##### 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 March 31, 2008.



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

For the transition period from  to

Commission file number 33-50080





AMERICAN BAR ASSOCIATION MEMBERS/

STATE STREET COLLECTIVE TRUST

(Exact name of registrant as specified in its charter)







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



|                                                     |  |           
|---------------------------------------------------- |  | ----------
|20 Trafalgar Square, Suite 449 Nashua, New Hampshire |  | 03163     
|(Address of principal executive offices)             |  | (ZIP Code)

(603) 589-4097

(Registrants Telephone Number, including Area Code)



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





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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 1b-2 of the Exchange Act.



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



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









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##### Table of Contents

TABLE OF CONTENTS



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



---

##### Table of Contents

| |  |                                                     |  |                                     |  |     
| |  | --------------------------------------------------- |  | ----------------------------------- |  | ----
| |  |                                                     |  |                                     |  | Page
| |  |                                                     |  | Financial Highlights                |  | 32  
| |  |                                                    
| |  | Small-Cap Equity Fund                               |  | 33                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 33  
| |  |                                                     |  | Statement of Operations             |  | 34  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 35  
| |  |                                                     |  | Financial Highlights                |  | 36  
| |  |                                                    
| |  | Stable Asset Return Fund                            |  | 37                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 37  
| |  |                                                     |  | Statement of Operations             |  | 38  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 39  
| |  |                                                     |  | Financial Highlights                |  | 40  
| |  |                                                    
| |  | Structured Portfolio ServiceConservative Portfolio |  | 41                                 
| |  |                                                     |  | Statement of Operations             |  | 41  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 42  
| |  |                                                     |  | Financial Highlights                |  | 43  
| |  |                                                    
| |  | Structured Portfolio ServiceModerate Portfolio     |  | 44                                 
| |  |                                                     |  | Statement of Operations             |  | 44  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 45  
| |  |                                                     |  | Financial Highlights                |  | 46  
| |  |                                                    
| |  | Structured Portfolio ServiceAggressive Portfolio   |  | 47                                 
| |  |                                                     |  | Statement of Operations             |  | 47  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 48  
| |  |                                                     |  | Financial Highlights                |  | 49  
| |  |                                                    
| |  | Lifetime Income Retirement Date Fund                |  | 50                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 50  
| |  |                                                     |  | Statement of Operations             |  | 51  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 52  
| |  |                                                     |  | Financial Highlights                |  | 53  
| |  |                                                    
| |  | 2010 Retirement Date Fund                           |  | 54                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 54  
| |  |                                                     |  | Statement of Operations             |  | 55  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 56  
| |  |                                                     |  | Financial Highlights                |  | 57  
| |  |                                                    
| |  | 2020 Retirement Date Fund                           |  | 58                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 58  
| |  |                                                     |  | Statement of Operations             |  | 59  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 60  
| |  |                                                     |  | Financial Highlights                |  | 61  
| |  |                                                    
| |  | 2030 Retirement Date Fund                           |  | 62                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 62  
| |  |                                                     |  | Statement of Operations             |  | 63  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 64  
| |  |                                                     |  | Financial Highlights                |  | 65  
| |  |                                                    
| |  | 2040 Retirement Date Fund                           |  | 66                                 
| |  |                                                     |  | Statement of Assets and Liabilities |  | 66  
| |  |                                                     |  | Statement of Operations             |  | 67  
| |  |                                                     |  | Statement of Changes in Net Assets  |  | 68  
| |  |                                                     |  | Financial Highlights                |  | 69  



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##### Table of Contents

|           |  |                   |  |                                                                                               |  |     
|---------- |  | ----------------- |  | --------------------------------------------------------------------------------------------- |  | ----
|           |  |                   |  |                                                                                               |  | Page
|           |  |                   | 
|           |  |                   |  | Notes to Unaudited Financial Statements                                                       |  | 70  
|           |  |                   | 
|           |  |                   |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 90  
|           |  |                   | 
|           |  |                   |  | Item 4. Controls and Procedures                                                               |  | 115 
|           |  |                  
|PART II.   |  | OTHER INFORMATION |  | 115                                                                                          
|           |  |                   | 
|           |  |                   |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 115 
|           |  |                   | 
|           |  |                   |  | Item 6. Exhibits                                                                              |  | 115 
|           | 
|SIGNATURES |  | 116              



---

##### Table of Contents

PART I. FINANCIAL INFORMATION.



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

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |                |             |    
|------------------------------------------------------------------------------------------ |  | -------------- | ----------- | ---
|                                                                                           |  | March 31, 2008 |            
|Assets                                                                                     |  |                |             |    
|Investments, at value (cost $220,658,128)                                                  |  | $              | 211,884,796 | (a)
|Investments in affiliated issuers, at value (cost $47,882,068)                             |  |                | 47,882,068  |    
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |                |             |    
|Intermediate Bond Fund (cost $139,762,775 and units of 7,596,838)                          |  |                | 169,848,164 | (b)
|Receivable for investments sold                                                            |  |                | 1,414,560   |    
|Receivable for fund units sold                                                             |  |                | 381,035     |    
|Dividends receivable                                                                       |  |                | 203,150     |    
|Tax reclaims receivable                                                                    |  |                | 9,058       |    
|                                                                                           |  |                |             |    
|Total assets                                                                               |  |                | 431,622,831 |    
|                                                                                           |  |                |             |    
|Liabilities                                                                                |  |                |             |    
|Due to custodian                                                                           |  |                | 288,259     |    
|Payable for cash collateral received on securities loaned                                  |  |                | 40,039,317  | (c)
|Payable for investments purchased                                                          |  |                | 659,389     |    
|Payable for fund units redeemed                                                            |  |                | 760,350     |    
|Investment advisory fee payable                                                            |  |                | 133,022     |    
|State Street Bank and Trust Companyprogram fee payable                                    |  |                | 55,399      |    
|Trustee, management and administration fees payable                                        |  |                | 17,692      |    
|ABA Retirement Fundsprogram fee payable                                                   |  |                | 7,935       |    
|Other accruals                                                                             |  |                | 101,701     |    
|                                                                                           |  |                |             |    
|Total liabilities                                                                          |  |                | 42,063,064  |    
|                                                                                           |  |                |             |    
|                                                                                           | 
|Net Assets(equivalent to $85.43 per unit based on 4,559,961 units outstanding)             |  | $              | 389,559,767 |    
|                                                                                           |  |                |             |    



|(a) | Includes securities on loan with a value of $39,230,391 (see Note 6).
|--- | ---------------------------------------------------------------------

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

|(c) | Excludes non-cash collateral of $260,836 (see Note 6).
|--- | ------------------------------------------------------

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



1



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends (net of foreign tax expense of $1,991)                |  | $                                              | 1,021,938   |  
|Dividendsaffiliated issuers                                    |  |                                                | 40,597      |  
|Securities lending income                                       |  |                                                | 56,964      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 1,119,499   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 185,017     |  
|Investment advisory fee                                         |  |                                                | 133,000     |  
|Trustee, management and administration fees                     |  |                                                | 53,389      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 24,715      |  
|Legal and audit fees                                            |  |                                                | 13,119      |  
|Compliance consultant fees                                      |  |                                                | 12,050      |  
|Reports to unitholders                                          |  |                                                | 6,491       |  
|Registration fees                                               |  |                                                | 1,745       |  
|Other fees                                                      |  |                                                | 6,656       |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 436,182     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | 683,317     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | 20,491      |  
|Intermediate Bond Fund                                          |  |                                                | 871,993     |  
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | 892,484     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation)            |  |                                                | (20,894,575 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (20,002,091 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (19,318,774 | )
|                                                                |  |                                                |             |  

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



2



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ----------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                    |  |                                                |             |  
|Net investment income (loss)                                       |  | $                                              | 683,317     |  
|Net realized gain (loss)                                           |  |                                                | 892,484     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (20,894,575 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (19,318,774 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |             |  
|Proceeds from units issued                                         |  |                                                | 24,755,089  |  
|Cost of units redeemed                                             |  |                                                | (29,208,269 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | (4,453,180  | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (23,771,954 | )
|                                                                   | 
|Net Assets                                                         |  |                                                |             |  
|Beginning of period                                                |  |                                                | 413,331,721 |  
|                                                                   |  |                                                |             |  
|End of period                                                      |  | $                                              | 389,559,767 |  
|                                                                   |  |                                                |             |  
|                                                                   | 
|Number of units                                                    |  |                                                |             |  
|Outstanding-beginning of period                                    |  |                                                | 4,610,378   |  
|Issued                                                             |  |                                                | 286,601     |  
|Redeemed                                                           |  |                                                | (337,018    | )
|                                                                   |  |                                                |             |  
|Outstanding-end of period                                          |  |                                                | 4,559,961   |  
|                                                                   |  |                                                |             |  

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



3



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.25    |   
|Expenses()                                                |  |                                                | (0.10   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | 0.15    |   
|Net realized and unrealized gain (loss)                      |  |                                                | (4.37   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (4.22   | ) 
|Net asset value at beginning of period                       |  |                                                | 89.65   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 85.43   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.44    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | 0.69    | % 
|Portfolio turnover**                                      |  |                                                | 7       | % 
|Total return**                                               |  |                                                | (4.71   | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 389,560 |   



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

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

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

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

| | With respect to the portion of the Funds assets invested in the Intermediate Bond Fund, portfolio turnover reflects purchases and sales of the Intermediate Bond Fund in which
the Fund invests a portion of its assets, rather than portfolio turnover of the underlying portfolio of the Intermediate Bond Fund.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



4



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                           |  |                |            
|-------------------------------------------------------------------------------------------------------------------------- |  | -------------- | -----------
|                                                                                                                           |  | March 31, 2008
|Assets                                                                                                                     |  |                |            
|Investments in affiliated fund, at value:                                                                                  |  |                |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $280,793,839 and units of 31,297,638) |  | $              | 357,481,616
|Cash                                                                                                                       |  |                | 256,949    
|Receivable for fund units sold                                                                                             |  |                | 356,601    
|                                                                                                                           |  |                |            
|Total assets                                                                                                               |  |                | 358,095,166
|                                                                                                                           |  |                |            
|Liabilities                                                                                                                |  |                |            
|Payable for fund units redeemed                                                                                            |  |                | 995,121    
|State Street Bank and Trust Companyprogram fee payable                                                                    |  |                | 94,119     
|Trustee, management and administration fees payable                                                                        |  |                | 29,976     
|ABA Retirement Fundsprogram fee payable                                                                                   |  |                | 12,886     
|Other accruals                                                                                                             |  |                | 166,764    
|                                                                                                                           |  |                |            
|Total liabilities                                                                                                          |  |                | 1,298,866  
|                                                                                                                           |  |                |            
|                                                                                                                           | 
|Net Assets(equivalent to $34.75 per unit based on 10,266,811 units outstanding)                                            |  | $              | 356,796,300
|                                                                                                                           |  |                |            

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



5



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |             |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                                         |  |                                                |             |  
|Securities lending income distributed by underlying affiliated fund       |  | $                                              | 30,378      |  
|                                                                          |  |                                                |             |  
|Total investment income                                                   |  |                                                | 30,378      |  
|                                                                          |  |                                                |             |  
|                                                                          | 
|Expenses                                                                  |  |                                                |             |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 317,687     |  
|Trustee, management and administration fees                               |  |                                                | 91,634      |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 42,424      |  
|Legal and audit fees                                                      |  |                                                | 22,515      |  
|Compliance consultant fees                                                |  |                                                | 20,681      |  
|Reports to unitholders                                                    |  |                                                | 11,141      |  
|Registration fees                                                         |  |                                                | 2,995       |  
|Other fees                                                                |  |                                                | 11,423      |  
|                                                                          |  |                                                |             |  
|Total expenses                                                            |  |                                                | 520,500     |  
|                                                                          |  |                                                |             |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (490,122    | )
|                                                                          |  |                                                |             |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |             |  
|Net realized gain (loss)                                                  |  |                                                | 4,249,548   |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (45,653,079 | )
|                                                                          |  |                                                |             |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (41,403,531 | )
|                                                                          |  |                                                |             |  
|                                                                          | 
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (41,893,653 | )
|                                                                          |  |                                                |             |  

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



6



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |              |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ------------ | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |             
|From operations                                                    |  |                                                |              |  
|Net investment income (loss)                                       |  | $                                              | (490,122     | )
|Net realized gain (loss)                                           |  |                                                | 4,249,548    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (45,653,079  | )
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (41,893,653  | )
|                                                                   |  |                                                |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |              |  
|Proceeds from units issued                                         |  |                                                | 97,413,688   |  
|Cost of units redeemed                                             |  |                                                | (137,526,900 | )
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | (40,113,212  | )
|                                                                   |  |                                                |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (82,006,865  | )
|                                                                   | 
|Net Assets                                                         |  |                                                |              |  
|Beginning of period                                                |  |                                                | 438,803,165  |  
|                                                                   |  |                                                |              |  
|End of period                                                      |  | $                                              | 356,796,300  |  
|                                                                   |  |                                                |              |  
|                                                                   | 
|Number of units                                                    |  |                                                |              |  
|Outstanding-beginning of period                                    |  |                                                | 11,413,546   |  
|Issued                                                             |  |                                                | 2,803,925    |  
|Redeemed                                                           |  |                                                | (3,950,660   | )
|                                                                   |  |                                                |              |  
|Outstanding-end of period                                          |  |                                                | 10,266,811   |  
|                                                                   |  |                                                |              |  

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



7



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income(a)                                        |  | $                                              |        |   
|Expenses()                                                |  |                                                | (0.05   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | (0.05   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (3.65   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (3.70   | ) 
|Net asset value at beginning of period                       |  |                                                | 38.45   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 34.75   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.53    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.50   | )%
|Portfolio turnover**(b)                                      |  |                                                | 0       | % 
|Total return**                                               |  |                                                | (9.62   | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 356,796 |   



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

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

|(b) | Amounts less than 0.50% are rounded to zero.
|--- | --------------------------------------------

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



8



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                |             |    
|------------------------------------------------------------------------------- |  | -------------- | ----------- | ---
|                                                                                |  | March 31, 2008 |            
|Assets                                                                          |  |                |             |    
|Investments, at value (cost $555,185,394)                                       |  | $              | 559,900,021 | (a)
|Investments in affiliated issuers, at value (cost $33,457,596)                  |  |                | 33,457,596  |    
|Foreign currency, at value (cost $897,439)                                      |  |                | 898,743     |    
|Deposit with broker for open futures contracts                                  |  |                | 2,770,000   |    
|Receivable for investments sold on delayed delivery basis                       |  |                | 162,169,047 |    
|Receivable for investments sold                                                 |  |                | 28,070,064  |    
|Receivable for fund units sold                                                  |  |                | 341,705     |    
|Interest and dividend receivable                                                |  |                | 2,810,920   |    
|Gross unrealized appreciation of forward currency exchange contracts            |  |                | 72,807      |    
|Receivable for futures variation margin                                         |  |                | 30,326      |    
|Tax reclaims receivable                                                         |  |                | 4,615       |    
|Swap contracts, at value                                                        |  |                | 10,872,835  |    
|                                                                                |  |                |             |    
|Total assets                                                                    |  |                | 801,398,679 |    
|                                                                                |  |                |             |    
|Liabilities                                                                     |  |                |             |    
|Due to custodian                                                                |  |                | 5,247,387   |    
|Payable for cash collateral received on securities loaned                       |  |                | 26,064,873  |    
|Payable for investments purchased on a delayed delivery basis                   |  |                | 251,966,414 |    
|Payable for investments purchased                                               |  |                | 39,488,252  |    
|Payable for fund units redeemed                                                 |  |                | 1,005,764   |    
|Swap contracts, at value                                                        |  |                | 10,999,410  |    
|Gross unrealized depreciation of forward currency exchange contracts            |  |                | 1,003,096   |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                | 120,120     |    
|Investment advisory fee payable                                                 |  |                | 107,787     |    
|Trustee, management and administration fees payable                             |  |                | 38,167      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                | 17,109      |    
|Other accruals                                                                  |  |                | 183,334     |    
|                                                                                |  |                |             |    
|Total liabilities                                                               |  |                | 336,241,713 |    
|                                                                                |  |                |             |    
|                                                                                | 
|Net Assets(equivalent to $22.36 per unit based on 20,805,259 units outstanding) |  | $              | 465,156,966 |    
|                                                                                |  |                |             |    



|(a) | Includes securities on loan with a value of $25,535,664 (see Note 6).
|--- | ---------------------------------------------------------------------

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



9



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |            |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|Investment income                                               |  |                                                |            |  
|Dividends                                                       |  | $                                              | 45,816     |  
|Dividendsaffiliated issuers                                    |  |                                                | 61,093     |  
|Interestunaffiliated issuers                                   |  |                                                | 6,235,504  |  
|Securities lending income                                       |  |                                                | 40,828     |  
|                                                                |  |                                                |            |  
|Total investment income                                         |  |                                                | 6,383,241  |  
|                                                                |  |                                                |            |  
|                                                                | 
|Expenses                                                        |  |                                                |            |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 393,614    |  
|Investment advisory fee                                         |  |                                                | 325,189    |  
|Trustee, management and administration fees                     |  |                                                | 113,619    |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 52,596     |  
|Legal and audit fees                                            |  |                                                | 27,925     |  
|Compliance consultant fees                                      |  |                                                | 25,650     |  
|Reports to unitholders                                          |  |                                                | 13,817     |  
|Registration fees                                               |  |                                                | 3,714      |  
|Other fees                                                      |  |                                                | 14,168     |  
|                                                                |  |                                                |            |  
|Total expenses                                                  |  |                                                | 970,292    |  
|                                                                |  |                                                |            |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | 5,412,949  |  
|                                                                |  |                                                |            |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |            |  
|Net realized gain (loss) on:                                    |  |                                                |            |  
|Investments                                                     |  |                                                | 11,483,966 |  
|Foreign currency transactions                                   |  |                                                | 63,255     |  
|Futures contracts                                               |  |                                                | 5,117,637  |  
|Swap contracts                                                  |  |                                                | 316,587    |  
|                                                                |  |                                                |            |  
|Net realized gain (loss)                                        |  |                                                | 16,981,445 |  
|                                                                |  |                                                |            |  
|                                                                | 
|Change in net unrealized appreciation (depreciation) on:        |  |                                                |            |  
|Investments                                                     |  |                                                | (467,602   | )
|Foreign currency transactions                                   |  |                                                | (1,294,565 | )
|Futures contracts                                               |  |                                                | (4,984,253 | )
|Swap contracts                                                  |  |                                                | 3,856,265  |  
|                                                                |  |                                                |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                | (2,890,155 | )
|                                                                |  |                                                |            |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | 14,091,290 |  
|                                                                |  |                                                |            |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | 19,504,239 |  
|                                                                |  |                                                |            |  

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



10



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                                |              |  
|--------------------------------------------------------------------------- |  | ---------------------------------------------- | ------------ | -
|                                                                            |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |             
|From operations                                                             |  |                                                |              |  
|Net investment income (loss)                                                |  | $                                              | 5,412,949    |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                                | 16,981,445   |  
|Change in net unrealized appreciation (depreciation)                        |  |                                                | (2,890,155   | )
|                                                                            |  |                                                |              |  
|Net increase (decrease) in net assets resulting from operations             |  |                                                | 19,504,239   |  
|                                                                            |  |                                                |              |  
|                                                                            | 
|From unitholder transactions                                                |  |                                                |              |  
|Proceeds from units issued                                                  |  |                                                | 116,073,603  |  
|Cost of units redeemed                                                      |  |                                                | (154,782,509 | )
|                                                                            |  |                                                |              |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                                | (38,708,906  | )
|                                                                            |  |                                                |              |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                                | (19,204,667  | )
|                                                                            | 
|Net Assets                                                                  |  |                                                |              |  
|Beginning of period                                                         |  |                                                | 484,361,633  |  
|                                                                            |  |                                                |              |  
|End of period                                                               |  | $                                              | 465,156,966  |  
|                                                                            |  |                                                |              |  
|                                                                            | 
|Number of units                                                             |  |                                                |              |  
|Outstanding-beginning of period                                             |  |                                                | 22,558,121   |  
|Issued                                                                      |  |                                                | 5,222,935    |  
|Redeemed                                                                    |  |                                                | (6,975,797   | )
|                                                                            |  |                                                |              |  
|Outstanding-end of period                                                   |  |                                                | 20,805,259   |  
|                                                                            |  |                                                |              |  

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



11



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |  
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | -
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.29    |  
|Expenses()                                                |  |                                                | (0.04   | )
|                                                             |  |                                                |         |  
|Net investment income (loss)                                 |  |                                                | 0.25    |  
|Net realized and unrealized gain (loss)                      |  |                                                | 0.64    |  
|                                                             |  |                                                |         |  
|Net increase (decrease) in unit value                        |  |                                                | 0.89    |  
|Net asset value at beginning of period                       |  |                                                | 21.47   |  
|                                                             |  |                                                |         |  
|Net asset value at end of period                             |  | $                                              | 22.36   |  
|                                                             |  |                                                |         |  
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |  
|Ratio of expenses to average net assets*                   |  |                                                | 0.80    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                | 4.48    | %
|Portfolio turnover**                                         |  |                                                | 227     | %
|Total return**                                               |  |                                                | 4.15    | %
|Net assets at end of period (in thousands)                   |  | $                                              | 465,157 |  



