
|------------------------------ |  | ------------------- |  | ------- | ------
|Written Call Option Contracts  |  | Number of Contracts |  | Premium
|                               |  |                    
|Outstanding, beginning of year |  |                    |  | $       |      
|                               |  |                     |  |         |       
|                               |  |                    
|Options written                |  | 110                 |  |         | 34,100
|Options exercised              |  |                    |  |         |      
|Options expired                |  |                    |  |         |      
|Options closed                 |  |                    |  |         |      
|                               |  |                     |  |         |       
|                               |  |                    
|Outstanding, end of period     |  | 110                 |  | $       | 34,100
|                               |  |                     |  |         |       

For the six month period ended June 30, 2008, the Fund had not entered into any swaption
contracts.

L. 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.



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M. 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.

N. Recent Accounting Pronouncement

In March 2008, the Financial Accounting Standards Board (FASB) issued Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities. The standard is intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entitys financial position and financial performance. It is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2008. Management is currently in the process of determining the impact of the standard on the Collective Trusts financial statements.

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 allocated assets. Actual fees paid to each investment advisor during the six month period ended June 30, 2008 are listed below.



|                                                                      |  |                                 |  
|--------------------------------------------------------------------- |  | ------------------------------- | -
|Investment Advisor                                                    |  | Fee Rate RangeHighest to Lowest |  
|Alliance Bernstein L.P. (Large-Cap Value Equity)                      |  | .50% to .15%                    |  
|Capital Guardian Trust Company (Large-Cap Growth Equity and Balanced) |  | .50% to .225%                   | *
|JP Morgan Fleming Asset Management Limited (International Equity)     |  | .75% to .45%                    |  
|Pacific Investment Management Company (Intermediate Bond)             |  | .50% to .25%                    |  
|Philadelphia International Advisors LP (International Equity)         |  | .75% to .45%                    |  
|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 (Mid-Cap Value Equity)              |  | .75% to .55%                    |  
|Wellington Management Company LLP (Small-Cap Equity)                  |  | .90% to .70%                    |  



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



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|                                                                    |  |                                                |          
|------------------------------------------------------------------- |  | ---------------------------------------------- | ---------
|Investment Advisor                                                  |  | Fees for thesix monthPeriod EndedJune 30, 2008
|Alliance Bernstein L.P. (Large-Cap Value Equity)                    |  | $                                              | 364,669  
|Capital Guardian Trust Company (Balanced)                           |  |                                                | 265,946  
|Capital Guardian Trust Company (Large-Cap Growth Equity)            |  |                                                | 229,886  
|J.P. Morgan Fleming Asset Management Limited (International Equity) |  |                                                | 432,559  
|Pacific Investment Management Company (Intermediate Bond)           |  |                                                | 632,621  
|Philadelphia International Advisors LP (International Equity)       |  |                                                | 320,536  
|Smith Asset Management Group, LP (Small-Cap Equity)                 |  |                                                | 347,103  
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)            |  |                                                | 406,896  
|Turner Investment Partners (Mid-Cap Growth Equity)                  |  |                                                | 380,217  
|Wellington Management Company LLP (Mid-Cap Value Equity)            |  |                                                | 244,000  
|Wellington Management Company LLP (Small-Cap Equity)                |  |                                                | 509,047  
|                                                                    |  |                                                |          
|                                                                    |  | $                                              | 4,133,480
|                                                                    |  |                                                |          

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 six month period ended June 30, 2008:



|                        |  |                          |  
|----------------------- |  | ------------------------ | -
|Value of Program Assets |  | Rate of ARF Program Fees |  
|First $500 million      |  | .075                     | %
|Next $850 million       |  | .065                     | %
|Next $1.15 billion      |  | .035                     | %
|Next $1.5 billion       |  | .025                     | %
|Over $4 billion         |  | .015                     | %

ARF received Program fees of $851,765 for the six month period ended June 30, 2008. These
fees are allocated to each Fund based on net asset value.

ARF and State Street Bank have agreed to adjust the State Street Bank Program
fee based upon the following schedule:



|                        |  |                                      |  
|----------------------- |  | ------------------------------------ | -
|Value of Program Assets |  | Rate of State Street BankProgram Fee |  
|First $2 billion        |  | .40                                  | %
|Next $1 billion         |  | .31                                  | %
|Next $1 billion         |  | .21                                  | %
|Over $4 billion         |  | .13                                  | %



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For the six month period ended June 30, 2008, State Street Bank received program fees of
$6,479,036.

Benefit payments under the Program generally are made by check. Within two business days before the check becomes payable,
funds for the payment of benefits are transferred to a non-interest bearing account with State Street Bank. No separate fee is 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 at the following rates:



|                             |  |                                                |  
|---------------------------- |  | ---------------------------------------------- | -
|Value of Assets in all Funds |  | Rate of Trust,Management andAdministration Fee |  
|First $1 billion             |  | .217                                           | %
|Next $1.8 billion            |  | .067                                           | %
|Over $2.8 billion            |  | .029                                           | %

For the six month period ended June 30, 2008, State Street Bank received trustee, management
and administration fees of $1,846,797.

The Retirement Date Funds are subject to a management fee of .10% of the total annual assets
invested in the Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the six month period ended June 30, 2008, State Street Bank received Retirement Date Fund management fees of $127,257.

During the six month period ended June 30, 2008, the Programs custodian reimbursed the Small-Cap Equity Fund $113,658 for
losses attributable to a corporate action processing error.

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:



|                                                                                                       |  |                                             |               |       |   |              
|------------------------------------------------------------------------------------------------------ |  | ------------------------------------------- | ------------- | ----- | - | -------------
|                                                                                                       |  | For the Six Month Period EndedJune 30, 2008
|                                                                                                       |  | Purchases                                   |               | Sales
|Balanced Fund                                                                                          |  | $                                           | 53,091,802    |       | $ | 70,123,820   
|Index Equity Fund                                                                                      |  |                                             | 4,386,493     |       |   | 56,616,893   
|Intermediate Bond Fund                                                                                 |  |                                             | 86,450,455    |       |   | 53,356,678   
|International Equity Fund                                                                              |  |                                             | 47,073,485    |       |   | 65,134,321   
|                                                                                                       |  |                                            
|Large-Cap Growth Equity Fund                                                                           |  |                                             | 103,063,285   |       |   | 152,683,345  
|Large-Cap Value Equity Fund                                                                            |  |                                             | 19,065,640    |       |   | 54,644,713   
|Mid-Cap Growth Equity Fund                                                                             |  |                                             | 99,319,073    |       |   | 90,467,307   
|Mid-Cap Value Equity Fund                                                                              |  |                                             | 16,133,624    |       |   | 23,521,239   
|Small-Cap Equity Fund                                                                                  |  |                                             | 132,359,650   |       |   | 157,114,304  
|Lifetime Income Retirement Date Fund                                                                   |  |                                             | 20,224,873    |       |   | 4,929,731    
|2010 Retirement Date Fund                                                                              |  |                                             | 28,707,981    |       |   | 7,076,155    
|2020 Retirement Date Fund                                                                              |  |                                             | 54,696,274    |       |   | 4,150,657    
|2030 Retirement Date Fund                                                                              |  |                                             | 31,387,207    |       |   | 3,041,920    
|2040 Retirement Date Fund                                                                              |  |                                             | 16,955,399    |       |   | 1,683,637    
|                                                                                                      
|The aggregate cost of purchases and proceeds from sales of U.S. Government securities were as follows:
|                                                                                                       | 
|                                                                                                       |  | For the Six Month Period EndedJune 30, 2008
|                                                                                                       |  | Purchases                                   |               | Sales
|Intermediate Bond Fund                                                                                 |  | $                                           | 1,871,263,983 |       | $ | 1,918,243,638



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5. Risks Associated with Investments of the Trust

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

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

Fixed-income securities, including corporate bonds, also are subject to credit risk. When a security is purchased, its anticipated yield
depends on the timely payment by the borrower of each interest and principal installment. Credit analysis and bond ratings take into account the relative likelihood that such timely payment will result. Bonds with a lower credit rating tend to have
higher yields than bonds of similar maturity with a better credit rating. However, to the extent the Funds invest in securities with medium or lower credit qualities, they are subject to a higher level of credit risk than investments in
investment-grade securities. The credit quality of non investment-grade securities is considered speculative by recognized ratings agencies with respect to the issuers continuing ability to pay interest and principal. Lower-grade securities
may have less liquidity and a higher incidence of default than higher-grade securities. Furthermore, as economic, political and business developments unfold, lower-quality bonds, which possess lower levels of protection with respect to timely
payment, usually exhibit more price fluctuation than do higher-quality bonds of like maturity and the value of the Funds will reflect this volatility. Moreover, the Funds rely to a significant extent on ratings issued by one or more nationally
recognized credit rating agencies to assess the credit quality of securities in which it proposes to invest. There may be limitations on the quality of such ratings. For instance, certain asset backed securities such as subprime CMOs and securities
backed by bond insurance that initially received relatively high ratings were, in connection with the credit markets turbulence, subsequently significantly downgraded. There is a risk of loss associated with securities even if initially highly
rated, particularly in the case of collateralized debt obligations and other structured-finance investments that are often of relatively higher complexity.

