##### Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549



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FORM 10-Q



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

For the quarterly period ended June 30, 2007.



| ̈ | 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



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AMERICAN BAR ASSOCIATION
MEMBERS/

STATE STREET COLLECTIVE TRUST

(Exact name of registrant as specified in its charter)



---



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|New Hampshire                                                  |  | 04-6691601                          
|(State or other jurisdiction of incorporation 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, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 1b-2 of the Exchange Act.

Large Accelerated Filer    x    Accelerated Filer ̈Non-Accelerated Filer ̈

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



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##### Table of Contents

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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##### Table of Contents

| |  |                                                       |  |   
| |  | ----------------------------------------------------- |  | --
| |  | 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
| |  |                                                      
| |  | Structured Portfolio Service - Conservative Portfolio |  | 41
| |  | Statement of Assets and Liabilities                   |  | 41
| |  | Statement of Operations                               |  | 42
| |  | Statement of Changes in Net Assets                    |  | 43
| |  | Financial Highlights                                  |  | 44
| |  |                                                      
| |  | Structured Portfolio Service - Moderate Portfolio     |  | 45
| |  | Statement of Assets and Liabilities                   |  | 45
| |  | Statement of Operations                               |  | 46
| |  | Statement of Changes in Net Assets                    |  | 47
| |  | Financial Highlights                                  |  | 48
| |  |                                                      
| |  | Structured Portfolio Service - Aggressive Portfolio   |  | 49
| |  | Statement of Assets and Liabilities                   |  | 49
| |  | Statement of Operations                               |  | 50
| |  | Statement of Changes in Net Assets                    |  | 51
| |  | Financial Highlights                                  |  | 52
| |  |                                                      
| |  | Lifetime Income Retirement Date Fund                  |  | 53
| |  | Statement of Assets and Liabilities                   |  | 53
| |  | Statement of Operations                               |  | 54
| |  | Statement of Changes in Net Assets                    |  | 55
| |  | Financial Highlights                                  |  | 56
| |  |                                                      
| |  | 2010 Retirement Date Fund                             |  | 57
| |  | Statement of Assets and Liabilities                   |  | 57
| |  | Statement of Operations                               |  | 58
| |  | Statement of Changes in Net Assets                    |  | 59
| |  | Financial Highlights                                  |  | 60
| |  |                                                      
| |  | 2020 Retirement Date Fund                             |  | 61
| |  | Statement of Assets and Liabilities                   |  | 61
| |  | Statement of Operations                               |  | 62
| |  | Statement of Changes in Net Assets                    |  | 63
| |  | Financial Highlights                                  |  | 64



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##### Table of Contents

|           |  |                                                                                               |  |     |  | 
|---------- |  | --------------------------------------------------------------------------------------------- |  | --- |  | 
|           |  |                                                                                               | 
|           |  | 2030 Retirement Date Fund                                                                     |  | 65  |  | 
|           |  | Statement of Assets and Liabilities                                                           |  | 65  |  | 
|           |  | Statement of Operations                                                                       |  | 66  |  | 
|           |  | Statement of Changes in Net Assets                                                            |  | 67  |  | 
|           |  | Financial Highlights                                                                          |  | 68  |  | 
|           |  |                                                                                               | 
|           |  | 2040 Retirement Date Fund                                                                     |  | 69  |  | 
|           |  | Statement of Assets and Liabilities                                                           |  | 69  |  | 
|           |  | Statement of Operations                                                                       |  | 70  |  | 
|           |  | Statement of Changes in Net Assets                                                            |  | 71  |  | 
|           |  | Financial Highlights                                                                          |  | 72  |  | 
|           |  |                                                                                               | 
|           |  | Notes to Unaudited Financial Statements                                                       |  | 73  |  | 
|           |  |                                                                                               | 
|           |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 91  |  | 
|           |  |                                                                                               | 
|           |  | Item 4. Controls and Procedures                                                               |  | 105 |  | 
|           |  |                                                                                               | 
|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, 2007 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $231,612,365)                                       |  | $             | 287,934,691 | (a)
|Investments in affiliated issuers, at value (cost $32,132,378)                  |  |               | 32,132,378  |    
|Intermediate Bond Fund (cost $135,032,269 and units of 7,406,893)               |  |               | 146,870,201 | (b)
|Cash                                                                            |  |               | 565         |    
|Receivable for investments sold                                                 |  |               | 8,404,862   |    
|Dividends receivable                                                            |  |               | 295,743     |    
|Receivable for fund units sold                                                  |  |               | 282,219     |    
|Tax reclaims receivable                                                         |  |               | 12,248      |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 475,932,907 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 29,180,625  | (c)
|Payable for investments purchased                                               |  |               | 2,877,661   |    
|Payable for fund units redeemed                                                 |  |               | 2,000,911   |    
|Investment advisory fee payable                                                 |  |               | 170,017     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 73,918      |    
|Trustee, management and administration fees payable                             |  |               | 21,597      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 9,957       |    
|Other accruals                                                                  |  |               | 114,360     |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 34,449,046  |    
|                                                                                |  |               |             |    
|Net Assets (equivalent to $90.93 per unit based on 4,854,982 units outstanding) |  | $             | 441,483,861 |    
|                                                                                |  |               |             |    

---

|(a) | Includes securities on loan with a value of $34,930,745 (see Note 6).
|--- | ---------------------------------------------------------------------

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

|(c) | Excludes non-cash collateral of $6,574,252 (see Note 6).
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007 to June 30, 2007 |            | For the
periodJanuary 1, 2007 to June 30, 2007 |  
|Investment income                                                   |  |                                              |            |                                                |   |            |  
|Dividends (net of foreign tax expense of $13,012 and $16,103)       |  | $                                            | 1,089,114  |                                                | $ | 2,243,694  |  
|Dividendsaffiliated issuers                                        |  |                                              | 48,882     |                                                |   | 93,229     |  
|Securities lending income                                           |  |                                              | 7,192      |                                                |   | 13,843     |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Total investment income                                             |  |                                              | 1,145,188  |                                                |   | 2,350,766  |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Expenses                                                            |  |                                              |            |                                                |   |            |  
|State Street Bank and Trust Companyprogram fee                     |  |                                              | 233,262    |                                                |   | 464,465    |  
|Investment advisory fee                                             |  |                                              | 169,995    |                                                |   | 334,692    |  
|Trustee, management and administration fees                         |  |                                              | 65,679     |                                                |   | 130,946    |  
|ABA Retirement Fundsprogram fee                                    |  |                                              | 30,069     |                                                |   | 59,946     |  
|Legal and audit fees                                                |  |                                              | 24,605     |                                                |   | 49,365     |  
|Compliance consultant fees                                          |  |                                              | 24,239     |                                                |   | 48,630     |  
|Reports to unitholders                                              |  |                                              | 11,592     |                                                |   | 23,256     |  
|Registration fees                                                   |  |                                              | 2,508      |                                                |   | 5,032      |  
|Other fees                                                          |  |                                              | 10,257     |                                                |   | 20,576     |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Total expenses                                                      |  |                                              | 572,206    |                                                |   | 1,136,908  |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Net investment income (loss)                                        |  |                                              | 572,982    |                                                |   | 1,213,858  |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Net realized and unrealized gain (loss)                             |  |                                              |            |                                                |   |            |  
|Investments                                                         |  |                                              | 13,775,151 |                                                |   | 20,249,937 |  
|Intermediate Bond Fund                                              |  |                                              | 656,513    |                                                |   | 1,103,853  |  
|                                                                    |  |                                              |            |                                                |   |            |  
|                                                                    |  |                                              | 14,431,664 |                                                |   | 21,353,790 |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Change in net unrealized appreciation (depreciation) on:Investments |  |                                              | 1,001,352  |                                                |   | (4,018,558 | )
|                                                                    |  |                                              |            |                                                |   |            |  
|Change in net unrealized appreciation (depreciation)                |  |                                              | 1,001,352  |                                                |   | (4,018,558 | )
|                                                                    |  |                                              |            |                                                |   |            |  
|Net realized and unrealized gain (loss)                             |  |                                              | 15,433,016 |                                                |   | 17,335,232 |  
|                                                                    |  |                                              |            |                                                |   |            |  
|Net increase (decrease) in net assets resulting from operations     |  | $                                            | 16,005,998 |                                                | $ | 18,549,090 |  
|                                                                    |  |                                              |            |                                                |   |            |  

The accompanying notes are an integral part of these unaudited 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, 2007 to
June 30, 2007 |             |   | For the
periodJanuary 1, 2007 to June 30, 2007 |  
|From operations                                                    |  |                                              |             |   |                                                |   |             |  
|Net investment income (loss)                                       |  | $                                            | 572,982     |   |                                                | $ | 1,213,858   |  
|Net realized gain (loss)                                           |  |                                              | 14,431,664  |   |                                                |   | 21,353,790  |  
|Change in net unrealized appreciation (depreciation)               |  |                                              | 1,001,352   |   |                                                |   | (4,018,558  | )
|                                                                   |  |                                              |             |   |                                                |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                              | 16,005,998  |   |                                                |   | 18,549,090  |  
|                                                                   |  |                                              |             |   |                                                |   |             |  
|From unitholder transactions                                       |  |                                              |             |   |                                                |   |             |  
|Proceeds from units issued                                         |  |                                              | 13,823,738  |   |                                                |   | 29,801,705  |  
|Cost of units redeemed                                             |  |                                              | (28,881,794 | ) |                                                |   | (54,272,058 | )
|                                                                   |  |                                              |             |   |                                                |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                              | (15,058,056 | ) |                                                |   | (24,470,353 | )
|                                                                   |  |                                              |             |   |                                                |   |             |  
|Net increase (decrease) in net assets                              |  |                                              | 947,942     |   |                                                |   | (5,921,263  | )
|Net Assets                                                         |  |                                              |             |   |                                                |   |             |  
|Beginning of period                                                |  |                                              | 440,535,919 |   |                                                |   | 447,405,124 |  
|                                                                   |  |                                              |             |   |                                                |   |             |  
|End of period                                                      |  | $                                            | 441,483,861 |   |                                                | $ | 441,483,861 |  
|                                                                   |  |                                              |             |   |                                                |   |             |  
|Number of units                                                    |  |                                              |             |   |                                                |   |             |  
|Outstanding-beginning of period                                    |  |                                              | 5,020,473   |   |                                                |   | 5,127,643   |  
|Issued                                                             |  |                                              | 153,096     |   |                                                |   | 335,131     |  
|Redeemed                                                           |  |                                              | (318,587    | ) |                                                |   | (607,792    | )
|                                                                   |  |                                              |             |   |                                                |   |             |  
|Outstanding-end of period                                          |  |                                              | 4,854,982   |   |                                                |   | 4,854,982   |  
|                                                                   |  |                                              |             |   |                                                |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                    |  | $                                           | 0.23    |   |                                               | $ | 0.47    |  
|Net expenses()                                     |  |                                             | (0.12   | ) |                                               |   | (0.23   | )
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                          |  |                                             | 0.11    |   |                                               |   | 0.24    |  
|Net realized and unrealized gain (loss)               |  |                                             | 3.07    |   |                                               |   | 3.44    |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                 |  |                                             | 3.18    |   |                                               |   | 3.68    |  
|Net asset value at beginning of period                |  |                                             | 87.75   |   |                                               |   | 87.25   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                      |  | $                                           | 90.93   |   |                                               | $ | 90.93   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Ratios/Supplemental Data:                             |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratio of net expenses to average net assets*        |  |                                             | 0.51    | % |                                               |   | 0.51    | %
|Ratio of net investment income to average net assets* |  |                                             | 0.51    | % |                                               |   | 0.55    | %
|Portfolio turnover**                               |  |                                             | 6       | % |                                               |   | 10      | %
|Total return**                                        |  |                                             | 3.62    | % |                                               |   | 4.22    | %
|Net Assets at end of period (in thousands)            |  | $                                           | 441,484 |   |                                               | $ | 441,484 |  

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to 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 unaudited 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, 2007
|Assets                                                                                                                     |  |               |            
|Investments in affiliated fund, at value:                                                                                  |  |               |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $334,957,470 and units of 36,659,618) |  | $             | 471,222,728
|Receivable for fund units sold                                                                                             |  |               | 1,592,461  
|                                                                                                                           |  |               |            
|Total assets                                                                                                               |  |               | 472,815,189
|                                                                                                                           |  |               |            
|                                                                                                                           | 
|Liabilities                                                                                                                |  |               |            
|Payable for fund units redeemed                                                                                            |  |               | 1,127,005  
|State Street Bank and Trust Companyprogram fee payable                                                                    |  |               | 118,826    
|Trustee, management and administration fees payable                                                                        |  |               | 34,560     
|ABA Retirement Fundsprogram fee payable                                                                                   |  |               | 15,376     
|Other accruals                                                                                                             |  |               | 177,999    
|                                                                                                                           |  |               |            
|Total liabilities                                                                                                          |  |               | 1,473,766  
|                                                                                                                           |  |               |            
|Net Assets (equivalent to $39.26 per unit based on 12,006,351 units outstanding)                                           |  | $             | 471,341,423
|                                                                                                                           |  |               |            

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |            |   | For the
periodJanuary 1, 2007 to June 30, 2007 |  
|Investment income                                                         |  |                                             |            |   |                                                |   |            |  
|Securities lending income distributed by underlying affiliated fund       |  | $                                           | 22,501     |   |                                                | $ | 27,672     |  
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Expenses                                                                  |  |                                             |            |   |                                                |   |            |  
|State Street Bank and Trust Company - program fee                         |  |                                             | 371,372    |   |                                                |   | 729,222    |  
|Trustee, management and administration fees                               |  |                                             | 104,564    |   |                                                |   | 205,580    |  
|ABA Retirement Funds - program fee                                        |  |                                             | 47,873     |   |                                                |   | 94,114     |  
|Legal and audit fees                                                      |  |                                             | 39,172     |   |                                                |   | 77,493     |  
|Compliance consultant fees                                                |  |                                             | 38,589     |   |                                                |   | 76,339     |  
|Reports to unitholders                                                    |  |                                             | 18,454     |   |                                                |   | 36,507     |  
|Registration fees                                                         |  |                                             | 3,993      |   |                                                |   | 7,899      |  
|Other fees                                                                |  |                                             | 16,327     |   |                                                |   | 32,300     |  
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Total expenses                                                            |  |                                             | 640,344    |   |                                                |   | 1,259,454  |  
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Net investment income (loss)                                              |  |                                             | (617,843   | ) |                                                |   | (1,231,782 | )
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                             |            |   |                                                |   |            |  
|Net realized gain (loss)                                                  |  |                                             | 2,601,154  |   |                                                |   | 3,661,863  |  
|Change in net unrealized appreciation (depreciation)                      |  |                                             | 23,715,214 |   |                                                |   | 28,390,208 |  
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Net realized and unrealized gain (loss)                                   |  |                                             | 26,316,368 |   |                                                |   | 32,052,071 |  
|                                                                          |  |                                             |            |   |                                                |   |            |  
|Net increase (decrease) in net assets resulting from operations           |  | $                                           | 25,698,525 |   |                                                | $ | 30,820,289 |  
|                                                                          |  |                                             |            |   |                                                |   |            |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the
periodJanuary 1, 2007 to June 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                                |   |             |  
|Net investment income (loss)                                       |  | $                                           | (617,843    | ) |                                                | $ | (1,231,782  | )
|Net realized gain (loss)                                           |  |                                             | 2,601,154   |   |                                                |   | 3,661,863   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 23,715,214  |   |                                                |   | 28,390,208  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 25,698,525  |   |                                                |   | 30,820,289  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|From unitholder transactions                                       |  |                                             |             |   |                                                |   |             |  
|Proceeds from units issued                                         |  |                                             | 20,180,081  |   |                                                |   | 48,758,235  |  
|Cost of units redeemed                                             |  |                                             | (26,128,421 | ) |                                                |   | (45,248,428 | )
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (5,948,340  | ) |                                                |   | 3,509,807   |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 19,750,185  |   |                                                |   | 34,330,096  |  
|Net Assets                                                         |  |                                             |             |   |                                                |   |             |  
|Beginning of period                                                |  |                                             | 451,591,238 |   |                                                |   | 437,011,327 |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|End of period                                                      |  | $                                           | 471,341,423 |   |                                                | $ | 471,341,423 |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Number of units                                                    |  |                                             |             |   |                                                |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 12,156,260  |   |                                                |   | 11,900,880  |  
|Issued                                                             |  |                                             | 518,672     |   |                                                |   | 1,290,276   |  
|Redeemed                                                           |  |                                             | (668,581    | ) |                                                |   | (1,184,805  | )
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Outstanding-end of period                                          |  |                                             | 12,006,351  |   |                                                |   | 12,006,351  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |    | For the periodJanuary 1, 2007 to June 30, 2007 |  
|Investment income (a)                                       |  | $                                           | 0.00    |    |                                                | $ | 0.00    |   
|Net expenses()                                            |  |                                             | (0.05   | )  |                                                |   | (0.10   | ) 
|                                                             |  |                                             |         |    |                                                |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.05   | )  |                                                |   | (0.10   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 2.16    |    |                                                |   | 2.64    |   
|                                                             |  |                                             |         |    |                                                |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 2.11    |    |                                                |   | 2.54    |   
|Net asset value at beginning of period                       |  |                                             | 37.15   |    |                                                |   | 36.72   |   
|                                                             |  |                                             |         |    |                                                |   |         |   
|Net asset value at end of period                             |  | $                                           | 39.26   |    |                                                | $ | 39.26   |   
|                                                             |  |                                             |         |    |                                                |   |         |   
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                                |   |         |   
|Ratio of net expenses to average net assets*               |  |                                             | 0.54    | %  |                                                |   | 0.55    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.53   | )% |                                                |   | (0.54   | )%
|Portfolio turnover**                                      |  |                                             | 1       | %  |                                                |   | 5       | % 
|Total return**                                               |  |                                             | 5.68    | %  |                                                |   | 6.92    | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 471,341 |    |                                                | $ | 471,341 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

