##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







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

For the quarterly period ended June 30, 2010



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

For the transition period from  to

Commission file number 33-50080





AMERICAN BAR ASSOCIATION MEMBERS/

NORTHERN TRUST COLLECTIVE TRUST

(Exact Name of Registrant as Specified in Its Charter)







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

(312)
630-6000

(Registrants Telephone Number, Including Area Code)

American Bar Association Members/State Street Collective Trust

20 Trafalgar Squire, Suite 449

Nashua, New Hampshire 03063

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)





Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈

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

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



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

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









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##### Table of Contents

TABLE OF CONTENTS



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



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



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|           |  |                                                                                               |  |    
|---------- |  | --------------------------------------------------------------------------------------------- |  | ---
|           |  |                                                                                              
|           |  | Conservative Risk Fund                                                                        |  | 69 
|           |  | Statement of Assets and Liabilities                                                           |  | 69 
|           |  | Statement of Operations                                                                       |  | 70 
|           |  | Statement of Changes in Net Assets                                                            |  | 71 
|           |  | Financial Highlights                                                                          |  | 72 
|           |  |                                                                                              
|           |  | Moderate Risk Fund                                                                            |  | 73 
|           |  | Statement of Assets and Liabilities                                                           |  | 73 
|           |  | Statement of Operations                                                                       |  | 74 
|           |  | Statement of Changes in Net Assets                                                            |  | 75 
|           |  | Financial Highlights                                                                          |  | 76 
|           |  |                                                                                              
|           |  | Aggressive Risk Fund                                                                          |  | 77 
|           |  | Statement of Assets and Liabilities                                                           |  | 77 
|           |  | Statement of Operations                                                                       |  | 78 
|           |  | Statement of Changes in Net Assets                                                            |  | 79 
|           |  | Financial Highlights                                                                          |  | 80 
|           |  |                                                                                              
|           |  | Balanced Fund                                                                                 |  | 81 
|           |  | Statement of Assets and Liabilities                                                           |  | 81 
|           |  | Statement of Operations                                                                       |  | 82 
|           |  | Statement of Changes in Net Assets                                                            |  | 83 
|           |  | Financial Highlights                                                                          |  | 84 
|           |  |                                                                                              
|           |  | Notes to Financial Statements (Unaudited)                                                     |  | 85 
|           |  |                                                                                              
|           |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations |  | 119
|           |  |                                                                                              
|           |  | Item 4. Controls and Procedures                                                               |  | 138
|           |  |                                                                                              
|PART II.   |  | OTHER INFORMATION                                                                             |  | 138
|           |  |                                                                                              
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 138
|           |  |                                                                                              
|           |  | Item 6. Exhibits                                                                              |  | 138
|           | 
|SIGNATURES |  | 139                                                                                          



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##### Table of Contents

|PART 1. | FINANCIAL INFORMATION.
|------- | ----------------------



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

American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |               |  
|------------------------------------------------------------------------------------------ |  | ------------- | ------------- | -
|                                                                                           |  | June 30, 2010 |              
|Assets                                                                                     |  |               |               |  
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |               |  
|Stable Asset Fund Trust (cost $991,001,500 and units of 991,001,500)                       |  | $             | 1,009,357,411 |  
|Receivable for fund units sold                                                             |  |               | 578,629       |  
|                                                                                           |  |               |               |  
|Total assets                                                                               |  |               | 1,009,936,040 |  
|                                                                                           |  |               |               |  
|Liabilities                                                                                |  |               |               |  
|Payable for fund units redeemed                                                            |  |               | 942,172       |  
|INGprogram fee payable                                                                    |  |               | 438,568       |  
|Trustee, management and administration fees payable                                        |  |               | 81,756        |  
|ABA Retirement Fundsprogram fee payable                                                   |  |               | 60,772        |  
|Other accruals                                                                             |  |               | 168,387       |  
|                                                                                           |  |               |               |  
|Total liabilities                                                                          |  |               | 1,691,655     |  
|                                                                                           |  |               |               |  
|Net Assets at fair value                                                                   |  |               | 1,008,244,385 |  
|                                                                                           |  |               |               |  
|Adjustment from fair value to contract value for fully benefit responsive contracts        |  |               | (18,355,911   | )
|                                                                                           |  |               |               |  
|                                                                                           | 
|Net Assets (equivalent to $35.47 per unit based on 27,910,826 units outstanding)           |  | $             | 989,888,474   |  
|                                                                                           |  |               |               |  

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



1



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |                                               |   |           
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | --------------------------------------------- | - | ----------
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |           | For the
periodJanuary 1, 2010 toJune 30, 2010
|Investment income                                               |  | $                                           | 5,303,300 |                                               | $ | 10,928,981
|                                                                |  |                                             |           |                                               |   |           
|                                                                |  |                                            
|Expenses                                                        |  |                                             |           |                                               |   |           
|INGprogram fee                                                 |  |                                             | 1,293,035 |                                               |   | 2,570,517 
|Trustee, management and administration fees                     |  |                                             | 243,787   |                                               |   | 488,549   
|ABA Retirement Fundsprogram fee                                |  |                                             | 181,939   |                                               |   | 364,120   
|Legal and audit fees                                            |  |                                             | 105,264   |                                               |   | 213,031   
|Compliance consultant fees                                      |  |                                             | 77,711    |                                               |   | 157,270   
|Reports to unitholders                                          |  |                                             | 58,283    |                                               |   | 117,952   
|Registration fees                                               |  |                                             | 11,657    |                                               |   | 23,591    
|Other fees                                                      |  |                                             | 43,094    |                                               |   | 87,213    
|                                                                |  |                                             |           |                                               |   |           
|Total expenses                                                  |  |                                             | 2,014,770 |                                               |   | 4,022,243 
|                                                                |  |                                             |           |                                               |   |           
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 3,288,530 |                                               | $ | 6,906,738 
|                                                                |  |                                             |           |                                               |   |           

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



2



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                                |   |               |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | ---------------------------------------------- | - | ------------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 
toJune 30, 2010 |  
|From operations                                                    |  |                                             |             |   |                                                |   |               |  
|Net investment income (loss)                                       |  | $                                           | 3,288,530   |   |                                                | $ | 6,906,738     |  
|                                                                   |  |                                             |             |   |                                                |   |               |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 3,288,530   |   |                                                |   | 6,906,738     |  
|                                                                   |  |                                             |             |   |                                                |   |               |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                                |   |               |  
|Proceeds from units issued                                         |  |                                             | 80,965,936  |   |                                                |   | 149,605,629   |  
|Cost of units redeemed                                             |  |                                             | (74,344,028 | ) |                                                |   | (173,616,489  | )
|                                                                   |  |                                             |             |   |                                                |   |               |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 6,621,908   |   |                                                |   | (24,010,860   | )
|                                                                   |  |                                             |             |   |                                                |   |               |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 9,910,438   |   |                                                |   | (17,104,122   | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                                |   |               |  
|Beginning of period                                                |  |                                             | 979,978,036 |   |                                                |   | 1,006,992,596 |  
|                                                                   |  |                                             |             |   |                                                |   |               |  
|End of period                                                      |  | $                                           | 989,888,474 |   |                                                | $ | 989,888,474   |  
|                                                                   |  |                                             |             |   |                                                |   |               |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                                |   |               |  
|Outstanding-beginning of period                                    |  |                                             | 27,724,076  |   |                                                |   | 28,591,946    |  
|Issued                                                             |  |                                             | 2,286,882   |   |                                                |   | 4,232,202     |  
|Redeemed                                                           |  |                                             | (2,100,132  | ) |                                                |   | (4,913,322    | )
|                                                                   |  |                                             |             |   |                                                |   |               |  
|Outstanding-end of period                                          |  |                                             | 27,910,826  |   |                                                |   | 27,910,826    |  
|                                                                   |  |                                             |             |   |                                                |   |               |  

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



3



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2010 toJune 30, 2010 |         |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.19    |   |                                               | $ | 0.39    |  
|Expenses()                                                |  |                                             | (0.07   | ) |                                               |   | (0.14   | )
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.12    |   |                                               |   | 0.25    |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.12    |   |                                               |   | 0.25    |  
|Net asset value at beginning of period                       |  |                                             | 35.35   |   |                                               |   | 35.22   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 35.47   |   |                                               | $ | 35.47   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 0.82    | % |                                               |   | 0.82    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 1.34    | % |                                               |   | 1.41    | %
|Total return**                                               |  |                                             | 0.34    | % |                                               |   | 0.71    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 989,888 |   |                                               | $ | 989,888 |  



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

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

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

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

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



4



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American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2010 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $337,343,072)                                        |  | $             | 339,981,088 | (a)
|Investments in affiliated issuers, at value (cost $54,548,207)                   |  |               | 53,964,560  |    
|Foreign currency, at value (cost $354,383)                                       |  |               | 354,976     |    
|Deposit with broker for open futures contracts                                   |  |               | 18,000      |    
|Deposit with broker for open swap contracts                                      |  |               | 140,000     |    
|Receivable for investments sold on delayed delivery basis                        |  |               | 53,405,586  |    
|Receivable for investments sold                                                  |  |               | 50,451,213  |    
|Receivable for fund units sold                                                   |  |               | 176,828     |    
|Interest receivable                                                              |  |               | 2,620,692   |    
|Gross unrealized appreciation of forward currency exchange contracts             |  |               | 1,048,606   |    
|Receivable for futures variation margin                                          |  |               | 52,063      |    
|Swap contracts, at value (cost $282,360)                                         |  |               | 778,620     |    
|Other assets                                                                     |  |               | 1,836       |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 502,994,068 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Due to custodian                                                                 |  |               | 9,411,740   |    
|Payable for cash collateral received on securities loaned                        |  |               | 52,580,825  |    
|Payable for investments purchased on a delayed delivery basis                    |  |               | 50,353,594  |    
|Payable for investments purchased                                                |  |               | 8,111,692   |    
|Payable for fund units redeemed                                                  |  |               | 201,139     |    
|Swap contracts, at value (proceeds $97,227)                                      |  |               | 301,319     |    
|Due to broker for open forward currency exchange contracts                       |  |               | 881,000     |    
|Due to broker for open swap contracts                                            |  |               | 1,330,000   |    
|Due to broker for investments purchased or sold on a delayed delivery basis      |  |               | 1,666,250   |    
|Gross unrealized depreciation of forward currency exchange contracts             |  |               | 179,423     |    
|Investment advisory fee payable                                                  |  |               | 86,669      |    
|INGprogram fee payable                                                          |  |               | 171,025     |    
|Trustee, management and administration fees payable                              |  |               | 31,881      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 23,697      |    
|Other accruals                                                                   |  |               | 101,295     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 125,431,549 |    
|                                                                                 |  |               |             |    
|Net Assets (equivalent to $25.28 per unit based on 14,934,968 units outstanding) |  | $             | 377,562,519 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $51,534,118 (see Note 6).
|--- | ---------------------------------------------------------------------

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



5



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |            |   |                                               |   |            |  
|Dividends (net of foreign tax expense of $ and $26)            |  | $                                           | 32,603     |   |                                               | $ | 63,188     |  
|Dividendsaffiliated issuers                                    |  |                                             | 9,490      |   |                                               |   | 10,941     |  
|Interestunaffiliated issuers                                   |  |                                             | 3,504,959  |   |                                               |   | 7,486,196  |  
|Securities lending income, net                                  |  |                                             | 7,148      |   |                                               |   | 14,112     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 3,554,200  |   |                                               |   | 7,574,437  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                 |  |                                             | 503,470    |   |                                               |   | 1,000,000  |  
|Trustee, management and administration fees                     |  |                                             | 94,899     |   |                                               |   | 190,031    |  
|Investment advisory fee                                         |  |                                             | 261,843    |   |                                               |   | 523,763    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 70,836     |   |                                               |   | 141,647    |  
|Legal and audit fees                                            |  |                                             | 40,992     |   |                                               |   | 82,852     |  
|Compliance consultant fees                                      |  |                                             | 30,263     |   |                                               |   | 61,167     |  
|Reports to unitholders                                          |  |                                             | 22,697     |   |                                               |   | 45,875     |  
|Registration fees                                               |  |                                             | 4,539      |   |                                               |   | 9,174      |  
|Other fees                                                      |  |                                             | 16,782     |   |                                               |   | 33,919     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 1,046,321  |   |                                               |   | 2,088,428  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 2,507,879  |   |                                               |   | 5,486,009  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 4,566,002  |   |                                               |   | 5,923,221  |  
|Foreign currency transactions                                   |  |                                             | (462,543   | ) |                                               |   | (100,868   | )
|Futures contracts                                               |  |                                             | 1,261,641  |   |                                               |   | 2,241,768  |  
|Swap contracts                                                  |  |                                             | 70,523     |   |                                               |   | 195,107    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                        |  |                                             | 5,435,623  |   |                                               |   | 8,259,228  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 2,626,715  |   |                                               |   | 3,090,514  |  
|Foreign currency transactions                                   |  |                                             | 596,196    |   |                                               |   | 758,463    |  
|Futures contracts                                               |  |                                             | (106,658   | ) |                                               |   | 598,458    |  
|Swap contracts                                                  |  |                                             | 478,351    |   |                                               |   | 359,492    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 3,594,604  |   |                                               |   | 4,806,927  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 9,030,227  |   |                                               |   | 13,066,155 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 11,538,106 |   |                                               | $ | 18,552,164 |  
|                                                                |  |                                             |            |   |                                               |   |            |  

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



6



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the
periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 2,507,879   |   |                                               | $ | 5,486,009   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 5,435,623   |   |                                               |   | 8,259,228   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 3,594,604   |   |                                               |   | 4,806,927   |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 11,538,106  |   |                                               |   | 18,552,164  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 12,292,001  |   |                                               |   | 27,487,880  |  
|Cost of units redeemed                                                      |  |                                             | (27,787,470 | ) |                                               |   | (54,724,019 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (15,495,469 | ) |                                               |   | (27,236,139 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (3,957,363  | ) |                                               |   | (8,683,975  | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 381,519,882 |   |                                               |   | 386,246,494 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 377,562,519 |   |                                               | $ | 377,562,519 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 15,552,436  |   |                                               |   | 16,032,577  |  
|Issued                                                                      |  |                                             | 495,855     |   |                                               |   | 1,117,363   |  
|Redeemed                                                                    |  |                                             | (1,113,323  | ) |                                               |   | (2,214,972  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 14,934,968  |   |                                               |   | 14,934,968  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



7



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2010 toJune 30, 2010 |         |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.23    |   |                                               | $ | 0.48    |  
|Expenses()                                                |  |                                             | (0.06   | ) |                                               |   | (0.13   | )
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.17    |   |                                               |   | 0.35    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 0.58    |   |                                               |   | 0.84    |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.75    |   |                                               |   | 1.19    |  
|Net asset value at beginning of period                       |  |                                             | 24.53   |   |                                               |   | 24.09   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 25.28   |   |                                               | $ | 25.28   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 1.10    | % |                                               |   | 1.09    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 2.63    | % |                                               |   | 2.87    | %
|Portfolio turnover**                                         |  |                                             | 223     | % |                                               |   | 377     | %
|Total return**                                               |  |                                             | 3.06    | % |                                               |   | 4.94    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 377,563 |   |                                               | $ | 377,563 |  



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

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

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

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

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



8



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2010 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $610,827,499)                                        |  | $             | 624,777,083 | (a)
|Investments in affiliated issuers, at value (cost $166,101,203)                  |  |               | 164,485,996 |    
|Cash                                                                             |  |               | 185,237     |    
|Receivable for investments sold                                                  |  |               | 1,306,269   |    
|Receivable for fund units sold                                                   |  |               | 41,674      |    
|Interest and dividends receivable                                                |  |               | 861,073     |    
|Tax reclaims receivable                                                          |  |               | 28,084      |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 791,685,416 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Payable for cash collateral received on securities loaned                        |  |               | 91,562,478  |    
|Payable for investments purchased                                                |  |               | 435,461     |    
|Payable for fund units redeemed                                                  |  |               | 848,834     |    
|Investment advisory fee payable                                                  |  |               | 424,404     |    
|INGprogram fee payable                                                          |  |               | 326,659     |    
|Trustee, management and administration fees payable                              |  |               | 60,910      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 45,267      |    
|Other accruals                                                                   |  |               | 209,588     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 93,913,601  |    
|                                                                                 |  |               |             |    
|                                                                                 | 
|Net Assets (equivalent to $11.27 per unit based on 61,927,221 units outstanding) |  | $             | 697,771,815 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $89,340,522 (see Note 6).
|--- | ---------------------------------------------------------------------

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



9



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |              |   |                                               |   |              |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------------ | - | --------------------------------------------- | - | ------------ | -
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |              |   | For the periodJanuary 1, 2010to June 30, 2010 |  
|Investment income                                               |  |                                             |              |   |                                               |   |              |  
|Dividends (net of foreign tax expense of $15,857 and $17,231)   |  | $                                           | 2,286,356    |   |                                               | $ | 5,856,457    |  
|Dividendsaffiliated issuers                                    |  |                                             | 7,690        |   |                                               |   | 18,078       |  
|Securities lending income, net                                  |  |                                             | 28,906       |   |                                               |   | 79,013       |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|Total investment income                                         |  |                                             | 2,322,952    |   |                                               |   | 5,953,548    |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|Expenses                                                        |  |                                             |              |   |                                               |   |              |  
|INGprogram fee                                                 |  |                                             | 1,017,401    |   |                                               |   | 2,044,680    |  
|Trustee, management and administration fees                     |  |                                             | 188,989      |   |                                               |   | 386,017      |  
|Investment advisory fee                                         |  |                                             | 528,420      |   |                                               |   | 1,039,747    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 145,502      |   |                                               |   | 291,999      |  
|Legal and audit fees                                            |  |                                             | 82,843       |   |                                               |   | 169,790      |  
|Compliance consultant fees                                      |  |                                             | 61,159       |   |                                               |   | 125,348      |  
|Reports to unitholders                                          |  |                                             | 45,869       |   |                                               |   | 94,011       |  
|Registration fees                                               |  |                                             | 9,174        |   |                                               |   | 18,802       |  
|Other fees                                                      |  |                                             | 33,917       |   |                                               |   | 69,513       |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|Total expenses                                                  |  |                                             | 2,113,274    |   |                                               |   | 4,239,907    |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 209,678      |   |                                               |   | 1,713,641    |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |              |   |                                               |   |              |  
|Net realized gain (loss) on:                                    |  |                                             |              |   |                                               |   |              |  
|Investments                                                     |  |                                             | 5,524,563    |   |                                               |   | 58,233,322   |  
|Investmentsaffiliated issuers                                  |  |                                             | 1,203,663    |   |                                               |   | 5,503,746    |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|Net realized gain (loss)                                        |  |                                             | 6,728,226    |   |                                               |   | 63,737,068   |  
|                                                                |  |                                             |              |   |                                               |   |              |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (100,481,526 | ) |                                               |   | (117,638,638 | )
|                                                                |  |                                             |              |   |                                               |   |              |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (93,753,300  | ) |                                               |   | (53,901,570  | )
|                                                                |  |                                             |              |   |                                               |   |              |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (93,543,622  | ) |                                               | $ | (52,187,929  | )
|                                                                |  |                                             |              |   |                                               |   |              |  

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



10



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |              |   |                                               |   |              |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ------------ | - | --------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |              |   | For the
periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |              |   |                                               |   |              |  
|Net investment income (loss)                                       |  | $                                           | 209,678      |   |                                               | $ | 1,713,641    |  
|Net realized gain (loss)                                           |  |                                             | 6,728,226    |   |                                               |   | 63,737,068   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (100,481,526 | ) |                                               |   | (117,638,638 | )
|                                                                   |  |                                             |              |   |                                               |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (93,543,622  | ) |                                               |   | (52,187,929  | )
|                                                                   |  |                                             |              |   |                                               |   |              |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |              |   |                                               |   |              |  
|Proceeds from units issued                                         |  |                                             | 16,393,460   |   |                                               |   | 25,445,259   |  
|Cost of units redeemed                                             |  |                                             | (32,161,501  | ) |                                               |   | (87,121,465  | )
|                                                                   |  |                                             |              |   |                                               |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (15,768,041  | ) |                                               |   | (61,676,206  | )
|                                                                   |  |                                             |              |   |                                               |   |              |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (109,311,663 | ) |                                               |   | (113,864,135 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |              |   |                                               |   |              |  
|Beginning of period                                                |  |                                             | 807,083,478  |   |                                               |   | 811,635,950  |  
|                                                                   |  |                                             |              |   |                                               |   |              |  
|End of period                                                      |  | $                                           | 697,771,815  |   |                                               | $ | 697,771,815  |  
|                                                                   |  |                                             |              |   |                                               |   |              |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |              |   |                                               |   |              |  
|Outstanding-beginning of period                                    |  |                                             | 63,122,929   |   |                                               |   | 66,821,577   |  
|Issued                                                             |  |                                             | 1,369,247    |   |                                               |   | 2,105,833    |  
|Redeemed                                                           |  |                                             | (2,564,955   | ) |                                               |   | (7,000,189   | )
|                                                                   |  |                                             |              |   |                                               |   |              |  
|Outstanding-end of period                                          |  |                                             | 61,927,221   |   |                                               |   | 61,927,221   |  
|                                                                   |  |                                             |              |   |                                               |   |              |  

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



11



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



12



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2010 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $234,169,381)                                        |  | $             | 252,804,595 | (a)
|Investments in affiliated issuers, at value (cost $136,910,382)                  |  |               | 135,098,420 |    
|Cash                                                                             |  |               | 1,551,935   |    
|Receivable for investments sold                                                  |  |               | 2,583,940   |    
|Receivable for fund units sold                                                   |  |               | 62,494      |    
|Interest and dividends receivable                                                |  |               | 230,073     |    
|Tax reclaims receivable                                                          |  |               | 1,591       |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 392,333,048 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Payable for cash collateral received on securities loaned                        |  |               | 126,557,871 |    
|Payable for investments purchased                                                |  |               | 5,214,757   |    
|Payable for fund units redeemed                                                  |  |               | 408,537     |    
|Investment advisory fee payable                                                  |  |               | 127,374     |    
|INGprogram fee payable                                                          |  |               | 123,483     |    
|Trustee, management and administration fees payable                              |  |               | 23,025      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 17,111      |    
|Other accruals                                                                   |  |               | 75,367      |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 132,547,525 |    
|                                                                                 |  |               |             |    
|                                                                                 | 
|Net Assets (equivalent to $13.20 per unit based on 19,678,678 units outstanding) |  | $             | 259,785,523 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $123,349,220 (see Note 6).
|--- | ----------------------------------------------------------------------

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



13



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                                |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | ---------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 
1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |             |   |                                                |   |             |  
|Dividends (net of foreign tax expense of $ and $79)            |  | $                                           | 889,828     |   |                                                | $ | 1,826,485   |  
|Dividendsaffiliated issuers                                    |  |                                             | 3,443       |   |                                                |   | 6,113       |  
|Securities lending income, net                                  |  |                                             | 69,007      |   |                                                |   | 156,994     |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|Total investment income                                         |  |                                             | 962,278     |   |                                                |   | 1,989,592   |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                                |   |             |  
|INGprogram fee                                                 |  |                                             | 383,557     |   |                                                |   | 750,571     |  
|Trustee, management and administration fees                     |  |                                             | 71,609      |   |                                                |   | 142,022     |  
|Investment advisory fee                                         |  |                                             | 360,781     |   |                                                |   | 716,826     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 54,837      |   |                                                |   | 107,176     |  
|Legal and audit fees                                            |  |                                             | 31,244      |   |                                                |   | 62,348      |  
|Compliance consultant fees                                      |  |                                             | 23,066      |   |                                                |   | 46,029      |  
|Reports to unitholders                                          |  |                                             | 17,299      |   |                                                |   | 34,521      |  
|Registration fees                                               |  |                                             | 3,460       |   |                                                |   | 6,904       |  
|Other fees                                                      |  |                                             | 12,824      |   |                                                |   | 25,525      |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|Total expenses                                                  |  |                                             | 958,677     |   |                                                |   | 1,891,922   |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 3,601       |   |                                                |   | 97,670      |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                                |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                                |   |             |  
|Investments                                                     |  |                                             | 10,607,199  |   |                                                |   | 24,745,781  |  
|Investmentsaffiliated issuers                                  |  |                                             | (279,265    | ) |                                                |   | 895,633     |  
|Foreign currency transactions                                   |  |                                             | (405        | ) |                                                |   | (405        | )
|                                                                |  |                                             |             |   |                                                |   |             |  
|Net realized gain (loss)                                        |  |                                             | 10,327,529  |   |                                                |   | 25,641,009  |  
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                                |   |             |  
|Investments                                                     |  |                                             | (38,193,147 | ) |                                                |   | (27,151,702 | )
|Foreign currency transactions                                   |  |                                             | (44         | ) |                                                |   | (240        | )
|                                                                |  |                                             |             |   |                                                |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | (38,193,191 | ) |                                                |   | (27,151,942 | )
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (27,865,662 | ) |                                                |   | (1,510,933  | )
|                                                                |  |                                             |             |   |                                                |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (27,862,061 | ) |                                                | $ | (1,413,263  | )
|                                                                |  |                                             |             |   |                                                |   |             |  

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



14



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 3,601       |   |                                               | $ | 97,670      |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 10,327,529  |   |                                               |   | 25,641,009  |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | (38,193,191 | ) |                                               |   | (27,151,942 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | (27,862,061 | ) |                                               |   | (1,413,263  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 6,703,611   |   |                                               |   | 11,543,234  |  
|Cost of units redeemed                                                      |  |                                             | (12,770,348 | ) |                                               |   | (33,543,069 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (6,066,737  | ) |                                               |   | (21,999,835 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (33,928,798 | ) |                                               |   | (23,413,098 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 293,714,321 |   |                                               |   | 283,198,621 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 259,785,523 |   |                                               | $ | 259,785,523 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 20,110,313  |   |                                               |   | 21,254,601  |  
|Issued                                                                      |  |                                             | 444,900     |   |                                               |   | 794,184     |  
|Redeemed                                                                    |  |                                             | (876,535    | ) |                                               |   | (2,370,107  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 19,678,678  |   |                                               |   | 19,678,678  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



15



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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

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



16



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2010 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $136,796,636)                                       |  | $             | 129,359,464 | (a)
|Investments in affiliated issuers, at value (cost $21,632,373)                  |  |               | 20,881,142  |    
|Foreign currency, at value (cost $1,454,169)                                    |  |               | 1,469,608   |    
|Cash                                                                            |  |               | 220,786     |    
|Receivable for investments sold                                                 |  |               | 1,480,702   |    
|Receivable for fund units sold                                                  |  |               | 61,710      |    
|Interest and dividends receivable                                               |  |               | 273,759     |    
|Tax reclaims receivable                                                         |  |               | 363,003     |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 154,110,174 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 10,287,341  |    
|Payable for investments purchased                                               |  |               | 572,619     |    
|Payable for fund units redeemed                                                 |  |               | 179,171     |    
|Investment advisory fee payable                                                 |  |               | 72,217      |    
|INGprogram fee payable                                                         |  |               | 65,320      |    
|Trustee, management and administration fees payable                             |  |               | 12,179      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 9,051       |    
|Other liabilities                                                               |  |               | 47,171      |    
|Other accruals                                                                  |  |               | 40,744      |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 11,285,813  |    
|                                                                                |  |               |             |    
|                                                                                | 
|Net Assets (equivalent to $21.98 per unit based on 6,497,945 units outstanding) |  | $             | 142,824,361 |    
|                                                                                |  |               |             |    



|(a) | Includes securities on loan with a value of $9,945,812 (see Note 6).
|--- | --------------------------------------------------------------------