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



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



credit as collateral against loans in an 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 the 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 June 30, 2008, the Funds market value of
securities on loan and collateral received for securities loaned was as follows:



|                         |  |                                  |             |                 |   |            
|------------------------ |  | -------------------------------- | ----------- | --------------- | - | -----------
|Fund                     |  | Market Value ofLoaned Securities |             | CollateralValue
|Balanced*                |  | $                                | 44,741,079  |                 | $ | 45,948,652 
|Intermediate Bond*       |  |                                  | 13,576,202  |                 |   | 13,854,688 
|International Equity     |  |                                  | 28,281,499  |                 |   | 29,466,743 
|Large-Cap Growth Equity* |  |                                  | 74,903,469  |                 |   | 76,892,712 
|Large-Cap Value Equity*  |  |                                  | 30,923,482  |                 |   | 31,705,886 
|Mid-Cap Growth Equity*   |  |                                  | 38,090,338  |                 |   | 38,995,383 
|Mid-Cap Value Equity*    |  |                                  | 35,147,077  |                 |   | 36,177,784 
|Small-Cap Equity*        |  |                                  | 110,790,827 |                 |   | 113,907,344

As discussed in Note 1, units of Quality D continue to be issued and redeemed at a constant $1.00
net asset value per unit. At June 30, 2008 the market value of the investments in Quality D, as reported by its trustee, was approximately 98.58% of amortized cost.



|* | Collateral value includes non-cash collateral State Street Bank received in lieu of cash for securities on loan. The Funds receive a fee from the Borrowers to compensate for the
revenue lost from the inability to generate income from the investment of cash collateral. Non-cash collateral can be held in the form of securities issued or guaranteed by the United States Government or its agencies or instrumentalities,
convertible bonds denominated in US dollars, cash, irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower, or Tri-party agreements backed by securities issued or guaranteed by the United States
government or its agencies. Non-cash collateral held at June 30, 2008 was in amounts as follows:
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                        |  |                          |           
|----------------------- |  | ------------------------ | ----------
|Fund                    |  | Non-CashCollateral Value
|Balanced                |  | $                        | 1,352,078 
|Intermediate Bond       |  |                          | 576,250   
|Large-Cap Growth Equity |  |                          | 10,757,243
|Large-Cap Value Equity  |  |                          | 2,589,262 



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



|                      |  |                         
|--------------------- |  | ------------------------
|Fund                  |  | Non-CashCollateral Value
|Mid-Cap Growth Equity |  | 1,280,488               
|Mid-Cap Value Equity  |  | 1,101,986               
|Small-Cap Equity      |  | 764,383                 

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. Participant Ownership

As of June 30,
2008, a participant owned 5.97% of the outstanding units of the 2010 Retirement Date Fund.

8. Structured Portfolio Service Termination

The offering of the Structural Portfolio Service consisting of the Conservative, Moderate and Aggressive Portfolios was terminated on
March 28, 2008. Participants in the portfolios of the Structured Portfolio Service were given an opportunity to direct the transfer of their assets so invested into other investment options prior to the termination. Any assets not subject to a
valid direction to be transferred to another investment option and hence remaining in the portfolios of the Structured Portfolio Service as of the date of their termination were transferred to the Funds underlying the portfolios of the Structured
Portfolio Service in accordance with such Funds respective weightings in such portfolios.

9. Changes to the Collective Trust

Effective July 1, 2008, CitiStreet LLC became a wholly owned subsidiary of ING Group, a Netherlands-based financial services company. Prior to
such date, CitiStreet LLC had been jointly owned by State Street Bank and Citigroup, Inc. CitiStreet continues to provide recordkeeping and other administrative services to the Program on behalf of State Street Bank pursuant to an existing service
agreement entered into between State Street Bank and CitiStreet.

In conjunction with that above change the following changes have been
made to officers of the Collective Trust:

Monet T. Ewing has replaced Philip J. Lussier as President and Chief Executive Officer of the
Collective Trust. Ms. Ewing, age 45, has been a Vice President of State Street Global Advisors, a division of State Street Bank (SSgA), in its Fiduciary Group since 2002. From 1994 to 2001, Ms. Ewing served as Vice President
and Associate Counsel for State Street Banks Legal Division.

Robert E. Fullam has replaced Beth M. Halberstadt as Vice President and
Chief Financial Officer of the Collective Trust. Mr. Fullam, age 46, has been a Principal of SSgA since July 1, 2008. Mr. Fullam is a Vice President of State Street and was at CitiStreet LLC from 2001 to June 30, 2008, most
recently as a Vice President. Mr. Fullam also served as Treasurer and Chief Accounting Officer of the Collective Trust from February 2005 to June 30, 2008. Prior to joining CitiStreet in 2001, Mr. Fullam worked at State Street Bank in
various capacities during the period from 1987 through 2001.

Kelly Q. Driscoll has replaced Robert E. Fullam as Treasurer and Chief
Accounting Officer of the Collective Trust. Ms. Driscoll, age 48, has been Senior Managing Director of SSgA and Department Head of its Fiduciary Group since 2001. From 1994 to 2000, Ms. Driscoll served as head of fiduciary services in the
Retirement Investment Services Division of State Street Bank.



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

Quarter and Six Months Ended June 30, 2008

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 June 30, 2008, the Stable
Asset Return Fund experienced a total return, net of expenses, of 0.95%. By comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced
an investment record of 1.00% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of 1.98%, compared to an investment record of 2.11% for the combination benchmark for the same
period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not include an allowance for the fees that an investor would pay for investing in the instruments that comprise that index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended June 30, 2008. Underperformance for the quarter was
primarily due to a general rise in interest rates, which led to lower valuations across the bond market. During the quarter, Treasury yields rose across the yield curve; the two year Treasury yield finished the quarter approximately 1.03% higher
than at the quarters beginning. Market volatility and uncertainty also continued into the second quarter. The effect of Fund expenses also lowered total return as compared to the combination benchmark.

The Fund continues to focus on maintaining liquidity and reducing risk. Exposures to the commercial mortgage-backed securities and non-agency mortgage
sectors decreased over the second quarter of 2008 by approximately 1% each. Similar to the first quarter, investment in the quarter was primarily in the agency mortgage sector, with the Fund adding roughly 4.8% to this exposure. The increase was
primarily executed through the use of the SSgA Lehman Brothers Mortgage Index Fund; it is a highly liquid, sizeable portfolio whose investments are benchmarked to the Lehman Brothers mortgage index, primarily consisting of mortgage pass-through
securities. The agency mortgage sector is high quality, exhibits lower market value volatility than other structured products, provides yield to support the crediting rate, and is a sector which may recover more quickly than others once the market
begins to normalize.

The Stable Asset Return Fund underperformed the combination benchmark for the six month period ended June 30,
2008. Market volatility and uncertainty were the primary contributors to underperformance. The effect of Fund expenses also lowered total return as compared to the combination benchmark.

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 diversified portfolio of fixed income securities.

For the quarter
ended June 30, 2008, the Intermediate Bond Fund experienced a total return, net of expenses, of (2.77)%. By comparison, the Lehman Brothers Aggregate Bond Index produced an investment record of (1.02)% for the same period. For the six months
ended June 30, 2008, the Fund experienced a total return, net of expenses, of 1.26%, compared to an investment record of 1.13% for the Lehman Brothers Aggregate Bond Index 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.



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The Intermediate Bond Fund, which is advised by Pacific Investment Management Company LLC, underperformed
the Lehman Brothers Aggregate Bond Index for the quarter ended June 30, 2008. During the second quarter most fixed income sectors lost ground under the pressure of rising interest rates associated with anxiety about inflation. The benchmark
10-year Treasury bond yielded 3.97% as of June 30, not far from where it started the year but 56 basis points higher than at the end of the first quarter. The movement of yield curves in the U.S., the U.K. and Europe during the second quarter
reflected increased nervousness about inflation. These curves flattened as investors anticipated that central banks would have to push short-term interest rates higher in the near future. The Funds allocation to shorter-term maturities in the
U.S., U.K. and the Eurozone was negative for returns as short-term interest rates in those areas increased and their respective yield curves flattened over the quarter. An overweight to high quality agency-backed mortgage securities helped
performance as mortgage-backed securities fared better than other non-Treasury sectors during the second quarter. An underweight to corporate bonds detracted from performance as corporate bonds fared relatively well against Treasuries during the
second quarter. Modest holdings of municipal bonds contributed to second quarter returns as munis outpaced more volatile taxable bonds, despite constrained liquidity in this market. Finally, exposure to emerging market currencies, especially Brazil,
was beneficial for returns as the U.S. dollar weakened due to slowing growth and falling rates.