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



8



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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, 2007 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $538,823,260)                                       |  | $             | 530,170,017 | (a)
|Investments in affiliated issuers, at value (cost $51,138,996)                  |  |               | 51,138,996  |    
|Foreign currency, at value (Cost $1,660,043)                                    |  |               | 1,669,399   |    
|Cash                                                                            |  |               | 3,812       |    
|Receivable for investments sold                                                 |  |               | 27,916,697  |    
|Interest receivable                                                             |  |               | 2,542,921   |    
|Receivable for fund units sold                                                  |  |               | 233,671     |    
|Receivable for futures variation margin                                         |  |               | 98,101      |    
|Gross unrealized appreciation of forward currency exchange contracts            |  |               | 25,522      |    
|Swap contracts, at value                                                        |  |               | 848,836     |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 614,647,972 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for investments purchased                                               |  |               | 118,526,015 |    
|Payable for cash collateral received on securities loaned                       |  |               | 29,349,900  | (b)
|Swap contracts, at value                                                        |  |               | 5,154,249   |    
|Payable for fund units redeemed                                                 |  |               | 1,589,936   |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 114,993     |    
|Gross unrealized depreciation of forward currency exchange contracts            |  |               | 112,310     |    
|Investment advisory fee payable                                                 |  |               | 102,681     |    
|Trustee, management and administration fees payable                             |  |               | 33,589      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 15,483      |    
|Other accruals                                                                  |  |               | 180,479     |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 155,179,635 |    
|                                                                                |  |               |             |    
|Net Assets(equivalent to $19.83 per unit based on 23,174,081 units outstanding) |  | $             | 459,468,337 |    
|                                                                                |  |               |             |    

---

|(a) | Includes securities on loan with a value of $29,235,104 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $480,600 (see Note 6).
|--- | ------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Interestunaffiliated issuers                                   |  | $                                           | 5,947,562   |   |                                               | $ | 11,499,621  |  
|Dividendsaffiliated issuers                                    |  |                                             | 251,856     |   |                                               |   | 458,312     |  
|Securities lending income                                       |  |                                             | 20,823      |   |                                               |   | 35,242      |  
|Dividends                                                       |  |                                             | 3,125       |   |                                               |   | 6,250       |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 6,223,366   |   |                                               |   | 11,999,425  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 366,909     |   |                                               |   | 734,594     |  
|Investment advisory fee                                         |  |                                             | 313,897     |   |                                               |   | 621,271     |  
|Trustee, management and administration fees                     |  |                                             | 103,313     |   |                                               |   | 207,102     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 47,299      |   |                                               |   | 94,811      |  
|Legal and audit fees                                            |  |                                             | 38,706      |   |                                               |   | 78,081      |  
|Compliance consultant fees                                      |  |                                             | 38,130      |   |                                               |   | 76,919      |  
|Reports to unitholders                                          |  |                                             | 18,235      |   |                                               |   | 36,785      |  
|Registration fees                                               |  |                                             | 3,945       |   |                                               |   | 7,958       |  
|Other fees                                                      |  |                                             | 16,132      |   |                                               |   | 32,545      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 946,566     |   |                                               |   | 1,890,066   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                    |  |                                             | 5,276,800   |   |                                               |   | 10,109,359  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (1,667,333  | ) |                                               |   | (1,462,897  | )
|Foreign currency transactions                                   |  |                                             | 197,757     |   |                                               |   | 406,264     |  
|Futures contracts                                               |  |                                             | 1,630,111   |   |                                               |   | 971,787     |  
|Swap contracts                                                  |  |                                             | (4,155,743  | ) |                                               |   | (4,277,026  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                             | (3,995,208  | ) |                                               |   | (4,361,872  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (7,545,402  | ) |                                               |   | (6,808,295  | )
|Foreign currency transactions                                   |  |                                             | (76,298     | ) |                                               |   | (94,459     | )
|Futures contracts                                               |  |                                             | (4,357,564  | ) |                                               |   | (1,691,434  | )
|Swap contracts                                                  |  |                                             | 1,822,510   |   |                                               |   | 1,577,104   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (10,156,754 | ) |                                               |   | (7,017,084  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             | (14,151,962 | ) |                                               |   | (11,378,956 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (8,875,162  | ) |                                               | $ | (1,269,597  | )
|                                                                |  |                                             |             |   |                                               |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007to June 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 5,276,800   |   |                                               | $ | 10,109,359  |  
|Net realized gain (loss)                                           |  |                                             | (3,995,208  | ) |                                               |   | (4,361,872  | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | (10,156,754 | ) |                                               |   | (7,017,084  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (8,875,162  | ) |                                               |   | (1,269,597  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 26,321,363  |   |                                               |   | 48,109,980  |  
|Cost of units redeemed                                             |  |                                             | (24,511,667 | ) |                                               |   | (45,090,805 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,809,696   |   |                                               |   | 3,019,175   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | (7,065,466  | ) |                                               |   | 1,749,578   |  
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 466,533,803 |   |                                               |   | 457,718,759 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 459,468,337 |   |                                               | $ | 459,468,337 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 23,088,865  |   |                                               |   | 23,028,142  |  
|Issued                                                             |  |                                             | 1,310,903   |   |                                               |   | 2,399,686   |  
|Redeemed                                                           |  |                                             | (1,225,687  | ) |                                               |   | (2,253,747  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 23,174,081  |   |                                               |   | 23,174,081  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |    | For the periodJanuary 1, 2007 to June 30, 2007 |  
|Investment income                                    |  | $                                           | 0.27    |    |                                                | $ | 0.52    |   
|Net expenses()                                     |  |                                             | (0.04   | )  |                                                |   | (0.08   | ) 
|                                                      |  |                                             |         |    |                                                |   |         |   
|Net investment income (loss)                          |  |                                             | 0.23    |    |                                                |   | 0.44    |   
|Net realized and unrealized gain (loss)               |  |                                             | (0.61   | )  |                                                |   | (0.49   | ) 
|                                                      |  |                                             |         |    |                                                |   |         |   
|Net increase (decrease) in unit value                 |  |                                             | (0.38   | )  |                                                |   | (0.05   | ) 
|Net asset value at beginning of period                |  |                                             | 20.21   |    |                                                |   | 19.88   |   
|                                                      |  |                                             |         |    |                                                |   |         |   
|Net asset value at end of period                      |  | $                                           | 19.83   |    |                                                | $ | 19.83   |   
|                                                      |  |                                             |         |    |                                                |   |         |   
|                                                      |  |                                            
|Ratios/Supplemental Data:                             |  |                                             |         |    |                                                |   |         |   
|                                                      |  |                                            
|Ratio of net expenses to average net assets*        |  |                                             | 0.81    | %  |                                                |   | 0.82    | % 
|Ratio of net investment income to average net assets* |  |                                             | 4.54    | %  |                                                |   | 4.40    | % 
|Portfolio turnover**                               |  |                                             | 88      | %  |                                                |   | 296     | % 
|Total return**                                        |  |                                             | (1.88   | )% |                                                |   | (0.25   | )%
|Net Assets at end of period (in thousands)            |  | $                                           | 459,468 |    |                                                | $ | 459,468 |   

---

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

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

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

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

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited 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, 2007 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $213,006,127)                                      |  | $             | 310,184,828 | (a)
|Investments in affiliated issuers, at value (cost $48,370,584)                 |  |               | 48,370,584  |    
|Foreign currency, at value (Cost $1,190,918)                                   |  |               | 1,198,975   |    
|Dividends receivable                                                           |  |               | 621,645     |    
|Receivable for investments sold                                                |  |               | 364,835     |    
|Receivable for fund units sold                                                 |  |               | 214,938     |    
|Tax reclaims receivable                                                        |  |               | 267,770     |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 361,223,575 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Due to custodian                                                               |  |               | 80,412      |    
|Payable for cash collateral received on securities loaned                      |  |               | 44,302,259  |    
|Payable for fund units redeemed                                                |  |               | 2,029,720   |    
|Payable for investments purchased                                              |  |               | 1,256,866   |    
|Investment advisory fee payable                                                |  |               | 138,340     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |               | 78,581      |    
|Trustee, management and administration fees payable                            |  |               | 22,736      |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 10,466      |    
|Other accruals                                                                 |  |               | 113,101     |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 48,032,481  |    
|                                                                               |  |               |             |    
|Net Assets(equivalent to $34.17 per unit based on 9,166,631 units outstanding) |  | $             | 313,191,094 |    
|                                                                               |  |               |             |    

---

|(a) | Includes securities on loan with a value of $42,253,780 (see Note 6).
|--- | ---------------------------------------------------------------------

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



13



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodApril 1, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                               |  |                                             |            |   |                                               |   |            |  
|Dividends (net of foreign tax expense of $300,076 and $333,111) |  | $                                           | 3,583,484  |   |                                               | $ | 5,000,481  |  
|Dividendsaffiliated issuers                                    |  |                                             | 75,464     |   |                                               |   | 155,467    |  
|Securities lending income                                       |  |                                             | 47,299     |   |                                               |   | 59,019     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 3,706,247  |   |                                               |   | 5,214,967  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |            |  
|Investment advisory fee                                         |  |                                             | 413,992    |   |                                               |   | 796,917    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 242,331    |   |                                               |   | 468,736    |  
|Trustee, management and administration fees                     |  |                                             | 68,228     |   |                                               |   | 132,139    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 31,238     |   |                                               |   | 60,494     |  
|Legal and audit fees                                            |  |                                             | 25,559     |   |                                               |   | 49,803     |  
|Compliance consultant fees                                      |  |                                             | 25,179     |   |                                               |   | 49,063     |  
|Reports to unitholders                                          |  |                                             | 12,041     |   |                                               |   | 23,463     |  
|Registration fees                                               |  |                                             | 2,605      |   |                                               |   | 5,076      |  
|Other fees                                                      |  |                                             | 10,656     |   |                                               |   | 20,760     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 831,829    |   |                                               |   | 1,606,451  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                    |  |                                             | 2,874,418  |   |                                               |   | 3,608,516  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 4,913,082  |   |                                               |   | 11,477,888 |  
|Foreign currency transactions                                   |  |                                             | (16,376    | ) |                                               |   | 34,730     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                        |  |                                             | 4,896,706  |   |                                               |   | 11,512,618 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 13,825,659 |   |                                               |   | 12,333,257 |  
|Foreign currency transactions                                   |  |                                             | (3,808     | ) |                                               |   | (629       | )
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net change in net unrealized appreciation (depreciation)        |  |                                             | 13,821,851 |   |                                               |   | 12,332,628 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 18,718,557 |   |                                               |   | 23,845,246 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 21,592,975 |   |                                               | $ | 27,453,762 |  
|                                                                |  |                                             |            |   |                                               |   |            |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the period January 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                                |   |             |  
|Net investment income (loss)                                       |  | $                                           | 2,874,418   |   |                                                | $ | 3,608,516   |  
|Net realized gain (loss)                                           |  |                                             | 4,896,706   |   |                                                |   | 11,512,618  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 13,821,851  |   |                                                |   | 12,332,628  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 21,592,975  |   |                                                |   | 27,453,762  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                                |   |             |  
|Proceeds from units issued                                         |  |                                             | 21,219,719  |   |                                                |   | 49,288,794  |  
|Cost of units redeemed                                             |  |                                             | (19,381,273 | ) |                                                |   | (37,076,342 | )
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,838,446   |   |                                                |   | 12,212,452  |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 23,431,421  |   |                                                |   | 39,666,214  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                                |   |             |  
|Beginning of period                                                |  |                                             | 289,759,673 |   |                                                |   | 273,524,880 |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|End of period                                                      |  | $                                           | 313,191,094 |   |                                                | $ | 313,191,094 |  
|                                                                   |  |                                             |             |   |                                                |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                                |   |             |  
|                                                                   |  |                                            
|Outstanding-beginning of period                                    |  |                                             | 9,107,119   |   |                                                |   | 8,778,232   |  
|Issued                                                             |  |                                             | 639,891     |   |                                                |   | 1,536,403   |  
|Redeemed                                                           |  |                                             | (580,379    | ) |                                                |   | (1,148,004  | )
|                                                                   |  |                                             |             |   |                                                |   |             |  
|Outstanding-end of period                                          |  |                                             | 9,166,631   |   |                                                |   | 9,166,631   |  
|                                                                   |  |                                             |             |   |                                                |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                    |  | $                                           | 0.40    |   |                                               | $ | 0.57    |  
|Net expenses()                                     |  |                                             | (0.09   | ) |                                               |   | (0.18   | )
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                          |  |                                             | 0.31    |   |                                               |   | 0.39    |  
|Net realized and unrealized gain (loss)               |  |                                             | 2.04    |   |                                               |   | 2.62    |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                 |  |                                             | 2.35    |   |                                               |   | 3.01    |  
|Net asset value at beginning of period                |  |                                             | 31.82   |   |                                               |   | 31.16   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                      |  | $                                           | 34.17   |   |                                               | $ | 34.17   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratios/Supplemental Data:                             |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratio of net expenses to average net assets*        |  |                                             | 1.08    | % |                                               |   | 1.09    | %
|Ratio of net investment income to average net assets* |  |                                             | 3.74    | % |                                               |   | 2.46    | %
|Portfolio turnover**                                  |  |                                             | 7       | % |                                               |   | 13      | %
|Total return**                                        |  |                                             | 7.39    | % |                                               |   | 9.66    | %
|Net Assets at end of period (in thousands)            |  | $                                           | 313,191 |   |                                               | $ | 313,191 |  

---

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

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

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

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

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



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, 2007 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $423,139,922)                                        |  | $             | 504,428,599 | (a)
|Investments in affiliated issuers, at value (cost $208,059,331)                  |  |               | 296,878,812 |    
|Cash                                                                             |  |               | 6,856       |    
|Receivable for investments sold                                                  |  |               | 7,399,211   |    
|Receivable for fund units sold                                                   |  |               | 528,394     |    
|Dividends receivable                                                             |  |               | 404,484     |    
|Tax reclaims receivable                                                          |  |               | 8,067       |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 809,654,423 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Payable for cash collateral received on securities loaned                        |  |               | 52,541,304  | (b)
|Payable for investments purchased                                                |  |               | 3,215,485   |    
|Payable for fund units redeemed                                                  |  |               | 1,598,471   |    
|Investment advisory fee payable                                                  |  |               | 218,091     |    
|State Street Bank and Trust Companyprogram fee payable                          |  |               | 188,249     |    
|Trustee, management and administration fees payable                              |  |               | 55,095      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 25,378      |    
|Other accruals                                                                   |  |               | 294,286     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 58,136,359  |    
|                                                                                 |  |               |             |    
|Net Assets (equivalent to $57.47 per unit based on 13,076,420 units outstanding) |  | $             | 751,518,064 |    
|                                                                                 |  |               |             |    

---

|(a) | Includes securities on loan with a value of $58,168,145 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $6,952,561 (see Note 6).
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                                   |  |                                             |            |   |                                               |   |           
|Dividends (net of foreign tax expense of $10,586 and $13,171)       |  | $                                           | 1,284,878  |   |                                               | $ | 3,285,966 
|Dividendsaffiliated issuers                                        |  |                                             | 70,241     |   |                                               |   | 147,159   
|Securities lending income                                           |  |                                             | 21,573     |   |                                               |   | 33,684    
|                                                                    |  |                                             |            |   |                                               |   |           
|Total investment income                                             |  |                                             | 1,376,692  |   |                                               |   | 3,466,809 
|                                                                    |  |                                             |            |   |                                               |   |           
|Expenses                                                            |  |                                             |            |   |                                               |   |           
|State Street Bank and Trust Companyprogram fee                     |  |                                             | 596,845    |   |                                               |   | 1,194,511 
|Investment advisory fee                                             |  |                                             | 378,536    |   |                                               |   | 748,863   
|Trustee, management and administration fees                         |  |                                             | 168,055    |   |                                               |   | 336,773   
|ABA Retirement Fundsprogram fee                                    |  |                                             | 76,938     |   |                                               |   | 154,171   
|Legal and audit fees                                                |  |                                             | 62,959     |   |                                               |   | 126,964   
|Compliance consultant fees                                          |  |                                             | 62,022     |   |                                               |   | 125,074   
|Reports to unitholders                                              |  |                                             | 29,660     |   |                                               |   | 59,813    
|Registration fees                                                   |  |                                             | 6,417      |   |                                               |   | 12,941    
|Other fees                                                          |  |                                             | 26,241     |   |                                               |   | 52,919    
|                                                                    |  |                                             |            |   |                                               |   |           
|Total expenses                                                      |  |                                             | 1,407,673  |   |                                               |   | 2,812,029 
|                                                                    |  |                                             |            |   |                                               |   |           
|Net investment income (loss)                                        |  |                                             | (30,981    | ) |                                               |   | 654,780   
|                                                                    |  |                                             |            |   |                                               |   |           
|                                                                    |  |                                            
|Net realized and unrealized gain (loss)                             |  |                                             |            |   |                                               |   |           
|Net realized gain (loss) on:                                        |  |                                             |            |   |                                               |   |           
|Investments                                                         |  |                                             | 16,110,285 |   |                                               |   | 24,356,305
|Investmentsaffiliated issuers                                      |  |                                             | 4,656,403  |   |                                               |   | 8,254,025 
|                                                                    |  |                                             |            |   |                                               |   |           
|Net realized gain (loss)                                            |  |                                             | 20,766,688 |   |                                               |   | 32,610,330
|                                                                    |  |                                             |            |   |                                               |   |           
|Change in net unrealized appreciation (depreciation) on:Investments |  |                                             | 30,050,593 |   |                                               |   | 20,858,097
|                                                                    |  |                                             |            |   |                                               |   |           
|Net realized and unrealized gain (loss)                             |  |                                             | 50,817,281 |   |                                               |   | 53,468,427
|                                                                    |  |                                             |            |   |                                               |   |           
|Net increase (decrease) in net assets resulting from operations     |  | $                                           | 50,786,300 |   |                                               | $ | 54,123,207
|                                                                    |  |                                             |            |   |                                               |   |           