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



17



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $ and $61,443)        |  | $                                           | 1,883,010   |   |                                               | $ | 2,855,818   |  
|Dividendsaffiliated issuers                                    |  |                                             | 2,816       |   |                                               |   | 5,680       |  
|Securities lending income, net                                  |  |                                             | 32,229      |   |                                               |   | 39,092      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 1,918,055   |   |                                               |   | 2,900,590   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|INGprogram fee                                                 |  |                                             | 204,336     |   |                                               |   | 413,003     |  
|Trustee, management and administration fees                     |  |                                             | 38,441      |   |                                               |   | 78,469      |  
|Investment advisory fee                                         |  |                                             | 185,189     |   |                                               |   | 379,777     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 29,214      |   |                                               |   | 58,971      |  
|Legal and audit fees                                            |  |                                             | 16,641      |   |                                               |   | 34,294      |  
|Compliance consultant fees                                      |  |                                             | 12,285      |   |                                               |   | 25,317      |  
|Reports to unitholders                                          |  |                                             | 9,214       |   |                                               |   | 18,988      |  
|Registration fees                                               |  |                                             | 1,843       |   |                                               |   | 3,798       |  
|Other fees                                                      |  |                                             | 6,812       |   |                                               |   | 14,039      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 503,975     |   |                                               |   | 1,026,656   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 1,414,080   |   |                                               |   | 1,873,934   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | 1,769,126   |   |                                               |   | 7,770,473   |  
|Investmentsaffiliated issuers                                  |  |                                             | (288,368    | ) |                                               |   | (291,963    | )
|Foreign currency transactions                                   |  |                                             | (750,673    | ) |                                               |   | (326,894    | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 730,085     |   |                                               |   | 7,151,616   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (24,109,255 | ) |                                               |   | (28,382,788 | )
|Foreign currency transactions                                   |  |                                             | 2,446       |   |                                               |   | 10,287      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (24,106,809 | ) |                                               |   | (28,372,501 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (23,376,724 | ) |                                               |   | (21,220,885 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (21,962,644 | ) |                                               | $ | (19,346,951 | )
|                                                                |  |                                             |             |   |                                               |   |             |  

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



18



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 1,414,080   |   |                                               | $ | 1,873,934   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | 730,085     |   |                                               |   | 7,151,616   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                             | (24,106,809 | ) |                                               |   | (28,372,501 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | (21,962,644 | ) |                                               |   | (19,346,951 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 6,949,102   |   |                                               |   | 16,073,881  |  
|Cost of units redeemed                                                      |  |                                             | (8,083,170  | ) |                                               |   | (19,430,506 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (1,134,068  | ) |                                               |   | (3,356,625  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | (23,096,712 | ) |                                               |   | (22,703,576 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 165,921,073 |   |                                               |   | 165,527,937 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 142,824,361 |   |                                               | $ | 142,824,361 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 6,552,521   |   |                                               |   | 6,644,427   |  
|Issued                                                                      |  |                                             | 286,653     |   |                                               |   | 654,797     |  
|Redeemed                                                                    |  |                                             | (341,229    | ) |                                               |   | (801,279    | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 6,497,945   |   |                                               |   | 6,497,945   |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



19



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2010 toJune 30, 2010 |         |    | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                           |  | $                                           | 0.29    |    |                                               | $ | 0.44    |   
|Expenses()                                                |  |                                             | (0.08   | )  |                                               |   | (0.16   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.21    |    |                                               |   | 0.28    |   
|Net realized and unrealized gain (loss)                      |  |                                             | (3.55   | )  |                                               |   | (3.21   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | (3.34   | )  |                                               |   | (2.93   | ) 
|Net asset value at beginning of period                       |  |                                             | 25.32   |    |                                               |   | 24.91   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 21.98   |    |                                               | $ | 21.98   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.30    | %  |                                               |   | 1.30    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 3.65    | %  |                                               |   | 2.37    | % 
|Portfolio turnover**                                      |  |                                             | 13      | %  |                                               |   | 74      | % 
|Total return**                                               |  |                                             | (13.19  | )% |                                               |   | (11.76  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 142,824 |    |                                               | $ | 142,824 |   



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

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

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

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

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

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



20



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                               |  |               |           
|---------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                               |  | June 30, 2010
|Assets                                                                                         |  |               |           
|Investment in affiliated fund, at value:                                                       |  |               |           
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $44,092,160 and units of 4,196,141) |  | $             | 46,350,568
|Receivable for fund units sold                                                                 |  |               | 65,256    
|                                                                                               |  |               |           
|Total assets                                                                                   |  |               | 46,415,824
|                                                                                               |  |               |           
|Liabilities                                                                                    |  |               |           
|Payable for investments purchased                                                              |  |               | 30,297    
|Payable for fund units redeemed                                                                |  |               | 6,699     
|Investment advisory fee payable                                                                |  |               | 1,492     
|INGprogram fee payable                                                                        |  |               | 20,202    
|Trustee, management and administration fees payable                                            |  |               | 3,766     
|ABA Retirement Fundsprogram fee payable                                                       |  |               | 2,800     
|Payable for legal and audit services                                                           |  |               | 4,710     
|Other accruals                                                                                 |  |               | 5,879     
|                                                                                               |  |               |           
|Total liabilities                                                                              |  |               | 75,845    
|                                                                                               |  |               |           
|                                                                                               | 
|Net Assets (equivalent to $12.23 per unit based on 3,789,995 units outstanding)                |  | $             | 46,339,979
|                                                                                               |  |               |           

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



21



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited



|                                                                         |  |                                             |           |   |                                               |   |           |  
|------------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                                         |  | For the periodApril 1, 2010 toJune 30, 2010 |           |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                        |  | $                                           |          |   |                                               | $ |          |  
|                                                                         |  |                                             |           |   |                                               |   |           |  
|                                                                         |  |                                            
|Expenses                                                                 |  |                                             |           |   |                                               |   |           |  
|INGprogram fee                                                          |  |                                             | 57,203    |   |                                               |   | 107,766   |  
|Trustee, management and administration fees                              |  |                                             | 10,793    |   |                                               |   | 20,479    |  
|Investment advisory fee                                                  |  |                                             | 4,284     |   |                                               |   | 8,174     |  
|ABA Retirement Fundsprogram fee                                         |  |                                             | 8,047     |   |                                               |   | 15,258    |  
|Legal and audit fees                                                     |  |                                             | 4,659     |   |                                               |   | 8,920     |  
|Compliance consultant fees                                               |  |                                             | 3,439     |   |                                               |   | 6,585     |  
|Reports to unitholders                                                   |  |                                             | 2,579     |   |                                               |   | 4,938     |  
|Registration fees                                                        |  |                                             | 516       |   |                                               |   | 988       |  
|Other fees                                                               |  |                                             | 1,908     |   |                                               |   | 3,652     |  
|                                                                         |  |                                             |           |   |                                               |   |           |  
|Total expenses                                                           |  |                                             | 93,428    |   |                                               |   | 176,760   |  
|                                                                         |  |                                             |           |   |                                               |   |           |  
|                                                                         |  |                                            
|Net investment income (loss)                                             |  |                                             | (93,428   | ) |                                               |   | (176,760  | )
|                                                                         |  |                                             |           |   |                                               |   |           |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                             |           |   |                                               |   |           |  
|Net realized gain (loss)                                                 |  |                                             | 41,419    |   |                                               |   | 95,717    |  
|                                                                         |  |                                            
|Change in net unrealized appreciation (depreciation)                     |  |                                             | 1,485,580 |   |                                               |   | 2,109,569 |  
|                                                                         |  |                                             |           |   |                                               |   |           |  
|Net realized and unrealized gain (loss)                                  |  |                                             | 1,526,999 |   |                                               |   | 2,205,286 |  
|                                                                         |  |                                             |           |   |                                               |   |           |  
|                                                                         |  |                                            
|Net increase (decrease) in net assets resulting from operations          |  | $                                           | 1,433,571 |   |                                               | $ | 2,028,526 |  
|                                                                         |  |                                             |           |   |                                               |   |           |  

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



22



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (93,428    | ) |                                               | $ | (176,760   | )
|Net realized gain (loss)                                           |  |                                             | 41,419     |   |                                               |   | 95,717     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 1,485,580  |   |                                               |   | 2,109,569  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,433,571  |   |                                               |   | 2,028,526  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 7,637,071  |   |                                               |   | 16,835,242 |  
|Cost of units redeemed                                             |  |                                             | (2,961,577 | ) |                                               |   | (8,292,910 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,675,494  |   |                                               |   | 8,542,332  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 6,109,065  |   |                                               |   | 10,570,858 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 40,230,914 |   |                                               |   | 35,769,121 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 46,339,979 |   |                                               | $ | 46,339,979 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 3,399,422  |   |                                               |   | 3,069,305  |  
|Issued                                                             |  |                                             | 638,124    |   |                                               |   | 1,420,172  |  
|Redeemed                                                           |  |                                             | (247,551   | ) |                                               |   | (699,482   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 3,789,995  |   |                                               |   | 3,789,995  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



23



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



24



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                              |  |               |           
|--------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                              |  | June 30, 2010
|Assets                                                                                        |  |               |           
|Investment in affiliated fund, at value:                                                      |  |               |           
|SSgA S&P
500® Index Non-Lending Series Fund Class A (cost $39,524,767 and units of 2,211,004) |  | $             | 37,982,835
|Receivable for investments sold                                                               |  |               | 10,432    
|Receivable for fund units sold                                                                |  |               | 60,385    
|                                                                                              |  |               |           
|Total assets                                                                                  |  |               | 38,053,652
|                                                                                              |  |               |           
|Liabilities                                                                                   |  |               |           
|Payable for fund units redeemed                                                               |  |               | 46,696    
|Investment advisory fee payable                                                               |  |               | 654       
|INGprogram fee payable                                                                       |  |               | 17,710    
|Trustee, management and administration fees payable                                           |  |               | 3,302     
|ABA Retirement Fundsprogram fee payable                                                      |  |               | 2,454     
|Payable for legal and audit services                                                          |  |               | 4,309     
|Other accruals                                                                                |  |               | 5,378     
|                                                                                              |  |               |           
|Total liabilities                                                                             |  |               | 80,503    
|                                                                                              |  |               |           
|                                                                                              | 
|Net Assets(equivalent to $14.58 per unit based on 2,604,834 units outstanding)                |  | $             | 37,973,149
|                                                                                              |  |               |           

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



25



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                         |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                         |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                        |  | $                                           |           |   |                                               | $ |           |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Expenses                                                                 |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                          |  |                                             | 53,032     |   |                                               |   | 99,651     |  
|Trustee, management and administration fees                              |  |                                             | 10,016     |   |                                               |   | 18,956     |  
|Investment advisory fee                                                  |  |                                             | 1,978      |   |                                               |   | 3,774      |  
|ABA Retirement Fundsprogram fee                                         |  |                                             | 7,469      |   |                                               |   | 14,117     |  
|Legal and audit fees                                                     |  |                                             | 4,321      |   |                                               |   | 8,269      |  
|Compliance consultant fees                                               |  |                                             | 3,190      |   |                                               |   | 6,105      |  
|Reports to unitholders                                                   |  |                                             | 2,393      |   |                                               |   | 4,579      |  
|Registration fees                                                        |  |                                             | 479        |   |                                               |   | 916        |  
|Other fees                                                               |  |                                             | 1,769      |   |                                               |   | 3,385      |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                           |  |                                             | 84,647     |   |                                               |   | 159,752    |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net investment income (loss)                                             |  |                                             | (84,647    | ) |                                               |   | (159,752   | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                 |  |                                             | 87,278     |   |                                               |   | 232,670    |  
|                                                                         |  |                                            
|Change in net unrealized appreciation (depreciation)                     |  |                                             | (5,053,422 | ) |                                               |   | (3,261,946 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss)                                  |  |                                             | (4,966,144 | ) |                                               |   | (3,029,276 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net increase (decrease) in net assets resulting from operations          |  | $                                           | (5,050,791 | ) |                                               | $ | (3,189,028 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  

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



26



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (84,647    | ) |                                               | $ | (159,752    | )
|Net realized gain (loss)                                           |  |                                             | 87,278     |   |                                               |   | 232,670     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (5,053,422 | ) |                                               |   | (3,261,946  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (5,050,791 | ) |                                               |   | (3,189,028  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 8,504,068  |   |                                               |   | 16,970,159  |  
|Cost of units redeemed                                             |  |                                             | (4,445,118 | ) |                                               |   | (10,050,286 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,058,950  |   |                                               |   | 6,919,873   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (991,841   | ) |                                               |   | 3,730,845   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 38,964,990 |   |                                               |   | 34,242,304  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 37,973,149 |   |                                               | $ | 37,973,149  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 2,362,707  |   |                                               |   | 2,184,145   |  
|Issued                                                             |  |                                             | 518,297    |   |                                               |   | 1,054,141   |  
|Redeemed                                                           |  |                                             | (276,170   | ) |                                               |   | (633,452    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 2,604,834  |   |                                               |   | 2,604,834   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



27



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Large Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



28



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                              |  |               |            
|------------------------------------------------------------------------------------------------------------- |  | ------------- | -----------
|                                                                                                              |  | June 30, 2010
|Assets                                                                                                        |  |               |            
|Investments in affiliated funds, at value:                                                                    |  |               |            
|SSgA Russell All
Cap® Index Securities Lending Series Fund Class I (cost $124,286,590 and units of 7,429,866) |  | $             | 124,249,655
|SSgA Russell All
Cap® Index Non-Lending Series Fund Class A (cost $124,946,600 and units of 9,126,706)        |  |               | 120,080,073
|Receivable for investments sold                                                                               |  |               | 574,120    
|Receivable for fund units sold                                                                                |  |               | 83,369     
|                                                                                                              |  |               |            
|Total assets                                                                                                  |  |               | 244,987,217
|                                                                                                              |  |               |            
|Liabilities                                                                                                   |  |               |            
|Payable for fund units redeemed                                                                               |  |               | 494,281    
|Investment advisory fee payable                                                                               |  |               | 10,635     
|INGprogram fee payable                                                                                       |  |               | 115,147    
|Trustee, management and administration fees payable                                                           |  |               | 21,471     
|ABA Retirement Fundsprogram fee payable                                                                      |  |               | 15,955     
|Other accruals                                                                                                |  |               | 69,930     
|                                                                                                              |  |               |            
|Total liabilities                                                                                             |  |               | 727,419    
|                                                                                                              |  |               |            
|                                                                                                              | 
|Net Assets(equivalent to $28.69 per unit based on 8,514,928 units outstanding)                                |  | $             | 244,259,798
|                                                                                                              |  |               |            

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



29



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |             |   |                                               |   |             |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |            |   |                                               | $ |            |  
|                                                                           |  |                                             |             |   |                                               |   |             |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |             |   |                                               |   |             |  
|INGprogram fee                                                            |  |                                             | 355,962     |   |                                               |   | 697,956     |  
|Trustee, management and administration fees                                |  |                                             | 67,138      |   |                                               |   | 132,735     |  
|Investment advisory fee                                                    |  |                                             | 33,767      |   |                                               |   | 66,712      |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 50,677      |   |                                               |   | 99,448      |  
|Legal and audit fees                                                       |  |                                             | 28,990      |   |                                               |   | 57,949      |  
|Compliance consultant fees                                                 |  |                                             | 21,402      |   |                                               |   | 42,781      |  
|Reports to unitholders                                                     |  |                                             | 16,052      |   |                                               |   | 32,086      |  
|Registration fees                                                          |  |                                             | 3,210       |   |                                               |   | 6,417       |  
|Other fees                                                                 |  |                                             | 11,869      |   |                                               |   | 23,725      |  
|                                                                           |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                             |  |                                             | 589,067     |   |                                               |   | 1,159,809   |  
|                                                                           |  |                                             |             |   |                                               |   |             |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (589,067    | ) |                                               |   | (1,159,809  | )
|                                                                           |  |                                             |             |   |                                               |   |             |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                                   |  |                                             | 1,978,604   |   |                                               |   | 4,047,803   |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (33,020,558 | ) |                                               |   | (19,390,920 | )
|                                                                           |  |                                             |             |   |                                               |   |             |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (31,041,954 | ) |                                               |   | (15,343,117 | )
|                                                                           |  |                                             |             |   |                                               |   |             |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (31,631,021 | ) |                                               | $ | (16,502,926 | )
|                                                                           |  |                                             |             |   |                                               |   |             |  

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



30



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (589,067    | ) |                                               | $ | (1,159,809  | )
|Net realized gain (loss)                                           |  |                                             | 1,978,604   |   |                                               |   | 4,047,803   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (33,020,558 | ) |                                               |   | (19,390,920 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (31,631,021 | ) |                                               |   | (16,502,926 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 11,272,870  |   |                                               |   | 24,290,567  |  
|Cost of units redeemed                                             |  |                                             | (11,359,882 | ) |                                               |   | (30,011,933 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (87,012     | ) |                                               |   | (5,721,366  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (31,718,033 | ) |                                               |   | (22,224,292 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 275,977,831 |   |                                               |   | 266,484,090 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 244,259,798 |   |                                               | $ | 244,259,798 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 8,523,415   |   |                                               |   | 8,708,063   |  
|Issued                                                             |  |                                             | 351,103     |   |                                               |   | 768,981     |  
|Redeemed                                                           |  |                                             | (359,590    | ) |                                               |   | (962,116    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 8,514,928   |   |                                               |   | 8,514,928   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



31



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



32



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                 |  |               |           
|------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                 |  | June 30, 2010
|Assets                                                                                           |  |               |           
|Investment in affiliated fund, at value:                                                         |  |               |           
|SSgA S&P
MidCap® Index Non-Lending Series Fund Class A (cost $29,432,358 and units of 1,116,492) |  | $             | 29,390,547
|Receivable for investments sold                                                                  |  |               | 8,472     
|Receivable for fund units sold                                                                   |  |               | 17,984    
|                                                                                                 |  |               |           
|Total assets                                                                                     |  |               | 29,417,003
|                                                                                                 |  |               |           
|Liabilities                                                                                      |  |               |           
|Payable for fund units redeemed                                                                  |  |               | 6,784     
|Investment advisory fee payable                                                                  |  |               | 1,282     
|INGprogram fee payable                                                                          |  |               | 13,879    
|Trustee, management and administration fees payable                                              |  |               | 2,588     
|ABA Retirement Fundsprogram fee payable                                                         |  |               | 1,923     
|Payable for legal and audit services                                                             |  |               | 3,291     
|Payable for compliance consultant fees                                                           |  |               | 1,891     
|Other accruals                                                                                   |  |               | 2,216     
|                                                                                                 |  |               |           
|Total liabilities                                                                                |  |               | 33,854    
|                                                                                                 |  |               |           
|                                                                                                 | 
|Net Assets(equivalent to $19.31 per unit based on 1,521,875 units outstanding)                   |  | $             | 29,383,149
|                                                                                                 |  |               |           

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



33



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                         |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                         |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                        |  | $                                           |           |   |                                               | $ |           |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Expenses                                                                 |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                          |  |                                             | 41,509     |   |                                               |   | 76,286     |  
|Trustee, management and administration fees                              |  |                                             | 7,843      |   |                                               |   | 14,515     |  
|Investment advisory fee                                                  |  |                                             | 3,938      |   |                                               |   | 7,290      |  
|ABA Retirement Fundsprogram fee                                         |  |                                             | 5,848      |   |                                               |   | 10,807     |  
|Legal and audit fees                                                     |  |                                             | 3,383      |   |                                               |   | 6,335      |  
|Compliance consultant fees                                               |  |                                             | 2,498      |   |                                               |   | 4,677      |  
|Reports to unitholders                                                   |  |                                             | 1,873      |   |                                               |   | 3,508      |  
|Registration fees                                                        |  |                                             | 375        |   |                                               |   | 702        |  
|Other fees                                                               |  |                                             | 1,386      |   |                                               |   | 2,595      |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                           |  |                                             | 68,653     |   |                                               |   | 126,715    |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net investment income (loss)                                             |  |                                             | (68,653    | ) |                                               |   | (126,715   | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                 |  |                                             | 212,896    |   |                                               |   | 388,692    |  
|Change in net unrealized appreciation (depreciation)                     |  |                                             | (3,534,367 | ) |                                               |   | (1,302,907 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|Net realized and unrealized gain (loss)                                  |  |                                             | (3,321,471 | ) |                                               |   | (914,215   | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net increase (decrease) in net assets resulting from operations          |  | $                                           | (3,390,124 | ) |                                               | $ | (1,040,930 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  

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



34



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (68,653    | ) |                                               | $ | (126,715    | )
|Net realized gain (loss)                                           |  |                                             | 212,896    |   |                                               |   | 388,692     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (3,534,367 | ) |                                               |   | (1,302,907  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (3,390,124 | ) |                                               |   | (1,040,930  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 8,459,970  |   |                                               |   | 15,734,230  |  
|Cost of units redeemed                                             |  |                                             | (5,210,616 | ) |                                               |   | (10,621,326 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 3,249,354  |   |                                               |   | 5,112,904   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (140,770   | ) |                                               |   | 4,071,974   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 29,523,919 |   |                                               |   | 25,311,175  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 29,383,149 |   |                                               | $ | 29,383,149  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 1,379,703  |   |                                               |   | 1,287,394   |  
|Issued                                                             |  |                                             | 387,744    |   |                                               |   | 748,165     |  
|Redeemed                                                           |  |                                             | (245,572   | ) |                                               |   | (513,684    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 1,521,875  |   |                                               |   | 1,521,875   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



35



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Mid Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



36



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                     |  |               |           
|---------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                     |  | June 30, 2010
|Assets                                                                                               |  |               |           
|Investment in affiliated fund, at value:                                                             |  |               |           
|SSgA Russell Small Cap Index Non-Lending Series Fund Class A (cost $18,115,890 and units of 973,009) |  | $             | 17,736,001
|Receivable for investments sold                                                                      |  |               | 1,699     
|Receivable for fund units sold                                                                       |  |               | 44,584    
|                                                                                                     |  |               |           
|Total assets                                                                                         |  |               | 17,782,284
|                                                                                                     |  |               |           
|Liabilities                                                                                          |  |               |           
|Payable for fund units redeemed                                                                      |  |               | 34,556    
|Investment advisory fee payable                                                                      |  |               | 764       
|INGprogram fee payable                                                                              |  |               | 8,274     
|Trustee, management and administration fees payable                                                  |  |               | 1,543     
|ABA Retirement Fundsprogram fee payable                                                             |  |               | 1,145     
|Other accruals                                                                                       |  |               | 4,519     
|                                                                                                     |  |               |           
|Total liabilities                                                                                    |  |               | 50,801    
|                                                                                                     |  |               |           
|                                                                                                     | 
|Net Assets (equivalent to $20.17 per unit based on 879,003 units outstanding)                        |  | $             | 17,731,483
|                                                                                                     |  |               |           

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



37



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                         |  |                                              |            |   |                                               |   |          |  
|------------------------------------------------------------------------ |  | -------------------------------------------- | ---------- | - | --------------------------------------------- | - | -------- | -
|                                                                         |  | For the periodApril 1, 2010 
toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                        |  | $                                            |           |   |                                               | $ |         |  
|                                                                         |  |                                              |            |   |                                               |   |          |  
|                                                                         |  |                                             
|Expenses                                                                 |  |                                              |            |   |                                               |   |          |  
|INGprogram fee                                                          |  |                                              | 25,227     |   |                                               |   | 46,236   |  
|Trustee, management and administration fees                              |  |                                              | 4,765      |   |                                               |   | 8,796    |  
|Investment advisory fee                                                  |  |                                              | 2,427      |   |                                               |   | 4,452    |  
|ABA Retirement Fundsprogram fee                                         |  |                                              | 3,551      |   |                                               |   | 6,547    |  
|Legal and audit fees                                                     |  |                                              | 2,055      |   |                                               |   | 3,840    |  
|Compliance consultant fees                                               |  |                                              | 1,517      |   |                                               |   | 2,835    |  
|Reports to unitholders                                                   |  |                                              | 1,138      |   |                                               |   | 2,126    |  
|Registration fees                                                        |  |                                              | 228        |   |                                               |   | 426      |  
|Other fees                                                               |  |                                              | 842        |   |                                               |   | 1,573    |  
|                                                                         |  |                                              |            |   |                                               |   |          |  
|Total expenses                                                           |  |                                              | 41,750     |   |                                               |   | 76,831   |  
|                                                                         |  |                                              |            |   |                                               |   |          |  
|                                                                         |  |                                             
|Net investment income (loss)                                             |  |                                              | (41,750    | ) |                                               |   | (76,831  | )
|                                                                         |  |                                              |            |   |                                               |   |          |  
|                                                                         |  |                                             
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                              |            |   |                                               |   |          |  
|Net realized gain (loss)                                                 |  |                                              | 182,563    |   |                                               |   | 250,644  |  
|                                                                         |  |                                             
|Change in net unrealized appreciation (depreciation)                     |  |                                              | (2,324,515 | ) |                                               |   | (943,687 | )
|                                                                         |  |                                              |            |   |                                               |   |          |  
|Net realized and unrealized gain (loss)                                  |  |                                              | (2,141,952 | ) |                                               |   | (693,043 | )
|                                                                         |  |                                              |            |   |                                               |   |          |  
|Net increase (decrease) in net assets resulting from operations          |  | $                                            | (2,183,702 | ) |                                               | $ | (769,874 | )
|                                                                         |  |                                              |            |   |                                               |   |          |  

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



38



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (41,750    | ) |                                               | $ | (76,831    | )
|Net realized gain (loss)                                           |  |                                             | 182,563    |   |                                               |   | 250,644    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (2,324,515 | ) |                                               |   | (943,687   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (2,183,702 | ) |                                               |   | (769,874   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,444,674  |   |                                               |   | 9,211,762  |  
|Cost of units redeemed                                             |  |                                             | (3,546,101 | ) |                                               |   | (6,218,471 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,898,573  |   |                                               |   | 2,993,291  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (285,129   | ) |                                               |   | 2,223,417  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 18,016,612 |   |                                               |   | 15,508,066 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 17,731,483 |   |                                               | $ | 17,731,483 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 802,780    |   |                                               |   | 750,212    |  
|Issued                                                             |  |                                             | 235,979    |   |                                               |   | 415,142    |  
|Redeemed                                                           |  |                                             | (159,756   | ) |                                               |   | (286,351   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 879,003    |   |                                               |   | 879,003    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



39



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Small Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



40



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                           |  |               |           
|---------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                           |  | June 30, 2010
|Assets                                                                                                     |  |               |           
|Investment in affiliated fund, at value:                                                                   |  |               |           
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $29,832,822 and units of 2,536,130) |  | $             | 27,319,190
|Receivable for fund units sold                                                                             |  |               | 25,076    
|                                                                                                           |  |               |           
|Total assets                                                                                               |  |               | 27,344,266
|                                                                                                           |  |               |           
|Liabilities                                                                                                |  |               |           
|Payable for investments purchased                                                                          |  |               | 164       
|Payable for fund units redeemed                                                                            |  |               | 6,365     
|Investment advisory fee payable                                                                            |  |               | 2,269     
|INGprogram fee payable                                                                                    |  |               | 12,285    
|Trustee, management and administration fees payable                                                        |  |               | 2,290     
|ABA Retirement Fundsprogram fee payable                                                                   |  |               | 1,703     
|Payable for legal and audit services                                                                       |  |               | 3,035     
|Payable for compliance consultant fees                                                                     |  |               | 1,744     
|Other accruals                                                                                             |  |               | 2,044     
|                                                                                                           |  |               |           
|Total liabilities                                                                                          |  |               | 31,899    
|                                                                                                           |  |               |           
|                                                                                                           | 
|Net Assets(equivalent to $23.26 per unit based on 1,174,396 units outstanding)                             |  | $             | 27,312,367
|                                                                                                           |  |               |           