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

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

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

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

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



12



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                |             |    
|------------------------------------------------------------------------------ |  | -------------- | ----------- | ---
|                                                                               |  | March 31, 2008 |            
|Assets                                                                         |  |                |             |    
|Investments, at value (cost $219,187,870)                                      |  | $              | 259,043,661 | (a)
|Investments in affiliated issuers, at value (cost $33,242,922)                 |  |                | 33,242,922  |    
|Foreign currency, at value (cost $917,669)                                     |  |                | 887,937     |    
|Dividends receivable                                                           |  |                | 2,136,264   |    
|Receivable for investments sold                                                |  |                | 521,162     |    
|Receivable for fund units sold                                                 |  |                | 460,335     |    
|Tax reclaims receivable                                                        |  |                | 122,913     |    
|                                                                               |  |                |             |    
|Total assets                                                                   |  |                | 296,415,194 |    
|                                                                               |  |                |             |    
|                                                                               | 
|Liabilities                                                                    |  |                |             |    
|Due to custodian                                                               |  |                | 734,485     |    
|Payable for cash collateral received on securities loaned                      |  |                | 32,144,281  |    
|Payable for investments purchased                                              |  |                | 1,102       |    
|Payable for fund units redeemed                                                |  |                | 620,115     |    
|Investment advisory fee payable                                                |  |                | 124,889     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                | 67,933      |    
|Trustee, management and administration fees payable                            |  |                | 21,572      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                | 9,658       |    
|Other accruals                                                                 |  |                | 112,969     |    
|                                                                               |  |                |             |    
|Total liabilities                                                              |  |                | 33,837,004  |    
|                                                                               |  |                |             |    
|                                                                               | 
|Net Assets(equivalent to $31.20 per unit based on 8,414,789 units outstanding) |  | $              | 262,578,190 |    
|                                                                               |  |                |             |    



|(a) | Includes securities on loan with a value of $30,697,026 (see Note 6).
|--- | ---------------------------------------------------------------------

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



13



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends (net of foreign tax expense of $26,648)               |  | $                                              | 2,829,377   |  
|Dividendsaffiliated issuers                                    |  |                                                | 26,843      |  
|Securities lending income                                       |  |                                                | 36,079      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 2,892,299   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|Investment advisory fee                                         |  |                                                | 380,108     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 225,749     |  
|Trustee, management and administration fees                     |  |                                                | 65,154      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 30,155      |  
|Legal and audit fees                                            |  |                                                | 16,009      |  
|Compliance consultant fees                                      |  |                                                | 14,705      |  
|Reports to unitholders                                          |  |                                                | 7,921       |  
|Registration fees                                               |  |                                                | 2,129       |  
|Other fees                                                      |  |                                                | 8,122       |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 750,052     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | 2,142,247   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | 10,267,657  |  
|Foreign currency transactions                                   |  |                                                | 61,508      |  
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | 10,329,165  |  
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation) on:        |  |                                                |             |  
|Investments                                                     |  |                                                | (37,660,109 | )
|Foreign currency transactions                                   |  |                                                | (22,714     | )
|                                                                |  |                                                |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                                | (37,682,823 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (27,353,658 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (25,211,411 | )
|                                                                |  |                                                |             |  

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



14



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                                |             |  
|--------------------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                            |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                             |  |                                                |             |  
|Net investment income (loss)                                                |  | $                                              | 2,142,247   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                                | 10,329,165  |  
|Change in net unrealized appreciation (depreciation)                        |  |                                                | (37,682,823 | )
|                                                                            |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                                | (25,211,411 | )
|                                                                            |  |                                                |             |  
|                                                                            | 
|From unitholder transactions                                                |  |                                                |             |  
|Proceeds from units issued                                                  |  |                                                | 74,240,632  |  
|Cost of units redeemed                                                      |  |                                                | (95,613,054 | )
|                                                                            |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                                | (21,372,422 | )
|                                                                            |  |                                                |             |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                                | (46,583,833 | )
|                                                                            | 
|Net Assets                                                                  |  |                                                |             |  
|Beginning of period                                                         |  |                                                | 309,162,023 |  
|                                                                            |  |                                                |             |  
|End of period                                                               |  | $                                              | 262,578,190 |  
|                                                                            |  |                                                |             |  
|                                                                            | 
|Number of units                                                             |  |                                                |             |  
|Outstanding-beginning of period                                             |  |                                                | 9,112,453   |  
|Issued                                                                      |  |                                                | 2,385,947   |  
|Redeemed                                                                    |  |                                                | (3,083,611  | )
|                                                                            |  |                                                |             |  
|Outstanding-end of period                                                   |  |                                                | 8,414,789   |  
|                                                                            |  |                                                |             |  

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



15



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.32    |   
|Expenses()                                                |  |                                                | (0.08   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | 0.24    |   
|Net realized and unrealized gain (loss)                      |  |                                                | (2.97   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (2.73   | ) 
|Net asset value at beginning of period                       |  |                                                | 33.93   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 31.20   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 1.08    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | 3.09    | % 
|Portfolio turnover**                                         |  |                                                | 10      | % 
|Total return**                                               |  |                                                | (8.05   | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 262,578 |   



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

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

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

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

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



16



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                |             |    
|------------------------------------------------------------------------------- |  | -------------- | ----------- | ---
|                                                                                |  | March 31, 2008 |            
|Assets                                                                          |  |                |             |    
|Investments, at value (cost $409,650,958)                                       |  | $              | 407,485,964 | (a)
|Investments in affiliated issuers, at value (cost $215,557,503)                 |  |                | 278,006,911 |    
|Cash                                                                            |  |                | 225,051     |    
|Receivable for investments sold                                                 |  |                | 2,614,776   |    
|Receivable for fund units sold                                                  |  |                | 869,257     |    
|Dividends receivable                                                            |  |                | 235,730     |    
|Tax reclaims receivable                                                         |  |                | 108         |    
|                                                                                |  |                |             |    
|Total assets                                                                    |  |                | 689,437,797 |    
|                                                                                |  |                |             |    
|Liabilities                                                                     |  |                |             |    
|Payable for cash collateral received on securities loaned                       |  |                | 73,815,243  | (b)
|Payable for investments purchased                                               |  |                | 1,348,234   |    
|Payable for fund units redeemed                                                 |  |                | 757,060     |    
|Investment advisory fee payable                                                 |  |                | 182,194     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                | 156,220     |    
|Trustee, management and administration fees payable                             |  |                | 49,852      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                | 22,332      |    
|Other accruals                                                                  |  |                | 273,225     |    
|                                                                                |  |                |             |    
|Total liabilities                                                               |  |                | 76,604,360  |    
|                                                                                |  |                |             |    
|                                                                                | 
|Net Assets(equivalent to $51.36 per unit based on 11,931,324 units outstanding) |  | $              | 612,833,437 |    
|                                                                                |  |                |             |    



|(a) | Includes securities on loan with a value of $78,768,389 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $6,816,975 (see Note 6).
|--- | --------------------------------------------------------

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



17



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends (net of foreign tax expense of $653)                  |  | $                                              | 879,090     |  
|Dividendsaffiliated issuers                                    |  |                                                | 44,240      |  
|Securities lending income                                       |  |                                                | 94,472      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 1,017,802   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 520,107     |  
|Investment advisory fee                                         |  |                                                | 318,436     |  
|Trustee, management and administration fees                     |  |                                                | 150,119     |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 69,481      |  
|Legal and audit fees                                            |  |                                                | 36,887      |  
|Compliance consultant fees                                      |  |                                                | 33,882      |  
|Reports to unitholders                                          |  |                                                | 18,251      |  
|Registration fees                                               |  |                                                | 4,906       |  
|Other fees                                                      |  |                                                | 18,715      |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 1,170,784   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | (152,982    | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | (7,496,410  | )
|Investmentsaffiliated issuers                                  |  |                                                | 3,757,574   |  
|Foreign currency transactions                                   |  |                                                | (95         | )
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | (3,738,931  | )
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation)            |  |                                                | (72,909,807 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (76,648,738 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (76,801,720 | )
|                                                                |  |                                                |             |  

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



18



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |              |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ------------ | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |             
|From operations                                                    |  |                                                |              |  
|Net investment income (loss)                                       |  | $                                              | (152,982     | )
|Net realized gain (loss)                                           |  |                                                | (3,738,931   | )
|Change in net unrealized appreciation (depreciation)               |  |                                                | (72,909,807  | )
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (76,801,720  | )
|                                                                   |  |                                                |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |              |  
|Proceeds from units issued                                         |  |                                                | 64,906,086   |  
|Cost of units redeemed                                             |  |                                                | (92,808,093  | )
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | (27,902,007  | )
|                                                                   |  |                                                |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (104,703,727 | )
|                                                                   | 
|Net Assets                                                         |  |                                                |              |  
|Beginning of period                                                |  |                                                | 717,537,164  |  
|                                                                   |  |                                                |              |  
|End of period                                                      |  | $                                              | 612,833,437  |  
|                                                                   |  |                                                |              |  
|                                                                   | 
|Number of units                                                    |  |                                                |              |  
|Outstanding-beginning of period                                    |  |                                                | 12,470,251   |  
|Issued                                                             |  |                                                | 1,257,013    |  
|Redeemed                                                           |  |                                                | (1,795,940   | )
|                                                                   |  |                                                |              |  
|Outstanding-end of period                                          |  |                                                | 11,931,324   |  
|                                                                   |  |                                                |              |  

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



19



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.08    |   
|Expenses()                                                |  |                                                | (0.10   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | (0.02   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (6.16   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (6.18   | ) 
|Net asset value at beginning of period                       |  |                                                | 57.54   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 51.36   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.73    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.10   | )%
|Portfolio turnover**                                      |  |                                                | 8       | % 
|Total return**                                               |  |                                                | (10.74  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 612,833 |   



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

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

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

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

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

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



20



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                |             |    
|------------------------------------------------------------------------------ |  | -------------- | ----------- | ---
|                                                                               |  | March 31, 2008 |            
|Assets                                                                         |  |                |             |    
|Investments, at value (cost $256,118,130)                                      |  | $              | 268,540,319 | (a)
|Investments in affiliated issuers, at value (cost $109,908,152)                |  |                | 129,325,172 |    
|Receivable for investments sold                                                |  |                | 1,386,763   |    
|Dividends receivable                                                           |  |                | 467,789     |    
|Receivable for fund units sold                                                 |  |                | 383,274     |    
|Tax reclaims receivable                                                        |  |                | 16,202      |    
|                                                                               |  |                |             |    
|Total assets                                                                   |  |                | 400,119,519 |    
|                                                                               |  |                |             |    
|Liabilities                                                                    |  |                |             |    
|Due to custodian                                                               |  |                | 586,389     |    
|Payable for cash collateral received on securities loaned                      |  |                | 43,599,544  | (b)
|Payable for fund units redeemed                                                |  |                | 608,899     |    
|Investment advisory fee payable                                                |  |                | 120,609     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                | 91,218      |    
|Payable for legal and audit services                                           |  |                | 60,835      |    
|Trustee, management and administration fees payable                            |  |                | 29,067      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                | 13,020      |    
|Other accruals                                                                 |  |                | 105,097     |    
|                                                                               |  |                |             |    
|Total liabilities                                                              |  |                | 45,214,678  |    
|                                                                               |  |                |             |    
|                                                                               | 
|Net Assets(equivalent to $38.95 per unit based on 9,112,048 units outstanding) |  | $              | 354,904,841 |    
|                                                                               |  |                |             |    



|(a) | Includes securities on loan with a value of $43,130,426 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $632,225 (see Note 6).
|--- | ------------------------------------------------------

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



21



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends (net of foreign tax expense of $2,047)                |  | $                                              | 2,034,910   |  
|Dividendsaffiliated issuers                                    |  |                                                | 26,126      |  
|Securities lending income                                       |  |                                                | 46,306      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 2,107,342   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 306,200     |  
|Investment advisory fee                                         |  |                                                | 185,650     |  
|Trustee, management and administration fees                     |  |                                                | 88,344      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 40,896      |  
|Legal and audit fees                                            |  |                                                | 21,707      |  
|Compliance consultant fees                                      |  |                                                | 19,939      |  
|Reports to unitholders                                          |  |                                                | 10,741      |  
|Registration fees                                               |  |                                                | 2,887       |  
|Other fees                                                      |  |                                                | 11,013      |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 687,377     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | 1,419,965   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | 3,067,843   |  
|Investmentsaffiliated issuers                                  |  |                                                | 2,979,759   |  
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | 6,047,602   |  
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation)            |  |                                                | (48,867,209 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (42,819,607 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (41,399,642 | )
|                                                                |  |                                                |             |  

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



22



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ----------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                    |  |                                                |             |  
|Net investment income (loss)                                       |  | $                                              | 1,419,965   |  
|Net realized gain (loss)                                           |  |                                                | 6,047,602   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (48,867,209 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (41,399,642 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |             |  
|Proceeds from units issued                                         |  |                                                | 56,189,450  |  
|Cost of units redeemed                                             |  |                                                | (80,565,696 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | (24,376,246 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (65,775,888 | )
|                                                                   | 
|Net Assets                                                         |  |                                                |             |  
|Beginning of period                                                |  |                                                | 420,680,729 |  
|                                                                   |  |                                                |             |  
|End of period                                                      |  | $                                              | 354,904,841 |  
|                                                                   |  |                                                |             |  
|                                                                   | 
|Number of units                                                    |  |                                                |             |  
|Outstanding-beginning of period                                    |  |                                                | 9,730,129   |  
|Issued                                                             |  |                                                | 1,434,037   |  
|Redeemed                                                           |  |                                                | (2,052,118  | )
|                                                                   |  |                                                |             |  
|Outstanding-end of period                                          |  |                                                | 9,112,048   |  
|                                                                   |  |                                                |             |  

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



23



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.22    |   
|Expenses()                                                |  |                                                | (0.07   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | 0.15    |   
|Net realized and unrealized gain (loss)                      |  |                                                | (4.43   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (4.28   | ) 
|Net asset value at beginning of period                       |  |                                                | 43.23   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 38.95   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.73    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | 1.51    | % 
|Portfolio turnover**                                      |  |                                                | 3       | % 
|Total return**                                               |  |                                                | (9.90   | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 354,905 |   



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

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

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

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

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

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



24



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                |             |    
|------------------------------------------------------------------------------ |  | -------------- | ----------- | ---
|                                                                               |  | March 31, 2008 |            
|Assets                                                                         |  |                |             |    
|Investments, at value (cost $104,000,098)                                      |  | $              | 116,874,976 | (a)
|Investments in affiliated issuers, at value (cost $43,896,853)                 |  |                | 43,896,853  |    
|Cash                                                                           |  |                | 116,489     |    
|Receivable for investments sold                                                |  |                | 1,199,824   |    
|Receivable for fund units sold                                                 |  |                | 254,256     |    
|Dividends receivable                                                           |  |                | 46,415      |    
|                                                                               |  |                |             |    
|Total assets                                                                   |  |                | 162,388,813 |    
|                                                                               |  |                |             |    
|Liabilities                                                                    |  |                |             |    
|Payable for cash collateral received on securities loaned                      |  |                | 39,036,882  | (b)
|Payable for investments purchased                                              |  |                | 1,189,164   |    
|Payable for fund units redeemed                                                |  |                | 211,661     |    
|Investment advisory fee payable                                                |  |                | 183,168     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                | 30,614      |    
|Trustee, management and administration fees payable                            |  |                | 9,709       |    
|ABA Retirement Fundsprogram fee payable                                       |  |                | 4,351       |    
|Other accruals                                                                 |  |                | 45,284      |    
|                                                                               |  |                |             |    
|Total liabilities                                                              |  |                | 40,710,833  |    
|                                                                               |  |                |             |    
|                                                                               | 
|Net Assets(equivalent to $24.50 per unit based on 4,967,357 units outstanding) |  | $              | 121,677,980 |    
|                                                                               |  |                |             |    



|(a) | Includes securities on loan with a value of $38,684,943 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $551,070 (see Note 6).
|--- | ------------------------------------------------------

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



25



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends                                                       |  | $                                              | 171,421     |  
|Dividendsaffiliated issuers                                    |  |                                                | 51,134      |  
|Securities lending income                                       |  |                                                | 47,825      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 270,380     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|Investment advisory fee                                         |  |                                                | 183,168     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 97,400      |  
|Trustee, management and administration fees                     |  |                                                | 28,142      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 13,022      |  
|Legal and audit fees                                            |  |                                                | 6,916       |  
|Compliance consultant fees                                      |  |                                                | 6,353       |  
|Reports to unitholders                                          |  |                                                | 3,422       |  
|Registration fees                                               |  |                                                | 920         |  
|Other fees                                                      |  |                                                | 3,508       |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 342,851     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | (72,471     | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | (4,159,158  | )
|                                                                | 
|Change in net unrealized appreciation (depreciation)            |  |                                                | (12,949,272 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (17,108,430 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (17,180,901 | )
|                                                                |  |                                                |             |  

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



26



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ----------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                    |  |                                                |             |  
|Net investment income (loss)                                       |  | $                                              | (72,471     | )
|Net realized gain (loss)                                           |  |                                                | (4,159,158  | )
|Change in net unrealized appreciation (depreciation)               |  |                                                | (12,949,272 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (17,180,901 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |             |  
|Proceeds from units issued                                         |  |                                                | 33,087,203  |  
|Cost of units redeemed                                             |  |                                                | (25,144,223 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 7,942,980   |  
|                                                                   |  |                                                |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (9,237,921  | )
|                                                                   | 
|Net Assets                                                         |  |                                                |             |  
|Beginning of period                                                |  |                                                | 130,915,901 |  
|                                                                   |  |                                                |             |  
|End of period                                                      |  | $                                              | 121,677,980 |  
|                                                                   |  |                                                |             |  
|                                                                   | 
|Number of units                                                    |  |                                                |             |  
|Outstanding-beginning of period                                    |  |                                                | 4,652,506   |  
|Issued                                                             |  |                                                | 1,333,493   |  
|Redeemed                                                           |  |                                                | (1,018,642  | )
|                                                                   |  |                                                |             |  
|Outstanding-end of period                                          |  |                                                | 4,967,357   |  
|                                                                   |  |                                                |             |  

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



27



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.06    |   
|Expenses()                                                |  |                                                | (0.07   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | (0.01   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (3.63   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (3.64   | ) 
|Net asset value at beginning of period                       |  |                                                | 28.14   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 24.50   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 1.15    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.24   | )%
|Portfolio turnover**                                         |  |                                                | 39      | % 
|Total return**                                               |  |                                                | (12.94  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 121,678 |   



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

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

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

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

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



28



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                |             |    
|------------------------------------------------------------------------------- |  | -------------- | ----------- | ---
|                                                                                |  | March 31, 2008 |            
|Assets                                                                          |  |                |             |    
|Investments, at value (cost $78,086,766)                                        |  | $              | 68,717,947  | (a)
|Investments in affiliated issuers, at value (cost $31,548,877)                  |  |                | 31,548,877  |    
|Foreign currency, at value (cost $36,000)                                       |  |                | 35,291      |    
|Cash                                                                            |  |                | 585,813     |    
|Receivable for investments sold                                                 |  |                | 469,477     |    
|Receivable for fund units sold                                                  |  |                | 122,452     |    
|Dividends receivable                                                            |  |                | 54,771      |    
|                                                                                |  |                |             |    
|Total assets                                                                    |  |                | 101,534,628 |    
|                                                                                |  |                |             |    
|Liabilities                                                                     |  |                |             |    
|Payable for cash collateral received on securities loaned                       |  |                | 30,956,970  | (b)
|Payable for investments purchased                                               |  |                | 385,538     |    
|Payable for fund units redeemed                                                 |  |                | 134,347     |    
|Investment advisory fee payable                                                 |  |                | 39,694      |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                | 18,234      |    
|Trustee, management and administration fees payable                             |  |                | 5,792       |    
|ABA Retirement Fundsprogram fee payable                                        |  |                | 2,589       |    
|Other accruals                                                                  |  |                | 33,923      |    
|                                                                                |  |                |             |    
|Total liabilities                                                               |  |                | 31,577,087  |    
|                                                                                |  |                |             |    
|                                                                                | 
|Net Assets (equivalent to $14.45 per unit based on 4,841,643 units outstanding) |  | $              | 69,957,541  |    
|                                                                                |  |                |             |    



|(a) | Includes securities on loan with a value of $30,567,348 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $461,061 (see Note 6).
|--- | ------------------------------------------------------

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



29



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends (net of foreign tax expense of $442)                  |  | $                                              | 247,142     |  
|Dividendsaffiliated issuers                                    |  |                                                | 5,912       |  
|Interestunaffiliated issuers                                   |  |                                                | 327         |  
|Securities lending income                                       |  |                                                | 49,145      |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 302,526     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|Investment advisory fee                                         |  |                                                | 124,768     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 62,982      |  
|Trustee, management and administration fees                     |  |                                                | 18,143      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 8,405       |  
|Legal and audit fees                                            |  |                                                | 4,458       |  
|Compliance consultant fees                                      |  |                                                | 4,095       |  
|Reports to unitholders                                          |  |                                                | 2,206       |  
|Registration fees                                               |  |                                                | 593         |  
|Other fees                                                      |  |                                                | 2,260       |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 227,910     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | 74,616      |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | (4,371,766  | )
|Foreign currency transactions                                   |  |                                                | (4,980      | )
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | (4,376,746  | )
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation) on:        |  |                                                |             |  
|Investments                                                     |  |                                                | (8,530,125  | )
|Foreign currency transactions                                   |  |                                                | 6,007       |  
|                                                                |  |                                                |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                                | (8,524,118  | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (12,900,864 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (12,826,248 | )
|                                                                |  |                                                |             |  