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (30,981     | ) |                                               | $ | 654,780     |  
|Net realized gain (loss)                                           |  |                                             | 20,766,688  |   |                                               |   | 32,610,330  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 30,050,593  |   |                                               |   | 20,858,097  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 50,786,300  |   |                                               |   | 54,123,207  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 16,843,973  |   |                                               |   | 41,462,825  |  
|Cost of units redeemed                                             |  |                                             | (49,405,350 | ) |                                               |   | (98,342,915 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (32,561,377 | ) |                                               |   | (56,880,090 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 18,224,923  |   |                                               |   | (2,756,883  | )
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 733,293,141 |   |                                               |   | 754,274,947 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 751,518,064 |   |                                               | $ | 751,518,064 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 13,647,309  |   |                                               |   | 14,094,429  |  
|Issued                                                             |  |                                             | 298,755     |   |                                               |   | 753,736     |  
|Redeemed                                                           |  |                                             | (869,644    | ) |                                               |   | (1,771,745  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 13,076,420  |   |                                               |   | 13,076,420  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           | 0.10    |    |                                               | $ | 0.25    |  
|Net expenses()                                            |  |                                             | (0.11   | )  |                                               |   | (0.21   | )
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | (0.01   | )  |                                               |   | 0.04    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 3.75    |    |                                               |   | 3.91    |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 3.74    |    |                                               |   | 3.95    |  
|Net asset value at beginning of period                       |  |                                             | 53.73   |    |                                               |   | 53.52   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 57.47   |    |                                               | $ | 57.47   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |  
|Ratio of net expenses to average net assets*               |  |                                             | 0.74    | %  |                                               |   | 0.75    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.02   | )% |                                               |   | 0.18    | %
|Portfolio turnover**                                      |  |                                             | 8       | %  |                                               |   | 15      | %
|Total return**                                               |  |                                             | 6.96    | %  |                                               |   | 7.38    | %
|Net Assets at end of period (in thousands)                   |  | $                                           | 751,518 |    |                                               | $ | 751,518 |  

---

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

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

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

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

| | With respect to 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 unaudited 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, 2007 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $278,812,379)                                        |  | $             | 367,853,444 | (a)
|Investments in affiliated issuers, at value (cost $100,626,991)                  |  |               | 143,092,929 |    
|Cash                                                                             |  |               | 994         |    
|Receivable for fund units sold                                                   |  |               | 1,150,970   |    
|Receivable for investments sold                                                  |  |               | 933,118     |    
|Dividends receivable                                                             |  |               | 515,233     |    
|Tax reclaims receivable                                                          |  |               | 11,517      |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 513,558,205 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Payable for cash collateral received on securities loaned                        |  |               | 25,079,137  | (b)
|Payable for investments purchased                                                |  |               | 2,982,072   |    
|Payable for fund units redeemed                                                  |  |               | 1,486,457   |    
|State Street Bank and Trust Companyprogram fee payable                          |  |               | 123,191     |    
|Investment advisory fee payable                                                  |  |               | 72,634      |    
|Trustee, management and administration fees payable                              |  |               | 35,756      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 16,469      |    
|Other accruals                                                                   |  |               | 183,656     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 29,979,372  |    
|                                                                                 |  |               |             |    
|Net Assets (equivalent to $46.74 per unit based on 10,347,149 units outstanding) |  | $             | 483,578,833 |    
|                                                                                 |  |               |             |    

---

|(a) | Includes securities on loan with a value of $31,262,525 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $6,895,400 (see Note 6).
|--- | --------------------------------------------------------

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



21



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                    |  |                                              |            |                                               |   |           
|------------------------------------------------------------------- |  | -------------------------------------------- | ---------- | --------------------------------------------- | - | ----------
|                                                                    |  | For the periodApril 1, 2007 to June 30, 2007 |            | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                                   |  |                                              |            |                                               |   |           
|Dividends (net of foreign tax expense of $14,623 and $14,623)       |  | $                                            | 2,353,993  |                                               | $ | 4,398,993 
|Dividendsaffiliated issuers                                        |  |                                              | 107,531    |                                               |   | 266,321   
|Securities lending income                                           |  |                                              | 12,127     |                                               |   | 17,342    
|                                                                    |  |                                              |            |                                               |   |           
|Total investment income                                             |  |                                              | 2,473,651  |                                               |   | 4,682,656 
|                                                                    |  |                                              |            |                                               |   |           
|Expenses                                                            |  |                                              |            |                                               |   |           
|State Street Bank and Trust Companyprogram fee                     |  |                                              | 385,804    |                                               |   | 756,778   
|Investment advisory fee                                             |  |                                              | 219,724    |                                               |   | 430,018   
|Trustee, management and administration fees                         |  |                                              | 108,629    |                                               |   | 213,350   
|ABA Retirement Fundsprogram fee                                    |  |                                              | 49,734     |                                               |   | 97,671    
|Legal and audit fees                                                |  |                                              | 40,695     |                                               |   | 80,421    
|Compliance consultant fees                                          |  |                                              | 40,089     |                                               |   | 79,224    
|Reports to unitholders                                              |  |                                              | 19,171     |                                               |   | 37,886    
|Registration fees                                                   |  |                                              | 4,148      |                                               |   | 8,197     
|Other fees                                                          |  |                                              | 16,963     |                                               |   | 33,521    
|                                                                    |  |                                              |            |                                               |   |           
|Total expenses                                                      |  |                                              | 884,957    |                                               |   | 1,737,066 
|                                                                    |  |                                              |            |                                               |   |           
|Net investment income (loss)                                        |  |                                              | 1,588,694  |                                               |   | 2,945,590 
|                                                                    |  |                                              |            |                                               |   |           
|                                                                    |  |                                             
|Net realized and unrealized gain (loss)                             |  |                                              |            |                                               |   |           
|Net realized gain (loss) on:                                        |  |                                              |            |                                               |   |           
|Investments                                                         |  |                                              | 6,811,295  |                                               |   | 12,829,845
|Investmentsaffiliated issuers                                      |  |                                              | 2,160,247  |                                               |   | 2,966,007 
|                                                                    |  |                                              |            |                                               |   |           
|Net realized gain (loss)                                            |  |                                              | 8,971,542  |                                               |   | 15,795,852
|                                                                    |  |                                              |            |                                               |   |           
|Change in net unrealized appreciation (depreciation) on:Investments |  |                                              | 13,336,162 |                                               |   | 7,350,018 
|                                                                    |  |                                              |            |                                               |   |           
|Net realized and unrealized gain (loss)                             |  |                                              | 22,307,704 |                                               |   | 23,145,870
|                                                                    |  |                                              |            |                                               |   |           
|Net increase (decrease) in net assets resulting from operations     |  | $                                            | 23,896,398 |                                               | $ | 26,091,460
|                                                                    |  |                                              |            |                                               |   |           

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



22



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 1,588,694   |   |                                               | $ | 2,945,590   |  
|Net realized gain (loss)                                           |  |                                             | 8,971,542   |   |                                               |   | 15,795,852  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 13,336,162  |   |                                               |   | 7,350,018   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 23,896,398  |   |                                               |   | 26,091,460  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 25,442,540  |   |                                               |   | 59,663,884  |  
|Cost of units redeemed                                             |  |                                             | (35,367,370 | ) |                                               |   | (59,443,606 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (9,924,830  | ) |                                               |   | 220,278     |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 13,971,568  |   |                                               |   | 26,311,738  |  
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 469,607,265 |   |                                               |   | 457,267,095 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 483,578,833 |   |                                               | $ | 483,578,833 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 10,556,403  |   |                                               |   | 10,327,995  |  
|Issued                                                             |  |                                             | 547,124     |   |                                               |   | 1,319,829   |  
|Redeemed                                                           |  |                                             | (756,378    | ) |                                               |   | (1,300,675  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 10,347,149  |   |                                               |   | 10,347,149  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



23



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##### Table of Contents

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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                    |  | $                                           | 0.24    |   |                                               | $ | 0.45    |  
|Net expenses()                                     |  |                                             | (0.09   | ) |                                               |   | (0.17   | )
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                          |  |                                             | 0.15    |   |                                               |   | 0.28    |  
|Net realized and unrealized gain (loss)               |  |                                             | 2.10    |   |                                               |   | 2.19    |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                 |  |                                             | 2.25    |   |                                               |   | 2.47    |  
|Net asset value at beginning of period                |  |                                             | 44.49   |   |                                               |   | 44.27   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                      |  | $                                           | 46.74   |   |                                               | $ | 46.74   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratios/Supplemental Data:                             |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratio of net expenses to average net assets*        |  |                                             | 0.72    | % |                                               |   | 0.73    | %
|Ratio of net investment income to average net assets* |  |                                             | 1.30    | % |                                               |   | 1.24    | %
|Portfolio turnover**                               |  |                                             | 6       | % |                                               |   | 11      | %
|Total return**                                        |  |                                             | 5.06    | % |                                               |   | 5.58    | %
|Net Assets at end of period (in thousands)            |  | $                                           | 483,579 |   |                                               | $ | 483,579 |  

---

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

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

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

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

| | With respect to 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 unaudited 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, 2007 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $91,678,869)                                       |  | $             | 111,470,132 | (a)
|Investments in affiliated issuers, at value (cost $37,994,196)                 |  |               | 37,994,196  |    
|Cash                                                                           |  |               | 99          |    
|Receivable for investments sold                                                |  |               | 1,465,160   |    
|Receivable for fund units sold                                                 |  |               | 120,096     |    
|Dividends receivable                                                           |  |               | 30,403      |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 151,080,086 |    
|                                                                               |  |               |             |    
|                                                                               | 
|Liabilities                                                                    |  |               |             |    
|Payable for cash collateral received on securities loaned                      |  |               | 36,877,549  | (b)
|Payable for investments purchased                                              |  |               | 923,809     |    
|Payable for fund units redeemed                                                |  |               | 532,453     |    
|Investment advisory fee payable                                                |  |               | 170,150     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |               | 28,157      |    
|Trustee, management and administration fees payable                            |  |               | 8,208       |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 3,782       |    
|Other accruals                                                                 |  |               | 42,281      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 38,586,389  |    
|                                                                               |  |               |             |    
|Net Assets(equivalent to $25.66 per unit based on 4,383,564 units outstanding) |  | $             | 112,493,697 |    
|                                                                               |  |               |             |    

---

|(a) | Includes securities on loan with a value of $37,475,764 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,447,875 (see Note 6).
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                               |  |                                             |            |   |                                               |   |            |  
|Dividends                                                       |  | $                                           | 95,193     |   |                                               | $ | 191,876    |  
|Dividendsaffiliated issuers                                    |  |                                             | 8,274      |   |                                               |   | 9,606      |  
|Securities lending income                                       |  |                                             | 8,719      |   |                                               |   | 22,651     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 112,186    |   |                                               |   | 224,133    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Expenses                                                        |  |                                             |            |   |                                               |   |            |  
|Investment advisory fee                                         |  |                                             | 170,150    |   |                                               |   | 331,937    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 86,935     |   |                                               |   | 171,170    |  
|Trustee, management and administration fees                     |  |                                             | 24,477     |   |                                               |   | 48,256     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 11,207     |   |                                               |   | 22,092     |  
|Legal and audit fees                                            |  |                                             | 9,169      |   |                                               |   | 18,190     |  
|Compliance consultant fees                                      |  |                                             | 9,033      |   |                                               |   | 17,919     |  
|Reports to unitholders                                          |  |                                             | 4,320      |   |                                               |   | 8,570      |  
|Registration fees                                               |  |                                             | 935        |   |                                               |   | 1,854      |  
|Other fees                                                      |  |                                             | 3,821      |   |                                               |   | 7,582      |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 320,047    |   |                                               |   | 627,570    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                    |  |                                             | (207,861   | ) |                                               |   | (403,437   | )
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 5,137,076  |   |                                               |   | 7,952,266  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 5,788,433  |   |                                               |   | 6,694,397  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                             | 10,925,509 |   |                                               |   | 14,646,663 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 10,717,648 |   |                                               | $ | 14,243,226 |  
|                                                                |  |                                             |            |   |                                               |   |            |  

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



26



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                              |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | -------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the
periodApril 1, 2007 to June 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                              |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                            | (207,861    | ) |                                               | $ | (403,437    | )
|Net realized gain (loss)                                           |  |                                              | 5,137,076   |   |                                               |   | 7,952,266   |  
|Change in net unrealized appreciation (depreciation)               |  |                                              | 5,788,433   |   |                                               |   | 6,694,397   |  
|                                                                   |  |                                              |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                              | 10,717,648  |   |                                               |   | 14,243,226  |  
|                                                                   |  |                                              |             |   |                                               |   |             |  
|From unitholder transactions                                       |  |                                              |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                              | 7,937,624   |   |                                               |   | 17,095,841  |  
|Cost of units redeemed                                             |  |                                              | (11,189,834 | ) |                                               |   | (23,354,777 | )
|                                                                   |  |                                              |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                              | (3,252,210  | ) |                                               |   | (6,258,936  | )
|                                                                   |  |                                              |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                              | 7,465,438   |   |                                               |   | 7,984,290   |  
|Net Assets                                                         |  |                                              |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                              | 105,028,259 |   |                                               |   | 104,509,407 |  
|                                                                   |  |                                              |             |   |                                               |   |             |  
|End of period                                                      |  | $                                            | 112,493,697 |   |                                               | $ | 112,493,697 |  
|                                                                   |  |                                              |             |   |                                               |   |             |  
|Number of units                                                    |  |                                              |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                              | 4,514,321   |   |                                               |   | 4,643,497   |  
|Issued                                                             |  |                                              | 319,317     |   |                                               |   | 715,333     |  
|Redeemed                                                           |  |                                              | (450,074    | ) |                                               |   | (975,266    | )
|                                                                   |  |                                              |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                              | 4,383,564   |   |                                               |   | 4,383,564   |  
|                                                                   |  |                                              |             |   |                                               |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           | 0.03    |    |                                               | $ | 0.05    |   
|Net expenses()                                            |  |                                             | (0.07   | )  |                                               |   | (0.14   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                               |   | (0.09   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 2.43    |    |                                               |   | 3.24    |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 2.39    |    |                                               |   | 3.15    |   
|Net asset value at beginning of period                       |  |                                             | 23.27   |    |                                               |   | 22.51   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 25.66   |    |                                               | $ | 25.66   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratio of net expenses to average net assets*               |  |                                             | 1.16    | %  |                                               |   | 1.17    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.75   | )% |                                               |   | (0.75   | )%
|Portfolio turnover**                                         |  |                                             | 28      | %  |                                               |   | 61      | % 
|Total return**                                               |  |                                             | 10.27   | %  |                                               |   | 13.99   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 112,494 |    |                                               | $ | 112,494 |   

---

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

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

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

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

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



28



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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, 2007 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $89,788,103)                                       |  | $             | 102,848,705 | (a)
|Investments in affiliated issuers, at value (cost $33,347,596)                 |  |               | 33,347,596  |    
|Cash                                                                           |  |               | 249         |    
|Receivable for investments sold                                                |  |               | 249,497     |    
|Receivable for fund units sold                                                 |  |               | 168,038     |    
|Dividends receivable                                                           |  |               | 86,914      |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 136,700,999 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Payable for cash collateral received on securities loaned                      |  |               | 31,615,265  | (b)
|Payable for fund units redeemed                                                |  |               | 256,508     |    
|Payable for investments purchased                                              |  |               | 217,729     |    
|Investment advisory fee payable                                                |  |               | 52,965      |    
|State Street Bank and Trust Companyprogram fee payable                        |  |               | 26,149      |    
|Trustee, management and administration fees payable                            |  |               | 7,522       |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 3,458       |    
|Other accruals                                                                 |  |               | 34,065      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 32,213,661  |    
|                                                                               |  |               |             |    
|Net Assets(equivalent to $19.27 per unit based on 5,422,873 units outstanding) |  | $             | 104,487,338 |    
|                                                                               |  |               |             |    

---

|(a) | Includes securities on loan with a value of $33,463,610 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $2,675,198 (see Note 6).
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |           | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                               |  |                                             |           |                                               |   |           
|Dividends (net of foreign tax expense of $10,500 and $21,903)   |  | $                                           | 320,331   |                                               | $ | 585,945   
|Dividendsaffiliated issuers                                    |  |                                             | 33,237    |                                               |   | 52,536    
|Securities lending income                                       |  |                                             | 7,521     |                                               |   | 14,524    
|                                                                |  |                                             |           |                                               |   |           
|Total investment income                                         |  |                                             | 361,089   |                                               |   | 653,005   
|                                                                |  |                                             |           |                                               |   |           
|Expenses                                                        |  |                                             |           |                                               |   |           
|Investment advisory fee                                         |  |                                             | 152,191   |                                               |   | 281,838   
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 76,614    |                                               |   | 141,956   
|Trustee, management and administration fees                     |  |                                             | 21,566    |                                               |   | 40,010    
|ABA Retirement Fundsprogram fee                                |  |                                             | 9,876     |                                               |   | 18,319    
|Legal and audit fees                                            |  |                                             | 8,078     |                                               |   | 15,075    
|Compliance consultant fees                                      |  |                                             | 7,957     |                                               |   | 14,850    
|Reports to unitholders                                          |  |                                             | 3,805     |                                               |   | 7,101     
|Registration fees                                               |  |                                             | 823       |                                               |   | 1,536     
|Other fees                                                      |  |                                             | 3,367     |                                               |   | 6,284     
|                                                                |  |                                             |           |                                               |   |           
|Total expenses                                                  |  |                                             | 284,277   |                                               |   | 526,969   
|                                                                |  |                                             |           |                                               |   |           
|Net investment income (loss)                                    |  |                                             | 76,812    |                                               |   | 126,036   
|                                                                |  |                                             |           |                                               |   |           
|Net realized and unrealized gain (loss)                         |  |                                             |           |                                               |   |           
|Net realized gain (loss) on:                                    |  |                                             |           |                                               |   |           
|Investments                                                     |  |                                             | 1,705,691 |                                               |   | 2,754,402 
|Foreign currency transactions                                   |  |                                             | 1,144     |                                               |   | 2,291     
|                                                                |  |                                             |           |                                               |   |           
|Net realized gain (loss)                                        |  |                                             | 1,706,835 |                                               |   | 2,756,693 
|                                                                |  |                                             |           |                                               |   |           
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |           |                                               |   |           
|Investments                                                     |  |                                             | 5,808,143 |                                               |   | 9,879,406 
|Foreign currency transactions                                   |  |                                             | 97        |                                               |   | 355       
|                                                                |  |                                             |           |                                               |   |           
|Change in net unrealized appreciation (depreciation)            |  |                                             | 5,808,240 |                                               |   | 9,879,761 
|                                                                |  |                                             |           |                                               |   |           
|Net realized and unrealized gain (loss)                         |  |                                             | 7,515,075 |                                               |   | 12,636,454
|                                                                |  |                                             |           |                                               |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 7,591,887 |                                               | $ | 12,762,490
|                                                                |  |                                             |           |                                               |   |           