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



41



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Operations

Unaudited



|                                                                         |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                         |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                        |  | $                                           |           |   |                                               | $ |           |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Expenses                                                                 |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                          |  |                                             | 37,016     |   |                                               |   | 70,463     |  
|Trustee, management and administration fees                              |  |                                             | 6,991      |   |                                               |   | 13,408     |  
|Investment advisory fee                                                  |  |                                             | 7,072      |   |                                               |   | 13,519     |  
|ABA Retirement Fundsprogram fee                                         |  |                                             | 5,212      |   |                                               |   | 9,982      |  
|Legal and audit fees                                                     |  |                                             | 3,015      |   |                                               |   | 5,851      |  
|Compliance consultant fees                                               |  |                                             | 2,226      |   |                                               |   | 4,320      |  
|Reports to unitholders                                                   |  |                                             | 1,669      |   |                                               |   | 3,239      |  
|Registration fees                                                        |  |                                             | 334        |   |                                               |   | 648        |  
|Other fees                                                               |  |                                             | 1,235      |   |                                               |   | 2,396      |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                           |  |                                             | 64,770     |   |                                               |   | 123,826    |  
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net investment income (loss)                                             |  |                                             | (64,770    | ) |                                               |   | (123,826   | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                 |  |                                             | (24,976    | ) |                                               |   | 2,440      |  
|                                                                         |  |                                            
|Change in net unrealized appreciation (depreciation)                     |  |                                             | (3,773,588 | ) |                                               |   | (3,340,404 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net realized and unrealized gain (loss)                                  |  |                                             | (3,798,564 | ) |                                               |   | (3,337,964 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  
|                                                                         |  |                                            
|Net increase (decrease) in net assets resulting from operations          |  | $                                           | (3,863,334 | ) |                                               | $ | (3,461,790 | )
|                                                                         |  |                                             |            |   |                                               |   |            |  

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



42



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (64,770    | ) |                                               | $ | (123,826   | )
|Net realized gain (loss)                                           |  |                                             | (24,976    | ) |                                               |   | 2,440      |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (3,773,588 | ) |                                               |   | (3,340,404 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (3,863,334 | ) |                                               |   | (3,461,790 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,604,707  |   |                                               |   | 12,379,835 |  
|Cost of units redeemed                                             |  |                                             | (2,761,223 | ) |                                               |   | (5,952,153 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 2,843,484  |   |                                               |   | 6,427,682  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (1,019,850 | ) |                                               |   | 2,965,892  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 28,332,217 |   |                                               |   | 24,346,475 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 27,312,367 |   |                                               | $ | 27,312,367 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,064,563  |   |                                               |   | 926,417    |  
|Issued                                                             |  |                                             | 219,781    |   |                                               |   | 481,839    |  
|Redeemed                                                           |  |                                             | (109,948   | ) |                                               |   | (233,860   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,174,396  |   |                                               |   | 1,174,396  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



43



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



44



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                |  |               |          
|--------------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                                |  | June 30, 2010
|Assets                                                                                                          |  |               |          
|Investments in affiliated funds, at value:                                                                      |  |               |          
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $3,897,503 and units of
200,308) |  | $             | 4,076,872
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $2,373,255 and units of 115,215)                |  |               | 2,550,285
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $2,197,680 and units of 275,425)     |  |               | 2,104,246
|Receivable for investments sold                                                                                 |  |               | 411      
|Receivable for fund units sold                                                                                  |  |               | 5,355    
|                                                                                                                |  |               |          
|Total assets                                                                                                    |  |               | 8,737,169
|                                                                                                                |  |               |          
|Liabilities                                                                                                     |  |               |          
|Investment advisory fee payable                                                                                 |  |               | 643      
|INGprogram fee payable                                                                                         |  |               | 3,866    
|Trustee, management and administration fees payable                                                             |  |               | 721      
|ABA Retirement Fundsprogram fee payable                                                                        |  |               | 536      
|Payable for legal and audit services                                                                            |  |               | 842      
|Payable for compliance consultant fees                                                                          |  |               | 484      
|Other accruals                                                                                                  |  |               | 565      
|                                                                                                                |  |               |          
|Total liabilities                                                                                               |  |               | 7,657    
|                                                                                                                |  |               |          
|                                                                                                                | 
|Net Assets(equivalent to $14.67 per unit based on 594,982 units outstanding)                                    |  | $             | 8,729,512
|                                                                                                                |  |               |          

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



45



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |          |   |                                               |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | --------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |          |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |         |   |                                               | $ |         |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |          |   |                                               |   |          |  
|INGprogram fee                                                            |  |                                             | 11,310   |   |                                               |   | 19,386   |  
|Trustee, management and administration fees                                |  |                                             | 2,135    |   |                                               |   | 3,683    |  
|Investment advisory fee                                                    |  |                                             | 1,929    |   |                                               |   | 3,329    |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 1,589    |   |                                               |   | 2,742    |  
|Legal and audit fees                                                       |  |                                             | 921      |   |                                               |   | 1,608    |  
|Compliance consultant fees                                                 |  |                                             | 680      |   |                                               |   | 1,187    |  
|Reports to unitholders                                                     |  |                                             | 510      |   |                                               |   | 890      |  
|Registration fees                                                          |  |                                             | 102      |   |                                               |   | 178      |  
|Other fees                                                                 |  |                                             | 377      |   |                                               |   | 658      |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|Total expenses                                                             |  |                                             | 19,553   |   |                                               |   | 33,661   |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (19,553  | ) |                                               |   | (33,661  | )
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |          |   |                                               |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 276,859  |   |                                               |   | 334,521  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (345,765 | ) |                                               |   | (247,547 | )
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (68,906  | ) |                                               |   | 86,974   |  
|                                                                           |  |                                             |          |   |                                               |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (88,459  | ) |                                               | $ | 53,313   |  
|                                                                           |  |                                             |          |   |                                               |   |          |  

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



46



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (19,553    | ) |                                               | $ | (33,661    | )
|Net realized gain (loss)                                           |  |                                             | 276,859    |   |                                               |   | 334,521    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (345,765   | ) |                                               |   | (247,547   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (88,459    | ) |                                               |   | 53,313     |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 1,959,888  |   |                                               |   | 4,931,340  |  
|Cost of units redeemed                                             |  |                                             | (1,027,334 | ) |                                               |   | (1,626,267 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 932,554    |   |                                               |   | 3,305,073  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets                              |  |                                             | 844,095    |   |                                               |   | 3,358,386  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 7,885,417  |   |                                               |   | 5,371,126  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 8,729,512  |   |                                               | $ | 8,729,512  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 533,223    |   |                                               |   | 370,249    |  
|Issued                                                             |  |                                             | 130,697    |   |                                               |   | 334,883    |  
|Redeemed                                                           |  |                                             | (68,938    | ) |                                               |   | (110,150   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 594,982    |   |                                               |   | 594,982    |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



47



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



48



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                               |  |               |           
|-------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                               |  | June 30, 2010
|Assets                                                                                                         |  |               |           
|Investments in affiliated funds, at value:                                                                     |  |               |           
|SSgA Target Retirement Income Securities Lending Series Fund Class I (cost $15,947,554 and units of 1,390,543) |  | $             | 16,650,362
|SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $15,432,214 and units of 1,381,333)        |  |               | 15,347,990
|Receivable for investments sold                                                                                |  |               | 2,764     
|Receivable for fund units sold                                                                                 |  |               | 19,454    
|                                                                                                               |  |               |           
|Total assets                                                                                                   |  |               | 32,020,570
|                                                                                                               |  |               |           
|Liabilities                                                                                                    |  |               |           
|Payable for fund units redeemed                                                                                |  |               | 560       
|Retirement Date Fund management fee payable                                                                    |  |               | 2,650     
|INGprogram fee payable                                                                                        |  |               | 14,346    
|Trustee, management and administration fees payable                                                            |  |               | 2,674     
|ABA Retirement Fundsprogram fee payable                                                                       |  |               | 1,988     
|Payable for legal and audit services                                                                           |  |               | 3,683     
|Payable for compliance consultant fees                                                                         |  |               | 2,117     
|Payable for reports to unitholders                                                                             |  |               | 1,536     
|Other accruals                                                                                                 |  |               | 944       
|                                                                                                               |  |               |           
|Total liabilities                                                                                              |  |               | 30,498    
|                                                                                                               |  |               |           
|                                                                                                               | 
|Net Assets (equivalent to $10.92 per unit based on 2,929,981 units outstanding)                                |  | $             | 31,990,072
|                                                                                                               |  |               |           

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



49



---

##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |         |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |          |  
|INGprogram fee                                                            |  |                                             | 43,610     |   |                                               |   | 82,841   |  
|Trustee, management and administration fees                                |  |                                             | 8,230      |   |                                               |   | 15,748   |  
|Retirement Date Fund management fee                                        |  |                                             | 8,271      |   |                                               |   | 15,821   |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 6,141      |   |                                               |   | 11,735   |  
|Legal and audit fees                                                       |  |                                             | 3,552      |   |                                               |   | 6,864    |  
|Compliance consultant fees                                                 |  |                                             | 2,622      |   |                                               |   | 5,067    |  
|Reports to unitholders                                                     |  |                                             | 1,966      |   |                                               |   | 3,800    |  
|Registration fees                                                          |  |                                             | 393        |   |                                               |   | 760      |  
|Other fees                                                                 |  |                                             | 1,454      |   |                                               |   | 2,810    |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|Total expenses                                                             |  |                                             | 76,239     |   |                                               |   | 145,446  |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (76,239    | ) |                                               |   | (145,446 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 709,704    |   |                                               |   | 821,165  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (1,435,702 | ) |                                               |   | (779,444 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (725,998   | ) |                                               |   | 41,721   |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (802,237   | ) |                                               | $ | (103,725 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  

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



50



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American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (76,239    | ) |                                               | $ | (145,446   | )
|Net realized gain (loss)                                           |  |                                             | 709,704    |   |                                               |   | 821,165    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (1,435,702 | ) |                                               |   | (779,444   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (802,237   | ) |                                               |   | (103,725   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,988,180  |   |                                               |   | 8,827,334  |  
|Cost of units redeemed                                             |  |                                             | (4,887,395 | ) |                                               |   | (5,667,477 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,100,785  |   |                                               |   | 3,159,857  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 298,548    |   |                                               |   | 3,056,132  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 31,691,524 |   |                                               |   | 28,933,940 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 31,990,072 |   |                                               | $ | 31,990,072 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 2,833,271  |   |                                               |   | 2,645,849  |  
|Issued                                                             |  |                                             | 530,662    |   |                                               |   | 789,030    |  
|Redeemed                                                           |  |                                             | (433,952   | ) |                                               |   | (504,898   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 2,929,981  |   |                                               |   | 2,929,981  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



51



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American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



52



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                             |  |               |           
|------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                             |  | June 30, 2010
|Assets                                                                                                       |  |               |           
|Investments in affiliated funds, at value:                                                                   |  |               |           
|SSgA Target Retirement 2010 Securities Lending Series Fund Class I (cost $31,948,865 and units of 2,862,653) |  | $             | 33,994,006
|SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $26,891,098 and units of 2,414,496)        |  |               | 27,585,620
|Receivable for investments sold                                                                              |  |               | 34,928    
|Receivable for fund units sold                                                                               |  |               | 11,946    
|                                                                                                             |  |               |           
|Total assets                                                                                                 |  |               | 61,626,500
|                                                                                                             |  |               |           
|Liabilities                                                                                                  |  |               |           
|Payable for fund units redeemed                                                                              |  |               | 5,099     
|Retirement Date Fund management fee payable                                                                  |  |               | 5,111     
|INGprogram fee payable                                                                                      |  |               | 27,671    
|Trustee, management and administration fees payable                                                          |  |               | 5,159     
|ABA Retirement Fundsprogram fee payable                                                                     |  |               | 3,835     
|Payable for legal and audit services                                                                         |  |               | 7,307     
|Payable for compliance consultant fees                                                                       |  |               | 4,200     
|Other accruals                                                                                               |  |               | 4,920     
|                                                                                                             |  |               |           
|Total liabilities                                                                                            |  |               | 63,302    
|                                                                                                             |  |               |           
|                                                                                                             | 
|Net Assets (equivalent to $12.78 per unit based on 4,815,979 units outstanding)                              |  | $             | 61,563,198
|                                                                                                             |  |               |           

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



53



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |         |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |          |  
|INGprogram fee                                                            |  |                                             | 83,022     |   |                                               |   | 164,231  |  
|Trustee, management and administration fees                                |  |                                             | 15,674     |   |                                               |   | 31,242   |  
|Retirement Date Fund management fee                                        |  |                                             | 15,750     |   |                                               |   | 31,385   |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 11,697     |   |                                               |   | 23,278   |  
|Legal and audit fees                                                       |  |                                             | 6,765      |   |                                               |   | 13,625   |  
|Compliance consultant fees                                                 |  |                                             | 4,994      |   |                                               |   | 10,059   |  
|Reports to unitholders                                                     |  |                                             | 3,746      |   |                                               |   | 7,544    |  
|Registration fees                                                          |  |                                             | 749        |   |                                               |   | 1,509    |  
|Other fees                                                                 |  |                                             | 2,770      |   |                                               |   | 5,579    |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|Total expenses                                                             |  |                                             | 145,167    |   |                                               |   | 288,452  |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (145,167   | ) |                                               |   | (288,452 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 527,446    |   |                                               |   | 875,522  |  
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (2,013,718 | ) |                                               |   | (413,479 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (1,486,272 | ) |                                               |   | 462,043  |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (1,631,439 | ) |                                               | $ | 173,591  |  
|                                                                           |  |                                             |            |   |                                               |   |          |  

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



54



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (145,167   | ) |                                               | $ | (288,452    | )
|Net realized gain (loss)                                           |  |                                             | 527,446    |   |                                               |   | 875,522     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (2,013,718 | ) |                                               |   | (413,479    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (1,631,439 | ) |                                               |   | 173,591     |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 4,337,234  |   |                                               |   | 9,971,324   |  
|Cost of units redeemed                                             |  |                                             | (4,234,907 | ) |                                               |   | (10,552,592 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 102,327    |   |                                               |   | (581,268    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (1,529,112 | ) |                                               |   | (407,677    | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 63,092,310 |   |                                               |   | 61,970,875  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 61,563,198 |   |                                               | $ | 61,563,198  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,808,290  |   |                                               |   | 4,859,187   |  
|Issued                                                             |  |                                             | 328,976    |   |                                               |   | 766,293     |  
|Redeemed                                                           |  |                                             | (321,287   | ) |                                               |   | (809,501    | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 4,815,979  |   |                                               |   | 4,815,979   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



55



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



56



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                             |  |               |            
|------------------------------------------------------------------------------------------------------------ |  | ------------- | -----------
|                                                                                                             |  | June 30, 2010
|Assets                                                                                                       |  |               |            
|Investments in affiliated funds, at value:                                                                   |  |               |            
|SSgA Target Retirement 2020 Securities Lending Series Fund Class I (cost $57,731,150 and units of 5,216,354) |  | $             | 59,868,092 
|SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $47,564,851 and units of 4,143,487)        |  |               | 48,010,585 
|Receivable for investments sold                                                                              |  |               | 7,124      
|Receivable for fund units sold                                                                               |  |               | 161,182    
|                                                                                                             |  |               |            
|Total assets                                                                                                 |  |               | 108,046,983
|                                                                                                             |  |               |            
|Liabilities                                                                                                  |  |               |            
|Payable for fund units redeemed                                                                              |  |               | 94,382     
|Retirement Date Fund management fee payable                                                                  |  |               | 9,044      
|INGprogram fee payable                                                                                      |  |               | 48,966     
|Trustee, management and administration fees payable                                                          |  |               | 9,129      
|ABA Retirement Fundsprogram fee payable                                                                     |  |               | 6,785      
|Payable for legal and audit services                                                                         |  |               | 12,816     
|Other accruals                                                                                               |  |               | 15,997     
|                                                                                                             |  |               |            
|Total liabilities                                                                                            |  |               | 197,119    
|                                                                                                             |  |               |            
|                                                                                                             | 
|Net Assets (equivalent to $14.17 per unit based on 7,608,582 units outstanding)                              |  | $             | 107,849,864
|                                                                                                             |  |               |            

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



57



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American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                            |  |                                             | 148,201    |   |                                               |   | 289,223    |  
|Trustee, management and administration fees                                |  |                                             | 27,968     |   |                                               |   | 55,012     |  
|Retirement Date Fund management fee                                        |  |                                             | 28,101     |   |                                               |   | 55,264     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 20,863     |   |                                               |   | 40,974     |  
|Legal and audit fees                                                       |  |                                             | 12,068     |   |                                               |   | 24,000     |  
|Compliance consultant fees                                                 |  |                                             | 8,909      |   |                                               |   | 17,718     |  
|Reports to unitholders                                                     |  |                                             | 6,682      |   |                                               |   | 13,289     |  
|Registration fees                                                          |  |                                             | 1,336      |   |                                               |   | 2,657      |  
|Other fees                                                                 |  |                                             | 4,941      |   |                                               |   | 9,826      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 259,069    |   |                                               |   | 507,963    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (259,069   | ) |                                               |   | (507,963   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | 779,126    |   |                                               |   | 1,212,811  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (6,779,284 | ) |                                               |   | (2,860,232 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (6,000,158 | ) |                                               |   | (1,647,421 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (6,259,227 | ) |                                               | $ | (2,155,384 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



58



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (259,069    | ) |                                               | $ | (507,963    | )
|Net realized gain (loss)                                           |  |                                             | 779,126     |   |                                               |   | 1,212,811   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (6,779,284  | ) |                                               |   | (2,860,232  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (6,259,227  | ) |                                               |   | (2,155,384  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 9,662,571   |   |                                               |   | 19,629,849  |  
|Cost of units redeemed                                             |  |                                             | (7,581,486  | ) |                                               |   | (16,192,833 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 2,081,085   |   |                                               |   | 3,437,016   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (4,178,142  | ) |                                               |   | 1,281,632   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 112,028,006 |   |                                               |   | 106,568,232 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 107,849,864 |   |                                               | $ | 107,849,864 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 7,470,139   |   |                                               |   | 7,372,493   |  
|Issued                                                             |  |                                             | 643,494     |   |                                               |   | 1,324,723   |  
|Redeemed                                                           |  |                                             | (505,051    | ) |                                               |   | (1,088,634  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 7,608,582   |   |                                               |   | 7,608,582   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



59



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American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                             |  |               |           
|------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                             |  | June 30, 2010
|Assets                                                                                                       |  |               |           
|Investments in affiliated funds, at value:                                                                   |  |               |           
|SSgA Target Retirement 2030 Securities Lending Series Fund Class I (cost $44,454,711 and units of 4,044,482) |  | $             | 44,970,590
|SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $38,091,991 and units of 3,274,820)        |  |               | 38,187,672
|Receivable for fund units sold                                                                               |  |               | 79,344    
|                                                                                                             |  |               |           
|Total assets                                                                                                 |  |               | 83,237,606
|                                                                                                             |  |               |           
|Liabilities                                                                                                  |  |               |           
|Payable for investments purchased                                                                            |  |               | 11,548    
|Payable for fund units redeemed                                                                              |  |               | 10,146    
|Retirement Date Fund management fee payable                                                                  |  |               | 7,053     
|INGprogram fee payable                                                                                      |  |               | 38,185    
|Trustee, management and administration fees payable                                                          |  |               | 7,119     
|ABA Retirement Fundsprogram fee payable                                                                     |  |               | 5,293     
|Payable for legal and audit services                                                                         |  |               | 9,688     
|Payable for compliance consultant fees                                                                       |  |               | 5,568     
|Other accruals                                                                                               |  |               | 6,526     
|                                                                                                             |  |               |           
|Total liabilities                                                                                            |  |               | 101,126   
|                                                                                                             |  |               |           
|                                                                                                             | 
|Net Assets (equivalent to $15.45 per unit based on 5,379,286 units outstanding)                              |  | $             | 83,136,480
|                                                                                                             |  |               |           

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



61



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                            |  |                                             | 114,914    |   |                                               |   | 219,161    |  
|Trustee, management and administration fees                                |  |                                             | 21,690     |   |                                               |   | 41,681     |  
|Retirement Date Fund management fee                                        |  |                                             | 21,792     |   |                                               |   | 41,872     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 16,180     |   |                                               |   | 31,047     |  
|Legal and audit fees                                                       |  |                                             | 9,360      |   |                                               |   | 18,185     |  
|Compliance consultant fees                                                 |  |                                             | 6,910      |   |                                               |   | 13,425     |  
|Reports to unitholders                                                     |  |                                             | 5,182      |   |                                               |   | 10,068     |  
|Registration fees                                                          |  |                                             | 1,036      |   |                                               |   | 2,013      |  
|Other fees                                                                 |  |                                             | 3,832      |   |                                               |   | 7,445      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 200,896    |   |                                               |   | 384,897    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (200,896   | ) |                                               |   | (384,897   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | 155,329    |   |                                               |   | (37,756    | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (6,833,605 | ) |                                               |   | (2,983,481 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (6,678,276 | ) |                                               |   | (3,021,237 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (6,879,172 | ) |                                               | $ | (3,406,134 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



62



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (200,896   | ) |                                               | $ | (384,897   | )
|Net realized gain (loss)                                           |  |                                             | 155,329    |   |                                               |   | (37,756    | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | (6,833,605 | ) |                                               |   | (2,983,481 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (6,879,172 | ) |                                               |   | (3,406,134 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 8,476,407  |   |                                               |   | 18,613,266 |  
|Cost of units redeemed                                             |  |                                             | (4,095,283 | ) |                                               |   | (9,095,667 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,381,124  |   |                                               |   | 9,517,599  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (2,498,048 | ) |                                               |   | 6,111,465  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 85,634,528 |   |                                               |   | 77,025,015 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 83,136,480 |   |                                               | $ | 83,136,480 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 5,121,834  |   |                                               |   | 4,804,674  |  
|Issued                                                             |  |                                             | 508,078    |   |                                               |   | 1,131,177  |  
|Redeemed                                                           |  |                                             | (250,626   | ) |                                               |   | (556,565   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 5,379,286  |   |                                               |   | 5,379,286  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



63



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



64



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                             |  |               |           
|------------------------------------------------------------------------------------------------------------ |  | ------------- | ----------
|                                                                                                             |  | June 30, 2010
|Assets                                                                                                       |  |               |           
|Investments in affiliated funds, at value:                                                                   |  |               |           
|SSgA Target Retirement 2040 Securities Lending Series Fund Class I (cost $25,202,016 and units of 2,407,342) |  | $             | 26,603,535
|SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $24,636,136 and units of 2,116,967)        |  |               | 24,643,613
|Receivable for fund units sold                                                                               |  |               | 75,747    
|                                                                                                             |  |               |           
|Total assets                                                                                                 |  |               | 51,322,895
|                                                                                                             |  |               |           
|Liabilities                                                                                                  |  |               |           
|Payable for investments purchased                                                                            |  |               | 22,138    
|Payable for fund units redeemed                                                                              |  |               | 18,203    
|Retirement Date Fund management fee payable                                                                  |  |               | 4,332     
|INGprogram fee payable                                                                                      |  |               | 23,452    
|Trustee, management and administration fees payable                                                          |  |               | 4,373     
|ABA Retirement Fundsprogram fee payable                                                                     |  |               | 3,249     
|Payable for legal and audit services                                                                         |  |               | 6,054     
|Other accruals                                                                                               |  |               | 7,556     
|                                                                                                             |  |               |           
|Total liabilities                                                                                            |  |               | 89,357    
|                                                                                                             |  |               |           
|                                                                                                             | 
|Net Assets(equivalent to $16.93 per unit based on 3,025,346 units outstanding)                               |  | $             | 51,233,538
|                                                                                                             |  |               |           

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



65



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|INGprogram fee                                                            |  |                                             | 70,955     |   |                                               |   | 136,767    |  
|Trustee, management and administration fees                                |  |                                             | 13,393     |   |                                               |   | 26,016     |  
|Retirement Date Fund management fee                                        |  |                                             | 13,458     |   |                                               |   | 26,137     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 9,992      |   |                                               |   | 19,377     |  
|Legal and audit fees                                                       |  |                                             | 5,779      |   |                                               |   | 11,347     |  
|Compliance consultant fees                                                 |  |                                             | 4,266      |   |                                               |   | 8,377      |  
|Reports to unitholders                                                     |  |                                             | 3,200      |   |                                               |   | 6,283      |  
|Registration fees                                                          |  |                                             | 640        |   |                                               |   | 1,257      |  
|Other fees                                                                 |  |                                             | 2,366      |   |                                               |   | 4,646      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 124,049    |   |                                               |   | 240,207    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (124,049   | ) |                                               |   | (240,207   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | (58,522    | ) |                                               |   | (294,968   | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (4,982,580 | ) |                                               |   | (2,307,131 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (5,041,102 | ) |                                               |   | (2,602,099 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (5,165,151 | ) |                                               | $ | (2,842,306 | )
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



66



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (124,049   | ) |                                               | $ | (240,207   | )
|Net realized gain (loss)                                           |  |                                             | (58,522    | ) |                                               |   | (294,968   | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | (4,982,580 | ) |                                               |   | (2,307,131 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (5,165,151 | ) |                                               |   | (2,842,306 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,276,360  |   |                                               |   | 11,206,820 |  
|Cost of units redeemed                                             |  |                                             | (2,186,639 | ) |                                               |   | (6,744,472 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 3,089,721  |   |                                               |   | 4,462,348  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (2,075,430 | ) |                                               |   | 1,620,042  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 53,308,968 |   |                                               |   | 49,613,496 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 51,233,538 |   |                                               | $ | 51,233,538 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 2,859,653  |   |                                               |   | 2,782,633  |  
|Issued                                                             |  |                                             | 286,773    |   |                                               |   | 616,028    |  
|Redeemed                                                           |  |                                             | (121,080   | ) |                                               |   | (373,315   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 3,025,346  |   |                                               |   | 3,025,346  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



67



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



68



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                             |  |               |          
|------------------------------------------------------------------------------------------------------------ |  | ------------- | ---------
|                                                                                                             |  | June 30, 2010
|Assets                                                                                                       |  |               |          
|Investments in affiliated funds, at value:                                                                   |  |               |          
|State Street Bank and Trust Company Short Term Investment Fund (cost $534,857 and units of 534,857)          |  | $             | 534,857  
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $4,695,370 and units of 444,285)                  |  |               | 4,907,567
|SSgA Russell All
Cap® Index Non-Lending Series Fund Class A (cost $1,604,854 and units of 117,520)           |  |               | 1,546,211
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $853,175 and units of 43,800) |  |               | 891,460  
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $491,985 and units of 23,930)                |  |               | 529,680  
|SSgA International Index Non-Lending Series Fund Class A (cost $535,952 and units of 44,785)                 |  |               | 493,039  
|Receivable for investments sold                                                                              |  |               | 3,087    
|Receivable for fund units sold                                                                               |  |               | 17,962   
|Interest receivable                                                                                          |  |               | 108      
|                                                                                                             |  |               |          
|Total assets                                                                                                 |  |               | 8,923,971
|                                                                                                             |  |               |          
|Liabilities                                                                                                  |  |               |          
|Due to custodian                                                                                             |  |               | 3,087    
|Payable for investments purchased                                                                            |  |               | 7,290    
|Payable for fund units redeemed                                                                              |  |               | 4,615    
|Investment advisory fee payable                                                                              |  |               | 432      
|INGprogram fee payable                                                                                      |  |               | 3,894    
|Trustee, management and administration fees payable                                                          |  |               | 726      
|ABA Retirement Fundsprogram fee payable                                                                     |  |               | 539      
|Other accruals                                                                                               |  |               | 1,884    
|                                                                                                             |  |               |          
|Total liabilities                                                                                            |  |               | 22,467   
|                                                                                                             |  |               |          
|                                                                                                             | 
|Net Assets (equivalent to $14.62 per unit based on 608,838 units outstanding)                                |  | $             | 8,901,504
|                                                                                                             |  |               |          