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



30



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                                |             |  
|--------------------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                            |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                             |  |                                                |             |  
|Net investment income (loss)                                                |  | $                                              | 74,616      |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                                | (4,376,746  | )
|Change in net unrealized appreciation (depreciation)                        |  |                                                | (8,524,118  | )
|                                                                            |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                                | (12,826,248 | )
|                                                                            |  |                                                |             |  
|                                                                            | 
|From unitholder transactions                                                |  |                                                |             |  
|Proceeds from units issued                                                  |  |                                                | 15,384,634  |  
|Cost of units redeemed                                                      |  |                                                | (21,320,600 | )
|                                                                            |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                                | (5,935,966  | )
|                                                                            |  |                                                |             |  
|                                                                            | 
|Net increase (decrease) in net assets                                       |  |                                                | (18,762,214 | )
|                                                                            | 
|Net Assets                                                                  |  |                                                |             |  
|Beginning of period                                                         |  |                                                | 88,719,755  |  
|                                                                            |  |                                                |             |  
|End of period                                                               |  | $                                              | 69,957,541  |  
|                                                                            |  |                                                |             |  
|                                                                            | 
|Number of units                                                             |  |                                                |             |  
|Outstanding-beginning of period                                             |  |                                                | 5,227,794   |  
|Issued                                                                      |  |                                                | 1,033,424   |  
|Redeemed                                                                    |  |                                                | (1,419,575  | )
|                                                                            |  |                                                |             |  
|Outstanding-end of period                                                   |  |                                                | 4,841,643   |  
|                                                                            |  |                                                |             |  

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



31



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              | 0.06   |   
|Expenses()                                                |  |                                                | (0.05  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | 0.01   |   
|Net realized and unrealized gain (loss)                      |  |                                                | (2.53  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (2.52  | ) 
|Net asset value at beginning of period                       |  |                                                | 16.97  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 14.45  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 1.18   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | 0.39   | % 
|Portfolio turnover**                                         |  |                                                | 10     | % 
|Total return**                                               |  |                                                | (14.85 | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 69,958 |   



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

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

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

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

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



32



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                |             |    
|------------------------------------------------------------------------------- |  | -------------- | ----------- | ---
|                                                                                |  | March 31, 2008 |            
|Assets                                                                          |  |                |             |    
|Investments, at value (cost $215,477,371)                                       |  | $              | 210,270,539 | (a)
|Investments in affiliated issuers, at value (cost $154,020,703)                 |  |                | 153,962,454 |    
|Cash                                                                            |  |                | 16,158      |    
|Receivable for fund units sold                                                  |  |                | 227,577     |    
|Receivable for investments sold                                                 |  |                | 173,207     |    
|Dividends receivable                                                            |  |                | 153,557     |    
|                                                                                |  |                |             |    
|Total assets                                                                    |  |                | 364,803,492 |    
|                                                                                |  |                |             |    
|Liabilities                                                                     |  |                |             |    
|Payable for cash collateral received on securities loaned                       |  |                | 137,092,198 | (b)
|Payable for investments purchased                                               |  |                | 2,309,222   |    
|Payable for fund units redeemed                                                 |  |                | 498,942     |    
|Investment advisory fee payable                                                 |  |                | 139,199     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                | 56,656      |    
|Trustee, management and administration fees payable                             |  |                | 18,113      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                | 8,108       |    
|Other accruals                                                                  |  |                | 104,855     |    
|                                                                                |  |                |             |    
|Total liabilities                                                               |  |                | 140,227,293 |    
|                                                                                |  |                |             |    
|                                                                                | 
|Net Assets (equivalent to $65.42 per unit based on 3,433,059 units outstanding) |  | $              | 224,576,199 |    
|                                                                                |  |                |             |    



|(a) | Includes securities on loan with a value of $135,189,133 (see Note 6).
|--- | ----------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,779,004 (see Note 6).
|--- | --------------------------------------------------------

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



33



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |             |  
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------- | -
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|Investment income                                               |  |                                                |             |  
|Dividends                                                       |  | $                                              | 392,180     |  
|Dividendsaffiliated issuers                                    |  |                                                | 61,148      |  
|Securities lending income                                       |  |                                                | 191,410     |  
|                                                                |  |                                                |             |  
|Total investment income                                         |  |                                                | 644,738     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Expenses                                                        |  |                                                |             |  
|Investment advisory fee                                         |  |                                                | 425,505     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 189,855     |  
|Trustee, management and administration fees                     |  |                                                | 54,791      |  
|ABA Retirement Fundsprogram fee                                |  |                                                | 25,360      |  
|Legal and audit fees                                            |  |                                                | 13,463      |  
|Compliance consultant fees                                      |  |                                                | 12,366      |  
|Reports to unitholders                                          |  |                                                | 6,661       |  
|Registration fees                                               |  |                                                | 1,791       |  
|Other fees                                                      |  |                                                | 6,831       |  
|                                                                |  |                                                |             |  
|Total expenses                                                  |  |                                                | 736,623     |  
|                                                                |  |                                                |             |  
|                                                                | 
|Net investment income (loss)                                    |  |                                                | (91,885     | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                |             |  
|Net realized gain (loss) on:                                    |  |                                                |             |  
|Investments                                                     |  |                                                | (8,507,992  | )
|Investmentsaffiliated issuers                                  |  |                                                | (673,117    | )
|                                                                |  |                                                |             |  
|Net realized gain (loss)                                        |  |                                                | (9,181,109  | )
|                                                                |  |                                                |             |  
|                                                                | 
|Change in net unrealized appreciation (depreciation)            |  |                                                | (21,033,160 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net realized and unrealized gain (loss)                         |  |                                                | (30,214,269 | )
|                                                                |  |                                                |             |  
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | (30,306,154 | )
|                                                                |  |                                                |             |  

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



34



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ----------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |            
|From operations                                                    |  |                                                |             |  
|Net investment income (loss)                                       |  | $                                              | (91,885     | )
|Net realized gain (loss)                                           |  |                                                | (9,181,109  | )
|Change in net unrealized appreciation (depreciation)               |  |                                                | (21,033,160 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (30,306,154 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |             |  
|Proceeds from units issued                                         |  |                                                | 15,168,019  |  
|Cost of units redeemed                                             |  |                                                | (26,774,315 | )
|                                                                   |  |                                                |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | (11,606,296 | )
|                                                                   |  |                                                |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | (41,912,450 | )
|                                                                   | 
|Net Assets                                                         |  |                                                |             |  
|Beginning of period                                                |  |                                                | 266,488,649 |  
|                                                                   |  |                                                |             |  
|End of period                                                      |  | $                                              | 224,576,199 |  
|                                                                   |  |                                                |             |  
|                                                                   | 
|Number of units                                                    |  |                                                |             |  
|Outstanding-beginning of period                                    |  |                                                | 3,607,118   |  
|Issued                                                             |  |                                                | 229,273     |  
|Redeemed                                                           |  |                                                | (403,332    | )
|                                                                   |  |                                                |             |  
|Outstanding-end of period                                          |  |                                                | 3,433,059   |  
|                                                                   |  |                                                |             |  

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



35



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.18    |   
|Expenses()                                                |  |                                                | (0.21   | ) 
|                                                             |  |                                                |         |   
|Net investment income (loss)                                 |  |                                                | (0.03   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (8.43   | ) 
|                                                             |  |                                                |         |   
|Net increase (decrease) in unit value                        |  |                                                | (8.46   | ) 
|Net asset value at beginning of period                       |  |                                                | 73.88   |   
|                                                             |  |                                                |         |   
|Net asset value at end of period                             |  | $                                              | 65.42   |   
|                                                             |  |                                                |         |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |   
|Ratio of expenses to average net assets*                   |  |                                                | 1.26    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.16   | )%
|Portfolio turnover**                                      |  |                                                | 32      | % 
|Total return**                                               |  |                                                | (11.45  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 224,576 |   



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

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

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

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

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

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



36



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                          |  |                |            
|--------------------------------------------------------------------------------------------------------- |  | -------------- | -----------
|                                                                                                          |  | March 31, 2008
|Assets                                                                                                    |  |                |            
|Investments in affiliated fund, at fair value:                                                            |  |                |            
|State Street Bank ABA Members/Pooled Stable Asset Fund Trust (cost $914,365,361 and units of 914,365,361) |  | $              | 908,865,947
|Receivable for fund units sold                                                                            |  |                | 2,045,755  
|                                                                                                          |  |                |            
|Total assets                                                                                              |  |                | 910,911,702
|                                                                                                          |  |                |            
|Liabilities                                                                                               |  |                |            
|Payable for fund units redeemed                                                                           |  |                | 1,661,820  
|State Street Bank and Trust Companyprogram fee payable                                                   |  |                | 231,220    
|Payable for legal and audit services                                                                      |  |                | 124,588    
|Trustee, management and administration fees payable                                                       |  |                | 73,411     
|ABA Retirement Fundsprogram fee payable                                                                  |  |                | 32,888     
|Other accruals                                                                                            |  |                | 215,400    
|                                                                                                          |  |                |            
|Total liabilities                                                                                         |  |                | 2,339,327  
|                                                                                                          |  |                |            
|Net Assets at fair value                                                                                  |  |                | 908,572,375
|                                                                                                          |  |                |            
|Adjustment from fair value to contract value for fully benefit responsive contracts                       |  |                | 5,499,414  
|                                                                                                          |  |                |            
|                                                                                                          | 
|Net Assets (equivalent to $33.61 per unit based on 27,194,771 units outstanding)                          |  | $              | 914,071,789
|                                                                                                          |  |                |            

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



37



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                                |           
|--------------------------------------------------------------- |  | ---------------------------------------------- | ----------
|                                                                |  | For the periodJanuary 1, 2008 toMarch 31, 2008
|Investment income                                               |  | $                                              | 10,380,783
|                                                                |  |                                                |           
|                                                                | 
|Expenses                                                        |  |                                                |           
|State Street Bank and Trust Companyprogram fee                 |  |                                                | 727,762   
|Trustee, management and administration fees                     |  |                                                | 210,310   
|ABA Retirement Fundsprogram fee                                |  |                                                | 97,325    
|Legal and audit fees                                            |  |                                                | 51,697    
|Compliance consultant fees                                      |  |                                                | 47,486    
|Reports to unitholders                                          |  |                                                | 25,580    
|Registration fees                                               |  |                                                | 6,876     
|Other fees                                                      |  |                                                | 26,228    
|                                                                |  |                                                |           
|Total expenses                                                  |  |                                                | 1,193,264 
|                                                                |  |                                                |           
|                                                                | 
|Net increase (decrease) in net assets resulting from operations |  | $                                              | 9,187,519 
|                                                                |  |                                                |           

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



38



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |              |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ------------ | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |             
|From operations                                                    |  |                                                |              |  
|Net investment income (loss)                                       |  | $                                              | 9,187,519    |  
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | 9,187,519    |  
|                                                                   |  |                                                |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |              |  
|Proceeds from units issued                                         |  |                                                | 144,266,091  |  
|Cost of units redeemed                                             |  |                                                | (117,723,361 | )
|                                                                   |  |                                                |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 26,542,730   |  
|                                                                   |  |                                                |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 35,730,249   |  
|                                                                   | 
|Net Assets                                                         |  |                                                |              |  
|Beginning of period                                                |  |                                                | 878,341,540  |  
|                                                                   |  |                                                |              |  
|End of period                                                      |  | $                                              | 914,071,789  |  
|                                                                   |  |                                                |              |  
|                                                                   | 
|Number of units                                                    |  |                                                |              |  
|Outstanding-beginning of period                                    |  |                                                | 26,400,288   |  
|Issued                                                             |  |                                                | 4,309,534    |  
|Redeemed                                                           |  |                                                | (3,515,051   | )
|                                                                   |  |                                                |              |  
|Outstanding-end of period                                          |  |                                                | 27,194,771   |  
|                                                                   |  |                                                |              |  

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



39



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |         |  
|------------------------------------------------------------ |  | ---------------------------------------------- | ------- | -
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |        
|Investment income                                           |  | $                                              | 0.38    |  
|Expenses()                                                |  |                                                | (0.04   | )
|                                                             |  |                                                |         |  
|Net investment income (loss)                                 |  |                                                | 0.34    |  
|                                                             |  |                                                |         |  
|Net increase (decrease) in unit value                        |  |                                                | 0.34    |  
|Net asset value at beginning of period                       |  |                                                | 33.27   |  
|                                                             |  |                                                |         |  
|Net asset value at end of period                             |  | $                                              | 33.61   |  
|                                                             |  |                                                |         |  
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |         |  
|Ratio of expenses to average net assets*                   |  |                                                | 0.53    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                | 4.11    | %
|Total return**                                               |  |                                                | 1.02    | %
|Net assets at end of period (in thousands)                   |  | $                                              | 914,072 |  



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

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

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

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

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



40



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                                  |            |  
|----------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- | -
|                                                                        |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination
date) |           
|Investment income                                                       |  | $                                                                |           |  
|                                                                        |  |                                                                  |            |  
|                                                                        | 
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                                  |            |  
|Net realized gain (loss)                                                |  |                                                                  | 7,021,550  |  
|                                                                        | 
|Change in net unrealized appreciation (depreciation)                    |  |                                                                  | (8,434,708 | )
|                                                                        |  |                                                                  |            |  
|                                                                        | 
|Net realized and unrealized gain (loss)                                 |  |                                                                  | (1,413,158 | )
|                                                                        |  |                                                                  |            |  
|                                                                        | 
|Net increase (decrease) in net assets resulting from operations         |  | $                                                                | (1,413,158 | )
|                                                                        |  |                                                                  |            |  

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



41



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                                  |             |  
|------------------------------------------------------------------ |  | ---------------------------------------------------------------- | ----------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination date) |            
|From operations                                                    |  |                                                                  |             |  
|Net investment income (loss)                                       |  | $                                                                |            |  
|Net realized gain (loss)                                           |  |                                                                  | 7,021,550   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                                  | (8,434,708  | )
|                                                                   |  |                                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                                  | (1,413,158  | )
|                                                                   |  |                                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                                  |             |  
|Proceeds from units issued                                         |  |                                                                  | 5,495,101   |  
|Cost of units redeemed                                             |  |                                                                  | (72,229,301 | )
|                                                                   |  |                                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                                  | (66,734,200 | )
|                                                                   |  |                                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                                  | (68,147,358 | )
|                                                                   | 
|Net Assets                                                         |  |                                                                  |             |  
|Beginning of period                                                |  |                                                                  | 68,147,358  |  
|                                                                   |  |                                                                  |             |  
|End of period                                                      |  | $                                                                |            |  
|                                                                   |  |                                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                                  | 2,947,953   |  
|Issued                                                             |  |                                                                  | 241,597     |  
|Redeemed                                                           |  |                                                                  | (3,189,550  | )
|                                                                   |  |                                                                  |             |  
|Outstanding-end of period                                          |  |                                                                  |            |  
|                                                                   |  |                                                                  |             |  

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



42



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                                  |       |   
|----------------------------------------------------------- |  | ---------------------------------------------------------------- | ----- | --
|                                                            |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination
date) |      
|Investment income                                           |  | $                                                                |      |   
|Expenses                                                   |  |                                                                  |      |   
|                                                            |  |                                                                  |       |   
|Net investment income (loss)                                |  |                                                                  |      |   
|Net realized and unrealized gain (loss)                     |  |                                                                  | (0.46 | ) 
|                                                            |  |                                                                  |       |   
|Net increase (decrease) in unit value                       |  |                                                                  | (0.46 | ) 
|Net asset value at beginning of period                      |  |                                                                  | 23.12 |   
|                                                            |  |                                                                  |       |   
|Net asset value at end of period(a)                         |  | $                                                                | 22.66 |   
|                                                            |  |                                                                  |       |   
|                                                            | 
|Ratios/Supplemental Data:                                   |  |                                                                  |       |   
|Ratio of expenses to average net assets                    |  |                                                                  | 0.00  | % 
|Ratio of net investment income (loss) to average net assets |  |                                                                  | 0.00  | % 
|Portfolio turnover*                                       |  |                                                                  | 8     | % 
|Total return*                                               |  |                                                                  | (1.99 | )%
|Net assets at end of period (in thousands)                  |  | $                                                                |      |   



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

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

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

|(a) | Amount represents the final redemption price per unit.
|--- | ------------------------------------------------------

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



43



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                                  |             |  
|----------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ----------- | -
|                                                                        |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination date) |            
|Investment income                                                       |  | $                                                                |            |  
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                                  |             |  
|Net realized gain (loss)                                                |  |                                                                  | 32,126,839  |  
|                                                                        | 
|Change in net unrealized appreciation (depreciation)                    |  |                                                                  | (44,453,517 | )
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net realized and unrealized gain (loss)                                 |  |                                                                  | (12,326,678 | )
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net increase (decrease) in net assets resulting from operations         |  | $                                                                | (12,326,678 | )
|                                                                        |  |                                                                  |             |  

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



44



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                                  |              |  
|------------------------------------------------------------------ |  | ---------------------------------------------------------------- | ------------ | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination date) |             
|From operations                                                    |  |                                                                  |              |  
|Net investment income (loss)                                       |  | $                                                                |             |  
|Net realized gain (loss)                                           |  |                                                                  | 32,126,839   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                                  | (44,453,517  | )
|                                                                   |  |                                                                  |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                                  | (12,326,678  | )
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                                  |              |  
|Proceeds from units issued                                         |  |                                                                  | 7,616,319    |  
|Cost of units redeemed                                             |  |                                                                  | (245,400,997 | )
|                                                                   |  |                                                                  |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                                  | (237,784,678 | )
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                                  | (250,111,356 | )
|                                                                   | 
|Net Assets                                                         |  |                                                                  |              |  
|Beginning of period                                                |  |                                                                  | 250,111,356  |  
|                                                                   |  |                                                                  |              |  
|End of period                                                      |  | $                                                                |             |  
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|Number of units                                                    |  |                                                                  |              |  
|Outstanding-beginning of period                                    |  |                                                                  | 9,655,744    |  
|Issued                                                             |  |                                                                  | 306,085      |  
|Redeemed                                                           |  |                                                                  | (9,961,829   | )
|                                                                   |  |                                                                  |              |  
|Outstanding-end of period                                          |  |                                                                  |             |  
|                                                                   |  |                                                                  |              |  

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



45



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                                  |       |   
|----------------------------------------------------------- |  | ---------------------------------------------------------------- | ----- | --
|                                                            |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination
date) |      
|Investment income                                           |  | $                                                                |      |   
|Expenses                                                   |  |                                                                  |      |   
|                                                            |  |                                                                  |       |   
|Net investment income (loss)                                |  |                                                                  |      |   
|Net realized and unrealized gain (loss)                     |  |                                                                  | (1.28 | ) 
|                                                            |  |                                                                  |       |   
|Net increase (decrease) in unit value                       |  |                                                                  | (1.28 | ) 
|Net asset value at beginning of period                      |  |                                                                  | 25.90 |   
|                                                            |  |                                                                  |       |   
|Net asset value at end of period(a)                         |  | $                                                                | 24.62 |   
|                                                            |  |                                                                  |       |   
|                                                            | 
|Ratios/Supplemental Data:                                   |  |                                                                  |       |   
|Ratio of expenses to average net assets                    |  |                                                                  | 0.00  | % 
|Ratio of net investment income (loss) to average net assets |  |                                                                  | 0.00  | % 
|Portfolio turnover*                                       |  |                                                                  | 4     | % 
|Total return*                                               |  |                                                                  | (4.94 | )%
|Net assets at end of period (in thousands)                  |  | $                                                                |      |   



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

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

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

|(a) | Amount represents the final redemption price per unit.
|--- | ------------------------------------------------------

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



46



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                                  |             |  
|----------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ----------- | -
|                                                                        |  | For the periodJanuary 1, 2008 toMarch 28,
2008(termination date) |            
|Investment income                                                       |  | $                                                                |            |  
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                                  |             |  
|Net realized gain (loss)                                                |  |                                                                  | 27,460,032  |  
|                                                                        | 
|Change in net unrealized appreciation (depreciation)                    |  |                                                                  | (42,405,727 | )
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net realized and unrealized gain (loss)                                 |  |                                                                  | (14,945,695 | )
|                                                                        |  |                                                                  |             |  
|                                                                        | 
|Net increase (decrease) in net assets resulting from operations         |  | $                                                                | (14,945,695 | )
|                                                                        |  |                                                                  |             |  

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



47



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                                  |              |  
|------------------------------------------------------------------ |  | ---------------------------------------------------------------- | ------------ | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination date) |             
|From operations                                                    |  |                                                                  |              |  
|Net investment income (loss)                                       |  | $                                                                |             |  
|Net realized gain (loss)                                           |  |                                                                  | 27,460,032   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                                  | (42,405,727  | )
|                                                                   |  |                                                                  |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                                  | (14,945,695  | )
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                                  |              |  
|Proceeds from units issued                                         |  |                                                                  | 9,401,106    |  
|Cost of units redeemed                                             |  |                                                                  | (180,090,312 | )
|                                                                   |  |                                                                  |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                                  | (170,689,206 | )
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                                  | (185,634,901 | )
|                                                                   | 
|Net Assets                                                         |  |                                                                  |              |  
|Beginning of period                                                |  |                                                                  | 185,634,901  |  
|                                                                   |  |                                                                  |              |  
|End of period                                                      |  | $                                                                |             |  
|                                                                   |  |                                                                  |              |  
|                                                                   | 
|Number of units                                                    |  |                                                                  |              |  
|Outstanding-beginning of period                                    |  |                                                                  | 6,646,655    |  
|Issued                                                             |  |                                                                  | 356,288      |  
|Redeemed                                                           |  |                                                                  | (7,002,943   | )
|                                                                   |  |                                                                  |              |  
|Outstanding-end of period                                          |  |                                                                  |             |  
|                                                                   |  |                                                                  |              |  

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



48



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                                  |       |   
|----------------------------------------------------------- |  | ---------------------------------------------------------------- | ----- | --
|                                                            |  | For the periodJanuary 1, 2008 toMarch 28, 2008(termination
date) |      
|Investment income                                           |  | $                                                                |      |   
|Expenses                                                   |  |                                                                  |      |   
|                                                            |  |                                                                  |       |   
|Net investment income (loss)                                |  |                                                                  |      |   
|Net realized and unrealized gain (loss)                     |  |                                                                  | (2.30 | ) 
|                                                            |  |                                                                  |       |   
|Net increase (decrease) in unit value                       |  |                                                                  | (2.30 | ) 
|Net asset value at beginning of period                      |  |                                                                  | 27.93 |   
|                                                            |  |                                                                  |       |   
|Net asset value at end of period(a)                         |  | $                                                                | 25.63 |   
|                                                            |  |                                                                  |       |   
|                                                            | 
|Ratios/Supplemental Data:                                   |  |                                                                  |       |   
|Ratio of expenses to average net assets                    |  |                                                                  | 0.00  | % 
|Ratio of net investment income (loss) to average net assets |  |                                                                  | 0.00  | % 
|Portfolio turnover*                                       |  |                                                                  | 3     | % 
|Total return*                                               |  |                                                                  | (8.23 | )%
|Net assets at end of period (in thousands)                  |  | $                                                                |      |   