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 76,812      |   |                                               | $ | 126,036     |  
|Net realized gain (loss)                                           |  |                                             | 1,706,835   |   |                                               |   | 2,756,693   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 5,808,240   |   |                                               |   | 9,879,761   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 7,591,887   |   |                                               |   | 12,762,490  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 18,785,535  |   |                                               |   | 30,366,251  |  
|Cost of units redeemed                                             |  |                                             | (7,215,244  | ) |                                               |   | (14,184,694 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 11,570,291  |   |                                               |   | 16,181,557  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 19,162,178  |   |                                               |   | 28,944,047  |  
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 85,325,160  |   |                                               |   | 75,543,291  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 104,487,338 |   |                                               | $ | 104,487,338 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,805,386   |   |                                               |   | 4,540,197   |  
|Issued                                                             |  |                                             | 1,000,141   |   |                                               |   | 1,666,216   |  
|Redeemed                                                           |  |                                             | (382,654    | ) |                                               |   | (783,540    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 5,422,873   |   |                                               |   | 5,422,873   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



31



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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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                    |  | $                                           | 0.07    |   |                                               | $ | 0.13    |  
|Net expenses()                                     |  |                                             | (0.06   | ) |                                               |   | (0.11   | )
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                          |  |                                             | 0.01    |   |                                               |   | 0.02    |  
|Net realized and unrealized gain (loss)               |  |                                             | 1.50    |   |                                               |   | 2.61    |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                 |  |                                             | 1.51    |   |                                               |   | 2.63    |  
|Net asset value at beginning of period                |  |                                             | 17.76   |   |                                               |   | 16.64   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                      |  | $                                           | 19.27   |   |                                               | $ | 19.27   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratios/Supplemental Data:                             |  |                                             |         |   |                                               |   |         |  
|Ratio of net expenses to average net assets*        |  |                                             | 1.17    | % |                                               |   | 1.18    | %
|Ratio of net investment income to average net assets* |  |                                             | 0.32    | % |                                               |   | 0.28    | %
|Portfolio turnover**                                  |  |                                             | 10      | % |                                               |   | 21      | %
|Total return**                                        |  |                                             | 8.50    | % |                                               |   | 15.81   | %
|Net Assets at end of period (in thousands)            |  | $                                           | 104,487 |   |                                               | $ | 104,487 |  

---

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

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

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

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

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



32



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2007 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $238,464,504)                                       |  | $             | 281,475,502 | (a)
|Investments in affiliated issuers, at value (cost $196,003,229)                 |  |               | 196,213,727 |    
|Receivable for investments sold                                                 |  |               | 4,363,382   |    
|Receivable for fund units sold                                                  |  |               | 313,674     |    
|Dividends receivable                                                            |  |               | 207,780     |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 482,574,065 |    
|                                                                                |  |               |             |    
|                                                                                | 
|Liabilities                                                                     |  |               |             |    
|Due to custodian                                                                |  |               | 305,402     |    
|Payable for cash collateral received on securities loaned                       |  |               | 173,510,617 | (b)
|Payable for investments purchased                                               |  |               | 1,170,157   |    
|Payable for fund units redeemed                                                 |  |               | 874,556     |    
|Investment advisory fee payable                                                 |  |               | 251,353     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |               | 76,866      |    
|Trustee, management and administration fees payable                             |  |               | 22,508      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 10,361      |    
|Other accruals                                                                  |  |               | 119,553     |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 176,341,373 |    
|                                                                                |  |               |             |    
|Net Assets (equivalent to $79.52 per unit based on 3,851,249 units outstanding) |  | $             | 306,232,692 |    
|                                                                                |  |               |             |    

---

|(a) | Includes securities on loan with a value of $170,709,283 (see Note 6).
|--- | ----------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,404,563 (see Note 6).
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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, 2007to June 30,2007 |            |   | For the periodJanuary 1, 2007to June 30,2007 |  
|Investment income                                                   |  |                                            |            |   |                                              |   |            |  
|Dividends                                                           |  | $                                          | 484,904    |   |                                              | $ | 856,899    |  
|Dividendsaffiliated issuers                                        |  |                                            | 117,726    |   |                                              |   | 221,753    |  
|Securities lending income                                           |  |                                            | 55,078     |   |                                              |   | 97,451     |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Total investment income                                             |  |                                            | 657,708    |   |                                              |   | 1,176,103  |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Expenses                                                            |  |                                            |            |   |                                              |   |            |  
|Investment advisory fee                                             |  |                                            | 533,003    |   |                                              |   | 1,054,193  |  
|State Street Bank and Trust Companyprogram fee                     |  |                                            | 242,490    |   |                                              |   | 483,813    |  
|Trustee, management and administration fees                         |  |                                            | 68,277     |   |                                              |   | 136,401    |  
|ABA Retirement Fundsprogram fee                                    |  |                                            | 31,259     |   |                                              |   | 62,443     |  
|Legal and audit fees                                                |  |                                            | 25,579     |   |                                              |   | 51,422     |  
|Compliance consultant fees                                          |  |                                            | 25,198     |   |                                              |   | 50,656     |  
|Reports to unitholders                                              |  |                                            | 12,050     |   |                                              |   | 24,225     |  
|Registration fees                                                   |  |                                            | 2,607      |   |                                              |   | 5,241      |  
|Other fees                                                          |  |                                            | 10,664     |   |                                              |   | 21,435     |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Total expenses                                                      |  |                                            | 951,127    |   |                                              |   | 1,889,829  |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Net investment income (loss)                                        |  |                                            | (293,419   | ) |                                              |   | (713,726   | )
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Net realized and unrealized gain (loss)                             |  |                                            |            |   |                                              |   |            |  
|Net realized gain (loss) on:                                        |  |                                            |            |   |                                              |   |            |  
|Investments                                                         |  |                                            | 12,668,574 |   |                                              |   | 16,993,940 |  
|Investments- affiliated issuers                                     |  |                                            | 967,495    |   |                                              |   | 1,579,909  |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Net realized gain (loss)                                            |  |                                            | 13,636,069 |   |                                              |   | 18,573,849 |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Change in net unrealized appreciation (depreciation) on investments |  |                                            | 2,935,092  |   |                                              |   | 5,051,254  |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Net realized and unrealized gain (loss)                             |  |                                            | 16,571,161 |   |                                              |   | 23,625,103 |  
|                                                                    |  |                                            |            |   |                                              |   |            |  
|Net increase (decrease) in net assets resulting from operations     |  | $                                          | 16,277,742 |   |                                              | $ | 22,911,377 |  
|                                                                    |  |                                            |            |   |                                              |   |            |  

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



34



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                              |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | -------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007to June 30,2007 |  
|From operations                                                    |  |                                             |             |   |                                              |   |             |  
|Net investment income (loss)                                       |  | $                                           | (293,419    | ) |                                              | $ | (713,726    | )
|Net realized gain (loss)                                           |  |                                             | 13,636,069  |   |                                              |   | 18,573,849  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 2,935,092   |   |                                              |   | 5,051,254   |  
|                                                                   |  |                                             |             |   |                                              |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 16,277,742  |   |                                              |   | 22,911,377  |  
|                                                                   |  |                                             |             |   |                                              |   |             |  
|From unitholder transactions                                       |  |                                             |             |   |                                              |   |             |  
|Proceeds from units issued                                         |  |                                             | 10,715,332  |   |                                              |   | 22,608,348  |  
|Cost of units redeemed                                             |  |                                             | (21,491,672 | ) |                                              |   | (43,071,428 | )
|                                                                   |  |                                             |             |   |                                              |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (10,776,340 | ) |                                              |   | (20,463,080 | )
|                                                                   |  |                                             |             |   |                                              |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 5,501,402   |   |                                              |   | 2,448,297   |  
|Net Assets                                                         |  |                                             |             |   |                                              |   |             |  
|Beginning of period                                                |  |                                             | 300,731,290 |   |                                              |   | 303,784,395 |  
|                                                                   |  |                                             |             |   |                                              |   |             |  
|End of period                                                      |  | $                                           | 306,232,692 |   |                                              | $ | 306,232,692 |  
|                                                                   |  |                                             |             |   |                                              |   |             |  
|Number of units                                                    |  |                                             |             |   |                                              |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 3,988,301   |   |                                              |   | 4,118,186   |  
|Issued                                                             |  |                                             | 136,446     |   |                                              |   | 295,951     |  
|Redeemed                                                           |  |                                             | (273,498    | ) |                                              |   | (562,888    | )
|                                                                   |  |                                             |             |   |                                              |   |             |  
|Outstanding-end of period                                          |  |                                             | 3,851,249   |   |                                              |   | 3,851,249   |  
|                                                                   |  |                                             |             |   |                                              |   |             |  

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |         |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           | 0.17    |    |                                               | $ | 0.30    |   
|Net expenses()                                            |  |                                             | (0.24   | )  |                                               |   | (0.47   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.07   | )  |                                               |   | (0.17   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 4.19    |    |                                               |   | 5.92    |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 4.12    |    |                                               |   | 5.75    |   
|Net asset value at beginning of period                       |  |                                             | 75.40   |    |                                               |   | 73.77   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 79.52   |    |                                               | $ | 79.52   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of net expenses to average net assets*               |  |                                             | 1.24    | %  |                                               |   | 1.25    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.38   | )% |                                               |   | (0.47   | )%
|Portfolio turnover**                                      |  |                                             | 23      | %  |                                               |   | 50      | % 
|Total return**                                               |  |                                             | 5.46    | %  |                                               |   | 7.79    | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 306,233 |    |                                               | $ | 306,233 |   

---

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

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

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

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

| | With respect to 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 unaudited 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, 2007
|Assets                                                                                                    |  |               |            
|Investments in affiliated fund, at fair value:                                                            |  |               |            
|State Street Bank ABA Members/Pooled Stable Asset Fund Trust (cost $864,442,305 and units of 864,442,305) |  | $             | 862,734,486
|Receivable for fund units sold                                                                            |  |               | 835,041    
|                                                                                                          |  |               |            
|Total assets                                                                                              |  |               | 863,569,527
|                                                                                                          |  |               |            
|Liabilities                                                                                               |  |               |            
|Payable for fund units redeemed                                                                           |  |               | 1,779,427  
|State Street Bank and Trust Companyprogram fee payable                                                   |  |               | 214,259    
|Payable for legal and audit services                                                                      |  |               | 136,933    
|Trustee, management and administration fees payable                                                       |  |               | 62,671     
|ABA Retirement Fundsprogram fee payable                                                                  |  |               | 28,868     
|Other accruals                                                                                            |  |               | 196,481    
|                                                                                                          |  |               |            
|Total liabilities                                                                                         |  |               | 2,418,639  
|                                                                                                          |  |               |            
|Net Assets at fair value                                                                                  |  |               | 861,150,888
|                                                                                                          |  |               |            
|Adjustment from fair value to contract value for fully benefit responsive contracts                       |  |               | 1,707,819  
|                                                                                                          |  |               |            
|Net Assets (equivalent to $32.54 per unit based on 26,514,789 units outstanding)                          |  | $             | 862,858,707
|                                                                                                          |  |               |            

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |            | For the periodJanuary 1, 2007 toJune 30, 2007
|Interest incomeaffiliated issuer                               |  | $                                           | 10,390,928 |                                               | $ | 20,460,685
|                                                                |  |                                             |            |                                               |   |           
|Expenses                                                        |  |                                             |            |                                               |   |           
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 674,553    |                                               |   | 1,346,025 
|Trustee, management and administration fees                     |  |                                             | 189,926    |                                               |   | 379,470   
|ABA Retirement Fundsprogram fee                                |  |                                             | 86,956     |                                               |   | 173,725   
|Legal and audit fees                                            |  |                                             | 71,154     |                                               |   | 143,063   
|Compliance consultant fees                                      |  |                                             | 70,095     |                                               |   | 140,934   
|Reports to unitholders                                          |  |                                             | 33,521     |                                               |   | 67,398    
|Registration fees                                               |  |                                             | 7,252      |                                               |   | 14,581    
|Other fees                                                      |  |                                             | 29,657     |                                               |   | 59,630    
|                                                                |  |                                             |            |                                               |   |           
|Total expenses                                                  |  |                                             | 1,163,114  |                                               |   | 2,324,826 
|                                                                |  |                                             |            |                                               |   |           
|Net investment income (loss)                                    |  |                                             | 9,227,814  |                                               |   | 18,135,859
|                                                                |  |                                             |            |                                               |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 9,227,814  |                                               | $ | 18,135,859
|                                                                |  |                                             |            |                                               |   |           

The accompanying notes are an integral part of these unaudited 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, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007to June 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |              |  
|Net investment income (loss)                                       |  | $                                           | 9,227,814   |   |                                               | $ | 18,135,859   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 9,227,814   |   |                                               |   | 18,135,859   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |              |  
|Proceeds from units issued                                         |  |                                             | 66,471,948  |   |                                               |   | 126,452,726  |  
|Cost of units redeemed                                             |  |                                             | (57,815,757 | ) |                                               |   | (127,572,038 | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 8,656,191   |   |                                               |   | (1,119,312   | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Net increase (decrease) in net assets                              |  |                                             | 17,884,005  |   |                                               |   | 17,016,547   |  
|Net Assets                                                         |  |                                             |             |   |                                               |   |              |  
|Beginning of period                                                |  |                                             | 844,974,702 |   |                                               |   | 845,842,160  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|End of period                                                      |  | $                                           | 862,858,707 |   |                                               | $ | 862,858,707  |  
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Number of units                                                    |  |                                             |             |   |                                               |   |              |  
|Outstanding-beginning of period                                    |  |                                             | 26,246,261  |   |                                               |   | 26,552,729   |  
|Issued                                                             |  |                                             | 2,054,884   |   |                                               |   | 3,927,303    |  
|Redeemed                                                           |  |                                             | (1,786,356  | ) |                                               |   | (3,965,243   | )
|                                                                   |  |                                             |             |   |                                               |   |              |  
|Outstanding-end of period                                          |  |                                             | 26,514,789  |   |                                               |   | 26,514,789   |  
|                                                                   |  |                                             |             |   |                                               |   |              |  

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



39



---

##### 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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                    |  | $                                           | 0.40    |   |                                               | $ | 0.77    |  
|Net expenses()                                     |  |                                             | (0.05   | ) |                                               |   | (0.09   | )
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                          |  |                                             | 0.35    |   |                                               |   | 0.68    |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                 |  |                                             | 0.35    |   |                                               |   | 0.68    |  
|Net asset value at beginning of period                |  |                                             | 32.19   |   |                                               |   | 31.86   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                      |  | $                                           | 32.54   |   |                                               | $ | 32.54   |  
|                                                      |  |                                             |         |   |                                               |   |         |  
|                                                      |  |                                            
|Ratios/Supplemental Data:                             |  |                                             |         |   |                                               |   |         |  
|Ratio of net expenses to average net assets*        |  |                                             | 0.54    | % |                                               |   | 0.55    | %
|Ratio of net investment income to average net assets* |  |                                             | 4.32    | % |                                               |   | 4.30    | %
|Total return**                                        |  |                                             | 1.09    | % |                                               |   | 2.13    | %
|Net Assets at end of period (in thousands)            |  | $                                           | 862,859 |   |                                               | $ | 862,859 |  

---

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

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

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

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

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



40



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service  Conservative Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |           
|------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                           |  | June 30, 2007
|Assets                                                                                     |  |               |           
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |           
|Stable Asset Return Fund (cost $20,153,455 and units of 672,677)                           |  | $             | 21,893,234
|Intermediate Bond Fund (cost $24,281,699 and units of 1,288,128)                           |  |               | 25,542,106
|Large Cap Value Equity Fund (cost $3,865,230 and units of 109,307)                         |  |               | 5,108,421 
|Large Cap Growth Equity Fund (cost $4,178,746 and units of 88,888)                         |  |               | 5,108,421 
|Index Equity Fund (cost $8,020,758 and units of 260,255)                                   |  |               | 10,216,842
|International Equity Fund (cost $3,547,774 and units of 149,525)                           |  |               | 5,108,421 
|Receivable for portfolio units sold                                                        |  |               | 36,481    
|                                                                                           |  |               |           
|Total assets                                                                               |  |               | 73,013,926
|                                                                                           |  |               |           
|Liabilities                                                                                |  |               |           
|Payable for portfolio units redeemed                                                       |  |               | 29,367    
|Payable for collective investments purchased                                               |  |               | 7,114     
|                                                                                           |  |               |           
|Total liabilities                                                                          |  |               | 36,481    
|                                                                                           |  |               |           
|Net Assets (equivalent to $22.51 per unit based on 3,242,132 units outstanding)            |  | $             | 72,977,445
|                                                                                           |  |               |           