The Intermediate Bond Fund outperformed
the Lehman Brothers Aggregate Bond Index for the six month period ended June 30, 2008. Stress in the financial system arising from the sub-prime debacle, and concern about higher inflation, weighed on stock and bond markets during the first
half of 2008. Bonds held up better than equities in general. The Lehman Brothers Aggregate Bond Index posted a gain of 1.13% for the first six months of the year despite the turbulence. The Funds transition away from U.S. interest rate
strategies and focus on attractively valued high quality assets protected returns during a difficult market in the first half of 2008. An overweight to high quality agency-backed mortgage securities helped performance as mortgage-backed securities
fared better than other non-Treasury sectors during the year to date period. Corporate bonds, however, lagged Treasuries for the first half of 2008 amid generally poor economic data, surging raw material prices and the same liquidity concerns that
hurt all non-Treasury sectors.

Balanced Fund

The Balanced Fund invests in publicly-traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities 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 June 30, 2008, the Balanced Fund experienced a total return, net of expenses, of (3.06)%. 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 (1.42)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (7.62)%, compared to an investment record of (6.26)% for the
combination benchmark 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 June 30, 2008, the equity segment of the Balanced Fund, which is advised with the assistance of
Capital Guardian Trust Company, underperformed the Russell 1000 Index. The segment was held back primarily by stock selection in the financials sector, particularly thrifts and mortgage companies. In addition, the segments underweight position
in the energy sector held back relative performance, though stock selection within that sector was beneficial. The segments returns were helped by stock selection in the materials sector.

For the quarter ended June 30, 2008, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management
Company LLC, underperformed the Lehman Brothers Aggregate Bond Index. During the second quarter most fixed income sectors lost ground under the pressure of rising interest rates associated with anxiety about inflation. The benchmark 10-year Treasury
bond yielded 3.97% as of June 30, not far from where it started the year but 56 basis points higher than at the end of the first quarter. The movement of yield curves in the U.S., the U.K. and Europe during the second quarter reflected
increased nervousness about inflation. These curves flattened as investors anticipated that central banks would have to push short-term rates higher in the near future. The segments allocation to shorter-term maturities in the U.S., U.K. and
the Eurozone was negative for returns as short-term rates in those areas increased and their respective yield curves flattened over the quarter. An overweight to high quality agency-backed mortgage securities helped performance as mortgage-backed
securities fared better than other non-Treasury sectors during the second quarter. An underweight to corporate bonds detracted from performance as corporate bonds fared relatively well against Treasuries during the second quarter. Modest holdings of
municipal bonds contributed to second quarter returns as munis outpaced more volatile taxable bonds, despite constrained liquidity in this market. Finally, exposure to emerging market currencies, especially Brazil, was beneficial for returns as the
U.S. dollar weakened due to slowing growth and falling rates.



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For the six months ended June 30, 2008, the equity segment of the Balanced Fund, which is advised
with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. For the year to date, stock selection in the financials sector has been the largest detractor, followed by the segments underweight position in
energy stocks.

For the six months ended June 30, 2008, the debt segment of the Balanced Fund, which is advised with the assistance of
Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. Stress in the financial system arising from the sub-prime debacle, and concern about higher inflation, weighed on stock and bond markets during the
first half of 2008. Bonds held up better than equities in general. The Lehman Brothers Aggregate Bond Index posted a gain of 1.13% for the first six months of the year despite the turbulence. The segments transition away from U.S. interest
rate strategies and focus on attractively valued high quality assets protected the segments returns during a difficult market in the first half of 2008. An overweight to high quality agency-backed mortgage securities helped performance as
mortgage-backed securities fared better than other non-Treasury sectors during the year to date period. Corporate bonds, however, lagged Treasuries for the first half of 2008 amid generally poor economic data, surging raw material prices and the
same liquidity concerns that hurt all non-Treasury sectors.

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 in the opinion of State Street and the Funds Investment Advisor are undervalued in
the marketplace. A portion 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 June 30, 2008, the Large-Cap Value Equity Fund experienced a total return, net
of expenses, of (7.60)%. By comparison, the Russell 1000 Value Index produced an investment record of (5.31)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (16.75)%,
compared to an investment record of (13.57)% for the Russell 1000 Value Index 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 that
index or for fund expenses.

For the quarter ended June 30, 2008, the actively managed portion of the Large-Cap Value Equity Fund,
which is advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative returns were hurt by declines in financial holdings, namely Fifth Third Bancorp, AIG and Bank of America, as concerns about further
write-downs and dysfunctional credit markets returned. Relative performance was helped by positions in SPX, ArcelorMittal and Chevron. Industrial conglomerate SPXs first-quarter earnings exceeded consensus estimates, supported by strength in
its thermal equipment and services segment. Shares of ArcelorMittal benefited from rising global steel prices, bolstered by strong demand and rising input costs. Chevron reported stronger-than-expected first-quarter profit as the impact of higher
oil and natural gas prices more than offset weak refining margins.

The performance of the indexed portion of the Large-Cap Value Equity
Fund for the quarter ended June 30, 2008 was consistent with the Russell 1000 Value Index after taking into account expenses.

For the
six month period ended June 30, 2008, the actively managed portion of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative returns were hurt by
declines in General Motors, AIG and Idearc. Shares of General Motors fell amid its weaker-than-expected short-term sales outlook and concerns surrounding initiatives for decreased production in its highly profitable sports utility vehicle segment.
Shares of AIG were weak in reaction to the global insurers larger-than-expected capital-raising effort. Printing and publishing company Idearc was dragged down by managements lower sales guidance and balance sheet concerns. Relative
performance was helped by several positions including SPX and ArcelorMittal. Industrial conglomerate SPXs first-quarter earnings exceeded consensus estimates, supported by strength in its thermal equipment and services segment. ArcelorMittal
benefited from rising global steel prices, bolstered by strong demand and rising input costs.

The performance of the indexed portion of
the Large-Cap Value Equity Fund for the six month period ended June 30, 2008 was consistent with the Russell 1000 Value Index after taking into account expenses.



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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 portion of the Large-Cap Growth Equity Fund (approximately 331/3%) 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 in two portions of approximately 331/3% each of the assets of the Fund, subject to differences in relative
performance. 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 June 30, 2008, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of 1.27%. By comparison, the
Russell 1000 Growth Index produced an investment record of 1.25% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (9.61)%, compared to an investment record of (9.06)% for the
Russell 1000 Growth Index 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 portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth
Index for the quarter ended June 30, 2008. Quarterly returns underperformed the benchmark due primarily to an underweight in the energy sector. Poor stock selection in the consumer discretionary and financials sectors also hurt relative
performance. Stock selection among the materials sector aided performance.

The portion of the Large-Cap Growth Equity Fund advised with
the assistance of T. Rowe Price Associates, Inc. outperformed the Russell 1000 Growth Index for the quarter ended June 30, 2008. During the quarter, factors including surging food and energy costs, the lingering impact of the global credit
crisis, and anemic consumer spending weighed heavily on the market. This portion of the Fund outperformed the Russell 1000 Growth Index for the period as stock selection contributed to relative results. Stock selection in the information technology
and industrials and business services sectors boosted relative results. Holdings in the semiconductors and semiconductor equipment and Internet software and services sectors contributed to relative performance. Marvell Technology reported earnings
growth during the period, and Google reported strong quarterly results. Stock selection in the consumer discretionary sector impaired relative results, as did an underweight allocation to the energy sector. Holdings in the hotels, restaurants, and
leisure sector, which included International Game Technology and Las Vegas Sands, detracted from relative performance.

The performance of
the indexed portion of the Fund for the quarter ended June 30, 2008 was consistent with the Russell 1000 Growth Index after taking into account expenses.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the six month period ended June 30, 2008. For the
year to date, an underweight to the energy sector hurt results, although stock selection in the sector was helpful. Poor stock selection in the consumer discretionary and consumer staples sectors hurt performance.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of T. Rowe Price Associates, Inc., outperformed the Russell 1000 Growth Index
for the six month period ended June 30, 2008. Stock selection contributed to relative performance while sector allocations detracted. Stock selection drove relative outperformance in the health care and information technology sectors. The
biotechnology and semiconductors and semiconductor equipment sectors contributed to relative results. Top contributors to results during the period included Marvell Technology, Gilead Sciences, Visa, and Celgene. Stock selection in the consumer
discretionary sector detracted from relative performance. The hotels, restaurants and leisure industry detracted from relative results. An underweight allocation to the energy sector also hurt relative performance during the period. Leading
detractors during the period included Juniper Networks, Microsoft, Google, and International Game Technology.

The performance of the
indexed portion of the Fund for the six month period ended June 30, 2008 was consistent with the Russell 1000 Growth Index after taking into account expenses.