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

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

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

|(a) | Amount represents the final redemption price per unit.
|--- | ------------------------------------------------------

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



49



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                           |  |                |           
|------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------- | ----------
|                                                                                                                                           |  | March 31, 2008
|Assets                                                                                                                                     |  |                |           
|Investments in affiliated fund, at value:                                                                                                  |  |                |           
|State Street Bank and Trust CompanySSGA Target Retirement Income Securities Lending Series Fund (cost $32,474,823 and units of
2,814,165) |  | $              | 33,052,363
|Receivable for investments sold                                                                                                            |  |                | 855,352   
|Receivable for fund units sold                                                                                                             |  |                | 67,423    
|                                                                                                                                           |  |                |           
|Total assets                                                                                                                               |  |                | 33,975,138
|                                                                                                                                           |  |                |           
|Liabilities                                                                                                                                |  |                |           
|Payable for fund units redeemed                                                                                                            |  |                | 922,775   
|State Street Bank and Trust Companyprogram fee payable                                                                                    |  |                | 7,230     
|Retirement Date Fund management fee payable                                                                                                |  |                | 2,384     
|Trustee, management and administration fees payable                                                                                        |  |                | 2,276     
|ABA Retirement Fundsprogram fee payable                                                                                                   |  |                | 1,020     
|Other accruals                                                                                                                             |  |                | 7,081     
|                                                                                                                                           |  |                |           
|Total liabilities                                                                                                                          |  |                | 942,766   
|                                                                                                                                           |  |                |           
|                                                                                                                                           | 
|Net Assets (equivalent to $10.92 per unit based on 3,024,915 units outstanding)                                                            |  | $              | 33,032,372
|                                                                                                                                           |  |                |           

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



50



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |          |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | -------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |         
|Investment income                                                         |  | $                                              |         |  
|                                                                          |  |                                                |          |  
|                                                                          | 
|Expenses                                                                  |  |                                                |          |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 18,263   |  
|Retirement Date Fund management fee                                       |  |                                                | 5,647    |  
|Trustee, management and administration fees                               |  |                                                | 5,324    |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 2,456    |  
|Legal and audit fees                                                      |  |                                                | 1,310    |  
|Compliance consultant fees                                                |  |                                                | 1,203    |  
|Reports to unitholders                                                    |  |                                                | 648      |  
|Registration fees                                                         |  |                                                | 174      |  
|Other fees                                                                |  |                                                | 664      |  
|                                                                          |  |                                                |          |  
|Total expenses                                                            |  |                                                | 35,689   |  
|                                                                          |  |                                                |          |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (35,689  | )
|                                                                          |  |                                                |          |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |          |  
|Net realized gain (loss)                                                  |  |                                                | 238,286  |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (445,892 | )
|                                                                          |  |                                                |          |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (207,606 | )
|                                                                          |  |                                                |          |  
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (243,295 | )
|                                                                          |  |                                                |          |  

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



51



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |            |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ---------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|From operations                                                    |  |                                                |            |  
|Net investment income (loss)                                       |  | $                                              | (35,689    | )
|Net realized gain (loss)                                           |  |                                                | 238,286    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (445,892   | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (243,295   | )
|                                                                   |  |                                                |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |            |  
|Proceeds from units issued                                         |  |                                                | 16,686,054 |  
|Cost of units redeemed                                             |  |                                                | (2,016,025 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 14,670,029 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 14,426,734 |  
|                                                                   | 
|Net Assets                                                         |  |                                                |            |  
|Beginning of period                                                |  |                                                | 18,605,638 |  
|                                                                   |  |                                                |            |  
|End of period                                                      |  | $                                              | 33,032,372 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Number of units                                                    |  |                                                |            |  
|Outstanding-beginning of period                                    |  |                                                | 1,676,159  |  
|Issued                                                             |  |                                                | 1,533,916  |  
|Redeemed                                                           |  |                                                | (185,160   | )
|                                                                   |  |                                                |            |  
|Outstanding-end of period                                          |  |                                                | 3,024,915  |  
|                                                                   |  |                                                |            |  

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



52



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              |       |   
|Expenses()                                                |  |                                                | (0.02  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | (0.02  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (0.16  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (0.18  | ) 
|Net asset value at beginning of period                       |  |                                                | 11.10  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 10.92  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.63   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.63  | )%
|Portfolio turnover**                                      |  |                                                | 13     | % 
|Total return**                                               |  |                                                | (1.62  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 33,032 |   



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

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

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

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

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

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



53



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |                |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------
|                                                                                                                                         |  | March 31, 2008
|Assets                                                                                                                                   |  |                |           
|Investments in affiliated fund, at value:                                                                                                |  |                |           
|State Street Bank and Trust CompanySSGA Target Retirement 2010 Securities Lending Series Fund (cost $58,713,245 and units of 4,941,138) |  | $              | 58,977,427
|Receivable for fund units sold                                                                                                           |  |                | 371,567   
|                                                                                                                                         |  |                |           
|Total assets                                                                                                                             |  |                | 59,348,994
|                                                                                                                                         |  |                |           
|Liabilities                                                                                                                              |  |                |           
|Payable for investments purchased                                                                                                        |  |                | 312,813   
|Payable for fund units redeemed                                                                                                          |  |                | 58,754    
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |                | 13,124    
|Retirement Date Fund management fee payable                                                                                              |  |                | 4,325     
|Trustee, management and administration fees payable                                                                                      |  |                | 4,129     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |                | 1,850     
|Other accruals                                                                                                                           |  |                | 12,653    
|                                                                                                                                         |  |                |           
|Total liabilities                                                                                                                        |  |                | 407,648   
|                                                                                                                                         |  |                |           
|                                                                                                                                         | 
|Net Assets(equivalent to $13.10 per unit based on 4,498,715 units outstanding)                                                           |  | $              | 58,941,346
|                                                                                                                                         |  |                |           

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



54



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American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |            |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|Investment income                                                         |  | $                                              |           |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Expenses                                                                  |  |                                                |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 34,685     |  
|Retirement Date Fund management fee                                       |  |                                                | 10,711     |  
|Trustee, management and administration fees                               |  |                                                | 10,093     |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 4,658      |  
|Legal and audit fees                                                      |  |                                                | 2,482      |  
|Compliance consultant fees                                                |  |                                                | 2,280      |  
|Reports to unitholders                                                    |  |                                                | 1,228      |  
|Registration fees                                                         |  |                                                | 330        |  
|Other fees                                                                |  |                                                | 1,260      |  
|                                                                          |  |                                                |            |  
|Total expenses                                                            |  |                                                | 67,727     |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (67,727    | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |            |  
|Net realized gain (loss)                                                  |  |                                                | 168,295    |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (1,370,952 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (1,202,657 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (1,270,384 | )
|                                                                          |  |                                                |            |  

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



55



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American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |            |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ---------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|From operations                                                    |  |                                                |            |  
|Net investment income (loss)                                       |  | $                                              | (67,727    | )
|Net realized gain (loss)                                           |  |                                                | 168,295    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (1,370,952 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (1,270,384 | )
|                                                                   |  |                                                |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |            |  
|Proceeds from units issued                                         |  |                                                | 27,559,287 |  
|Cost of units redeemed                                             |  |                                                | (5,446,820 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 22,112,467 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 20,842,083 |  
|                                                                   | 
|Net Assets                                                         |  |                                                |            |  
|Beginning of period                                                |  |                                                | 38,099,263 |  
|                                                                   |  |                                                |            |  
|End of period                                                      |  | $                                              | 58,941,346 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Number of units                                                    |  |                                                |            |  
|Outstanding-beginning of period                                    |  |                                                | 2,807,869  |  
|Issued                                                             |  |                                                | 2,106,749  |  
|Redeemed                                                           |  |                                                | (415,903   | )
|                                                                   |  |                                                |            |  
|Outstanding-end of period                                          |  |                                                | 4,498,715  |  
|                                                                   |  |                                                |            |  

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



56



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American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              |       |   
|Expenses()                                                |  |                                                | (0.02  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | (0.02  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (0.45  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (0.47  | ) 
|Net asset value at beginning of period                       |  |                                                | 13.57  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 13.10  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.63   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.63  | )%
|Portfolio turnover**                                      |  |                                                | 5      | % 
|Total return**                                               |  |                                                | (3.46  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 58,941 |   



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

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

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

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

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

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



57



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |                |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------
|                                                                                                                                         |  | March 31, 2008
|Assets                                                                                                                                   |  |                |           
|Investments in affiliated fund, at value:                                                                                                |  |                |           
|State Street Bank and Trust CompanySSGA Target Retirement 2020 Securities Lending Series Fund (cost $92,279,817 and units of 7,488,023) |  | $              | 91,668,379
|Receivable for fund units sold                                                                                                           |  |                | 965,692   
|                                                                                                                                         |  |                |           
|Total assets                                                                                                                             |  |                | 92,634,071
|                                                                                                                                         |  |                |           
|Liabilities                                                                                                                              |  |                |           
|Payable for investments purchased                                                                                                        |  |                | 962,798   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |                | 19,189    
|Retirement Date Fund management fee payable                                                                                              |  |                | 6,323     
|Trustee, management and administration fees payable                                                                                      |  |                | 6,036     
|Payable for fund units redeemed                                                                                                          |  |                | 2,894     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |                | 2,704     
|Other accruals                                                                                                                           |  |                | 17,319    
|                                                                                                                                         |  |                |           
|Total liabilities                                                                                                                        |  |                | 1,017,263 
|                                                                                                                                         |  |                |           
|                                                                                                                                         | 
|Net Assets(equivalent to $15.42 per unit based on 5,942,848 units outstanding)                                                           |  | $              | 91,616,808
|                                                                                                                                         |  |                |           

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



58



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |            |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|Investment income                                                         |  | $                                              |           |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Expenses                                                                  |  |                                                |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 48,274     |  
|Retirement Date Fund management fee                                       |  |                                                | 14,927     |  
|Trustee, management and administration fees                               |  |                                                | 14,071     |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 6,491      |  
|Legal and audit fees                                                      |  |                                                | 3,461      |  
|Compliance consultant fees                                                |  |                                                | 3,179      |  
|Reports to unitholders                                                    |  |                                                | 1,713      |  
|Registration fees                                                         |  |                                                | 460        |  
|Other fees                                                                |  |                                                | 1,757      |  
|                                                                          |  |                                                |            |  
|Total expenses                                                            |  |                                                | 94,333     |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (94,333    | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |            |  
|Net realized gain (loss)                                                  |  |                                                | 154,905    |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (2,891,681 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (2,736,776 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (2,831,109 | )
|                                                                          |  |                                                |            |  

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



59



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |            |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ---------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|From operations                                                    |  |                                                |            |  
|Net investment income (loss)                                       |  | $                                              | (94,333    | )
|Net realized gain (loss)                                           |  |                                                | 154,905    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (2,891,681 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (2,831,109 | )
|                                                                   |  |                                                |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |            |  
|Proceeds from units issued                                         |  |                                                | 50,555,388 |  
|Cost of units redeemed                                             |  |                                                | (5,184,676 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 45,370,712 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 42,539,603 |  
|                                                                   | 
|Net Assets                                                         |  |                                                |            |  
|Beginning of period                                                |  |                                                | 49,077,205 |  
|                                                                   |  |                                                |            |  
|End of period                                                      |  | $                                              | 91,616,808 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Number of units                                                    |  |                                                |            |  
|Outstanding-beginning of period                                    |  |                                                | 2,995,453  |  
|Issued                                                             |  |                                                | 3,282,767  |  
|Redeemed                                                           |  |                                                | (335,372   | )
|                                                                   |  |                                                |            |  
|Outstanding-end of period                                          |  |                                                | 5,942,848  |  
|                                                                   |  |                                                |            |  

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



60



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              |       |   
|Expenses()                                                |  |                                                | (0.02  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | (0.02  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (0.94  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (0.96  | ) 
|Net asset value at beginning of period                       |  |                                                | 16.38  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 15.42  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.63   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.63  | )%
|Portfolio turnover**                                      |  |                                                | 3      | % 
|Total return**                                               |  |                                                | (5.86  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 91,617 |   



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

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

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

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

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

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



61



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |                |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------
|                                                                                                                                         |  | March 31, 2008
|Assets                                                                                                                                   |  |                |           
|Investments in affiliated fund, at value:                                                                                                |  |                |           
|State Street Bank and Trust CompanySSGA Target Retirement 2030 Securities Lending Series Fund (cost $66,590,363 and units of 5,271,512) |  | $              | 65,419,467
|Receivable for fund units sold                                                                                                           |  |                | 493,404   
|                                                                                                                                         |  |                |           
|Total assets                                                                                                                             |  |                | 65,912,871
|                                                                                                                                         |  |                |           
|Liabilities                                                                                                                              |  |                |           
|Payable for investments purchased                                                                                                        |  |                | 480,383   
|Payable for fund units redeemed                                                                                                          |  |                | 13,021    
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |                | 14,075    
|Retirement Date Fund management fee payable                                                                                              |  |                | 4,640     
|Trustee, management and administration fees payable                                                                                      |  |                | 4,430     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |                | 1,985     
|Other accruals                                                                                                                           |  |                | 14,283    
|                                                                                                                                         |  |                |           
|Total liabilities                                                                                                                        |  |                | 532,817   
|                                                                                                                                         |  |                |           
|                                                                                                                                         | 
|Net Assets(equivalent to $17.59 per unit based on 3,717,262 units outstanding)                                                           |  | $              | 65,380,054
|                                                                                                                                         |  |                |           

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



62



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |            |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|Investment income                                                         |  | $                                              |           |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Expenses                                                                  |  |                                                |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 38,688     |  
|Retirement Date Fund management fee                                       |  |                                                | 11,931     |  
|Trustee, management and administration fees                               |  |                                                | 11,238     |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 5,190      |  
|Legal and audit fees                                                      |  |                                                | 2,763      |  
|Compliance consultant fees                                                |  |                                                | 2,538      |  
|Reports to unitholders                                                    |  |                                                | 1,367      |  
|Registration fees                                                         |  |                                                | 368        |  
|Other fees                                                                |  |                                                | 1,402      |  
|                                                                          |  |                                                |            |  
|Total expenses                                                            |  |                                                | 75,485     |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (75,485    | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |            |  
|Net realized gain (loss)                                                  |  |                                                | 67,500     |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (3,304,377 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (3,236,877 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (3,312,362 | )
|                                                                          |  |                                                |            |  

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



63



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |            |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ---------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|From operations                                                    |  |                                                |            |  
|Net investment income (loss)                                       |  | $                                              | (75,485    | )
|Net realized gain (loss)                                           |  |                                                | 67,500     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (3,304,377 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (3,312,362 | )
|                                                                   |  |                                                |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |            |  
|Proceeds from units issued                                         |  |                                                | 28,529,065 |  
|Cost of units redeemed                                             |  |                                                | (4,243,841 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 24,285,224 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 20,972,862 |  
|                                                                   | 
|Net Assets                                                         |  |                                                |            |  
|Beginning of period                                                |  |                                                | 44,407,192 |  
|                                                                   |  |                                                |            |  
|End of period                                                      |  | $                                              | 65,380,054 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Number of units                                                    |  |                                                |            |  
|Outstanding-beginning of period                                    |  |                                                | 2,334,893  |  
|Issued                                                             |  |                                                | 1,621,733  |  
|Redeemed                                                           |  |                                                | (239,364   | )
|                                                                   |  |                                                |            |  
|Outstanding-end of period                                          |  |                                                | 3,717,262  |  
|                                                                   |  |                                                |            |  

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



64



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              |       |   
|Expenses()                                                |  |                                                | (0.03  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | (0.03  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (1.40  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (1.43  | ) 
|Net asset value at beginning of period                       |  |                                                | 19.02  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 17.59  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.63   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.63  | )%
|Portfolio turnover**                                      |  |                                                | 2      | % 
|Total return**                                               |  |                                                | (7.52  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 65,380 |   



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

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

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

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

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

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



65



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                         |  |                |           
|---------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----------
|                                                                                                                                         |  | March 31, 2008
|Assets                                                                                                                                   |  |                |           
|Investments in affiliated fund, at value:                                                                                                |  |                |           
|State Street Bank and Trust CompanySSGA Target Retirement 2040 Securities Lending Series Fund (cost $39,716,484 and units of 3,085,800) |  | $              | 38,952,055
|Receivable for fund units sold                                                                                                           |  |                | 310,401   
|                                                                                                                                         |  |                |           
|Total assets                                                                                                                             |  |                | 39,262,456
|                                                                                                                                         |  |                |           
|Liabilities                                                                                                                              |  |                |           
|Payable for investments purchased                                                                                                        |  |                | 68,749    
|Payable for fund units redeemed                                                                                                          |  |                | 241,652   
|State Street Bank and Trust Companyprogram fee payable                                                                                  |  |                | 8,974     
|Retirement Date Fund management fee payable                                                                                              |  |                | 2,959     
|Trustee, management and administration fees payable                                                                                      |  |                | 2,825     
|ABA Retirement Fundsprogram fee payable                                                                                                 |  |                | 1,266     
|Other accruals                                                                                                                           |  |                | 9,936     
|                                                                                                                                         |  |                |           
|Total liabilities                                                                                                                        |  |                | 336,361   
|                                                                                                                                         |  |                |           
|                                                                                                                                         | 
|Net Assets(equivalent to $19.72 per unit based on 1,974,107 units outstanding)                                                           |  | $              | 38,926,095
|                                                                                                                                         |  |                |           

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



66



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                |            |  
|------------------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | -
|                                                                          |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|Investment income                                                         |  | $                                              |           |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Expenses                                                                  |  |                                                |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                | 24,754     |  
|Retirement Date Fund management fee                                       |  |                                                | 7,633      |  
|Trustee, management and administration fees                               |  |                                                | 7,189      |  
|ABA Retirement Fundsprogram fee                                          |  |                                                | 3,320      |  
|Legal and audit fees                                                      |  |                                                | 1,768      |  
|Compliance consultant fees                                                |  |                                                | 1,624      |  
|Reports to unitholders                                                    |  |                                                | 875        |  
|Registration fees                                                         |  |                                                | 235        |  
|Other fees                                                                |  |                                                | 896        |  
|                                                                          |  |                                                |            |  
|Total expenses                                                            |  |                                                | 48,294     |  
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net investment income (loss)                                              |  |                                                | (48,294    | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                |            |  
|Net realized gain (loss)                                                  |  |                                                | 58,365     |  
|                                                                          | 
|Change in net unrealized appreciation (depreciation)                      |  |                                                | (2,393,570 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net realized and unrealized gain (loss)                                   |  |                                                | (2,335,205 | )
|                                                                          |  |                                                |            |  
|                                                                          | 
|Net increase (decrease) in net assets resulting from operations           |  | $                                              | (2,383,499 | )
|                                                                          |  |                                                |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                |            |  
|------------------------------------------------------------------ |  | ---------------------------------------------- | ---------- | -
|                                                                   |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |           
|From operations                                                    |  |                                                |            |  
|Net investment income (loss)                                       |  | $                                              | (48,294    | )
|Net realized gain (loss)                                           |  |                                                | 58,365     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                | (2,393,570 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                | (2,383,499 | )
|                                                                   |  |                                                |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                |            |  
|Proceeds from units issued                                         |  |                                                | 16,002,808 |  
|Cost of units redeemed                                             |  |                                                | (3,564,422 | )
|                                                                   |  |                                                |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                | 12,438,386 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                | 10,054,887 |  
|                                                                   | 
|Net Assets                                                         |  |                                                |            |  
|Beginning of period                                                |  |                                                | 28,871,208 |  
|                                                                   |  |                                                |            |  
|End of period                                                      |  | $                                              | 38,926,095 |  
|                                                                   |  |                                                |            |  
|                                                                   | 
|Number of units                                                    |  |                                                |            |  
|Outstanding-beginning of period                                    |  |                                                | 1,344,258  |  
|Issued                                                             |  |                                                | 809,494    |  
|Redeemed                                                           |  |                                                | (179,645   | )
|                                                                   |  |                                                |            |  
|Outstanding-end of period                                          |  |                                                | 1,974,107  |  
|                                                                   |  |                                                |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                |        |   
|------------------------------------------------------------ |  | ---------------------------------------------- | ------ | --
|                                                             |  | For the periodJanuary 1, 2008 toMarch 31, 2008 |       
|Investment income                                           |  | $                                              |       |   
|Expenses()                                                |  |                                                | (0.03  | ) 
|                                                             |  |                                                |        |   
|Net investment income (loss)                                 |  |                                                | (0.03  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                | (1.73  | ) 
|                                                             |  |                                                |        |   
|Net increase (decrease) in unit value                        |  |                                                | (1.76  | ) 
|Net asset value at beginning of period                       |  |                                                | 21.48  |   
|                                                             |  |                                                |        |   
|Net asset value at end of period                             |  | $                                              | 19.72  |   
|                                                             |  |                                                |        |   
|                                                             | 
|Ratios/Supplemental Data:                                    |  |                                                |        |   
|Ratio of expenses to average net assets*                   |  |                                                | 0.63   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                | (0.63  | )%
|Portfolio turnover**                                      |  |                                                | 2      | % 
|Total return**                                               |  |                                                | (8.19  | )%
|Net assets at end of period (in thousands)                   |  | $                                              | 38,926 |   



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

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

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

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

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

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



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements

(Unaudited)

1. Description
of the Trust

American Bar Association Members/State Street Collective Trust (the Trust or the Collective Trust)
was organized on August 8, 1991 under the American Bar Association Members/State Street Collective Trust Declaration of Trust as amended and restated on December 5, 1991 and as amended thereafter. Since December 1, 2004, State Street
Bank and Trust Company of New Hampshire (State Street or the Trustee) acts as trustee of the Collective Trust. The Trust is maintained exclusively for the collective investment of monies administered on behalf of participants
in the ABA Retirement Funds program (the Program). Ten separate collective investment funds (the Funds), the Structured Portfolio Service (the Portfolios) and the Retirement Date Funds (also the
Funds)are established under the Trust. The Structured Portfolio Service terminated on March 28, 2008 as described in Note 8. The Structured Portfolio Service offered three approaches to diversifying investments by
stipulating various allocations among the Funds. The Retirement Date Funds are a group of five balanced investment funds that invest in a series of SSgA funds, each of which is designed to correspond to a particular time horizon to retirement. The
Funds and the Portfolios are investment options under the Program, which is sponsored by the ABA Retirement Funds (ARF) (formerly called the American Bar Retirement Association). The objectives and principal strategies of the Funds and
the Portfolios are as follows:

Balanced Fundcurrent income and long-term capital appreciation through
investment in common stocks, other equity-type securities and debt securities. As of March 31, 2008, 43.6% of the Funds net assets were invested in the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund.