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



41



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service  Conservative Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                             |           |                                               |   |          
|----------------------------------------------------------------------- |  | ------------------------------------------- | --------- | --------------------------------------------- | - | ---------
|                                                                        |  | For the periodApril 1, 2007 toJune 30, 2007 |           | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                                       |  | $                                           |          |                                               | $ |         
|                                                                        |  |                                             |           |                                               |   |          
|                                                                        |  |                                            
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                             |           |                                               |   |          
|Net realized gain (loss)                                                |  |                                             | 851,588   |                                               |   | 1,682,809
|Change in net unrealized appreciation (depreciation)                    |  |                                             | 409,633   |                                               |   | 492,042  
|                                                                        |  |                                             |           |                                               |   |          
|Net realized and unrealized gain (loss)                                 |  |                                             | 1,261,221 |                                               |   | 2,174,851
|                                                                        |  |                                             |           |                                               |   |          
|                                                                        |  |                                            
|Net increase (decrease) in net assets resulting from operations         |  | $                                           | 1,261,221 |                                               | $ | 2,174,851
|                                                                        |  |                                             |           |                                               |   |          

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



42



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service  Conservative Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income                                              |  | $                                           |           |   |                                               | $ |           |  
|Net realized gain (loss)                                           |  |                                             | 851,588    |   |                                               |   | 1,682,809  |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 409,633    |   |                                               |   | 492,042    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,261,221  |   |                                               |   | 2,174,851  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 4,111,335  |   |                                               |   | 9,005,927  |  
|Cost of units redeemed                                             |  |                                             | (2,734,862 | ) |                                               |   | (7,415,517 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,376,473  |   |                                               |   | 1,590,410  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 2,637,694  |   |                                               |   | 3,765,261  |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 70,339,751 |   |                                               |   | 69,212,184 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 72,977,445 |   |                                               | $ | 72,977,445 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 3,181,290  |   |                                               |   | 3,171,123  |  
|Issued                                                             |  |                                             | 182,661    |   |                                               |   | 405,801    |  
|Redeemed                                                           |  |                                             | (121,819   | ) |                                               |   | (334,792   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 3,242,132  |   |                                               |   | 3,242,132  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



43



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American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                             |        |   |                                               |   |        |  
|----------------------------------------------------------- |  | ------------------------------------------- | ------ | - | --------------------------------------------- | - | ------ | -
|                                                            |  | For the periodApril 1, 2007 toJune 30, 2007 |        |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |   |                                               | $ |       |  
|Net expenses                                               |  |                                             |       |   |                                               |   |       |  
|                                                            |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                            
|Net investment income (loss)                                |  |                                             |       |   |                                               |   |       |  
|Net realized and unrealized gain (loss)                     |  |                                             | 0.40   |   |                                               |   | 0.68   |  
|                                                            |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                            
|Net increase (decrease) in unit value                       |  |                                             | 0.40   |   |                                               |   | 0.68   |  
|Net asset value at beginning of period                      |  |                                             | 22.11  |   |                                               |   | 21.83  |  
|                                                            |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                            
|Net asset value at end of period                            |  | $                                           | 22.51  |   |                                               | $ | 22.51  |  
|                                                            |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                            
|Ratios/Supplemental Data:                                   |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                            
|Ratio of net expenses to average net assets                |  |                                             | 0.00   | % |                                               |   | 0.00   | %
|Ratio of net investment income (loss) to average net assets |  |                                             | 0.00   | % |                                               |   | 0.00   | %
|Portfolio turnover*                                       |  |                                             | 4      | % |                                               |   | 9      | %
|Total return*                                               |  |                                             | 1.81   | % |                                               |   | 3.11   | %
|Net Assets at end of period (in thousands)                  |  | $                                           | 72,977 |   |                                               | $ | 72,977 |  

---

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

| | Net expenses includes only those expenses charged directly to the Portfolio and does not include expenses charged to the collective investment funds in which the Portfolio invests
its assets.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests rather than turnover of such underlying Funds.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



44



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |            
|------------------------------------------------------------------------------------------ |  | ------------- | -----------
|                                                                                           |  | June 30, 2007
|Assets                                                                                     |  |               |            
|                                                                                           | 
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |            
|Stable Asset Return Fund (cost $24,489,434 and units of 818,459)                           |  | $             | 26,637,925 
|Intermediate Bond Fund (cost $75,962,377 and units of 4,030,176)                           |  |               | 79,913,773 
|Large Cap Value Equity Fund (cost $16,703,004 and units of 512,985)                        |  |               | 23,974,132 
|Large Cap Growth Equity Fund (cost $18,779,836 and units of 417,156)                       |  |               | 23,974,132 
|Index Equity Fund (cost $44,814,389 and units of 1,560,667)                                |  |               | 61,267,227 
|Mid-Cap Value Equity Fund (cost $3,842,590 and units of 276,509)                           |  |               | 5,327,585  
|Mid-Cap Growth Equity Fund (cost $4,005,824 and units of 207,609)                          |  |               | 5,327,585  
|International Equity Fund (cost $25,531,855 and units of 1,169,551)                        |  |               | 39,956,887 
|Receivable for collective investments sold                                                 |  |               | 417,121    
|Receivable for portfolio units sold                                                        |  |               | 158,231    
|                                                                                           |  |               |            
|Total assets                                                                               |  |               | 266,954,598
|                                                                                           |  |               |            
|Liabilities                                                                                |  |               |            
|                                                                                           | 
|Payable for portfolio units redeemed                                                       |  |               | 575,353    
|                                                                                           |  |               |            
|Total liabilities                                                                          |  |               | 575,353    
|                                                                                           |  |               |            
|Net Assets (equivalent to $25.55 per unit based on 10,426,797 units outstanding)           |  | $             | 266,379,245
|                                                                                           |  |               |            

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



45



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                             |           |                                               |   |           
|----------------------------------------------------------------------- |  | ------------------------------------------- | --------- | --------------------------------------------- | - | ----------
|                                                                        |  | For the periodApril 1, 2007 toJune 30, 2007 |           | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                                       |  | $                                           |          |                                               | $ |          
|                                                                        |  |                                             |           |                                               |   |           
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                             |           |                                               |   |           
|Net realized gain (loss)                                                |  |                                             | 6,322,561 |                                               |   | 9,168,987 
|Change in net unrealized appreciation (depreciation)                    |  |                                             | 2,604,394 |                                               |   | 3,610,185 
|                                                                        |  |                                             |           |                                               |   |           
|Net realized and unrealized gain (loss)                                 |  |                                             | 8,926,955 |                                               |   | 12,779,172
|                                                                        |  |                                             |           |                                               |   |           
|Net increase (decrease) in net assets resulting from operations         |  | $                                           | 8,926,955 |                                               | $ | 12,779,172
|                                                                        |  |                                             |           |                                               |   |           

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



46



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income                                              |  | $                                           |            |   |                                               | $ |            |  
|Net realized gain (loss)                                           |  |                                             | 6,322,561   |   |                                               |   | 9,168,987   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 2,604,394   |   |                                               |   | 3,610,185   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 8,926,955   |   |                                               |   | 12,779,172  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 11,720,391  |   |                                               |   | 25,795,410  |  
|Cost of units redeemed                                             |  |                                             | (15,911,530 | ) |                                               |   | (26,961,610 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (4,191,139  | ) |                                               |   | (1,166,200  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 4,735,816   |   |                                               |   | 11,612,972  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 261,643,429 |   |                                               |   | 254,766,273 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 266,379,245 |   |                                               | $ | 266,379,245 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 10,588,660  |   |                                               |   | 10,464,807  |  
|Issued                                                             |  |                                             | 462,639     |   |                                               |   | 1,036,491   |  
|Redeemed                                                           |  |                                             | (624,502    | ) |                                               |   | (1,074,501  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 10,426,797  |   |                                               |   | 10,426,797  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



47



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                             |         |   |                                               |   |         |  
|----------------------------------------------------------- |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                            |  | For the periodApril 1, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |        |   |                                               | $ |        |  
|Net expenses                                               |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Net investment income (loss)                                |  |                                             |        |   |                                               |   |        |  
|Net realized and unrealized gain (loss)                     |  |                                             | 0.84    |   |                                               |   | 1.20    |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Net increase (decrease) in unit value                       |  |                                             | 0.84    |   |                                               |   | 1.20    |  
|Net asset value at beginning of period                      |  |                                             | 24.71   |   |                                               |   | 24.35   |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Net asset value at end of period                            |  | $                                           | 25.55   |   |                                               | $ | 25.55   |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Ratios/Supplemental Data:                                   |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Ratio of net expenses to average net assets                |  |                                             | 0.00    | % |                                               |   | 0.00    | %
|Ratio of net investment income (loss) to average net assets |  |                                             | 0.00    | % |                                               |   | 0.00    | %
|Portfolio turnover*                                       |  |                                             | 4       | % |                                               |   | 9       | %
|Total return*                                               |  |                                             | 3.40    | % |                                               |   | 4.93    | %
|Net Assets at end of period (in thousands)                  |  | $                                           | 266,379 |   |                                               | $ | 266,379 |  

---

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

| | Net expenses includes only those expenses charged directly to the Portfolio and does not include expenses charged to the collective investment funds in which the Portfolio invests
its assets.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests rather than turnover of such underlying Funds.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



48



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |            
|------------------------------------------------------------------------------------------ |  | ------------- | -----------
|                                                                                           |  | June 30, 2007
|Assets                                                                                     |  |               |            
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |            
|Intermediate Bond Fund (cost $29,056,950 and units of 1,531,245)                           |  | $             | 30,362,836 
|Large Cap Value Equity Fund (cost $17,787,344 and units of 563,062)                        |  |               | 26,314,458 
|Large Cap Growth Equity Fund (cost $20,156,940 and units of 457,878)                       |  |               | 26,314,458 
|Index Equity Fund (cost $43,402,536 and units of 1,546,872)                                |  |               | 60,725,674 
|Mid-Cap Value Equity Fund (cost $4,252,424 and units of 315,174)                           |  |               | 6,072,567  
|Mid-Cap Growth Equity Fund (cost $4,538,184 and units of 236,640)                          |  |               | 6,072,567  
|Small Cap Equity Fund (cost $4,871,991 and units of 76,372)                                |  |               | 6,072,567  
|International Equity Fund (cost $24,521,488 and units of 1,184,973)                        |  |               | 40,483,782 
|Receivable for collective investments sold                                                 |  |               | 199,562    
|Receivable for portfolio units sold                                                        |  |               | 167,541    
|                                                                                           |  |               |            
|Total assets                                                                               |  |               | 202,786,012
|                                                                                           |  |               |            
|Liabilities                                                                                |  |               |            
|Payable for portfolio units redeemed                                                       |  |               | 367,103    
|                                                                                           |  |               |            
|Total liabilities                                                                          |  |               | 367,103    
|                                                                                           |  |               |            
|Net Assets (equivalent to $28.15 per unit based on 7,189,508 units outstanding)            |  | $             | 202,418,909
|                                                                                           |  |               |            

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



49



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                             |            |                                               |   |           
|----------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | --------------------------------------------- | - | ----------
|                                                                        |  | For the periodApril 1, 2007 toJune 30, 2007 |            | For the periodJanuary 1, 2007 toJune 30, 2007
|Investment income                                                       |  | $                                           |           |                                               | $ |          
|                                                                        |  |                                             |            |                                               |   |           
|                                                                        |  |                                            
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                             |            |                                               |   |           
|Net realized gain (loss)                                                |  |                                             | 4,222,220  |                                               |   | 5,942,113 
|Change in net unrealized appreciation (depreciation)                    |  |                                             | 5,990,991  |                                               |   | 7,196,501 
|                                                                        |  |                                             |            |                                               |   |           
|Net realized and unrealized gain (loss)                                 |  |                                             | 10,213,211 |                                               |   | 13,138,614
|                                                                        |  |                                             |            |                                               |   |           
|Net increase (decrease) in net assets resulting from operations         |  | $                                           | 10,213,211 |                                               | $ | 13,138,614
|                                                                        |  |                                             |            |                                               |   |           

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



50



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |             |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income                                              |  | $                                           |            |   |                                               | $ |            |  
|Net realized gain (loss)                                           |  |                                             | 4,222,220   |   |                                               |   | 5,942,113   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 5,990,991   |   |                                               |   | 7,196,501   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase in net assets resulting from operations               |  |                                             | 10,213,211  |   |                                               |   | 13,138,614  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 9,352,027   |   |                                               |   | 22,192,281  |  
|Cost of units redeemed                                             |  |                                             | (14,311,911 | ) |                                               |   | (22,231,411 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (4,959,884  | ) |                                               |   | (39,130     | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets                              |  |                                             | 5,253,327   |   |                                               |   | 13,099,484  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 197,165,582 |   |                                               |   | 189,319,425 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 202,418,909 |   |                                               | $ | 202,418,909 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 7,365,197   |   |                                               |   | 7,179,561   |  
|Issued                                                             |  |                                             | 336,178     |   |                                               |   | 819,664     |  
|Redeemed                                                           |  |                                             | (511,867    | ) |                                               |   | (809,717    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 7,189,508   |   |                                               |   | 7,189,508   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



51



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                             |         |   |                                               |   |         |  
|----------------------------------------------------------- |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                            |  | For the periodApril 1, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |        |   |                                               | $ |        |  
|Net expenses                                               |  |                                             |        |   |                                               |   |        |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                |  |                                             |        |   |                                               |   |        |  
|Net realized and unrealized gain (loss)                     |  |                                             | 1.38    |   |                                               |   | 1.78    |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                       |  |                                             | 1.38    |   |                                               |   | 1.78    |  
|Net asset value at beginning of period                      |  |                                             | 26.77   |   |                                               |   | 26.37   |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                            |  | $                                           | 28.15   |   |                                               | $ | 28.15   |  
|                                                            |  |                                             |         |   |                                               |   |         |  
|                                                            |  |                                            
|Ratios/Supplemental Data:                                   |  |                                             |         |   |                                               |   |         |  
|Ratio of net expenses to average net assets                |  |                                             | 0.00    | % |                                               |   | 0.00    | %
|Ratio of net investment income (loss) to average net assets |  |                                             | 0.00    | % |                                               |   | 0.00    | %
|Portfolio turnover*                                       |  |                                             | 3       | % |                                               |   | 8       | %
|Total return*                                               |  |                                             | 5.16    | % |                                               |   | 6.75    | %
|Net Assets at end of period (in thousands)                  |  | $                                           | 202,419 |   |                                               | $ | 202,419 |  

---

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

| | Net expenses includes only those expenses charged directly to the Portfolio and does not include expenses charged to the collective investment funds in which the Portfolio invests
its assets.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Portfolio turnover reflects purchases and sales by the Portfolio of units of the Funds in which the Portfolio invests rather than turnover of such underlying Funds.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



52



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American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                     |  |               |           
|------------------------------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                                                     |  | June 30, 2007
|Assets                                                                                                                               |  |               |           
|Investments in affiliated fund, at value:                                                                                            |  |               |           
|State Street Bank and Trust Company  SSgA Age-Based Income Securities Lending Series Fund (cost $15,667,716 and units of
1,409,801) |  | $             | 16,246,543
|Receivable for fund units sold                                                                                                       |  |               | 4,295     
|                                                                                                                                     |  |               |           
|Total assets                                                                                                                         |  |               | 16,250,838
|                                                                                                                                     |  |               |           
|Liabilities                                                                                                                          |  |               |           
|State Street Bank and Trust Companyprogram fee payable                                                                              |  |               | 4,093     
|Payable for fund units redeemed                                                                                                      |  |               | 2,379     
|Payable for legal and audit services                                                                                                 |  |               | 1,924     
|Payable for investments purchased                                                                                                    |  |               | 1,916     
|Payable for compliance consultant fees                                                                                               |  |               | 1,652     
|Retirement Date Fund management fee payable                                                                                          |  |               | 1,308     
|Trustee, management and administration fees payable                                                                                  |  |               | 1,156     
|ABA Retirement Fundsprogram fee payable                                                                                             |  |               | 533       
|Other accruals                                                                                                                       |  |               | 1,108     
|                                                                                                                                     |  |               |           
|Total liabilities                                                                                                                    |  |               | 16,069    
|                                                                                                                                     |  |               |           
|Net Assets (equivalent to $10.76 per unit based on 1,508,114 units outstanding)                                                      |  | $             | 16,234,769
|                                                                                                                                     |  |               |           

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



53



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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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                                 |  | $                                           |        |   |                                               | $ |        |  
|Expenses                                                          |  |                                             |         |   |                                               |   |         |  
|State Street Bank and Trust Companyprogram fee                   |  |                                             | 11,479  |   |                                               |   | 20,561  |  
|Retirement Date Fund management fee                               |  |                                             | 3,636   |   |                                               |   | 6,445   |  
|Trustee, management and administration fees                       |  |                                             | 3,231   |   |                                               |   | 5,795   |  
|ABA Retirement Fundsprogram fee                                  |  |                                             | 1,479   |   |                                               |   | 2,653   |  
|Legal and audit fees                                              |  |                                             | 1,210   |   |                                               |   | 2,183   |  
|Compliance consultant fees                                        |  |                                             | 1,192   |   |                                               |   | 2,150   |  
|Reports to unitholders                                            |  |                                             | 570     |   |                                               |   | 1,028   |  
|Registration fees                                                 |  |                                             | 123     |   |                                               |   | 222     |  
|Other fees                                                        |  |                                             | 506     |   |                                               |   | 910     |  
|                                                                  |  |                                             |         |   |                                               |   |         |  
|Total expenses                                                    |  |                                             | 23,426  |   |                                               |   | 41,947  |  
|                                                                  |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                      |  |                                             | (23,426 | ) |                                               |   | (41,947 | )
|                                                                  |  |                                             |         |   |                                               |   |         |  
|Net realized and unrealized gain on investment in affiliated fund |  |                                             |         |   |                                               |   |         |  
|Net realized gain                                                 |  |                                             | 23,630  |   |                                               |   | 53,785  |  
|Change in net unrealized appreciation (depreciation)              |  |                                             | 236,432 |   |                                               |   | 308,563 |  
|                                                                  |  |                                             |         |   |                                               |   |         |  
|Net realized and unrealized gain (loss)                           |  |                                             | 260,062 |   |                                               |   | 362,348 |  
|                                                                  |  |                                             |         |   |                                               |   |         |  
|Net increase in net assets resulting from operations              |  | $                                           | 236,636 |   |                                               | $ | 320,401 |  
|                                                                  |  |                                             |         |   |                                               |   |         |  

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



54



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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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (23,426    | ) |                                               | $ | (41,947    | )
|Net realized gain (loss)                                           |  |                                             | 23,630     |   |                                               |   | 53,785     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 236,432    |   |                                               |   | 308,563    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 236,636    |   |                                               |   | 320,401    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 4,231,700  |   |                                               |   | 5,882,371  |  
|Cost of units redeemed                                             |  |                                             | (595,091   | ) |                                               |   | (1,400,484 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 3,636,609  |   |                                               |   | 4,481,887  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 3,873,245  |   |                                               |   | 4,802,288  |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 12,361,524 |   |                                               |   | 11,432,481 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 16,234,769 |   |                                               | $ | 16,234,769 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,168,398  |   |                                               |   | 1,088,660  |  
|Issued                                                             |  |                                             | 395,163    |   |                                               |   | 551,104    |  
|Redeemed                                                           |  |                                             | (55,447    | ) |                                               |   | (131,650   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,508,114  |   |                                               |   | 1,508,114  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



55



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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, 2007 toJune 30, 2007 |        |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Net expenses()                                            |  |                                             | (0.01  | )  |                                               |   | (0.03  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.01  | )  |                                               |   | (0.03  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.19   |    |                                               |   | 0.29   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.18   |    |                                               |   | 0.26   |   
|Net asset value at beginning of period                       |  |                                             | 10.58  |    |                                               |   | 10.50  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 10.76  |    |                                               | $ | 10.76  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of net expenses to average net assets*               |  |                                             | 0.64   | %  |                                               |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                             | 3      | %  |                                               |   | 9      | % 
|Total return**                                               |  |                                             | 1.70   | %  |                                               |   | 2.48   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 16,235 |    |                                               | $ | 16,235 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited financial statements.