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



69



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |          |   |                                               |   |         |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | --------------------------------------------- | - | ------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |          |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           | 311      |   |                                               | $ | 556     |  
|                                                                           |  |                                             |          |   |                                               |   |         |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |          |   |                                               |   |         |  
|INGprogram fee                                                            |  |                                             | 10,794   |   |                                               |   | 19,412  |  
|Trustee, management and administration fees                                |  |                                             | 2,037    |   |                                               |   | 3,688   |  
|Investment advisory fee                                                    |  |                                             | 1,226    |   |                                               |   | 2,221   |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 1,516    |   |                                               |   | 2,746   |  
|Legal and audit fees                                                       |  |                                             | 879      |   |                                               |   | 1,608   |  
|Compliance consultant fees                                                 |  |                                             | 649      |   |                                               |   | 1,187   |  
|Reports to unitholders                                                     |  |                                             | 487      |   |                                               |   | 891     |  
|Registration fees                                                          |  |                                             | 97       |   |                                               |   | 178     |  
|Other fees                                                                 |  |                                             | 361      |   |                                               |   | 659     |  
|                                                                           |  |                                             |          |   |                                               |   |         |  
|Total expenses                                                             |  |                                             | 18,046   |   |                                               |   | 32,590  |  
|                                                                           |  |                                             |          |   |                                               |   |         |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (17,735  | ) |                                               |   | (32,034 | )
|                                                                           |  |                                             |          |   |                                               |   |         |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |          |   |                                               |   |         |  
|Net realized gain (loss)                                                   |  |                                             | 60,768   |   |                                               |   | 173,701 |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (129,311 | ) |                                               |   | (51,303 | )
|                                                                           |  |                                             |          |   |                                               |   |         |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (68,543  | ) |                                               |   | 122,398 |  
|                                                                           |  |                                             |          |   |                                               |   |         |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (86,278  | ) |                                               | $ | 90,364  |  
|                                                                           |  |                                             |          |   |                                               |   |         |  

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



70



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |           |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |           |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (17,735   | ) |                                               | $ | (32,034    | )
|Net realized gain (loss)                                           |  |                                             | 60,768    |   |                                               |   | 173,701    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (129,311  | ) |                                               |   | (51,303    | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (86,278   | ) |                                               |   | 90,364     |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 2,529,109 |   |                                               |   | 5,030,762  |  
|Cost of units redeemed                                             |  |                                             | (757,489  | ) |                                               |   | (1,862,996 | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,771,620 |   |                                               |   | 3,167,766  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 1,685,342 |   |                                               |   | 3,258,130  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 7,216,162 |   |                                               |   | 5,643,374  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 8,901,504 |   |                                               | $ | 8,901,504  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 489,238   |   |                                               |   | 392,122    |  
|Issued                                                             |  |                                             | 170,775   |   |                                               |   | 343,485    |  
|Redeemed                                                           |  |                                             | (51,175   | ) |                                               |   | (126,769   | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 608,838   |   |                                               |   | 608,838    |  
|                                                                   |  |                                             |           |   |                                               |   |            |  

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



71



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                               |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | --------------------------------------------- | - | ----- | --
|                                                             |  | For the periodApril 1, 2010 toJune 30, 2010 |       |    | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income(a)                                        |  | $                                           | 0.00  |    |                                               | $ | 0.00  |   
|Expenses()                                                |  |                                             | (0.03 | )  |                                               |   | (0.06 | ) 
|                                                             |  |                                             |       |    |                                               |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.03 | )  |                                               |   | (0.06 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.10 | )  |                                               |   | 0.29  |   
|                                                             |  |                                             |       |    |                                               |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | (0.13 | )  |                                               |   | 0.23  |   
|Net asset value at beginning of period                       |  |                                             | 14.75 |    |                                               |   | 14.39 |   
|                                                             |  |                                             |       |    |                                               |   |       |   
|Net asset value at end of period                             |  | $                                           | 14.62 |    |                                               | $ | 14.62 |   
|                                                             |  |                                             |       |    |                                               |   |       |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                               |   |       |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.88  | %  |                                               |   | 0.88  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.87 | )% |                                               |   | (0.87 | )%
|Portfolio turnover**                                      |  |                                             | 8     | %  |                                               |   | 21    | % 
|Total return**                                               |  |                                             | (0.88 | )% |                                               |   | 1.60  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 8,902 |    |                                               | $ | 8,902 |   



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

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

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

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

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

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

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



72



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                               |  |               |           
|-------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                               |  | June 30, 2010
|Assets                                                                                                         |  |               |           
|Investments in affiliated funds, at value:                                                                     |  |               |           
|State Street Bank and Trust Company Short Term Investment Fund (cost $426,175 and units of 426,175)            |  | $             | 426,175   
|SSgA Russell All
Cap® Index Non-Lending Series Fund Class A (cost $8,029,176 and units of 594,425)             |  |               | 7,820,845 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $6,919,240 and units of 657,049)                    |  |               | 7,257,760 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $3,177,874 and units of 278,181)        |  |               | 2,996,561 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,136,335 and units of 57,428)                |  |               | 1,267,185 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $1,015,774 and units of
52,389) |  |               | 1,066,280 
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $447,522 and units of 56,516)       |  |               | 431,780   
|Receivable for investments sold                                                                                |  |               | 59,428    
|Receivable for fund units sold                                                                                 |  |               | 64,968    
|Interest receivable                                                                                            |  |               | 103       
|                                                                                                               |  |               |           
|Total assets                                                                                                   |  |               | 21,391,085
|                                                                                                               |  |               |           
|Liabilities                                                                                                    |  |               |           
|Due to custodian                                                                                               |  |               | 59,428    
|Payable for investments purchased                                                                              |  |               | 36,442    
|Payable for fund units redeemed                                                                                |  |               | 13,820    
|Investment advisory fee payable                                                                                |  |               | 1,051     
|INGprogram fee payable                                                                                        |  |               | 9,482     
|Trustee, management and administration fees payable                                                            |  |               | 1,768     
|ABA Retirement Fundsprogram fee payable                                                                       |  |               | 1,312     
|Other accruals                                                                                                 |  |               | 4,631     
|                                                                                                               |  |               |           
|Total liabilities                                                                                              |  |               | 127,934   
|                                                                                                               |  |               |           
|                                                                                                               | 
|Net Assets (equivalent to $16.11 per unit based on 1,320,083 units outstanding)                                |  | $             | 21,263,151
|                                                                                                               |  |               |           

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



73



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           | 286        |   |                                               | $ | 495      |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |          |  
|INGprogram fee                                                            |  |                                             | 27,080     |   |                                               |   | 47,679   |  
|Trustee, management and administration fees                                |  |                                             | 5,112      |   |                                               |   | 9,059    |  
|Investment advisory fee                                                    |  |                                             | 3,079      |   |                                               |   | 5,457    |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 3,810      |   |                                               |   | 6,748    |  
|Legal and audit fees                                                       |  |                                             | 2,206      |   |                                               |   | 3,950    |  
|Compliance consultant fees                                                 |  |                                             | 1,629      |   |                                               |   | 2,917    |  
|Reports to unitholders                                                     |  |                                             | 1,221      |   |                                               |   | 2,187    |  
|Registration fees                                                          |  |                                             | 244        |   |                                               |   | 437      |  
|Other fees                                                                 |  |                                             | 903        |   |                                               |   | 1,617    |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|Total expenses                                                             |  |                                             | 45,284     |   |                                               |   | 80,051   |  
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (44,998    | ) |                                               |   | (79,556  | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 102,883    |   |                                               |   | 295,200  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (1,207,447 | ) |                                               |   | (814,515 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (1,104,564 | ) |                                               |   | (519,315 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (1,149,562 | ) |                                               | $ | (598,871 | )
|                                                                           |  |                                             |            |   |                                               |   |          |  

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



74



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |            |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (44,998    | ) |                                               | $ | (79,556    | )
|Net realized gain (loss)                                           |  |                                             | 102,883    |   |                                               |   | 295,200    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (1,207,447 | ) |                                               |   | (814,515   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (1,149,562 | ) |                                               |   | (598,871   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,295,282  |   |                                               |   | 10,697,918 |  
|Cost of units redeemed                                             |  |                                             | (984,764   | ) |                                               |   | (2,417,388 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 4,310,518  |   |                                               |   | 8,280,530  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 3,160,956  |   |                                               |   | 7,681,659  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 18,102,195 |   |                                               |   | 13,581,492 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 21,263,151 |   |                                               | $ | 21,263,151 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 1,066,885  |   |                                               |   | 826,808    |  
|Issued                                                             |  |                                             | 312,054    |   |                                               |   | 638,681    |  
|Redeemed                                                           |  |                                             | (58,856    | ) |                                               |   | (145,406   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,320,083  |   |                                               |   | 1,320,083  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



75



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2010 toJune 30, 2010 |        |    | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Investment income(a)                                        |  | $                                           | 0.00   |    |                                               | $ | 0.00   |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.07  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | (0.83  | )  |                                               |   | (0.25  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | (0.86  | )  |                                               |   | (0.32  | ) 
|Net asset value at beginning of period                       |  |                                             | 16.97  |    |                                               |   | 16.43  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 16.11  |    |                                               | $ | 16.11  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.88   | %  |                                               |   | 0.88   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.88  | )% |                                               |   | (0.87  | )%
|Portfolio turnover**                                      |  |                                             | 5      | %  |                                               |   | 12     | % 
|Total return**                                               |  |                                             | (5.07  | )% |                                               |   | (1.95  | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 21,263 |    |                                               | $ | 21,263 |   



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

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

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

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

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

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

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



76



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American Bar Association Members/ Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                         |  |               |          
|-------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                         |  | June 30, 2010
|Assets                                                                                                   |  |               |          
|Investments in affiliated funds, at value:                                                               |  |               |          
|SSgA Russell All
Cap® Index Non-Lending Series Fund Class A (cost $4,051,903 and units of 289,707)       |  | $             | 3,811,674
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $1,685,041 and units of 143,337)  |  |               | 1,544,028
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $943,337 and units of 88,711)                 |  |               | 979,901  
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $400,136 and units of 18,770)            |  |               | 415,464  
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $224,630 and units of 27,811) |  |               | 212,476  
|Receivable for investments sold                                                                          |  |               | 39,377   
|Receivable for fund units sold                                                                           |  |               | 6,168    
|                                                                                                         |  |               |          
|Total assets                                                                                             |  |               | 7,009,088
|                                                                                                         |  |               |          
|Liabilities                                                                                              |  |               |          
|Payable for fund units redeemed                                                                          |  |               | 40,981   
|Investment advisory fee payable                                                                          |  |               | 352      
|INGprogram fee payable                                                                                  |  |               | 3,179    
|Trustee, management and administration fees payable                                                      |  |               | 593      
|ABA Retirement Fundsprogram fee payable                                                                 |  |               | 441      
|Other accruals                                                                                           |  |               | 1,485    
|                                                                                                         |  |               |          
|Total liabilities                                                                                        |  |               | 47,031   
|                                                                                                         |  |               |          
|                                                                                                         | 
|Net Assets(equivalent to $17.63 per unit based on 394,991 units outstanding)                             |  | $             | 6,962,057
|                                                                                                         |  |               |          

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



77



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American Bar Association Members/ Northern Trust Collective
Trust

Aggressive Risk Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |          |   |                                                |   |          |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | -------- | - | ---------------------------------------------- | - | -------- | -
|                                                                           |  | For the periodApril 1, 2010 toJune 30, 2010 |          |   | For the periodJanuary 
1, 2010 toJune 30, 2010 |  
|Investment income                                                          |  | $                                           |         |   |                                                | $ |         |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |          |   |                                                |   |          |  
|INGprogram fee                                                            |  |                                             | 8,880    |   |                                                |   | 15,293   |  
|Trustee, management and administration fees                                |  |                                             | 1,676    |   |                                                |   | 2,907    |  
|Investment advisory fee                                                    |  |                                             | 1,009    |   |                                                |   | 1,751    |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 1,248    |   |                                                |   | 2,165    |  
|Legal and audit fees                                                       |  |                                             | 723      |   |                                                |   | 1,269    |  
|Compliance consultant fees                                                 |  |                                             | 534      |   |                                                |   | 937      |  
|Reports to unitholders                                                     |  |                                             | 401      |   |                                                |   | 703      |  
|Registration fees                                                          |  |                                             | 80       |   |                                                |   | 140      |  
|Other fees                                                                 |  |                                             | 296      |   |                                                |   | 520      |  
|                                                                           |  |                                             |          |   |                                                |   |          |  
|Total expenses                                                             |  |                                             | 14,847   |   |                                                |   | 25,685   |  
|                                                                           |  |                                             |          |   |                                                |   |          |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (14,847  | ) |                                                |   | (25,685  | )
|                                                                           |  |                                             |          |   |                                                |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |          |   |                                                |   |          |  
|Net realized gain (loss)                                                   |  |                                             | 67,582   |   |                                                |   | 183,638  |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | (745,648 | ) |                                                |   | (646,700 | )
|                                                                           |  |                                             |          |   |                                                |   |          |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | (678,066 | ) |                                                |   | (463,062 | )
|                                                                           |  |                                             |          |   |                                                |   |          |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | (692,913 | ) |                                                | $ | (488,747 | )
|                                                                           |  |                                             |          |   |                                                |   |          |  

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



78



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American Bar Association Members/ Northern Trust Collective
Trust

Aggressive Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |           |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |           |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (14,847   | ) |                                               | $ | (25,685    | )
|Net realized gain (loss)                                           |  |                                             | 67,582    |   |                                               |   | 183,638    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (745,648  | ) |                                               |   | (646,700   | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (692,913  | ) |                                               |   | (488,747   | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 2,560,857 |   |                                               |   | 5,004,794  |  
|Cost of units redeemed                                             |  |                                             | (753,650  | ) |                                               |   | (1,765,673 | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,807,207 |   |                                               |   | 3,239,121  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 1,114,294 |   |                                               |   | 2,750,374  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 5,847,763 |   |                                               |   | 4,211,683  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 6,962,057 |   |                                               | $ | 6,962,057  |  
|                                                                   |  |                                             |           |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 301,806   |   |                                               |   | 226,145    |  
|Issued                                                             |  |                                             | 132,877   |   |                                               |   | 262,698    |  
|Redeemed                                                           |  |                                             | (39,692   | ) |                                               |   | (93,852    | )
|                                                                   |  |                                             |           |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 394,991   |   |                                               |   | 394,991    |  
|                                                                   |  |                                             |           |   |                                               |   |            |  

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



79



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American Bar Association Members/ Northern Trust Collective
Trust

Aggressive Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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

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

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

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



80



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American Bar Association Members/ Northern Trust Collective
Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |               |             |    
|------------------------------------------------------------------------------------------ |  | ------------- | ----------- | ---
|                                                                                           |  | June 30, 2010 |            
|Assets                                                                                     |  |               |             |    
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |               |             |    
|Bond Core Plus Fund (cost $78,939,686 and units of 4,034,111)                              |  | $             | 101,984,095 | (a)
|Large Cap Equity Fund (cost $135,321,242 and units of 13,419,938)                          |  |               | 151,210,642 | (a)
|Receivable for investments sold                                                            |  |               | 95,904      |    
|Receivable for fund units sold                                                             |  |               | 6,048       |    
|                                                                                           |  |               |             |    
|Total assets                                                                               |  |               | 253,296,689 |    
|                                                                                           |  |               |             |    
|                                                                                           | 
|Liabilities                                                                                |  |               |             |    
|Payable for fund units redeemed                                                            |  |               | 101,952     |    
|                                                                                           |  |               |             |    
|Total liabilities                                                                          |  |               | 101,952     |    
|                                                                                           |  |               |             |    
|Net Assets(equivalent to $80.82 per unit based on 3,132,690 units outstanding)             |  | $             | 253,194,737 |    
|                                                                                           |  |               |             |    



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

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



81



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American Bar Association Members/ Northern Trust Collective
Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|Net investment income (loss)                                    |  | $                                           |            |   |                                               | $ |            |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Bond Core Plus Fund                                             |  |                                             | 3,597,975   |   |                                               |   | 5,362,926   |  
|Large-Cap Equity Fund                                           |  |                                             | 1,136,429   |   |                                               |   | 3,602,395   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | 4,734,404   |   |                                               |   | 8,965,321   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | (20,773,582 | ) |                                               |   | (14,252,056 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | (16,039,178 | ) |                                               |   | (5,286,735  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | (16,039,178 | ) |                                               | $ | (5,286,735  | )
|                                                                |  |                                             |             |   |                                               |   |             |  

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



82



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective
Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2010 toJune 30, 2010 |             |   | For the periodJanuary 1, 2010 toJune 30, 2010 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           |            |   |                                               | $ |            |  
|Net realized gain (loss)                                           |  |                                             | 4,734,404   |   |                                               |   | 8,965,321   |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | (20,773,582 | ) |                                               |   | (14,252,056 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | (16,039,178 | ) |                                               |   | (5,286,735  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 218,104     |   |                                               |   | 228,650     |  
|Cost of units redeemed                                             |  |                                             | (9,545,017  | ) |                                               |   | (26,550,051 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (9,326,913  | ) |                                               |   | (26,321,401 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (25,366,091 | ) |                                               |   | (31,608,136 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 278,560,828 |   |                                               |   | 284,802,873 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 253,194,737 |   |                                               | $ | 253,194,737 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 3,241,852   |   |                                               |   | 3,443,359   |  
|Issued                                                             |  |                                             | 2,571       |   |                                               |   | 2,722       |  
|Redeemed                                                           |  |                                             | (111,733    | ) |                                               |   | (313,391    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 3,132,690   |   |                                               |   | 3,132,690   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



83



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##### Table of Contents

American Bar Association Members/ Northern Trust Collective
Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



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



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

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

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



84



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements

(Unaudited)

1.
Description of the Trust

The American Bar Association Members/Northern Trust Collective Trust (formerly known as the
American Bar Association Members/State Street Collective Trust, referred to herein as the 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. From December 1, 2004 and through June 30, 2010, State Street Bank and Trust Company of New Hampshire (State Street or the
Trustee) acted as trustee of the Collective Trust. Effective July 1, 2010, Northern Trust Investments, N.A. (Northern Trust Investments) was substituted for State Street as trustee of the Collective Trust. In connection
therewith, the name of the Collective Trust was changed from American Bar Association Members/State Street Collective Trust to American Bar Association Members/Northern Trust Collective Trust. From and after July 1,
2010, Northern Trust Investments, as trustee of the Collective Trust, has exclusive discretion and control over the assets of the Collective Trust, and State Street is no longer responsible for administering the investment options offered by the
Collective Trust, other than for securities lending purposes as described in these Notes. Please see Note 9 for additional information regarding this subsequent event relating to the change in trustee. The following notes refer to the period through
June 30, 2010, during which State Street acted as trustee, and are stated as of such date.

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

Managed Funds

Stable Asset Return Fund(SARF)current income consistent with preserving principal and
maintaining liquidity. As of June 30, 2010, SARF invested all of its assets in the State Street Global Advisors (SSgA) Stable Asset Fund Trust (SAFT), a separate State Street Bank and Trust Company (State Street
Bank) collective investment fund which invests in investment contracts (Traditional Investment Contracts), Synthetic Investment Contracts, which represent individual high quality fixed income and asset backed securities
subject to benefit responsive wrap contracts issued by financial institutions (Benefit Responsive Providers), and collective investment funds maintained by State Street Bank that invest in high quality fixed income and asset backed
securities. SAFT also invests a portion of its assets in the State Street Bank Short Term Investment Fund (STIF), a short-term income collective investment fund maintained by State Street Bank in order to maintain liquidity for SAFT (a
so-called cash buffer, the Cash Buffer). The Stable Asset Return Fund is the only investor in SAFT, while retirement plans other than those adopted under the Program also invest in STIF. The annual financial statements of STIF and SAFT
are available upon request. Please see Note 9 for additional information regarding certain anticipated changes with respect to the Stable Asset Return Fund and SAFT.

Bond Core Plus Fund (formerly 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 total return from current income and capital appreciation.

Large Cap Equity Fundlong term growth of capital and some dividend income through
investment in common stocks and equity-type securities of large-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion. Invests in common stocks and SSgA Russell Large
Cap® Index Non-Lending Series Fund Class A and the SSgA Russell
Large-Cap® Index Securities Lending Series Fund Class I, each of which is a separate collective investment fund
maintained by State Street Bank that invests in securities contained in the Russell 1000® Index. As of
June 30, 2010, 2.9% of the Funds net assets were invested in the SSgA Russell Large Cap® Index
Non-Lending Series



85



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##### Table of Contents

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



Fund Class A and 6.5% of the Funds net assets were invested in the SSgA Russell
Large-Cap® Index Securities Lending Series Fund Class I. These underlying funds annual financial
statements are available upon request.

Small-Mid Cap Equity Fundlong term
growth of capital through investment in common stocks and equity-type securities of U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion. Invests in common stocks and the SSgA Russell Small
Cap® Index Securities Lending Series Fund Class I and the SSgA S&P
MidCap® Index Non-Lending Series Fund Class A, each of which is a separate collective investment fund
maintained by State Street Bank that invests in securities contained in the Russell 2000® Index and the S&P
400®, respectively. As of June 30, 2010, less than 0.1% of the Funds net assets were invested in the
SSgA Russell Small Cap® Index Securities Lending Series Fund Class I and 1.1% of the Funds net assets were
invested in the SSgA S&P MidCap® Index Non-Lending Series Fund Class A. These underlying funds annual
financial statements are available upon request.

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

Index Funds

Bond Index Fundreplication of the total return, after taking into account Fund expenses, of the U.S.
investment-grade bond market represented by the Barclays Capital U.S. Aggregate Bond Index. As of June 30, 2010, 100% of the Funds net assets were invested indirectly through the SSgA U.S. Bond Index Non-Lending Series Fund Class A,
which is a collective investment fund maintained by State Street Bank that invests in securities in the Barclays Capital U.S. Aggregate Bond Index. This underlying funds annual financial statements are available upon request.

Large Cap Index Equity Fundreplication of the total return, after taking into account
Fund expenses, of the S&P 500®. As of June 30, 2010, 100% of the Funds assets were invested
indirectly through the SSgA S&P 500® Index Non-Lending Series Fund Class A, which is a collective
investment fund maintained by State Street Bank that invests in securities in the S&P 500®. This underlying
funds annual financial statements are available upon request.

All Cap Index
Equity Fund (formerly Index Equity Fund)replication of the total return, after taking into account Fund expenses, of the Russell
3000® Index. As of June 30, 2010, 50.9% of the Funds net assets in aggregate were invested in the
SSgA Russell All Cap® Index Securities Lending Series Fund Class I and 49.1% of the Funds net assets in
aggregate were invested in the SSgA Russell All Cap® Index Non-Lending Series Fund Class A, each of which
is a separate collective investment fund maintained by State Street Bank that invests in securities contained in the Russell
3000® Index. These underlying funds annual financial statements are available upon request.

Mid Cap Index Equity Fundreplication of the total return, after taking into account Fund
expenses, of the S&P MidCap 400®. As of June 30, 2010, 100% of the Funds net assets were invested
indirectly through the SSgA S&P MidCap® Index Non-Lending Series Fund Class A, which is a collective
investment fund maintained by State Street Bank that invests in securities contained in the S&P MidCap 400®.
This underlying funds annual financial statements are available upon request.

Small Cap Index Equity Fundreplication of the total return, after taking into account
Fund expenses, of the Russell 2000® Index. As of June 30, 2010, 100% of the Funds net assets were
invested indirectly through the SSgA Russell Small Cap® Index Non-Lending Series Fund Class A, which is a
collective investment fund maintained by State Street Bank that invests in securities in the Russell 2000®
Index. This underlying funds annual financial statements are available upon request.

International
Index Equity Fundreplication of the total return, after taking into account Fund expenses, of the Morgan Stanley Capital International All-Country World Ex-U.S. (MSCI ACWI ex-US) Index. As of June 30, 2010, 100% of the
Funds net assets were invested indirectly through the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State Street Bank that invests in securities in the MSCI ACWI
ex-US Index. This underlying funds annual financial statements are available upon request.



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Real Asset Return Fund

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

Retirement Date Funds

Retirement Date Funds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, offer five separate target retirement date strategies. With the exception of the Lifetime Income Retirement Date Fund, which is designed for those currently beyond their retirement date, each Retirement Date Funds
asset mix will, over time, become progressively more conservative as the specified date to most conservative asset mix draws nearer.

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

Lifetime
Income Retirement Date Fundinvests in the SSgA Target Retirement Income Securities Lending Series Fund Class I and the SSgA Target Retirement Income Non-Lending Series Fund Class A. As of June 30, 2010, 52.0% of the Funds net
assets were invested in the Lending Series Fund and 48.0% were invested in the Non-Lending Series Fund.

2010 Retirement
Date Fundinvests in the SSgA Target Retirement 2010 Securities Lending Series Fund Class I and the SSgA Target Retirement 2010 Non-Lending Series Fund Class A. As of June 30, 2010, 55.2% of the Funds net assets were invested in
the Lending Series Fund and 44.8% were invested in the Non-Lending Series Fund.

2020 Retirement Date Fundinvests
in the SSgA Target Retirement 2020 Securities Lending Series Fund Class I and the SSgA Target Retirement 2020 Non-Lending Series Fund Class A. As of June 30, 2010, 55.5% of the Funds net assets were invested in the Lending Series Fund and
44.5% were invested in the Non-Lending Series Fund.

2030 Retirement Date Fundinvests in the SSgA Target
Retirement 2030 Securities Lending Series Fund Class I and the SSgA Target Retirement 2030 Non-Lending Series Fund Class A. As of June 30, 2010, 54.1% of the Funds net assets were invested in the Lending Series Fund and 45.9% were
invested in the Non-Lending Series Fund.

2040 Retirement Date Fundinvests in the SSgA Target Retirement 2040
Securities Lending Series Fund Class I and the SSgA Target Retirement 2040 Non-Lending Series Fund Class A. As of June 30, 2010, 51.9% of the Funds net assets were invested in the Lending Series Fund and 48.1% were invested in the
Non-Lending Series Fund.

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

Target Risk Funds

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



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

The Moderate Risk Fundinvests in a combination of U.S. stocks,
non-U.S. stocks, bonds, commodities and cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA Global Equity ex U.S. Index Non-Lending Series
Fund Class A, SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap Index
Non-Lending Series Fund Class A, SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A and SSgA Short Term Investment Fund. The Moderate Risk Fund is designed for investors who seek a combination of capital appreciation and
income. This Fund is expected to have higher volatility of returns than the Conservative Risk Fund but lower volatility than the Aggressive Risk Fund.

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

Balanced Fund

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other
equity-type securities and debt securities. As of June 30, 2010, 40.3% and 59.7% of the Funds net assets were invested in the Bond Core Plus Fund and Large Cap Equity Fund, respectively. The Fund ceased offering its units on July 2,
2009.