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

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

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

Large-Cap Growth Equity Fundlong term growth of capital and some dividend
income through investment in common stocks and equity-type securities of large, well established companies. Currently invests in common stocks and the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund, a separate
State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Growth Index. As of March 31, 2008, 32.8% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000
Growth Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

Large-Cap Value Equity Fundlong term growth of capital and dividend income through investment in common stocks, primarily of large capitalization companies believed to be undervalued. Currently invests in
common stocks and the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Value Index. As of
March 31, 2008, 24.2% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund. This underlying funds annual financial statements are available from State
Street Bank upon request.



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Notes to Financial Statements(Continued)

(Unaudited)



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

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

Small-Cap Equity Fundlong term growth of capital through investment in common stocks of small companies believed to have strong appreciation potential. Currently invests in common stocks and the State
Street Bank and Trust Company Russell 2000 Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained in the Russell 2000 Index. As of March 31, 2008, 5.9% of the Funds net
assets were invested in the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

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

Structured Portfolio Service

Conservativehigher current investment income and some capital appreciation.

Moderatehigh current investment income and greater capital appreciation.

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

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

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

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

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

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

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



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Notes to Financial Statements(Continued)

(Unaudited)



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

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

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

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

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

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

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

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

State Street Bank is responsible for certain recordkeeping and administrative services required by the Program. State Street has delegated to State Street Bank the responsibility to provide services to the Collective
Trust on behalf of State Street. In addition, State Street Bank is the primary custodian, provides account and investment information to employers and participants, receives all plan contributions, effects investment and transfer transactions and
distributes all benefits provided by the plans to the participants or, in the case of some individually designed plans, to the trustees of such plans.

2. Summary of Significant Accounting Policies

The accompanying statements of assets and liabilities and the related
statements of operations and of changes in net assets and certain financial data have been prepared in conformity with accounting principles generally accepted in the United States of America:

A. Security Valuation

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



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Notes to Financial Statements(Continued)

(Unaudited)



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

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

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

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

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

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

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

The short-term portfolio instruments of YES are valued on the basis of amortized cost, which
approximates fair value. Amortized cost involves valuing an instrument initially at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market
value of the instrument.

The American Bar Association Members / State Street Collective Trust adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157),



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Notes to Financial Statements(Continued)

(Unaudited)



effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the
Funds assets and liabilities. Fair value is an estimate of the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157
established a three-tier hierarchy based on the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk
inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data
obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based
on the best information available in the circumstances.

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



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



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



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

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for a
security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all 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 companies, quotations or evaluated prices from broker-dealers and/or pricing
services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. Because of the
inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.



|                                            |  |                                       |            
|------------------------------------------- |  | ------------------------------------- | -----------
|Stable Asset Return Fund Valuation Inputs   |  | Investments inSecuritiesat Fair Value
|Level 1Quoted Prices                       |  | $                                     |           
|Level 2Other Significant Observable Inputs |  |                                       | 908,865,947
|Level 3Significant Unobservable Inputs     |  |                                       |           
|                                            |  |                                       |            
|Total                                       |  | $                                     | 908,865,947
|                                            |  |                                       |            



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Notes to Financial Statements(Continued)

(Unaudited)



|                                            |  |                                       |             |                                                                        |   |            |  
|------------------------------------------- |  | ------------------------------------- | ----------- | ---------------------------------------------------------------------- | - | ---------- | -
|Intermediate Bond Fund Valuation Inputs     |  | Investments inSecuritiesat Fair Value |             | Net UnrealizedAppreciation(Depreciation) onOther FinancialInstruments* |  
|Level 1Quoted Prices                       |  | $                                     | 2,582,500   |                                                                        | $ | (1,360,439 | )
|Level 2Other Significant Observable Inputs |  |                                       | 590,775,117 |                                                                        |   | 5,157,283  |  
|Level 3Significant Unobservable Inputs     |  |                                       |            |                                                                        |   | (336,325   | )
|                                            |  |                                       |             |                                                                        |   |            |  
|Total                                       |  | $                                     | 593,357,617 |                                                                        | $ | 3,460,519  |  
|                                            |  |                                       |             |                                                                        |   |            |  



|                                                                          |  |                                                                        |          |  
|------------------------------------------------------------------------- |  | ---------------------------------------------------------------------- | -------- | -
|Intermediate Bond Fund Level 3 Roll Forward                               |  | Net UnrealizedAppreciation(Depreciation) onOther FinancialInstruments* |         
|Balance as of January 1, 2008                                             |  | $                                                                      |         |  
|Accrued discounts/premiums                                                |  |                                                                        |         |  
|Realized gain (loss) and change in unrealized appreciation (depreciation) |  |                                                                        | (336,325 | )
|Net purchases (sales)                                                     |  |                                                                        |         |  
|Net transfers in and/or out of Level 3                                    |  |                                                                        |         |  
|                                                                          |  |                                                                        |          |  
|Balance as of March 31, 2008                                              |  | $                                                                      | (336,325 | )
|                                                                          |  |                                                                        |          |  



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



|                                            |  |                                         |             |                            |   |                             |  |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | -------------------------- | - | --------------------------- |  | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Balanced Fund                           |             | Large-Cap ValueEquity Fund |   | Large-Cap GrowthEquity Fund
|Level 1Quoted Prices                       |  | $                                       | 211,884,796 |                            | $ | 268,540,319                 |  | $ | 407,485,964
|Level 2Other Significant Observable Inputs |  |                                         | 217,730,232 |                            |   | 129,325,172                 |  |   | 278,006,911
|Level 3Significant Unobservable Inputs     |  |                                         |            |                            |   |                            |  |   |           
|                                            |  |                                         |             |                            |   |                             |  |   |            
|Total                                       |  | $                                       | 429,615,028 |                            | $ | 397,865,491                 |  | $ | 685,492,875
|                                            |  |                                         |             |                            |   |                             |  |   |            



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Notes to Financial Statements(Continued)

(Unaudited)



|                                            |  |                                         |             |                          |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | ------------------------ | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Index Equity Fund                       |             | Mid-Cap ValueEquity Fund
|Level 1Quoted Prices                       |  | $                                       |            |                          | $ | 68,205,370 
|Level 2Other Significant Observable Inputs |  |                                         | 357,481,616 |                          |   | 31,548,877 
|Level 3Significant Unobservable Inputs     |  |                                         |            |                          |   | 512,577    
|                                            |  |                                         |             |                          |   |            
|Total                                       |  | $                                       | 357,481,616 |                          | $ | 100,266,824
|                                            |  |                                         |             |                          |   |            



|                                                                          |  |                                       |         |  
|------------------------------------------------------------------------- |  | ------------------------------------- | ------- | -
|Mid-Cap Value Equity Fund Level 3 Roll Forward                            |  | Investments inSecurities at FairValue |        
|Balance as of January 1, 2008                                             |  | $                                     | 515,947 |  
|Accrued discounts/premiums                                                |  |                                       |        |  
|Realized gain (loss) and change in unrealized appreciation (depreciation) |  |                                       | (3,370  | )
|Net purchases (sales)                                                     |  |                                       |        |  
|Net transfers in and/or out of Level 3                                    |  |                                       |        |  
|                                                                          |  |                                       |         |  
|Balance as of March 31, 2008                                              |  | $                                     | 512,577 |  
|                                                                          |  |                                       |         |  



|                                            |  |                                         |             |                      |   |                          |  |   |            
|------------------------------------------- |  | --------------------------------------- | ----------- | -------------------- | - | ------------------------ |  | - | -----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Mid-Cap Growth EquityFund               |             | Small-Cap EquityFund |   | International EquityFund
|Level 1Quoted Prices                       |  | $                                       | 116,874,976 |                      | $ | 210,178,149              |  | $ | 29,656,369 
|Level 2Other Significant Observable Inputs |  |                                         | 43,896,853  |                      |   | 154,054,844              |  |   | 262,630,214
|Level 3Significant Unobservable Inputs     |  |                                         |            |                      |   |                         |  |   |           
|                                            |  |                                         |             |                      |   |                          |  |   |            
|Total                                       |  | $                                       | 160,771,829 |                      | $ | 364,232,993              |  | $ | 292,286,583
|                                            |  |                                         |             |                      |   |                          |  |   |            



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Notes to Financial Statements(Continued)

(Unaudited)



|                                            |  |                                         |            |                          |   |                          |  |   |           
|------------------------------------------- |  | --------------------------------------- | ---------- | ------------------------ | - | ------------------------ |  | - | ----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | Lifetime IncomeRetirement Date Fund     |            | 2010 Retirement DateFund |   | 2020 Retirement DateFund
|Level 1Quoted Prices                       |  | $                                       |           |                          | $ |                         |  | $ |          
|Level 2Other Significant Observable Inputs |  |                                         | 33,052,363 |                          |   | 58,977,427               |  |   | 91,668,379
|Level 3Significant Unobservable Inputs     |  |                                         |           |                          |   |                         |  |   |          
|                                            |  |                                         |            |                          |   |                          |  |   |           
|Total                                       |  | $                                       | 33,052,363 |                          | $ | 58,977,427               |  | $ | 91,668,379
|                                            |  |                                         |            |                          |   |                          |  |   |           



|                                            |  |                                         |            |                           |   |           
|------------------------------------------- |  | --------------------------------------- | ---------- | ------------------------- | - | ----------
|                                            |  | Investments in Securities at Fair Value
|Valuation Inputs                            |  | 2030 Retirement Date Fund               |            | 2040 Retirement Date Fund
|Level 1Quoted Prices                       |  | $                                       |           |                           | $ |          
|Level 2Other Significant Observable Inputs |  |                                         | 65,419,467 |                           |   | 38,952,055
|Level 3Significant Unobservable Inputs     |  |                                         |           |                           |   |          
|                                            |  |                                         |            |                           |   |           
|Total                                       |  | $                                       | 65,419,467 |                           | $ | 38,952,055
|                                            |  |                                         |            |                           |   |           

B. Stable Asset Return Fund

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

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

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

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

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



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



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At March 31, 2008, all investment contracts held by SAFT were deemed fully benefit-responsive.
The change in the difference between the fair value and contract value of the Trusts fully benefit-responsive investment contracts during 2008 is reflected below:



|                               |  |               |             |                  |   |             |  |           
|------------------------------ |  | ------------- | ----------- | ---------------- | - | ----------- |  | ----------
|                               |  | March 31,2008 |             | December 31,2007 |   | Change     
|Net assets at fair value       |  | $             | 908,559,767 |                  | $ | 877,984,124 |  | 30,575,643
|Net assets (at contract value) |  |               | 914,059,181 |                  |   | 880,338,231 |  | 33,720,950
|Adjustment to contract value   |  |               | 5,499,414   |                  |   | 2,354,107   |  | 3,145,307 

Sensitivity Analysis

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

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|March 31, 2008     |  | 4.54                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|June 30, 2008      |  |                                     |   |  | 4.35        | % |  | 4.51        | % |  | 4.70        | % |  | 4.73        | %
|September 30, 2008 |  |                                     |   |  | 4.10        | % |  | 4.41        | % |  | 4.89        | % |  | 5.06        | %
|December 31, 2008  |  |                                     |   |  | 3.89        | % |  | 4.31        | % |  | 5.05        | % |  | 5.35        | %
|March 31, 2009     |  |                                     |   |  | 3.71        | % |  | 4.23        | % |  | 5.18        | % |  | 5.61        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|March 31, 2008     |  | 4.54                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|June 30, 2008      |  |                                     |   |  | 4.58        | % |  | 4.62        | % |  | 4.52        | % |  | 4.39        | %
|September 30, 2008 |  |                                     |   |  | 4.31        | % |  | 4.50        | % |  | 4.73        | % |  | 4.76        | %
|December 31, 2008  |  |                                     |   |  | 4.07        | % |  | 4.39        | % |  | 4.91        | % |  | 5.09        | %
|March 31, 2009     |  |                                     |   |  | 3.86        | % |  | 4.30        | % |  | 5.06        | % |  | 5.38        | %



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

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

Average yields



|                                                    |  |      |  
|--------------------------------------------------- |  | ---- | -
|Based on actual income (1)                          |  | 3.23 | %
|Based on interest rate credited to participants (2) |  | 4.11 | %



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on March 31, 2008 by the fair value of investments on March 31, 2008.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on March 31, 2008 by the fair value of investments on March 31, 2008.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------



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C. Security Transactions and Related Investment Income

Security transactions are accounted for on the trade date (the date on which the order to buy or sell is executed). Interest income is recorded on the
accrual basis. Dividend income is recorded on the ex-dividend date. Interest income is increased by accretion of discount and reduced by amortization of premium. Realized gains and losses are reported on the basis of the identified cost of
securities delivered. Distributions received from collective investment funds, if any, retain the character as earned by the underlying funds.

A Funds portfolio of investments may include securities purchased on a when-issued basis, which may be settled in the month after the issue date. Interest income is not accrued until the settlement date.

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

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

D. Foreign Currency Transactions

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

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

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

E. Income Taxes

The Trust has
received a favorable determination letter dated March 9, 1992 from the Internal Revenue Service, which concluded that the Trust is a trust arrangement described in Rev. Rul. 81-100, 1981, C.B. 326 (subsequently modified by Rev. Rul. 2004-67,
2004-28 I.R.B. 28) and exempt from Federal income tax pursuant to Section 501(a) of the Internal Revenue Code. Accordingly, no provision for Federal income taxes is required.

Management is required to determine whether a tax position of the Collective Trust is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty
percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording a tax liability that would reduce net assets. Based on its analysis, management has determined that as of March 31, 2008 the
Collective Trust did not have any tax liabilities. However,



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

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

G. TBA Commitments and Roll Transactions

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

H. Futures Contracts

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

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

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

At March 31, 2008, the Intermediate Bond Fund held
the following futures contracts:



|                          |  |                    |  |               |            |                  |                |                                       |   |        
|------------------------- |  | ------------------ |  | ------------- | ---------- | ---------------- | -------------- | ------------------------------------- | - | -------
|Futures Contracts         |  | Number ofContracts |  | Notional Cost |            | Settlement Month |                | UnrealizedAppreciation/(Depreciation)
|Long                      |  |                    |  |               |            |                  |                |                                       |   |        
|90 Day Eurodollar Futures |  | 172                |  | $             | 41,241,616 |                  | September 2008 |                                       | $ | 857,535
|90 Day Eurodollar Futures |  | 138                |  |               | 32,937,846 |                  | September 2009 |                                       |   | 673,779
|90 Day Eurodollar Futures |  | 226                |  |               | 54,638,616 |                  | December 2009  |                                       |   | 248,309



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|                                    |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  
|----------------------------------- |  | ------------------ | - |  | ------------- | ------------ | - | ---------------- | ------------- | ------------------------------------- | - | ---------- | -
|Futures Contracts                   |  | Number ofContracts |   |  | Notional Cost |              |   | Settlement Month |               | UnrealizedAppreciation/(Depreciation) |  
|Germany Federal Republic Bonds 5yr  |  | 7                  |   |  | $             | 1,234,679    |   |                  | June 2008     |                                       | $ | (13,550    | )
|Germany Federal Republic Bonds 10yr |  | 62                 |   |  |               | 11,441,687   |   |                  | June 2008     |                                       |   | (77,766    | )
|U.K. Treasury Bonds                 |  | 49                 |   |  |               | 10,864,011   |   |                  | June 2008     |                                       |   | (35,422    | )
|U.S. Treasury Notes 10yr            |  | 743                |   |  |               | 86,649,757   |   |                  | June 2008     |                                       |   | 1,732,414  |  
|                                    |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |               |                                       | $ | 3,385,299  |  
|                                    |  |                    |   | 
|Short                               |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  
|U.S. Treasury Notes 2yr             |  | (946               | ) |  | $             | (202,854,428 | ) |                  | June 2008     |                                       | $ | (210,385   | )
|U.S. Treasury Bond Futures          |  | (778               | ) |  |               | (90,957,062  | ) |                  | June 2008     |                                       |   | (1,466,907 | )
|90 Day Eurodollar Futures           |  | (152               | ) |  |               | (36,941,799  | ) |                  | December 2008 |                                       |   | (237,401   | )
|Euro Currency Future                |  | (480               | ) |  |               | (115,375,244 | ) |                  | June 2008     |                                       |   | (1,900,756 | )
|                                    |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |               |                                       | $ | (3,815,449 | )
|                                    |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  
|                                    |  |                    |   |  |               |              |   |                  |               |                                       | $ | (430,150   | )
|                                    |  |                    |   |  |               |              |   |                  |               |                                       |   |            |  

I. Forward Foreign Currency Contracts

The Intermediate Bond Fund and the International Equity Fund may use forward foreign currency contracts to facilitate transactions in foreign securities
or as a hedge against the foreign currency exposure of either specific transactions or portfolio positions. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an
agreed-upon price on an agreed-upon future date. Such contracts are valued based upon the difference in the forward exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, and any resulting unrealized
gains or losses are recorded in the Funds financial statements. The Fund records realized gains or losses at the time the forward contract is extinguished by entry into a closing transaction or by delivery of the currency. Risks in foreign
currency contracts arise from the possible inability of counterparties to meet the contracts terms and from movements in currency values. As of March 31, 2008, the Intermediate Bond Fund held the following forward foreign currency
contracts:



|         |  |                |  |                                     |  |                |            |                |            |                                       |   |          |  
|-------- |  | -------------- |  | ----------------------------------- |  | -------------- | ---------- | -------------- | ---------- | ------------------------------------- | - | -------- | -
|Type     |  | Currency       |  | Principal AmountCovered by Contract |  | US Dollar Cost |            | SettlementDate |            | UnrealizedAppreciation/(Depreciation) |  
|Purchase |  | Pound Sterling |  | 2,332,000                           |  | $              | 4,628,554  |                | 04/03/2008 |                                       | $ | 742      |  
|Purchase |  | JapaneseYen    |  | 29,000,000                          |  |                | 289,407    |                | 04/03/2008 |                                       |   | 1,084    |  
|Purchase |  | JapaneseYen    |  | 800,000,000                         |  |                | 8,253,975  |                | 04/03/2008 |                                       |   | (240,412 | )
|Purchase |  | Mexican Peso   |  | 50,039                              |  |                | 4,641      |                | 07/10/2008 |                                       |   | 6        |  
|Sale     |  | Euro Currency  |  | 1,530,000                           |  |                | 2,319,212  |                | 04/03/2008 |                                       |   | (98,474  | )
|Sale     |  | Pound Sterling |  | 2,380,000                           |  |                | 4,721,220  |                | 04/03/2008 |                                       |   | (3,361   | )
|Sale     |  | JapaneseYen    |  | 291,717,000                         |  |                | 3,000,000  |                | 05/12/2008 |                                       |   | 70,975   |  
|Sale     |  | JapaneseYen    |  | 1,213,881,000                       |  |                | 11,512,747 |                | 04/03/2008 |                                       |   | (646,642 | )
|Sale     |  | JapaneseYen    |  | 179,192,580                         |  |                | 1,785,000  |                | 05/12/2008 |                                       |   | (14,207  | )
|         |  |                |  |                                     |  |                |            |                |            |                                       |   |          |  
|         |  |                |  |                                     |  |                |            |                |            |                                       | $ | (930,289 | )
|         |  |                |  |                                     |  |                |            |                |            |                                       |   |          |  