56



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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, 2007
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated fund, at value:                                                                                                 |  |               |           
|State Street Bank and Trust Company  SSgA Age Based 2010 Income Securities Lending Series Fund (cost $25,176,520 and units of 2,176,776) |  | $             | 25,986,349
|Receivable for fund units sold                                                                                                            |  |               | 84,203    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 26,070,552
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for investments purchased                                                                                                         |  |               | 84,047    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |               | 6,600     
|Retirement Date Fund management fee payable                                                                                               |  |               | 2,107     
|Trustee, management and administration fees payable                                                                                       |  |               | 1,862     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 858       
|Payable for fund units redeemed                                                                                                           |  |               | 156       
|Other accruals                                                                                                                            |  |               | 7,057     
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 102,687   
|                                                                                                                                          |  |               |           
|Net Assets (equivalent to $13.17 per unit based on 1,972,422 units outstanding)                                                           |  | $             | 25,967,865
|                                                                                                                                          |  |               |           

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



57



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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, 2007 toJune 30, 2007 |         |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                                  |  | $                                           |        |   |                                               | $ |        |  
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Expenses                                                           |  |                                             |         |   |                                               |   |         |  
|State Street Bank and Trust Companyprogram fee                    |  |                                             | 17,828  |   |                                               |   | 30,836  |  
|Retirement Date Fund management fee                                |  |                                             | 5,650   |   |                                               |   | 9,672   |  
|Trustee, management and administration fees                        |  |                                             | 5,016   |   |                                               |   | 8,688   |  
|ABA Retirement Fundsprogram fee                                   |  |                                             | 2,298   |   |                                               |   | 3,979   |  
|Legal and audit fees                                               |  |                                             | 1,878   |   |                                               |   | 3,271   |  
|Compliance consultant fees                                         |  |                                             | 1,850   |   |                                               |   | 3,222   |  
|Reports to unitholders                                             |  |                                             | 885     |   |                                               |   | 1,541   |  
|Registration fees                                                  |  |                                             | 191     |   |                                               |   | 333     |  
|Other fees                                                         |  |                                             | 783     |   |                                               |   | 1,364   |  
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Total expenses                                                     |  |                                             | 36,379  |   |                                               |   | 62,906  |  
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                       |  |                                             | (36,379 | ) |                                               |   | (62,906 | )
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                             |         |   |                                               |   |         |  
|Net realized gain                                                  |  |                                             | 115,020 |   |                                               |   | 178,079 |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 289,602 |   |                                               |   | 384,749 |  
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Net realized and unrealized gain (loss)                            |  |                                             | 404,622 |   |                                               |   | 562,828 |  
|                                                                   |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in net assets resulting from operations    |  | $                                           | 368,243 |   |                                               | $ | 499,922 |  
|                                                                   |  |                                             |         |   |                                               |   |         |  

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



58



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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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (36,379    | ) |                                               | $ | (62,906    | )
|Net realized gain (loss)                                           |  |                                             | 115,020    |   |                                               |   | 178,079    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 289,602    |   |                                               |   | 384,749    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 368,243    |   |                                               |   | 499,922    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 10,147,741 |   |                                               |   | 12,989,999 |  
|Cost of units redeemed                                             |  |                                             | (1,807,975 | ) |                                               |   | (3,286,891 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 8,339,766  |   |                                               |   | 9,703,108  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 8,708,009  |   |                                               |   | 10,203,030 |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 17,259,856 |   |                                               |   | 15,764,835 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 25,967,865 |   |                                               | $ | 25,967,865 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,339,558  |   |                                               |   | 1,234,569  |  
|Issued                                                             |  |                                             | 771,522    |   |                                               |   | 991,881    |  
|Redeemed                                                           |  |                                             | (138,658   | ) |                                               |   | (254,028   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,972,422  |   |                                               |   | 1,972,422  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



59



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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, 2007 toJune 30, 2007 |        |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Net expenses()                                            |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.31   |    |                                               |   | 0.44   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Net increase (decrease) in unit value                        |  |                                             | 0.29   |    |                                               |   | 0.40   |   
|Net asset value at beginning of period                       |  |                                             | 12.88  |    |                                               |   | 12.77  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 13.17  |    |                                               | $ | 13.17  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of net expenses to average net assets*               |  |                                             | 0.64   | %  |                                               |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                             | 7      | %  |                                               |   | 14     | % 
|Total return**                                               |  |                                             | 2.25   | %  |                                               |   | 3.13   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 25,968 |    |                                               | $ | 25,968 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited financial statements.



60



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2007
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated fund, at value:                                                                                                 |  |               |           
|State Street Bank and Trust Company - SSgA Age Based 2020 Income Securities Lending Series Fund (cost $33,120,412 and units of
2,765,006) |  | $             | 35,237,235
|Receivable for fund units sold                                                                                                            |  |               | 21,493    
|Receivable for investments sold                                                                                                           |  |               | 12,040    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 35,270,768
|                                                                                                                                          |  |               |           
|                                                                                                                                          | 
|Liabilities                                                                                                                               |  |               |           
|Payable for fund units redeemed                                                                                                           |  |               | 33,534    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |               | 8,744     
|Payable for legal and audit services                                                                                                      |  |               | 4,052     
|Payable for compliance consultant fees                                                                                                    |  |               | 3,479     
|Retirement Date Fund management fee payable                                                                                               |  |               | 2,791     
|Trustee, management and administration fees payable                                                                                       |  |               | 2,468     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 1,137     
|Other accruals                                                                                                                            |  |               | 2,334     
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 58,539    
|                                                                                                                                          |  |               |           
|Net Assets (equivalent to $16.12 per unit based on 2,183,866 units outstanding)                                                           |  | $             | 35,212,229
|                                                                                                                                          |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                             |           |   |                                               |   |           |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |           |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                                  |  | $                                           |          |   |                                               | $ |          |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|                                                                   |  |                                            
|Expenses                                                           |  |                                             |           |   |                                               |   |           |  
|State Street Bank and Trust Companyprogram fee                    |  |                                             | 24,627    |   |                                               |   | 43,898    |  
|Retirement Date Fund management fee                                |  |                                             | 7,801     |   |                                               |   | 13,761    |  
|Trustee, management and administration fees                        |  |                                             | 6,931     |   |                                               |   | 12,371    |  
|ABA Retirement Fundsprogram fee                                   |  |                                             | 3,174     |   |                                               |   | 5,664     |  
|Legal and audit fees                                               |  |                                             | 2,596     |   |                                               |   | 4,660     |  
|Compliance consultant fees                                         |  |                                             | 2,558     |   |                                               |   | 4,591     |  
|Reports to unitholders                                             |  |                                             | 1,223     |   |                                               |   | 2,195     |  
|Registration fees                                                  |  |                                             | 265       |   |                                               |   | 475       |  
|Other fees                                                         |  |                                             | 1,083     |   |                                               |   | 1,943     |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Total expenses                                                     |  |                                             | 50,258    |   |                                               |   | 89,558    |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net investment income (loss)                                       |  |                                             | (50,258   | ) |                                               |   | (89,558   | )
|                                                                   |  |                                             |           |   |                                               |   |           |  
|                                                                   |  |                                            
|Net realized and unrealized gain on investments in affiliated fund |  |                                             |           |   |                                               |   |           |  
|Net realized gain                                                  |  |                                             | 159,303   |   |                                               |   | 269,848   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 944,674   |   |                                               |   | 1,215,731 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net realized and unrealized gain (loss)                            |  |                                             | 1,103,977 |   |                                               |   | 1,485,579 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net increase (decrease) in net assets resulting from operations    |  | $                                           | 1,053,719 |   |                                               | $ | 1,396,021 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  

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



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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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (50,258    | ) |                                               | $ | (89,558    | )
|Net realized gain (loss)                                           |  |                                             | 159,303    |   |                                               |   | 269,848    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 944,674    |   |                                               |   | 1,215,731  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,053,719  |   |                                               |   | 1,396,021  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 9,615,716  |   |                                               |   | 17,283,632 |  
|Cost of units redeemed                                             |  |                                             | (2,353,183 | ) |                                               |   | (4,782,612 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 7,262,533  |   |                                               |   | 12,501,020 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 8,316,252  |   |                                               |   | 13,897,041 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 26,895,977 |   |                                               |   | 21,315,188 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 35,212,229 |   |                                               | $ | 35,212,229 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,730,661  |   |                                               |   | 1,390,894  |  
|Issued                                                             |  |                                             | 600,649    |   |                                               |   | 1,098,003  |  
|Redeemed                                                           |  |                                             | (147,444   | ) |                                               |   | (305,031   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 2,183,866  |   |                                               |   | 2,183,866  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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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, 2007 toJune 30, 2007 |        |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Net expenses()                                            |  |                                             | (0.02  | )  |                                               |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                               |   | (0.05  | ) 
|                                                             |  |                                            
|Net realized and unrealized gain (loss)                      |  |                                             | 0.60   |    |                                               |   | 0.85   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.58   |    |                                               |   | 0.80   |   
|Net asset value at beginning of period                       |  |                                             | 15.54  |    |                                               |   | 15.32  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 16.12  |    |                                               | $ | 16.12  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of net expenses to average net assets*               |  |                                             | 0.64   | %  |                                               |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                             | 5      | %  |                                               |   | 11     | % 
|Total return**                                               |  |                                             | 3.73   | %  |                                               |   | 5.22   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 35,212 |    |                                               | $ | 35,212 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited financial statements.



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2007
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated fund, at value:                                                                                                 |  |               |           
|State Street Bank and Trust Company - SSgA Age Based 2030 Income Securities Lending Series Fund (cost $27,789,907 and units of
2,257,077) |  | $             | 30,019,122
|Receivable for fund units sold                                                                                                            |  |               | 41,791    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 30,060,913
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for fund units redeemed                                                                                                           |  |               | 21,174    
|Payable for investments purchased                                                                                                         |  |               | 20,617    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |               | 7,630     
|Payable for legal and audit services                                                                                                      |  |               | 3,331     
|Retirement Date Fund management fee payable                                                                                               |  |               | 2,432     
|Trustee, management and administration fees payable                                                                                       |  |               | 2,150     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 990       
|Other accruals                                                                                                                            |  |               | 4,779     
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 63,103    
|                                                                                                                                          |  |               |           
|Net Assets (equivalent to $18.94 per unit based on 1,583,928 units outstanding)                                                           |  | $             | 29,997,810
|                                                                                                                                          |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |   |                                               |   |           |  
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                                |  | For the periodApril 1, 2007 toJune 30, 2007 |           |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                               |  | $                                           |          |   |                                               | $ |          |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |           |   |                                               |   |           |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 21,283    |   |                                               |   | 36,397    |  
|Retirement Date Fund management fee                             |  |                                             | 6,744     |   |                                               |   | 11,418    |  
|Trustee, management and administration fees                     |  |                                             | 5,990     |   |                                               |   | 10,256    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 2,743     |   |                                               |   | 4,696     |  
|Legal and audit fees                                            |  |                                             | 2,243     |   |                                               |   | 3,861     |  
|Compliance consultant fees                                      |  |                                             | 2,210     |   |                                               |   | 3,804     |  
|Reports to unitholders                                          |  |                                             | 1,057     |   |                                               |   | 1,819     |  
|Registration fees                                               |  |                                             | 229       |   |                                               |   | 394       |  
|Other fees                                                      |  |                                             | 934       |   |                                               |   | 1,610     |  
|                                                                |  |                                             |           |   |                                               |   |           |  
|Total expenses                                                  |  |                                             | 43,433    |   |                                               |   | 74,255    |  
|                                                                |  |                                             |           |   |                                               |   |           |  
|Net investment income (loss)                                    |  |                                             | (43,433   | ) |                                               |   | (74,255   | )
|                                                                |  |                                             |           |   |                                               |   |           |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |           |   |                                               |   |           |  
|Net realized gain                                               |  |                                             | 114,358   |   |                                               |   | 123,259   |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 1,069,816 |   |                                               |   | 1,423,188 |  
|                                                                |  |                                             |           |   |                                               |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                             | 1,184,174 |   |                                               |   | 1,546,447 |  
|                                                                |  |                                             |           |   |                                               |   |           |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 1,140,741 |   |                                               | $ | 1,472,192 |  
|                                                                |  |                                             |           |   |                                               |   |           |  

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



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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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (43,433    | ) |                                               | $ | (74,255    | )
|Net realized gain (loss)                                           |  |                                             | 114,358    |   |                                               |   | 123,259    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 1,069,816  |   |                                               |   | 1,423,188  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,140,741  |   |                                               |   | 1,472,192  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 8,729,698  |   |                                               |   | 15,113,586 |  
|Cost of units redeemed                                             |  |                                             | (1,578,237 | ) |                                               |   | (1,848,032 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 7,151,461  |   |                                               |   | 13,265,554 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 8,292,202  |   |                                               |   | 14,737,746 |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 21,705,608 |   |                                               |   | 15,260,064 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 29,997,810 |   |                                               | $ | 29,997,810 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,201,855  |   |                                               |   | 859,275    |  
|Issued                                                             |  |                                             | 465,621    |   |                                               |   | 823,249    |  
|Redeemed                                                           |  |                                             | (83,548    | ) |                                               |   | (98,596    | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,583,928  |   |                                               |   | 1,583,928  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



67



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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, 2007 toJune 30, 2007 |        |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Net expenses()                                            |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.91   |    |                                               |   | 1.24   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.88   |    |                                               |   | 1.18   |   
|Net asset value at beginning of period                       |  |                                             | 18.06  |    |                                               |   | 17.76  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 18.94  |    |                                               | $ | 18.94  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of net expenses to average net assets*               |  |                                             | 0.64   | %  |                                               |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                             | 3      | %  |                                               |   | 4      | % 
|Total return**                                               |  |                                             | 4.87   | %  |                                               |   | 6.64   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 29,998 |    |                                               | $ | 29,998 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited financial statements.