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Index Equity Fund

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

For the quarter ended June 30, 2008, the Index Equity Fund experienced a total return, net of expenses, of (1.78)%. By comparison, the Russell 3000 Index produced an investment record of (1.69)% for the same
period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (11.24)%, compared to an investment record of (11.05)% for the Russell 3000 Index for the same period. The Russell 3000 Index does not
include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The performance of the Index Equity Fund for the quarter ended June 30, 2008 was consistent with the Russell 3000 Index after taking into account expenses.

The performance of the Index Equity Fund for the six month period ended June 30, 2008 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 of 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 earnings power. The Fund seeks to emphasize sectors and
securities State Street and the Investment Advisor consider undervalued.

For the quarter ended June 30, 2008, the Mid-Cap Value
Equity Fund, which is advised with the assistance of Wellington Asset Management Company, LLP, experienced a total return, net of expenses, of (0.83)%. By comparison, the Russell Mid-Cap Value Index produced an investment record of
0.07% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (15.56)%, compared to an investment record of (8.58)% for the Russell Mid-Cap Value Index 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 that index or for fund expenses.

The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value Index for the quarter ended June 30, 2008. Security selection within the
materials sector helped relative performance, due in part to Agrium and Cleveland-Cliffs. Both companies benefited from a rise in crop and coal prices, respectively. The consumer staples sector also benefited from strong holdings like Marine
Harvest, which rebounded following a successful debt refinancing. An underweight to the energy sector detracted most from performance during the quarter. Avoidance of Helmerich & Payne, Petrohawk Energy, and Plains Exploration and
Production hurt relative performance. Industrials holdings also detracted from performance, due in part to weak performer Northwest Airlines. Northwest Airlines earnings struggled and the stock declined 28% as fuel costs increased
significantly.

The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value Index for the six month period ended June 30,
2008. Poor performance from holdings in the energy and industrials sectors detracted from relative results. Within the energy sector, the Funds avoidance of strong performing stocks Helmerich & Payne and Patterson-UTI Energy hurt
performance. The largest detractor within the industrials sector was Northwest Airlines, which fell 55% during the first six months of the year. The top-performing sector year-to-date was materials. Cleveland-Cliffs saw shares rise alongside surging
coal prices, while Agrium outperformed as rising grain prices spurred growing demand for crop nutrients and seeds. The consumer staples sector was the second-largest contributor to performance for the year-to-date period, with Marine Harvest as the
top contributor within the sector.



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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 of between $1 billion and $12 billion at the time of investment that State
Street and the Funds 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 June 30, 2008, the Mid-Cap Growth Equity Fund, which is advised with the
assistance of Turner Investment Partners, Inc., experienced a total return, net of expenses, of 4.37%. By comparison, the Russell Mid-Cap Growth Index produced an investment record of 4.65% for the same period. For the six months ended June 30,
2008, the Fund experienced a total return, net of expenses, of (9.13)%, compared to an investment record of (6.81)% for the Russell Mid-Cap Growth Index for the same period. The Russell Mid-Cap Growth Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund
underperformed the Russell Mid-Cap Growth Index for the quarter ended June 30, 2008. Absolute performance was positive in eight of the Funds ten sectors, led by the energy sector which continued to benefit from soaring oil and gas prices.
When compared to the benchmark, results were mixed as four of the Funds ten sectors generated excess returns, led by the cyclical sectors autos/transportation and materials/processing. The Funds holdings in the turbulent financial
services sector also contributed to relative performance during the quarter. On the downside, the Fund trailed in the traditional growth sectors of consumer discretionary and technology, which combined represent approximately 30% of the Fund.

The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the six month period ended June 30, 2008. On an
absolute basis, results were mixed as performance was positive in three of the Funds ten sectors, led by the energy sector. When compared to the benchmark, four of the Funds ten sectors generated excess returns, led by the cyclical
sectors autos/transportation and materials/processing, while the Funds holdings in the technology and consumer discretionary sectors lagged the benchmark. As was the case for the second quarter, cyclical companies led the way in terms of
absolute and relative performance for the year-to-date period. Key drivers for relative performance in the materials and processing sector were holdings in fertilizer company Mosaic Co. and iron-ore pellet producer Cleveland-Cliffs. In autos and
transportation, SPX Corp. and CSX Corp. both traded higher in the year-to-date period. The technology sector detracted the most from year-to-date performance as a few of the Funds semiconductor holdings came under pressure during the period,
including Cypress Semiconductor Corp. and NVIDIA Corp. The largest detractor in this sector was web analytics firm Omniture Inc.

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 developments 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 portion 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 with the assistance of Wellington Management Company, LLP and Smith Asset Management Group, L.P.

For the quarter ended June 30, 2008, the Small-Cap Equity Fund experienced a total return, net of expenses, of 5.04%. By comparison, the Russell
2000 Index produced an investment record of 0.58% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (6.98)%, compared to an investment record of (9.37)% for the Russell 2000
Index for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell
2000 Index for the quarter ended June 30, 2008. This portion of the Fund outperformed the benchmark due to favorable stock selection in seven of the ten broad market sectors, led by financials and energy. Security selection within the
financials sector added to performance, helped by strong performers UMB Financial and First Cash Financial Services. UMB Financial, a Missouri-based bank, recorded record profits, while First Cash Financial Services benefited from strong consumer
credit demand. The portfolio also benefited from its energy holdings, including Whiting Petroleum, an oil and gas exploration and production company that benefited from higher prices, cost reductions, and increased production during the quarter.
Also contributing to performance was Venoco, an oil and gas producer that reported results above consensus. Security selection in the industrials sector detracted from performance. The portfolios exposure to Tennant and AirTran Holdings hurt
results. Tennant, a maker of cleaning equipment, reported weak results due to decreased equipment sales, while shares of AirTran holdings, a discount airline, fell due to rising fuel prices.



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The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group,
L.P. outperformed the Russell 2000 Index for the quarter ended June 30, 2008. Positive relative performance for the period was driven primarily by an overweight sector position and good stock selection in the consumer discretionary sector and
an underweight sector position and positive stock selection in the financials sector. Negative contributing sectors included information technology and utilities. In the information technology sector, both an overweight position in this sector and
the underperformance of the stocks in the sector detracted from total performance.

The performance of the indexed portion of the Small-Cap
Equity Fund for the quarter ended June 30, 2008 was consistent with the Russell 2000 Index after taking into account expenses.

The
portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell 2000 Index for the six month period ended June 30, 2008. This portion of the Fund outperformed
the benchmark due to outperformance in six of the ten broad market sectors. The top-performing sector year-to-date was energy. The portfolio benefited from an overweight to strong performer Whiting Petroleum, an oil and gas exploration and
production company. Within the materials sector, the portfolios exposure to Cleveland-Cliffs, a producer of iron ore pellets, aided performance. Cleveland-Cliffs posted strong returns driven by higher demand for coal and iron ore. Also
contributing to performance was the portfolios overweight to strong performer Century Aluminum. Poor performance from holdings in the industrials and consumer discretionary sectors detracted from results. Within the industrials sector, the
portfolios overweight position in Commercial Vehicle Group, a truck parts supplier that saw first quarter profits fall as a result of a weakening dollar, was a primary detractor. An underweight to Walter Industries also hurt performance.

The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. underperformed the Russell 2000
Index for the six month period ended June 30, 2008. Stock selection in the consumer discretionary sector contributed to performance as did the performance of the overall sector. Stock selection in the information technology sector
detracted from performance as did performance of the overall sector.

The performance of the indexed portion of the Small-Cap Equity Fund
for the six months ended June 30, 2008 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 seeks to diversify investments broadly among developed and emerging countries and generally to have at least three different countries represented in the portfolio. 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. The International Equity Fund is actively managed in two approximately equal portions, subject
to differences in relative performance, with the assistance of JPMorgan Asset Management (UK) Limited and Philadelphia International Advisors, LP.

For the quarter ended June 30, 2008, the International Equity Fund experienced a total return, net of expenses, of (2.53)%. By comparison, the Morgan Stanley Capital International Europe, Australasia, and Far East Index (the MSCI
EAFE Index) produced an investment record of (2.25)% for the same period. For further comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the MSCI ACWI ex-USA Index) produced an investment
record of (1.12)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (10.37)%, compared to an investment record of (10.96)% for the MSCI EAFE Index and an investment record of
(10.16)% for the MSCI ACWI ex-USA Index for the same period. The International Equity Fund began using the MSCI EAFE Index as its primary benchmark effective January 1, 2008 because the MSCI EAFE Index reflects less exposure to developing
countries and is thus believed to be more closely reflective of the Funds portfolio. Neither the MSCI EAFE Index nor the MSCI ACWI ex-USA Index includes an allowance for the fees that an investor would pay for investing in the securities that
comprise that index or for fund expenses.