All the Funds and the Balanced Fund may invest in STIF. The annual financial statements of STIF are available upon
request.

Through June 30, 2010, Funds in the Trust that participate directly in securities lending and the Balanced Fund
may have had cash collateral invested in the State Street Quality D Short-Term Investment Fund (Quality D). State Street Bank serves as the trustee for Quality D. For purposes of daily admissions and redemptions, the short-term portfolio
instruments in Quality D are currently valued on the basis of amortized cost, as provided for in the Declaration of Trust of Quality D. Participant units in Quality D are issued and redeemed on each business day (valuation date).
Participant units in Quality D, were, through June 30, 2010, purchased and redeemed at a constant net asset value of $1.00 per unit for normal course transactions, such as new loans and returns of borrowed securities and adjustments upon the
mark to market of securities on loan. In the event that a significant disparity develops between the constant net asset value and the market-based net asset value of Quality D (or the successor cash collateral fund referred to below), the trustee
thereof may in its discretion determine that special circumstances exist and continued redemption at a constant $1.00 net asset value would create inequitable results for the unitholders. In these circumstances, the trustee, in its sole
discretion and acting in a manner it deems appropriate and fair on behalf of all of the unitholders, may direct that units be redeemed for all transactions or certain transactions at the market-based net asset value, engage in in-kind redemptions,
or take other action to avoid inequitable results to unitholders until such time as the disparity between the market-based and the constant net asset value per unit is deemed to be immaterial.



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The trustee for Quality D has informed the Trust that a disparity between the constant
or amortized cost net asset value and the net asset value based on fair market value has existed during the six-month period ended June 30, 2010 and is primarily attributable to unrealized losses on longer duration instruments stemming from a
lack of liquidity in the secondary market for such instruments. The trustee of Quality D has informed the collective Trust that none of the securities in the cash collateral Funds were in default at June 30, 2010. The trustee for Quality D has
applied withdrawal safeguards. In order to maintain long-term value for all unitholders in Quality D, any unitholder in Quality D, including the Funds and the Balanced Fund, that expressly or otherwise effectively terminates its participation in the
securities lending program would, on redemption, receive an in-kind pro rata share of the securities held by Quality D. In addition, in light of State Streets agreement to continue to act as securities lending agent for the Dedicated Cash
Collateral Fund, State Street required the Trust to redeem the Trusts ownership interests in Quality D by means of an in-kind redemption of all units held by the Trust. The trustee of Quality D continues, however, to transact normal daily
activity, such as new loans, loan returns, plan participant-directed transactions and daily marks to market, at $1.00 per unit. The financial statements of Quality D are available upon request. Effective July 1, 2010 and thereafter, the Funds
that directly engage in securities lending were no longer invested in Quality D, as the cash collateral received by the Funds that directly engage in securities lending was reinvested in a newly formed cash collateral fund managed by State Street
Bank as securities lending agent and dedicated solely to the Funds that directly engage in securities lending (the Dedicated Cash Collateral Fund). Please see Note 9 for additional information regarding this subsequent event relating to
the formation of the Dedicated Cash Collateral Fund.

Certain State Street Bank collective investment funds in which the Funds
and the Balanced Fund invest may participate in securities lending and may invest their cash collateral in Series Quality Trust for SSgA Funds Trust Fund (Quality Trust), a fund that operates in a manner similar to Quality D and the
Dedicated Cash Collateral Fund (collectively with Quality D and the Dedicated Cash Collateral Fund, the Cash Collateral Funds). This fund also has experienced a discrepancy between constant asset values and net asset values based on fair
market values of these securities for the same reasons as described above, and also has imposed withdrawal safeguards for participants terminating participation in the securities lending program, although the trustee of Quality Trust permits limited
monthly withdrawals by investors in Quality Trust. The financial statements of Quality Trust are available upon request. On June 30, 2010, a voluntary cash contribution was made by State Street Corporation to Quality Trust to establish a fair
market net asset value per unit of Quality Trust of approximately $1.00. Please see Note 9 for information regarding the expected removal of the limitations on monthly withdrawals by investors in Quality Trust in August 2010 as a result of this
voluntary cash contribution.

Although the level of redemptions in connection with plan activity is being monitored by the
Trustee, as to the Funds and the Balanced Fund, and State Street Bank, as to the Cash Collateral Funds, no plan withdrawal decisions initiated by a plan sponsor have been limited by the Funds or the Balanced Fund through June 30, 2010. If the
level of redemption activity, either through participant activity or plan activity, were to materially increase in the future, the Trustee, as to the Funds and the Balanced Fund, and State Street Bank, as to the Cash Collateral Funds, retain the
right to impose limitations on such activity. Please see Note 9 for information regarding subsequent events relating to the limitations on monthly withdrawals by investors in Quality Trust.

The Cash Collateral Funds per unit net asset values, and the net asset value of the Funds and the Balanced Fund investing directly
or indirectly in Cash Collateral Funds, reflected in their financial statements are based on United States generally accepted accounting principles (GAAP) at fair value and differ from the per unit net asset values calculated for purpose
of transactions experienced by participants in their accounts. The difference is driven by the GAAP valuation of the Cash Collateral Funds (See Note 6). Such difference in valuation as of June 30, 2010 has narrowed from the difference in
valuation as of December 31, 2008 and December 31, 2009, reflecting higher GAAP valuations of the Cash Collateral Funds on June 30, 2010.

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

As of June 30, 2010, State Street offered and
administered 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 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.



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(Unaudited)



State Street delegated to State Street Bank the responsibility to provide certain
services to the Collective Trust on behalf of State Street. In addition, through June 30, 2010, State Street Bank was the primary custodian and, based on instructions from ING Institutional Plan Services, LLC, a Delaware limited liability
company (ING Services), as discussed below, effected investment and transfer transactions and distributed all benefits provided by the plans to the participants or, in the case of some individually designed plans, to the respective
trustees of such plans. ING Services or an affiliate thereof provides recordkeeping, communication, marketing and administration services to the Program. ING Services is responsible for the maintenance of individual account records or accrued
benefit information for participants whose employers choose to have the Programs administrator maintain those account records. ING Services also provides certain account and investment information to employers and participants, manages the
receipt of all plan contributions, forwards investment and transaction instructions to the appropriate parties and forwards instructions relating to distribution of benefits provided by the plans. Please see Note 9 for additional information
regarding this subsequent event relating to the change in trustee.

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 GAAP.

A. Security Valuation

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

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

When State Street Bank determines that the closing market price on
the primary exchange where the security is traded is not readily available or no longer accurately reflects the value of the security at the time of calculation of the Funds or Balanced Funds net asset value, 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, management considers all factors it deems appropriate, including, if relevant, external factors such as general market
developments and news events.

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

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



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(Unaudited)



Other fixed income securities may be priced using a pricing matrix to determine the
value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income
securities. To the extent that a Fund or the Balanced Fund invests in the shares of bank collective trust funds or of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their
net asset values per share as reported by the funds.

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

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

Futures contracts are valued at the last settlement price at the end of each day on
the board of trade or exchange upon which they are traded.

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

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

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



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



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



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

A Fund or the Balanced Fund may record changes to valuations based on the amount that might reasonably be
expected to be received for a security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.
Examples of such factors may include, but are not limited to, the type of the security, the existence of any contractual restrictions on the securitys disposition, the price of comparable securities, quotations or evaluated prices from
broker-dealers and/ or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that
influence the issuer and the market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and movement of the market in which the security is normally
traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value realized upon sale.



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Notes to Financial StatementsContinued

(Unaudited)



For Level 2 investments, all applicable Funds value their direct and indirect
investments in Cash Collateral Funds at their fair values, and have recognized unrealized losses. However, the Funds have continued to value their investments in the Cash Collateral Funds for purposes of participant transactions at the amortized
cost based values used by the Cash Collateral Funds for daily transactions.

There have been no significant transfers in and
out of Level 1 and Level 2 fair value measurements for any of the funds at the period ended June 30, 2010 from the previous period.

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



|                                       |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  
|-------------------------------------- |  | ------- | --------- | - | ------- | - | ----------- | ------- |  | ----- | - |  | - | ----------- | -
|Bond Core Plus Fund                    |  | Level 1 |           |   | Level 2 |   |             | Level 3 |  | Total |  
|Assets                                 |  |         |           |   |         |   |             |         |  |       |   | 
|Fixed Income                           |  |         |           |   |         |   |             |         |  |       |   | 
|U.S. Corporate Asset-Backed Securities |  | $       |          |   |         | $ | 2,836,848   |         |  | $     |  |  | $ | 2,836,848   |  
|U.S. Government & Agency Obligations   |  |         |          |   |         |   | 218,325,734 |         |  |       |  |  |   | 218,325,734 |  
|Foreign Government Obligations         |  |         |          |   |         |   | 655,704     |         |  |       |  |  |   | 655,704     |  
|Municipals                             |  |         |          |   |         |   | 10,446,683  |         |  |       |  |  |   | 10,446,683  |  
|Corporate Bonds                        |  |         |          |   |         |   | 76,082,500  |         |  |       |  |  |   | 76,082,500  |  
|Bank Loans                             |  |         |          |   |         |   | 6,137,470   |         |  |       |  |  |   | 6,137,470   |  
|Convertible Preferred Stock            |  |         | 1,396,500 |   |         |   |            |         |  |       |  |  |   | 1,396,500   |  
|Short-Term Investments                 |  |         |          |   |         |   | 78,064,209  |         |  |       |  |  |   | 78,064,209  |  
|Derivatives*                           |  |         | 2,045,399 |   |         |   | 496,968     |         |  |       |  |  |   | 2,542,367   |  
|                                       |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  
|Total                                  |  | $       | 3,441,899 |   |         | $ | 393,046,116 |         |  | $     |  |  | $ | 396,488,015 |  
|                                       |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  
|                                       |  |         |           |  
|Liabilities                            |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  
|Derivatives*                           |  | $       | (179,423  | ) |         | $ | (204,800    | )       |  |       |  |  | $ | (384,223    | )
|                                       |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  
|Total                                  |  | $       | (179,423  | ) |         | $ | (204,800    | )       |  | $     |  |  | $ | (384,223    | )
|                                       |  |         |           |   |         |   |             |         |  |       |   |  |   |             |  



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

Financial instruments that trade in markets that are not considered to be active but are valued with
standard inputs, such as listed in approximate order of priority for use when available, include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data
including market research publications. Evaluators may prioritize inputs differently on any given day for any security, and not all inputs listed are available for use in the evaluation process on any given day for each security evaluation. The
financial instruments classified within Level 2 include U.S. Corporate Asset-Backed Securities, U.S. Government & Agency Obligations, Foreign Government Obligations, Municipals, Corporate Bonds, and Bank Loans.

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



|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|-------------------------------------------- |  | ------- | ----------- | ------- | - | ----------- |  | ----- | - |  | - | -----------
|Large Cap Equity Fund                        |  | Level 1 |             | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |             |         |   |             |  |       |  
|Common Stock and/or Other Equity Investments |  |         |             |         |   |             |  |       |  
|Basic Materials                              |  | $       | 18,128,996  |         | $ |            |  | $     |  |  | $ | 18,128,996 
|Communications                               |  |         | 69,505,542  |         |   |            |  |       |  |  |   | 69,505,542 
|Consumer, Cyclical                           |  |         | 67,948,134  |         |   |            |  |       |  |  |   | 67,948,134 
|Consumer, Non-Cyclical                       |  |         | 166,585,159 |         |   |            |  |       |  |  |   | 166,585,159
|Energy                                       |  |         | 66,887,925  |         |   |            |  |       |  |  |   | 66,887,925 
|Financial                                    |  |         | 65,473,783  |         |   |            |  |       |  |  |   | 65,473,783 
|Industrial                                   |  |         | 64,028,906  |         |   |            |  |       |  |  |   | 64,028,906 
|Technology                                   |  |         | 84,909,757  |         |   |            |  |       |  |  |   | 84,909,757 
|Utilities                                    |  |         | 21,308,881  |         |   |            |  |       |  |  |   | 21,308,881 
|Collective Investment Funds                  |  |         |            |         |   | 66,218,892  |  |       |  |  |   | 66,218,892 
|Short-Term Investments                       |  |         |            |         |   | 98,267,104  |  |       |  |  |   | 98,267,104 
|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|Total                                        |  | $       | 624,777,083 |         | $ | 164,485,996 |  | $     |  |  | $ | 789,263,079
|                                             |  |         |             |         |   |             |  |       |   |  |   |            



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(Unaudited)



|                                             |  |         |            |         |   |             |  |       |   |  |   |            
|-------------------------------------------- |  | ------- | ---------- | ------- | - | ----------- |  | ----- | - |  | - | -----------
|International All Cap Equity Fund            |  | Level 1 |            | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |            |         |   |             |  |       |   |  |   |            
|Common Stock and/or Other Equity Investments |  |         |            |         |   |             |  |       |  
|Australia                                    |  | $       |           |         | $ | 4,376,193   |  | $     |  |  | $ | 4,376,193  
|Austria                                      |  |         |           |         |   | 638,314     |  |       |  |  |   | 638,314    
|Belgium                                      |  |         |           |         |   | 1,592,312   |  |       |  |  |   | 1,592,312  
|Brazil                                       |  |         |           |         |   | 2,257,731   |  |       |  |  |   | 2,257,731  
|Canada                                       |  |         | 4,861,094  |         |   |            |  |       |  |  |   | 4,861,094  
|China                                        |  |         | 204,230    |         |   | 1,569,276   |  |       |  |  |   | 1,773,506  
|Czech Republic                               |  |         |           |         |   | 499,954     |  |       |  |  |   | 499,954    
|Finland                                      |  |         |           |         |   | 959,633     |  |       |  |  |   | 959,633    
|France                                       |  |         |           |         |   | 9,404,684   |  |       |  |  |   | 9,404,684  
|Germany                                      |  |         |           |         |   | 8,556,797   |  |       |  |  |   | 8,556,797  
|Greece                                       |  |         |           |         |   | 1,005,710   |  |       |  |  |   | 1,005,710  
|Hong Kong                                    |  |         | 510,510    |         |   | 3,126,711   |  |       |  |  |   | 3,637,221  
|Ireland                                      |  |         | 1,137,084  |         |   | 538,658     |  |       |  |  |   | 1,675,742  
|Israel                                       |  |         | 1,292,927  |         |   | 312,233     |  |       |  |  |   | 1,605,160  
|Italy                                        |  |         |           |         |   | 2,128,954   |  |       |  |  |   | 2,128,954  
|Japan                                        |  |         |           |         |   | 24,399,551  |  |       |  |  |   | 24,399,551 
|Korea, Republic of                           |  |         |           |         |   | 3,467,571   |  |       |  |  |   | 3,467,571  
|Luxembourg                                   |  |         | 388,020    |         |   | 349,431     |  |       |  |  |   | 737,451    
|Malaysia                                     |  |         |           |         |   | 685,099     |  |       |  |  |   | 685,099    
|Mexico                                       |  |         | 571,048    |         |   |            |  |       |  |  |   | 571,048    
|Netherlands                                  |  |         |           |         |   | 4,166,436   |  |       |  |  |   | 4,166,436  
|Norway                                       |  |         |           |         |   | 1,197,372   |  |       |  |  |   | 1,197,372  
|Papua New Guinea                             |  |         |           |         |   | 915,940     |  |       |  |  |   | 915,940    
|Philippines                                  |  |         | 474,735    |         |   |            |  |       |  |  |   | 474,735    
|Poland                                       |  |         |           |         |   | 474,369     |  |       |  |  |   | 474,369    
|Portugal                                     |  |         |           |         |   | 253,440     |  |       |  |  |   | 253,440    
|Singapore                                    |  |         |           |         |   | 2,734,875   |  |       |  |  |   | 2,734,875  
|South Africa                                 |  |         |           |         |   | 4,217,424   |  |       |  |  |   | 4,217,424  
|Spain                                        |  |         |           |         |   | 1,922,768   |  |       |  |  |   | 1,922,768  
|Sweden                                       |  |         |           |         |   | 1,282,953   |  |       |  |  |   | 1,282,953  
|Switzerland                                  |  |         | 1,176,257  |         |   | 9,457,235   |  |       |  |  |   | 10,633,492 
|Taiwan                                       |  |         | 1,422,616  |         |   | 1,865,588   |  |       |  |  |   | 3,288,204  
|Thailand                                     |  |         |           |         |   | 1,786,180   |  |       |  |  |   | 1,786,180  
|Turkey                                       |  |         |           |         |   | 802,091     |  |       |  |  |   | 802,091    
|United Kingdom                               |  |         | 2,075,067  |         |   | 16,875,019  |  |       |  |  |   | 18,950,086 
|United States                                |  |         | 1,425,374  |         |   |            |  |       |  |  |   | 1,425,374  
|Collective Investment Funds                  |  |         |           |         |   | 5,309,589   |  |       |  |  |   | 5,309,589  
|Short-Term Investments                       |  |         |           |         |   | 15,571,553  |  |       |  |  |   | 15,571,553 
|                                             |  |         |            |         |   |             |  |       |   |  |   |            
|Total                                        |  | $       | 15,538,962 |         | $ | 134,701,644 |  | $     |  |  | $ | 150,240,606
|                                             |  |         |            |         |   |             |  |       |   |  |   |            

Level 2 consists of non-U.S. equities are based on
prices received from all primary and secondary exchanges; however, if a significant event has occurred after the closing of the foreign exchange or market on which such securities trade, a valuation adjustment may be appropriate. Specifically, under
appropriate circumstances, the Trustee will utilize a fair value model for the International All Cap Equity Fund to make fair value adjustments to the prices of non-U.S. securities based on movements in the U.S. markets after the close of foreign
markets.



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|                                             |  |         |             |         |   |             |  |       |        |  |   |            
|-------------------------------------------- |  | ------- | ----------- | ------- | - | ----------- |  | ----- | ------ |  | - | -----------
|Small-Mid Cap Equity Fund                    |  | Level 1 |             | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |             |         |   |             |  |       |       
|Common Stock and/or Other Equity Investments |  |         |             |         |   |             |  |       |       
|Basic Materials                              |  | $       | 10,868,221  |         | $ |            |  | $     |       |  | $ | 10,868,221 
|Communications                               |  |         | 14,416,174  |         |   |            |  |       |       |  |   | 14,416,174 
|Consumer, Cyclical                           |  |         | 34,519,635  |         |   |            |  |       |       |  |   | 34,519,635 
|Consumer, Non-Cyclical                       |  |         | 57,017,922  |         |   |            |  |       |       |  |   | 57,017,922 
|Energy                                       |  |         | 16,419,718  |         |   |            |  |       | 14,828 |  |   | 16,434,546 
|Financial                                    |  |         | 48,055,876  |         |   |            |  |       |       |  |   | 48,055,876 
|Industrial                                   |  |         | 35,320,896  |         |   |            |  |       |       |  |   | 35,320,896 
|Technology                                   |  |         | 24,732,963  |         |   |            |  |       |       |  |   | 24,732,963 
|Utilities                                    |  |         | 11,438,362  |         |   |            |  |       |       |  |   | 11,438,362 
|Collective Investment Funds                  |  |         |            |         |   | 2,910,220   |  |       |       |  |   | 2,910,220  
|Short-Term Investments                       |  |         |            |         |   | 132,188,200 |  |       |       |  |   | 132,188,200
|                                             |  |         |             |         |   |             |  |       |        |  |   |            
|Total                                        |  | $       | 252,789,767 |         | $ | 135,098,420 |  | $     | 14,828 |  | $ | 387,903,015
|                                             |  |         |             |         |   |             |  |       |        |  |   |            



|                                                 |  |                                              |          |  
|------------------------------------------------ |  | -------------------------------------------- | -------- | -
|Small-Mid Cap Equity Fund
Level 3 Roll Forward   |  | Common Stock and/orOther 
Equity Investments |         
|Balance as of January 1, 2010                    |  | $                                            | 308,692  |  
|Accrued discounts/premiums                       |  |                                              |         |  
|Realized gain (loss)                             |  |                                              |         |  
|Change in unrealized appreciation (depreciation) |  |                                              | (293,864 | )
|Net purchases (sales)                            |  |                                              |         |  
|Transfers into Level 3                           |  |                                              |         |  
|Transfers (out) of Level 3                       |  |                                              |         |  
|                                                 |  |                                              |          |  
|Balance as of June 30, 2010                      |  | $                                            | 14,828   |  
|                                                 |  |                                              |          |  

The Level 3 equity amount consists of a single private equity position; it is not traded in an active market
and is subject to transfer restrictions. The main input to determine fair market value is based solely on cash assets less accrued liabilities for estimated tax and administrative expenses.

Transfers between price levels are recognized at the beginning of the reporting period.



|                            |  |         |   |         |   |               |  |       |   |  |   |              
|--------------------------- |  | ------- | - | ------- | - | ------------- |  | ----- | - |  | - | -------------
|Stable Asset Return Fund    |  | Level 1 |   | Level 2 |   | Level 3       |  | Total
|Assets                      |  |         |   |         |   |               |  |       |   |  |   |              
|Collective Investment Funds |  | $       |  |         | $ | 1,009,357,411 |  | $     |  |  | $ | 1,009,357,411
|                            |  |         |   |         |   |               |  |       |   |  |   |              
|Total                       |  | $       |  |         | $ | 1,009,357,411 |  | $     |  |  | $ | 1,009,357,411
|                            |  |         |   |         |   |               |  |       |   |  |   |              
|                            |  |         |   |        
|Bond Index Fund             |  | Level 1 |   | Level 2 |   | Level 3       |  | Total
|Assets                      |  |         |   |         |   |               |  |       |   |  |   |              
|Collective Investment Funds |  | $       |  |         | $ | 46,350,568    |  | $     |  |  | $ | 46,350,568   
|                            |  |         |   |         |   |               |  |       |   |  |   |              
|Total                       |  | $       |  |         | $ | 46,350,568    |  | $     |  |  | $ | 46,350,568   
|                            |  |         |   |         |   |               |  |       |   |  |   |              
|                            |  |         |   |        
|Large Cap Index Equity Fund |  | Level 1 |   | Level 2 |   | Level 3       |  | Total
|Assets                      |  |         |   |         |   |               |  |       |   |  |   |              
|Collective Investment Funds |  | $       |  |         | $ | 37,982,835    |  | $     |  |  | $ | 37,982,835   
|                            |  |         |   |         |   |               |  |       |   |  |   |              
|Total                       |  | $       |  |         | $ | 37,982,835    |  | $     |  |  | $ | 37,982,835   
|                            |  |         |   |         |   |               |  |       |   |  |   |              



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(Unaudited)



|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|------------------------------------ |  | ------- | - | ------- | - | ----------- |  | ----- | - |  | - | -----------
|All Cap Index Equity Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 244,329,728 |  | $     |  |  | $ | 244,329,728
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 244,329,728 |  | $     |  |  | $ | 244,329,728
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|Mid Cap Index Equity Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 29,390,547  |  | $     |  |  | $ | 29,390,547 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 29,390,547  |  | $     |  |  | $ | 29,390,547 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|Small Cap Index Equity Fund          |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 17,736,001  |  | $     |  |  | $ | 17,736,001 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 17,736,001  |  | $     |  |  | $ | 17,736,001 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|International Index Equity Fund      |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 27,319,190  |  | $     |  |  | $ | 27,319,190 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 27,319,190  |  | $     |  |  | $ | 27,319,190 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|Real Asset Return Fund               |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 8,731,403   |  | $     |  |  | $ | 8,731,403  
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 8,731,403   |  | $     |  |  | $ | 8,731,403  
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|Lifetime Income Retirement Date Fund |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 31,998,352  |  | $     |  |  | $ | 31,998,352 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 31,998,352  |  | $     |  |  | $ | 31,998,352 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|2010 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 61,579,626  |  | $     |  |  | $ | 61,579,626 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 61,579,626  |  | $     |  |  | $ | 61,579,626 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|2020 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 107,878,677 |  | $     |  |  | $ | 107,878,677
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 107,878,677 |  | $     |  |  | $ | 107,878,677
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|2030 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 83,158,262  |  | $     |  |  | $ | 83,158,262 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 83,158,262  |  | $     |  |  | $ | 83,158,262 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|2040 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 51,247,148  |  | $     |  |  | $ | 51,247,148 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 51,247,148  |  | $     |  |  | $ | 51,247,148 
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|                                     |  |         |   |        
|Conservative Risk Fund               |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                               |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds          |  | $       |  |         | $ | 8,367,957   |  | $     |  |  | $ | 8,367,957  
|Short-Term Investments               |  |         |  |         |   | 534,857     |  |       |  |  |   | 534,857    
|                                     |  |         |   |         |   |             |  |       |   |  |   |            
|Total                                |  | $       |  |         | $ | 8,902,814   |  | $     |  |  | $ | 8,902,814  
|                                     |  |         |   |         |   |             |  |       |   |  |   |            



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Notes to Financial StatementsContinued

(Unaudited)



|                            |  |         |   |         |   |             |  |       |   |  |   |            
|--------------------------- |  | ------- | - | ------- | - | ----------- |  | ----- | - |  | - | -----------
|Moderate Risk Fund          |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                      |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds |  | $       |  |         | $ | 20,840,411  |  | $     |  |  | $ | 20,840,411 
|Short-Term Investments      |  |         |  |         |   | 426,175     |  |       |  |  |   | 426,175    
|                            |  |         |   |         |   |             |  |       |   |  |   |            
|Total                       |  | $       |  |         | $ | 21,266,586  |  | $     |  |  | $ | 21,266,586 
|                            |  |         |   |         |   |             |  |       |   |  |   |            
|                            |  |         |   |        
|Aggressive Risk Fund        |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                      |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds |  | $       |  |         | $ | 6,963,543   |  | $     |  |  | $ | 6,963,543  
|                            |  |         |   |         |   |             |  |       |   |  |   |            
|Total                       |  | $       |  |         | $ | 6,963,543   |  | $     |  |  | $ | 6,963,543  
|                            |  |         |   |         |   |             |  |       |   |  |   |            
|                            |  |         |   |        
|Balanced Fund               |  | Level 1 |   | Level 2 |   | Level 3     |  | Total
|Assets                      |  |         |   |         |   |             |  |       |   |  |   |            
|Collective Investment Funds |  | $       |  |         | $ | 253,194,737 |  | $     |  |  | $ | 253,194,737
|                            |  |         |   |         |   |             |  |       |   |  |   |            
|Total                       |  | $       |  |         | $ | 253,194,737 |  | $     |  |  | $ | 253,194,737
|                            |  |         |   |         |   |             |  |       |   |  |   |            

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

For all funds other than the Bond Core Plus Fund, Level 2 investments are Collective Investment Funds with market values determined by a
custodian using observable inputs to calculate the transaction price. In addition to their specified investments, the funds may also engage in transactions in derivatives, including, but not limited to, futures, swaps, options and other derivative
instruments (including but not limited to equity index futures, foreign currency forwards and similar derivatives) or other investments as State Street Bank deems appropriate under the circumstances.

B. Stable Asset Return Fund

SARF invests in SAFT, whose investments include insurance company, bank and financial institution investment contracts, high quality
short-term fixed income securities and investments in STIF and the State Street Bank Mortgage Backed Securities Non-Lending Fund. SAFT has entered into a global fully benefit responsive investment contract with four different financial institutions
which are so called Synthetic GICs or Synthetic Investment Contracts as described below. On a daily basis, SARF accrues dividend income based on the income credited by SAFT. SARF does not distribute income and any increase to
net assets is reflected by an increase in 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 a separate adjustment to contract value. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis.
Because SARF invests only in SAFT, the Trust is providing the following accounting policies of SAFT:

i.
Basis of Accounting

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



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(Unaudited)



ii. Value of Investments

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

Investments in bank, insurance company and other financial institution investment contracts (GICs) are stated at contract
value. An investment contract is generally permitted to be valued at contract value, rather than fair 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 SAFT 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 GICs), 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 SAFT to transact at contract value with both the issuer and
unitholders of SAFT, and 5) SAFT 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 period-end.