68



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2007
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated fund, at value:                                                                                                 |  |               |           
|State Street Bank and Trust Company  SSgA Age Based 2040 Income Securities Lending Series Fund (cost $22,042,255 and units of 1,756,418) |  | $             | 24,045,357
|Receivable for fund units sold                                                                                                            |  |               | 62,010    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 24,107,367
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for fund units redeemed                                                                                                           |  |               | 35,482    
|Payable for investments purchased                                                                                                         |  |               | 26,528    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |               | 6,148     
|Retirement Date Fund management fee payable                                                                                               |  |               | 1,959     
|Trustee, management and administration fees payable                                                                                       |  |               | 1,732     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 798       
|Other accruals                                                                                                                            |  |               | 6,511     
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 79,158    
|                                                                                                                                          |  |               |           
|Net Assets (equivalent to $21.49 per unit based on 1,118,284 units outstanding)                                                           |  | $             | 24,028,209
|                                                                                                                                          |  |               |           

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



69



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                             |           |   |                                               |   |           |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                                   |  | For the periodApril 1, 2007 toJune 30, 2007 |           |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                                  |  | $                                           |          |   |                                               | $ |          |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|                                                                   |  |                                            
|Expenses                                                           |  |                                             |           |   |                                               |   |           |  
|State Street Bank and Trust Companyprogram fee                    |  |                                             | 17,385    |   |                                               |   | 29,361    |  
|Retirement Date Fund management fee                                |  |                                             | 5,508     |   |                                               |   | 9,212     |  
|Trustee, management and administration fees                        |  |                                             | 4,894     |   |                                               |   | 8,274     |  
|ABA Retirement Fundsprogram fee                                   |  |                                             | 2,241     |   |                                               |   | 3,788     |  
|Legal and audit fees                                               |  |                                             | 1,833     |   |                                               |   | 3,115     |  
|Compliance consultant fees                                         |  |                                             | 1,805     |   |                                               |   | 3,068     |  
|Reports to unitholders                                             |  |                                             | 863       |   |                                               |   | 1,467     |  
|Registration fees                                                  |  |                                             | 187       |   |                                               |   | 318       |  
|Other fees                                                         |  |                                             | 764       |   |                                               |   | 1,299     |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Total expenses                                                     |  |                                             | 35,480    |   |                                               |   | 59,902    |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net investment income (loss)                                       |  |                                             | (35,480   | ) |                                               |   | (59,902   | )
|                                                                   |  |                                             |           |   |                                               |   |           |  
|                                                                   |  |                                            
|Net realized and unrealized gain on investments in affiliated fund |  |                                             |           |   |                                               |   |           |  
|Net realized gain (loss)                                           |  |                                             | 33,089    |   |                                               |   | 48,334    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 1,065,121 |   |                                               |   | 1,371,222 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net realized and unrealized gain (loss)                            |  |                                             | 1,098,210 |   |                                               |   | 1,419,556 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  
|Net increase (decrease) in net assets resulting from operations    |  | $                                           | 1,062,730 |   |                                               | $ | 1,359,654 |  
|                                                                   |  |                                             |           |   |                                               |   |           |  

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



70



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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, 2007 toJune 30, 2007 |            |   | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (35,480    | ) |                                               | $ | (59,902    | )
|Net realized gain (loss)                                           |  |                                             | 33,089     |   |                                               |   | 48,334     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 1,065,121  |   |                                               |   | 1,371,222  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,062,730  |   |                                               |   | 1,359,654  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,459,412  |   |                                               |   | 12,460,699 |  
|Cost of units redeemed                                             |  |                                             | (1,191,392 | ) |                                               |   | (1,685,985 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,268,020  |   |                                               |   | 10,774,714 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 5,330,750  |   |                                               |   | 12,134,368 |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 18,697,459 |   |                                               |   | 11,893,841 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 24,028,209 |   |                                               | $ | 24,028,209 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 917,199    |   |                                               |   | 594,990    |  
|Issued                                                             |  |                                             | 257,034    |   |                                               |   | 603,768    |  
|Redeemed                                                           |  |                                             | (55,949    | ) |                                               |   | (80,474    | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,118,284  |   |                                               |   | 1,118,284  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2007 toJune 30, 2007 |        |    | For the periodJanuary 1, 2007 toJune 30, 2007 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Net expenses()                                            |  |                                             | (0.04  | )  |                                               |   | (0.07  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.04  | )  |                                               |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 1.14   |    |                                               |   | 1.57   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 1.10   |    |                                               |   | 1.50   |   
|Net asset value at beginning of period                       |  |                                             | 20.39  |    |                                               |   | 19.99  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 21.49  |    |                                               | $ | 21.49  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratio of net expenses to average net assets*               |  |                                             | 0.64   | %  |                                               |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.64  | )% |                                               |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                             | 1      | %  |                                               |   | 2      | % 
|Total return**                                               |  |                                             | 5.39   | %  |                                               |   | 7.50   | % 
|Net Assets at end of period (in thousands)                   |  | $                                           | 24,028 |    |                                               | $ | 24,028 |   

---

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

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

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

| | Net expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment fund in which the Fund invests its assets.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in a collective investment fund, portfolio turnover reflects purchases and sales of 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 unaudited financial statements.



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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) has acted as trustee of the Collective Trust. The Trust is maintained exclusively for the collective investment of monies administered on behalf of
participants in the ABA Retirement Funds program (the Program). Ten separate collective investment funds (the Funds), the Structured Portfolio Service (the Portfolios) and the Retirement Date Funds (also the
Funds) are established under the Trust. The Structured Portfolio Service offers three approaches to diversifying investments by stipulating various allocations among the Funds. The Retirement Date Funds are a group of five
balanced investment funds, each of which is designed to correspond to a particular time horizon to retirement. The Funds and Portfolios are investment options under the Program, which is sponsored by the ABA Retirement Funds (ARF)
(formerly called the American Bar Retirement Association). The objectives and principal strategies of the Funds and Portfolios are as follows:

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. Since July 1, 2004, the debt portion of the
Balanced Fund has been invested through the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund. Prior to July 1, 2004, the debt portion had been invested in separately owned securities. As of June 30,
2007, 33.3% 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, 2007, 31.8% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund. This
underlying funds annual financial statements are available from State Street Bank upon request.

Large-Cap Value
Equity Fundlong term growth of capital and dividend income through investment in common stocks, primarily of large capitalization companies believed to be undervalued. Currently invests in common stocks and the State Street Bank and Trust
Company Russell 1000 Value Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Value Index. As of June 30, 2007, 23.7% of the Funds net assets
were invested in the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.



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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.

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, 2007, 5.0% of the Funds net
assets were invested in the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

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

Structured Portfolio Service

Conservativehigher current investment income and some capital appreciation.

Moderatehigh current investment income and greater capital appreciation.

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

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

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 Fund and 2040 Retirement Date Fund, respectively, offers five separate target retirement date strategies, each with a distinct asset mix. 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 period 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 the
Funds 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 Age-Based Income Securities Lending Series Fund.



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Notes to Financial Statements

(Unaudited)



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

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

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

2040 Retirement Date Fundinvests in the State Street Bank and
Trust Company -SSgA Age-Based 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, a collective investment fund advised by State Street
Global Advisors, a division of State Street Bank. The annual financial statements of YES are available from State Street Bank upon request.

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

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

State Street is a 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 certain financial data have been prepared in conformity with accounting principles generally accepted in the United States of America:

A. Security Valuation

All
Funds and Portfolios (Other than SARF): State Street has delegated to State Street Bank the responsibility to determine the value of each Fund based on the market value of each Funds portfolio of securities. State Street Bank
generally values each Funds portfolio of securities based on closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by State Street Bank to be
unreliable, the fair value of the particular securities or assets is determined in good faith by State Street pursuant to fair value procedures adopted by



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Notes to Financial Statements

(Unaudited)



State Street. For market prices and quotations, as well as some fair value methods of pricing, State Street Bank and State Street may rely upon securities
prices provided by pricing services, the Investment Advisor(s) or independent dealers. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which
may be different by a material amount.

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

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

Certain other types of securities, including those discussed below in
this paragraph, may be priced using fair value rather than market prices. For instance, State Street Bank may use a pricing matrix to determine the value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a
debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income securities. To the extent that a Fund invests in the shares of bank collective trust funds or of other
registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their net asset values per share as reported by the funds. Each of these funds may, under certain circumstances, use fair value
pricing in determining their net asset values.

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

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

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.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, (FAS 157) Fair Value Measurements. FAS 157
defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. The Trust is currently evaluating the impact the adoption of FAS 157 will have on the Trusts financial statement disclosures.



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Notes to Financial Statements

(Unaudited)



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 Statement of Operations and Changes in Net Assets were prepared on a contract value basis. Following are the accounting policies of SAFT:

i. Accounting Guidance

FASB issued FASB Staff Position AAG INV-1, Reporting of Fully Benefit- Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Audit Guide and Defined-Contribution Health and Welfare and
Pension Plans (the FSP). The FSP: a.) describes the limited circumstances in which the net assets of an investment company shall reflect the contract value (which generally equals the principal balance plus accrued interest) of certain
investments that it holds, b.) provides a definition of a fully benefit-responsive investment contract, and c.) provides guidance on financial statement presentation and disclosure of fully benefit-responsive investment contracts. Additional
disclosures required by the FSP are reflected below and in the accompanying financial statements.

ii. Basis of
Accounting

As described by the FSP, 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. As required by the FSP, the accompanying Schedule of Investments reflects both the fair value as well as the adjustment to contract value for each
investment contract deemed fully benefit responsive. 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. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis.

iii.
Value of Investments

Investments in bank, insurance company and other financial institution investment contracts (GICs) are
stated at fair value. As provided in the FSP, an investment contract is generally permitted to reflect an adjustment to contract value to the extent it is fully benefit-responsive and held by a trust offered only to qualified employer-sponsored
defined-contribution plans. An investment contract is considered fully benefit responsive if: 1) it is effected directly between the Fund and the issuer and may not be transferred without the consent of the issuer, 2) either the repayment of
principal and interest is a financial obligation of the issuer (i.e., for traditional investment contracts) or the issuer of a wrap contract provides assurance that the contract crediting rate will not be adjusted to less than zero (i.e., for
synthetic investment contracts), 3) the contract requires all permitted participant-initiated transactions with the trust to occur at contract value without limitation, 4) it is improbable that an event will occur that would limit the ability of the
Fund to transact at contract value with both the issuer and Fund unitholders, and 5) the Fund allows unitholders reasonable access to their funds. Investment contracts that do not meet the criteria for valuation at contract value will be valued at
fair value as determined by the trustee, and such value may be more or less than contract value.

The fair value of traditional GICs is
determined using a discounted cash flow methodology where the individual contract cash flows are discounted at the prevailing interpolated swap rate as of year-end.



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Notes to Financial Statements

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A traditional GIC is a group annuity contract that pays a specified rate of return for a specific
period of time and guarantees a fixed return after any benefit responsive payments are made to participants. The issuer of a traditional GIC takes a deposit from the Fund and purchases investments that are held in the issuers general account.
The GIC issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the fund.

Synthetic
investment contracts represent individual assets placed in a trust, with ownership by the Fund; a third party issues a wrapper that guarantees that participant transactions are executed at contract value. Individual assets of the synthetic
investment contract are generally valued at representative quoted market prices. Short-term securities, if any, are stated at amortized cost, which approximates market value. Debt securities are valued on the basis of valuations furnished by a
pricing service approved by the Trustee, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders.
Investments in regulated investment companies or collective investment funds are valued at the net asset value per share/unit on the valuation date. Securities for which market quotations are not readily available, or have quotations which
management believes are not appropriate, are valued at fair value as determined in good faith by the Trustee. The fair value of the wrap contracts is determined using the market approach discounting methodology which incorporates the difference
between current market level rates for contract level wrap fees and the wrap fee being charged. The difference is calculated as a dollar value and discounted by the prevailing interpolated swap rate as of period end.

The Fund 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 the Fund. The Fund 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). Investment gains and losses are amortized over the expected
duration through the calculation of the interest rate applicable to the Fund 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.

iv. Events Limiting Contract Value
Treatment

Investment contracts are valued at contract value principally because participants are able to transact at contract value
when initiating benefit responsive withdrawals, taking loans or making investment option transfers permitted by the participating plan. A benefit responsive withdrawal includes a payment to a participant arising from retirement, termination of
employment, disability or death. In the normal course, participant events are predictive (for participants as a group) such that the economic integrity of investment contracts is largely unaffected by participant withdrawals.



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Notes to Financial Statements

(Unaudited)



Employer initiated events, if material, may affect the underlying economics of investment contracts.
These events include plant closings, layoffs, plan termination, bankruptcy or reorganization, merger, early retirement incentive programs, tax disqualification of a trust or other events. The occurrence of one or more employer initiated events could
limit the Funds ability to transact at contract value with plan participants.

For example, retirement benefit payments which occur
because an employer has offered a subsidized early retirement program will not transact at contract value unless the scope of the program is not material or the investment contract includes a contract value corridor. Whether an employer
initiated event is probable is foremost within the knowledge of the employer, but in the normal course may be communicated to the investment manager of the Fund. While the investment manager may take action to minimize or eliminate the impact of the
employer initiated event, there is no assurance that the issuer will continue to transact at contract value once the corridor is used. In that case, the Fund would be unable to maintain the ability to transact at contract value. As of June 30,
2007, the occurrence of an event that would limit the ability of the Fund to transact at contract value with the participants in the Fund is not probable.

v. Termination Events by the Issuer

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

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

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

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

vi.
Investment Transactions and Income

Investment transactions are accounted for on the trade date. Interest income is recorded on the
accrual basis. Income from investment contracts is recorded at the contract rate, which in the case of synthetic investment contracts is referred to as the crediting rate. Crediting rates on synthetic contacts are



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Notes to Financial Statements

(Unaudited)



net of fees to the issuer of the wrap contract (wrap fees) and custody fees on underlying assets. For fully benefit-responsive synthetic investment
contracts, earnings on the underlying assets are factored into the next computation of the crediting rate re-set. Interest income is accrued and reinvested daily. Reinvested units are issued to unitholders on a pro-rata basis.

vii. Issuances and Redemptions of SAFT Units

Issuances and redemptions of participant units are made on each business day (valuation date). Participant units are typically 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 may determine that continued redemption at a constant $1.00 net asset value would create inequitable
results for the Funds unitholders. In these circumstances, the Trustee, in its sole discretion and acting on behalf of the Funds unitholders, 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.

viii. Industry
Concentration of Investments

The Fund maintains investment contracts issued by insurance companies, banks and other financial
institutions as required by the Declaration of Trust. The issuing institutions ability to meet their contractual obligations under the respective contracts may be affected by future economic and regulatory developments in the insurance and
banking industries, respectively.

ix. Other Information Required by the FSP

At June 30, 2007, all investment contracts held by the Fund were deemed fully benefit-responsive within the meaning of the FSP. The change in the
difference between the fair value and contract value of the trusts fully benefit-responsive investment contracts during 2007 is reflected below:



|                               |  |               |             |                  |   |             |  |   |            |  
|------------------------------ |  | ------------- | ----------- | ---------------- | - | ----------- |  | - | ---------- | -
|                               |  | June 30, 2007 |             | December 31,2006 |   | Change      | 
|Net assets at fair value       |  | $             | 862,734,427 |                  | $ | 841,217,184 |  | $ | 21,517,243 |  
|Net assets (at contract value) |  |               | 864,442,246 |                  |   | 848,305,700 |  |   | 16,136,546 |  
|Adjustment to contract value   |  |               | 1,707,819   |                  |   | 7,088,516   |  |   | (5,380,697 | )

Sensitivity Analysis

The following tables are intended to provide the sensitivity analyses disclosures as required by the FSP. 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 case*.



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2007      |  | 5.02                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2007 |  |                                     |   |  | 2.63        | % |  | 2.75        | % |  | 2.93        | % |  | 2.99        | %
|December 31, 2007  |  |                                     |   |  | 2.48        | % |  | 2.70        | % |  | 3.09        | % |  | 3.26        | %
|March 31, 2008     |  |                                     |   |  | 2.36        | % |  | 2.66        | % |  | 3.22        | % |  | 3.48        | %
|June 30, 2008      |  |                                     |   |  | 2.25        | % |  | 2.63        | % |  | 3.34        | % |  | 3.68        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2007      |  | 5.02                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2007 |  |                                     |   |  | 2.80        | % |  | 2.83        | % |  | 2.82        | % |  | 2.79        | %
|December 31, 2007  |  |                                     |   |  | 2.63        | % |  | 2.77        | % |  | 3.00        | % |  | 3.08        | %
|March 31, 2008     |  |                                     |   |  | 2.48        | % |  | 2.72        | % |  | 3.15        | % |  | 3.33        | %
|June 30, 2008      |  |                                     |   |  | 2.35        | % |  | 2.67        | % |  | 3.27        | % |  | 3.55        | %

---

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



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

Average yields



|                                                    |  |      |  
|--------------------------------------------------- |  | ---- | -
|Based on actual income (1)                          |  | 3.99 | %
|Based on interest rate credited to participants (2) |  | 4.54 | %

---

|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2007 by the fair value of investments on June 30, 2007.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2007 by the fair value of investments on June 30, 2007.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

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 following month after it is earned. This method is applied to the income from both the Funds lending securities directly and to certain Funds that invest in collective investment funds which lend a portion
of their securities.

D. Foreign Currency Transactions

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

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



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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.

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.

The Collective Trust adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income
Taxes, an interpretation of FASB Statement No. 109 (FIN 48), as required, on January 1, 2007. FIN 48 requires management 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. FIN 48 must be applied to all existing tax positions upon initial
adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets as of January 1, 2007.

Based on its
analysis, management has determined that the adoption of FIN 48 did not have a material impact to the Collective Trusts financial statements upon adoption. However, managements conclusions regarding FIN 48 may be subject to review and
adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, 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 and Portfolios established under the Trust. The Trust may offer and sell an unlimited number of units.
Each unit will be offered and sold daily at the offering Funds or Portfolios net asset value.

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

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.