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The portion of the International Equity Fund advised with the assistance of JPMorgan Asset Management
(UK) Limited outperformed the MSCI EAFE Index for the quarter ended June 30, 2008. Stock selection in Japan, emerging markets and continental Europe added value while holdings in the U.K. lagged. From a sector standpoint, stock selection in the
energy and consumer-related sectors were the main drivers of outperformance. Virtually all energy-related holdings posted solid gains during the quarter as oil prices soared to record levels; Petrobras (a Brazilian oil and gas company) was a notable
standout, rising 39% on strong reported earnings and the continued success of the companys exploration program. Within the consumer sectors, Honda (a Japanese auto-maker) rose 20% as higher gas prices drove demand for more fuel-efficient
vehicles. FEMSA (a Mexican beer and soft drink producer) gained 10% as the companys earnings rose 13% in the first quarter, the market reacted favorably to the firms introduction of flavored beers and InBevs bid for Anheuser-Busch
sparked takeover speculation within the industry. In contrast, stock selection in the materials sector lagged. While mining-related holdings like BHP Billiton and Teck Cominco did well, a lack of exposure to the steel makers combined with
disappointing performances from Holcim (a Swiss building materials company) and Imerys (a French mineral producer) hurt performance. Both Holcim and Imerys posted disappointing numbers as the U.S. economic slowdown undermined their earnings.

The portion of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP underperformed the
MSCI EAFE Index for the quarter ended June 30, 2008. Although an underweight to, and stock selection in, the consumer staples sector added value, the portfolios economically sensitive sectors declined sharply in June, and lowered overall
returns. Specifically, materials and consumer discretionary holdings accounted for the bulk of the decline. These sectors have been frustrating for some time now, yet valuations for the companies remain very attractive. Many of these sector holdings
are in the U.K., which was the worst-performing country in the portfolio this quarter. Of the other major markets, the Japanese stock returns were favorable, but not to a degree sufficient to compensate for the U.K.

The portion of the International Equity Fund advised by JP Morgan Asset Management (UK) Limited outperformed the MSCI EAFE Index for the six-month period
ended June 30, 2008. Stock selection in emerging markets and continental Europe contributed positively to relative performance while stock selection in the U.K. detracted. Stock selection in the energy sector has been a major contributor to
performance with Petrobras and BG Group (UK) spearheading the way. Holdings in the industrials and technology sectors also added value. Within industrials, investors reacted positively to Orascom Construction (an Egypt-based construction company)
selling its cement unit to Lafarge. Orascom continued to bring in new contracts as oil money flows into the Middle East. Mitsubishi Corp. (a Japanese trading company that deals extensively in commodities) continued to benefit from strength in
commodity prices. In the technology sector, better-than-expected earnings and sales growth combined with the prospect of improved Taiwan-China relations fueled gains in the price of Taiwan Semiconductor. Stock selection in the materials sector was
the main detractor from relative performance on a year-to-date basis, with most of that underperformance coming in the second quarter.

The
portion of the International Equity Fund advised by Philadelphia International Advisors, L.P. underperformed the MSCI EAFE Index for the six month period ended June 30, 2008. The portfolio lagged the index due to the relative shortfall in the
second quarter. Despite favorable results early in the year, the portfolios holdings in the U.K., specifically consumer discretionary and materials stocks, resulted in net returns lower than that of the index.



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Retirement Date Funds

The Retirement Date Funds provide a series of balanced investment funds each of which is designed to correspond to a particular time horizon to retirement. Each Retirement Date Fund has a different initial investment
strategy representing different risk and reward characteristics that reflect a participants anticipated time to expected retirement. The longer the time period to expected retirement, the greater is the Retirement Date Funds initial risk
and potential reward profile. The Lifetime Income Retirement Date Fund seeks to avoid significant loss of principal for investors who are approaching or are beyond their retirement date and is comprised primarily of bonds, investment contracts and
high-quality short-term debt instruments (such as those in which the Stable Asset Return Fund invests), and U.S. Treasury Inflation Protected Securities, to provide stability, income and inflation protection, although this Retirement Date Fund also
includes 35% targeted equity exposure. The 2010 Retirement Date Fund currently seeks to provide a blend of capital appreciation and stability of principal for participants planning to retire in or around the year 2010. The 2020 Retirement Date Fund
currently seeks to provide long-term capital appreciation and more-limited stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital appreciation
for participants planning to retire in or around the year 2030 and is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire
in or around the year 2040 and is comprised mainly of stocks for maximum growth potential.

The Retirement Date Funds seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2008, these funds included, in the case of
some or all of the Retirement Date Funds and in varying allocations, S&P 500® Flagship Securities Lending Series Fund, Daily MSCI ACWI ex-US Securities Lending Index Fund, S&P
MidCap® Index Securities Lending Series Fund, Russell 2000® Index Securities Lending Series Fund, Long U.S. Government Index
Securities Lending Fund, Passive Bond Market Index Securities Lending Series Fund, U.S. Treasury Inflation Protected Securities Lending Series Fund and Principal Accumulation Return Fund.

For the quarter ended June 30, 2008, the Retirement Date Funds experienced a total return, net of expenses, of (0.82)% for the Lifetime Income
Retirement Date Fund, (1.60)% for the 2010 Retirement Date Fund, (1.62)% for the 2020 Retirement Date Fund, (1.42)% for the 2030 Retirement Date Fund and (1.22)% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the
quarter ended June 30, 2008 was consistent with the relevant composite benchmark after taking into account expenses.

For the six
month period ended June 30, 2008, the Retirement Date Funds experienced a total return, net of expenses, of (2.43)% for the Lifetime Income Retirement Date Fund, (5.01)% for the 2010 Retirement Date Fund, (7.39)% for the 2020 Retirement Date
Fund, (8.83)% for the 2030 Retirement Date Fund and (9.31)% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the six month period ended June 30, 2008 was consistent with the relevant combination benchmark
after taking into account expenses.



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Quarter and Six Months Ended June 30, 2007

Stable Asset Return Fund

For the quarter ended June 30, 2007, the Stable Asset Return Fund
experienced a total return, net of expenses, of 1.09%. By comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment
record of 1.14% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 2.13%, compared to an investment record of 2.26% for the combination benchmark for the same period. The Ryan
Labs Three Year GIC Index portion of the combination benchmark does not include an allowance for the fees that an investor would pay for investing in the instruments that comprise that index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended June 30, 2007. The underperformance continues to be
attributable to the higher yields at the money market portion of the yield curve versus the long end of the yield curve. During the latter part of May the yield curve began steepening, shifting from an inversion between the 6 month and 3 year part
of the curve of approximately -25 basis points to a -5 basis point inversion at the end of the second quarter. Trades consisted primarily of commercial mortgage backed securities as well as non-agency collateralized mortgage obligations and
adjustable rate securities around the two year part of the curve. The Fund has generally been avoiding the subprime mortgage market in the belief that market volatility and credit concerns will continue in this sector. Guaranteed investment
contracts continue to be avoided due to their lack of relative value given their illiquid, lower quality characteristics. Future investments will likely continue to be longer duration and in the commercial mortgage backed and non-agency hybrid
sectors.

The Stable Asset Return Fund underperformed the combination benchmark for the six month period ended June 30, 2007. The
underperformance continues to be attributable to the higher yields at the money market portion of the yield curve versus the long end of the yield curve. During the latter part of May the yield curve began steepening, shifting from an inversion
between the 6 month and 3 year part of the curve of approximately -25 basis points to a -5 basis point inversion at the end of the quarter. Earlier in the year the Fund focused on shorter term securities in order to take advantage of the inverted
yield curve; as the second quarter progressed that focus shifted toward longer duration assets.



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Intermediate Bond Fund

For the quarter ended June 30, 2007, the Intermediate Bond Fund experienced a total return, net of expenses, of (1.88)%. By comparison, the Lehman Brothers Aggregate Bond Index produced an investment record of
(0.52)% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of (0.25)%, compared to an investment record of 0.98% for the Lehman Brothers Aggregate Bond Index 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 with the assistance of Pacific Investment Management Company LLC, underperformed the Lehman Brothers
Aggregate Bond Index for the quarter ended June 30, 2007. The Funds interest rate strategy of maintaining an above-benchmark duration detracted from performance as interest rates generally rose across the yield curve. Exposure to
securities with short maturities also detracted from performance as expectations of the Federal Reserve lowering interest rates diminished. The Funds sector strategies were also negative as an overweight to mortgages detracted from performance
for the quarter as mortgage yield premiums widened on increased issuance. An underweight to corporate securities also was negative for performance as the sector outpaced Treasuries on signs that a strong economy would bolster corporate profits. The
Funds modest holdings of real return bonds detracted from returns for the second quarter as these bonds lost ground with real yields rising more than nominal yields.