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 SAFT and purchases investments that are held in the issuers general account. The traditional GIC issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to SAFT.

Events disqualifying an underlying investment include but are not limited to bankruptcy of the security issuer or default or restricted
liquidity of the security. The portfolio is owned by SAFT. SAFT purchases a wrap contract from an insurance company, bank or other financial services institution (Benefit Responsive Providers), if available. The portfolio, coupled with the wrap
contract, attempts to replicate the characteristics of a traditional GIC. Synthetic Investment Contracts represent individual high quality fixed income and asset backed securities subject to benefit responsive wrap contracts issued by financial
institutions. Individual assets of the Synthetic Investment Contract are generally valued at representative quoted market prices. Short-term securities, if any, are valued 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 of SAFT, 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 registered 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 that have quotations which management believes are not appropriate, are valued at fair value as determined in good faith by the trustee of SAFT or its agent. 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.

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

Synthetic Investment Contracts generally require a Cash Buffer of a
certain level to be maintained in order to provide liquidity for the stable value fund. The wrap contracts in place as of June 30, 2010 held by SAFT require a Cash Buffer of a minimum of 20% of the net asset value of SAFT. At June 30,
2010, the Cash Buffer was 33.6% of such net assets.

A Synthetic Investment Contract attempts to protect principal and
accumulated interest and credits a stated interest rate for a specified period of time (e.g. monthly or quarterly). Under the terms of the wrap contracts, assets subject to Synthetic Investment Contracts are credited at a rate (the Crediting
Rate) agreed to with the issuer of the benefit-responsive Investment Contract (which rate is adjusted periodically, but not below zero, to reflect the



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performance of the underlying securities of the Synthetic Investment Contract) for purposes of permitting the contract to be benefit-responsive. Investment gains and losses are amortized over the
expected duration through the calculation of the applicable Crediting Rate to SAFT on a prospective basis. 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. The Crediting Rate may be impacted by, among other things, volatility and illiquidity in the fixed income securities market. If the market value of the underlying investments held by SAFT as a
whole is lower than their contract value, the Crediting Rate may be lower than the return on the underlying investments. Significant additional contributions from participants may in certain cases increase market value attributed to the underlying
investments and increase the Crediting Rate and SAFTs return. Redemptions may have an opposite effect, where if SAFT experiences significant redemptions when the market value is below the contract value, SAFTs return and the Crediting
Rate may be reduced to zero.

iii. 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.

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 SAFTs ability to
transact at contract value with plan participants.

For example, retirement benefit payments that 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 SAFT. 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, SAFT would be unable to maintain the ability to transact at contract value.

As of June 30, 2010, the occurrence of an event that would limit the ability of SAFT to transact at contract value with the
participants is not probable. Please refer to Note 9 for information on subsequent events relating to State Street Banks plans to cease acting as trustee and investment manager of SAFT on or prior to December 31, 2010 and events relating
to the Synthetic Investment Contracts in connection therewith.

iv. Termination Events by the Issuer

Investment contracts generally impose conditions on both SAFT and the issuer. Assuming conditions are met and neither SAFT nor
the issuer is in default, SAFT can buy and sell covered investments and process withdrawals through the sale of covered investments in accordance with SAFT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 SAFT to be in default: a breach of material obligation under the contract; a material misrepresentation; a material amendment to the trust agreement, in the administration of the trust or in the
investment of fund assets without consent from the issuer; and an uncured violation of SAFT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; or



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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, SAFT were unable to
obtain a replacement investment contract, withdrawing plans may experience losses if the value of SAFTs assets no longer covered by the contract is below contract value. SAFT may seek to add additional issuers over time to diversify
SAFTs exposure to such risk, but there is no assurance that SAFT will be able to do so, especially in light of the recent withdrawal of several large issuers of wrap contracts from the Synthetic Investment Contract market and the dearth of new
issuers of wrap contracts. The combination of the default of an issuer and an inability to obtain a replacement agreement could render SAFT 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 under a global Synthetic Investment Contract 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 SAFT the excess, if any, of contract value over market value on the date of termination. If a Synthetic Investment Contract terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to SAFT the cost of
acquiring a replacement contract (i.e. replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer must pay to SAFT the excess of contract value over market value to the extent
necessary for SAFT to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

At any time after the second anniversary of the contract, the issuer may elect to terminate the contract by giving notice to the trustee
of SAFT. If, at any time prior to dates agreed to in each contract for the receipt of such notice, the trustee objects to such election, the trustee shall be deemed to have made an immunization election and the immunization provisions of the
contract apply. The immunization provisions give the issuer the right to request that its wrapped portion of SAFT be managed according to more conservative immunization investment guidelines provided for in the contract.

Effective February 9, 2009, Bank of America, N.A. (Bank of America) excluded from the coverage of its Synthetic
Investment Contracts, including its Synthetic Investment Contract with SAFT, any net increases in the amount subject to such Synthetic Investment Contract (other than increases in the value of underlying securities and any interest earned thereon).
This action by Bank of America has resulted in the other current Benefit Responsive Providers not covering their respective shares (25% each) of any such net increases. Any such net increases have been allocated to SAFTs Cash Buffer which is
invested in Short-Term Investment Products, and will likely be so allocated in the foreseeable future. At the discretion of State Street, net new participant cash flows will be invested in traditional GICs or in the Cash Buffer through portfolio
cash vehicles, although it is anticipated that any net new participant cash flows will be invested in the Cash Buffer in the foreseeable future.

On April 21, 2010, UBS AG (UBS) issued a sixty day termination notice with respect to its Synthetic Investment Contract
with SAFT. On the next day, JPMorgan Chase Bank, N.A. (JP Morgan) issued a sixty day termination notice of its Synthetic Investment Contract with SAFT. State Street Bank exercised its rights under the respective existing Synthetic
Investment Contracts with UBS and JP Morgan on June 18, 2010 by electing so-called Immunization (as sometimes referred to in industry parlance) under each of these two Synthetic Investment Contracts which extends the term of each
such Synthetic Investment Contract. This Immunization election permits a controlled reduction in the durations and maturities of the investments subject to such Synthetic Investment Contracts during each of the periods specified below (the
Immunization Periods). The foregoing controlled reduction is referred to collectively as the Immunization Process.

The Immunization Process permits an orderly sale of the investments related to each such Synthetic Investment Contract over a two-year
period for UBS and an estimated 2.3 year period for JP Morgan, and the related reinvestment of the net cash proceeds of such sales in shorter-term, high quality investments in compliance with investment guidelines for the Immunization Process.
During the Immunization Period under the existing Synthetic Investment Contract with each of UBS and JP Morgan, State Street Bank expects that the investments subject to these two existing Synthetic Investment Contracts will continue to be accounted
for and valued at book value (equal to contract value). The Immunization Process requires the continued shortening of the duration and eventual



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maturity of the investments applicable to these two Synthetic Investment Contracts prior to the end of the applicable Immunization Period. This will likely result in lower current investment
returns on those investments and a lower crediting rate for SAFT and the Stable Asset Return Fund if short-term interest rates remain at current levels and replacement Benefit Responsive Providers cannot be identified on acceptable terms during the
Immunization Periods.

The terminations by UBS and JP Morgan did not adversely affect the book value protections afforded
under these Synthetic Investment Contracts during the sixty day notice period, nor does State Street Bank expect that the terminations by UBS and JP Morgan will adversely affect the book value protections afforded under these Synthetic Investment
Contracts during the respective Immunization Periods. The UBS and JPMorgan Synthetic Investment Contracts cover 50% of the investments that are subject to the four Synthetic Investment Contracts in place as of June 30, 2010. As of June 30,
2010, the investments subject to the Immunization Process represented approximately $319.6 million and approximately 32.2% of the Stable Asset Return Funds total portfolio. There is an excess of $8.8 million of fair market value above
book value on the investments attributable to these affected contracts as of June 30, 2010.

No assurances can be given
that one or more replacement Benefit Responsive Providers can be identified to replace UBS and JP Morgan during the Immunization Periods or to replace any other Benefit Responsive Provider of SAFT, including the two existing Benefit Responsive
Providers, Bank of America and Royal Bank of Canada, which could elect to terminate their respective Synthetic Investment Contracts in the future. In addition, no assurances can be given that the terms offered by any such potential replacement
Benefit Responsive Provider will be acceptable to SAFT and the Stable Asset Return Fund. It is likely that the fees payable to any replacement Benefit Responsive Providers will increase significantly from the low rates currently in effect, thereby
resulting in lower investment returns and a lower crediting rate for SAFT and the Stable Asset Return Fund. It is also likely that any replacement Benefit Responsive Providers will impose additional restrictions and requirements under their
Synthetic Investment Contracts in order to reduce the risk that they will be required to make payments under any such Synthetic Investment Contracts in the future.

If there are insufficient Benefit Responsive Providers or the cost of obtaining Synthetic Investment Contracts increases sufficiently or
the terms proposed by replacement Benefit Responsive Providers are unacceptable, then the Stable Asset Return Fund may, among other actions, limit additional contributions to the Fund, reduce the size of the Fund or liquidate the Fund, change the
mix of investments undertaken by the Fund, such as by increasing the percentage of Traditional Investment Contracts, convert the Fund to a fixed income fund that fluctuates in value without any benefit responsive protection on withdrawals, or
restructure the Fund as a short-term investment fund similar to a Rule 2a-7 money market fund registered under the Investment Company Act of 1940 that utilizes amortized cost pricing (although any such restructured money market fund would not be
subject to the provisions of the Investment Company Act of 1940 and the expected returns realized by any such short-term investment fund would be very low if the current interest rate environment continues).

State Street Bank has, on behalf of the Stable Asset Return Fund and SAFT through the period ended June 30, 2010, evaluated various
options to address the impact of the loss of one or more Benefit Responsive Providers and has sought to preserve SAFTs ability to continue to utilize book value accounting for its assets, including the possibility of utilizing a higher
percentage of Traditional Investment Contracts to provide the requisite level of benefit responsive protection on withdrawals, increasing the level of the Short-Term Investment Products in relation to the total amount of the Synthetic Investment
Contracts, obtaining one or more additional Benefit Responsive Providers to provide additional and/or substitute Synthetic Investment Contracts, and other similar measures to mitigate the impact of the loss of any Synthetic Investment Contracts.
Since December 31, 2008, State Street Bank has caused SAFT to increase its allocations to Short-Term Investment Products because of the uncertainty in the market for Synthetic Investment Contracts, and such allocations to Short-Term Investment
Products will increase by reason of the termination of the UBS and JP Morgan Synthetic Investment Contracts during their respective Immunization Periods. No assurances can be given that the Stable Asset Return Fund and SAFT will be successful in
implementing any of the potential options described above, including the generally preferred option of obtaining additional or substitute Synthetic Investment Contracts, because of the current uncertainty with respect to Benefit Responsive Providers
and the absence of any demonstrated significant willingness by new and existing Benefit Responsive Providers to issue Synthetic Investment Contracts.



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State Street and State Street Bank have shared the information relating to their
discussions with potential replacement Benefit Responsive Providers for SAFT with Northern Trust Investments. Please see Note 9 for information regarding certain subsequent events relating to Northern Trust Investments coordination and
direction of the search for replacement Benefit Responsive Providers in connection with Northern Trust Investments substitution of State Street as trustee of the Collective Trust and State Street Banks plans to cease providing services to both
the Stable Asset Return Fund and SAFT by not later than December 31, 2010.

v. 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 contracts are 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.

vi. 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
units of SAFT, the trustee may determine that continued redemption at a constant $1.00 net asset value would create inequitable results for SAFTs unitholders. In these circumstances, the trustee, in its sole discretion and acting on behalf of
SAFT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.

vii. Industry Concentration of Investments

SAFT maintains investment contracts issued by insurance companies, banks and other financial institutions as required by its 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.

viii. Adjustments to Contract Value

At June 30, 2010, all investment contracts held by SAFT were deemed fully benefit-responsive. The change in the difference between
the fair value and contract value of SAFTs fully benefit-responsive investment contracts during 2010 is reflected below:



|                               |  |              |               |   |                  |   |               |        |  |   |             |  
|------------------------------ |  | ------------ | ------------- | - | ---------------- | - | ------------- | ------ |  | - | ----------- | -
|                               |  | June 30,2010 |               |   | December 31,2009 |   |               | Change | 
|Net assets (at fair value)     |  | $            | 1,009,357,724 |   |                  | $ | 1,015,748,390 |        |  | $ | (6,390,666  | )
|Net assets (at contract value) |  |              | 991,001,813   |   |                  |   | 1,007,415,006 |        |  |   | (16,413,193 | )
|Adjustment to fair value       |  |              | (18,355,911   | ) |                  |   | (8,333,384    | )      |  |   | (10,022,527 | )

Sensitivity Analysis

The following tables are intended to provide certain sensitivity analyses disclosures. These are estimates calculated based on the current
Crediting Rate, are not intended to serve as a projection or guarantee of future rates of return to be earned by SAFT and make an assumption that there is no change in the duration of the underlying investment portfolio, which will likely not be the
case in light of the mandated reductions in duration for the Synthetic Investment Contracts relating to JPMorgan and UBS, unless replacement Benefit Responsive Providers can be secured on acceptable terms in the near term.



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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2010      |  | 2.17                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2010 |  |                                     |   |  | 2.27        | % |  | 2.32        | % |  | 2.42        | % |  | 2.47        | %
|December 31, 2010  |  |                                     |   |  | 1.93        | % |  | 2.03        | % |  | 2.22        | % |  | 2.32        | %
|March 31, 2011     |  |                                     |   |  | 1.66        | % |  | 1.79        | % |  | 2.06        | % |  | 2.19        | %
|June 30, 2011      |  |                                     |   |  | 1.44        | % |  | 1.60        | % |  | 1.93        | % |  | 2.09        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2010      |  | 2.17                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2010 |  |                                     |   |  | 2.49        | % |  | 2.51        | % |  | 2.56        | % |  | 2.57        | %
|December 31, 2010  |  |                                     |   |  | 2.11        | % |  | 2.18        | % |  | 2.33        | % |  | 2.40        | %
|March 31, 2011     |  |                                     |   |  | 1.80        | % |  | 1.92        | % |  | 2.14        | % |  | 2.25        | %
|June 30, 2011      |  |                                     |   |  | 1.56        | % |  | 1.70        | % |  | 2.00        | % |  | 2.14        | %



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

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

Average yields



|                                                    |  |       |  | 
|--------------------------------------------------- |  | ----- |  | 
|Based on actual income (1)                          |  | 1.88%
|Based on interest rate credited to participants (2) |  | 2.09%



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2010 by the fair value of investments on June 30, 2010.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2010 by the fair value of investments on June 30, 2010.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

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



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

D. Foreign Currency Transactions

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

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

Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes
in foreign exchange rates are included as increases or 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.

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

F. Sales and Redemptions
of Units of Participation and Distributions

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

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

G. TBA Commitments and Roll Transactions

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



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

H. Futures Contracts

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

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

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

At June 30,
2010, the Bond Core Plus Fund held the following futures contracts:



|                                 |  |                    |  |                |             |                  |                |                                       |   |        
|-------------------------------- |  | ------------------ |  | -------------- | ----------- | ---------------- | -------------- | ------------------------------------- | - | -------
|Futures Contracts                |  | Number ofContracts |  | Notional Value |             | Settlement Month |                | UnrealizedAppreciation/(Depreciation)
|Long                             |  |                    |  |                |             |                  |                |                                       |   |        
|90 Day Eurodollar Futures        |  | 563                |  | $              | 139,089,012 |                  | September 2010 |                                       | $ | 739,075
|2 Year U.S. Treasury Futures     |  | 9                  |  |                | 1,960,875   |                  | September 2010 |                                       |   | 8,578  
|Ultra Long U.S. Treasury Futures |  | 30                 |  |                | 3,894,922   |                  | September 2010 |                                       |   | 179,453
|90 Day Euribor Futures           |  | 20                 |  |                | 6,066,895   |                  | December 2010  |                                       |   | 13,520 
|Germany Federal Republic Bonds   |  | 60                 |  |                | 9,485,434   |                  | September 2010 |                                       |   | 56,167 
|                                 |  |                    |  |                |             |                  |                |                                       |   |        
|                                 |  |                    |  |                |             |                  |                |                                       | $ | 996,793
|                                 |  |                    |  |                |             |                  |                |                                       |   |        

I. Forward Foreign Currency Contracts

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



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As of June 30, 2010, the Bond Core Plus Fund held the following forward foreign
currency contracts:



|         |  |                   |  |                                     |           |               |   |                |  |                                       |  |   |           |  
|-------- |  | ----------------- |  | ----------------------------------- | --------- | ------------- | - | -------------- |  | ------------------------------------- |  | - | --------- | -
|Type     |  | Currency          |  | Principal AmountCovered by Contract |           | US DollarCost |   | SettlementDate |  | UnrealizedAppreciation/(Depreciation) | 
|Purchase |  | Brazilian Real    |  | $                                   | 393,075   |               | $ | 217,517        |  | 08/03/10                              |  | $ | (887      | )
|Purchase |  | Euro              |  |                                     | 6,545,000 |               |   | 8,191,113      |  | 07/26/10                              |  |   | (173,179  | )
|Purchase |  | Mexican Peso      |  |                                     | 1,924,572 |               |   | 153,450        |  | 09/24/10                              |  |   | (5,357    | )
|Sale     |  | Australian Dollar |  |                                     | 625,000   |               |   | 542,500        |  | 07/30/10                              |  |   | 16,290    |  
|Sale     |  | Euro              |  |                                     | 8,885,000 |               |   | 11,916,862     |  | 07/26/10                              |  |   | 1,032,316 |  
|         |  |                   |  |                                     |           |               |   |                |  |                                       |  |   |           |  
|         |  |                   |  |                                     |           |               |   |                |  |                                       |  | $ | 869,183   |  
|         |  |                   |  |                                     |           |               |   |                |  |                                       |  |   |           |  

J. Interest Rate Swap Contracts

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

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

At June 30, 2010, the Bond Core Plus Fund held the following interest rate swap contracts:



|                |  |                     |         |   |                   |                    |                 |            |               |                   |           |        |   |                                       |   |          |  
|--------------- |  | ------------------- | ------- | - | ----------------- | ------------------ | --------------- | ---------- | ------------- | ----------------- | --------- | ------ | - | ------------------------------------- | - | -------- | -
|                |  |                     |         |   |                   |                    |                 |            | Rate Type     |                   |           |        |  
|Notional
Amount |  | Net Cost/(Proceeds) |         |   | Swap Counterparty |                    | TerminationDate |            | Floating Rate |                   | FixedRate |        |   | UnrealizedAppreciation/(Depreciation) |  
|6,100,000 BRL   |  | $                   | (61,765 | ) |                   | Morgan Stanley (a) |                 | 01/02/2012 |               | CDI-Brazil (b)    |           | 10.115 | % |                                       | $ | (153,603 | )
|4,000,000 BRL   |  |                     | (35,462 | ) |                   | UBS (a)            |                 | 01/02/2012 |               | CDI-Brazil (b)    |           | 10.575 | % |                                       |   | (50,489  | )
|800,000 BRL     |  |                     |        |   |                   | UBS (a)            |                 | 01/02/2012 |               | CDI-Brazil (b)    |           | 11.020 | % |                                       |   | 1,969    |  
|19,500,000 BRL  |  |                     | 31,846  |   |                   | Merrill Lynch (a)  |                 | 01/02/2012 |               | CDI-Brazil (b)    |           | 10.990 | % |                                       |   | (708     | )
|9,600,000 BRL   |  |                     | 3,116   |   |                   | Barclays (a)       |                 | 01/02/2014 |               | CDI-Brazil (b)    |           | 11.990 | % |                                       |   | 9,489    |  
|6,300,000 BRL   |  |                     | 8,919   |   |                   | Morgan Stanley (a) |                 | 01/02/2013 |               | CDI-Brazil (b)    |           | 12.590 | % |                                       |   | 38,016   |  
|21,700,000 BRL  |  |                     | (4,896  | ) |                   | Credit Suisse (a)  |                 | 01/02/2013 |               | CDI-Brazil (b)    |           | 12.480 | % |                                       |   | 133,120  |  
|5,900,000 USD   |  |                     | 243,375 |   |                   | Barclays (a)       |                 | 06/15/2015 |               | 3 Month USD LIBOR |           | 4.000  | % |                                       |   | 314,374  |  
|                |  |                     |         |   |                   |                    |                 |            |               |                   |           |        |   |                                       |   |          |  
|                |  | $                   | 185,133 |   |                   |                    |                 |            |               |                   |           |        |   |                                       | $ | 292,168  |  
|                |  |                     |         |   |                   |                    |                 |            |               |                   |           |        |   |                                       |   |          |  



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

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



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K. Option and Swaption Contracts

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

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

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

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

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

For the six-month period ended June 30, 2010, the Fund had not written any call or put options or entered into any swaption
contracts.

L. Additional Derivative Disclosure

The Bond Core Plus Fund has entered into futures contracts to adjust interest rate exposures and to replicate bond positions. A futures
contract frequently offers the opportunity to outperform securities due to cheapness of futures contracts and active management of the liquid, short duration securities backing the futures. The Bond Core Plus Fund uses futures contracts to manage
its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by
the Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering
into a futures contract, the Fund



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Notes to Financial StatementsContinued

(Unaudited)



is required to deposit with its futures broker an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures
contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or
are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

The Bond Core Plus Fund has entered into foreign currency contracts. The Fund may enter into these contracts in connection with settling
planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Funds securities or as a part of an investment strategy. A foreign currency contract is an agreement between two parties to buy and
sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign currency contracts are markedto-market daily and the change in value is
recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the
currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the
contracts or if the value of the currency changes unfavorably to the U.S. dollar. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

The Bond Core Plus Fund has entered into interest rate swap agreements. Interest rate swaps provide the Fund with an effective and
usually less expensive means to adjust quickly portfolio duration, maturity mix and sector exposure. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest with
respect to the notional amount of principal. Swap agreements are privately negotiated agreements between the Fund and counterparty. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the
extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be
valued pursuant to guidelines established by the Trustee. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering
into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are
recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations.
Net periodic payments received or paid by the Fund are included as part of realized gains or losses on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in
excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to
perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Derivative Market and Credit Risk

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

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

The Investment Advisor to the Bond Core
Plus Fund seeks to minimize credit risks to the Bond Core Plus Fund by performing extensive reviews of each counterparty and obtains approval from the Investment Advisors counterparty risk committee prior to entering into transactions with a
third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as



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(Unaudited)



delivery of securities sold is only made once the Bond Core Plus Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade
will fail if either party fails to meet its obligation.

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

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

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by
Master Securities Forward Transaction Agreements (Master Forward Agreements) between the Bond Core Plus Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and
confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Cash collateral provided, and received, by the Bond Core Plus Fund for each type of derivative contract at June 30, 2010 is presented as Deposit
with broker or Due to broker, respectively, on the accompanying Statement of Assets and Liabilities.

At June 30, 2010,
the Bond Core Plus Fund had the following derivatives (not designated as hedges) grouped into appropriate risk categories that illustrate how and why the Fund uses derivative instruments:

Asset Derivatives



|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|------------------- |  | --------------------- |  | ----------------------- | --------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------
|                    |  |                       |  | Interest Rate Contracts |           | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                       | 996,793   |                          | $ |                  |  | $               |  |       | $ |  |  | $ | 996,793  
|                    |  | Forward Contracts (b) |  |                         |          |                          |   | 1,048,606         |  |                 |  |       |   |  |  |   | 1,048,606
|                    |  | Swap Contracts (c)    |  |                         | 778,620   |                          |   |                  |  |                 |  |       |   |  |  |   | 778,620  
|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|                    |  | Total Value           |  | $                       | 1,775,413 |                          | $ | 1,048,606         |  | $               |  |       | $ |  |  | $ | 2,824,019
|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          

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



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

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

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



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(Unaudited)



Liability Derivatives



|                    |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        
|------------------- |  | --------------------- |  | ----------------------- | ------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | -------
|                    |  |                       |  | Interest Rate Contracts |         | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                       |        |                          | $ |                  |  | $               |  |       | $ |  |  | $ |       
|                    |  | Forward Contracts (b) |  |                         |        |                          |   | 179,423           |  |                 |  |       |   |  |  |   | 179,423
|                    |  | Swap Contracts (c)    |  |                         | 301,319 |                          |   |                  |  |                 |  |       |   |  |  |   | 301,319
|                    |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        
|                    |  | Total Value           |  | $                       | 301,319 |                          | $ | 179,423           |  | $               |  |       | $ |  |  | $ | 480,742
|                    |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        

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



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

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

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



|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|------------------- |  | --------------------- |  | ----------------------- | --------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------
|                    |  |                       |  | Interest Rate Contracts |           | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|                    |  | Futures Contracts (a) |  | $                       | 2,241,768 |                          | $ |                  |  | $               |  |       | $ |  |  | $ | 2,241,768
|                    |  | Forward Contracts (b) |  |                         |          |                          |   | 643,517           |  |                 |  |       |   |  |  |   | 643,517  
|                    |  | Swap Contracts (c)    |  |                         | 195,107   |                          |   |                  |  |                 |   |       |   |  |  |   | 195,107  
|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|                    |  | Total Value           |  | $                       | 2,436,875 |                          | $ | 643,517           |  | $               |  |       | $ |  |  | $ | 3,080,392
|                    |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          

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



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

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

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



|                    |  |                                                  |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |          
|------------------- |  | ------------------------------------------------ |  | ----------------------- | ------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------
|                    |  |                                                  |  | Interest Rate Contracts |         | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Bond Core Plus Fund |  | Change in Unrealized
Appreciation (Depreciation) |  |                         |         |                          |   |                   |  |                 |   |       |   |  
|                    |  | Futures Contracts (a)                            |  | $                       | 598,458 |                          | $ |                  |  | $               |  |       | $ |  |  | $ | 598,458  
|                    |  | Forward Contracts (b)                            |  |                         |        |                          |   | 758,219           |  |                 |  |       |   |  |  |   | 758,219  
|                    |  | Swap Contracts (c)                               |  |                         | 359,492 |                          |   |                  |  |                 |  |       |   |  |  |   | 359,492  
|                    |  |                                                  |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |          
|                    |  | Total Value                                      |  | $                       | 957,950 |                          | $ | 758,219           |  | $               |  |       | $ |  |  | $ | 1,716,169
|                    |  |                                                  |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |          

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



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

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

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

The volumes indicated in the associated futures, forward foreign currency and interest rate swap footnotes are indicative of the amounts
throughout the period.



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(Unaudited)



M. Use of Estimates

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

N. Indemnifications

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

3. Investment Advisory, Investment Management and Related Party Transactions

State Street has retained the services of the Investment 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 an Investment Advisor at any time, in certain cases upon consultation with the Northern Trust
Company (Northern Trust) as investment fiduciary, and otherwise subject to consultation with ABA Retirement Funds. Please see Note 9 for additional information regarding subsequent events relating to entry by Northern Trust Investments
into successor Investment Advisor Agreements with the Investment Advisors in connection with the substitution, effective July 1, 2010, of Northern Trust Investments for State Street as trustee of the Collective Trust and the entry by Northern
Trust Investments into Investment Advisor Agreements with State Street Bank pursuant to which the assets of certain of the Funds will continue, as of and after July 1, 2010, to be invested in collective investment funds maintained by State
Street Global Advisors, a division of State Street Bank.