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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 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, 2007, the Intermediate Bond Fund held the following futures contracts:



|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|------------------------------------- |  | ------------------- | - |  | ------------- | ------------ | - | ---------------- | -------------- | ------------------------------------- | - | ---------- | -
|Futures Contracts                     |  | Number of Contracts |   |  | Notional Cost |              |   | Settlement Month |                | UnrealizedAppreciation/(Depreciation) |  
|Long                                  |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|90 Day Eurodollar Futures             |  | 134                 |   |  | $             | 31,681,183   |   |                  | December 2008  |                                       | $ | 70,117     |  
|90 Day Eurodollar Futures             |  | 1889                |   |  |               | 447,236,252  |   |                  | March 2008     |                                       |   | 409,523    |  
|90 Day Eurodollar Futures             |  | 365                 |   |  |               | 86,569,398   |   |                  | September 2008 |                                       |   | (50,711    | )
|90 Day Eurodollar Futures             |  | 1911                |   |  |               | 454,610,588  |   |                  | June 2008      |                                       |   | (1,584,150 | )
|Germany Federal Republic Bonds 10yr . |  | 12                  |   |  |               | 1,808,156    |   |                  | September 2007 |                                       |   | (11,414    | )
|LIBOR Futures                         |  | 166                 |   |  |               | 39,217,906   |   |                  | June 2008      |                                       |   | (227,260   | )
|U.K. Treasury Bonds                   |  | 3                   |   |  |               | 635,938      |   |                  | September 2007 |                                       |   | (11,675    | )
|U.S. Treasury Notes 2yr.              |  | 11                  |   |  |               | 2,237,297    |   |                  | September 2007 |                                       |   | 4,297      |  
|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|                                      |  |                     |   |  |               |              |   |                  |                |                                       | $ | (1,401,273 | )
|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|Short                                 |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|U.S. Treasury Bonds Futures 30yr.     |  | (223                | ) |  |               | (23,607,169  | ) |                  | September 2007 |                                       | $ | (421,081   | )
|U.S. Treasury Notes 10yr.             |  | (1,045              | ) |  |               | (110,245,137 | ) |                  | September 2007 |                                       |   | (214,628   | )
|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|                                      |  |                     |   |  |               |              |   |                  |                |                                       | $ | (635,709   | )
|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  
|                                      |  |                     |   |  |               |              |   |                  |                |                                       | $ | (2,036,982 | )
|                                      |  |                     |   |  |               |              |   |                  |                |                                       |   |            |  

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



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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, 2007, the Intermediate Bond Fund held the following forward foreign currency contracts:



|         |  |                |  |                                     |  |                |           |                |            |                                       |   |         |  
|-------- |  | -------------- |  | ----------------------------------- |  | -------------- | --------- | -------------- | ---------- | ------------------------------------- | - | ------- | -
|Type     |  | Currency       |  | Principal AmountCovered by Contract |  | US Dollar Cost |           | SettlementDate |            | UnrealizedAppreciation/(Depreciation) |  
|Sale     |  | Pound Sterling |  | 2,730,000                           |  | $              | 5,389,296 |                | 07/03/2007 |                                       | $ | (87,012 | )
|Purchase |  | Pound Sterling |  | 2,730,000                           |  |                | 5,450,786 |                | 07/03/2007 |                                       |   | 25,522  |  
|Sale     |  | Pound Sterling |  | 2,730,000                           |  |                | 5,448,897 |                | 08/02/2007 |                                       |   | (25,298 | )
|         |  |                |  |                                     |  |                |           |                |            |                                       |   |         |  
|         |  |                |  |                                     |  |                |           |                |            |                                       | $ | (86,788 | )
|         |  |                |  |                                     |  |                |           |                |            |                                       |   |         |  

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

Entering into a swap contract involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported in the
Statement of Assets and Liabilities. Notional principal amounts are used to express the extent of involvement in the transactions, but are not delivered under the contracts. Accordingly, credit risk is limited to any amounts receivable from the
counterparty. To reduce credit risk from potential counterparty default, the Fund enters into swap contracts with counterparties whose creditworthiness has been approved by the investment advisor to the Fund. The Fund bears the market risk arising
from any change in interest rates. At June 30, 2007, the Intermediate Bond Fund held the following interest rate swap contracts:



|                |  |                     |               |                  |  |                   |  |            |   |  |                                        |         |  
|--------------- |  | ------------------- | ------------- | ---------------- |  | ----------------- |  | ---------- | - |  | -------------------------------------- | ------- | -
|Notional Amount |  | Swap Counterparty   |               | Termination Date |  | Rate Type         |  | Fixed Rate |   |  | Unrealized Appreciation (Depreciation) |        
|                |  |                     | Floating Rate |                  | 
|22,500,000 USD  |  | Bank of America (a) |               | 12/19/2009       |  | 3 Month USD LIBOR |  | 5.00       | % |  | $                                      | 25,579  |  
|110,000,000 JPY |  | Barclays (b)        |               | 12/20/2016       |  | 6 Month JPY LIBOR |  | 2.00       | % |  |                                        | (8,587  | )
|1,700,000 USD   |  | Barclays (b)        |               | 12/19/2009       |  | 3 Month USD LIBOR |  | 5.00       | % |  |                                        | (2,232  | )
|92,000,000 USD  |  | Barclays (a)        |               | 12/19/2012       |  | 3 Month USD LIBOR |  | 5.00       | % |  |                                        | 291,472 |  
|11,300,000 USD  |  | Citigroup (b)       |               | 06/20/2014       |  | 3 Month USD LIBOR |  | 5.00       | % |  |                                        | 342,849 |  
|11,000,000 USD  |  | Lehman Brothers (a) |               | 12/19/2012       |  | 3 Month USD LIBOR |  | 5.00       | % |  |                                        | 13,565  |  
|260,000,000 JPY |  | UBS (a)             |               | 12/20/2016       |  | 6 Month JPY LIBOR |  | 2.00       | % |  |                                        | (16,557 | )



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|                |  |                    |  |            |  |                   |  |        |   |  |   |           |  
|--------------- |  | ------------------ |  | ---------- |  | ----------------- |  | ------ | - |  | - | --------- | -
|108,000,000 MXN |  | Merrill Lynch (b)  |  | 11/04/2016 |  | MXN-TIIE-Banxico  |  | 8.17   | % |  |   | 36,319    |  
|21,000,000 USD  |  | Morgan Stanley (a) |  | 12/19/2037 |  | 3 Month USD LIBOR |  | 5.00   | % |  |   | 348,466   |  
|6,800,000 EUR   |  | Morgan Stanley (a) |  | 06/16/2014 |  | 6 Month EUR LIBOR |  | 4.00   | % |  |   | 526,757   |  
|42,000,000 USD  |  | UBS (a)            |  | 06/18/2009 |  | 3 Month USD LIBOR |  | 5.00   | % |  |   | (48,198   | )
|19,000,000 USD  |  | UBS (a)            |  | 06/20/2009 |  | 3 Month USD LIBOR |  | 5.00   | % |  |   | (166,193  | )
|3,200,000 GBP   |  | UBS (a)            |  | 12/20/2008 |  | 6 Month GBP LIBOR |  | 5.00   | % |  |   | (50,604   | )
|400,000 EUR     |  | UBS (a)            |  | 10/15/2010 |  | CPI-France        |  | 2.1455 | % |  |   | 6,434     |  
|                |  |                    |  |            |  |                   |  |        |   |  |   |           |  
|                |  |                    |  |            |  |                   |  |        |   |  | $ | 1,299,070 |  
|                |  |                    |  |            |  |                   |  |        |   |  |   |           |  



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

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

K. Option and Swaption Contracts

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

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

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

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



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Entering into option and swaption contracts involves, to varying degrees, elements of credit, market
and interest rate risk in excess of the amounts reported in the 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.

At June 30, 2007,
the Fund did not hold any open written call or written put option 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.

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.

3. Investment Advisory, Investment Management and Related Party Transactions

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

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



|                                                                      |  |                                 |   
|--------------------------------------------------------------------- |  | ------------------------------- | --
|Investment Advisor                                                    |  | Fee Rate RangeHighest to Lowest |   
|AllianceBernstein 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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Notes to Financial Statements

(Unaudited)



|                                                                     |  |                                                 |          
|-------------------------------------------------------------------- |  | ----------------------------------------------- | ---------
|Investment Advisor                                                   |  | Fees for the six monthPeriod EndedJune 30, 2007
|AllianceBernstein L.P. (Large-Cap Value Equity)                      |  | $                                               | 430,018  
|Capital Guardian Trust Company (Balanced)                            |  |                                                 | 334,692  
|Capital Guardian Trust Company (Large-Cap Growth Equity)             |  |                                                 | 275,269  
|J.P. Morgan Fleming Asset Management Limited (International Equity). |  |                                                 | 444,951  
|Pacific Investment Management Company (Intermediate Bond)            |  |                                                 | 621,271  
|Philadelphia International Advisors LP (International Equity)        |  |                                                 | 351,966  
|Smith Asset Management Group, LP (Small-Cap Equity)                  |  |                                                 | 427,856  
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)             |  |                                                 | 473,594  
|Turner Investment Partners (Mid-Cap Growth Equity)                   |  |                                                 | 331,937  
|Wellington Management Company LLP (Mid-Cap Value Equity)             |  |                                                 | 281,838  
|Wellington Management Company LLP (Small-Cap Equity)                 |  |                                                 | 626,337  
|                                                                     |  |                                                 |          
|                                                                     |  | $                                               | 4,599,729

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, 2007:



|                        |  |                         |  
|----------------------- |  | ----------------------- | -
|Value of Program Assets |  | Rate of ARF Program Fee |  
|First $500 million      |  | .075                    | %
|Next $850 million       |  | .065                    | %
|Next $1.15 billion      |  | .035                    | %
|Next $1.5 billion       |  | .025                    | %
|Over $4.0 billion       |  | .015                    | %

ARF received Program fees of $858,566 for the six month period ended June 30, 2007. These
fees are allocated to each Fund based on net asset value.

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



|                        |  |                                       |  
|----------------------- |  | ------------------------------------- | -
|Value of Program Assets |  | Rate of State Street Bank Program Fee |  
|First $2.0 billion      |  | .40                                   | %
|Next $1.0 billion       |  | .31                                   | %
|Next $1.0 billion       |  | .21                                   | %
|Over $4.0 billion       |  | .13                                   | %

For the six month period ended June 30, 2007, State Street Bank received program fees of
$6,658,076.

A portion of the State Street Bank Program fee is reimbursed or reduced each year based on the amount of retirement plan
assets held by State Street Bank on behalf of law firm and law-related clients identified by State Street Bank and ARF that do not participate in the Program. The amount of the reimbursement is equal to .02% of the first $50 million of assets in
such plans during the preceding year



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Notes to Financial Statements

(Unaudited)



and .01% of any such assets in excess of $50 million. The accrued reduction for the six month period ended June 30, 2007 totaled $5,753 and is allocated
to each Fund based on net asset value.

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

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



|                             |  |      |  
|---------------------------- |  | ---- | -
|Value of Assets in all Funds |  | Rate |  
|First $1.0 billion           |  | .217 | %
|Next $1.8 billion            |  | .067 | %
|Over $2.8 billion            |  | .029 | %

For the six month period ended June 30, 2007, State Street Bank received trustee, management
and administration fees of $1,875,411.

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, 2007, State Street Bank received Retirement Date Fund management fees of $50,508.

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

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 Ended June 30, 2007
|                             | Purchases |                                              | Sales      
|Balanced Fund                |           | $                                            | 45,414,860  |  | $ | 72,648,512 
|Index Equity Fund            |           |                                              | 22,480,054  |  |   | 21,254,012 
|Intermediate Bond Fund       |           |                                              | 36,594,363  |  |   | 29,518,909 
|International Equity Fund    |           |                                              | 49,280,131  |  |   | 36,456,645 
|Large-Cap Growth Equity Fund |           |                                              | 110,130,569 |  |   | 167,559,197
|Large-Cap Value Equity Fund  |           |                                              | 66,720,271  |  |   | 51,211,251 
|Mid-Cap Growth Equity Fund   |           |                                              | 65,587,673  |  |   | 73,225,430 



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Notes to Financial Statements

(Unaudited)



|                                          |  |             |  |            
|----------------------------------------- |  | ----------- |  | -----------
|Mid-Cap Value Equity Fund                 |  | 33,347,357  |  | 18,265,076 
|Small-Cap Equity Fund                     |  | 148,861,571 |  | 165,498,339
|Conservative Structured Portfolio Service |  | 7,979,928   |  | 6,389,518  
|Moderate Structured Portfolio Service     |  | 23,256,899  |  | 24,423,099 
|Aggressive Structured Portfolio Service   |  | 16,263,905  |  | 16,303,036 
|Lifetime Income Retirement Date Fund      |  | 5,566,002   |  | 1,123,533  
|2010 Retirement Date Fund                 |  | 12,380,503  |  | 2,735,421  
|2020 Retirement Date Fund                 |  | 15,467,173  |  | 3,048,219  
|2030 Retirement Date Fund                 |  | 14,011,905  |  | 811,472    
|2040 Retirement Date Fund                 |  | 11,096,482  |  | 373,808    

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



|                       |  |                            |               |       |   |              
|---------------------- |  | -------------------------- | ------------- | ----- | - | -------------
|                       |  | Period Ended June 30, 2007
|                       |  | Purchases                  |               | Sales
|Intermediate Bond Fund |  | $                          | 1,360,605,263 |       | $ | 1,334,935,782

5. Risks Associated with Investments of the Trust

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

Substantially all of the Small-Cap Equity Funds investments are in securities of small companies, which typically have greater
market and financial risk than larger, more diversified companies. These companies are often dependent on one or two products in rapidly changing industries and may be more vulnerable to competition from larger companies with greater resources and
to economic conditions that affect their market sector.

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



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Notes to Financial Statements

(Unaudited)



6. Securities Lending Income

The Funds in the Trust are authorized to participate in the Securities Lending Program administered by State Street Bank, under which securities held by
the Funds are loaned by State Street Bank, as the Funds lending agent, to certain brokers and other financial institutions (the Borrowers). The Borrowers provide cash, securities or letters of credit as collateral against loans in
the amount at least equal to 100% of the market value of the loaned securities. The Borrowers are required to maintain the collateral at not less than 100% of the market value of the loaned securities. Cash collateral is invested in 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, 2007, the Funds market value of securities on loan and collateral received for securities loaned was as follows:



|                         |  |                                   |             |                 |   |            
|------------------------ |  | --------------------------------- | ----------- | --------------- | - | -----------
|Fund                     |  | Market Value of Loaned Securities |             | CollateralValue
|Balanced*                |  | $                                 | 34,930,745  |                 | $ | 35,754,877 
|Intermediate Bond*       |  |                                   | 29,235,104  |                 |   | 29,830,500 
|International Equity     |  |                                   | 42,253,780  |                 |   | 44,302,259 
|Large-Cap Growth Equity* |  |                                   | 58,168,145  |                 |   | 59,493,865 
|Large-Cap Value Equity*  |  |                                   | 31,262,525  |                 |   | 31,974,537 
|Mid-Cap Growth Equity*   |  |                                   | 37,475,764  |                 |   | 38,325,424 
|Mid-Cap Value Equity*    |  |                                   | 33,463,610  |                 |   | 34,290,463 
|Small-Cap Equity*        |  |                                   | 170,709,282 |                 |   | 174,915,179

---

|* | Collateral value includes non-cash collateral State Street Bank received in lieu of cash for securities on loan. All non-cash collateral held at June 30, 2007 was in the form
of U.S. Treasury Obligations in amounts as follows:
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                        |  |                           |          
|----------------------- |  | ------------------------- | ---------
|Fund                    |  | Non-Cash Collateral Value
|Balanced                |  | $                         | 6,574,252
|Intermediate Bond       |  |                           | 480,600  
|Large-Cap Growth Equity |  |                           | 6,952,561
|Large-Cap Value Equity  |  |                           | 6,895,400
|Mid-Cap Growth Equity   |  |                           | 1,447,875
|Mid-Cap Value Equity    |  |                           | 2,675,198
|Small-Cap Equity        |  |                           | 1,404,563

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,
2007, four Participants owned 7.80%, 5.99%, 5.49% and 5.07%, respectively, of the outstanding Units of the Lifetime Income Retirement Date Fund and four Participants owned 13.82%, 13.43%, 10.07% and 7.09%, respectively, of the outstanding Units of
the 2010 Retirement Date Fund.



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

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, either directly or indirectly through other investment funds, 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, 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



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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.

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, 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

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, 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

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 segment of the Fund (approximately 25%) is
invested to replicate the Russell 1000 Value Index, which is comprised of those Russell 1000 stocks with a greater than average value orientation. The remainder of the Large-Cap Value Equity Fund is actively managed.

For the quarter ended 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,



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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.

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

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



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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



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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.

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

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, 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

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.



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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

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.



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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

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 segment
of the Fund is invested to replicate the Russell 2000 Index, which is comprised of the 2,000 companies in the Russell 3000 Index with the smallest market capitalization. The remainder of the Fund is actively managed with the assistance of Wellington
Management Company, LLP and Smith Asset Management Group, L.P.

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

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.

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
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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.

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.

Structured Portfolio Service

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

For the quarter ended June 30, 2007, the Structured Portfolio Service experienced a total return, net of expenses, of 1.81% for the Conservative Portfolio, 3.40% for the Moderate Portfolio, and 5.16% for the
Aggressive Portfolio.

For the six month period ended June 30, 2007, the Structured Portfolio Service experienced a total return, net
of expenses, of 3.11% for the Conservative Portfolio, 4.93% for the Moderate Portfolio, and 6.75% for the Aggressive Portfolio.

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



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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



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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, 2007.

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, 2007 that has materially affected, or is reasonably likely to materially affect, the Collective Trusts
internal control over financial reporting.

PART II. OTHER INFORMATION.



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

During the quarter ended June 30, 2007, the Collective Trust issued an aggregate of approximately $171 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, portfolio of the Structured Portfolio Service or Retirement Date Fund.



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



|      |  |                                                                                                                                                 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------
|31.1* |  | Certification of Philip J. Lussier pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  
|      | 
|31.2* |  | Certification of Beth M. Halberstadt pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|      | 
|32.1* |  | Certification of Philip J. Lussier pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.    
|      | 
|32.2* |  | Certification of Beth M. Halberstadt pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  

---

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



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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 9, 2007 |  |  |  | By:                                                             |  | /s/ Philip J. Lussier  
|               |  |  |  |                                                                 |  | Name:                   |  | Philip J. Lussier      
|               |  |  |  |                                                                 |  | Title:                  |  | Chief Executive Officer
|               |  |  | 
|August 9, 2007 |  |  |  | By:                                                             |  | /s/ Beth M. Halberstadt
|               |  |  |  |                                                                 |  | Name:                   |  | Beth M. Halberstadt    
|               |  |  |  |                                                                 |  | Title:                  |  | Chief Financial Officer



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EXHIBIT INDEX



|      |  |                                                                                                                                                 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------
|31.1* |  | Certification of Philip J. Lussier pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  
|      | 
|31.2* |  | Certification of Beth M. Halberstadt pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|      | 
|32.1* |  | Certification of Philip J. Lussier pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.    
|      | 
|32.2* |  | Certification of Beth M. Halberstadt pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  

---

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



107