The Intermediate Bond Fund underperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended June 30, 2007. Strategies designed
to boost performance in the context of a weak economy and steeper yield curve added value early in 2007 but lost ground in the second quarter as market expectations of the Federal Reserve cutting interest rates diminished. The Funds interest
rate strategy of maintaining an above-benchmark duration detracted from performance as interest rates generally rose across the yield curve. An emphasis on securities with short maturities was also negative for performance as expectations of
interest rate cuts decreased. Among non-U.S. positions, exposure to short maturity U.K. interest rates was negative for performance for both the second quarter and first half of the year as U.K. rates rose amid expectations of more rate hikes by the
Bank of England. A modest allocation to Peso-denominated Mexican debt contributed to performance for the second quarter on renewed expectations for fiscal reform and lower-than-expected inflation data in Mexico. Exposure to the Japanese yen
detracted from the Funds performance during the second quarter and for the year-to-date, as the yen depreciated relative to the dollar.



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Balanced Fund

For the quarter ended June 30, 2007, the Balanced Fund experienced a total return, net of expenses, of 3.62%. 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 3.32% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 4.22%, compared to an investment record of 4.72% for the combination
benchmark 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 June 30, 2007, the equity segment of the Balanced Fund, which is advised with the assistance of Capital
Guardian Trust Company, outperformed the Russell 1000 Index. The segment benefited from an underweighting to and stock selection in the financials sector, including owning consumer finance companies that soared on buy-out news and being underweight
to the diversified financials sub-sector. Despite being underweight to the energy sector, the segments choice of energy stocks also benefited relative returns, aided by holdings in equipment and service companies. Returns were also boosted by
selection and a lower-than-benchmark weighting in consumer staples. Selection among health care companies, particularly in pharmaceuticals and biotechnology, detracted from comparative returns, as did stock selection in information technology.

For the quarter ended June 30, 2007, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific
Investment Management Company LLC, underperformed the Lehman Brothers Aggregate Bond Index. The segments interest rate strategy of maintaining an above-benchmark duration detracted from performance as interest rates generally rose across the
yield curve. Exposure to securities with short maturities also detracted from performance as expectations of the Federal Reserve cutting interest rates diminished. The segments sector strategies were also negative as an overweight to mortgages
detracted from performance for the quarter as mortgage yield premiums widened on increased issuance. An underweight to corporate securities also was negative for performance as the sector outpaced Treasuries on signs that a strong economy would
bolster corporate profits. The segments modest holdings of real return bonds detracted from returns for the second quarter as these bonds lost ground with real yields rising more than nominal yields.

For the six months ended June 30, 2007, the equity segment of the Balanced Fund, which is advised with the assistance of Capital Guardian Trust
Company, underperformed the Russell 1000 Index. For the year-to-date, stock selection in financials and energy helped, while stock selection in health care and information technology hurt performance.



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For the six months ended June 30, 2007, the debt segment of the Balanced Fund, which is advised with
the assistance of Pacific Investment Management Company LLC, underperformed the Lehman Brothers Aggregate Bond Index. Strategies designed to boost performance in the context of a weak economy and steeper yield curve added value early in 2007 but
lost ground in the second quarter as market expectations of the Federal Reserve cutting interest rates diminished. The segments interest rate strategy of maintaining an above-benchmark duration was negative as interest rates generally rose
across the yield curve. An emphasis on securities with short maturities was also negative for performance as expectations of interest rate cuts decreased. Among non-U.S. positions, exposure to short maturity U.K. interest rates was negative for
performance for both the second quarter and first half of the year as U.K. rates rose amid expectations of more rate hikes by the Bank of England. A modest allocation to Peso-denominated Mexican debt contributed to performance for the second quarter
on renewed expectations for fiscal reform and lower-than-expected inflation data in Mexico. Exposure to the Japanese yen detracted from the segments performance during the second quarter and for the year-to-date, as the yen depreciated
relative to the dollar.

Large-Cap Value Equity Fund

For the quarter ended June 30, 2007, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of 5.06%. By comparison, the Russell 1000 Value Index produced an investment record of 4.93% for
the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 5.58%, compared to an investment record of 6.23% for the Russell 1000 Value Index 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 that index or for fund expenses.

For the quarter ended June 30, 2007, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., outperformed the Russell 1000 Value Index.
Returns were helped by stock selection in financials. Fannie Mae rebounded from a sell-off in the companys stock during the first quarter triggered by distress in the subprime mortgage market. Fannie Mae also announced plans to become current
in its financial reporting by early 2008, sooner than investors had anticipated. XL Capital reported strong quarterly results, reaffirming the property and casualty insurers ongoing operational improvements. Stock selection within the
utilities sector also drove gains. Vodafone gained on reports that it is the most likely European wireless service provider for the iPhone, the new high-end handset from Apple. Relative performance was hurt by Macys (formerly known as
Federated Department Stores), Office Depot and National City. Macys posted disappointing April same-store-sales, heightening concerns surrounding the slower-than-expected turnaround of recently integrated May Department Stores. Office Depot
underperformed as management lowered its second-quarter expectations amid weak retail and business-to-business sales. The market reacted negatively to National Citys acquisition of MAF Bancorp, the holding company for Chicago-based MidAmerica
Bank, as well as lingering worries about its subprime mortgage exposure.



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The performance of the indexed segment of the Large-Cap Value Equity Fund for the quarter ended
June 30, 2007 was consistent with the Russell 1000 Value Index after taking into account expenses.

For the six month period ended
June 30, 2007, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative performance was hurt by Macys, Office
Depot and Merrill Lynch. Macys posted disappointing April same-store-sales, heightening concerns surrounding the slower-than-expected turnaround of recently integrated May Department Stores. Office Depot underperformed as management lowered
its second-quarter expectations amid weak retail and business-to-business sales. Merrill Lynch shares weakened along with other investment banks on investor concerns about the potential for losses stemming from broader credit-market difficulties.
Key contributors included Arcelor Mittal and Owens-Illinois. Recently-merged steel maker Arcelor Mittal rose on signs of ongoing integration benefits and the strengthening outlook for steel pricing. The market also reacted favorably to the
companys 2006 results, which were accompanied by a dividend and share buyback announcement. Owens-Illinois, the worlds largest maker of glass bottles, gained on investor expectations that the company, under the leadership of its new CEO,
will more aggressively manage the business.

The performance of the indexed segment of the Large-Cap Value Equity Fund for the six month
period ended June 30, 2007 was consistent with the Russell 1000 Value Index after taking into account expenses.

Large-Cap Growth Equity Fund



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For the quarter ended June 30, 2007, the Large-Cap Growth Equity Fund experienced a total return,
net of expenses, of 6.96%. By comparison, the Russell 1000 Growth Index produced an investment record of 6.86% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 7.38%, compared
to an investment record of 8.13% for the Russell 1000 Growth Index 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 which is advised with the assistance of Capital Guardian Trust Company
underperformed the Russell 1000 Growth Index for the quarter ended June 30, 2007. Stock selection among health care companies, particularly in pharmaceuticals and biotechnology, detracted from comparative returns, as did stock selection in
information technology. The segment benefited from an underweighting to and stock selection in the financials sector, including owning consumer finance companies that soared on buy-out news and being underweight to the diversified financials
sub-sector. Despite being underweight to the energy sector, the choice of energy stocks also benefited relative returns, aided by holdings in equipment and service companies. Returns were also boosted by selection and a lower-than-benchmark
weighting in consumer staples. Selection among health care companies, particularly in pharmaceuticals and biotechnology, detracted from comparative returns, as did stock selection in information technology.

The other actively-managed segment of the Large-Cap Growth Equity Fund, which is advised with the assistance of T. Rowe Price Associates, Inc.,
outperformed the Russell 1000 Growth Index for the quarter ended June 30, 2007. Sector allocations and stock selection contributed to relative performance. Exposure to online retailer Amazon.com, which announced solid quarterly results due to
the company slowing its spending growth, supported relative gains in the consumer discretionary sector. The telecommunication services sector, where the segment participated in the Metropcs Communications initial public offering, contributed to
relative results. Stock selection detracted from relative results in industrials and business services as positions in Southwest Airlines and Danaher hurt relative performance. Stock selection also impaired relative performance in health care and
information technology, notably in semiconductors and semiconductor equipment including Broadcom and Xilinx.

The performance of the
indexed segment of the Fund for the quarter ended June 30, 2007 was consistent with the Russell 1000 Growth Index after taking into account expenses.

The segment of the Large-Cap Growth Equity Fund which is advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the six month period ended June 30, 2007.
Stock selection in financials and energy helped, while stock selection in health care and information technology hurt performance.

The
performance of the other actively-managed segment of the Large-Cap Growth Equity Fund, which is advised with the assistance of T. Rowe Price Associates, Inc., was consistent with the Russell 1000 Growth Index for the six month period ended
June 30, 2007. Stock selection in the consumer discretionary sector was the primary source of value added during the period. Exposure to online retailer Amazon.com, which slowed its growth in spending and issued a higher-than-expected sales
forecast for 2007, supported the segments relative gains in the sector. Outperformance in telecommunication services was largely attributable to stock selection among diversified companies, including the segments participation in the
initial public offering for Metropcs Communications, and a pronounced overweight allocation to the wireless telecommunication services industry. A position in American Tower Systems was a notable contributor to the segments overall
performance. An overweight to the capital markets industry underpinned the segments relative strength in financials. Positions in asset management companies Franklin Resources and Legg Mason were helped by the continued strength in global
markets. Stock selection detracted from relative results in industrials and business services. An overweight position in Danaher, which was hurt by a slowdown in organic growth, hampered relative results in the sector. Underperformance in health
care was driven by stock selection in pharmaceuticals as Sepracor notably disappointed in the period.