A fee is paid to each Investment Advisor based on the value of the
assets allocated to that Investment Advisor and the respective breakpoints agreed to in the Investment Advisors contract. These fees are accrued on a daily basis and paid monthly or quarterly from the allocated assets. Actual fees paid to each
Investment Advisor during the six-month period ended June 30, 2010 are listed below; the annual asset-based fees range from the highest rate of .75% to the lowest rate of .18% among the various Investment Advisors.



|                                                                                  |  |                                       |          
|--------------------------------------------------------------------------------- |  | ------------------------------------- | ---------
|Investment Advisor                                                                |  | Fees for thePeriod EndedJune 30, 2010
|Altrinsic Global Advisors, LLC (International All Cap Equity Fund)                |  | $                                     | 92,377   
|C.S. McKee, L.P. (Large Cap Equity Fund)                                          |  |                                       | 330,842  
|Columbus Circle Investors (Large Cap Equity Fund)                                 |  |                                       | 277,324  
|Delaware Investment Advisers (Large Cap Equity Fund)                              |  |                                       | 203,019  
|Denver Investment Advisors LLC (Small-Mid Cap Equity Fund)                        |  |                                       | 126,563  
|Eagle Global Advisors LLC (International All Cap Equity Fund)                     |  |                                       | 51,201   
|First State Investments International Limited (International All Cap Equity Fund) |  |                                       | 86,980   
|Frontier Capital Management Co. LLC (Small-Mid Cap Equity Fund)                   |  |                                       | 62,888   
|Jennison Associates LLC (Large Cap Equity Fund)                                   |  |                                       | 208,635  
|LSV Asset Management (International All Cap Equity Fund)                          |  |                                       | 75,589   
|LSV Asset Management (Small-Mid Cap Equity Fund)                                  |  |                                       | 91,902   
|Martin Currie Inc. (International All Cap Equity Fund)                            |  |                                       | 70,515   
|OFI Institutional Asset Management, Inc. (Small-Mid Cap Equity Fund)              |  |                                       | 97,862   
|Oppenheimer Capital LLC (Small-Mid Cap Equity Fund)                               |  |                                       | 70,187   
|Pacific Investment Management Company LLC (Bond Core Plus Fund)                   |  |                                       | 523,763  
|Riverbridge Partners (Small-Mid Cap Equity Fund)                                  |  |                                       | 77,007   
|Systematic Financial Management, L.P. (Small-Mid Cap Equity Fund)                 |  |                                       | 122,761  
|TCW Investment Management Company (Small-Mid Cap Equity Fund)                     |  |                                       | 70,059   
|                                                                                  |  |                                       |          
|                                                                                  |  | $                                     | 2,639,474
|                                                                                  |  |                                       |          



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

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



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

ABA Retirement
Funds received Program fees of $1,260,884 for the six-month period ended June 30, 2010. These fees are allocated to each Fund and the Balanced Fund based on net asset value.

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



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

For the six-month
period ended June 30, 2010, the Program fee paid to ING Services was $8,871,122.

This Program fee is accrued daily and
paid monthly based on the aggregate assets of the Funds as of the last business day of the preceding month. The Funds bear their respective portions of this Program fee pro rata based on their respective net asset values as of the time of
calculation thereof. This Program fee attributable to the Balanced Fund is accrued and paid from the Bond Fund Core Plus Fund and the Large Cap Equity Fund in which the Balanced Fund invests. The Program Services Agreement contains certain service
standards applicable to the performance of recordkeeping services by ING Services and imposes penalties that reduce the Program fee if these service standards are not met. No service penalties were imposed for the six-month period ended
June 30, 2010.

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



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State Street Bank. No separate fee is charged for benefit payments; rather, State Street Bank retains any earnings attributable to outstanding benefit checks, and these earnings have been taken
into account in setting State Street Banks fees under the Program.

A fee is paid to State Street Bank for its trust
management, administration and custody of the assets in the investment options (other than Self-Managed Brokerage Accounts). This fee is accrued on a daily basis and paid monthly from the net assets of the Funds and the Balanced Fund at the
following rates:



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

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

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

Management FeesIndex Funds and Indexed Portions of Managed Funds

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



|                                  |  |      |  
|--------------------------------- |  | ---- | -
|Fund                              |  | Rate |  
|Bond Index Fund                   |  | .04  | %
|Large Cap Index Equity Fund       |  | .02  | %
|All Cap Index Equity Fund         |  | .05  | %
|Mid Cap Index Equity Fund         |  | .05  | %
|Small Cap Index Equity Fund       |  | .05  | %
|International Index Equity Fund   |  | .10  | %
|Large Cap Equity Fund             |  | .05  | %
|Small-Mid Cap Equity Fund         |  | .05  | %
|International All Cap Equity Fund |  | .12  | %

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



|                                  |  |   |        
|--------------------------------- |  | - | -------
|Bond Index Fund                   |  | $ | 8,174  
|Large Cap Index Equity Fund       |  |   | 3,774  
|All Cap Index Equity Fund         |  |   | 66,712 
|Mid Cap Index Equity Fund         |  |   | 7,290  
|Small Cap Index Equity Fund       |  |   | 4,452  
|International Index Equity Fund   |  |   | 13,519 
|Large Cap Equity Fund             |  |   | 20,907 
|Small-Mid Cap Equity Fund         |  |   | 1,632  
|International All Cap Equity Fund |  |   | 3,114  
|                                  |  |   |        
|                                  |  | $ | 129,574
|                                  |  |   |        



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(Unaudited)



The Real Asset Return Fund is subject to a management fee of .09% of the total annual
assets invested in the Real Asset Return Fund, payable to State Street Bank. The fee is accrued daily and paid monthly. For the six-month period ended June 30, 2010, State Street Bank received Real Asset Return Fund management fees of $3,329.

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, 2010, State Street Bank received Retirement Date Funds management fees of $170,479.

The Target Risk Funds are subject to a management fee of .06% of the total annual assets invested in the Target Risk Funds, payable to
State Street Bank. The fee is accrued daily and paid monthly. For the six-month period ended June 30, 2010, State Street Bank received Target Risk Fund management fees of $9,429.

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 Period EndedJune 30,
2010
|                                     |  | Purchases                         |             | Sales
|Aggressive Risk Fund                 |  | $                                 | 4,407,330   |       | $ | 1,195,618  
|All Cap Index Equity Fund            |  |                                   | 46,873,405  |       |   | 53,933,623 
|Balanced Fund                        |  |                                   | 11,244,161  |       |   | 37,565,562 
|Bond Core Plus Fund                  |  |                                   | 34,297,352  |       |   | 25,190,831 
|Bond Index Fund                      |  |                                   | 11,913,890  |       |   | 3,569,039  
|Conservative Risk Fund               |  |                                   | 4,440,297   |       |   | 1,503,783  
|International All Cap Equity Fund    |  |                                   | 110,827,687 |       |   | 113,049,057
|International Index Equity Fund      |  |                                   | 8,760,685   |       |   | 2,471,283  
|Large Cap Equity Fund                |  |                                   | 669,928,829 |       |   | 727,218,048
|Large Cap Index Equity Fund          |  |                                   | 10,895,749  |       |   | 4,154,238  
|Mid Cap Index Equity Fund            |  |                                   | 9,679,372   |       |   | 4,706,509  
|Moderate Risk Fund                   |  |                                   | 10,100,458  |       |   | 2,060,794  
|Real Asset Return Fund               |  |                                   | 4,855,551   |       |   | 1,586,857  
|Small Cap Index Equity Fund          |  |                                   | 6,572,948   |       |   | 3,664,996  
|Small-Mid Cap Equity Fund            |  |                                   | 178,023,779 |       |   | 201,773,648
|Lifetime Income Retirement Date Fund |  |                                   | 12,743,439  |       |   | 9,748,924  
|2010 Retirement Date Fund            |  |                                   | 16,344,738  |       |   | 17,258,936 
|2020 Retirement Date Fund            |  |                                   | 29,869,702  |       |   | 27,014,829 
|2030 Retirement Date Fund            |  |                                   | 26,610,563  |       |   | 17,529,927 
|2040 Retirement Date Fund            |  |                                   | 15,159,388  |       |   | 10,971,084 

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



|                    |  |                                    |               |       |   |              
|------------------- |  | ---------------------------------- | ------------- | ----- | - | -------------
|                    |  | For the Period Ended June 30, 2010
|                    |  | Purchases                          |               | Sales
|Bond Core Plus Fund |  | $                                  | 1,051,471,703 |       | $ | 1,074,398,650



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5. Risks Associated with Investments of the Trust

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

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

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

Recent events in both the equity and fixed income markets and in particular the financial
sector have resulted in an unusually high degree of volatility in the market, the Funds and the Balanced Fund. Certain sectors of the fixed income markets also experienced an unusually high degree of illiquidity during 2009 which adversely affected
the Funds and the Balanced Fund to the extent invested in those sectors during 2009.



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6. Securities Lending Income

Certain Funds and the Balanced Fund are authorized to participate in the direct securities lending program administered by State Street
Bank, under which securities held by the Funds and the Balanced Fund are loaned by State Street Bank, as the Funds and the Balanced Funds lending agent, to certain brokers and other financial institutions (the Borrowers). The
Borrowers provide cash, securities or letters of credit as collateral against loans in an amount at least equal to 100% of the fair value of the loaned securities. The Borrowers are required to maintain the collateral at not less than 100% of the
fair value of the loaned securities. Cash collateral is invested in the State Street Quality D Short-Term Investment Fund. Please see Note 9 for additional information regarding this subsequent event relating to the redemption by such Funds from
Quality D and the corresponding formation of the Dedicated Cash Collateral Fund.

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

Certain Funds and the Balanced Fund 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 or the Balanced Fund lending the securities and State Street Bank in its capacity as lending agent.

At June 30, 2010, the Funds fair value of securities on loan and collateral value received at amortized cost and fair value
for securities loaned was as follows:



|                                  |  |                                |             |                     |   |             |  |   |            
|--------------------------------- |  | ------------------------------ | ----------- | ------------------- | - | ----------- |  | - | -----------
|                                  |  |                                |             | Collateral Received
|Fund                              |  | Fair Value ofLoaned Securities |             | AmortizedCost       |   | FairValue  
|Bond Core Plus Fund               |  | $                              | 51,534,118  |                     | $ | 52,580,825  |  | $ | 51,997,178 
|International All Cap Equity Fund |  |                                | 9,945,812   |                     |   | 10,287,341  |  |   | 10,173,152 
|Large Cap Equity Fund             |  |                                | 89,340,522  |                     |   | 91,562,478  |  |   | 90,546,134 
|Small-Mid Cap Equity Fund         |  |                                | 123,349,220 |                     |   | 126,557,871 |  |   | 125,153,079

As discussed in
Note 1, units of Quality D continue to be issued and redeemed at a constant $1.00 net asset value per unit; however, certain limitations on withdrawals would apply to redemptions in connection with discontinuing participation in the securities
lending program. At June 30, 2010, the market value of the investments in Quality D, as reported by its trustee, was approximately 98.890% of amortized cost. Furthermore, as reported by the trustee as of June 30, 2010, all investments in
Quality D were performing in accordance with their respective terms. The accompanying financial statements of the Funds and the Balanced Fund have valued their direct and indirect investments in the Cash Collateral Funds at their fair values, and
have recognized unrealized losses. However, the Funds and the Balanced Fund have continued to value their investments in the Cash Collateral Funds for purposes of participant transactions at the amortized cost-based values used by the Cash
Collateral Funds for daily transactions.

7. Participant Ownership

As of June 30, 2010, the following Funds had participants owning greater than 5% of the outstanding units of a Fund. One participant
owned 9.06% of the outstanding units of the Real Asset Return Fund. In addition, one participant owned 5.06% of the outstanding units of the Lifetime Income Retirement Date Fund and one participant owned 5.73% of the outstanding units of the 2010
Retirement Date Fund.



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8. Small-Mid Cap Equity Fund Investment Advisor Termination

Effective June 17, 2010, the Investment Advisor Agreement between OFI Institutional Asset Management, Inc. (OFII) and
State Street, pursuant to which OFII provided investment advice with respect to a portion of the Small-Mid Cap Equity Fund, a collective investment fund offered by the Collective Trust, was terminated. The assets managed by OFII, which were
approximately 15% of the Small-Mid Cap Equity Fund as of June 17, 2010, were equally divided between Denver Investment Advisors LLC and LSV Asset Management, existing Investment Advisors to the Small-Mid Cap Equity Fund.

9. Subsequent Events

Effective July 1, 2010, Northern Trust Investments was substituted for State Street as trustee of the Collective Trust. In connection
therewith, the name of the Collective Trust was changed from American Bar Association Members/State Street Collective Trust to American Bar Association Members/Northern Trust Collective Trust. From and after the date of the
substitution, Northern Trust Investments, as trustee of the Collective Trust, has exercised exclusive discretion and control over the assets of the Collective Trust. Further, effective July 1, 2010, The Northern Trust Company (Northern
Trust) was substituted for State Street Bank as trustee of the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for Retirement Plans. Effective July 1, 2010, State Street terminated
the Investment Advisor Agreements between it and the Investment Advisors, and State Street and State Street Bank are no longer responsible for administering the investment options offered under the Program.

In connection with the substitution of Northern Trust Investments for State Street as trustee of the Collective Trust, the following fees
changed effective July 1, 2010:

Trust, Management and Administration Fee

Effective July 1, 2010, Northern Trust is paid a fee for trust, management, administration and custody services based on the
aggregate value of assets held by the Funds and the Balanced Fund, excluding the Retirement Date Funds, at the following annual rate:



|                             |  |      |  
|---------------------------- |  | ---- | -
|Value of Assets in all Funds |  | Rate |  
|First $1.0 billion           |  | .115 | %
|Next $2.0 billion            |  | .080 | %
|Over $3.0 billion            |  | .065 | %

Effective from and
after July 1, 2010, the trust, management, administration and custody services fee for the Retirement Date Funds is at an annual rate of .115% of the value of assets held by the respective Retirement Date Funds.

Investment Advisor Fees  Index Funds and Indexed Portions of Managed Funds

Effective from and after July 1, 2010, the fee for the indexed portion of the Large Cap Equity Fund is at an annual rate of .03% of
the relevant assets of the Fund, and the fees for the respective Index Funds are at the following annual rates:



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



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(Unaudited)



Investment Advisor FeesTarget Risk Funds

Effective from and after July 1, 2010, fees paid to State Street Bank for the investment management services it performs relating to
the assets in the Target Risk Funds are at the annual rates of .042%, .055% and .063% of the target asset allocations of the Conservative Risk Fund, Moderate Risk Fund and Aggressive Risk Fund, respectively, and are accrued on a daily basis and paid
monthly from the assets of the respective Funds.

Investment Advisor Fees Managed Funds

Effective from and after July 1, 2010, the Stable Asset Return Fund pays State Street Bank a fee at the annual rate of .05% of the
assets of the Fund, which is accrued on a daily basis and paid monthly from the assets of the Fund.

Effective from and after
July 1, 2010 the Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund pay aggregate fees to its respective Investment Advisors at the blended annual rates of .271%, .491% and .492%, respectively. These
aggregate advisory fee rates are stated as a percentage of the assets of each Fund and are calculated utilizing assets as of March 31, 2010 and fee rates and asset allocations as of July 1, 2010.

Further, in connection with the substitution of Northern Trust Investments for State Street as trustee of the Collective Trust, Northern
Trust Investments entered into successor Investment Advisor Agreements with the following Investment Advisors pursuant to which the Investment Advisors will continue to provide investment advice to one or more of the Funds offered as investment
options under the Program. From and after July 1, 2010, the line-up of Investment Advisors to the Funds is as follows:



|                                              |  |                                                                
|--------------------------------------------- |  | ---------------------------------------------------------------
|Investment Advisor                            |  | Fund to which the Investment
Advisor Provides Investment Advice
|Pacific Investment Management Company, LLC    |  | Bond Core Plus Fund                                            
|Columbus Circle Investors                     |  | Large Cap Equity Fund                                          
|C.S. McKee, L.P.                              |  | Large Cap Equity Fund                                          
|Delaware Investment Advisers                  |  | Large Cap Equity Fund                                          
|Jennison Associates LLC                       |  | Large Cap Equity Fund                                          
|Allianz Global Investors Capital LLC          |  | Small-Mid Cap Equity Fund                                      
|Denver Investment Advisors LLC                |  | Small-Mid Cap Equity Fund                                      
|Frontier Capital Management Co. LLC           |  | Small-Mid Cap Equity Fund                                      
|LSV Asset Management                          |  | Small-Mid Cap Equity Fund                                      
|Riverbridge Partners LLC                      |  | Small-Mid Cap Equity Fund                                      
|Systematic Financial Management, L.P.         |  | Small-Mid Cap Equity Fund                                      
|TCW Investment Management Company             |  | Small-Mid Cap Equity Fund                                      
|Altrinsic Global Advisors LLC                 |  | International All Cap Equity Fund                              
|Eagle Global Advisors LLC                     |  | International All Cap Equity Fund                              
|First State Investments International Limited |  | International All Cap Equity Fund                              
|LSV Asset Management                          |  | International All Cap Equity Fund                              
|Martin Currie Inc.                            |  | International All Cap Equity Fund                              



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In addition, effective July 1, 2010, Northern Trust Investments entered into
Investment Advisor Agreements with State Street Bank pursuant to which certain of the Funds will continue to be invested in collective investment funds maintained by State Street Global Advisors, a division of State Street Bank.

As soon as practicable, Northern Trust Investments intends to employ one or more investment advisors to replace State Street Bank as
investment advisor with respect to the Stable Asset Return Fund or portions thereof, and Northern Trust Investments may also directly invest the Stable Asset Return Funds assets or portions thereof in stable value investment products of
financial institutions. In this respect, State Street Bank has notified Northern Trust Investments that State Street Bank plans to cease acting as trustee and investment manager of SAFT on or prior to December 31, 2010. State Street Banks
termination as trustee and investment manager of SAFT will constitute an event of default under the terms of each of the four Synthetic Investment Contracts in place as of the date hereof (and as a result the corresponding loss of book value
protection) unless a successor trustee and investment manager is duly appointed concurrently with such termination and the Benefit Responsive Provider agrees in writing to continue its Synthetic Investment Contract. Such Benefit Responsive Provider
may not unreasonably withhold its agreement to any such appointment under the terms of each such Synthetic Investment Contract. In addition, it would constitute an event of default under each Synthetic Investment Contract if State Street Bank were
to assign, or attempt to assign, any right, interest or obligation of it or SAFT under such Synthetic Investment Contract without obtaining the prior written consent of such Benefit Responsive Provider. Please see the discussion below regarding the
replacement of the trustee and investment manager for SAFT.

Prior to State Streets cessation of services as trustee of
the Collective Trust effective July 1, 2010, State Street Bank was in discussions with potential replacement financial institutions to provide trustee, insurance company separate account, and/or investment management services to SAFT, and has
shared the results of such discussions with Northern Trust Investments. Northern Trust Investments, with State Street Banks assistance (so long as State Street Bank continues to act as trustee and investment manager of SAFT), is currently
coordinating and directing the search for a replacement trustee, insurance company separate account provider and/or investment manager in light of State Street Banks plans to resign as trustee and investment manager of SAFT on or prior to
December 31, 2010. State Street Bank has offered to assist Northern Trust Investments in seeking to obtain the consent of the existing Benefit Responsive Providers in appointing the successor trustee and investment manager for SAFT that are
designated by Northern Trust Investments. Northern Trust Investments is considering this possible option but has not made a decision as of the date hereof. Throughout the Immunization Periods with respect to the terminated UBS and JPMorgan Synthetic
Investment Contracts, Northern Trust Investments intends to continue to seek replacement Benefit Responsive Providers for the Stable Asset Return Fund and/or SAFT as well as new investment advisors for the Stable Asset Return Fund. Northern Trust
Investments believes that there is a reasonable possibility that it can identify on acceptable terms a successor trustee, insurance company separate account provider, investment manager and/or other stable value funds or other stable value products
of other financial institutions, including replacement Benefit Responsive Providers for the Stable Asset Return Fund or SAFT (to the extent necessary), by not later than December 31, 2010. However, no assurances can be given that such efforts
will be successful.

In light of State Streets agreement to continue to act as securities lending agent for the
Dedicated Cash Collateral Fund, State Street required the Trust to redeem the Trusts ownership interests in Quality D by means of an in-kind redemption of all units held by the Trust. Effective July 1, 2010, the Funds that directly engage
in securities lending no longer invest in Quality D, as the cash collateral received by the Funds that directly engage in securities lending was reinvested in the Dedicated Cash Collateral Fund. At the time of its formation, the Dedicated Cash
Collateral Fund had a comparable investment portfolio and net asset value per unit as did Quality D immediately prior to the formation of the Dedicated Cash Collateral Fund, a newly formed dedicated cash collateral fund managed by State Street Bank
as securities lending agent. Thereafter, the overall level of securities loans made by the Funds will have a direct impact on the overall level of cash collateral held in the Dedicated Cash Collateral Fund.

State Street Bank collective investment funds in which the Funds and the Balanced Fund invest may participate in securities lending and
may invest their cash collateral in Quality Trust. As a result of the voluntary cash contribution made on June 30, 2010 to Quality Trust by State Street Corporation to establish a fair market net asset value per unit of Quality Trust of
approximately $1.00, State Street Bank expects to remove, as of August 2010, the limitations on monthly withdrawals by investors in Quality Trust.



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

Quarter and Six Month Period Ended June 30, 2010

Stable Asset Return Fund

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

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

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

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

Bond Core Plus
Fund

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

For the quarter
ended June 30, 2010, the Bond Core Plus Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of 3.06%. By comparison, the Barclays Capital U.S. Aggregate Bond
Index produced an investment record of 3.49% for the same period. For the six month period ended June 30, 2010, the Fund experienced a total return, net of expenses, of 4.94%, compared to an investment record of 5.33% for the benchmark for the
same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Index or for fund expenses.

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



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

Large Cap Equity Fund

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

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

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

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

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

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

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

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

For the period from on or about January 19, 2010 (the date on which Columbus Circle Investors commenced providing investment
assistance with respect to the Large Cap Equity Fund) to June 30, 2010, the portion of the Large Cap Equity Fund advised



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with the assistance of Columbus Circle Investors (approximately 21% as of June 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000
Growth Index, against which the performance of this portion of the Fund is compared. Favorable stock selection and no exposure to the energy sector positively contributed to relative results.

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

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

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

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

Small-Mid Cap Equity Fund

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

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

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

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

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



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For the quarter ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund
advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this
portion of the Fund is compared. Within the health care, consumer discretionary and consumer staples sectors, favorable stock selection added value. However, strength in those areas was not sufficient to offset shortfall elsewhere. Lackluster stock
selection in the technology sector had the biggest negative impact on relative returns.

For the period from April 1,
2010 to June 17, 2010 (the date of termination of the investment advisory agreement with OFI Institutional Asset Management, Inc.), the portion of the Small-Mid Cap Equity Fund formerly advised with the assistance of OFI Institutional Asset
Management, Inc. (approximately 15% as of such termination on June 17, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund
is compared. Stock selection was positive in most sectors, with selection in consumer discretionary, consumer staples and industrials being particularly strong.

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

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

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

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

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

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

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



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

For the six month period ended June 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz
Global Investors Capital LLC (approximately 10% as of June 30, 2010) negatively contributed to the performance of the Fund, but was in line with the investment record of the Russell 2000 Growth Index, against which the performance of this
portion of the Fund is compared. Stock selection in the health care and consumer discretionary sectors was particularly strong. Positions within the energy sector produced relatively weaker results.

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

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

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

International All Cap Equity Fund

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

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

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

For the quarter ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic
Global Advisors, LLC (approximately 24% as of June 30, 2010) negatively contributed to the performance of the Fund, but



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outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Regionally, an overweight to Canada, specifically with positions in gold-related
companies, positively contributed to relative returns. The portfolio also benefited from a slight overweight to Japan and the yen and a modest underweight to Europe and the euro.

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

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

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

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

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

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

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

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

For the six month period ended June 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of
Martin Currie Inc. (approximately 15% as of June 30, 2010) negatively contributed to the performance of the Fund, as well as



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underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Underperformance was due primarily to poor stock selection. An overweight in
the financials and consumer discretionary sectors also contributed to the performance shortfall. Regionally, lackluster stock selection across all sectors had a negative impact on relative returns.

Bond Index Fund

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

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

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

Large Cap Index Equity Fund

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

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

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

All Cap Index Equity Fund

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

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

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



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Mid Cap Index Equity Fund

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

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

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

Small Cap Index Equity Fund

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

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

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

International Index Equity Fund

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

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

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

Real Asset Return Fund

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

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



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

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

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

Retirement Date Funds

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

The Retirement Date Funds seek to achieve their objectives by investing in various index or other collective
investment funds maintained by State Street Bank. During the quarter ended June 30, 2010, these funds included, in the case of some or all of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index
Securities Lending Series Fund, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Securities Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High Yield Bond Index
Non-Lending Series Fund, the SSgA U.S. Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P
500® Index Securities Lending Series Fund, SSgA S&P
500® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Securities Lending Series Fund, the
SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA S&P MidCap Index Securities Lending Series Fund, the SSgA S&P
MidCap® Index Non-Lending Series Fund, the SSgA Russell Small
Cap® Index Securities Lending Series Fund, the SSgA Russell Small Cap Index Non-Lending Series Fund and the
SSgA/Tuckerman Global Real Estate Securities Index Non-Lending Series Fund.

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



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

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

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

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

Target Risk Funds

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

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

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

For the quarter
ended June 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of -0.88% for the Conservative Risk Fund, -5.07% for the Moderate Risk Fund and -9.03% for the Aggressive Risk Fund. By comparison, the composite benchmark
for each Target Risk Fund produced an investment record of -0.78%, -5.00% and -8.91%, respectively, for the same period. For the six month period ended June 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of 1.60%
for



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the Conservative Risk Fund, -1.95% for the Moderate Risk Fund and -5.32% for the Aggressive Risk Fund, compared to an investment record of 1.98%, -1.57% and -4.96%, respectively, of the
respective composite benchmark for the same period. None of the indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

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

Balanced Fund

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

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

For the quarter ended June 30, 2010, the Balanced Fund experienced a total return, net of expenses, of
-5.95%. By comparison, a combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of -5.59% for the same period. For the six month period ended
June 30, 2010, the Balanced Fund experienced a total return, net of expenses, of -2.29%, as compared to an investment record of -1.63% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index
do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Indices or for fund expenses.

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

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

Effect on Performance of Certain Funds that Participate in Securities Lending

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

The Funds listed in the table below, either directly or indirectly through their investment in other funds and accounts managed by State
Street Bank or its affiliates, participate in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. The Funds participating in this program typically receive cash collateral
at the time of lending with a value in excess of that of the loaned securities, and collateral is increased or decreased, respectively, as the value of the loaned securities increases or decreases. The cash collateral is invested for the account and
risk of the participating funds in the cash collateral funds, which are managed by State Street Bank or its affiliates. For purposes of normal daily transaction activity, these cash collateral funds, as permitted under their governing agreements,
value their investments on the basis of amortized cost, rather than current market values, to the extent that an investment is not in default. State Street Bank has informed the Collective Trust that none of the securities in the cash collateral
funds was in default at June 30, 2010 and therefore purchases and redemptions of units in the cash collateral funds continue to be transacted at a value equivalent to $1.00 per unit (100% of principal invested). On June 30, 2010, a
voluntary cash contribution was made by State Street Corporation to the Series Quality Trust for SSgA Funds Trust Fund (Quality Trust), the cash collateral fund utilized in connection with indirect



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participation in the State Street Bank securities lending program, to establish a fair market net asset value per unit of Quality Trust of approximately $1.00, resulting in such cash collateral
fund having a net asset value of $1.00 per unit on a market basis at June 30, 2010. However, on a market basis at June 30, 2010, the State Street Quality D Short-Term Investment Fund (Quality D), the cash collateral fund
utilized in connection with direct participation in the State Street Bank securities lending program, had a net asset value of $.989 per unit. These net asset values compare to aggregate values of Quality Trust and Quality D ranging from $.988 to
$.991 per unit at March 31, 2010 and $.977 to $.984 per unit at December 31, 2009.