J. Interest Rate Swap Contracts

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



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

At March 31, 2008, the Intermediate Bond Fund held
the following interest rate swap contracts:



|                |  |      |            |   |              |                     |             |            |               |                      |       |        |   |                          |   |            |  
|--------------- |  | ---- | ---------- | - | ------------ | ------------------- | ----------- | ---------- | ------------- | -------------------- | ----- | ------ | - | ------------------------ | - | ---------- | -
|Notional        |  | Net  |            |   | Swap         |                     | Termination |            | Rate Type     |                      | Fixed |        |   | Unrealized Appreciation/ |  
|Amount          |  | Cost |            |   | Counterparty |                     | Date        |            | Floating Rate |                      | Rate  |        |   | (Depreciation)           |  
|8,000,000 AUD   |  | $    | 30,322     |   |              | UBS (a)             |             | 03/15/2011 |               | 6 Month AUD BBR      |       | 7.500  | % |                          | $ | 17,334     |  
|15,100,000 BRL  |  |      | (137,999   | ) |              | Morgan Stanley (a)  |             | 01/02/2012 |               | CDI-Brazil (c)       |       | 10.115 | % |                          |   | (532,999   | )
|6,000,000 BRL   |  |      | (54,294    | ) |              | UBS (a)             |             | 01/02/2012 |               | CDI-Brazil (c)       |       | 10.575 | % |                          |   | (161,964   | )
|9,600,000 BRL   |  |      | (47,305    | ) |              | Morgan Stanley (a)  |             | 01/02/2012 |               | CDI-Brazil (c)       |       | 12.540 | % |                          |   | (27,560    | )
|21,400,000 BRL  |  |      | (113,331   | ) |              | Morgan Stanley (a)  |             | 01/02/2012 |               | CDI-Brazil (c)       |       | 12.540 | % |                          |   | (53,557    | )
|6,800,000 EUR   |  |      | (122,671   | ) |              | Morgan Stanley (b)  |             | 06/16/2014 |               | 6 Month EUR LIBOR    |       | 4.000  | % |                          |   | 262,771    |  
|1,000,000 EUR   |  |      | 6,972      |   |              | Barclays (a)        |             | 06/15/2010 |               | 6 Month EUR LIBOR    |       | 4.500  | % |                          |   | 4,353      |  
|400,000 EUR     |  |      | (28,053    | ) |              | Morgan Stanley (a)  |             | 06/18/2034 |               | 6 Month EUR LIBOR    |       | 4.500  | % |                          |   | 149        |  
|2,800,000 GBP   |  |      | 17,148     |   |              | Morgan Stanley (a)  |             | 09/18/2009 |               | 6 Month GBP LIBOR    |       | 6.000  | % |                          |   | 41,792     |  
|600,000 GBP     |  |      | 2,847      |   |              | Barclays (a)        |             | 09/17/2013 |               | 6 Month GBP LIBOR    |       | 5.000  | % |                          |   | 2,578      |  
|4,800,000 GBP   |  |      | (82,606    | ) |              | Barclays (a)        |             | 09/17/2011 |               | 6 Month GBP LIBOR    |       | 4.500  | % |                          |   | (7,647     | )
|110,000,000 JPY |  |      | (25,931    | ) |              | Barclays (b)        |             | 06/20/2017 |               | 6 Month JPY LIBOR    |       | 2.000  | % |                          |   | (30,648    | )
|260,000,000 JPY |  |      | (50,082    | ) |              | UBS (b)             |             | 06/20/2017 |               | 6 Month JPY LIBOR    |       | 2.000  | % |                          |   | (83,650    | )
|108,000,000 MXN |  |      | 22,578     |   |              | Merrill Lynch (a)   |             | 11/04/2016 |               | MXN-TIIE-Banxico (d) |       | 8.170  | % |                          |   | 216,764    |  
|2,000,000 USD   |  |      | (98,000    | ) |              | Barclays (b)        |             | 06/18/2038 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | (8,535     | )
|11,300,000 USD  |  |      | (196,846   | ) |              | Lehman (b)          |             | 06/18/2015 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | (662,895   | )
|140,000,000 USD |  |      | (1,075,125 | ) |              | Barclays (a)        |             | 06/18/2013 |               | 3 Month USD LIBOR    |       | 4.000  | % |                          |   | 5,007,308  |  
|27,700,000 USD  |  |      | 177,834    |   |              | Bank of America (a) |             | 06/18/2013 |               | 3 Month USD LIBOR    |       | 4.000  | % |                          |   | 600,176    |  
|196,000,000 USD |  |      | (4,084,640 | ) |              | Morgan Stanley (b)  |             | 06/18/2010 |               | 3 Month USD LIBOR    |       | 4.000  | % |                          |   | (1,745,664 | )
|21,700,000 USD  |  |      | 354,795    |   |              | Merrill Lynch (a)   |             | 06/18/2013 |               | 3 Month USD LIBOR    |       | 4.000  | % |                          |   | 254,693    |  
|18,700,000 USD  |  |      | 578,758    |   |              | Morgan Stanley (a)  |             | 06/18/2018 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | 759,221    |  
|16,500,000 USD  |  |      | (165,605   | ) |              | Morgan Stanley (a)  |             | 06/18/2013 |               | 3 Month USD LIBOR    |       | 4.000  | % |                          |   | 629,041    |  
|8,800,000 USD   |  |      | (14,432    | ) |              | Citibank (b)        |             | 06/18/2038 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | (454,323   | )
|6,200,000 USD   |  |      | (149,110   | ) |              | Lehman (b)          |             | 06/18/2023 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | (210,381   | )
|13,200,000 USD  |  |      | (878,196   | ) |              | Citibank (b)        |             | 06/18/2023 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | 112,828    |  
|2,000,000 USD   |  |      | 3,900      |   |              | Merrill Lynch (b)   |             | 01/23/2009 |               | 12 Month USD LIBOR   |       | 4.500  | % |                          |   | 122,052    |  
|13,300,000 USD  |  |      | (913,311   | ) |              | Bank of America (b) |             | 06/18/2023 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | 142,144    |  
|16,800,000 USD  |  |      | 777,336    |   |              | Citibank (a)        |             | 06/18/2018 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | 424,699    |  
|26,800,000 USD  |  |      | 1,259,600  |   |              | Merrill Lynch (a)   |             | 06/18/2018 |               | 3 Month USD LIBOR    |       | 5.000  | % |                          |   | 657,932    |  
|12,800,000 USD  |  |      | 57,805     |   |              | Merrill Lynch (a)   |             | 05/21/2009 |               | 3 Month USD LIBOR    |       | 5.500  | % |                          |   | (458,377   | )
|400,000 EUR     |  |      | 109        |   |              | UBS (a)             |             | 10/15/2010 |               | CPI - France (e)     |       | 2.145  | % |                          |   | 3,323      |  
|                |  |      |            |   |              |                     |             |            |               |                      |       |        |   |                          |   |            |  
|                |  | $    | (4,947,533 | ) |              |                     |             |            |               |                      |       |        |   |                          | $ | 4,820,958  |  
|                |  |      |            |   |              |                     |             |            |               |                      |       |        |   |                          |   |            |  



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

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

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

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

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



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Notes to Financial Statements(Continued)

(Unaudited)



K. Option and Swaption Contracts

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

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

The Intermediate Bond Fund may also purchase or write swaption contracts to manage exposure to fluctuations in interest rates or hedge the fair value
of other Fund investments. Swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a 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 three month
period ended March 31, 2008, the Fund had not written any call options or entered into any swaption contracts.

L. Use of
Estimates

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

M. Indemnifications

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

N. Recent Accounting Pronouncement

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



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Notes to Financial Statements(Continued)

(Unaudited)



3. Investment Advisory, Investment Management and Related Party Transactions

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

A fee is paid to each investment advisor for certain of the Funds based on the value of the assets allocated to that investment advisor and the
respective breakpoints agreed to in the advisors contract. These fees are accrued on a daily basis and paid monthly or quarterly from the allocated assets. Actual fees paid to each investment advisor during the three month period ended
March 31, 2008 are listed below.



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



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



|                                                                    |  |                                        |          
|------------------------------------------------------------------- |  | -------------------------------------- | ---------
|Investment Advisor                                                  |  | Fees for thePeriod EndedMarch 31, 2008
|AllianceBernstein L.P. (Large-Cap Value Equity)                     |  | $                                      | 185,650  
|Capital Guardian Trust Company (Balanced)                           |  |                                        | 133,000  
|Capital Guardian Trust Company (Large-Cap Growth Equity)            |  |                                        | 115,867  
|J.P. Morgan Fleming Asset Management Limited (International Equity) |  |                                        | 217,945  
|Pacific Investment Management Company (Intermediate Bond)           |  |                                        | 325,189  
|Philadelphia International Advisors LP (International Equity)       |  |                                        | 162,163  
|Smith Asset Management Group, LP (Small-Cap Equity)                 |  |                                        | 174,624  
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)            |  |                                        | 202,569  
|Turner Investment Partners (Mid-Cap Growth Equity)                  |  |                                        | 183,168  
|Wellington Management Company LLP (Mid-Cap Value Equity)            |  |                                        | 124,768  
|Wellington Management Company LLP (Small-Cap Equity)                |  |                                        | 250,881  
|                                                                    |  |                                        |          
|                                                                    |  | $                                      | 2,075,824
|                                                                    |  |                                        |          



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements(Continued)

(Unaudited)



A separate program fee (Program fee) is paid to each of State Street Bank and ARF. These
fees are allocated to each Fund based on net asset value and are accrued daily and paid monthly from the assets of the Funds. (State Street does not receive any fees or payments in respect of expenses from the Collective Trust. Rather, State Street
is entitled to payment for services from State Street Bank.)

The ARF Program fee is based on the value of Program assets and the following
annual fee rates in effect during the period ended March 31, 2008:



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

ARF received Program fees of $426,494 for the three month period ended March 31, 2008. These
fees are allocated to each Fund based on net asset value.

The State Street Bank Program fee is based upon the following schedule:



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

For the three month period ended March 31, 2008, State Street Bank received program fees of
$3,191,037.

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

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



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

For the period ended March 31, 2008, State Street Bank received trustee, management and
administration fees of $921,560.

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 period ended March 31, 2008, State Street Bank received Retirement Date Fund management fees of $50,849.

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



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Notes to Financial Statements(Continued)

(Unaudited)



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 EndedMarch 31, 2008
|                                           |  | Purchases                          |            | Sales
|Balanced Fund                              |  | $                                  | 29,616,585 |       | $ | 41,190,409 
|Index Equity Fund                          |  |                                    | 1,615,849  |       |   | 42,364,799 
|Intermediate Bond Fund                     |  |                                    | 57,368,167 |       |   | 22,775,277 
|International Equity Fund                  |  |                                    | 26,590,085 |       |   | 43,369,611 
|                                           |  |                                   
|Large-Cap Growth Equity Fund               |  |                                    | 49,677,512 |       |   | 73,382,611 
|Large-Cap Value Equity Fund                |  |                                    | 11,820,721 |       |   | 33,401,952 
|Mid-Cap Growth Equity Fund                 |  |                                    | 52,755,879 |       |   | 46,739,602 
|Mid-Cap Value Equity Fund                  |  |                                    | 8,042,930  |       |   | 14,226,403 
|Small-Cap Equity Fund                      |  |                                    | 76,326,562 |       |   | 84,127,842 
|Conservative Structured Portfolio Service* |  |                                    | 4,353,935  |       |   | 71,088,135 
|Moderate Structured Portfolio Service*     |  |                                    | 8,116,321  |       |   | 245,900,999
|Aggressive Structured Portfolio Service*   |  |                                    | 4,292,460  |       |   | 174,981,666
|Lifetime Income Retirement Date Fund       |  |                                    | 17,855,805 |       |   | 3,215,292  
|2010 Retirement Date Fund                  |  |                                    | 24,462,723 |       |   | 2,408,052  
|2020 Retirement Date Fund                  |  |                                    | 47,326,911 |       |   | 2,032,963  
|2030 Retirement Date Fund                  |  |                                    | 25,011,641 |       |   | 792,694    
|2040 Retirement Date Fund                  |  |                                    | 13,037,678 |       |   | 642,550    



|* | Sales include liquidation of portfolios.
|- | ----------------------------------------

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



|                       |  |                                    |               |       |   |              
|---------------------- |  | ---------------------------------- | ------------- | ----- | - | -------------
|                       |  | For the Period EndedMarch 31, 2008
|                       |  | Purchases                          |               | Sales
|Intermediate Bond Fund |  | $                                  | 1,299,166,950 |       | $ | 1,371,197,264

5. Risks Associated with Investments of the Trust

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

The Funds, to the extent invested in fixed income securities, are subject to the risks associated with investing in such instruments. Fixed-income
securities such as bonds are issued to evidence loans that investors make to



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Notes to Financial Statements(Continued)

(Unaudited)



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

Fixed-income securities, including corporate bonds, also are subject to credit risk. When a security is purchased, its
anticipated yield 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 invest in securities with medium or lower credit qualities, they are subject to a higher level of credit risk than
investments in investment-grade securities. In addition, the credit quality of non investment-grade securities is considered speculative by recognized ratings agencies with respect to the issuers continuing ability to pay interest and
principal. Lower-grade securities may have less liquidity and a higher incidence of default than higher-grade securities. Furthermore, as economic, political and business developments unfold, lower-quality bonds, which possess lower levels of
protection with respect to timely payment, usually exhibit more price fluctuation than do higher-quality bonds of like maturity and the value of the Funds will reflect this volatility. Moreover, the Fund relies to a significant extent on ratings
issued by one or more nationally recognized credit rating agencies to assess the credit quality of securities in which it proposes to invest. There may be limitations on the quality of such ratings. For instance, certain asset backed securities such
as subprime CMOs and securities backed by bond insurance that initially received relatively high ratings were, in connection with the 2007 credit markets turbulence, subsequently were significantly downgraded. There is a risk of loss associated with
securities even if initially highly rated, particularly in the case of collateralized debt obligations and other structured-finance investments that are often of relatively higher complexity.

6. Securities Lending Income

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

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

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

At March 31, 2008, the Funds market value of securities on loan and collateral received for securities loaned was as follows:



|                         |  |                                  |            |                 |   |           
|------------------------ |  | -------------------------------- | ---------- | --------------- | - | ----------
|Fund                     |  | Market Value ofLoaned Securities |            | CollateralValue
|Balanced*                |  | $                                | 39,230,391 |                 | $ | 40,300,153
|Intermediate Bond*       |  |                                  | 25,535,664 |                 |   | 26,064,873
|International Equity     |  |                                  | 30,697,026 |                 |   | 32,144,281
|Large-Cap Growth Equity* |  |                                  | 78,768,389 |                 |   | 80,632,218
|Large-Cap Value Equity*  |  |                                  | 43,130,426 |                 |   | 44,231,769
|Mid-Cap Growth Equity*   |  |                                  | 38,684,943 |                 |   | 39,587,952



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Notes to Financial Statements(Continued)

(Unaudited)



|                      |  |                                  |  |                
|--------------------- |  | -------------------------------- |  | ---------------
|Fund                  |  | Market Value ofLoaned Securities |  | CollateralValue
|Mid-Cap Value Equity* |  | 30,567,348                       |  | 31,418,031     
|Small-Cap Equity*     |  | 135,189,133                      |  | 138,871,202    

As discussed in Note 1, the investments in Quality D have been reported at a constant $1.00 net
asset value per unit. At March 31, 2008 the market value of the investments in Quality D, as reported by its trustee, was approximately 98.72% of amortized cost.



|* | Collateral value includes non-cash collateral State Street Bank received in lieu of cash for securities on loan. The Funds receive a fee from the Borrowers to compensate for the
revenue lost from the inability to generate income from the investment of cash collateral. Non-cash collateral can be held in the form of securities issued or guaranteed by the United States Government or its agencies or instrumentalities,
convertible bonds denominated in US dollars, cash, irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower, or Tri-party agreements backed by securities issued or guaranteed by the United States
government or its agencies. Non-cash collateral held at March 31, 2008 was in amounts as follows:
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                        |  |                          |          
|----------------------- |  | ------------------------ | ---------
|Fund                    |  | Non-CashCollateral Value
|Balanced                |  | $                        | 260,836  
|Large-Cap Growth Equity |  |                          | 6,816,975
|Large-Cap Value Equity  |  |                          | 632,225  
|Mid-Cap Growth Equity   |  |                          | 551,070  
|Mid-Cap Value Equity    |  |                          | 461,061  
|Small-Cap Equity        |  |                          | 1,779,004

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

7. Participant Ownership

As of March 31,
2008, a participant owned 5.92% of the outstanding units of the 2010 Retirement Date Fund.

8. Structured Portfolio Service Termination

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



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

Quarter Ended March 31, 2008

Stable Asset Return Fund

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

For the quarter ended March 31, 2008, the Stable
Asset Return Fund experienced a total return, net of expenses, of 1.02%. By comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced
an investment record of 1.10% 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 the index
or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended March 31, 2008. The
underperformance was due in part to an underweight allocation to money market securities in an environment of relatively high money market rates, which resulted in outperformance by money market securities of longer-end securities throughout the
quarter. The effect of Fund expenses also lowered total return as compared to the combination benchmark. During the quarter, the yield curve continued to steepen and treasury yields fell across the curve; the two year treasury yield finished the
quarter yielding approximately 1.46% less than at the quarters beginning. The volatility and market uncertainty that characterized the later part of 2007 continued during the first quarter of 2008. The Federal Reserve eased dramatically during
the quarter and reduced the federal funds rate 125 basis points.

In this continuing volatile environment, the focus of the Funds
trades during the quarter was on rotating out of more potentially volatile sectors and maintaining liquidity. Commercial mortgage-backed securities exposure was reduced by approximately 5.5%. Investment was primarily in the agency mortgage sector,
with roughly 13% added to this exposure. The increase was executed through the use of the SSgA Lehman Brothers Mortgage Index Fund; it is a highly liquid, sizeable portfolio whose investments are benchmarked to the Lehman Brothers mortgage index,
primarily consisting of mortgage pass-through securities. The agency



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mortgage sector is high quality, exhibits lower market value volatility than other structured products, provides yield to support the crediting rate, and is
a sector which may recover more quickly than others once the market begins to normalize.

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 March 31, 2008, the Intermediate Bond Fund experienced a
total return, net of expenses, of 4.15%. By comparison, the Lehman Brothers Aggregate Bond Index produced an investment record of 2.17% for the same period. The Lehman Brothers Aggregate Bond Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the index or for fund expenses.

The Intermediate Bond Fund, which is
advised by Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index for the quarter ended March 31, 2008.

Interest rate strategies added value during the quarter by emphasizing shorter maturities with an overweight duration positioning. The portfolios allocation to shorter maturities in the U.S., the U.K. and the
Eurozone was positive for returns as short-term rates in those areas decreased and their respective yield curves steepened over the quarter.

Sector strategies had mixed results. An overweight to high quality agency-backed mortgages was the largest detractor from performance as mortgage spreads widened due to heightened volatility across financial markets and forced selling by
many in the market. A modest allocation to real return bonds contributed to the portfolios returns, as TIPS gained from falling real yields and strong inflation accruals. A modest exposure to high yield bonds detracted from returns as
investors continued to worry about the impact of a housing recession and surging raw material prices. Finally, currency exposure, especially emerging market currencies, was a modest positive for returns as the U.S. dollar weakened due to slowing
growth and falling rates.

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 March 31, 2008, the Balanced Fund experienced a total return, net of expenses, of (4.71%). By comparison, a combination of the Russell 1000 Index and the Lehman Brothers Aggregate Bond Index, weighted 60%/40%,
respectively, produced an investment record of (4.91%) for the same period. The Russell 1000 Index and the Lehman Brothers Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities
that comprise the indices or for fund expenses.



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For the quarter ended March 31, 2008, the equity segment of the Balanced Fund, which is advised with
the assistance of Capital Guardian Trust Company, outperformed the Russell 1000 Index.

U.S. stocks fell for the second consecutive quarter
as concerns about a slowing economy, inflation and crises within the financial markets weighed heavily on investors. Despite unprecedented action by the Federal Reserve and other agencies to keep markets functioning and maintain investor confidence,
all ten stock sectors declined. The Standard & Poors 500 Index slid 9.4% and measures of volatility rose to levels not seen since 2002.

The stock market declined amid the continued outpouring of a loss of confidence in bond insurers, worries about a looming recession and bad news from financial firms that culminated in the downfall of Bear Stearns. In
response, private and public institutions alike took steps to restore support to the financial system. The Fed slashed the fed funds rate from 4.25% to 2.25%, opened its lending window to primary dealers, and said it would provide backstop financing
for a JPMorgan Chase buyout of Bear Stearns. Agencies affirmed structured bond ratings. Congress passed a one-time income tax rebate and other stimulus measures, and the Treasury Department proposed to overhaul the financial regulatory system. Amid
the financing crisis, Visa was able to raise $19.7 billion in an initial public offering.

The weak dollar, record gold and oil prices and
high food costs combined to spur inflation fears and allusions to the economic downturns of the 1970s. The median home price declined in 2007 for the first time in at least four decades, and job losses increased.

Half of the equity sectors posted double-digit losses, with telecommunication services tumbling as investors feared a pricing war among mobile carriers.
Technology shares slid on concerns about the consumer and as investors gave a lukewarm response to Microsofts $45 billion bid for Yahoo, while financial shares continued to struggle. Overseas demand for chemicals and steel mitigated losses in
the materials sector. Consumer staples stocks saw the smallest declines.

The portfolio was held back primarily by stock selection among
financials, including investment banks and bond insurers. (The losses were mitigated, however, by the portfolio not holding some of the lower quality companies in those industries.) In addition, stock selection and the underweight position in
consumer staples held back relative performance. Portfolio returns were helped by stock selection in the health care and materials sectors.

For the quarter ended March 31, 2008, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index.

Interest rate strategies added value during the quarter by emphasizing shorter maturities with an overweight duration positioning. The
portfolios allocation to shorter maturities in the U.S., the U.K. and the Eurozone was positive for returns as short-term rates in those areas decreased and their respective yield curves steepened over the quarter.



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Sector strategies had mixed results. An overweight in high quality agency-backed mortgages was the
largest detractor from performance as mortgage spreads widened due to heightened volatility across financial markets and forced selling by many in the market. A modest allocation to real return bonds contributed to the portfolios returns, as
TIPS gained from falling real yields and strong inflation accruals. A modest exposure to high yield bonds detracted from returns as investors continued to worry about the impact of a housing recession and surging raw material prices. Finally,
currency exposure, especially emerging market currencies, was a modest positive for returns as the U.S. dollar weakened due to slowing growth and falling rates.

Large-Cap Value Equity Fund

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

For the quarter ended March 31, 2008, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of (9.90%). By comparison, the
Russell 1000 Value Index produced an investment record of (8.72%) for the same period. The Russell 1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index
or for fund expenses.

For the quarter ended March 31, 2008, the actively managed portion of the Large-Cap Value Equity Fund, which is
advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index.