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The performance of the indexed segment of the Fund for the six month period ended June 30, 2007 was
consistent with the Russell 1000 Growth Index after taking into account expenses.

Index Equity Fund

For the quarter ended June 30, 2007, the Index Equity Fund experienced a total return, net of expenses, of 5.68%. By comparison, the Russell 3000
Index produced an investment record of 5.77% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 6.92%, compared to an investment record of 7.11% for the Russell 3000 Index for
the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The performance of the Index Equity Fund for the quarter ended June 30, 2007 was consistent with the Russell 3000 Index after taking into account
expenses.

The performance of the Index Equity Fund for the six month period ended June 30, 2007 was consistent with the Russell 3000
Index after taking into account expenses.

Mid-Cap Value Equity Fund



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For the quarter ended June 30, 2007, the Mid-Cap Value Equity Fund, which is advised with the
assistance of Wellington Asset Management Company, LLP, experienced a total return, net of expenses, of 8.50%. By comparison, the Russell Mid-Cap Value Index produced an investment record of 3.65% for the same period. For the six
months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 15.81%, compared to an investment record of 8.69% for the Russell Mid-Cap Value Index 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 that index or for fund expenses.

The
Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the quarter ended June 30, 2007. Eight out of ten sectors were positive for the quarter. Positive relative results from the financials, industrials, materials and health
care sectors outweighed the negative relative performance from the consumer staples and energy sectors. The financials sector added to relative performance, due in part to the Everest Re Group, an insurance and reinsurance underwriter whose stock
rose on solid earnings and the absence of significant catastrophe losses. The consumer discretionary sector also benefited from strong holdings such as Goodrich, a company that supplies systems and services to airplane markets. Goodrichs stock
rose 16% as first quarter earnings were well ahead of expectations. The consumer staples sector performed poorly during the quarter. The Funds position in non-benchmark name Marine Harvest detracted from relative performance as the
companys stock price fell. The Funds energy holdings also detracted from performance, due in part to an avoidance of strong performing benchmark names such as Tesoro, Frontier Oil, and Cabot Oil & Gas.

The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the six month period ended June 30, 2007. Eight out of ten sectors
were positive during the first six months of the year. The top-performing sector year-to-date was financials. The Fund benefited from holding non-benchmark names Unum Group, an insurance provider in the U.S. and U.K., and Affiliated Managers Group,
an asset management company. The industrials sector also performed well during the period. Goodrich, a company that supplies systems and services to airplane markets, contributed to relative outperformance as the companys stock rose following
first quarter earnings that were well ahead of expectations. Poor performance from holdings in the energy and telecommunications sectors detracted from results relative to the index. Within the energy sector, the Funds avoidance of strong
performing stocks Tesoro and Cabot Oil & Gas hurt performance.

Mid-Cap Growth Equity Fund



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For the quarter ended June 30, 2007, the Mid-Cap Growth Equity Fund, which is advised with the
assistance of Turner Investment Partners, experienced a total return, net of expenses, of 10.27%. By comparison, the Russell Mid-Cap Growth Index produced an investment record of 6.74% for the same period. For the six months ended June 30,
2007, the Fund experienced a total return, net of expenses, of 13.99%, compared to an investment record of 10.97% for the Russell Mid-Cap Growth Index for the same period. The Russell Mid-Cap Growth Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund
outperformed the Russell Mid-Cap Growth Index for the quarter ended June 30, 2007. Positive security selection was broad-based with all ten sectors generating positive returns. When compared to the benchmark, holdings in the consumer
discretionary, materials/processing and healthcare sectors added the most value. The consumer discretionary sector provided the greatest amount of excess return versus the benchmark for the quarter. On an absolute basis, aQuantive Inc., a digital
marketing and on-line advertising company that was acquired by Microsoft, had the highest quarterly return (+129%) for the Fund. In addition to aQuantive, Fund holding Harman International Industries Inc. was also bought out at a premium during
the period. VeriSign Inc., a leading provider of digital infrastructure for the networked world, was another top performer for the sector. Holdings in the materials/processing sector generated the second largest amount of excess return for the
quarter, led by Owens-Illinois Inc., General Cable Corp. and Precision Castparts Corp. Owens-Illinois launched an aggressive cost cutting initiative which has driven the companys above average growth, and is looking to drive growth further by
expanding into Europe. General Cable Corp. is a global developer and distributor of copper, aluminum and fiber optic wire and cable products. The companys stock increased 36% during the quarter as worldwide demand for electrical infrastructure
has helped the company meet or exceed earnings for the last three quarters. Precision Castparts Corp. is a manufacturer of complex metal components for aerospace and industrial gas turbine applications. As a key supplier to Boeing, Precision has
benefited from strong order growth for Boeing jetliners, including its newest release, the 787 Dreamliner. After a long period of relative underperformance, the healthcare sector delivered excess return for the second quarter (+0.4%). Positive stock
selection helped to buoy this sector, specifically biotechnology and specialty pharmaceutical stocks. Included among the winners were Celgene Corp., Shire PLC, Thermo Fisher Scientific Inc., Express Scripts Inc. and St. Jude Medical.

Although advancing 8% for the quarter, the producer durables sector was the only sector in which the Funds holdings underperformed its
corresponding benchmark holdings, which were up 10%. Three holdings in this sector detracted slightly from relative returns this quarter: Polycom Inc., KLA-Tencor Corp. and Roper Industries Inc. All three companies are long term holdings, have been
top performers for their sector over the past several quarters, and still remain in the Fund as there are no fundamental problems with the companies.



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The Mid-Cap Growth Equity Fund outperformed the Russell Mid-Cap Growth Index for the six month period
ended June 30, 2007. The Funds performance and attribution analysis was rewarded as all ten sectors provided positive returns to the Fund in a broad-based, upward trending market environment. The consumer discretionary and
materials/processing sectors contributed the most to both the Funds absolute and relative results. On the flipside, the only two sectors that lagged the benchmarks returns were the traditional growth sectors of technology and healthcare.

Small-Cap Equity Fund

For the quarter
ended June 30, 2007, the Small-Cap Equity Fund experienced a total return, net of expenses, of 5.46%. By comparison, the Russell 2000 Index produced an investment record of 4.42% for the same period. For the six months ended June 30, 2007,
the Fund experienced a total return, net of expenses, of 7.79%, compared to an investment record of 6.45% for the Russell 2000 Index for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay
for investing in the securities that comprise that index or for fund expenses.

The segment of the Small-Cap Equity Fund advised with the
assistance of Wellington Asset Management Company, LLP underperformed the Russell 2000 Index for the quarter ended June 30, 2007. The segments bottom-up investment approach was a primary driver behind performance in the
second quarter. Although stock selection in the materials and financials sectors contributed to relative performance, the segment underperformed the Index due to weak stock selection in eight of ten sectors, including consumer discretionary,
information technology and energy. The materials sector added to performance, due in part to strong performance by Cleveland-Cliffs. Shares of Cleveland-Cliffs, an iron ore pellet producer, rose on speculation that the company may be acquired by
Brazilian iron-ore producer Cia Vale do Rio Doce. The segment also benefited from its financials sector holdings, including Allied World Assurance, a property and casualty insurance company that operates in Bermuda, the U.S., Ireland and the U.K.
The companys shares rose on news of an agreement with C.V. Starr & Company that enables Allied World Assurance to expand its national excess casualty platform alongside C.V. Starr & Companys extensive distribution
network.

Stock selection in the consumer discretionary sector detracted from performance. The segments overweight position to New
York & Co. Inc. negatively impacted results. The stock fell on disappointing first quarter results and weak sales, particularly for the companys JasmineSola brand. The information technology sector also performed poorly due to stock
selection. Shares of Sirf Technology Holdings, a company engaged in the development and marketing GPS-related software products, fell as its lower priced competitor Broadcom acquired a private company, creating competition for Sirf.



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The segment of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group,
L.P. outperformed the Russell 2000 Index for the quarter ended June 30, 2007. Performance was driven primarily by positive stock selection in the technology, industrial and consumer discretionary sectors whereas negative relative performance
resulted only in the consumer staples sector. Factors that the segment aligns itself with, such as high earnings growth, high earnings and management quality and low risk, have also provided a tailwind for relative performance for the period.

The performance of the indexed segment of the Small-Cap Equity Fund for the quarter ended June 30, 2007 was consistent with the
Russell 2000 Index after taking into account expenses.