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

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



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

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



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

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

Quarter and Six Month Period Ended June 30, 2009

Stable Asset Return Fund

The Stable Asset Return Fund seeks to provide current income consistent with the preservation of principal and liquidity. The Fund does
not make any direct investments, but invests all of its assets indirectly through the State Street Bank and Trust Company ABA Members/Pooled Stable Asset Fund Trust, which we refer to as SAFT, a collective investment fund maintained by State Street
Bank and Trust Company, which we refer to as State Street Bank. SAFT in turn invests in investment contracts (so called traditional GICs), so called Synthetic GICs, which represent individual high-quality fixed-income and
asset-backed instruments subject to benefit responsive wrap contracts, and collective investment funds maintained by State Street Bank that invest in high-quality fixed income and asset-backed securities. SAFT also invests a portion of its assets in
the State Street Bank and Trust Company Short-Term Investment Fund (STIF), a short-term income collective investment fund maintained by State Street Bank. STIF also invests in high-quality short-term fixed income and asset-backed
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For the quarter ended June 30, 2009, the Stable Asset Return Fund experienced a total
return, net of expenses, of 0.52%. By comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 0.82% for the
same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 1.13%, compared to an investment record of 1.70% 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, 2009. The Funds
investments are primarily focused on segments of the market such as U.S. Treasuries, agency debentures and agency mortgaged-backed securities that have a high degree of support from the U.S. Government. These types of investments have a higher
credit quality but lower yield than traditional GICs and other fixed income securities. These lower yielding U.S. Government supported investments are employed to provide a higher degree of stability for the market value of the underlying
investments supporting the wrap contracts valued at book value. The market to book ratio as of June 30, 2009 is lower than that at the previous quarter-end and is reflective of lower market values associated with higher interest rates, although
the market value still exceeded the book value as of June 30, 2009 and March 31, 2009.

The Stable Asset Return Fund
underperformed the combination benchmark for the six month period ended June 30, 2009. The underperformance can be attributed to the more conservative positioning of the portfolio that began in the fourth quarter of 2008 and was maintained
throughout the period ended June 30, 2009. The lower yielding investments are employed to provide a relatively higher degree of stability for the market to book ratio that indicates the value of the underlying investments. The market to book
ratio as of June 30, 2009 is lower than that at the previous year-end and is reflective of lower values associated with higher interest rates (although market value nonetheless exceeded book value as of each of June 30, 2009 and
March 31, 2009).

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, 2009, the Intermediate
Bond Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of 4.18%. By comparison, the Barclays Capital U.S. Aggregate Bond Index (f/k/a the Lehman Brothers Aggregate
Bond Index) produced an investment record of 1.78% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 4.23%, compared to an investment record of 1.90% for the Barclays
Capital U.S. Aggregate Bond Index for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for fund expenses.

The Intermediate Bond Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the quarter ended June 30,
2009. Under interest rate strategies, an overweight to duration during much of the quarter detracted from performance, as U.S. Treasury yields rose. Under sector strategies, an emphasis on bonds of financial companies was a significant contributor
to relative performance during the second quarter, even though these allocations detracted from relative performance during the first three months of 2009. A small allocation to real returns bonds contributed to the relative performance for the Fund
for the six months ended June 30, 2009 as these assets continued to outpace their nominal U.S. Treasury counterparts as investors sought protection against inflationary risks. Small holdings in local currency-denominated emerging market bonds,
particularly in Brazil and Mexico, contributed to relative performance during the second quarter of 2009 amid improved market sentiment and a rebound in risk appetites.

The Intermediate Bond Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the six month period ended June 30, 2009.
Under interest rate strategies, an overweight to duration during much of the period detracted from relative performance, as U.S. Treasury yields rose. A focus on securities with shorter-term maturities in the U.S. and Europe was positive for the
relative performance of the Fund as yield curves generally steepened. In sector strategies, an overweight to high quality agency-backed mortgage pass-through securities contributed to relative performance for the six months ended June 30, 2009
as the U.S. Treasury remained committed to buying mortgage-backed securities. A small allocation to real return bonds added to relative performance of the Fund as these assets continued to outpace their nominal U.S. Treasury counterparts. Modest
exposure to municipal bonds also benefited relative performance for the period as yield differences between municipal bonds and U.S. Treasuries continued to narrow.

For the quarter and six month period ended June 30, 2009, the Intermediate Bond Fund participated in the State Street Bank
securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities
Lending, the financial statement-reported performance of the Intermediate Bond Fund was positively impacted by 0.20 percentage point in the quarter ended June 30, 2009 as a



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result of such participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the Intermediate Bond Fund was negatively impacted by 0.15
percentage point as a result of such participation. As discussed below under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants
in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.

International Equity Fund

The International Equity Fund seeks to achieve 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 Fund. The Fund seeks to achieve, over an extended period of time,
total returns comparable to or superior to broad measures of the international (non-U.S.) stock market.

For the quarter ended
June 30, 2009, the International Equity Fund experienced a total return, net of expenses, of 27.93%. By comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Free Index, which we refer to as the MSCI ACWI ex-US
Index, produced an investment record of 27.59% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 13.50%, compared to an investment record of 13.92% for the MSCI
ACWI ex-US Index for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The portion of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited underperformed the
MSCI ACWI ex-US Index for the quarter ended June 30, 2009. Stock selection in the information technology and energy sectors were the main detractors from relative performance during the period. In contrast, value was added in the financials and
utilities sectors. Regionally, stock selection in the U.K. and Pacific region (excluding Japan) contributed to relative performance but the Funds relative performance lagged the benchmark in Japan and the emerging markets. At the stock level,
Nintendo, the Japanese electronic gaming company, was among the largest detractors from relative performance in the quarter ended June 30, 2009. The stock performed poorly on concerns that sales of the Wii gaming console may be not continue at
its recent levels. In contrast, holdings in Barclays, the U.K. bank, was a major contributor to relative performance of the Fund. The stock has soared in recent months as investors have become increasingly convinced that the company will not require
a U.K. government bailout. A stress test conducted by the U.K. Financial Services Authority in March 2009 determined that Barclays had sufficient capital. In addition, Barclays negotiated the sale of its asset management arm, which was expected to
boost the banks capital base even further. Despite write-downs and an increase in provisions for bad loans, Barclays has managed to remain relatively profitable due in part to its acquisitions of Lehmans North American operations.

The portion of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP
outperformed the MSCI ACWI ex-US Index for the quarter ended June 30, 2009. Financial market stress early in the year had created an unusually wide valuation spread between inexpensive shares and the average stock. The portfolios focus on
valuation yielded positive results across markets and sectors, as the valuation anomaly began to normalize, and undervalued stocks outperformed more expensive, safe names. On a sector basis, the portfolios holdings in financial stocks were
among leading contributors to relative performance, which exceeded the index sector return. The portfolios industrial and consumer discretionary holdings was also a top contributor to the portfolios relative performance. In all, the
portfolio selections outperformed in six sectors and trailed in four.

The portion of the International Equity Fund advised
with the assistance of JPMorgan Asset Management (UK) Limited outperformed the MSCI ACWI ex-US Index for the six month period ended June 30, 2009. The financials and telecoms sectors were the largest contributors to performance while the
technology and industrials sectors detracted. Regionally, stock selection in the U.K. and Japan was strong but stock selection in continental Europe, the Pacific region (excluding Japan) and emerging markets lagged the benchmark. At the stock level,
Petrobras, the Brazilian oil/gas company, was a major contributor to relative performance. Petrobras boasts one of the strongest and most visible growth profiles among the large oil companies, having made a number of new, potentially large
discoveries off the coast of Brazil. In contrast, HSBC, the global banking group, detracted from performance. Despite a recent bounce-back, the stock has lagged the market benchmark during the six months ended June 30, 2009. Ongoing problems at
the banks U.S. consumer lending unit have resulted in losses that prompted the company to cut its dividend, lay off workers and raise additional capital. Despite the setback in North America, HSBC has managed to remain relatively profitable
due in large part to the relative strength of its operations in emerging markets.

The portion of the International Equity
Fund advised with the assistance of Philadelphia International Advisors, LP outperformed the MSCI ACWI ex-US Index for the six month period ended June 30, 2009. The outperformance was due to solid stock picking in the consumer and utility
sectors and within the UK and Germany. Regionally, stock selection in continental Europe and the UK was particularly strong while the portfolios underweight in emerging markets detracted from relative returns as compared to the benchmark.



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For the quarter and six month period ended June 30, 2009, the International Equity Fund
participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement
Date Funds that Participate in Securities Lending,the financial statement-reported performance of the International Equity Fund in the quarter ended June 30, 2009 was positively impacted 0.37 percentage point as a result of such
participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the International Equity Fund was positively impacted by 0.71 percentage point as a result of such participation. As discussed below
under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not
reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.

Bond Index Fund

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

For the quarter ended June 30, 2009, the Bond Index Fund experienced a total
return, net of expenses, of 1.53%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 1.78% for the same period. For the period from commencement of operations on February 3, 2009 to June 30,
2009, the Fund experienced a total return, net of expenses, of 2.45%, compared to an investment record of 0.10% for the Barclays Capital U.S. Aggregate Bond Index for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include
an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The performance of the Bond Index Fund for the quarter ended June 30, 2009 was consistent with the Barclays Capital U.S. Aggregate
Bond Index after taking into account expenses.

The performance of the Bond Index Fund for the period from commencement of
operations to June 30, 2009 exceeded that of the Barclays Capital U.S. Aggregate Bond Index due primarily to several significant purchases of Fund Units having been made on certain days on which the Barclays Capital U.S. Aggregate Bond Index
experienced declines, with the result that the Funds performance on such days exceeded that of the index due to the time delay involved in the investment of the proceeds of such Units in the index. Otherwise, the performance of the Fund was
consistent with the Barclays Capital U.S. Aggregate Bond Index after taking into account expenses.

Large-Cap Index Equity Fund

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

For the quarter ended June 30, 2009, the Large-Cap Index Equity Fund experienced a total return, net of expenses, of 15.93%. By
comparison, the S&P 500 Index produced an investment record of 15.93% for the same period. For the period from commencement of operations on February 9, 2009 to June 30, 2009, the Fund experienced a total return, net of expenses, of
7.33%, compared to an investment record of 5.84% for the S&P 500 Index for the same period. The S&P 500 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 Large-Cap Index Equity Fund for the quarter ended June 30, 2009 was consistent
with the S&P 500 Index.

The performance of the Large-Cap Index Equity Fund for the period from commencement of operations
to June 30, 2009 exceeded that of the S&P 500 Index due primarily to several significant purchases of Fund Units having been made on certain days on which the S&P 500 Index experienced significant declines, with the result that the
Funds performance on such days exceeded that of the index due to the time delay involved in the investment of the proceeds of such Units in the index. Otherwise, the performance of the Fund was consistent with the S&P 500 Index after
taking into account expenses.

Index Equity Fund

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



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For the quarter ended June 30, 2009, the Index Equity Fund experienced a total return,
net of expenses, of 15.80%. By comparison, the Russell 3000 Index produced an investment record of 16.82% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 2.89%,
compared to an investment record of 4.20% 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, 2009 was consistent with the
Russell 3000 Index after taking into account expenses and the effect of participation in securities lending.

The performance
of the Index Equity Fund for the six month period ended June 30, 2009 was consistent with the Russell 3000 Index after taking into account expenses and the effect of participation in securities lending.

For the quarter and six month period ended June 30, 2009, the Index Equity Fund participated in the State Street Bank securities
lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities
Lending, the financial statement-reported performance of the Index Equity Fund in the quarter ended June 30, 2009 was negatively impacted by 1.00 percentage point as a result of such participation. For the six month period ended
June 30, 2009, the financial statement-reported performance of the Index Equity Fund was negatively impacted by 1.02 percentage points as a result of such participation. As discussed below under Effect on Performance of Certain
Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses
in the cash collateral funds associated with the State Street securities lending program.

Mid-Cap Index Equity Fund

The Mid-Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the S&P MidCap
400 Index by investing generally in securities included in such Index. The S&P MidCap 400 Index includes 400 companies and, as of December 31, 2008, represented approximately 7% of the U.S. equity market based on the market capitalization
of the companies in the S&P MidCap 400 Index.

For the quarter ended June 30, 2009, the Mid-Cap Index Equity Fund
experienced a total return, net of expenses, of 18.73%. By comparison, the S&P MidCap 400 Index produced an investment record of 18.75% for the same period. For the period from commencement of operations on February 3, 2009 to June 30,
2009, the Fund experienced a total return, net of expenses, of 20.46%, compared to an investment record of 15.57% for the S&P MidCap 400 Index for the same period. The S&P MidCap 400 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
Mid-Cap Index Equity Fund for the quarter ended June 30, 2009 was consistent with the S&P MidCap 400 Index after taking into account expenses.

The performance of the Mid-Cap Index Equity Fund for the period from commencement of operations to June 30, 2009 exceeded that of
the S&P MidCap 400 Index due primarily to several significant purchases of Fund Units having been made on certain days on which the S&P MidCap 400 Index experienced significant declines, with the result that the Funds performance on
such days exceeded that of the index due to the time delay involved in the investment of the proceeds of such Units in the index. Otherwise, the performance of the Fund was consistent with the S&P MidCap 400 Index after taking into account
expenses.

Small-Cap Index Equity Fund

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

For the quarter ended June 30, 2009, the Small-Cap Index Equity Fund
experienced a total return, net of expenses, of 21.71%. By comparison, the Russell 2000 Index produced an investment record of 20.69% for the same period. For the period from commencement of operations on February 3, 2009 to June 30, 2009,
the Fund experienced a total return, net of expenses, of 19.71%, compared to an investment record of 13.05% 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 performance of the Small-Cap Index Equity
Fund for the quarter ended June 30, 2009 exceeded that of the Russell 2000 Index due primarily to several significant purchases of Fund Units having been made on certain days on which the Russell 2000 Index experienced significant declines,
with the result that the Funds performance on such days exceeded that of the index due to the time delay involved in the investment of the proceeds of such Units in the index. Otherwise, the performance of the Fund was consistent with the
Russell 2000 Index after taking into account expenses.



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The performance of the Small-Cap Index Equity Fund for the period from commencement of
operations to June 30, 2009 exceeded that of the Russell 2000 Index due primarily to several significant purchases of Fund Units having been made on certain days on which the Russell 2000 Index experienced significant declines, with the result
that the Funds performance on such days exceeded that of the index due to the time delay involved in the investment of the proceeds of such Units in the index. Otherwise, the performance of the Fund was consistent with the Russell 2000 Index
after taking into account expenses.

International Index Equity Fund

The investment objective of the International Index Equity Fund is to replicate, after taking into account Fund expenses, the total rate
of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 2,000 securities in 47 markets, with securities of emerging markets representing approximately
18% of the index.

For the quarter ended June 30, 2009, the International Index Equity Fund experienced a total return,
net of expenses, of 27.09%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 27.59% for the same period. For the period from commencement of operations on March 3, 2009 to June 30, 2009, the Fund experienced a
total return, net of expenses, of 42.60%, compared to an investment record of 42.95% for the MSCI ACWI ex-US Index for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in
the securities that comprise that index or for fund expenses.

The performance of the International Index Equity Fund for the
quarter ended June 30, 2009 was consistent with the MSCI ACWI ex-US Index after taking into account expenses.

The
performance of the International Index Equity Fund for the period from commencement of operations to June 30, 2009 was consistent with the MSCI ACWI ex-US Index after taking into account expenses.

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 the remaining time horizon to the most conservative investment mix. The longer the time
horizon to the year in which a Retirement Date Fund will reach its most conservative investment mix, the greater is the Retirement Date Funds initial risk and potential reward profile. The Lifetime Income Retirement Date Fund seeks to avoid
significant loss of principal for investors who have reached or are beyond their retirement date and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income. The 2010 Retirement Date Fund
currently seeks to provide a blend of capital appreciation and stability of principal for participants planning to retire in or around the year 2010. The 2020 Retirement Date Fund currently seeks to provide long-term capital appreciation and more
limited stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around the year 2030 and
is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around the year 2040 and is comprised mainly of stocks for
maximum growth potential.

The Retirement Date Funds seek to achieve their objectives by investing in various index or other
collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2009, these funds included, in the case of some or all of the Retirement Date Funds and in varying allocations, S&P 500 Flagship Securities
Lending Fund, Daily MSCI ACWI Ex-US Index Securities Lending Fund, S&P Mid-Cap Index Securities Lending Fund, Russell 2000 Index Securities Lending Fund, Long U.S. Government Index Securities Lending Fund, Passive Bond Market Index Securities
Lending Fund, U.S. Treasury Inflation Protected Securities Fund and Principal Accumulation Return Fund.

For the quarter ended
June 30, 2009, the Retirement Date Funds experienced a total return, net of expenses, of 7.11% for the Lifetime Income Retirement Date Fund, 8.96% for the 2010 Retirement Date Fund, 13.08% for the 2020 Retirement Date Fund, 16.13% for the 2030
Retirement Date Fund and 17.87% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the quarter ended June 30, 2009 was consistent with the relevant composite benchmark after taking into account expenses and the
effect of participation in securities lending.

For the quarter ended June 30, 2009, the Retirement Date Funds
participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement
Date Funds that Participate in Securities Lending,the financial statement-reported performance of the



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Retirement Date Funds was positively impacted by 0.41 percentage point for the Lifetime Income Retirement Date Fund, 0.56 percentage point for the 2010 Retirement Date Fund, 0.52 percentage point
for the 2020 Retirement Date Fund, 0.43 percentage point for the 2030 Retirement Date Fund and 0.33 percentage point for the 2040 Retirement Date Fund as a result of such participation. As discussed below under Effect on Performance
of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Funds based on net asset values for transaction purposes do not reflect the impact of any unrealized gains
or losses associated with the State Street securities lending program.

For the six month period ended June 30, 2009, the
Retirement Date Funds experienced a total return, net of expenses, of 4.41% for the Lifetime Income Retirement Date Fund, 3.01% for the 2010 Retirement Date Fund, 3.78% for the 2020 Retirement Date Fund, 4.69% for the 2030 Retirement Date Fund and
5.75% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the six month period ended June 30, 2009 was consistent with the relevant composite benchmark after taking into account expenses and the effect of
participation in securities lending.

For the six month period ended June 30, 2009, the Retirement Date Funds
participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement
Date Funds that Participate in Securities Lending,the financial statement-reported performance of the Retirement Date Funds was positively impacted by 0.53 percentage point for the Lifetime Income Retirement Date Fund, 1.28 percentage
points for the 2010 Retirement Date Fund, 1.16 percentage points for the 2020 Retirement Date Fund, 0.93 percentage point for the 2030 Retirement Date Fund and 0.67 percentage point for the 2040 Retirement Date Fund as a result of such
participation. As discussed below under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Funds based on net asset
values for transaction purposes do not reflect the impact of any unrealized gains or losses associated with the State Street securities lending program.

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, 2009, the Balanced Fund experienced a total return, net of expenses, of 10.24%. By comparison, a
combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of 10.51% for the same period. For the six month period ended June 30, 2009, the Fund
experienced a total return, net of expenses, of 4.99%, compared to an investment record of 3.75% for the composite benchmark for the same period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index do not include an allowance
for the fees that an investor would pay for investing in the securities that comprise the indices or for fund expenses.

For
the quarter ended June 30, 2009, the equity segment of the Balanced Fund, which was then advised with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. The Fund experienced positive total returns but had
difficulty keeping pace with the benchmark index as stocks surged broadly. The Funds holdings in the financials sector was the largest detractor from relative performance. The Funds small cash position was also a hindrance to the
Funds relative performance compared to the benchmark. Stock selection in the consumer discretionary sector contributed to relative returns. Within the energy sector, the Funds emphasis on holdings in services companies such as
Schlumberger and its relatively low exposure to the major oil companies provided a boost to relative performance.

For the
quarter ended June 30, 2009, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management Company LLC, outperformed the Barclays Capital U.S. Aggregate Bond Index. Under interest rate strategies,
an overweight to duration during much of the quarter detracted from relative performance, as U.S. Treasury yields rose. Under sector strategies, an emphasis on bonds of financial companies was a significant contributor to relative performance during
the second quarter of 2009, even though these allocations detracted from relative performance during the first quarter of 2009. A small allocation to real returns bonds contributed to the relative performance for the Fund for the six months ended
June 30, 2009 as these assets continued to outpace their nominal U.S. Treasury counterparts as investors sought protection against inflationary risks. Small holdings in local currency-denominated emerging market bonds, particularly in Brazil
and Mexico, contributed to relative performance during the second quarter of 2009 amid improved market sentiment and a rebound in risk appetites.

For the six month period ended June 30, 2009, the equity segment of the Balanced Fund, which was then advised with the assistance of
Capital Guardian Trust Company, outperformed the Russell 1000 Index. Stock selection in the financial and energy sectors contributed to relative performance of the Fund during this period. By contrast, stock selection in the materials sector and the
Funds cash position were top detractors from relative performance of the Fund for the six month period ended June 30, 2009.

For the six month period ended June 30, 2009, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific
Investment Management Company LLC, outperformed the Barclays Capital U.S. Aggregate Bond Index. Under interest rate



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strategies, an overweight to duration during much of the six months ended June 30, 2009 detracted from relative performance of the Fund, as U.S. Treasury yields rose. A focus on securities
with shorter-term maturities in the U.S. and Europe was contributed to relative performance of the Fund as yield curves generally steepened. In sector strategies, an overweight to high quality agency-backed mortgage pass-through securities
contributed to performance for the six months ended June 30, 2009 as the U.S. Treasury remained committed to buying mortgage backed securities. A small allocation to real returns bonds added to the relative performance of the Fund as these
assets continued to outpace their nominal U.S. Treasury counterparts. Modest exposure to municipal bonds also benefited the Funds relative performance during this period as yield differences between municipal bonds and U.S. Treasuries
continued to narrow.

For the quarter and six month period ended June 30, 2009, the Balanced Fund participated in
the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that
Participate in Securities Lending,the financial statement-reported performance of the Balanced Fund was positively impacted by 0.13 percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six
month period ended June 30, 2009, the financial statement-reported performance of the Balanced Fund was negatively impacted by 0.05 percentage point as a result of such participation. As discussed below under Effect on
Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any
unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.

Effect on
Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending

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

The Funds referred to above, either directly or indirectly through their investment in other funds
and accounts managed by State Street Bank or its affiliates, participate in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. The Funds participating in this program
typically receive cash collateral at the time of lending with a value in excess of that of the loaned securities, and collateral is increased or decreased, respectively, as the value of the loaned securities increases or decreases. The cash
collateral is invested for the account and risk of the participating funds in the cash collateral funds, which are managed by State Street Bank or its affiliates. For purposes of normal daily transaction activity, these cash collateral funds, as
permitted under their governing agreements, value their investments on the basis of amortized cost, rather than current market values, to the extent that an investment is not in default or considered to be impaired. State Street Bank has informed
the Collective Trust that none of the securities in the cash collateral funds was in default or considered to be impaired at June 30, 2009 and therefore purchases and redemptions of units in the cash collateral funds continue to be transacted
at a value equivalent to $1.00 per unit (100% of principal invested), even though, on a market basis at June 30, 2009, the cash collateral funds had net asset values ranging from $.940 to $.957 per unit. These net asset values compare to values
ranging from $.935 to $.954 per unit at March 31, 2009 and $.908 to $.935 per unit at December 31, 2008.

For
financial reporting purposes under GAAP, each of these Funds has valued its direct and indirect investments in the cash collateral funds at their market values, and has recognized either unrealized gains or unrealized losses in the financial
statements for the quarter and six month period ended June 30, 2009. Gains positively impacted, and losses negatively impacted, reported performance of each relevant Fund to the extent stated in its respective discussion under
Managements Discussion and Analysis of Financial Condition and Results of OperationsQuarter and Six Month Period Ended June 30, 2009. The unrealized gains were the result of partial reversals of unrealized losses recognized
in previous periods. These unrealized losses, net of any previously unrealized gains partially reversing these losses, could further reverse, in whole or in part, over time to the extent that principal is eventually recovered on maturities or higher
prices are realized upon sale of the underlying securities, although, as with any investment, such events are not assured of occurring, and future losses could be experienced for financial reporting purposes if the net asset values per unit of the
cash collateral funds on a market basis decrease from their June 30, 2009 levels. However, these Funds have continued to value their investments in the cash collateral funds for purposes of Participant transactions at amortized-cost based value
used by the cash collateral funds for daily transactions. Accordingly, actual returns experienced by Participants in the Funds based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses.

For information on the effect of the unrealized gains or losses described above on the performance for financial reporting
purposes of a particular Fund, see the discussion related to performance of such Fund above for the quarter and six month period ended June 30, 2009.



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

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures: Under the supervision and with the participation of
the Principal Executive Officer and Principal Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trusts Principal Executive Officer and Principal Financial Officer have concluded that its disclosure controls and procedures are effective as of June 30, 2010.

Internal Control Over Financial Reporting: Under the supervision and with the participation of the Principal Executive Officer and
Principal Financial Officer, the Collective Trust evaluated any change in its internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2010 and determined that there was no change in the Collective
Trusts internal control over financial reporting occurred during the fiscal quarter ended June 30, 2010 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, 2010, the Collective Trust issued an aggregate of approximately $122 million in unregistered Units.
Such Units were offered and sold in reliance upon the exemption from registration under Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain
H.R. 10 plans. Proceeds received by the Collective Trust from the sale or transfer of the Units are applied to the applicable Fund.



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



|     |  |                                                                                                                                                  
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------
|31.1 |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|     | 
|31.2 |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.         
|     | 
|32.1 |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  
|     | 
|32.2 |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.           



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SIGNATURES

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



|                |  |  |  |                                                                   |  |                                                             
|--------------- |  |  |  | ----------------------------------------------------------------- |  | ------------------------------------------------------------
|                |  |  |  | AMERICAN BAR ASSOCIATION MEMBERS/ NORTHERN
TRUST COLLECTIVE TRUST
|                |  |  | 
|August 16, 2010 |  |  |  | By:                                                               |  | /s/ Thomas R. Benzmiller                                    
|                |  |  |  | Name:                                                             |  | Thomas R. Benzmiller                                        
|                |  |  |  | Title:                                                            |  | Principal Executive Officer                                 
|                |  |  | 
|August 16, 2010 |  |  |  | By:                                                               |  | /s/ Randal Rein                                             
|                |  |  |  | Name:                                                             |  | Randal Rein                                                 
|                |  |  |  | Title:                                                            |  | Principal Financial Officer and
Principal Accounting Officer



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##### Table of Contents

EXHIBIT INDEX



|     |  |                                                                                                                                                  
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------
|     | 
|31.1 |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|     | 
|31.2 |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.         
|     | 
|32.1 |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  
|     | 
|32.2 |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.           



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