Relative returns were hurt by
positions in Merck, Sprint and Idearc. Shares of Merck declined as investors reacted negatively to a presentation at a cardiologists conference of a study of the companys joint venture with Schering-Plough and their anti-cholesterol drug
Vytorin, a combination of Mercks Zocor drug and Schering-Ploughs Zetia; the study resulted in a panel recommendation to de-emphasize the use of Vytorin versus other validated drugs. Sprint posted a quarterly loss resulting from
larger-than-expected subscriber losses and a large goodwill write-off relating to its Nextel acquisition. Printing and publishing company Idearc was dragged down by managements lower sales guidance and balance sheet concerns.

Relative performance was helped by positions in Owens-Illinois and ArcelorMittal. Shares of Owens-Illinois rose after the producer of glass containers
and specialty packaging materials posted a lower-than-expected fourth-quarter loss, buoying investor optimism surrounding the companys turnaround. ArcelorMittal benefited from increasing steel prices and strong industry demand.



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The performance of the indexed portion of the Large-Cap Value Equity Fund for the quarter ended
March 31, 2008 was consistent with the Russell 1000 Value Index after taking into account expenses.

Large-Cap Growth Equity Fund

The Large-Cap Growth Equity Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to those attained by broad measures of the domestic stock market. The Fund invests primarily in common stocks and other equity-type securities of larger-capitalization companies which, for purposes of management of
the Fund, are considered to be those with market capitalization greater than $1 billion at the time of purchase that are believed to have strong earnings growth potential. The Large-Cap Growth Equity Fund seeks to achieve long-term growth of capital
through increases in the value of the securities it holds and to realize income principally from dividends on such securities. A portion of the Large-Cap Growth Equity Fund (approximately 331/3%) is invested to replicate the Russell 1000 Growth Index, which is comprised of those Russell 1000
securities with a greater-than-average growth orientation. The remainder of the Large-Cap Growth Equity Fund is actively managed in two portions of approximately 331/3% each of the assets of the Fund, subject to differences in relative performance. The Large-Cap Growth Equity Fund
seeks to achieve, over an extended period of time, total returns that are comparable to or superior to those attained by broad measures of the domestic stock market.

For the quarter ended March 31, 2008, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of (10.74%). By comparison, the Russell 1000 Growth Index produced an investment record of
(10.18%) for the same period. The Russell 1000 Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for fund expenses.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth
Index for the quarter ended March 31, 2008.

U.S. growth stocks had their worst quarter in five years as concerns about a slowing
economy, rising inflation and crises within the financial markets weighed heavily on investors. Despite unprecedented action by the Federal Reserve and other agencies to keep markets functioning and maintain investor confidence, all ten stock
sectors declined. The stock market declined amid the continued worries about a looming recession, the loss of confidence in bond insurers and bad news from financial firms that culminated in the downfall of Bear Stearns. In response, the Fed slashed
the federal funds rate from 4.25% to 2.25%, expanded lending to primary dealers, and said it would provide term financing for JPMorgan Chases buyout of Bear Stearns. Congress passed a one-time income tax rebate and other stimulus measures, and
the Treasury Secretary proposed to overhaul the financial regulatory system. Amid the financing crisis, Visa was able to raise $19.7 billion in an initial public offering.

The weak dollar, record gold and oil prices and high food costs combined to spur inflation fears and allusions to the economic downturns of the 1970s.
The median home price declined in 2007 for the first time in at least four decades, and job losses increased.



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Half of the equity sectors posted double-digit losses. Technology dropped on investors lukewarm
response to Microsofts $45 billion bid for Yahoo, exacerbated by declines in Apple, Google and Cisco Systems, all of which tumbled on worries about consumer and business spending. Financial shares continued to struggle, and health care stocks
slid after Merck fell on weak earnings and product concerns and as managed care providers gave disappointing outlooks. Consumer staples notched the smallest loss, while materials and energy stocks fell less than the benchmark as demand for the
underlying commodities increased.

The portfolio outperformed the benchmark due to stock selection in health care. Selection among
technology stocks also helped, though the relative gains were somewhat offset by the overweight position in the sector. The underweight position and stock selection in consumer staples detracted from relative results, as did stock selection in the
consumer discretionary sector.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of T. Rowe Price Associates,
Inc., underperformed the Russell 1000 Growth Index for the quarter ended March 31, 2008, although its performance relative to the benchmark improved significantly commencing in mid-March. It gained approximately 200 basis points in five
trading days following the Feds intervention and closed the quarter strong.

The primary source of underperformance was sector
allocation. In fact, stock selection for the period was positive. Similar to the fourth quarter of 2007, the best performing sectors were consumer staples, materials and energy as record high energy and commodity prices, record lows in the U.S.
dollar and the perceived recession-resistant characteristics of consumer staples companies were key drivers of the market action. The portfolio was underweighted in all three because of skepticism about the sustainability of some of the
imbedded growth expectations or because of valuation concerns.

In the consumer discretionary sector, stock selection detracted from
relative performance. Amazon.com gave back some of its gains from 2007 due to concerns over U.S. consumer spending.

In information
technology, an overweight sector allocation as well as stock selection detracted from relative performance, notably in Internet software and services. Holdings in the sector include Google and Microsoft. Google suffered due to weakness in its U.K.
revenues, while Microsoft was hurt during its high-profile efforts to acquire Yahoo!

Stock selection drove relative outperformance in
health care, notably in biotechnology, where an overweight position also proved beneficial. Holdings included Gilead Sciences, Genentech, and Celgene. Gilead Sciences reported solid quarterly and year-over-year performance, Genentech benefited from
the FDAs approval of Avastin for the treatment of advanced breast cancer, and Celgene performed well due to accelerated sales of Revlimid (its successful drug used for the treatment of multiple myeloma).



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Finally, stock selection in capital markets and wireless telecommunication services also contributed to relative
results.

The performance of the indexed portion of the Fund for the quarter ended March 31, 2008 was consistent with the Russell 1000
Growth Index after taking into account expenses.

Index Equity Fund

The Index Equity Fund seeks to replicate the total return of the Russell 3000 Index by investing in all of the common stocks included in the Russell 3000 Index with the possible exception of the companies in the
Russell 3000 Index with the smallest capitalization. The Russell 3000 Index represents approximately 98% of the U.S. equity market based on market capitalization of the companies in the Russell 3000 Index.

For the quarter ended March 31, 2008, the Index Equity Fund experienced a total return, net of expenses, of (9.62)%. By comparison, the Russell 3000
Index produced an investment record of (9.52%) for the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for fund expenses.

The performance of the Index Equity Fund for the quarter ended March 31, 2008 was consistent with the Russell 3000 Index after taking
into account expenses.

Mid-Cap Value Equity Fund

The Mid-Cap Value Equity Fund seeks to outperform, over extended periods of time, broad measures of the domestic stock market. The Fund invests primarily in equity securities of mid-capitalization companies which, for
purposes of management of the Fund, are considered to be those with market capitalizations of between $1 billion and $12 billion at the time of investment. The Fund seeks to achieve growth of capital through investing primarily in common stocks of
medium-sized companies believed to be attractively priced relative to their future earnings power. The Fund seeks to emphasize sectors and securities State Street and the Investment Advisor consider undervalued.

For the quarter ended March 31, 2008, the Mid-Cap Value Equity Fund, which is advised with the assistance of Wellington Asset Management Company,
LLP, experienced a total return, net of expenses, of (14.85%). By comparison, the Russell Mid-Cap Value Index produced an investment record of (8.64%) for the same period. The Russell Mid-Cap Value Index does not include an allowance
for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The portfolio
underperformed by trailing in eight of the ten sectors during a difficult market environment for value investors. Positive relative results from two sectors, including telecommunication services and materials, were outweighed by the negative
relative performance from the financials, industrials, and energy sectors. Detractors from performance included security selection within the financials sector as the portfolios position in non-benchmark name Ambac Financial hurt relative
performance. Shares of Ambac declined during the quarter as the market had mixed reactions to the companys plans to recapitalize. Industrials holdings also detracted from performance, due in part to weak performance by Northwest Airlines.
Northwest Airlines earnings struggled and the stock declined 38% as fuel costs increased significantly.

Contributors to performance
included the portfolios underweight in the telecommunication services sector added to relative performance, due in part to the avoidance of benchmark holdings in Telephone & Data Systems, CenturyTel, and Citizens Communication. The
materials sector also benefited from strong holdings like Owens-Illinois, a metal and glass container company. Owens-Illinois continued to advance during the quarter, as tightness in glass supply became more evident.



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Mid-Cap Growth Equity Fund

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

For the quarter
ended March 31, 2008, the Mid-Cap Growth Equity Fund, which is advised with the assistance of Turner Investment Partners, Inc., experienced a total return, net of expenses, of (12.94%). By comparison, the Russell Mid-Cap Growth Index produced
an investment record of (10.95%) for the same period. The Russell Mid-Cap Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for fund expenses.

The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the quarter ended March 31, 2008.

The first quarter was trying for investors as every major domestic equity index (including style and market cap) traded lower. The S&P 500 Index
recorded its third monthly loss so far in 2008, finishing the quarter off 9.4%. The pickup in volatility which began in early 2007 continued as over 50% of the trading days resulted in a movement in the market of +/- 1%



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or greater. In fact, a one-day rally that propelled the index to a 4.2% gain was the largest since April 2001. This volatility, coupled with significant
mortgage write-offs in the financial services sector by major banks and brokerage firms and record commodity prices led to a significant decline in consumer confidence. Excluding March 2003, consumer confidence is at the lowest level in almost 15
years. In an effort to stabilize investor sentiment, both the Fed and the Treasury were quick to act. The Fed lowered the discount and federal funds rates by 3.00% and 2.00%, respectively and offered to lend over $200 billion directly to Wall Street
securities firms. Meanwhile, in an effort to dampen the increasing anxiety in the financial markets, the Treasury acted decisively, forcing the sale of Bear Stearns to rival JP Morgan Chase after liquidity issues devastated the large investment
bank.

From a market capitalization perspective there was little difference in returns for the quarter, with large-cap stocks, as measured
by the Russell 1000 Index, marginally outperforming, declining by 9.5%. Midcap and small cap stocks were not far behind with declines of 10.0% and 9.9%, respectively, as measured by the Russell Midcap and Russell 2000 Index. Style-wise, growth
underperformed value across the market cap spectrum with the most pronounced dispersion occurring among small cap stocks where the Russell 2000 Growth Index underperformed the Russell 2000 Value Index by 6.3%.

In an environment that was not particularly kind to stocks in general, the Turner Midcap Growth Equity strategy, which emphasizes earnings growth, was
unable to avoid the turmoil in the markets and underperformed versus the benchmark, the Russell Midcap Growth Index, by approximately 1.9% for the quarter. Absolute performance was negative across all of the portfolio sectors, led by the technology
sector which mirrored the results of the index sector. When compared to the benchmark, results were mixed as five of the ten portfolio sectors generated excess returns, led by cyclical holdings in the materials & processing, energy and
utility sectors. By contrast, traditional growth sectors were impacted the most from the market downturn as the housing contraction and credit fears helped drive down performance. On a relative basis, the technology, consumer discretionary, and
healthcare sectors, a combined 42% weight of the portfolio, detracted most from results during the quarter.

The portfolios materials
and processing holdings provided the greatest amount of excess return versus the benchmark. Holdings within the sector are generally not as economically sensitive as others and usually perform relatively well in declining markets, and this theme was
evident in the portfolio during the quarter. Within the sector, commodity-related holdings contributed nicely to results as higher commodity prices allowed companies to increase pricing for their services and products. One holding that did not
benefit much from higher commodity prices but nonetheless was the top relative contributor to the sectors performance was Owens-Illinois Inc. This maker of glass containers and specialty packaging materials posted double-digit gains after the
company reported higher sales as a result of increased pricing and favorable currency gains from the weak U.S. dollar. Additionally, new management for the company improved cost efficiencies while paying down debt and settlement claims, freeing up
much needed cash flow for the next few years. Two additional holdings in the sector that benefited from higher commodity prices were Steel Dynamics Inc. and Agnico-Eagle Mines Ltd. The U.S. steel manufacturer Steel Dynamics is benefiting from strong
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which has led to higher pricing for manufactured steel. Gold producer Agnico-Eagle Mines also posted favorable results, benefiting from historically high
prices for gold coupled with expectations to increase production to five times current output levels by the year 2012.

Within the energy sector, two oil and gas holdings contributed the most to results as soaring oil
and gas prices hit all-time highs during the quarter. Range Resources Corp. and Quicksilver Resources Inc. were two companies that benefited from the upturn in commodities. Range Resources, an independent oil and gas company, reported its
20thstraight quarter of production growth and raised its production growth expectations for 2008 to 15%. The company purchased additional acreage
in the Barnett Shale region in Texas, boosting its total acreage to 103,000 acres in the region. The shares of natural gas and crude oil company Quicksilver Resources rose as demand for natural gas increased due to a colder-than-expected winter for
most of the U.S. and Canada. This resulted in a 45% increase in sales of natural gas and crude oil from the same quarter last year.

The
technology sector was the largest detractor within the portfolio when compared to the benchmark as companies with the highest earnings growth prospects struggled after outperforming in 2007. The sector was also impacted during the quarter from the
overall economic slowdown as corporations and consumers began to limit their spending and reduce their budgets for tech-related products and services. Two holdings that were victims of the economic slowdown were Cypress Semiconductor Corp. and
Equinix Inc., both double-digit losers. Equinix, a network data center and internet exchange services provider, traded lower as investors reacted and compared the current downturn to the 2001 downturn where many data networking providers were forced
out of business. Investors questioned how well the industry would hold up in this declining economy. The portfolio disposed of this security as it came under too much pressure. Chipmaker Cypress was down for the quarter due to its heavy investment
in solar company SunPower coupled with softness in its core semiconductor business. The portfolio sold this security after the company missed expectations and reported a 50% decline in fourth quarter profit resulting from the consumer slowdown.

The consumer continues to face significant headwinds with higher energy prices, inflation worries, and rising jobless claims as consumer
confidence is at a 15 year low, excluding March 2003. The consumer discretionary sector, the largest sector in the portfolio with a 19% weight, detracted from relative results as there were not many places to hide within the consumer area. Two
holdings that came under intense pressure were Focus Media Holding Ltd. and Under Armour Inc. Focus Media, a Chinese advertising company, was down for the quarter after being up 70% for all of 2007. The company came under pressure after reports
linking the company to spamming advertisements over mobile phones without gaining consent of the mobile users. Athletic apparel maker Under Armour saw its shares trade lower after announcing plans to shift most of its full-year marketing campaign
budget into the first half of 2008, ahead of the anticipated Performance Training footwear launch due out in May. As a result, the company lowered first half 2008 expectations.



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The portfolios healthcare holdings also lagged the results of the corresponding benchmark holdings
as managed care companies tumbled during the quarter evidenced by Humana Inc. As one of the biggest Medicare plan providers, Humana was impacted by news that one of its largest competitors lowered its 2008 outlook substantially due to higher costs
in its Medicare full-service plans. Humana also cut its outlook in half a few days later citing higher costs in its Medicare prescription drug plan for the elderly.

Small-Cap Equity Fund

The Small-Cap Equity Fund seeks to achieve, over an extended period of time,
total returns comparable to or superior to those attained by broad measures of the domestic stock market. The Fund invests primarily in equity securities of smaller-capitalization companies. Smaller-cap companies, for purposes of management of the
Fund, are considered to be those with market capitalization of $2.5 billion or less at the time of investment. These companies may include new companies and companies that may benefit from new technologies, new product or service developments or
management changes. The Fund may also invest in newly issued securities and securities of seasoned, established companies that appear to have unusual value or appreciation potential. Industry diversification is not an objective of the Small-Cap
Equity Fund and the Fund may, at times, be less diversified than the other Funds. A portion of the Fund is invested to replicate the Russell 2000 Index, which is comprised of the 2,000 companies in the Russell 3000 Index with the smallest market
capitalization. The remainder of the Fund is actively managed with the assistance of Wellington Management Company, LLP and Smith Asset Management Group, L.P.

For the quarter ended March 31, 2008, the Small-Cap Equity Fund experienced a total return, net of expenses, of (11.45%). By comparison, the Russell
2000 Index produced an investment record of (9.90%) for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP
underperformed the Russell 2000 Index for the quarter ended March 31, 2008.

As a best ideas portfolio, bottom-up stock
selection was a primary performance attribution driver behind performance in the first quarter. Although stock selection in the Materials, Energy, and Consumer Staples sectors contributed to relative performance, the portfolio underperformed the
Index due to weak stock selection in seven of ten sectors, including financials, consumer discretionary, and information technology. Below is a summary of key performance drivers during the first quarter:

Detractors from performance included security selection in the financials sector detracted from performance. The portfolios overweight position to
weak performer, MFA Mortgage, impacted results. The mortgage real estate investment trust (REIT) lowered first quarter guidance and announced it would sell assets to reduce leverage amid continued stress in the financial markets. The consumer
discretionary sector also performed poorly due to security selection. Shares of INVESTools, a provider of online brokerage technology and investor education services, fell in February amid lower trading volumes and concerns about potential
integration risks of its acquisition of an online social-networking platform for investors.



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Contributors to performance included the materials sector which added to performance, due in large part
to strong performance of Cleveland-Cliffs, a producer of iron ore pellets. The company posted robust fourth-quarter results driven by higher demand for coal and iron ore. The Portfolios exposure to Century Aluminum also aided performance, as
the aluminum producer benefited from expectations that improved supply/demand fundamentals would drive higher aluminum prices. The portfolio also benefited from its energy holdings, including Whiting Petroleum. This oil and gas exploration and
production company benefited from higher energy prices during the quarter. Also contributing to portfolio performance was Cabot Oil & Gas, an exploration and production company that reported above-consensus quarterly results on lower
operating costs, higher realized prices, and increased reserves.

The portion of the Small-Cap Equity Fund advised with the assistance of
Smith Asset Management Group, L.P. underperformed the Russell 2000 Index for the quarter ended March 31, 2008. The first quarter of 2008 was marked by high volatility and extreme uncertainty. The portfolio seeks to invest in high-quality
companies poised to accelerate earnings growth and exceed investor expectations. The first quarter of 2008 was difficult for that process due to a breakdown of the earnings-price linkage. Over long time periods, the most important
determinant in stock price appreciation is a companys earnings growth. In the short run, this relationship holds up consistently, but can break down in periods of high uncertainty. With financial sector write-offs so dramatic and the
subsequent reaction by the Fed to quickly inject liquidity into the financial system, a decoupling of this historical relationship occurred. January, in particular, was extremely volatile and witnessed an abrupt change in the markets
optimism related to future earnings growth. Companies with improving earnings growth outlook, positive earnings surprise, above-average earnings growth, and attractive valuation relative to growth underperformed considerably. Fortunately,
markets have settled some since then.

At the sector level, positive relative performance for the portfolio was driven by an overweight
sector position and good stock selection in the consumer discretionary and consumer staples sectors. In particular, the portfolios consumer discretionary stocks that were strong contributors to performance were The Buckle (specialty retail),
Gymboree (specialty retail) and Tupperware (household durables). Darling International (agriculture products) was the top performer in the staples sector.

The performance of the indexed portion of the Small-Cap Equity Fund for the quarter ended March 31, 2008 was consistent with the Russell 2000 Index after taking into account expenses.

International Equity Fund

The International Equity
Funds investment objective is to seek long-term growth of capital through investment primarily in common stocks of established non-U.S. companies. The Fund seeks to diversify investments broadly among developed and emerging countries and
generally to have at least three different countries represented in the portfolio. The International Equity Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to broad measures of the international
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For the quarter ended March 31, 2008, the International Equity Fund experienced a total return, net
of expenses, of (8.05)%. By comparison, the Morgan Stanley Capital International Europe, Australasia, and Far East Index (the MSCI EAFE Index) produced an investment record of (8.91%) for the same period. For further comparison, the
Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the MSCI ACWI ex-USA Index) produced an investment record of (9.15%) for the same period. The International Equity Fund began using the MSCI EAFE Index as
its primary benchmark effective January 1, 2008 because the MSCI EAFE Index reflects less exposure to developing countries and is thus believed to be more closely reflective of the Funds portfolio. Neither the MSCI EAFE Index nor the MSCI ACWI
ex-USA Index includes an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for fund expenses.

The portion of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited outperformed the MSCI EAFE Index for the quarter ended March 31, 2008. The first quarter of 2008
was a difficult period for financial markets. Global equities posted their worst quarterly loss in over five years as the ramifications of the credit crunch continued to impact markets worldwide. Against this backdrop, the portfolio held up better
than its benchmark. The portfolios bias towards high-quality, profitable companies with good balance sheets was rewarded as increased economic uncertainty and concerns about corporate earnings weighed on investors minds. Stock selection
in the industrials, technology and materials sectors added value. Within industrials, investors reacted positively to Orascom Construction (Egyptian based construction company) selling its cement unit to Lafarge. Orascom continues to bring in new
contracts as oil money flows into the Mid-East. Mitsubishi Corp. (Japanese trading company that deals extensively in commodities) benefited from the continued strength in commodity prices. Performance in technology was spearheaded by Taiwan
Semiconductor and Samsung Electronics. Strong fourth-quarter profits numbers, better-than-expected sales growth and the prospect of improved Taiwan-China relations fuelled gains in Taiwan Semiconductor. Shares of Samsung benefited from a weaker won
and upgraded price estimates from several brokers, who cited improved profitability for displays and cellular handsets. Within materials, Imerys (French producer of materials used to whiten paper and add color to paints) and CVRD (Brazilian iron ore
and nickel producer) were the standouts. CVRD rose as the company continues to increase production and contract prices for iron ore prices look to rise further. Having fallen sharply in the second half of 2007, Imerys rebounded in the first quarter
of 2008. Only a small portion of Imerys sales are tied to the construction industry and management has expressed confidence in its ability to offset higher input costs.