The segment of the Small-Cap Equity Fund advised with the assistance of Wellington
Asset Management Company, LLP underperformed the Russell 2000 Index for the six month period ended June 30, 2007. The segments bottom-up investment approach produced weak relative results for the period, with
underperformance in six of the ten broad market sectors. Poor performance from holdings in the consumer discretionary and telecommunications sectors detracted from results relative to the Russell 2000 Index. Within the consumer discretionary sector,
the segments overweight position in poorly performing Standard Pacific, a maker of single-family and detached homes, hurt performance. Homebuilders continue to be plagued by declines in new home sales and prices. Within the telecommunications
sector, the segments overweight to detractor General Communications hurt performance as shares of this cable, Internet, and wireless communications services provider fell. The top-performing sector year-to-date was financials. The segment
benefited from an overweight to First Community Bancorp, a holding company for Pacific Western Bank, and Allied World Assurance, mentioned above as a second quarter contributor.

The segment of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. outperformed the Russell 2000 Index for the
six month period ended June 30, 2007. Year to date relative performance was driven primarily by outperformance in the technology sector, with smaller contributions coming from health care and consumer discretionary companies. Factors that
the segment aligns itself with, such as high earnings growth, high earnings and management quality and low risk, have also provided a tailwind for relative performance for the period.

The performance of the indexed segment of the Small-Cap Equity Fund for the six months ended June 30, 2007 was consistent with the Russell
2000 Index after taking into account expenses.



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International Equity Fund

For the quarter ended June 30, 2007, the International Equity Fund experienced a total return, net of expenses, of 7.39%. 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 8.19% for the same period. For the six months ended June 30, 2007, the Fund experienced a total return, net of expenses, of 9.66%, compared to an investment
record of 12.25% for the MSCI AC World Ex-U.S. Index 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 that index or for fund
expenses.

The segment of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited
underperformed the MSCI AC World Ex-U.S. Index for the quarter ended June 30, 2007. An underweight to emerging markets stocks, an overweight in healthcare and disappointing performances from a number of consumer holdings were the main
contributors to the underperformance. Emerging markets stocks surged 15% during the quarter and the segments underweight exposure to the asset class detracted from performance. The healthcare sector in general was weak as the product pipeline
of several large companies suffered set-backs. Consumer stocks, such as Tesco and Kingfisher, underperformed as rising rates raised questions about consumer spending. In contrast, stock selection in the industrial and telecommunications sectors
contributed positively to performance during the quarter. Within the industrials sector, European holdings like Siemens, ABB and St. Gobain all posted double-digit gains on the back of strong earnings. In the telecommunications sector, the segment
benefited from being overweight Vodafone and America Movil and being underweight Japanese names like NTT and NTT DoCoMo, which are struggling to cope with an increasingly-competitive environment.

The segment of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP underperformed the MSCI AC
World Ex-U.S. Index for the quarter ended June 30, 2007. On a sector basis, the highest comparative results were generated by good stock selection in utility, materials and financial stocks. On the downside, consumer stocks lagged the Index
modestly. Performance was also aided by the segments overweight position in materials and energy. Regionally, the segments continental European equities performed well, while stocks in England, Ireland and Japan lagged. The
segments underweight in emerging markets compared to the Index detracted from performance relative to the Index.

The segment
of the International Equity Fund advised by JPMorgan Asset Management (UK) Limited underperformed the MSCI AC World Ex-U.S. Index for the six month period ended June 30, 2007. The bulk of the underperformance accrued in the first quarter.
Technology and financial holdings were the main detractors from performance during the first half of the year. Pricing pressures in the semiconductor and flat panel markets undermined a number of technology holdings in the early months of the year,
although there have been recent indications of a turnaround. In financials, HSBC fell victim to concerns about its exposure to the U.S. subprime mortgage market. Japanese bank holdings in general have struggled as investors remain wary about the
domestic Japanese economy, although recent earnings data show lending margins have started to expand and first quarter Japanese GDP figures show domestic demand growing at a decent pace. In comparison, telecommunications and commodity-related
holdings added value to the segment. In telecommunications, America Movil and Vodafone have been standout performers. Commodity-related holdings like CVRD, BHP Billiton, Petrobras, BG Group and Total have also done well, reflecting the strength in
oil and metal prices.



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The segment of the International Equity Fund advised by Philadelphia International Advisors, L.P.
underperformed the MSCI AC World Ex-U.S. Index for the six month period ended June 30, 2007. The segments underweight in emerging markets compared to the Index detracted from performance relative to the Index. The segment has lagged the
Index due largely to the segments underweight emerging market exposure and because of poor stock selection during the first quarter within Japan and the U.K.



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Retirement Date Funds

The Retirement Date Funds provide a series of balanced investment funds each of which is designed to correspond to a particular time horizon to retirement. Each Retirement Date Fund has a different initial investment
strategy representing different risk and reward characteristics that reflect a participants anticipated time to expected retirement. The longer the time period to expected retirement, the greater is the Retirement Date Funds initial risk
and potential reward profile. The Lifetime Income Retirement Date Fund seeks to avoid significant loss of principal for investors who are approaching or are beyond their retirement date and, effective May 1, 2007, is comprised primarily of
bonds, investment contracts and high-quality short-term debt instruments (such as those in which the Stable Asset Return Fund invests), and U.S. Treasury Inflation Protected Securities, to provide stability, income and inflation protection, although
this Retirement Date Fund also includes 35% equity exposure. The 2010 Retirement Date Fund currently seeks to provide a blend of capital appreciation and stability of principal for participants planning to retire in or around the year 2010. The 2020
Retirement Date Fund currently seeks to provide long-term capital appreciation and more-limited stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide long-term
capital appreciation for participants planning to retire in or around the year 2030 and is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for
participants planning to retire in or around the year 2040 and is comprised mainly of stocks for maximum growth potential.

The Retirement Date Funds seek to achieve their objectives by investing in various index or other
collective investment funds maintained by State Street Bank. During the period from January 1, 2007 through April 30, 2007, these funds included S&P 500 Flagship Securities Lending Fund, Daily MSCI EAFE Fund, S&P Mid-Cap 400 Index
Securities Lending Fund, Russell 2000 Index Securities Lending Fund, Long U.S. Government Index Securities Lending Fund, Limited Duration Bond Non-Lending Fund and Short Term Investment Fund. Effective May 1, 2007, these funds include, in the
case of some or all of the Retirement Date Funds and in varying allocations, S&P 500® Flagship Securities Lending Series Fund, Daily MSCI ACWI ex-US Securities Lending Index Fund,
S&P MidCap® Index Securities Lending Series Fund, Russell 2000® Index Securities Lending Series Fund, Long U.S. Government
Index Securities Lending Fund, Passive Bond Market Index Securities Lending Series Fund, U.S. Treasury Inflation Protected Securities Lending Series Fund and Principal Accumulation Return Fund.

For the quarter ended June 30, 2007, the Retirement Date Funds experienced a total return, net of expenses, of 1.70% for the Lifetime Income
Retirement Date Fund, 2.25% for the 2010 Retirement Date Fund, 3.73% for the 2020 Retirement Date Fund, 4.87% for the 2030 Retirement Date Fund and 5.39% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the quarter
ended June 30, 2007 was consistent with the relevant combination benchmark after taking into account expenses.

For the six month
period ended June 30, 2007, the Retirement Date Funds experienced a total return, net of expenses, of 2.48% for the Lifetime Income Retirement Date Fund, 3.13% for the 2010 Retirement Date Fund, 5.22% for the 2020 Retirement Date Fund, 6.64%
for the 2030 Retirement Date Fund and 7.50% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the six month period ended June 30, 2007 was consistent with the relevant combination benchmark after taking into
account expenses.



|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 June 30, 2008.

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 June 30, 2008 that has materially affected, or is reasonably likely to materially affect, the Collective Trusts
internal control over financial reporting.



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PART II. OTHER INFORMATION.



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

During the quarter ended June 30, 2008, the Collective Trust issued an aggregate of approximately $133 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 Retirement Date Fund.



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



|      |  |                                                                                                                                              
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------
|31.1* |  | Certification of Monet T. Ewing 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 Robert E. Fullam 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 Monet T. Ewing 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 Robert E. Fullam 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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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
|                |  |                                                                
|August 14, 2008 |  | By:                                                             |  | /s/ Monet T. Ewing     
|                |  | Name:                                                           |  | Monet T. Ewing         
|                |  | Title:                                                          |  | Chief Executive Officer
|                |  |                                                                
|August 14, 2008 |  | By:                                                             |  | /s/ Robert E. Fullam   
|                |  | Name:                                                           |  | Robert E. Fullam       
|                |  | Title:                                                          |  | Chief Financial Officer



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EXHIBIT INDEX



|      |  |                                                                                                                                              
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------
|31.1* |  | Certification of Monet T. Ewing 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 Robert E. Fullam 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 Monet T. Ewing 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 Robert E. Fullam pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  



|* | Filed herewith.
|- | ---------------



107