In contrast, the utilities and consumer sectors (both staples and discretionary) hurt performance. An underweight in utilities  and a lack of
exposure to Asian utilities specificallyhurt performance as investors sought to reduce their exposure to the economic cycle. Among consumer stocks, Japanese exporters and British supermarket operators were the main detractors. Despite
reporting solid earnings, Japanese names like Sony, Nissan and Honda performed poorly, weighed down by concerns about the impact of a slower U.S. economy and a stronger yen. U.K. supermarket operators Tesco and Morrison also fell sharply on fears
that higher gas and food prices combined with slowing economic growth would undermine U.K. consumer spending.

The portion of the
International Equity Fund advised with the assistance of Philadelphia International Advisors, LP outperformed the MSCI EAFE Index for the quarter ended March 31, 2008. The first quarter was certainly full of discouraging news and
headlines.



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Ongoing housing deflation, tight liquidity in global credit markets, record high oil prices, spiking agricultural commodity prices, a plummeting dollar,
rising odds of a U.S. recession and earnings estimate downgrades all contributed to the down markets. Not surprisingly, investors were rattled and pushed market volatility higher and prices sharply lower. Of the major developed markets, the loss in
the U.K. was the worst, although Japan and Europe also declined. The emerging markets also struggled. There werent many places to hide. Consumer staples and materials stocks fell the least but still lost ground. The worst stock sectors were
telecommunications, technology, energy, and financials. Overall, the MSCI EAFE Index fell 8.9% in U.S. dollar terms. The losses in local currency terms were worse, but foreign currency gains against the dollar helped net results.

The Fund as a whole also fell in absolute terms but outperformed the Index by a modest margin. Relative to the Index, the most significant positive
contributors were financial and consumer stocks, which were partially offset by poor health care and utilities stock selection. Regionally, European and emerging market stocks performed well against those markets, while Japanese stocks lagged
slightly.

Retirement Date Funds

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

The Retirement Date Funds
seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended March 31, 2008, these funds included, in the case of some or all of the Retirement
Date Funds and in varying allocations, S&P 500® Flagship Securities Lending Fund, Daily MSCI ACWI ex-USA Index Fund, S&P MidCap® Index Securities Lending Fund, Russell 2000® Index Securities Lending Fund, Long U.S. Government Index Securities Lending Fund, Passive Bond Market Index Securities Lending Series
Fund, U.S. Treasury Inflation Protected Securities Lending Series Fund and Principal Accumulation Return Fund.



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For the quarter ended March 31, 2008, the Retirement Date Funds experienced a total return, net of
expenses, of (1.62%) for the Lifetime Income Retirement Date Fund, (3.46%) for the 2010 Retirement Date Fund, (5.86%) for the 2020 Retirement Date Fund, (7.52%) for the 2030 Retirement Date Fund and (8.19%) for the 2040
Retirement Date Fund. The performance of each Retirement Date Fund for the quarter ended March 31, 2008 was consistent with the relevant composite benchmark after taking into account expenses.

Structured Portfolio Service

On March 28, 2008,
availability of the Structured Portfolio Service under the Program was terminated. Prior to their termination, the portfolios of the Structured Portfolio Service invested in various of the Funds according to conservative, moderate and aggressive
allocations. Assets in the Conservative Portfolio were allocated as follows: Stable Asset Return Fund, 30%; Intermediate Bond Fund, 35%; Large-Cap Value Equity Fund, 7%; Large-Cap Growth Equity Fund, 7%; Index Equity Fund, 14%; and International
Equity Fund, 7%. Assets in the Moderate Portfolio were allocated as follows: Stable Asset Return Fund 10%; Intermediate Bond Fund, 30%; Large-Cap Value Equity Fund, 9%; Large-Cap Growth Equity Fund, 9%; Index Equity Fund, 23%; Mid-Cap Value Equity
Fund, 2%; Mid-Cap Growth Equity Fund, 2%; and International Equity Fund, 15%. Assets in the Aggressive Portfolio were allocated as follows: Intermediate Bond Fund, 15%; Large-Cap Value Equity Fund, 13%; Large-Cap Growth Equity Fund, 13%; Index
Equity Fund, 30%; Mid-Cap Value Equity Fund, 3%; Mid-Cap Growth Equity Fund, 3%; Small-Cap Equity Fund, 3%; and International Equity Fund, 20%.

For the period ended March 28, 2008, the Structured Portfolio Service experienced a total return, net of expenses, of (1.99%) for the Conservative Portfolio, (4.94%) for the Moderate Portfolio, and (8.23%) for the Aggressive
Portfolio.



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Quarter Ended March 31, 2007

Stable Asset Return Fund

For the quarter ended March 31, 2007, the Stable Asset Return Fund
experienced a total return, net of expenses, of 1.04%. By comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment
record of 1.11% 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 March 31, 2007. The
underperformance continues to be attributable to the higher yields at the money market portion of the curve versus the long end of the yield curve. Trades for the quarter continued the trend of year end 2006, purchasing a variety of asset backed
securities, primarily non-agency collateralized mortgage obligations, with short durations of generally less than one year. The focus remains on the short end of the yield curve to take advantage of higher yields due to the curves continued
inversion. Guaranteed investment contracts continue to be avoided due to their lack of relative value given their illiquid, lower quality characteristics. Currently, the Fund is positioned with much shorter duration instruments which will produce
higher yields but also mature earlier allowing reinvestment in either short dated securities if the curve retains its inverted shape or in longer dated instruments should a more normal yield curve environment return.

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 March 31, 2007, the Intermediate Bond Fund experienced a total return, net of expenses, of 1.66%. By comparison, the Lehman
Brothers Aggregate Bond Index



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produced an investment record of 1.50% for the same period. The Lehman Brothers Aggregate Bond Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the index or for fund expenses.

For the quarter ended March 31,
2007, the Intermediate Bond Fund, which is advised by Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. Retaining positions that benefit from expectations of a steeper yield curve and repricing of risk
began to pay off in the first quarter. The Fund employed the following strategies over the quarter. The Funds interest rate strategy of maintaining an above-benchmark duration was positive as interest rates generally fell across the curve. An
emphasis on shorter maturities was an additional boost as yields on these bonds fell by more than those on longer maturities. For sector strategies tactical shifts in mortgage allocations as well as security selection added value although mortgages
were flat to Treasuries overall. An underweight to corporate securities, which modestly outpaced Treasuries as their yield advantage offset price pressure, was slightly negative for performance. A modest allocation to real return bonds benefited the
portfolio as the yields on these bonds fell more than the yields on nominal bonds. Modest exposure to high quality emerging market bonds also added value as the asset class held up against a global shift in risk aversion. Exposure to the euro and
yen helped performance as both currencies appreciated relative to the dollar.

Balanced Fund

For the quarter ended March 31, 2007, the Balanced Fund experienced a total return, net of expenses, of 0.57%. By comparison, a combination of the
Russell 1000 Index and the Lehman Brothers Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of 1.35% for the same period. The Russell 1000 Index and the Lehman Brothers Aggregate Bond Index do not include an
allowance for the fees that an investor would pay for investing in the securities that comprise the indices or for fund expenses.

For the
quarter ended March 31, 2007, the equity segment of the Balanced Fund, which is advised with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. Financial stocks were the biggest detractor from performance.
Specifically, a large overweight position in thrifts and mortgage companies, which suffered due to the sub-prime meltdown, and stock selection among the consumer finance companies were damaging. Lower-than-benchmark weightings in utilities and
telecommunication companies were also negative contributors. Selection among consumer discretionary stocks was positive relative to the benchmark. Selection among health care stocks, particularly biotechnology firms, was beneficial. Overall,
information technology holdings contributed to positive performance although large exposure to the sector did not.



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For the quarter ended March 31, 2007, the debt segment of the Balanced Fund, which is advised with
the assistance of Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. Retaining positions that benefit from expectations of a steeper yield curve and repricing of risk began to pay off in the first
quarter. The segment employed the following strategies over the quarter. The segments interest rate strategy of maintaining an above-benchmark duration was positive as interest rates generally fell across the curve. An emphasis on shorter
maturities was an additional boost as yields on these bonds fell by more than those on longer maturities. For sector strategies tactical shifts in mortgage allocations as well as security selection added value although mortgages were flat to
Treasuries overall. An underweight to corporate securities, which modestly outpaced Treasuries as their yield advantage offset price pressure, was slightly negative for performance. A modest allocation to real return bonds benefited the portfolio as
the yields on these bonds fell more than the yields on nominal bonds. Modest exposure to high quality emerging market bonds also added value as the asset class held up against a global shift in risk aversion. Exposure to the euro and yen helped
performance as both currencies appreciated relative to the dollar.

Large-Cap Value Equity Fund

For the quarter ended March 31, 2007, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of 0.50%. By comparison, the
Russell 1000 Value Index produced an investment record of 1.24% for the same period. The Russell 1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for
fund expenses.

For the quarter ended March 31, 2007, the actively managed segment of the Large-Cap Value Equity Fund, which is
advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative performance was hurt by financial holdings, notably Freddie Mac, Countrywide Financial and Merrill Lynch, which underperformed amid the
sell-off in reaction to turmoil in the sub-prime mortgage sector. Key contributors to performance included



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Arcelor Mittal, DaimlerChrysler and Owens-Illinois. Recently-merged steel maker Arcelor Mittal rose on signs of ongoing integration benefits and the
strengthening outlook for steel pricing. The market also reacted favorably to the companys 2006 results, which were accompanied by a dividend and share buyback announcement. DaimlerChrysler announced improved operating margins for its Mercedes
division, further reassuring investors of the units turnaround. Enthusiasm surrounding the potential sale of the companys Chrysler unit also drove the stock higher. Owens-Illinois, the worlds largest maker of glass bottles, gained
on investor expectations that the company, under the leadership of its new CEO, will more aggressively manage the business, sell its non-core plastics-packaging business and tightly control capital spending. In addition, margins and profitability
should benefit from industry capacity reductions, price increases and a better energy cost outlook.

The performance of the indexed segment
of the Large-Cap Value Equity Fund for the quarter ended March 31, 2007 was consistent with the Russell 1000 Value Index after taking into account expenses.

Large-Cap Growth Equity Fund

For the quarter ended March 31, 2007, the Large-Cap Growth Equity Fund experienced a
total return, net of expenses, of 0.39%. By comparison, the Russell 1000 Growth Index produced an investment record of 1.19% for the same period. The Russell 1000 Growth Index does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise the Index or for fund expenses.

The segment of the Large-Cap Growth Equity Fund which is advised
with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the quarter ended March 31, 2007. Financial stocks were the biggest detractor from performance. Specifically, a large overweight position in
thrifts and mortgage companies, which suffered due to the sub-prime meltdown, and stock selection among the consumer finance companies were damaging. Lower-than-benchmark weightings in utilities and telecommunication companies were also negative
contributors. Selection among consumer discretionary stocks was positive relative to the benchmark. Selection among health care stocks, particularly biotechnology firms, was beneficial. Overall, information technology holdings contributed to
positive performance although large exposure to the sector did not.



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The other actively-managed segment of the Large-Cap Growth Equity Fund, which is advised with the
assistance of T. Rowe Price Associates, Inc., underperformed the Russell 1000 Growth Index for the quarter ended March 31, 2007. Sector allocations and stock selection detracted from relative performance. Stock selection drove relative
underperformance in industrials and business services, where industrial conglomerate GE fared poorly. Stock selection also detracted from relative results in consumer staples, where exposure lies in food and staples retailing. Sysco shares declined
in the first quarter and the position was eliminated. Information technology contributed to relative performance due to stock selection, notably in communications equipment, where holdings include Juniper Networks and QUALCOMM. Stock selection in
media, where holdings include EchoStar Communications, aided relative results in consumer discretionary.

The performance of the indexed
segment of the Fund for the quarter ended March 31, 2007 was consistent with the Russell 1000 Growth Index after taking into account expenses.

Index Equity Fund

For the quarter ended March 31, 2007, the Index Equity Fund experienced a total return, net of
expenses, of 1.17%. By comparison, the Russell 3000 Index produced an investment record of 1.28% 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 March 31, 2007 was
consistent with the Russell 3000 Index after taking into account expenses.

Mid-Cap Value Equity Fund

For the quarter ended March 31, 2007, the Mid-Cap Value Equity Fund, which is advised with the assistance of Wellington Asset Management Company,
LLP, experienced a total return,



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net of expenses, of 6.73%. By comparison, the Russell Mid-Cap Value Index produced an investment record of 4.86% for the same period. The Russell Mid-Cap
Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the quarter ended March 31, 2007. Eight out of ten sectors were positive for the quarter. Positive relative results from the
financials, consumer discretionary, and materials sectors outweighed the negative relative performance from the energy and health care sectors. The financial sector added to relative performance due in part the avoidance of New Century Financial, a
sub-prime lender whose stock declined approximately 95% during the quarter. The consumer discretionary sector also benefited from strong holdings like American Axle Manufacturing, which designs, engineers, and manufactures driveline systems.
American Axle advanced 45% during the quarter, as the market started to focus its attention on the substantial upside potential available to the company if negotiations regarding the UAW 2008 contract are successful. Energy holdings performed poorly
during the quarter. The Funds position in non-benchmark name Newfield Exploration, an independent oil and gas company, detracted. Newfield declined on disappointing fourth quarter results and lowered production guidance. Health care holdings
also detracted from performance, due in part to weak performer Barr Pharmaceuticals. The stock declined over 7% following lower-than-expected guidance provided by management.

Mid-Cap Growth Equity Fund

For the quarter ended March 31, 2007, the Mid-Cap Growth Equity
Fund, which is advised with the assistance of Turner Investment Partners, experienced a total return, net of expenses, of 3.38%. By comparison, the Russell Mid-Cap Growth Index produced an investment record of 3.96% for the same period. The Russell
Mid-Cap Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the quarter ended March 31, 2007. Six of the Funds ten sector positions outperformed their corresponding index sectors.
Adding the most value to results were producer-durables holdings, a 9% weighting. Individual stocks that performed well included Varian Semiconductor Equipment, Roper Industries, Polycom, KLA-Tencor, and Ametek. In absolute terms,
materials/processing stocks returned the most, 18%. The biggest detractor from performance were positions in technology and health-care stocks, a 28% weighting. Performing relatively poorly were Isilon Systems, F5 Networks, Nvidia, QLogic, Autodesk,
Akamai Technologies, Digital River, Ciena, Sepracor, Celgene, Medicis Pharmaceutical, MedImmune, and Allergan.



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Small-Cap Equity Fund

For the quarter ended March 31, 2007, the Small-Cap Equity Fund experienced a total return, net of expenses, of 2.21%. By comparison, the Russell 2000 Index produced an investment record of 1.95% for the same
period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The segment of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell
2000 Index for the quarter ended March 31, 2007. A bottom-up investment approach was a primary driver behind performance in the first quarter. Although stock selection in the financial, information technology, utilities, and materials sectors
contributed to relative performance, the segment underperformed the Index due to weak stock selection in six of ten sectors, including telecommunication services, health care, and consumer staples. The information technology sector added to
performance, due in part to strong performance of Varian Semiconductor, a manufacturer of ion implantation systems. Shares of Varian rose on news that competitor Applied Materials would end future development of beamline implant products for
semiconductor manufacturing, improving the competitive environment for Varian. The segment also benefited from its financial sector holdings, in particular from First Community Bancorp, a large bank in southern California. The company reported
increased earnings on higher net interest income from acquisitions and organic loan growth. Stock selection in the telecommunication services sector detracted from performance. The segments overweight position to weak performer, Syniverse,
impacted results. The stock fell on disappointing fourth quarter results and 2007 outlook. The health care sector also performed poorly due to security selection. Shares of AtheroGenics, a pharmaceutical company focused on chronic inflammatory
diseases, declined sharply on news that the ARISE trial did not meet the primary endpoint.

The portion of the Small-Cap Equity Fund
advised with the assistance of Smith Asset Management Group, L.P. outperformed the Russell 2000 Index for the quarter ended March 31, 2007. Positive relative performance was primarily attributable to the markets return to earnings growth
as the driver of stock performance during the first quarter of 2007. In particular, the market rewarded companies with improving earnings growth prospects, higher than average



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earnings growth rates, and companies reporting positive earnings surprises. Deep value factors such as dividend yield and price/book which were significantly
favored by the market in 2006, performed poorly for the quarter.

The performance of the indexed segment of the Small-Cap Equity Fund for
the quarter ended March 31, 2007 was consistent with the Russell 2000 Index after taking into account expenses.

International Equity Fund

For the quarter ended March 31, 2007, the International Equity Fund experienced a total return, net of expenses, of 2.12%. By
comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the MSCI AC World Ex-U.S. Index) produced an investment record of 3.75% for the same period. The MSCI AC World Ex-U.S. Index does not include an
allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The
segment of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited underperformed the MSCI AC World Ex-U.S. Index for the quarter ended March 31, 2007. Exposure to Japanese and emerging market
financials, technology stocks and Japanese auto companies held back performance during the quarter. Technology stocks in general were weak reflecting concerns about future demand and pricing pressures. That negative sentiment took its toll on names
like Nidec, Ericsson and Asustek. In autos, Honda and Nissan were adversely affected by the weakness of the dollar and concerns about the U.S. economy. Within financials, holding China Life and HDFC Bank (India) hurt as both stocks were caught up by
pullbacks in the Chinese and Indian markets. Overweight positions in Mitsubishi-UFJ Financial Group, Sumitomo Mitsui Financial Group and Bank of Yokohama also hurt. Japanese banking stocks generally fared poorly, reflecting concerns over earnings.
Japanese banks have struggled to raise loan rates amid weak domestic consumer demand. Many have reported declines in net interest earnings.

Offsetting these were overweight positions in Altadis (tobacco company) and a number of commodity-related stocks. Shares of Altadis surged as the company became the subject of a takeover attempt by Imperial Tobacco. Mining companies CVRD
and BHP Billiton, along with Sumitomo Corp and Mitsubishi Corp (two Japanese trading companies that deal extensively in oil and metals), all posted gains in excess of 20% as metal and energy prices rebounded off their lows. Exposure to U.K.
retailers Morrison Supermarkets and Tesco also contributed positively to performance. Robust Christmas sales prompted several brokerage houses to upgrade earnings



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estimates for the sector. Further, the sector has been boosted by merger and acquisition speculation following news that rival Sainsbury may be the subject
of a takeover attempt. The introduction of REITs in the U.K. has further stoked speculation surrounding these firms, whose large land holdings can now be spun off into lower tax structures.

The segment of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP underperformed the MSCI AC World
Ex-U.S. Index for the quarter ended March 31, 2007. The cause for the underperformance was poor security selection within most of the sectors across the Index. In some cases there was negative news: HSBCs sub-prime loan exposure,
Lundbecks promising drug cancelled, Ericssons lower market growth projection for 2007, but in many cases it seemed the stocks slid lower for no clear fundamental reason. The segment has lighter exposure to some sectors that have been in
the merger and acquisition spotlightparticularly utilities, food, and beverage/tobaccoand none of the segments names were highlighted in takeover stories.

Structured Portfolio Service

For the quarter ended March 31, 2007, the Structured Portfolio
Service experienced a total return, net of expenses, of 1.28% for the Conservative Portfolio, 1.48% for the Moderate Portfolio, and 1.52% for the Aggressive Portfolio.



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Retirement Date Funds

During the period from January 1, 2007 through March 31, 2007, these funds included
S&P 500 Flagship Securities Lending Fund, Daily MSCI EAFE Fund, S&P Mid-Cap 400 Index Securities Lending Fund, Russell 2000 Index Securities Lending Fund, Long U.S. Government Index Securities Lending Fund, Limited Duration Bond Non-Lending
Fund and Short Term Investment Fund. Effective May 1, 2007, these funds include, in the case of some or all of the Retirement Date Funds and in varying allocations, S&P 500®
Flagship Securities Lending Series Fund, Daily MSCI ACWI ex-US Securities Lending Index Fund, S&P MidCap® Index Securities Lending Series Fund, Russell 2000® Index Securities Lending Series Fund, Long U.S. Government Index Securities Lending Fund, Passive Bond Market Index Securities Lending Series Fund, U.S. Treasury Inflation Protected Securities Lending Series Fund and
Principal Accumulation Return Fund.

For the quarter ended March 31, 2007, the Retirement Date Funds experienced a total return, net
of expenses, of 0.76% for the Lifetime Income Retirement Date Fund, 0.86% for the 2010 Retirement Date Fund, 1.44% for the 2020 Retirement Date Fund, 1.69% for the 2030 Retirement Date Fund and 2.00% for the 2040 Retirement Date Fund. The
performance of each Retirement Date Fund for the quarter ended March 31, 2007 was consistent with the relevant combination benchmark after taking into account expenses.



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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 Chief Executive Officer and Chief Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and
procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such evaluation, the Collective Trusts Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and
procedures are effective as of March 31, 2008.

Internal Control Over Financial Reporting: No change in the Collective
Trusts internal control over financial reporting occurred during the Collective Trusts last fiscal quarter ended March 31, 2008 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 March 31, 2008, the Collective Trust issued an aggregate of approximately $539 million in unregistered Units. Such Units were offered and sold at their net asset value in reliance upon
the exemption from registration under Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain H.R. 10 plans. Proceeds received by the Collective
Trust from the sale or transfer of the Units are applied to the applicable Fund, portfolio of the Structured Portfolio Service or Retirement Date Fund.



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



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



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



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SIGNATURES

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



|             |  |                                                                 |  |                        
|------------ |  | --------------------------------------------------------------- |  | -----------------------
|             |  | AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
|             |  |                                                                
|May 15, 2008 |  | By:                                                             |  | /s/ Philip J. Lussier  
|             |  | Name:                                                           |  | Philip J. Lussier      
|             |  | Title:                                                          |  | Chief Executive Officer
|             |  |                                                                
|May 15, 2008 |  | By:                                                             |  | /s/ Beth M. Halberstadt
|             |  | Name:                                                           |  | Beth M. Halberstadt    
|             |  | Title:                                                          |  | Chief Financial Officer



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EXHIBIT INDEX



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



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